Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | RENASANT CORP | ||
Entity Central Index Key | 715,072 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 58,569,904 | ||
Entity Public Float | $ 2,191,549,020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 198,515 | $ 187,838 |
Interest-bearing balances with banks | 370,596 | 93,615 |
Cash and cash equivalents | 569,111 | 281,453 |
Securities available for sale, at fair value | 1,250,777 | 671,488 |
Loans held for sale ($219,848 and $108,316 carried at fair value at December 31, 2018 and 2017, respectively) | 411,427 | 108,316 |
Loans, net of unearned income: | ||
Total loans, net of unearned income | 9,083,129 | 7,620,322 |
Allowance for loan losses | (49,026) | (46,211) |
Loans, net | 9,034,103 | 7,574,111 |
Premises and equipment, net | 209,168 | 183,254 |
Other real estate owned: | ||
Non purchased | 4,853 | 4,410 |
Purchased | 6,187 | 11,524 |
Total other real estate owned, net | 11,040 | 15,934 |
Goodwill | 932,928 | 611,046 |
Other intangible assets, net | 44,865 | 24,510 |
Bank-owned life insurance | 220,608 | 175,863 |
Mortgage servicing rights | 48,230 | 39,339 |
Other assets | 202,621 | 144,667 |
Total assets | 12,934,878 | 9,829,981 |
Deposits | ||
Noninterest-bearing | 2,318,706 | 1,840,424 |
Interest-bearing | 7,809,851 | 6,080,651 |
Total deposits | 10,128,557 | 7,921,075 |
Short-term borrowings | 387,706 | 89,814 |
Long-term debt | 263,618 | 207,546 |
Other liabilities | 111,084 | 96,563 |
Total liabilities | 10,890,965 | 8,314,998 |
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; 59,296,725 and 49,990,248 shares issued, respectively; 58,546,480 and 49,321,231 shares outstanding, respectively | 296,483 | 249,951 |
Treasury stock, at cost, 750,245 and 669,017 shares, respectively | (24,245) | (19,906) |
Additional paid-in capital | 1,288,911 | 898,095 |
Retained earnings | 500,660 | 397,354 |
Accumulated other comprehensive loss, net of taxes | (17,896) | (10,511) |
Total shareholders’ equity | 2,043,913 | 1,514,983 |
Total liabilities and shareholders’ equity | 12,934,878 | 9,829,981 |
Non-Purchased | ||
Loans, net of unearned income: | ||
Total loans, net of unearned income | 6,389,712 | 5,588,556 |
Purchased | ||
Loans, net of unearned income: | ||
Total loans, net of unearned income | $ 2,693,417 | $ 2,031,766 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Mortgage loans held for sale, fair value | $ 219,848 | $ 108,316 |
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) | 59,296,725 | 49,990,248 |
Common stock, shares outstanding (shares) | 58,546,480 | 49,321,231 |
Treasury stock (in shares) | 750,245 | 669,017 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income | |||
Loans | $ 428,374 | $ 344,472 | $ 302,314 |
Securities | |||
Taxable | 23,948 | 18,531 | 16,551 |
Tax-exempt | 6,456 | 9,433 | 9,814 |
Other | 3,076 | 2,314 | 459 |
Total interest income | 461,854 | 374,750 | 329,138 |
Interest expense | |||
Deposits | 49,760 | 24,620 | 17,856 |
Borrowings | 15,569 | 13,233 | 10,291 |
Total interest expense | 65,329 | 37,853 | 28,147 |
Net interest income | 396,525 | 336,897 | 300,991 |
Provision for loan losses | 6,810 | 7,550 | 7,530 |
Net interest income after provision for loan losses | 389,715 | 329,347 | 293,461 |
Noninterest income | |||
Service charges on deposit accounts | 34,660 | 33,224 | 31,875 |
Fees and commissions | 23,868 | 21,934 | 18,814 |
Insurance commissions | 8,590 | 8,361 | 8,508 |
Wealth management revenue | 13,540 | 11,884 | 11,652 |
Mortgage banking income | 50,142 | 43,415 | 49,443 |
Net (losses) gains on sales of securities | (16) | 148 | 1,186 |
BOLI income | 4,644 | 4,353 | 4,635 |
Other | 8,533 | 8,821 | 11,302 |
Total noninterest income | 143,961 | 132,140 | 137,415 |
Noninterest expense | |||
Salaries and employee benefits | 214,294 | 184,540 | 172,448 |
Data processing | 18,627 | 16,474 | 17,723 |
Net occupancy and equipment | 42,111 | 37,756 | 34,394 |
Other real estate owned | 1,892 | 2,470 | 5,696 |
Professional fees | 8,753 | 7,150 | 7,970 |
Advertising and public relations | 9,464 | 8,248 | 7,080 |
Intangible amortization | 7,179 | 6,530 | 6,747 |
Communications | 8,318 | 7,578 | 8,329 |
Merger and conversion related expenses | 14,246 | 10,378 | 4,023 |
Extinguishment of debt | 0 | 205 | 2,539 |
Loss share termination | 0 | 0 | 2,053 |
Other | 20,145 | 20,289 | 26,097 |
Total noninterest expense | 345,029 | 301,618 | 295,099 |
Income before income taxes | 188,647 | 159,869 | 135,777 |
Income taxes | 41,727 | 67,681 | 44,847 |
Net income | $ 146,920 | $ 92,188 | $ 90,930 |
Basic earnings per share (usd per share) | $ 2.80 | $ 1.97 | $ 2.18 |
Diluted earnings per share (usd per share) | 2.79 | 1.96 | 2.17 |
Cash dividends per common share (usd per share) | $ 0.80 | $ 0.73 | $ 0.71 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 146,920 | $ 92,188 | $ 90,930 |
Securities available for sale: | |||
Unrealized holding losses on securities | (8,315) | (2,218) | (6,206) |
Reclassification adjustment for losses (gains) realized in net income | 12 | (91) | (727) |
Unrealized holding gains on securities transferred from held to maturity to available for sale | 0 | 8,108 | 0 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | 0 | (173) | (61) |
Total securities available for sale | (8,303) | 5,626 | (6,994) |
Derivative instruments: | |||
Unrealized holding gains on derivative instruments | 365 | 536 | 527 |
Total derivative instruments | 365 | 536 | 527 |
Defined benefit pension and post-retirement benefit plans: | |||
Net gain arising during the period | 308 | 1,028 | 31 |
Amortization of net actuarial loss recognized in net periodic pension cost | 245 | 249 | 302 |
Reclassification adjustment for net settlement gain realized in net income | 0 | 0 | (235) |
Total defined benefit pension and post-retirement benefit plans | 553 | 1,277 | 98 |
Other comprehensive (loss) income, net of tax | (7,385) | 7,439 | (6,369) |
Comprehensive income | $ 139,535 | $ 99,627 | $ 84,561 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance (shares) at Dec. 31, 2015 | 40,293,291 | |||||
Beginning Balance at Dec. 31, 2015 | $ 1,036,818 | $ 206,460 | $ (22,385) | $ 585,938 | $ 276,340 | $ (9,535) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 90,930 | 90,930 | ||||
Other comprehensive income (loss) | (6,369) | (6,369) | ||||
Comprehensive income | 84,561 | |||||
Cash dividends | (29,734) | (29,734) | ||||
Common stock issued in connection with an acquisition (shares) | 1,680,021 | |||||
Common stock issued in connection with an acquisition | 55,290 | $ 8,400 | 46,890 | |||
Common stock issued in public offering (shares) | 2,135,000 | |||||
Common stock issued in public offering | 84,105 | $ 10,675 | 73,430 | |||
Issuance of common stock for stock-based compensation awards (shares) | 223,961 | |||||
Issuance of common stock for stock-based compensation awards | (1,652) | 693 | (2,345) | |||
Stock-based compensation expense | 3,117 | 3,117 | ||||
Other, net | 378 | 378 | ||||
Ending Balance (shares) at Dec. 31, 2016 | 44,332,273 | |||||
Ending Balance at Dec. 31, 2016 | 1,232,883 | $ 225,535 | (21,692) | 707,408 | 337,536 | (15,904) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 92,188 | 92,188 | ||||
Other comprehensive income (loss) | 7,439 | 7,439 | ||||
Comprehensive income | 99,627 | |||||
Reclassification of the income tax effects of the Tax Cuts and Jobs Act to Retained earnings | 0 | 2,046 | (2,046) | |||
Cash dividends | (34,416) | (34,416) | ||||
Common stock issued in connection with an acquisition (shares) | 4,883,182 | |||||
Common stock issued in connection with an acquisition | 213,590 | $ 24,416 | 189,174 | |||
Issuance of common stock for stock-based compensation awards (shares) | 105,776 | |||||
Issuance of common stock for stock-based compensation awards | (2,190) | 1,786 | (3,976) | |||
Stock-based compensation expense | 5,293 | 5,293 | ||||
Other, net | 196 | 196 | ||||
Ending Balance (shares) at Dec. 31, 2017 | 49,321,231 | |||||
Ending Balance at Dec. 31, 2017 | 1,514,983 | $ 249,951 | (19,906) | 898,095 | 397,354 | (10,511) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 146,920 | 146,920 | ||||
Other comprehensive income (loss) | (7,385) | (7,385) | ||||
Comprehensive income | 139,535 | |||||
Repurchase of shares in connection with stock repurchase program (in shares) | (199,065) | |||||
Repurchase of shares in connection with stock repurchase program | (7,062) | (7,062) | ||||
Cash dividends | (43,614) | (43,614) | ||||
Common stock issued in connection with an acquisition (shares) | 9,306,477 | |||||
Common stock issued in connection with an acquisition | 434,519 | $ 46,532 | 387,987 | |||
Repurchase of shares in connection with acquisition related to stock-based compensation awards (in shares) | (2,000) | |||||
Repurchase of shares in connection with acquisition related to stock-based compensation awards | (93) | (93) | ||||
Issuance of common stock for stock-based compensation awards (shares) | 119,837 | |||||
Issuance of common stock for stock-based compensation awards | (1,863) | 2,816 | (4,679) | |||
Stock-based compensation expense | 7,251 | 7,251 | ||||
Other, net | 257 | 257 | ||||
Ending Balance (shares) at Dec. 31, 2018 | 58,546,480 | |||||
Ending Balance at Dec. 31, 2018 | $ 2,043,913 | $ 296,483 | $ (24,245) | $ 1,288,911 | $ 500,660 | $ (17,896) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per share (usd per share) | $ 0.80 | $ 0.73 | $ 0.71 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||
Net income | $ 146,920 | $ 92,188 | $ 90,930 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 6,810 | 7,550 | 7,530 |
Depreciation, amortization and accretion | 3,496 | 4,832 | 3,091 |
Deferred income tax expense | 16,444 | 23,461 | 11,037 |
Revaluation of net deferred tax assets due to changes in tax law | 0 | 14,486 | 0 |
Funding of mortgage loans held for sale | (1,763,246) | (1,683,454) | (1,951,144) |
Proceeds from sales of mortgage loans held for sale | 1,698,141 | 1,775,450 | 2,031,036 |
Gains on sales of mortgage loans held for sale | (40,318) | (19,675) | (31,654) |
Losses (gains) on sales of securities | 16 | (148) | (1,186) |
Loss on extinguishment of debt | 0 | 205 | 2,539 |
(Gains) losses on sales of premises and equipment | (198) | 565 | 115 |
Stock-based compensation | 7,251 | 5,293 | 3,117 |
Decrease in FDIC loss share indemnification asset, net of accretion and amortization | 0 | 0 | 2,891 |
Loss on termination of FDIC loss share agreements | 0 | 0 | 2,053 |
Decrease (increase) in other assets | 44,044 | (6,620) | 10,136 |
Decrease in other liabilities | (41,954) | (12,572) | (16,694) |
Net cash provided by operating activities | 77,406 | 201,561 | 163,797 |
Investing activities | |||
Purchases of securities available for sale | (686,887) | (210,190) | (140,133) |
Proceeds from sales of securities available for sale | 2,387 | 495,340 | 4,028 |
Proceeds from call/maturities of securities available for sale | 160,703 | 169,445 | 158,359 |
Purchases of securities held to maturity | 0 | 0 | (15,267) |
Proceeds from call/maturities of securities held to maturity | 0 | 15,882 | 119,405 |
Net increase in loans | (115,208) | (440,205) | (504,640) |
Purchases of premises and equipment | (22,360) | (13,047) | (13,560) |
Proceeds from sales of premises and equipment | 921 | 2,101 | 2,462 |
Proceeds from sales of other assets | 8,361 | 14,131 | 16,939 |
Payment made to FDIC to terminate loss share agreements | 0 | 0 | (4,849) |
Net cash received in acquisition | 153,502 | 41,685 | 25,263 |
Net cash (used in) provided by investing activities | (498,581) | 75,142 | (351,993) |
Financing activities | |||
Net increase in noninterest-bearing deposits | 49,087 | 11,588 | 209,943 |
Net increase (decrease) in interest-bearing deposits | 447,317 | (88,717) | 279,146 |
Net increase (decrease) in short-term borrowings | 263,753 | (19,862) | (314,952) |
Proceeds from long-term debt | 0 | 0 | 98,385 |
Repayment of long-term debt | (849) | (170,240) | (47,230) |
Cash paid for dividends | (43,614) | (34,416) | (29,734) |
Repurchase of shares in connection with stock repurchase program | (7,062) | 0 | 0 |
Cash received on exercise of stock options | 201 | 173 | 415 |
Excess tax benefits from exercise of stock options | 0 | 0 | 2,771 |
Proceeds from equity offering | 0 | 0 | 84,105 |
Net cash provided by (used in) financing activities | 708,833 | (301,474) | 282,849 |
Net increase (decrease) in cash and cash equivalents | 287,658 | (24,771) | 94,653 |
Cash and cash equivalents at beginning of year | 281,453 | 306,224 | 211,571 |
Cash and cash equivalents at end of year | 569,111 | 281,453 | 306,224 |
Supplemental disclosures | |||
Cash paid for interest | 66,706 | 36,888 | 25,871 |
Cash paid for income taxes | 24,520 | 32,556 | 22,731 |
Noncash transactions: | |||
Transfers of loans to other real estate | 3,826 | 6,699 | 8,870 |
Financed sales of other real estate owned | 531 | 773 | 2,070 |
Transfers of loans held for sale to loan portfolio | 1,732 | 563 | 17,838 |
Common stock issued in acquisition of businesses | $ 434,519 | $ 213,590 | $ 55,290 |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions (Dollar amounts in thousands) Acquisition of Brand Group Holdings, Inc. Effective September 1, 2018, the Company completed its acquisition by merger of Brand Group Holdings, Inc. (“Brand”), the parent company of The Brand Banking Company (“Brand Bank”), in a transaction valued at approximately $474,453 . The Company issued 9,306,477 shares of common stock and paid approximately $21,879 to Brand shareholders, excluding cash paid for fractional shares, and paid approximately $17,157 , net of tax benefit, to Brand stock option holders for 100% of the voting equity interest in Brand. At closing, Brand merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, Brand Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. On September 1, 2018, Brand operated thirteen banking locations throughout the greater Atlanta market. The Company recorded approximately $349,416 in intangible assets which consist of goodwill of $321,882 and a core deposit intangible of $27,534 . 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 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 Brand based on their fair values on September 1, 2018. Purchase Price: Shares issued to common shareholders 9,306,477 Purchase price per share $ 46.69 Value of stock paid $ 434,519 Cash consideration paid 21,879 Cash paid for fractional shares 4 Cash settlement for stock options, net of tax benefit 17,157 Deal charges paid on behalf of Brand 894 Total Purchase Price $ 474,453 Net Assets Acquired: Stockholders’ equity at acquisition date $ 138,896 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: Securities (231 ) Loans, including loans held for sale (20,926 ) Premises and equipment 910 Intangible assets 27,534 Other assets (3,304 ) Deposits (1,367 ) Borrowings (3,236 ) Other liabilities 13,338 Deferred income taxes 957 Total Net Assets Acquired 152,571 Goodwill resulting from merger (1) $ 321,882 (1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. The following table summarizes the estimated fair value on September 1, 2018 of assets acquired and liabilities assumed on that date in connection with the merger with Brand. These estimates are subject to change pending the finalization of all valuations. Cash and cash equivalents $ 193,436 Securities 71,246 Loans, including loans held for sale 1,589,254 Premises and equipment 20,070 Intangible assets 349,416 Other assets 112,050 Total assets 2,335,472 Deposits 1,714,177 Borrowings 90,912 Other liabilities 55,930 Total liabilities 1,861,019 As part of the merger agreement, Brand agreed to divest the operations of its subsidiary Brand Mortgage Group, LLC (“BMG”), which transaction was completed as of October 31, 2018. As a result, the balance sheet and results of operations of BMG, which the Company considers to be immaterial to the overall results of the Company, were included in the Company’s balance sheet and consolidated results of operations from September 1, 2018 to October 31, 2018. The following table summarizes the significant assets acquired and liabilities assumed from BMG: (in thousands) September 1, 2018 Loans held for sale 48,100 Borrowings 34,139 The following table summarizes the results of operations for BMG included in the Company’s Consolidated Statements of Income for the twelve months ended December 31, 2018: (in thousands) Interest income $ 357 Interest expense 279 Net interest income 78 Noninterest income 4,043 Noninterest expense 4,398 Net income before taxes $ (277 ) Acquisition of Metropolitan BancGroup, Inc. Effective July 1, 2017, the Company completed its acquisition of Metropolitan BancGroup, Inc. (“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 paid on behalf of Metropolitan 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 (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. Cash and cash equivalents $ 47,556 Securities 108,697 Loans, including mortgage loans held for sale 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 Supplemental Pro Forma Combined Condensed Results of Operations The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the twelve months ended December 31, 2018 and 2017 of the Company as though the Brand and Metropolitan mergers had been completed as of January 1, 2017. The unaudited estimated pro forma information combines the historical results of Brand and 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 necessarily indicative of what would have occurred had the acquisitions taken place on January 1, 2017. 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. Twelve Months Ended December 31, 2018 2017 Net interest income - pro forma (unaudited) $ 455,513 $ 450,353 Noninterest income - pro forma (unaudited) $ 153,850 $ 176,699 Noninterest expense - pro forma (unaudited) $ 452,699 $ 422,700 Net income - pro forma (unaudited) $ 115,646 $ 105,729 Earnings per share - pro forma (unaudited): Basic $ 1.97 $ 1.80 Diluted $ 1.97 $ 1.80 Due to the timing of the respective system conversions and the integration of operations into the Company's existing operations, historical reporting for acquired operations is impracticable, and, therefore, disclosure of the amounts of revenue and expenses of the acquired institutions since the acquisition dates is impracticable. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies (Dollar amounts in thousands) 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. Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from full service offices located throughout north and central Mississippi, Tennessee, Alabama, Georgia and Florida. Use of Estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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. Consolidation : The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. Cash and Cash Equivalents : The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Securities : Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Presently, the Company has no intention of establishing a trading classification. Securities not classified as held to maturity or trading are classified as available for sale. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity. The amortized cost of securities, regardless of classification, is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities, as is dividend income. Realized gains and losses on sales of securities are reflected under the line item “Net gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis in accordance with ASC 320, “Investments - Debt and Equity Securities.” Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security’s maturity. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings and is calculated as the difference between the estimate of discounted future cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the estimate of the discounted future cash flows. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of applicable taxes. Debt securities may be transferred to nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note 3, “Securities,” for further details regarding the Company’s securities portfolio. Securities Sold Under Agreements to Repurchase : Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. Loans Held for Sale : Residential mortgage loans held for sale are included in the line item “Loans held for sale” on the Company’s Consolidated Balance Sheet. The Company has elected to carry these loans at fair value as permitted under the guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments” (“ASC 825”). Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These realized and unrealized gains and losses are classified under the line item “Mortgage banking income” on the Consolidated Statements of Income. In connection with the acquisition of Brand, the Company acquired a portfolio of non-mortgage consumer loans, which are also included in the line item “Loans held for sale” on the Company’s Consolidated Balance Sheet as of December 31, 2018 . The Company is currently evaluating its long-term plans with respect to this portfolio. In accordance with ASC Topic 850, “Business Combinations”, these loans were measured at fair value as of the acquisition date. Subsequent to the acquisition date, these loans are carried at the lower of amortized cost or fair value. Loans and the Allowance for Loan Losse s: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances, adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by, 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. Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or have been placed on nonaccrual status are reported as nonperforming loans. The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies.” Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. See Note 4, “ Non Purchased Loans,” Note 5, “Purchased Loans,” and Note 6, “ Allowance for Loan Losses” for disclosures regarding the Company’s past due and nonaccrual loans, impaired loans and restructured loans and its allowance for loan losses. Business Combinations, Accounting for Credit-Deteriorated Purchased Loans and Related Assets : Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations.” Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Acquisition costs incurred by the Company are expensed as incurred. Loans purchased in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit-impaired. Purchased credit deteriorated loans are accounted for in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment. FDIC-Assisted Acquisitions: During 2010 and 2011, the Bank acquired in FDIC-assisted acquisitions substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of the following two failed financial institutions: • Crescent Bank and Trust Company (Jasper, GA), July 2010 • American Trust Bank (Roswell, GA), February 2011 In connection with the July 2015 acquisition of Heritage Financial Group, Inc. (“Heritage”) and its wholly-owned subsidiary HeritageBank of the South (“HeritageBank”), the Bank assumed two additional loss share agreements that HeritageBank had entered into in connection with its acquisition in FDIC-assisted acquisitions of substantially all of the assets and assumption of substantially all of the deposits and certain other liabilities of the following two failed financial institutions: • Citizens Bank of Effingham (Springfield, GA), February 2011 • First Southern National Bank (Statesboro, GA), August 2011 A significant portion of the loans and foreclosed assets acquired in each of these FDIC-assisted acquisitions were subject to loss share agreements with the Federal Deposit Insurance Corporation (the “FDIC”) whereby the Company was indemnified against a portion of the losses on such loans and foreclosed assets. On December 8, 2016, the Bank entered into an agreement with the FDIC that terminated all of the Bank’s loss share agreements, resulting in a payment by the Company to the FDIC of $4,849 . All rights and obligations of the parties under these loss share agreements, including the claw-back provisions, terminated effective December 8, 2016. As a result, after such date all recoveries, gains, charge-offs, losses and expenses related to assets previously covered under loss share are recognized entirely by the Company. Notwithstanding the termination of loss share with the FDIC, the terms of the purchase and assumption agreements for each of these FDIC-assisted acquisitions continue to require the FDIC to indemnify the Company against certain claims, including claims with respect to assets, liabilities or any affiliate not acquired or otherwise assumed by the Bank and with respect to claims based on any action by directors, officers or employees of the relevant failed financial institutions. Premises and Equipment : Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter. Other Real Estate Owned : Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are initially recorded into other real estate at fair market value less cost to sell and are subsequently carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income. Mortgage Servicing Rights : The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, mortgage interest rates and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2018 and 2017 , respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value. Changes to the fair value of the mortgage servicing rights are recorded as part of Mortgage banking income in the Consolidated Statements of Income. Goodwill and Other Intangible Assets : Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. In determining the fair value of the Company’s reporting units, management uses the market approach. Other intangible assets, consisting of core deposit intangibles and customer relationship intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. No impairment was identified for the Company’s goodwill or its other intangible assets as a result of the testing performed during 2018 , 2017 or 2016 . Bank-Owned Life Insurance : Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. The Company has purchased such insurance policies on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. In connection with the acquisitions of Brand and Metropolitan (each as defined below in Note 2, “Mergers and Acquisitions”), the Company acquired BOLI with a cash surrender value of $40,081 and $19,283 , respectively, at the acquisition date. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income. Insurance Agency Revenues : Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income. Trust and Wealth Management Revenues : The Company offers trust services as well as various investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities, mutual funds and other investment products are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth management revenue” on the Consolidated Statements of Income. Income Taxes : Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable. Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense. Fair Value Measurements : ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note 18, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities. Derivative Instruments and Hedging Activities : The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.” Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings. The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to 45 days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a “mandatory delivery” sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. These types of mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. Treasury Stock : Treasury stock is recorded at cost. Shares held in treasury are not retired. Retirement Plans : The Company sponsors a noncontributory pension plan and provides retiree medical benefits for certain employees. The Company’s independent actuary firm prepares actuarial valuations of pension cost and obligation under ASC 715, “Compensation – Retirement Benefits” (“ASC 715”), using assumptions and estimates derived in accordance with the guidance set forth in ASC 715. Expense related to the plans is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. Actuarial gains and losses are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of plan expense. See Note 14, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s retirement plans. Stock-Based Compensation : The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation - Stock Compensation.” Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date and is recognized over the respective awards’ vesting period. The Company has elected to account for forfeitures in compensation cost when they occur as permitted under the guidance in ASC 718, “Compensation - Stock Compensation” (“ASC 718”). Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. See Note 14, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s stock-based compensation. Earnings Per Common Share : Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding stock options were exercised into common shares and nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards' respective grant dates, calculated in accordance with the treasury method. See Note 21, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. Subsequent Events: The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after December 31, 2018 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 FASB issued Accounting Standards Update (“ASU”) 2014-09 (“ASU 2014-09”), which is an update to FASB Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” (“ASC 606”). 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. For a majority of the Company’s income streams, including interest income earned on loans and leases, the recognition of revenue is governed by other accounting standards and is specifically excluded from the coverage of ASC 606. In addition, the Company’s revenue that is covered by ASC 606, the most significant of which is service charges on deposit accounts, is generally based on day-to-day contracts with Company customers and, as a result, is not impacted by the new guidance. The Company adopted ASU 2014-09 in the first quarter of 2018, and there was no impact to the financial statements at the time of adoption. The Company has included newly applicable revenue disclosures in this filing in Note 27, “Revenue Recognition.” 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 measurem |
Securities
Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities (In Thousands, Except Number of Securities) 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 December 31, 2018 Obligations of other U.S. Government agencies and corporations $ 2,536 $ 13 $ (38 ) $ 2,511 Obligations of states and political subdivisions 200,798 3,038 (567 ) 203,269 Residential mortgage backed securities: Government agency mortgage backed securities 621,690 719 (9,126 ) 613,283 Government agency collateralized mortgage obligations 332,697 274 (5,982 ) 326,989 Commercial mortgage backed securities: Government agency mortgage backed securities 21,957 257 (384 ) 21,830 Government agency collateralized mortgage obligations 28,446 24 (135 ) 28,335 Trust preferred securities 12,359 — (1,726 ) 10,633 Other debt securities 44,046 192 (311 ) 43,927 $ 1,264,529 $ 4,517 $ (18,269 ) $ 1,250,777 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 Obligations of other U.S. Government agencies and corporations $ 3,554 $ 40 $ (30 ) $ 3,564 Obligations of states and political subdivisions 228,589 6,161 (269 ) 234,481 Residential mortgage backed securities: Government agency mortgage backed securities 196,121 888 (3,059 ) 193,950 Government agency collateralized mortgage obligations 180,258 133 (3,752 ) 176,639 Commercial mortgage backed securities: Government agency mortgage backed securities 31,015 389 (234 ) 31,170 Government agency collateralized mortgage obligations 5,019 1 (14 ) 5,006 Trust preferred securities 12,442 — (3,054 ) 9,388 Other debt securities 17,106 260 (76 ) 17,290 $ 674,104 $ 7,872 $ (10,488 ) $ 671,488 Securities sold were as follows for the periods presented: Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 2018 Obligations of states and political subdivisions $ 901 $ 893 $ (8 ) Residential mortgage backed securities: Government agency mortgage backed securities 943 942 (1 ) Government agency collateralized mortgage obligations 559 552 (7 ) $ 2,403 $ 2,387 $ (16 ) Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 2017 Obligations of other U.S. Government agencies and corporations $ 11,088 $ 10,974 $ (114 ) Obligations of states and political subdivisions 110,019 112,199 2,180 Residential mortgage backed securities: Government agency mortgage backed securities 264,924 263,217 (1,707 ) Government agency collateralized mortgage obligations 72,153 71,781 (372 ) Commercial mortgage backed securities: Government agency mortgage backed securities 14,104 14,082 (22 ) Government agency collateralized mortgage obligations 6,289 6,289 — Trust preferred securities 9,346 9,403 57 Other debt securities 7,269 7,395 126 $ 495,192 $ 495,340 $ 148 Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 2016 Other equity securities $ 2,842 $ 4,028 $ 1,186 $ 2,842 $ 4,028 $ 1,186 Included in the table above for the twelve months ended December 31, 2017 are certain securities acquired from Metropolitan sold shortly after acquisition. These securities had an aggregate carrying value of $36,021 at the time of sale, and the Company received net proceeds of $36,021 , resulting in no gain or loss on the sale. Also included in the table above for the twelve months ended December 31, 2017 are certain securities sold by the Company during the fourth quarter of 2017 in an effort to manage its consolidated assets below $10,000,000 at December 31, 2017, in order to delay the adverse impact of the Durbin Amendment to the Dodd-Frank Act, which applies to banking institutions with assets over $10,000,000 at year-end. Securities sold to achieve this strategy had an aggregate carrying value of $446,880 on the dates of sale, and the Company collected net proceeds of $446,971 , resulting in a $91 net gain on the sales. Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Gross gains on sales of securities available for sale $ 11 $ 2,497 $ 1,257 Gross losses on sales of securities available for sale (27 ) (2,349 ) (71 ) Gain on sales of securities available for sale, net $ (16 ) $ 148 $ 1,186 At December 31, 2018 and 2017 , securities with a carrying value of approximately $619,308 and $217,867 , respectively, were pledged to secure government, public, trust, and other deposits. Securities with a carrying value of $18,299 and $25,888 were pledged as collateral for short-term borrowings and derivative instruments at December 31, 2018 and 2017 , respectively. The amortized cost and fair value of securities at December 31, 2018 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 $ 39,310 $ 39,649 Due after one year through five years 44,304 44,788 Due after five years through ten years 81,825 82,781 Due after ten years 59,051 58,001 Residential mortgage backed securities: Government agency mortgage backed securities 621,690 613,283 Government agency collateralized mortgage obligations 332,697 326,989 Commercial mortgage backed securities: Government agency mortgage backed securities 21,957 21,830 Government agency collateralized mortgage obligations 28,446 28,335 Other debt securities 35,249 35,121 $ 1,264,529 $ 1,250,777 The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Available for Sale: December 31, 2018 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 2 $ 1,480 $ (38 ) 2 $ 1,480 $ (38 ) Obligations of states and political subdivisions 34 22,159 (193 ) 26 16,775 (374 ) 60 38,934 (567 ) Residential mortgage backed securities: Government agency mortgage backed securities 91 354,731 (3,945 ) 73 125,757 (5,181 ) 164 480,488 (9,126 ) Government agency collateralized mortgage obligations 24 97,451 (840 ) 60 140,076 (5,142 ) 84 237,527 (5,982 ) Commercial mortgage backed securities: Government agency mortgage backed securities 5 6,506 (74 ) 4 7,468 (310 ) 9 13,974 (384 ) Government agency collateralized mortgage obligations 2 9,950 (23 ) 1 4,888 (112 ) 3 14,838 (135 ) Trust preferred securities 0 — — 2 10,633 (1,726 ) 2 10,633 (1,726 ) Other debt securities 12 19,011 (88 ) 3 5,621 (223 ) 15 24,632 (311 ) Total 168 $ 509,808 $ (5,163 ) 171 $ 312,698 $ (13,106 ) 339 $ 822,506 $ (18,269 ) December 31, 2017 Obligations of other U.S. Government agencies and corporations 1 $ 497 $ (3 ) 2 $ 1,999 $ (27 ) 3 $ 2,496 $ (30 ) Obligations of states and political subdivisions 23 11,860 (59 ) 12 7,728 (210 ) 35 19,588 (269 ) Residential mortgage backed securities: Government agency mortgage backed securities 29 64,595 (659 ) 44 89,414 (2,400 ) 73 154,009 (3,059 ) Government agency collateralized mortgage obligations 33 102,509 (1,470 ) 29 62,406 (2,282 ) 62 164,915 (3,752 ) Commercial mortgage backed securities: Government agency mortgage backed securities 2 5,629 (17 ) 3 5,872 (217 ) 5 11,501 (234 ) Government agency collateralized mortgage obligations 1 4,986 (14 ) 0 — — 1 4,986 (14 ) Trust preferred securities 0 — — 2 9,388 (3,054 ) 2 9,388 (3,054 ) Other debt securities 2 756 (12 ) 2 6,308 (64 ) 4 7,064 (76 ) Total 91 $ 190,832 $ (2,234 ) 94 $ 183,115 $ (8,254 ) 185 $ 373,947 $ (10,488 ) The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be 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 is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any other-than-temporary impairment for the years ended December 31, 2018 or 2017 . The Company holds investments in pooled trust preferred securities that had a cost basis of $12,359 and $12,442 and a fair value of $10,633 and $9,388 at December 31, 2018 and 2017 , respectively. One investment in pooled trust preferred securities with a carrying value of $9,346 was sold in 2017 for a gain of $57 . As of December 31, 2018 , 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. At December 31, 2018 , 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 2010 and 2011. For the years ended December 31, 2018 , 2017 and 2016 , the Company determined the pooled trust preferred securities and their estimated cash flow were fairly valued, and no additional impairment was recognized during these periods. The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2018 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,292 $ 6,956 $ (1,336 ) BB 16% XXVI Pooled B-2 4,067 3,677 (390 ) B 19% $ 12,359 $ 10,633 $ (1,726 ) 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: 2018 2017 Balance at January 1 $ (261 ) $ (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 December 31 $ (261 ) $ (261 ) |
Non Purchased Loans
Non Purchased Loans | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Non Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) “Purchased” loans are those loans acquired in any of the Company’s previous acquisitions, including FDIC-assisted acquisitions. “Non purchased” loans include all of the Company’s other loans, other than loans held for sale. 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 at December 31: 2018 2017 Commercial, financial, agricultural $ 875,649 $ 763,823 Lease financing 64,992 57,354 Real estate – construction 635,519 547,658 Real estate – 1-4 family mortgage 2,087,890 1,729,534 Real estate – commercial mortgage 2,628,365 2,390,076 Installment loans to individuals 100,424 103,452 Gross loans 6,392,839 5,591,897 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income $ 6,389,712 $ 5,588,556 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 December 31, 2018 Commercial, financial, agricultural $ 3,397 $ 267 $ 870,457 $ 874,121 $ — $ 1,356 $ 172 $ 1,528 $ 875,649 Lease financing 607 89 64,296 64,992 — — — — 64,992 Real estate – construction 887 — 634,632 635,519 — — — — 635,519 Real estate – 1-4 family mortgage 10,378 2,151 2,071,401 2,083,930 238 2,676 1,046 3,960 2,087,890 Real estate – commercial mortgage 1,880 13 2,621,902 2,623,795 — 2,974 1,596 4,570 2,628,365 Installment loans to individuals 368 165 99,731 100,264 3 157 — 160 100,424 Unearned income — — (3,127 ) (3,127 ) — — — — (3,127 ) Total $ 17,517 $ 2,685 $ 6,359,292 $ 6,379,494 $ 241 $ 7,163 $ 2,814 $ 10,218 $ 6,389,712 December 31, 2017 Commercial, financial, agricultural $ 2,722 $ 22 $ 759,143 $ 761,887 $ 205 $ 1,033 $ 698 $ 1,936 $ 763,823 Lease financing 47 — 57,148 57,195 — 159 — 159 57,354 Real estate – construction 50 — 547,608 547,658 — — — — 547,658 Real estate – 1-4 family mortgage 11,810 2,194 1,712,982 1,726,986 — 1,818 730 2,548 1,729,534 Real estate – commercial mortgage 1,921 727 2,381,871 2,384,519 — 2,877 2,680 5,557 2,390,076 Installment loans to individuals 429 72 102,901 103,402 1 28 21 50 103,452 Unearned income — — (3,341 ) (3,341 ) — — — — (3,341 ) Total $ 16,979 $ 3,015 $ 5,558,312 $ 5,578,306 $ 206 $ 5,915 $ 4,129 $ 10,250 $ 5,588,556 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan totaling $41 that was contractually 90 days past due or more and still accruing at December 31, 2018 . There were four restructured loans totaling $649 that were contractually 90 days past due or more and still accruing at December 31, 2017 . The outstanding balance of restructured loans on nonaccrual status was $3,128 and $2,673 at December 31, 2018 and 2017 , respectively. Impaired Loans Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 1,834 $ 2,280 $ 163 $ 2,079 $ 35 Lease financing — — — — — Real estate – construction 7,302 7,302 63 7,180 162 Real estate – 1-4 family mortgage 9,077 9,767 61 9,212 191 Real estate – commercial mortgage 4,609 5,765 689 4,889 72 Installment loans to individuals 223 232 1 239 2 Total $ 23,045 $ 25,346 $ 977 $ 23,599 $ 462 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction 2,165 2,165 — 2,165 55 Real estate – 1-4 family mortgage — — — — — Real estate – commercial mortgage 1,238 2,860 — 1,316 32 Installment loans to individuals — — — — — Total $ 3,403 $ 5,025 $ — $ 3,481 $ 87 Totals $ 26,448 $ 30,371 $ 977 $ 27,080 $ 549 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 2,365 $ 3,043 $ 138 $ 2,861 $ 47 Lease financing 159 159 2 159 — Real estate – construction 578 578 4 526 29 Real estate – 1-4 family mortgage 8,169 9,315 561 8,295 259 Real estate – commercial mortgage 9,652 12,463 1,861 9,316 206 Installment loans to individuals 117 121 1 130 3 Total $ 21,040 $ 25,679 $ 2,567 $ 21,287 $ 544 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 703 703 — 711 29 Real estate – commercial mortgage — — — — — Installment loans to individuals — — — — — Total $ 703 $ 703 $ — $ 711 $ 29 Totals $ 21,743 $ 26,382 $ 2,567 $ 21,998 $ 573 The average recorded investment in impaired loans for the year ended December 31, 2016 was $23,209 . Interest income recognized on impaired loans for the year ended December 31, 2016 was $624 . Restructured Loans At December 31, 2018 , 2017 and 2016 , there were $5,325 , $5,588 and $7,447 , respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2018 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 9 1,764 1,763 Real estate – commercial mortgage 2 94 89 Installment loans to individuals — — — Total 11 $ 1,858 $ 1,852 December 31, 2017 Commercial, financial, agricultural 2 $ 331 $ 330 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 8 598 586 Real estate – commercial mortgage 3 683 313 Installment loans to individuals 1 4 3 Total 14 $ 1,616 $ 1,232 December 31, 2016 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction 1 510 518 Real estate – 1-4 family mortgage 11 1,188 1,167 Real estate – commercial mortgage — — — Installment loans to individuals — — — Total 12 $ 1,698 $ 1,685 At December 31, 2017 the Company had $184 in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There were no such occurrences for the years ended December 31, 2018 and December 31, 2016 . 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 16 1,453 Reclassified as performing 2 183 Reductions due to: Reclassified as nonperforming (7 ) (853 ) Paid in full (8 ) (1,165 ) Charge-offs (1 ) (250 ) Principal paydowns — (304 ) Lapse of concession period (1 ) (923 ) Totals at December 31, 2017 54 $ 5,588 Additional loans with concessions 11 1,861 Reclassified as performing 3 295 Reductions due to: Reclassified as nonperforming (8 ) (639 ) Paid in full (9 ) (1,556 ) Principal paydowns — (224 ) Totals at December 31, 2018 51 $ 5,325 The allocated allowance for loan losses attributable to restructured loans was $34 and $85 at December 31, 2018 and 2017 , respectively. The Company had $42 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2018 and $18 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2017 . Credit Quality For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans within the “Pass” grade (historically, those with a risk rating between 1 and 4 ) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. In 2018, management has established more granular rating categories to better identify heightened credit risk as loans migrate downward in the risk rating system. The “Pass” grade is now reserved for loans with a risk rating between 1 and 4A, and the “Watch” grade (those with a risk rating of 4B and 4E) 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 5 and 9 ) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2018 Commercial, financial, agricultural $ 615,803 $ 18,326 $ 6,973 $ 641,102 Real estate – construction 558,494 2,317 8,157 568,968 Real estate – 1-4 family mortgage 321,564 4,660 4,260 330,484 Real estate – commercial mortgage 2,210,100 54,579 24,144 2,288,823 Installment loans to individuals — — — — Total $ 3,705,961 $ 79,882 $ 43,534 $ 3,829,377 December 31, 2017 Commercial, financial, agricultural $ 554,943 $ 11,496 $ 4,402 $ 570,841 Real estate – construction 483,498 662 81 484,241 Real estate – 1-4 family mortgage 254,643 505 8,697 263,845 Real estate – commercial mortgage 1,983,750 50,428 24,241 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,277,755 $ 63,091 $ 37,421 $ 3,378,267 For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2018 Commercial, financial, agricultural $ 233,046 $ 1,501 $ 234,547 Lease financing 61,776 89 61,865 Real estate – construction 66,551 — 66,551 Real estate – 1-4 family mortgage 1,751,994 5,412 1,757,406 Real estate – commercial mortgage 338,367 1,175 339,542 Installment loans to individuals 100,099 325 100,424 Total $ 2,551,833 $ 8,502 $ 2,560,335 December 31, 2017 Commercial, financial, agricultural $ 191,473 $ 1,509 $ 192,982 Lease financing 53,854 159 54,013 Real estate – construction 63,417 — 63,417 Real estate – 1-4 family mortgage 1,462,347 3,342 1,465,689 Real estate – commercial mortgage 330,441 1,216 331,657 Installment loans to individuals 102,409 122 102,531 Total $ 2,203,941 $ 6,348 $ 2,210,289 Related Party Loans Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows: Loans at December 31, 2017 $ 24,363 New loans and advances 2,249 Loans to directors assumed in acquisition (1) 100 Payments received (3,860 ) Changes in related parties (627 ) Loans at December 31, 2018 $ 22,225 (1) Loans to directors assumed in acquisition are included in the tables in Note 5, “Purchased Loans.” No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2018 or 2017 . Unfunded commitments to certain executive officers and directors and their associates totaled $6,982 and $9,333 at December 31, 2018 and 2017 , respectively. 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 at December 31: 2018 2017 Commercial, financial, agricultural $ 420,263 $ 275,570 Lease financing — — Real estate – construction 105,149 85,731 Real estate – 1-4 family mortgage 707,453 614,187 Real estate – commercial mortgage 1,423,144 1,037,454 Installment loans to individuals 37,408 18,824 Gross loans 2,693,417 2,031,766 Unearned income — — Loans, net of unearned income $ 2,693,417 $ 2,031,766 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 December 31, 2018 Commercial, financial, agricultural $ 1,811 $ 97 $ 417,786 $ 419,694 $ — $ 477 $ 92 $ 569 $ 420,263 Lease financing — — — — — — — — — Real estate – construction 1,235 68 103,846 105,149 — — — — 105,149 Real estate – 1-4 family mortgage 8,981 4,455 690,697 704,133 202 1,881 1,237 3,320 707,453 Real estate – commercial mortgage 5,711 2,410 1,413,346 1,421,467 — 1,401 276 1,677 1,423,144 Installment loans to individuals 1,342 202 35,594 37,138 2 24 244 270 37,408 Unearned income — — — — — — — — — Total $ 19,080 $ 7,232 $ 2,661,269 $ 2,687,581 $ 204 $ 3,783 $ 1,849 $ 5,836 $ 2,693,417 December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 Lease financing — — — — — — — — — Real estate – construction 415 — 85,316 85,731 — — — — 85,731 Real estate – 1-4 family mortgage 6,070 2,280 602,464 610,814 385 879 2,109 3,373 614,187 Real estate – commercial mortgage 2,947 2,910 1,031,141 1,036,998 191 99 166 456 1,037,454 Installment loans to individuals 208 9 18,443 18,660 59 — 105 164 18,824 Unearned income — — — — — — — — — Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were eight restructured loans totaling $413 that were contractually 90 days past due or more and still accruing at December 31, 2018 . There were three restructured loans totaling $128 that were contractually 90 days past due or more and still accruing at December 31, 2017 . The outstanding balance of restructured loans on nonaccrual status was $1,868 and $523 at December 31, 2018 and 2017 , respectively. Impaired Loans Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 600 $ 658 $ 173 $ 614 $ 10 Lease financing — — — — — Real estate – construction 576 576 5 576 6 Real estate – 1-4 family mortgage 1,381 1,404 18 1,362 18 Real estate – commercial mortgage 2,066 2,116 338 2,011 40 Installment loans to individuals 246 247 3 247 1 Total $ 4,869 $ 5,001 $ 537 $ 4,810 $ 75 With no related allowance recorded: Commercial, financial, agricultural $ 11 $ 13 $ — $ 13 $ 1 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 3,780 4,383 — 4,407 111 Real estate – commercial mortgage 146 150 — 159 7 Installment loans to individuals 24 33 — 7 — Total $ 3,961 $ 4,579 $ — $ 4,586 $ 119 Totals $ 8,830 $ 9,580 $ 537 $ 9,396 $ 194 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 625 $ 678 $ 52 $ 618 $ 21 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,433 45 1,419 18 Real estate – commercial mortgage 728 733 6 751 26 Installment loans to individuals 154 155 4 155 — Total $ 2,892 $ 2,999 $ 107 $ 2,943 $ 65 With no related allowance recorded: Commercial, financial, agricultural $ 74 $ 79 $ — $ 75 $ 3 Lease financing — — — — — Real estate – construction 1,199 1,207 — 318 47 Real estate – 1-4 family mortgage 4,225 4,740 — 4,161 176 Real estate – commercial mortgage 165 168 — 177 8 Installment loans to individuals 9 10 — 13 — Total $ 5,672 $ 6,204 $ — $ 4,744 $ 234 Totals $ 8,564 $ 9,203 $ 107 $ 7,687 $ 299 The average recorded investment in non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2016 was $6,594 . Interest income recognized on non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2016 was $168 . Credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 3,779 $ 4,071 $ 161 $ 4,276 $ 204 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 12,169 12,601 488 12,894 647 Real estate – commercial mortgage 62,003 65,273 1,901 65,756 3,201 Installment loans to individuals 660 660 2 675 29 Total $ 78,611 $ 82,605 $ 2,552 $ 83,601 $ 4,081 With no related allowance recorded: Commercial, financial, agricultural $ 25,364 $ 40,332 $ — $ 12,102 $ 669 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 36,074 41,222 — 36,801 1,647 Real estate – commercial mortgage 78,435 100,427 — 78,368 3,578 Installment loans to individuals 3,770 7,630 — 2,095 109 Total $ 143,643 $ 189,611 $ — $ 129,366 $ 6,003 Totals $ 222,254 $ 272,216 $ 2,552 $ 212,967 $ 10,084 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 5,768 $ 6,004 $ 312 $ 5,672 $ 259 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 15,910 16,752 572 16,837 793 Real estate – commercial mortgage 65,108 69,029 892 68,168 3,333 Installment loans to individuals 698 698 1 710 25 Total $ 87,484 $ 92,483 $ 1,777 $ 91,387 $ 4,410 With no related allowance recorded: Commercial, financial, agricultural $ 9,547 $ 18,175 $ — $ 9,208 $ 989 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 38,059 48,297 — 46,983 1,993 Real estate – commercial mortgage 91,230 117,691 — 104,485 5,431 Installment loans to individuals 940 1,063 — 1,109 46 Total $ 139,776 $ 185,226 $ — $ 161,785 $ 8,459 Totals $ 227,260 $ 277,709 $ 1,777 $ 253,172 $ 12,869 The average recorded investment in credit-deteriorated loans for the year ended December 31, 2016 was $318,032 . Interest income recognized on credit-deteriorated loans for the year ended December 31, 2016 was $14,532 . Restructured Loans At December 31, 2018 , 2017 and 2016 , there were $7,495 , $8,965 and $4,028 , respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 2 142 127 Real estate – commercial mortgage 2 522 381 Installment loans to individuals — — — Total 5 $ 712 $ 552 December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 During the years ended December 31, 2017 and 2016 , the Company had $212 and $54 , respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the year ended December 31, 2018 . 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 36 5,703 Reclassified from nonperforming 9 838 Reductions due to: Reclassified as nonperforming (10 ) (786 ) Paid in full (3 ) (323 ) Charge-offs (1 ) (17 ) Principal paydowns — (377 ) Lapse of concession period (1 ) (101 ) Totals at December 31, 2017 72 $ 8,965 Additional loans with concessions 5 712 Reclassified from nonperforming 4 435 Reductions due to: Reclassified as nonperforming (13 ) (1,229 ) Paid in full (14 ) (744 ) Principal paydowns — (644 ) Totals at December 31, 2018 54 $ 7,495 The allocated allowance for loan losses attributable to restructured loans was $58 and $103 at December 31, 2018 and 2017 , respectively. The Company had $3 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2018 and $9 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2017 . Credit Quality The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2018 Commercial, financial, agricultural $ 333,147 $ 33,857 $ 2,744 $ 369,748 Real estate – construction 101,122 — 842 101,964 Real estate – 1-4 family mortgage 113,874 7,347 7,585 128,806 Real estate – commercial mortgage 1,198,540 43,046 9,984 1,251,570 Installment loans to individuals — — 2 2 Total $ 1,746,683 $ 84,250 $ 21,157 $ 1,852,090 December 31, 2017 Commercial, financial, agricultural $ 241,195 $ 4,974 $ 2,824 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 91,369 2,498 6,172 100,039 Real estate – commercial mortgage 827,372 17,123 9,003 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,241,834 $ 24,595 $ 18,002 $ 1,284,431 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 December 31, 2018 Commercial, financial, agricultural $ 21,303 $ 69 $ 21,372 Lease financing — — — Real estate – construction 3,185 — 3,185 Real estate – 1-4 family mortgage 526,699 3,705 530,404 Real estate – commercial mortgage 30,951 185 31,136 Installment loans to individuals 32,676 300 32,976 Total $ 614,814 $ 4,259 $ 619,073 December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Lease financing — — — Real estate – construction 4,511 — 4,511 Real estate – 1-4 family mortgage 459,038 1,141 460,179 Real estate – commercial mortgage 27,495 123 27,618 Installment loans to individuals 16,344 161 16,505 Total $ 518,604 $ 1,471 $ 520,075 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 December 31, 2018 Commercial, financial, agricultural $ 29,143 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 48,243 Real estate – commercial mortgage 140,438 Installment loans to individuals 4,430 Total $ 222,254 December 31, 2017 Commercial, financial, agricultural $ 15,315 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 The following table presents the fair value of loans determined to be impaired at the time of acquisition: Total Purchased Credit Deteriorated Loans December 31, 2018 Contractually-required principal and interest $ 319,214 Nonaccretable difference (1) (62,695 ) Cash flows expected to be collected 256,519 Accretable yield (2) (34,265 ) Fair value $ 222,254 December 31, 2017 Contractually-required principal and interest $ 316,854 Nonaccretable difference (1) (57,387 ) Cash flows expected to be collected 259,467 Accretable yield (2) (32,207 ) Fair value $ 227,260 (1) Represents contractual principal cash flows of $52,061 and $48,345 , respectively, and interest cash flows of $10,634 and $9,042 , respectively, not expected to be collected. (2) Represents contractual principal cash flows of $1,667 and $1,640 , respectively, and interest cash flows of $32,598 and $30,567 , 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 $ (37,473 ) Additions through acquisition (1,777 ) Reclasses from nonaccretable difference (9,750 ) Accretion 15,560 Charge-off 1,233 Balance at December 31, 2017 $ (32,207 ) Additions through acquisition (10,143 ) Reclasses from nonaccretable difference (7,883 ) Accretion 15,340 Charge-off 628 Balance at December 31, 2018 $ (34,265 ) The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date. At acquisition date: September 1, 2018 Contractually-required principal and interest $ 1,625,137 Nonaccretable difference (123,399 ) Cash flows expected to be collected 1,501,738 Accretable yield (170,651 ) Fair value $ 1,331,087 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 $ 1,198,741 Nonaccretable difference (79,165 ) Cash flows expected to be collected 1,119,576 Accretable yield (154,543 ) Fair value $ 965,033 |
Purchased Loans
Purchased Loans | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) “Purchased” loans are those loans acquired in any of the Company’s previous acquisitions, including FDIC-assisted acquisitions. “Non purchased” loans include all of the Company’s other loans, other than loans held for sale. 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 at December 31: 2018 2017 Commercial, financial, agricultural $ 875,649 $ 763,823 Lease financing 64,992 57,354 Real estate – construction 635,519 547,658 Real estate – 1-4 family mortgage 2,087,890 1,729,534 Real estate – commercial mortgage 2,628,365 2,390,076 Installment loans to individuals 100,424 103,452 Gross loans 6,392,839 5,591,897 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income $ 6,389,712 $ 5,588,556 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 December 31, 2018 Commercial, financial, agricultural $ 3,397 $ 267 $ 870,457 $ 874,121 $ — $ 1,356 $ 172 $ 1,528 $ 875,649 Lease financing 607 89 64,296 64,992 — — — — 64,992 Real estate – construction 887 — 634,632 635,519 — — — — 635,519 Real estate – 1-4 family mortgage 10,378 2,151 2,071,401 2,083,930 238 2,676 1,046 3,960 2,087,890 Real estate – commercial mortgage 1,880 13 2,621,902 2,623,795 — 2,974 1,596 4,570 2,628,365 Installment loans to individuals 368 165 99,731 100,264 3 157 — 160 100,424 Unearned income — — (3,127 ) (3,127 ) — — — — (3,127 ) Total $ 17,517 $ 2,685 $ 6,359,292 $ 6,379,494 $ 241 $ 7,163 $ 2,814 $ 10,218 $ 6,389,712 December 31, 2017 Commercial, financial, agricultural $ 2,722 $ 22 $ 759,143 $ 761,887 $ 205 $ 1,033 $ 698 $ 1,936 $ 763,823 Lease financing 47 — 57,148 57,195 — 159 — 159 57,354 Real estate – construction 50 — 547,608 547,658 — — — — 547,658 Real estate – 1-4 family mortgage 11,810 2,194 1,712,982 1,726,986 — 1,818 730 2,548 1,729,534 Real estate – commercial mortgage 1,921 727 2,381,871 2,384,519 — 2,877 2,680 5,557 2,390,076 Installment loans to individuals 429 72 102,901 103,402 1 28 21 50 103,452 Unearned income — — (3,341 ) (3,341 ) — — — — (3,341 ) Total $ 16,979 $ 3,015 $ 5,558,312 $ 5,578,306 $ 206 $ 5,915 $ 4,129 $ 10,250 $ 5,588,556 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan totaling $41 that was contractually 90 days past due or more and still accruing at December 31, 2018 . There were four restructured loans totaling $649 that were contractually 90 days past due or more and still accruing at December 31, 2017 . The outstanding balance of restructured loans on nonaccrual status was $3,128 and $2,673 at December 31, 2018 and 2017 , respectively. Impaired Loans Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 1,834 $ 2,280 $ 163 $ 2,079 $ 35 Lease financing — — — — — Real estate – construction 7,302 7,302 63 7,180 162 Real estate – 1-4 family mortgage 9,077 9,767 61 9,212 191 Real estate – commercial mortgage 4,609 5,765 689 4,889 72 Installment loans to individuals 223 232 1 239 2 Total $ 23,045 $ 25,346 $ 977 $ 23,599 $ 462 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction 2,165 2,165 — 2,165 55 Real estate – 1-4 family mortgage — — — — — Real estate – commercial mortgage 1,238 2,860 — 1,316 32 Installment loans to individuals — — — — — Total $ 3,403 $ 5,025 $ — $ 3,481 $ 87 Totals $ 26,448 $ 30,371 $ 977 $ 27,080 $ 549 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 2,365 $ 3,043 $ 138 $ 2,861 $ 47 Lease financing 159 159 2 159 — Real estate – construction 578 578 4 526 29 Real estate – 1-4 family mortgage 8,169 9,315 561 8,295 259 Real estate – commercial mortgage 9,652 12,463 1,861 9,316 206 Installment loans to individuals 117 121 1 130 3 Total $ 21,040 $ 25,679 $ 2,567 $ 21,287 $ 544 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 703 703 — 711 29 Real estate – commercial mortgage — — — — — Installment loans to individuals — — — — — Total $ 703 $ 703 $ — $ 711 $ 29 Totals $ 21,743 $ 26,382 $ 2,567 $ 21,998 $ 573 The average recorded investment in impaired loans for the year ended December 31, 2016 was $23,209 . Interest income recognized on impaired loans for the year ended December 31, 2016 was $624 . Restructured Loans At December 31, 2018 , 2017 and 2016 , there were $5,325 , $5,588 and $7,447 , respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2018 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 9 1,764 1,763 Real estate – commercial mortgage 2 94 89 Installment loans to individuals — — — Total 11 $ 1,858 $ 1,852 December 31, 2017 Commercial, financial, agricultural 2 $ 331 $ 330 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 8 598 586 Real estate – commercial mortgage 3 683 313 Installment loans to individuals 1 4 3 Total 14 $ 1,616 $ 1,232 December 31, 2016 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction 1 510 518 Real estate – 1-4 family mortgage 11 1,188 1,167 Real estate – commercial mortgage — — — Installment loans to individuals — — — Total 12 $ 1,698 $ 1,685 At December 31, 2017 the Company had $184 in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There were no such occurrences for the years ended December 31, 2018 and December 31, 2016 . 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 16 1,453 Reclassified as performing 2 183 Reductions due to: Reclassified as nonperforming (7 ) (853 ) Paid in full (8 ) (1,165 ) Charge-offs (1 ) (250 ) Principal paydowns — (304 ) Lapse of concession period (1 ) (923 ) Totals at December 31, 2017 54 $ 5,588 Additional loans with concessions 11 1,861 Reclassified as performing 3 295 Reductions due to: Reclassified as nonperforming (8 ) (639 ) Paid in full (9 ) (1,556 ) Principal paydowns — (224 ) Totals at December 31, 2018 51 $ 5,325 The allocated allowance for loan losses attributable to restructured loans was $34 and $85 at December 31, 2018 and 2017 , respectively. The Company had $42 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2018 and $18 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2017 . Credit Quality For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans within the “Pass” grade (historically, those with a risk rating between 1 and 4 ) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. In 2018, management has established more granular rating categories to better identify heightened credit risk as loans migrate downward in the risk rating system. The “Pass” grade is now reserved for loans with a risk rating between 1 and 4A, and the “Watch” grade (those with a risk rating of 4B and 4E) 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 5 and 9 ) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2018 Commercial, financial, agricultural $ 615,803 $ 18,326 $ 6,973 $ 641,102 Real estate – construction 558,494 2,317 8,157 568,968 Real estate – 1-4 family mortgage 321,564 4,660 4,260 330,484 Real estate – commercial mortgage 2,210,100 54,579 24,144 2,288,823 Installment loans to individuals — — — — Total $ 3,705,961 $ 79,882 $ 43,534 $ 3,829,377 December 31, 2017 Commercial, financial, agricultural $ 554,943 $ 11,496 $ 4,402 $ 570,841 Real estate – construction 483,498 662 81 484,241 Real estate – 1-4 family mortgage 254,643 505 8,697 263,845 Real estate – commercial mortgage 1,983,750 50,428 24,241 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,277,755 $ 63,091 $ 37,421 $ 3,378,267 For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2018 Commercial, financial, agricultural $ 233,046 $ 1,501 $ 234,547 Lease financing 61,776 89 61,865 Real estate – construction 66,551 — 66,551 Real estate – 1-4 family mortgage 1,751,994 5,412 1,757,406 Real estate – commercial mortgage 338,367 1,175 339,542 Installment loans to individuals 100,099 325 100,424 Total $ 2,551,833 $ 8,502 $ 2,560,335 December 31, 2017 Commercial, financial, agricultural $ 191,473 $ 1,509 $ 192,982 Lease financing 53,854 159 54,013 Real estate – construction 63,417 — 63,417 Real estate – 1-4 family mortgage 1,462,347 3,342 1,465,689 Real estate – commercial mortgage 330,441 1,216 331,657 Installment loans to individuals 102,409 122 102,531 Total $ 2,203,941 $ 6,348 $ 2,210,289 Related Party Loans Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows: Loans at December 31, 2017 $ 24,363 New loans and advances 2,249 Loans to directors assumed in acquisition (1) 100 Payments received (3,860 ) Changes in related parties (627 ) Loans at December 31, 2018 $ 22,225 (1) Loans to directors assumed in acquisition are included in the tables in Note 5, “Purchased Loans.” No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2018 or 2017 . Unfunded commitments to certain executive officers and directors and their associates totaled $6,982 and $9,333 at December 31, 2018 and 2017 , respectively. 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 at December 31: 2018 2017 Commercial, financial, agricultural $ 420,263 $ 275,570 Lease financing — — Real estate – construction 105,149 85,731 Real estate – 1-4 family mortgage 707,453 614,187 Real estate – commercial mortgage 1,423,144 1,037,454 Installment loans to individuals 37,408 18,824 Gross loans 2,693,417 2,031,766 Unearned income — — Loans, net of unearned income $ 2,693,417 $ 2,031,766 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 December 31, 2018 Commercial, financial, agricultural $ 1,811 $ 97 $ 417,786 $ 419,694 $ — $ 477 $ 92 $ 569 $ 420,263 Lease financing — — — — — — — — — Real estate – construction 1,235 68 103,846 105,149 — — — — 105,149 Real estate – 1-4 family mortgage 8,981 4,455 690,697 704,133 202 1,881 1,237 3,320 707,453 Real estate – commercial mortgage 5,711 2,410 1,413,346 1,421,467 — 1,401 276 1,677 1,423,144 Installment loans to individuals 1,342 202 35,594 37,138 2 24 244 270 37,408 Unearned income — — — — — — — — — Total $ 19,080 $ 7,232 $ 2,661,269 $ 2,687,581 $ 204 $ 3,783 $ 1,849 $ 5,836 $ 2,693,417 December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 Lease financing — — — — — — — — — Real estate – construction 415 — 85,316 85,731 — — — — 85,731 Real estate – 1-4 family mortgage 6,070 2,280 602,464 610,814 385 879 2,109 3,373 614,187 Real estate – commercial mortgage 2,947 2,910 1,031,141 1,036,998 191 99 166 456 1,037,454 Installment loans to individuals 208 9 18,443 18,660 59 — 105 164 18,824 Unearned income — — — — — — — — — Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were eight restructured loans totaling $413 that were contractually 90 days past due or more and still accruing at December 31, 2018 . There were three restructured loans totaling $128 that were contractually 90 days past due or more and still accruing at December 31, 2017 . The outstanding balance of restructured loans on nonaccrual status was $1,868 and $523 at December 31, 2018 and 2017 , respectively. Impaired Loans Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 600 $ 658 $ 173 $ 614 $ 10 Lease financing — — — — — Real estate – construction 576 576 5 576 6 Real estate – 1-4 family mortgage 1,381 1,404 18 1,362 18 Real estate – commercial mortgage 2,066 2,116 338 2,011 40 Installment loans to individuals 246 247 3 247 1 Total $ 4,869 $ 5,001 $ 537 $ 4,810 $ 75 With no related allowance recorded: Commercial, financial, agricultural $ 11 $ 13 $ — $ 13 $ 1 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 3,780 4,383 — 4,407 111 Real estate – commercial mortgage 146 150 — 159 7 Installment loans to individuals 24 33 — 7 — Total $ 3,961 $ 4,579 $ — $ 4,586 $ 119 Totals $ 8,830 $ 9,580 $ 537 $ 9,396 $ 194 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 625 $ 678 $ 52 $ 618 $ 21 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,433 45 1,419 18 Real estate – commercial mortgage 728 733 6 751 26 Installment loans to individuals 154 155 4 155 — Total $ 2,892 $ 2,999 $ 107 $ 2,943 $ 65 With no related allowance recorded: Commercial, financial, agricultural $ 74 $ 79 $ — $ 75 $ 3 Lease financing — — — — — Real estate – construction 1,199 1,207 — 318 47 Real estate – 1-4 family mortgage 4,225 4,740 — 4,161 176 Real estate – commercial mortgage 165 168 — 177 8 Installment loans to individuals 9 10 — 13 — Total $ 5,672 $ 6,204 $ — $ 4,744 $ 234 Totals $ 8,564 $ 9,203 $ 107 $ 7,687 $ 299 The average recorded investment in non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2016 was $6,594 . Interest income recognized on non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2016 was $168 . Credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 3,779 $ 4,071 $ 161 $ 4,276 $ 204 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 12,169 12,601 488 12,894 647 Real estate – commercial mortgage 62,003 65,273 1,901 65,756 3,201 Installment loans to individuals 660 660 2 675 29 Total $ 78,611 $ 82,605 $ 2,552 $ 83,601 $ 4,081 With no related allowance recorded: Commercial, financial, agricultural $ 25,364 $ 40,332 $ — $ 12,102 $ 669 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 36,074 41,222 — 36,801 1,647 Real estate – commercial mortgage 78,435 100,427 — 78,368 3,578 Installment loans to individuals 3,770 7,630 — 2,095 109 Total $ 143,643 $ 189,611 $ — $ 129,366 $ 6,003 Totals $ 222,254 $ 272,216 $ 2,552 $ 212,967 $ 10,084 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 5,768 $ 6,004 $ 312 $ 5,672 $ 259 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 15,910 16,752 572 16,837 793 Real estate – commercial mortgage 65,108 69,029 892 68,168 3,333 Installment loans to individuals 698 698 1 710 25 Total $ 87,484 $ 92,483 $ 1,777 $ 91,387 $ 4,410 With no related allowance recorded: Commercial, financial, agricultural $ 9,547 $ 18,175 $ — $ 9,208 $ 989 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 38,059 48,297 — 46,983 1,993 Real estate – commercial mortgage 91,230 117,691 — 104,485 5,431 Installment loans to individuals 940 1,063 — 1,109 46 Total $ 139,776 $ 185,226 $ — $ 161,785 $ 8,459 Totals $ 227,260 $ 277,709 $ 1,777 $ 253,172 $ 12,869 The average recorded investment in credit-deteriorated loans for the year ended December 31, 2016 was $318,032 . Interest income recognized on credit-deteriorated loans for the year ended December 31, 2016 was $14,532 . Restructured Loans At December 31, 2018 , 2017 and 2016 , there were $7,495 , $8,965 and $4,028 , respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 2 142 127 Real estate – commercial mortgage 2 522 381 Installment loans to individuals — — — Total 5 $ 712 $ 552 December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 During the years ended December 31, 2017 and 2016 , the Company had $212 and $54 , respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the year ended December 31, 2018 . 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 36 5,703 Reclassified from nonperforming 9 838 Reductions due to: Reclassified as nonperforming (10 ) (786 ) Paid in full (3 ) (323 ) Charge-offs (1 ) (17 ) Principal paydowns — (377 ) Lapse of concession period (1 ) (101 ) Totals at December 31, 2017 72 $ 8,965 Additional loans with concessions 5 712 Reclassified from nonperforming 4 435 Reductions due to: Reclassified as nonperforming (13 ) (1,229 ) Paid in full (14 ) (744 ) Principal paydowns — (644 ) Totals at December 31, 2018 54 $ 7,495 The allocated allowance for loan losses attributable to restructured loans was $58 and $103 at December 31, 2018 and 2017 , respectively. The Company had $3 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2018 and $9 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2017 . Credit Quality The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2018 Commercial, financial, agricultural $ 333,147 $ 33,857 $ 2,744 $ 369,748 Real estate – construction 101,122 — 842 101,964 Real estate – 1-4 family mortgage 113,874 7,347 7,585 128,806 Real estate – commercial mortgage 1,198,540 43,046 9,984 1,251,570 Installment loans to individuals — — 2 2 Total $ 1,746,683 $ 84,250 $ 21,157 $ 1,852,090 December 31, 2017 Commercial, financial, agricultural $ 241,195 $ 4,974 $ 2,824 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 91,369 2,498 6,172 100,039 Real estate – commercial mortgage 827,372 17,123 9,003 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,241,834 $ 24,595 $ 18,002 $ 1,284,431 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 December 31, 2018 Commercial, financial, agricultural $ 21,303 $ 69 $ 21,372 Lease financing — — — Real estate – construction 3,185 — 3,185 Real estate – 1-4 family mortgage 526,699 3,705 530,404 Real estate – commercial mortgage 30,951 185 31,136 Installment loans to individuals 32,676 300 32,976 Total $ 614,814 $ 4,259 $ 619,073 December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Lease financing — — — Real estate – construction 4,511 — 4,511 Real estate – 1-4 family mortgage 459,038 1,141 460,179 Real estate – commercial mortgage 27,495 123 27,618 Installment loans to individuals 16,344 161 16,505 Total $ 518,604 $ 1,471 $ 520,075 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 December 31, 2018 Commercial, financial, agricultural $ 29,143 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 48,243 Real estate – commercial mortgage 140,438 Installment loans to individuals 4,430 Total $ 222,254 December 31, 2017 Commercial, financial, agricultural $ 15,315 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 The following table presents the fair value of loans determined to be impaired at the time of acquisition: Total Purchased Credit Deteriorated Loans December 31, 2018 Contractually-required principal and interest $ 319,214 Nonaccretable difference (1) (62,695 ) Cash flows expected to be collected 256,519 Accretable yield (2) (34,265 ) Fair value $ 222,254 December 31, 2017 Contractually-required principal and interest $ 316,854 Nonaccretable difference (1) (57,387 ) Cash flows expected to be collected 259,467 Accretable yield (2) (32,207 ) Fair value $ 227,260 (1) Represents contractual principal cash flows of $52,061 and $48,345 , respectively, and interest cash flows of $10,634 and $9,042 , respectively, not expected to be collected. (2) Represents contractual principal cash flows of $1,667 and $1,640 , respectively, and interest cash flows of $32,598 and $30,567 , 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 $ (37,473 ) Additions through acquisition (1,777 ) Reclasses from nonaccretable difference (9,750 ) Accretion 15,560 Charge-off 1,233 Balance at December 31, 2017 $ (32,207 ) Additions through acquisition (10,143 ) Reclasses from nonaccretable difference (7,883 ) Accretion 15,340 Charge-off 628 Balance at December 31, 2018 $ (34,265 ) The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date. At acquisition date: September 1, 2018 Contractually-required principal and interest $ 1,625,137 Nonaccretable difference (123,399 ) Cash flows expected to be collected 1,501,738 Accretable yield (170,651 ) Fair value $ 1,331,087 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 $ 1,198,741 Nonaccretable difference (79,165 ) Cash flows expected to be collected 1,119,576 Accretable yield (154,543 ) Fair value $ 965,033 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses (In Thousands, Except Number of Loans) The following is a summary of non purchased and purchased loans and leases at December 31: 2018 2017 Commercial, financial, agricultural $ 1,295,912 $ 1,039,393 Lease financing 64,992 57,354 Real estate – construction 740,668 633,389 Real estate – 1-4 family mortgage 2,795,343 2,343,721 Real estate – commercial mortgage 4,051,509 3,427,530 Installment loans to individuals 137,832 122,276 Gross loans 9,086,256 7,623,663 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income 9,083,129 7,620,322 Allowance for loan losses (49,026 ) (46,211 ) Net loans $ 9,034,103 $ 7,574,111 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 Year Ended December 31, 2018 Allowance for loan losses: Beginning balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Charge-offs (2,415 ) (51 ) (2,023 ) (1,197 ) (742 ) (6,428 ) Recoveries 618 13 573 1,108 121 2,433 Net charge-offs (1,797 ) (38 ) (1,450 ) (89 ) (621 ) (3,995 ) Provision for loan losses charged to operations 4,524 1,365 (420 ) 1,197 144 6,810 Ending balance $ 8,269 $ 4,755 $ 10,139 $ 24,492 $ 1,371 $ 49,026 Period-End Amount Allocated to: Individually evaluated for impairment $ 336 $ 68 $ 79 $ 1,027 $ 4 $ 1,514 Collectively evaluated for impairment 7,772 4,687 9,572 21,564 1,365 44,960 Purchased with deteriorated credit quality 161 — 488 1,901 2 2,552 Ending balance $ 8,269 $ 4,755 $ 10,139 $ 24,492 $ 1,371 $ 49,026 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Year Ended December 31, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (2,874 ) — (1,713 ) (1,791 ) (630 ) (7,008 ) Recoveries 422 105 733 1,565 107 2,932 Net charge-offs (2,452 ) 105 (980 ) (226 ) (523 ) (4,076 ) Provision for loan losses charged to operations 2,508 943 (1,305 ) 4,551 853 7,550 Ending balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Period-End Amount Allocated to: Individually evaluated for impairment $ 190 $ 4 $ 606 $ 1,867 $ 7 $ 2,674 Collectively evaluated for impairment 5,040 3,424 10,831 20,625 1,840 41,760 Purchased with deteriorated credit quality 312 — 572 892 1 1,777 Ending balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Year Ended December 31, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Charge-offs (2,725 ) — (3,906 ) (2,123 ) (717 ) (9,471 ) Recoveries 331 47 997 757 109 2,241 Net charge-offs (2,394 ) 47 (2,909 ) (1,366 ) (608 ) (7,230 ) Provision for loan losses 3,716 364 2,616 (879 ) 787 6,604 Benefit attributable to FDIC loss share agreements (61 ) — (115 ) (48 ) (41 ) (265 ) Recoveries payable to FDIC 39 117 794 241 — 1,191 Provision for loan losses charged to operations 3,694 481 3,295 (686 ) 746 7,530 Ending balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Period-End Amount Allocated to: Individually evaluated for impairment $ 446 $ 1 $ 1,134 $ 2,445 $ 115 $ 4,141 Collectively evaluated for impairment 4,668 2,379 12,319 15,008 1,402 35,776 Purchased with deteriorated credit quality 372 — 841 1,606 1 2,820 Ending balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 (1) Includes lease financing receivables. The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total December 31, 2018 Individually evaluated for impairment $ 2,445 $ 10,043 $ 14,238 $ 8,059 $ 493 $ 35,278 Collectively evaluated for impairment 1,264,324 730,625 2,732,862 3,903,012 194,774 8,825,597 Acquired with deteriorated credit quality 29,143 — 48,243 140,438 4,430 222,254 Ending balance $ 1,295,912 $ 740,668 $ 2,795,343 $ 4,051,509 $ 199,697 $ 9,083,129 December 31, 2017 Individually evaluated for impairment $ 3,064 $ 1,777 $ 14,482 $ 10,545 $ 439 $ 30,307 Collectively evaluated for impairment 1,021,014 631,612 2,275,270 3,260,648 174,211 7,362,755 Acquired with deteriorated credit quality 15,315 — 53,969 156,337 1,639 227,260 Ending balance $ 1,039,393 $ 633,389 $ 2,343,721 $ 3,427,530 $ 176,289 $ 7,620,322 (1) Includes lease financing receivables. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment (In Thousands) Bank premises and equipment at December 31 are summarized as follows: 2018 2017 Premises $ 218,730 $ 193,173 Leasehold improvements 10,241 7,736 Furniture and equipment 52,043 45,625 Computer equipment 20,972 15,686 Autos 166 182 Total 302,152 262,402 Accumulated depreciation (92,984 ) (79,148 ) Net $ 209,168 $ 183,254 Depreciation expense was $14,358 , $13,136 and $12,066 for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company has operating leases which extend to 2034 for certain land and office locations. Leases that expire are generally expected to be renewed or replaced by other leases. Rental expense was $6,157 , $4,827 and $4,460 for 2018 , 2017 and 2016 , respectively. The following is a summary of future minimum lease payments for years following December 31, 2018 : 2019 $ 9,389 2020 8,199 2021 6,339 2022 4,929 2023 3,711 Thereafter 12,592 Total $ 45,159 In the Brand acquisition, the Company assumed several leases with related parties. The future minimum lease payments for these leases are $10,078 and they have varying expiration dates through 2025. Rental expense on the assumed related party leases, which is included in the total rental expense above, was $638 for 2018. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 Residential real estate $ 423 $ 1,910 $ 2,333 Commercial real estate 2,686 1,611 4,297 Residential land development 678 421 1,099 Commercial land development 2,400 911 3,311 Total $ 6,187 $ 4,853 $ 11,040 December 31, 2017 Residential real estate $ 1,683 $ 758 $ 2,441 Commercial real estate 4,314 1,624 5,938 Residential land development 1,100 781 1,881 Commercial land development 4,427 1,247 5,674 Total $ 11,524 $ 4,410 $ 15,934 Changes in the Company’s purchased and non purchased OREO were as follows for the periods presented: Purchased OREO Non Purchased OREO Total OREO Balance at December 31, 2016 $ 17,370 $ 5,929 $ 23,299 Purchased OREO 1,203 — 1,203 Transfers of loans 4,970 1,729 6,699 Impairments (1,199 ) (694 ) (1,893 ) Dispositions (10,438 ) (3,027 ) (13,465 ) Other (382 ) 473 91 Balance at December 31, 2017 $ 11,524 $ 4,410 $ 15,934 Transfers of loans 906 2,920 3,826 Impairments (1,021 ) (524 ) (1,545 ) Dispositions (5,220 ) (1,907 ) (7,127 ) Other (2 ) (46 ) (48 ) Balance at December 31, 2018 $ 6,187 $ 4,853 $ 11,040 Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows, as of the dates presented: December 31, 2018 2017 2016 Repairs and maintenance $ 425 $ 728 $ 962 Property taxes and insurance 385 423 1,374 Impairments 1,545 1,893 3,018 Net (gains) losses on OREO sales (423 ) (405 ) 590 Rental income (40 ) (169 ) (248 ) Total $ 1,892 $ 2,470 $ 5,696 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) Changes in the carrying amount of goodwill during the years ended December 31, 2018 and 2017 were as follows: Community Banks Insurance Total Balance at December 31, 2016 $ 467,767 $ 2,767 $ 470,534 Addition to goodwill from Metropolitan acquisition 140,512 — 140,512 Balance at December 31, 2017 $ 608,279 $ 2,767 $ 611,046 Addition to goodwill from Brand acquisition 321,882 — 321,882 Balance at December 31, 2018 $ 930,161 $ 2,767 $ 932,928 The additions to goodwill in 2018 from the Brand acquisition and in 2017 from the Metropolitan acquisition represent the excess of the purchase price over the fair value of assets acquired and liabilities assumed in the relevant transaction. The Company is in the process of completing Brand's final tax return and finalizing the fair values of loans and property and equipment related to the Brand acquisition; as a result, the recorded balance of goodwill attributable to the Brand acquisition is subject to change in future periods. The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2018 Core deposit intangible $ 82,492 $ (38,634 ) $ 43,858 Customer relationship intangible 1,970 (963 ) 1,007 Total finite-lived intangible assets $ 84,462 $ (39,597 ) $ 44,865 December 31, 2017 Core deposit intangible $ 54,958 $ (31,586 ) $ 23,372 Customer relationship intangible 1,970 (832 ) 1,138 Total finite-lived intangible assets $ 56,928 $ (32,418 ) $ 24,510 Core deposit intangible amortization expense for the years ended December 31, 2018 , 2017 and 2016 was $7,048 , $6,399 and $6,616 , respectively. Customer relationship intangible amortization expense for the years ended December 31, 2018 , 2017 and 2016 was $131 each year. The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2019 $ 7,965 $ 131 $ 8,096 2020 6,939 131 7,070 2021 5,860 131 5,991 2022 4,940 131 5,071 2023 4,044 131 4,175 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows, for the periods presented: Carrying Value at January 1, 2017 $ 26,302 Capitalization 16,973 Amortization (3,936 ) Carrying Value at December 31, 2017 $ 39,339 Capitalization 13,905 Amortization (5,014 ) Carrying Value at December 31, 2018 $ 48,230 During 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 2018 or 2017. Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 2018 2017 2016 Unpaid principal balance $ 4,635,712 $ 4,012,519 $ 2,763,344 Weighted-average prepayment speed (CPR) 7.95 % 8.04 % 7.34 % Estimated impact of a 10% increase $ (1,264 ) $ (1,592 ) $ (1,034 ) Estimated impact of a 20% increase (2,569 ) (3,095 ) (2,010 ) Discount rate 9.45 % 9.69 % 9.64 % Estimated impact of a 100bp increase $ (2,657 ) $ (2,027 ) $ (1,368 ) Estimated impact of a 200bp increase (5,103 ) (3,896 ) (2,629 ) Weighted-average coupon interest rate 4.04 % 3.89 % 3.83 % Weighted-average servicing fee (basis points) 27.47 26.36 25.87 Weighted-average remaining maturity (in years) 8.03 7.98 11.11 The Company recorded servicing fees of $8,876 , $5,735 and $3,212 , respectively, for the twelve months ended December 31, 2018 , 2017 and 2016 , respectively. These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits (In Thousands) The following is a summary of deposits as of December 31: 2018 2017 Noninterest-bearing deposits $ 2,318,706 $ 1,840,424 Interest-bearing demand deposits 4,822,382 3,702,019 Savings deposits 624,685 571,948 Time deposits 2,362,784 1,806,684 Total deposits $ 10,128,557 $ 7,921,075 The approximate scheduled maturities of time deposits at December 31, 2018 are as follows: 2019 $ 1,389,489 2020 562,971 2021 314,346 2022 72,034 2023 21,663 Thereafter 2,281 Total $ 2,362,784 The aggregate amount of time deposits in denominations of $250 or more at December 31, 2018 and 2017 was $549,351 and $382,630 , respectively. Certain executive officers and directors and their respective affiliates had amounts on deposit with Renasant Bank of approximately $44,327 and $43,777 at December 31, 2018 and 2017 , respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings (In Thousands) Short-term borrowings as of December 31 are summarized as follows: 2018 2017 Securities sold under agreements to repurchase $ 7,706 $ 6,814 Federal Home Loan Bank short-term advances 380,000 83,000 Total short-term borrowings $ 387,706 $ 89,814 Securities sold under agreements to repurchase (“repurchase agreements”) represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. The securities used as collateral consist primarily of U.S. Government agency mortgage-backed securities, U.S. Government agency collateralized mortgage obligations, obligations of U.S. Government agencies, and obligations of states and political subdivisions. All securities are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be canceled at any time by the Company or the customer. Federal Home Loan Bank short-term advances are borrowings with original maturities of less than one year. The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows: Average Balances Cost of Funds 2018 2017 2016 2018 2017 2016 Federal Home Loan Bank short-term advances $ 147,749 $ 208,332 $ 344,724 2.21 % 1.27 % 0.46 % Securities sold under agreements to repurchase 7,986 9,215 12,205 0.17 0.17 0.20 Total short-term borrowings $ 155,735 $ 217,547 $ 356,929 2.10 % 1.22 % 0.45 % The Company maintains lines of credit with correspondent banks totaling $150,000 at December 31, 2018 . Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2018 or 2017 . |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt (In Thousands) Long-term debt as of December 31, 2018 and 2017 is summarized as follows: 2018 2017 Federal Home Loan Bank advances $ 6,690 $ 7,493 Other long-term debt 53 98 Junior subordinated debentures 109,636 85,881 Subordinated notes 147,239 114,074 Total long-term debt $ 263,618 $ 207,546 Federal Home Loan Bank advances Long-term advances from the FHLB outstanding at December 31, 2018 had maturities ranging from 2019 to 2030 with a combination of fixed and floating rates ranging from 1.09% to 5.28% . Weighted-average interest rates on outstanding advances at December 31, 2018 and 2017 were 3.28% and 3.33% , respectively. These advances are collateralized by a blanket lien on the Company’s loans. The Company had availability on unused lines of credit with the FHLB of $3,301,543 at December 31, 2018 . In connection with the prepayment of $42,369 in long-term advances from the FHLB during 2016, the Company incurred penalty charges of $2,539 , which is included under the line item “Extinguishment of debt” in the Consolidated Statements of Income. The Company did not prepay any outstanding long-term advances from the FHLB during 2018 or 2017. Junior subordinated debentures The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities. Distributions on the capital securities are payable quarterly at a rate per annum equal to the interest rate being earned by the trusts on the debentures held by the trusts. The capital securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into an agreement which fully and unconditionally guarantees the capital securities of each trust subject to the terms of the guarantee. The following table provides details on the debentures as of December 31, 2018 : Principal Amount Interest Rate Year of Maturity Amount Included in Tier 1 Capital PHC Statutory Trust I $ 20,619 5.64 % 2033 $ 20,000 PHC Statutory Trust II 31,959 4.66 2035 31,000 Capital Bancorp Capital Trust I 12,372 4.30 2035 12,000 First M&F Statutory Trust I 30,928 4.12 2036 20,550 Brand Group Holdings Statutory Trust I 10,310 4.85 2035 9,056 Brand Group Holdings Statutory Trust II 5,155 5.79 2037 5,061 Brand Group Holdings Statutory Trust III 5,155 5.79 2038 5,061 Brand Group Holdings Statutory Trust IV 3,093 6.54 2038 3,317 During 2003, the Company formed PHC Statutory Trust I to provide funds for the cash portion of the Renasant Bancshares, Inc. acquisition. The interest rate for PHC Statutory Trust I reprices quarterly equal to the three-month LIBOR at the determination date plus 285 basis points. In April 2012, the Company entered into an interest rate swap agreement effective March 17, 2014 , pursuant to which the Company receives a variable rate of interest based on the three-month LIBOR plus a spread of 2.85% and pays a fixed rate of interest of 5.49% . The debentures owned by PHC Statutory Trust I are currently redeemable at par. During 2005, the Company formed PHC Statutory Trust II to provide funds for the cash portion of the Heritage Financial Holding Corporation (“HFHC”) acquisition. The interest rate for PHC Statutory Trust II reprices quarterly equal to the three-month LIBOR at the determination date plus 187 basis points. The debentures owned by PHC Statutory Trust II are currently redeemable at par. In connection with the acquisition of HFHC, the Company assumed the debentures issued by Heritage Financial Statutory Trust I. On February 22, 2017, the Company redeemed these 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 . In connection with the acquisition of Capital Bancorp, Inc. (“Capital”) in 2007, the Company assumed the debentures issued to Capital Bancorp Capital Trust I. The discount associated with the Company’s assumption of the debentures issued to Capital Bancorp Capital Trust I was fully amortized during 2010. The interest rate for Capital Bancorp Capital Trust I reprices quarterly equal to the three-month LIBOR plus 150 basis points. In March 2012, the Company entered into an interest rate swap agreement effective March 31, 2014, whereby the Company receives a variable rate of interest based on the three-month LIBOR plus a spread of 1.50% and pays a fixed rate of interest of 4.42% . The debentures owned by Capital Bancorp Capital Trust I are currently redeemable at par. In connection with the acquisition of First M&F Corporation (“First M&F”) in 2013, the Company assumed the debentures issued to First M&F Statutory Trust I. The discount associated with the Company’s assumption of the debentures issued to First M&F Statutory Trust I had a carrying value of $9,450 at December 31, 2018 and $9,997 at December 31, 2017 . The discount is being amortized through March 2036. The interest rate for First M&F Statutory Trust I reprices quarterly equal to the three-month LIBOR plus a spread of 133 basis points. The swap agreement related to these debentures assumed from First M&F matured in March 2018. In April 2018, the Company entered into an interest rate swap agreement effective June 15, 2018, which calls for the Company to pay a fixed rate of 4.180% and receive a variable rate of three-month LIBOR plus a spread of 133 basis points on a quarterly basis and will mature in June 2028. The debentures owned by First M&F Statutory Trust I are currently redeemable at par. In connection with the acquisition of Brand in 2018, the Company assumed the debentures issued to Brand Group Holdings Statutory Trust I, Brand Group Holdings Statutory Trust II, Brand Group Holdings Statutory Trust III and Brand Group Holdings Statutory Trust IV. The interest rate for the each trust acquired from Brand reprices quarterly equal to the three-month LIBOR at the determination date plus 205 basis points for Brand Group Holdings Statutory Trust I, plus 300 basis points for Brand Group Holdings Statutory Trust II and III, and plus 375 basis points for Brand Group Holdings Statutory Trust IV. The debentures owned by the respective trusts listed above are all currently redeemable at par. The net discount associated with the Company’s assumption of the debentures issued to the respective Brand trusts had a carrying value of $505 at December 31, 2018 and is being amortized through September 2038. The Company has classified $106,045 of the debentures described in the above paragraphs as Tier 1 capital. The Federal Reserve Board issued guidance in March 2005 providing more strict quantitative limits on the amount of securities, similar to the junior subordinated debentures issued or assumed by the Company, that are includable in Tier 1 capital. The new guidance, which became effective in March 2009, did not impact the amount of debentures the Company includes in Tier 1 capital. Furthermore, the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have no effect on the treatment of these debentures as Tier 1 capital while the Company remains below $15,000,000 in assets. For more information about the Company’s derivative financial instruments, see Note 15, “Derivative Instruments.” Subordinated notes On August 22, 2016, the Company issued and sold in an underwritten public offering $60,000 aggregate principal amount of its 5.00% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “2026 Notes”) and $40,000 aggregate principal amount of its 5.50% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “2031 Notes”), at a public offering price equal to 100% of the aggregate principal amounts of the Notes. As part of the Metropolitan acquisition in 2017, the Company assumed $15,000 of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “Metropolitan Notes”). As part of the Brand acquisition in 2018, the Company assumed $30,000 of 8.50% Fixed Rate Subordinated Notes due 2024 (the “Brand Notes”; the 2026 Notes, the 2031 Notes and the Metropolitan Notes are referred to collectively as the “Notes”). The Brand Notes, Metropolitan Notes, 2026 Notes and 2031 Notes mature on June 27, 2024, July 1, 2026, September 1, 2026 and on September 1, 2031, respectively. The Company pays interest on the Brand Notes quarterly in arrears on each March 31, June 30, September 30 and December 31 at a fixed annual interest rate equal to 8.50% . Until but excluding July 1, 2021, the Company pays interest on the Metropolitan Notes semi-annually in arrears on each January 1 and July 1 at a fixed annual interest rate equal to 6.50% . From and including July 1, 2021 to but excluding the maturity date or the date of earlier redemption, the interest rate on the Metropolitan Notes will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus a spread of 554.5 basis points, payable quarterly in arrears on each January 1, April 1, July 1 and October 1. Until but excluding September 1, 2021 and 2026, respectively, the Company pays interest on the 2026 Notes and 2031 Notes semi-annually in arrears on each March 1 and September 1 at a fixed annual interest rate equal to 5.00% and 5.50% , respectively. From and including September 1, 2021 and 2026, respectively, to but excluding the maturity date or the date of earlier redemption, the interest rate on the 2026 Notes and 2031 Notes will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus a spread of 384 basis points and 407.1 basis points, respectively, payable quarterly in arrears on each March 1, June 1, September 1 and December 1. Notwithstanding the foregoing, for all of the Notes, in the event that three-month LIBOR is less than zero , three-month LIBOR shall be deemed to be zero . Beginning with the interest payment date of June 30, 2019, as to the Brand Notes, July 1, 2021, as to the Metropolitan Notes, September 1, 2021 as to the 2026 Notes, and September 1, 2026, as to the 2031 Notes, and on any interest payment date thereafter, the Company may redeem the applicable Notes in whole or in part at a redemption price equal to 100% of the principal amount of the respective Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem any series of the Notes at any time, at the Company’s option, in whole or in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption price is 100% of the principal amount of the Notes being redeemed plus any accrued and unpaid interest to but excluding the redemption date. There is no sinking fund for the benefit of the Notes, and none of the Notes are convertible or exchangeable. The aggregate stated maturities of long-term debt outstanding at December 31, 2018 , are summarized as follows: 2019 $ 1,811 2020 272 2021 180 2022 516 2023 824 Thereafter 260,015 Total $ 263,618 |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996. The Company’s funding policy is to contribute annually to the plan an amount not less than the minimum required contribution, as determined annually by consulting actuaries in accordance with funding standards imposed under the Internal Revenue Code of 1986, as amended. No contributions were made or required in 2018 or 2017 . The Company does not anticipate that a contribution will be required in 2019 . The plan’s accumulated benefit obligation and projected benefit obligation are substantially the same since benefit accruals have ceased. The accumulated benefit obligation was $24,945 and $27,859 at December 31, 2018 and 2017 , respectively. There is no additional minimum pension liability required to be recognized. In connection with the acquisition of Heritage Financial Group, Inc., and its affiliates, in 2015, the Company assumed the HeritageBank of the South Defined Benefit Plan. The plan was terminated by HeritageBank of the South immediately prior to the acquisition, and final distribution of all benefits was completed in August 2016. The Company provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan. Employees eligible to participate must: (i) have been employed by the Company and enrolled in the Company’s group medical plan as of December 31, 2004; and (ii) retire from the Company between ages 55 and 65 with at least 15 years of service or 70 points (points determined as the sum of age and service.) The Company periodically determines the portion of the premiums to be paid by each retiree and the portion to be paid by the Company. Coverage ceases when a retiree attains age 65 and is eligible for Medicare. The Company also provides life insurance for each retiree who receives retiree medical benefits. The face amount of the coverage is $5 ; coverage is provided until each retiree attains age 70 . Retirees may purchase additional insurance or continue coverage beyond age 70 at their sole expense. The Company contributed $89 and $119 to the plan in 2018 and 2017 , respectively; the Company expects to contribute approximately $156 in 2019 . The Company accounts for its obligations related to retiree benefits in accordance with ASC 715, “Compensation – Retirement Benefits.” The assumed rate of increase in the per capita cost of covered benefits (i.e., the health care cost trend rate) for the next year is 5.6% . Increasing or decreasing the assumed health care cost trend rates by one percentage point in each year would not materially increase or decrease the accumulated post-retirement benefit obligation or the service and interest cost components of net periodic post-retirement benefit costs as of December 31, 2018 and for the year then ended. Information relating to the defined benefit pension plan maintained by the Renasant Bank (“Pension Benefits - Renasant”) and to the post-retirement health and life plan (“Other Benefits”) as of December 31, 2018 and 2017 is as follows: Pension Benefits Renasant Other Benefits 2018 2017 2018 2017 Change in benefit obligation Benefit obligation at beginning of year $ 27,859 $ 28,012 $ 1,170 $ 1,566 Service cost — — 8 9 Interest cost 1,043 1,168 31 42 Plan participants’ contributions — — 75 77 Actuarial (gain) loss (2,016 ) 582 (239 ) (328 ) Benefits paid (1,941 ) (1,903 ) (164 ) (196 ) Benefit obligation at end of year $ 24,945 $ 27,859 $ 881 $ 1,170 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 26,913 $ 25,241 Actual return on plan assets 234 3,575 Contribution by employer — — Benefits paid (1,941 ) (1,903 ) Fair value of plan assets at end of year $ 25,206 $ 26,913 Funded status at end of year $ 261 $ (946 ) $ (881 ) $ (1,170 ) Weighted-average assumptions as of December 31 Discount rate used to determine the benefit obligation 4.56 % 3.96 % 4.07 % 3.37 % The discount rate assumptions at December 31, 2018 were determined using a yield curve approach. A yield curve was developed for a selection of high quality fixed-income investments whose cash flows approximate the timing and amount of expected cash flows from the plans. The selected discount rate is the rate that produces the same present value of the plans' projected benefit payments. The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the years ended December 31, 2018 , 2017 and 2016 are as follows: Pension Benefits Renasant Pension Benefits HeritageBank (1) Other Benefits 2018 2017 2016 2016 2018 2017 2016 Service cost $ — $ — $ — $ — $ 8 $ 9 $ 12 Interest cost 1,043 1,168 1,216 172 31 42 58 Expected return on plan assets (2,077 ) (1,941 ) (1,872 ) (113 ) — — — Prior service cost recognized — — — — — — — Recognized actuarial loss 328 401 404 — — 6 76 Settlement/curtailment/termination losses — — — (780 ) — — — Net periodic benefit cost (706 ) (372 ) (252 ) (721 ) 39 57 146 Net actuarial (gain) loss arising during the period (173 ) (1,051 ) 5 (397 ) (240 ) (328 ) (56 ) Net Settlement/curtailment/termination losses — — — 780 — — — Amortization of net actuarial loss recognized in net periodic pension cost (328 ) (401 ) (404 ) — — (6 ) (76 ) Total recognized in other comprehensive income (501 ) (1,452 ) (399 ) (383 ) (240 ) (334 ) (132 ) Total recognized in net periodic benefit cost and other comprehensive income $ (1,207 ) $ (1,824 ) $ (651 ) $ (338 ) $ (201 ) $ (277 ) $ 14 Weighted-average assumptions as of December 31 Discount rate used to determine net periodic pension cost 3.96 % 4.35 % 4.56 % 4.27 % 3.37 % 3.57 % 3.63 % Expected return on plan assets 6.00 % 8.00 % 8.00 % 3.00 % N/A N/A N/A (1) Because the final distribution of benefits under the HeritageBank of the South Defined Benefit Plan was completed in 2016, there was no impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2018 and 2017 . Future estimated benefit payments under the Renasant defined benefit pension plan and post-retirement health and life plan are as follows: Pension Benefits Renasant Other Benefits 2019 $ 1,968 $ 156 2020 1,973 141 2021 1,988 126 2022 1,980 103 2023 1,958 101 2024 - 2028 9,277 279 Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2018 are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss (gain) 9,562 (155 ) Total $ 9,562 $ (155 ) The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss (gain) 345 (56 ) Total $ 345 $ (56 ) The investment objective of the Company’s defined benefit plan has been to achieve above average income and moderate long-term growth, by combining an equity income strategy (allocation of 65% to 75% of assets) and an intermediate fixed income strategy (allocation of 25% to 35% of assets) and investing directly in debt and equity securities. In 2018, the Company’s investment committee modified the plan’s investment strategy in a manner intended to preserve its funded status by focusing on the achievement of portfolio growth and including an interest rate hedging strategy. As a consequence, substantially all of the plan’s assets were liquidated and the proceeds reinvested in a collective or pooled trust, which invests in other collective or pooled trusts with distinct investment mandates. The trust’s asset allocation is approximately 55% in growth assets, consisting of interests in trusts invested in equity securities, high yield fixed income securities, and direct real estate investments (approximately 5% of assets), and approximately 45% to assets intended to hedge against volatility arising from interest rate risk, consisting of interests in trusts invested in long duration fixed income securities. The trust is actively managed allowing changes in asset allocations to enhance returns and mitigate risk. The Company’s Trust Investment Committee, as designated by the senior management pension committee, periodically reviews the trust’s performance and asset allocations to ensure the plan’s investment objectives are satisfied and that the investment strategy of the trust has not materially changed. The expected long-term rate of return was estimated using market benchmarks for investment classes applied to the plan’s target asset allocation and was computed using a valuation methodology which projects future returns based on current valuations rather than historical returns. The decrease in the expected return for 2018 (as compared to 2017) is attributable to the change in investment strategy, which resulted in a more conservative asset allocation. The fair values of the Company’s defined benefit pension plan assets by category at December 31, 2018 and 2017 are below. For 2018, investments in collective trusts, which are measured at net asset value per share (or "NAV"), consist of trusts that invest primarily in liquid equity and fixed income securities and have a small direct investment in real estate. There is generally no restriction on redemptions or withdrawals for benefit payments or in the event of plan termination; 60 day notice is required to redeem or withdraw assets for any other purpose. For 2017, direct investments in corporate stocks consisted primarily of common stocks of both U.S. companies and international companies that are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). The investments in registered investment companies consist primarily of investments in funds that invest in investment grade fixed income securities. These investments are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). Fixed income securities consist of U.S. Government securities, investment grade corporate debt, and foreign and municipal obligations. The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2). Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at NAV Totals December 31, 2018 Cash and cash equivalents $ 40 $ — $ — $ — $ 40 Investments in collective trusts — — — 25,166 25,166 $ 40 $ — $ — $ 25,166 $ 25,206 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at NAV Totals December 31, 2017 Cash and cash equivalents $ 387 $ — $ — $ — $ 387 U.S. government securities — 2,496 — — 2,496 Corporate debt — 1,908 — — 1,908 Corporate stocks 20,557 — — — 20,557 Investments in registered investment companies 921 — — — 921 Foreign obligations — 644 — — 644 $ 21,865 $ 5,048 $ — $ — $ 26,913 Other Retirement Plans The Company maintains a 401(k) plan, which is a contributory plan maintained in the form of a “safe harbor” arrangement. Employees are immediately enrolled in the plan and make pre-tax deferrals, subject to limits imposed under the plan and the deferral limit established annually by the IRS. Each pay period, the Company matches employee deferrals on a dollar for dollar basis, up to 4% of compensation. The Company also makes a nondiscretionary contribution for each eligible participant in an amount equal to 5% of plan compensation and 5% of plan compensation in excess of the Social Security wage base. In order to participate in the nondiscretionary contribution, an employee must: (i) be employed on the last day of the year and be credited with 1000 hours of service during the year; (ii) die or become disabled during the year; or (iii) have attained the plan’s early or normal retirement age (as defined in the plan). The Company’s costs related to the 401(k) plan, excluding employee deferrals, in 2018 , 2017 and 2016 were $13,477 , $11,471 and $10,762 , respectively. In connection with the acquisition of Metropolitan BancGroup, Inc. and its affiliates, the Company assumed the Metropolitan BancGroup, Inc. 401(k) Plan. The plan was terminated by Metropolitan BancGroup, Inc. prior to the acquisition, and the distribution of all account balances was completed during 2018. There was no impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2018 or 2017 associated with these plans. In connection with the acquisition of Brand Group Holdings, Inc. and its affiliates, the Company assumed the Brand Group Holdings, Inc. 401(k) and Employee Stock Ownership Plan. The plan was terminated by Brand Group Holdings, Inc. immediately prior to the acquisition. The final distribution of account balances is expected to occur once a favorable determination as to the plan’s tax-qualified status is issued by the Internal Revenue Service. There was no impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2018 or 2017 associated with the plan. Deferred Compensation Plans and Arrangements The Company maintains a Deferred Stock Unit Plan and two deferred compensation plans. Nonemployee directors may defer all or a portion of their fees and retainer to the Deferred Stock Unit Plan or the deferred compensation plan maintained for their benefit. Officers may defer base salary and bonus to the Deferred Stock Unit Plan or base salary to the deferred compensation plan maintained for their benefit, subject to limits determined annually by the Company. Amounts deferred to the Deferred Stock Unit Plan are invested in units representing shares of the Company’s common stock; benefits are paid in the form of common stock, with cash distributed in lieu of fractional shares. Amounts credited to the deferred compensation plans are notionally invested in the discretion of each participant from among investment alternatives substantially similar to those available under the Company’s 401(k) plan. Directors and officers who participated in these deferred compensation plans on or before December 31, 2006, may also invest in a preferential interest rate alternative that is derived from the Moody’s Average Corporate Bond Rate. Benefits payable from the deferred compensation plans generally equal the account balances of each participant. Beneficiaries of eligible directors and officers may receive a preretirement death benefit in excess of the amounts credited to plan accounts (eligible directors and officers must have continuously deferred at rates prescribed by the Company since January 1, 2005 and die while employed by the Company). In connection with the acquisition of Metropolitan BancGroup, Inc. and its affiliates, the Company assumed and now maintains the Metropolitan BancGroup, Inc. Nonqualified Deferred Compensation Plan. Deferral elections in effect as of the time of acquisition were continued through and until December 31, 2017; no further deferrals will be made to the plan. Account balances maintained under the plan will be distributed as provided under the terms of the plan and individual participant elections. Pending distribution, balances will be notionally invested by each participant in designated investment alternatives. In connection with its acquisition of Brand Group Holdings, Inc. and its affiliates, the Company assumed the Brand Group Holdings, Inc. Deferred Compensation Plan. Deferral elections in effect as of the time of acquisition will be given effect for compensation earned during 2018; no further deferrals will be made to the plan. Account balances maintained under the plan will be distributed as provided under the terms of the plan and individual participant elections. Pending distribution, balances will be notionally invested by each participant in designated investment alternatives. All of the Company’s deferred compensation plans described above are unfunded. It is anticipated that the plans will result in no additional cost to the Company because life insurance policies on the lives of participants have been purchased in amounts estimated to be sufficient to pay plan benefits. The Company is both the owner and beneficiary of the policies. The expense recorded in 2018 , 2017 and 2016 for the Company’s Deferred Stock Unit and deferred compensation plans, inclusive of deferrals, was $1,290 , $1,935 and $1,537 , respectively. In 2007, the Company assumed supplemental executive retirement plans (SERPs) in connection with the acquisition of Capital Bancorp, Inc. and its affiliates. The plans are designed to provide four officers specified annual benefits for a 15 -year period upon the attainment of a designated retirement age. Liabilities associated with the SERPs totaled $3,865 and $3,846 at December 31, 2018 and 2017 , respectively. The plans are not qualified under Section 401 of the Internal Revenue Code. Incentive Compensation Plans Under the Company’s Performance Based Rewards Plan, annual cash bonuses are paid to eligible officers and employees, subject to the attainment of designated performance criteria that may relate to the Company’s performance, the performance of an affiliate, region, division or profit center, and/or to individual or team performance. The Company annually sets minimum, target, and superior levels of performance. Minimum performance must be attained for the payment of any bonus; superior performance must be attained for maximum payouts. The expense associated with the plan for 2018 , 2017 and 2016 was $5,117 , $4,490 and $2,307 , respectively. The Company maintains a long-term equity compensation plan that 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. Options granted under the plan permit the acquisition of shares of the Company’s common stock at an exercise price equal to the fair market value of the shares on the date of grant. Options are subject to time-based vesting and expire ten years after the date of grant. Options that do not vest or expire unexercised are forfeited and canceled. There were no stock options granted during the years ended December 31, 2018 , 2017 or 2016 . There was no compensation expense associated with options recorded for the years ended December 31, 2018 , 2017 or 2016 . The following table summarizes information about options outstanding, exercised and forfeited as of and for the three years ended December 31, 2018 , 2017 and 2016 : Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1, 2016 621,446 $ 17.88 Granted — — Exercised (435,177 ) 18.67 Forfeited (644 ) 29.67 Outstanding at December 31, 2016 185,625 $ 15.97 3.91 $ 4,872 Exercisable at December 31, 2016 185,625 $ 15.97 3.91 $ 4,872 Granted — — Exercised (95,875 ) 16.25 Forfeited — — Outstanding at December 31, 2017 89,750 $ 15.67 3.14 $ 2,263 Exercisable at December 31, 2017 89,750 $ 15.67 3.14 $ 2,263 Granted — — Exercised (41,000 ) 15.54 Forfeited (5,000 ) 15.32 Outstanding at December 31, 2018 43,750 $ 15.84 2.63 $ 627 Exercisable at December 31, 2018 43,750 $ 15.84 2.63 $ 627 The total intrinsic value of options exercised during the three years ended December 31, 2018 , 2017 and 2016 was $1,180 , $2,487 and $8,323 , respectively. The total grant date fair value of options vested during December 31, 2016 was $78 . All options outstanding during 2018 and 2017 were fully vested and exercisable as of December 31, 2016. The Company also awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees. Performance-based awards are subject to the attainment of designated performance criteria during a fixed performance cycle. Performance criteria may relate to the Company’s performance or to the performance of an affiliate, region, division or profit center in each case measured on an absolute basis or relative to a defined peer group. The Company annually sets minimum, target, and superior levels of performance. Minimum performance must be attained for the vesting of any shares; superior performance must be attained for maximum payouts. Time-based restricted stock awards relate to a fixed number of shares that vest at the end of a designated service period. The fair value of each restricted stock award is the closing price of the Company’s common stock on the business day immediately preceding the date of the award. For restricted stock awarded under the plan, the Company recorded compensation expense of $7,251 , $5,293 and $3,117 for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2018 : Performance- Based Restricted Stock (1) Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Not vested at beginning of year — $ — 218,075 $ 39.08 Granted 110,652 40.89 188,272 42.93 Vested (66,338 ) 40.89 (75,829 ) 36.98 Cancelled (3,014 ) 40.89 (25,563 ) 40.97 Not vested at end of year 41,300 $ 40.89 304,955 $ 41.82 (1) In January 2018 , the Company awarded an aggregate of 53,883 shares of performance-based restricted stock (at the target level), subject to a one-year performance cycle. An aggregate of 3,014 shares was forfeited and canceled prior to the end of the performance cycle. The Company's financial performance exceeded target levels, increasing the award by an aggregate of 15,469 shares. Unrecognized stock-based compensation expense related to restricted stock totaled $7,909 at December 31, 2018 . As of such date, the weighted average period over which the unrecognized expense is expected to be recognized was approximately 1.45 years. There was no unrecognized stock-based compensation expense related to stock options at December 31, 2018 . At December 31, 2018 , an aggregate of 2,043,402 shares of Company common stock were reserved for issuance under the Company’s employee benefit plans. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 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 December 31, 2018 , the Company had notional amounts of $196,049 on interest rate contracts with corporate customers and $196,049 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts. 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 accounted for as cash flow hedges with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four -year and five -year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, Renasant Bank will pay a fixed interest rate of interest, 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 April 2018, the Company entered into an interest rate swap agreement effective June 15, 2018. Under this swap agreement, 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 agreement, which terminates in June 2028, 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 Company’s junior subordinated debentures. The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate mortgage loans was $159,464 and $131,000 at December 31, 2018 and 2017 , 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 $281,343 and $199,000 at December 31, 2018 and 2017 , respectively. The following table provides details on the Company’s derivative financial instruments as of the dates presented: Fair Value Balance Sheet December 31, Location 2018 2017 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 2,779 $ 3,171 Interest rate lock commitments Other Assets 3,740 2,756 Forward commitments Other Assets — 50 Totals $ 6,519 $ 5,977 Derivative liabilities: Designated as hedging instruments: Interest rate swap Other Liabilities $ 2,046 $ 2,536 Totals $ 2,046 $ 2,536 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 2,779 $ 3,171 Interest rate lock commitments Other Liabilities — 4 Forward commitments Other Liabilities 3,563 328 Totals $ 6,342 $ 3,503 Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows, as of the dates presented: Year Ended December 31, 2018 2017 2016 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 4,137 $ 3,981 $ 2,402 Interest rate lock commitments: Included in mortgage banking income 779 356 (2,111 ) Forward commitments Included in mortgage banking income (3,069 ) (4,489 ) 4,275 Total $ 1,847 $ (152 ) $ 4,566 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 years ended December 31, 2018 , 2017 and 2016 . The impact on other comprehensive income for the years ended December 31, 2018 , 2017 , and 2016 , can be seen at Note 19, “Other Comprehensive Income.” Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of setoff” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented: Offsetting Derivative Assets Offsetting Derivative Liabilities December 31, December 31, December 31, December 31, Gross amounts recognized $ 1,620 $ 717 $ 6,768 $ 5,303 Gross amounts offset in the consolidated balance sheets — — — — Net amounts presented in the consolidated balance sheets 1,620 717 6,768 5,303 Gross amounts not offset in the consolidated balance sheets Financial instruments 1,620 717 1,620 717 Financial collateral pledged — — 2,745 4,357 Net amounts $ — $ — $ 2,403 $ 229 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In Thousands) Significant components of the provision for income taxes are as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Current Federal $ 22,658 $ 28,380 $ 31,679 State 2,625 1,354 2,131 25,283 29,734 33,810 Deferred Federal 13,369 22,314 10,480 State 3,075 1,147 557 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act — 14,486 — 16,444 37,947 11,037 $ 41,727 $ 67,681 $ 44,847 The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented: Year Ended December 31, 2018 2017 2016 Tax at U.S. statutory rate $ 39,616 $ 55,955 $ 47,522 Increase (decrease) in taxes resulting from: Tax-exempt interest income (1,433 ) (3,595 ) (3,467 ) BOLI income (975 ) (1,524 ) (1,622 ) Investment tax credits (1,863 ) (1,591 ) (1,390 ) Amortization of investment in low-income housing tax credits 1,592 1,873 1,742 State income tax expense, net of federal benefit 4,502 1,626 1,747 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act — 14,486 — Other items, net 288 451 315 $ 41,727 $ 67,681 $ 44,847 Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented: December 31, 2018 2017 Deferred tax assets Allowance for loan losses $ 14,097 $ 13,966 Loans 18,655 15,062 Deferred compensation 10,001 7,093 Net unrealized losses on securities 6,180 3,659 Impairment of assets 1,280 1,748 Net operating loss carryforwards 19,065 2,419 Other 3,610 4,722 Gross deferred tax assets 72,888 48,669 Valuation allowance on state net operating loss carryforwards — — Total deferred tax assets 72,888 48,669 Deferred tax liabilities Investment in partnerships 1,572 757 Depreciation 3,865 3,163 Mortgage servicing rights 12,350 10,139 Subordinated debt 1,607 2,394 Other 1,792 1,859 Total deferred tax liabilities 21,186 18,312 Net deferred tax assets $ 51,702 $ 30,357 The Tax Cuts and Jobs Act (the “Tax Act”), enacted on December 22, 2017, among other things, permanently lowered the statutory federal corporate tax rate from 35% to 21%, effective for tax years including or beginning January 1, 2018. Under the guidance of ASC 740, “Income Taxes” (“ASC 740”), the Company revalued its net deferred tax assets on the date of enactment based on the reduction in the overall future tax benefit expected to be realized at the lower tax rate implemented by the new legislation. After reviewing the Company's inventory of deferred tax assets and liabilities on the date of enactment and giving consideration to the future impact of the lower corporate tax rates and other provisions of the new legislation, the Company's revaluation of its net deferred tax assets was $14,486 , which was included in “Income taxes” in the Consolidated Statements of Income for the year ended December 31, 2017. No further adjustments related to the Tax Act were required in 2018. The Company and its subsidiaries file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2015 through 2017. The Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2015 through 2017. The Company acquired federal and state net operating losses as part of its previous acquisitions, with varying expiration periods. The federal and state net operating losses acquired in the Brand acquisition were $83,960 and approximately $67,168 , respectively, all created in 2018. As part of the Tax Act and corresponding state tax laws, the federal net operating losses and the majority of the state net operating losses created by Brand during 2018 have an indefinite carryforward period. As of December 31, 2018, there are federal and state net operating losses, related to the Brand acquisition, without expiration periods of $71,963 of and $63,218 , respectively. The federal and state net operating losses acquired in the Heritage acquisition were $18,321 and $16,877 , respectively, of which $4,956 and $2,365 remain to be utilized as of December 31, 2018. These losses begin to expire in 2029 and are expected to be fully utilized. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the year end December 31, 2018 . The table below presents the breakout of net operating losses for the periods presented. December 31, 2018 2017 Net Operating Losses Federal $ 76,919 $ 5,920 State 65,583 7,319 A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below. These amounts have been adjusted for the change in the tax rate from 35% to 21%. 2018 2017 2016 Balance at January 1 $ 1,606 $ 1,510 $ 1,485 Additions based on positions related to current period 313 467 25 Reductions due to lapse of statute of limitations — (371 ) — Balance at December 31 $ 1,919 $ 1,606 $ 1,510 If ultimately recognized, the Company does not anticipate any material increase in the effective tax rate for 2018 relative to any tax positions taken prior to January 1, 2018 . The Company had accrued $244 , $169 and $169 for interest and penalties related to unrecognized tax benefits as of December 31, 2018 , 2017 and 2016 , respectively. |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 and December 31, 2017 , the Company’s carrying value of QAHPs was $6,037 and $7,637 , 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 $5,481 in QAHPs in its acquisition of Metropolitan. The Company has no remaining funding obligations related to the QAHPs. The investments in QAHPs are 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 qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented as follows: Year Ended December 31, 2018 2017 Investment amortization $ 1,592 $ 1,714 Tax credits and other benefits (2,290 ) (2,190 ) Total $ (698 ) $ (476 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements (In Thousands) Recurring Fair Value Measurements The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825. The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Securities available for sale : Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, mortgage-backed securities, trust preferred securities, and other debt securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Derivative instruments : The Company uses derivatives to manage various financial risks. Most of the Company’s derivative contracts are actively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts including interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy. Mortgage loans held for sale in 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 December 31, 2018 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,511 $ — $ 2,511 Obligations of states and political subdivisions — 203,269 — 203,269 Residential mortgage-backed securities: Government agency-mortgage backed securities — 613,283 — 613,283 Government agency collateralized mortgage obligations — 326,989 — 326,989 Commercial mortgage-backed securities: Government agency-mortgage backed securities — 21,830 — 21,830 Government agency collateralized mortgage obligations — 28,335 — 28,335 Trust preferred securities — — 10,633 10,633 Other debt securities — 43,927 — 43,927 Total securities available for sale — 1,240,144 10,633 1,250,777 Derivative instruments: Interest rate contracts — 2,779 — 2,779 Interest rate lock commitments — 3,740 — 3,740 Forward commitments — — — — Total derivative instruments — 6,519 — 6,519 Mortgage loans held for sale in loans held for sale — 219,848 — 219,848 Total financial assets $ — $ 1,466,511 $ 10,633 $ 1,477,144 Financial liabilities: Derivative instruments: Interest rate swap $ — $ 2,046 $ — $ 2,046 Interest rate contracts — 2,779 — 2,779 Interest rate lock commitments — — — — Forward commitments — 3,563 — 3,563 Total derivative instruments — 8,388 — 8,388 Total financial liabilities $ — $ 8,388 $ — $ 8,388 Level 1 Level 2 Level 3 Totals December 31, 2017 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 3,564 $ — $ 3,564 Obligations of states and political subdivisions — 234,481 — 234,481 Residential mortgage-backed securities: Government agency mortgage-backed securities — 193,950 — 193,950 Government agency collateralized mortgage obligations — 176,639 — 176,639 Commercial mortgage-backed securities: Government agency-mortgage backed securities — 31,170 — 31,170 Government agency collateralized mortgage obligations — 5,006 — 5,006 Trust preferred securities — — 9,388 9,388 Other debt securities — 17,290 — 17,290 Total securities available for sale — 662,100 9,388 671,488 Derivative instruments: Interest rate contracts — 3,171 — 3,171 Interest rate lock commitments — 2,756 — 2,756 Forward commitments — 50 — 50 Total derivative instruments — 5,977 — 5,977 Mortgage loans held for sale in loans held for sale — 108,316 — 108,316 Total financial assets $ — $ 776,393 $ 9,388 $ 785,781 Financial liabilities: Derivative instruments: Interest rate swap $ — $ 2,536 $ — $ 2,536 Interest rate contracts — 3,171 — 3,171 Interest rate lock commitments — 4 — 4 Forward commitments — 328 — 328 Total derivative instruments — 6,039 — 6,039 Total financial liabilities $ — $ 6,039 $ — $ 6,039 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. The following table provides for the periods presented a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs: Securities available for sale Trust preferred securities Balance at January 1, 2017 $ 18,389 Realized (gains) losses included in net income, net of premium amortization 25 Unrealized gains included in other comprehensive income 2,364 Sales (9,346 ) Issues — Settlements (2,044 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at December 31, 2017 $ 9,388 Realized (gains) losses included in net income, net of premium amortization 34 Unrealized gains included in other comprehensive income 1,328 Sales — Issues — Settlements (117 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at December 31, 2018 $ 10,633 For 2018 and 2017 , there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. The following table presents information as of December 31, 2018 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 $ 10,633 Discounted cash flows Default rate 0-100% Nonrecurring Fair Value Measurements Certain assets may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following table provides as of the dates presented the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets at period end and the level within the fair value hierarchy each is classified: Level 1 Level 2 Level 3 Totals December 31, 2018 Impaired loans $ — $ — $ 21,686 $ 21,686 OREO — — 4,319 4,319 Total $ — $ — $ 26,005 $ 26,005 Level 1 Level 2 Level 3 Totals December 31, 2017 Impaired loans $ — $ — $ 19,365 $ 19,365 OREO — — 7,392 7,392 Total $ — $ — $ 26,757 $ 26,757 The following methods and assumptions are used by the Company to estimate the fair values of the Company’s assets measured on a nonrecurring basis: Impaired loans : Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans that were measured or re-measured at fair value had a carrying value of $22,621 and $20,394 at December 31, 2018 and December 31, 2017 , respectively, and a specific reserve for these loans of $935 and $1,029 was included in the allowance for loan losses for the same periods ended. Other real estate owned : OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO 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, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end: December 31, 2018 December 31, 2017 Carrying amount prior to remeasurement $ 5,258 $ 8,732 Impairment recognized in results of operations (939 ) (1,340 ) Fair value $ 4,319 $ 7,392 The following table presents information as of December 31, 2018 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impaired loans $ 21,686 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO $ 4,319 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 $4,892 resulting from fair value changes of these mortgage loans were recorded in income during 2018 , as compared to net gains of $1,594 in 2017 and net losses of $4,851 in 2016 . The amounts do 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 December 31, 2018 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale $ 219,848 $ 211,460 $ 8,388 Past due loans of 90 days or more — — — Nonaccrual loans — — — Fair Value of Financial Instruments The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2018 Financial assets Cash and cash equivalents $ 569,111 $ 569,111 $ — $ — $ 569,111 Securities available for sale 1,250,777 — 1,240,144 10,633 1,250,777 Loans held for sale 411,427 — 219,848 191,579 411,427 Loans, net 9,034,103 — — 8,818,039 8,818,039 Mortgage servicing rights 48,230 — — 61,111 61,111 Derivative instruments 6,519 — 6,519 — 6,519 Financial liabilities Deposits $ 10,128,557 $ 7,765,773 $ 2,337,334 $ — $ 10,103,107 Short-term borrowings 387,706 387,706 — — 387,706 Other long-term borrowings 53 53 — — 53 Federal Home Loan Bank advances 6,690 — 6,751 — 6,751 Junior subordinated debentures 109,636 — 109,766 — 109,766 Subordinated notes 147,239 — 148,875 — 148,875 Derivative instruments 8,388 — 8,388 — 8,388 Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets Cash and cash equivalents $ 281,453 $ 281,453 $ — $ — $ 281,453 Securities available for sale 671,488 — 662,100 9,388 671,488 Loans held for sale 108,316 — 108,316 — 108,316 Loans, net 7,574,111 — — 7,514,185 7,514,185 Mortgage servicing rights 39,339 — — 47,868 47,868 Derivative instruments 5,977 — 5,977 — 5,977 Financial liabilities Deposits $ 7,921,075 $ 6,114,391 $ 1,809,085 $ — $ 7,923,476 Short-term borrowings 89,814 89,814 — — 89,814 Other long-term borrowings 98 98 — — 98 Federal Home Loan Bank advances 7,493 — 7,661 — 7,661 Junior subordinated debentures 85,881 — 69,702 — 69,702 Subordinated notes 114,074 — 118,650 — 118,650 Derivative instruments 6,039 — 6,039 — 6,039 |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income (In Thousands) Changes in the components of other comprehensive income, net of tax, were as follows: Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2018 Securities available for sale: Unrealized holding losses on securities $ (11,155 ) $ (2,840 ) $ (8,315 ) Reclassification adjustment for losses realized in net income (1) 16 4 12 Total securities available for sale (11,139 ) (2,836 ) (8,303 ) Derivative instruments: Unrealized holding gains on derivative instruments 490 125 365 Total derivative instruments 490 125 365 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 413 105 308 Amortization of net actuarial loss recognized in net periodic pension cost (2) 328 83 245 Total defined benefit pension and post-retirement benefit plans 741 188 553 Total other comprehensive loss $ (9,908 ) $ (2,523 ) $ (7,385 ) Year Ended December 31, 2017 Securities available for sale: Unrealized holding losses on securities $ (3,617 ) $ (1,399 ) $ (2,218 ) Unrealized holding gains on securities transferred from held to maturity to available for sale 13,219 5,111 8,108 Reclassification adjustment for gains realized in net income (1) (148 ) (57 ) (91 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (282 ) (109 ) (173 ) Total securities available for sale 9,172 3,546 5,626 Derivative instruments: Unrealized holding gains on derivative instruments 874 338 536 Total derivative instruments 874 338 536 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 1,379 351 1,028 Amortization of net actuarial loss recognized in net periodic pension cost (2) 407 158 249 Total defined benefit pension and post-retirement benefit plans 1,786 509 1,277 Total other comprehensive income $ 11,832 $ 4,393 $ 7,439 Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2016 Securities available for sale: Unrealized holding losses on securities $ (10,119 ) $ (3,913 ) $ (6,206 ) Reclassification adjustment for gains realized in net income (1) (1,186 ) (459 ) (727 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (99 ) (38 ) (61 ) Total securities available for sale (11,404 ) (4,410 ) (6,994 ) Derivative instruments: Unrealized holding gains on derivative instruments 856 329 527 Total derivative instruments 856 329 527 Defined benefit pension and post-retirement benefit plans: Net loss arising during the period 51 20 31 Amortization of net actuarial loss recognized in net periodic pension cost (2) 480 178 302 Reclassification of adjustment for net settlement gain realized in net income (2) (383 ) (148 ) (235 ) Total defined benefit pension and post-retirement benefit plans 148 50 98 Total other comprehensive loss $ (10,400 ) $ (4,031 ) $ (6,369 ) (1) Included in Net (losses) gains on sales of securities in the Consolidated Statements of Income (2) Included in Salaries and employee benefits in the Consolidated Statements of Income The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows: 2018 2017 2016 Unrealized gains on securities $ 1,066 $ 9,369 $ 9,490 Non-credit related portion of other-than-temporary impairment on securities (11,319 ) (11,319 ) (16,719 ) Unrealized losses on derivative instruments (630 ) (995 ) (1,355 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,013 ) (7,566 ) (7,320 ) Total accumulated other comprehensive loss $ (17,896 ) $ (10,511 ) $ (15,904 ) |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Quarterly Results of Operations (In Thousands, Except Share Data) (Unaudited) The following table sets forth a summary of the unaudited quarterly results of operations. First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Interest income $ 100,380 $ 106,574 $ 117,795 $ 137,105 Interest expense 11,140 14,185 18,356 21,648 Net interest income 89,240 92,389 99,439 115,457 Provision for loan losses 1,750 1,810 2,250 1,000 Noninterest income 33,953 35,581 38,053 36,374 Noninterest expense 77,944 79,026 94,746 93,313 Income before income taxes 43,499 47,134 40,496 57,518 Income taxes 9,673 10,424 8,532 13,098 Net income $ 33,826 $ 36,710 $ 31,964 $ 44,420 Basic earnings per share $ 0.69 $ 0.74 $ 0.61 $ 0.76 Diluted earnings per share $ 0.68 $ 0.74 $ 0.61 $ 0.76 2017 Interest income $ 81,889 $ 87,579 $ 100,695 $ 104,587 Interest expense 7,874 7,976 10,678 11,325 Net interest income 74,015 79,603 90,017 93,262 Provision for loan losses 1,500 1,750 2,150 2,150 Noninterest income 32,021 34,265 33,413 32,441 Noninterest expense 69,309 74,841 80,660 76,808 Income before income taxes 35,227 37,277 40,620 46,745 Income taxes 11,255 11,993 14,199 30,234 Net income $ 23,972 $ 25,284 $ 26,421 $ 16,511 Basic earnings per share $ 0.54 $ 0.57 $ 0.54 $ 0.33 Diluted earnings per share $ 0.54 $ 0.57 $ 0.53 $ 0.33 See Note 2, “Mergers and Acquisitions” above for a discussion of the effect on the Company’s results of operations of its acquisitions of Brand in the third quarter of 2018 and Metropolitan in the third quarter of 2017. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share (In Thousands, Except Share Data) Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding stock options were exercised into common shares and nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards’ respective grant dates, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Basic Net income applicable to common stock $ 146,920 $ 92,188 $ 90,930 Average common shares outstanding 52,492,104 46,874,502 41,737,636 Net income per common share—basic $ 2.80 $ 1.97 $ 2.18 Diluted Net income applicable to common stock $ 146,920 $ 92,188 $ 90,930 Average common shares outstanding 52,492,104 46,874,502 41,737,636 Effect of dilutive stock-based compensation 134,746 127,014 251,819 Average common shares outstanding—diluted 52,626,850 47,001,516 41,989,455 Net income per common share—diluted $ 2.79 $ 1.96 $ 2.17 Outstanding stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Number of shares 73,257 77,545 — Range of exercise prices (for stock option awards) — — — |
Commitments, Contingent Liabili
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk | Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (In Thousands) Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer. The Company’s unfunded loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding at December 31, 2018 were $2,068,749 and $104,664 , respectively, compared to $1,619,022 and $68,946 , respectively, at December 31, 2017 . Various claims and lawsuits are pending against the Company and Renasant Bank. In the opinion of management, after consultation with legal counsel, resolution of these matters is not expected to have a material effect on the consolidated financial statements. Market risk resulting from interest rate changes on particular off-balance sheet financial instruments may be offset by other on - or off-balance sheet transactions. Interest rate sensitivity is monitored by the Company for determining the net effect of potential changes in interest rates on the market value of both on- and off-balance sheet financial instruments. |
Restrictions on Cash, Securitie
Restrictions on Cash, Securities, Bank Dividends, Loans or Advances | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
Restrictions on Cash, Securities, Bank Dividends, Loans or Advances | Restrictions on Cash, Securities, Bank Dividends, Loans or Advances (In Thousands) Renasant Bank is required to maintain minimum average balances with the Federal Reserve. At December 31, 2018 and 2017 , Renasant Bank’s reserve requirements with the Federal Reserve were $113,341 and $129,429 , respectively, with which it was in full compliance. The Company’s balance of FHLB stock, which is carried at amortized cost, at December 31, 2018 and 2017 , was $19,777 and $15,070 , respectively. The required investment for the same time period was $7,471 and $7,181 , respectively. The Company’s ability to pay dividends to its shareholders is substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance (the “DBCF”). In addition, the FDIC also has the authority to prohibit the Bank from engaging in business practices that the FDIC considers to be unsafe or unsound, which, depending on the financial condition of the Bank, could include the payment of dividends. Accordingly, the approval of the DBCF is required prior to Renasant Bank paying dividends to the Company, and under certain circumstances the approval of the FDIC may be required. At December 31, 2018 , the Bank’s earned surplus exceeded the Bank’s capital stock by more than ten times. Federal Reserve regulations also limit the amount Renasant Bank may loan to the Company unless such loans are collateralized by specific obligations. At December 31, 2018 , the maximum amount available for transfer from Renasant Bank to the Company in the form of loans was $133,162 . As of December 31, 2018 , no loans from the Bank to the Company were outstanding. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters (In Thousands) The Company and the Bank are 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 the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. 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 bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Common Equity Tier 1 to Tier 1 Capital to Total Capital to 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 December 31: 2018 2017 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 1,188,412 10.11 % $ 979,604 10.18 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,085,751 11.05 % 896,733 11.34 % Tier 1 Capital to Risk-Weighted Assets 1,188,412 12.10 % 979,604 12.39 % Total Capital to Risk-Weighted Assets 1,386,507 14.12 % 1,142,926 14.46 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,276,976 10.88 % $ 1,000,715 10.42 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,276,976 13.02 % 1,000,715 12.69 % Tier 1 Capital to Risk-Weighted Assets 1,276,976 13.02 % 1,000,715 12.69 % Total Capital to Risk-Weighted Assets 1,331,619 13.58 % 1,050,751 13.32 % Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions. In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 capital in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress. If the Company’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Company will face restrictions on its ability to pay dividends, repurchase outstanding stock and make certain discretionary bonus payments. At December 31, 2018, the required capital conservation buffer was 1.875% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements, and the buffer increased to 2.5% as of January 1, 2019. In addition, the Basel III regulatory capital reforms and rules effecting certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 issued by the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency (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. These revisions affect the calculation of the denominator of a banking organization’s risk-based capital ratios to reflect the higher-risk nature of certain types of loans. As applicable to Renasant Bank: — Residential mortgages: Replaced the current 50% risk weight for performing residential first-lien mortgages and a 100% risk-weight for all other mortgages with a risk weight of between 35% and 200% determined by the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income. — Commercial mortgages: Replaced the current 100% risk weight with a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans. — Nonperforming loans: Replaced the current 100% risk weight with a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status. Finally, Tier 1 capital treatment for “hybrid” capital items like trust preferred securities has been eliminated, subject to various grandfathering and transition rules. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
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-size businesses including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities. • The Insurance segment includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers. • The Wealth Management segment offers a broad range of wealth management and fiduciary services which includes the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer. In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts. The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 2018 , 2017 and 2016 : Community Banks Insurance Wealth Management Other Consolidated 2018 Net interest income $ 406,420 $ 484 $ 1,297 $ (11,676 ) $ 396,525 Provision for loan losses 6,810 — — — 6,810 Noninterest income 120,559 9,831 14,537 (966 ) 143,961 Noninterest expense 323,439 7,294 13,336 960 345,029 Income before income taxes 196,730 3,021 2,498 (13,602 ) 188,647 Income taxes 44,464 786 — (3,523 ) 41,727 Net income (loss) $ 152,266 $ 2,235 $ 2,498 $ (10,079 ) $ 146,920 Total assets $ 12,828,586 $ 25,798 $ 60,794 $ 19,700 $ 12,934,878 Goodwill 930,161 2,767 — — 932,928 2017 Net interest income $ 344,499 $ 457 $ 2,160 $ (10,219 ) $ 336,897 Provision for loan losses 7,550 — — — 7,550 Noninterest income 110,308 9,530 12,863 (561 ) 132,140 Noninterest expense 281,698 6,957 11,785 1,178 301,618 Income before income taxes 165,559 3,030 3,238 (11,958 ) 159,869 Income taxes 70,257 1,184 — (3,760 ) 67,681 Net income (loss) $ 95,302 $ 1,846 $ 3,238 $ (8,198 ) $ 92,188 Total assets $ 9,717,779 $ 26,470 $ 61,330 $ 24,402 $ 9,829,981 Goodwill 608,279 2,767 — — 611,046 2016 Net interest income $ 305,583 $ 350 $ 1,846 $ (6,788 ) $ 300,991 Provision for loan losses 7,530 — — — 7,530 Noninterest income 114,615 10,074 12,354 372 137,415 Noninterest expense 276,260 6,873 11,099 867 295,099 Income before income taxes 136,408 3,551 3,101 (7,283 ) 135,777 Income taxes 46,352 1,385 — (2,890 ) 44,847 Net income (loss) $ 90,056 $ 2,166 $ 3,101 $ (4,393 ) $ 90,930 Total assets $ 8,602,022 $ 23,693 $ 54,857 $ 19,279 $ 8,699,851 Goodwill 467,767 2,767 — — 470,534 |
Renasant Corporation (Parent Co
Renasant Corporation (Parent Company Only) Condensed Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Renasant Corporation (Parent Company Only) Condensed Financial Information | Renasant Corporation (Parent Company Only) Condensed Financial Information (In Thousands) Balance Sheets December 31, 2018 2017 Assets Cash and cash equivalents (1) $ 44,581 $ 81,839 Investments 1,662 2,734 Loans, net 640 — Investment in bank subsidiary (2) 2,236,932 1,618,993 Accrued interest receivable on bank balances (2) 6 6 Intercompany receivable (2) 1,618 4,210 Other assets 18,574 10,839 Total assets $ 2,304,013 $ 1,718,621 Liabilities and shareholders’ equity Junior subordinated debentures $ 109,636 $ 85,881 Subordinated notes 147,239 114,074 Other liabilities 3,225 3,683 Shareholders’ equity 2,043,913 1,514,983 Total liabilities and shareholders’ equity $ 2,304,013 $ 1,718,621 (1) Eliminates in consolidation, with the exception of $3,737 and $3,643 , in 2018 and 2017, respectively, pledged for collateral and held at non-subsidiary bank (2) Eliminates in consolidation Statements of Income Year Ended December 31, 2018 2017 2016 Income Dividends from bank subsidiary (1) $ 53,381 $ 34,416 $ 29,733 Interest income from bank subsidiary (1) 8 8 8 Other dividends 137 94 469 Other income 121 588 1,275 Total income 53,647 35,106 31,485 Expenses 13,869 12,649 9,036 Income before income tax benefit and equity in undistributed net income of bank subsidiary 39,778 22,457 22,449 Income tax benefit (3,523 ) (3,761 ) (2,890 ) Equity in undistributed net income of bank subsidiary (1) 103,619 65,970 65,591 Net income $ 146,920 $ 92,188 $ 90,930 (1) Eliminates in consolidation Statements of Cash Flows Year Ended December 31, 2018 2017 2016 Operating activities Net income $ 146,920 $ 92,188 $ 90,930 Adjustments to reconcile net income to net cash provided by operating activities: Gain on sale of securities — — (1,186 ) Equity in undistributed net income of bank subsidiary (103,619 ) (65,970 ) (65,591 ) Amortization/depreciation/accretion 160 656 560 Decrease (increase) in other assets 3,381 (1,069 ) (556 ) (Decrease) increase in other liabilities (171 ) (2,291 ) 564 Net cash provided by operating activities 46,671 23,514 24,721 Investing activities Purchases of securities held to maturity and available for sale — — (1,380 ) Sales and maturities of securities held to maturity and available for sale 1,052 1,555 6,101 Investment in subsidiaries — (25,000 ) (75,000 ) Net cash (paid) received in acquisition (34,836 ) 4,834 — Other investing activities 423 (54 ) — Net cash used in investing activities (33,361 ) (18,665 ) (70,279 ) Financing activities Cash paid for dividends (43,614 ) (34,416 ) (29,734 ) Cash received on exercise of stock-based compensation 201 173 415 Excess tax benefits from exercise of stock options — — 2,771 Repurchase of shares in connection with stock repurchase program (7,062 ) — — Repayment of long-term debt — (10,310 ) — Proceeds from issuance of long-term debt — — 98,127 Proceeds from equity offering — — 84,105 Other financing activities (93 ) 310 — Net cash (used in) provided by financing activities (50,568 ) (44,243 ) 155,684 (Decrease) increase in cash and cash equivalents (37,258 ) (39,394 ) 110,126 Cash and cash equivalents at beginning of year 81,839 121,233 11,107 Cash and cash equivalents at end of year $ 44,581 $ 81,839 $ 121,233 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition (In Thousands) The Company adopted ASU 2014-09, an update to ASC 606, “Revenue from Contracts with Customers” (“ASC 606”), in the first quarter of 2018. The majority of the Company’s revenue streams are governed by other authoritative guidance and, therefore, considered out-of-scope of ASC 606. The Company’s revenue streams that are considered in-scope of ASC 606 are discussed below. ASC 606 requires costs that are incremental to obtaining a contract to be capitalized. In the case of the Company, these costs include sales commissions for insurance and wealth management products. ASC 606 has established, and the Company has utilized, a practical expedient allowing costs that, if capitalized, would have an amortization period of one year or less to instead be expensed as incurred. Service Charges on Deposit Accounts Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees. The contracts with deposit account customers are day-to-day contracts and are considered to be terminable at will by either party. Therefore, the fees are all considered to be earned when charged and simultaneously collected. Fees and Commissions Fees and commissions include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions. These fees are earned at a point in time as the services are rendered, and therefore the related revenue is recognized as Company’s performance obligation is satisfied. Insurance Commissions Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers, which include health and life insurance and property and casualty insurance. Insurance commissions are earned when policies are placed by customers with the insurance carriers and are collected and recognized using two different methods: the agency bill method and the direct bill method. Under the agency bill method, Renasant Insurance is responsible for billing the customers directly and then collecting and remitting the premiums to the insurance carriers. Agency bill revenue is recognized at the later of the invoice date or effective date of the policy. The Company has established a reserve for such policies which is derived from historical collection experience and updated annually. The contract balances (i.e. accounts receivable and accounts payable related to insurance commissions earned and premiums due) and the reserve established are considered inconsequential to the overall financial results of the Company. Under the direct bill method, premium billing and collections are handled by the insurance carriers, and a commission is then paid to Renasant Insurance. Direct bill revenue is recognized when the cash is received from the insurance carriers. While there is recourse on these commissions in the event of policy cancellations, based on the Company’s historical data, significant or material reversals of revenue based on policy cancellations are not anticipated. The Company monitors policy cancellations on a monthly basis and, if a significant or material set of transactions occurred, the Company will adjust earnings accordingly. The Company also earns contingency income that it recognizes on a cash basis. Contingency income is a bonus received from the insurance underwriters and is based both on commission income and claims experience on the Company’s clients’ policies during the previous year. Increases and decreases in contingency income are reflective of corresponding increases and decreases in the amount of claims paid by insurance carriers. Contingency income, which is included in “Other noninterest income” in the Consolidated Statements of Income, was $832 , $816 and $1,177 , respectively, for each of the twelve months ended December 31, 2018 , 2017 and 2016 . Wealth Management Revenue Wealth management consists of the Trust division and the Financial Services division. The Trust division operates on a custodial basis which includes administration of benefit plans as well as accounting and money management for trust accounts. The division manages a number of trust accounts inclusive of personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. Fees for managing these accounts are based on the value of assets under management in the account, with the amount of the fee depending on the type of account. Revenue is recognized on monthly basis, and there is little to no risk of a material reversal of revenue. The contract balance (i.e. management fee receivable) recognized is considered inconsequential to the overall financial results of the Company. The Financial Services division provides specialized products and services to the Company’s customers, which include investment guidance relating to fixed and variable annuities, mutual funds, stocks and other investments offered through a third party provider. Fees are recognized based on either trade activity, which are recognized at the time of the trade, or assets under management, which are recognized monthly. Sales of Other Real Estate Owned The Company continually markets the properties included in the OREO portfolio. The Company will at times, in the ordinary course of business, provide seller-financing on sales of OREO. In cases where a sale is seller-financed, the Company must ensure the commitment of both parties to perform their respective obligations and the collectability of the transaction price in order to properly recognize the revenue on the sale of OREO. This is accomplished through the Company’s loan underwriting process. In this process the Company considers things such as the buyer’s initial equity in the property, the credit quality of the buyer, the financing terms of the loan and the cash flow from the property, if applicable. If it is determined that the contract criteria in ASC 606 have been met, the revenue on the sale of OREO will be recognized on the closing date of the sale when the Company has transferred title to the buyer and obtained the right to receive payment for the property. In instances where sales are not seller-financed, the Company recognizes revenue on the closing date of the sale when the Company has obtained payment for the property and transferred title to the buyer. For additional information on OREO, please see Note 8, “Other Real Estate Owned.” |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations : Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from full service offices located throughout north and central Mississippi, Tennessee, Alabama, Georgia and Florida. |
Use of Estimates | Use of Estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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. |
Consolidation | Consolidation : The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents : The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Securities | Securities : Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Presently, the Company has no intention of establishing a trading classification. Securities not classified as held to maturity or trading are classified as available for sale. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity. The amortized cost of securities, regardless of classification, is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities, as is dividend income. Realized gains and losses on sales of securities are reflected under the line item “Net gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis in accordance with ASC 320, “Investments - Debt and Equity Securities.” Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security’s maturity. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings and is calculated as the difference between the estimate of discounted future cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the estimate of the discounted future cash flows. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of applicable taxes. Debt securities may be transferred to nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note 3, “Securities,” for further details regarding the Company’s securities portfolio. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase : Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. |
Mortgage Loans Held for Sale | Loans Held for Sale : Residential mortgage loans held for sale are included in the line item “Loans held for sale” on the Company’s Consolidated Balance Sheet. The Company has elected to carry these loans at fair value as permitted under the guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments” (“ASC 825”). Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These realized and unrealized gains and losses are classified under the line item “Mortgage banking income” on the Consolidated Statements of Income. |
Loans and the Allowance for Loan Losses | Loans and the Allowance for Loan Losse s: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances, adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by, 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. Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or have been placed on nonaccrual status are reported as nonperforming loans. The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies.” Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. |
Business Combinations, Accounting for Credit-Deteriorated Purchased Loans and Related Assets | Business Combinations, Accounting for Credit-Deteriorated Purchased Loans and Related Assets : Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations.” Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Acquisition costs incurred by the Company are expensed as incurred. Loans purchased in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit-impaired. Purchased credit deteriorated loans are accounted for in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment. FDIC-Assisted Acquisitions: During 2010 and 2011, the Bank acquired in FDIC-assisted acquisitions substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of the following two failed financial institutions: • Crescent Bank and Trust Company (Jasper, GA), July 2010 • American Trust Bank (Roswell, GA), February 2011 In connection with the July 2015 acquisition of Heritage Financial Group, Inc. (“Heritage”) and its wholly-owned subsidiary HeritageBank of the South (“HeritageBank”), the Bank assumed two additional loss share agreements that HeritageBank had entered into in connection with its acquisition in FDIC-assisted acquisitions of substantially all of the assets and assumption of substantially all of the deposits and certain other liabilities of the following two failed financial institutions: • Citizens Bank of Effingham (Springfield, GA), February 2011 • First Southern National Bank (Statesboro, GA), August 2011 A significant portion of the loans and foreclosed assets acquired in each of these FDIC-assisted acquisitions were subject to loss share agreements with the Federal Deposit Insurance Corporation (the “FDIC”) whereby the Company was indemnified against a portion of the losses on such loans and foreclosed assets. On December 8, 2016, the Bank entered into an agreement with the FDIC that terminated all of the Bank’s loss share agreements, resulting in a payment by the Company to the FDIC of $4,849 . All rights and obligations of the parties under these loss share agreements, including the claw-back provisions, terminated effective December 8, 2016. As a result, after such date all recoveries, gains, charge-offs, losses and expenses related to assets previously covered under loss share are recognized entirely by the Company. Notwithstanding the termination of loss share with the FDIC, the terms of the purchase and assumption agreements for each of these FDIC-assisted acquisitions continue to require the FDIC to indemnify the Company against certain claims, including claims with respect to assets, liabilities or any affiliate not acquired or otherwise assumed by the Bank and with respect to claims based on any action by directors, officers or employees of the relevant failed financial institutions. |
Premises and Equipment | Premises and Equipment : Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter. |
Other Real Estate Owned | Other Real Estate Owned : Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are initially recorded into other real estate at fair market value less cost to sell and are subsequently carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income. |
Mortgage Servicing Rights | Mortgage Servicing Rights : The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, mortgage interest rates and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2018 and 2017 , respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value. Changes to the fair value of the mortgage servicing rights are recorded as part of Mortgage banking income in the Consolidated Statements of Income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets : Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. In determining the fair value of the Company’s reporting units, management uses the market approach. Other intangible assets, consisting of core deposit intangibles and customer relationship intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance : Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. The Company has purchased such insurance policies on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. In connection with the acquisitions of Brand and Metropolitan (each as defined below in Note 2, “Mergers and Acquisitions”), the Company acquired BOLI with a cash surrender value of $40,081 and $19,283 , respectively, at the acquisition date. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income. |
Insurance Agency Revenues | Insurance Agency Revenues : Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income. |
Trust and Financial Services Revenue | Trust and Wealth Management Revenues : The Company offers trust services as well as various investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities, mutual funds and other investment products are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth management revenue” on the Consolidated Statements of Income. |
Income Taxes | Income Taxes : Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable. Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense. |
Fair Value Measurements | Fair Value Measurements : ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note 18, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities : The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.” Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings. The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to 45 days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a “mandatory delivery” sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. These types of mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. |
Treasury Stock | Treasury Stock : Treasury stock is recorded at cost. Shares held in treasury are not retired. |
Retirement Plans | Retirement Plans : The Company sponsors a noncontributory pension plan and provides retiree medical benefits for certain employees. The Company’s independent actuary firm prepares actuarial valuations of pension cost and obligation under ASC 715, “Compensation – Retirement Benefits” (“ASC 715”), using assumptions and estimates derived in accordance with the guidance set forth in ASC 715. Expense related to the plans is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. Actuarial gains and losses are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of plan expense. |
Stock-Based Compensation | Stock-Based Compensation : The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation - Stock Compensation.” Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date and is recognized over the respective awards’ vesting period. The Company has elected to account for forfeitures in compensation cost when they occur as permitted under the guidance in ASC 718, “Compensation - Stock Compensation” (“ASC 718”). Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. |
Earnings Per Common Share | Earnings Per Common Share : Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding stock options were exercised into common shares and nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards' respective grant dates, calculated in accordance with the treasury method. See Note 21, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. |
Subsequent Events | Subsequent Events: The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after December 31, 2018 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. |
Impact of Recently-Issued Accounting Standards and Pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements : In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 (“ASU 2014-09”), which is an update to FASB Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” (“ASC 606”). 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. For a majority of the Company’s income streams, including interest income earned on loans and leases, the recognition of revenue is governed by other accounting standards and is specifically excluded from the coverage of ASC 606. In addition, the Company’s revenue that is covered by ASC 606, the most significant of which is service charges on deposit accounts, is generally based on day-to-day contracts with Company customers and, as a result, is not impacted by the new guidance. The Company adopted ASU 2014-09 in the first quarter of 2018, and there was no impact to the financial statements at the time of adoption. The Company has included newly applicable revenue disclosures in this filing in Note 27, “Revenue Recognition.” 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. The Company used an entry price notion in determining the fair value of certain financial instruments prior to its changing to the exit price notion upon adoption of this standard in the first quarter of 2018. This ASU did not have any other impact on the Company at the time of adoption. 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 prior accounting model for leases distinguished between capital leases, which were recognized on-balance sheet, and operating leases, which were not. Under the new standard, lease classifications are defined as finance leases, which are similar to capital leases under prior GAAP, and operating leases. Further, a lessee recognizes 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 will increase reported assets and liabilities. The accounting model and disclosure requirements for lessors remains substantially unchanged from prior GAAP. This standard became effective on January 1, 2019. The Company will record a right-of-use asset and a lease liability of approximately $55,000 as of the effective date of the standard. The guidance will not have a material impact on the Company’s statement of income. The Company will include newly required disclosures beginning in the quarterly reporting for the first quarter of 2019. 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. The Company has also engaged a third party to act as a consultant and software provider to assist in the implementation of the CECL model. The implementation committee and the consultant have established the CECL blueprint for Renasant Bank, which includes the selected methodology, proper pool segmentation and loan data validation. Currently, the CECL committee is working with the consultant to build the CECL model and expects to run a preliminary CECL calculation in the second quarter of 2019. 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. This update became effective January 1, 2018 and did not 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. This update became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. 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. This update became effective January 1, 2019 and did not have a material impact on the Company’s financial statements. 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. This update became effective January 1, 2019 and did not have a material impact on the Company’s financial statements. In August 2018, FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ” (“ASU 2018-13”). ASU 2018-13 is intended to improve the disclosures on fair value measurements by eliminating, amending and adding certain disclosure requirements. These changes are intended to reduce costs for preparers while providing more useful information for financial statement users. ASU 2018-13 will be effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect that ASU 2018-13 will have on its financial position and results of operations and its financial statement disclosures. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Brand based on their fair values on September 1, 2018. Purchase Price: Shares issued to common shareholders 9,306,477 Purchase price per share $ 46.69 Value of stock paid $ 434,519 Cash consideration paid 21,879 Cash paid for fractional shares 4 Cash settlement for stock options, net of tax benefit 17,157 Deal charges paid on behalf of Brand 894 Total Purchase Price $ 474,453 Net Assets Acquired: Stockholders’ equity at acquisition date $ 138,896 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: Securities (231 ) Loans, including loans held for sale (20,926 ) Premises and equipment 910 Intangible assets 27,534 Other assets (3,304 ) Deposits (1,367 ) Borrowings (3,236 ) Other liabilities 13,338 Deferred income taxes 957 Total Net Assets Acquired 152,571 Goodwill resulting from merger (1) $ 321,882 (1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. 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 paid on behalf of Metropolitan 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 (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 significant assets acquired and liabilities assumed from BMG: (in thousands) September 1, 2018 Loans held for sale 48,100 Borrowings 34,139 |
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. Cash and cash equivalents $ 47,556 Securities 108,697 Loans, including mortgage loans held for sale 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 table summarizes the estimated fair value on September 1, 2018 of assets acquired and liabilities assumed on that date in connection with the merger with Brand. These estimates are subject to change pending the finalization of all valuations. Cash and cash equivalents $ 193,436 Securities 71,246 Loans, including loans held for sale 1,589,254 Premises and equipment 20,070 Intangible assets 349,416 Other assets 112,050 Total assets 2,335,472 Deposits 1,714,177 Borrowings 90,912 Other liabilities 55,930 Total liabilities 1,861,019 |
Pro forma combined condensed consolidated financial information | The following table summarizes the results of operations for BMG included in the Company’s Consolidated Statements of Income for the twelve months ended December 31, 2018: (in thousands) Interest income $ 357 Interest expense 279 Net interest income 78 Noninterest income 4,043 Noninterest expense 4,398 Net income before taxes $ (277 ) The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the twelve months ended December 31, 2018 and 2017 of the Company as though the Brand and Metropolitan mergers had been completed as of January 1, 2017. The unaudited estimated pro forma information combines the historical results of Brand and 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 necessarily indicative of what would have occurred had the acquisitions taken place on January 1, 2017. 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. Twelve Months Ended December 31, 2018 2017 Net interest income - pro forma (unaudited) $ 455,513 $ 450,353 Noninterest income - pro forma (unaudited) $ 153,850 $ 176,699 Noninterest expense - pro forma (unaudited) $ 452,699 $ 422,700 Net income - pro forma (unaudited) $ 115,646 $ 105,729 Earnings per share - pro forma (unaudited): Basic $ 1.97 $ 1.80 Diluted $ 1.97 $ 1.80 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
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 December 31, 2018 Obligations of other U.S. Government agencies and corporations $ 2,536 $ 13 $ (38 ) $ 2,511 Obligations of states and political subdivisions 200,798 3,038 (567 ) 203,269 Residential mortgage backed securities: Government agency mortgage backed securities 621,690 719 (9,126 ) 613,283 Government agency collateralized mortgage obligations 332,697 274 (5,982 ) 326,989 Commercial mortgage backed securities: Government agency mortgage backed securities 21,957 257 (384 ) 21,830 Government agency collateralized mortgage obligations 28,446 24 (135 ) 28,335 Trust preferred securities 12,359 — (1,726 ) 10,633 Other debt securities 44,046 192 (311 ) 43,927 $ 1,264,529 $ 4,517 $ (18,269 ) $ 1,250,777 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 Obligations of other U.S. Government agencies and corporations $ 3,554 $ 40 $ (30 ) $ 3,564 Obligations of states and political subdivisions 228,589 6,161 (269 ) 234,481 Residential mortgage backed securities: Government agency mortgage backed securities 196,121 888 (3,059 ) 193,950 Government agency collateralized mortgage obligations 180,258 133 (3,752 ) 176,639 Commercial mortgage backed securities: Government agency mortgage backed securities 31,015 389 (234 ) 31,170 Government agency collateralized mortgage obligations 5,019 1 (14 ) 5,006 Trust preferred securities 12,442 — (3,054 ) 9,388 Other debt securities 17,106 260 (76 ) 17,290 $ 674,104 $ 7,872 $ (10,488 ) $ 671,488 |
Gross realized gains and gross realized losses on sales of securities available for sale | Securities sold were as follows for the periods presented: Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 2018 Obligations of states and political subdivisions $ 901 $ 893 $ (8 ) Residential mortgage backed securities: Government agency mortgage backed securities 943 942 (1 ) Government agency collateralized mortgage obligations 559 552 (7 ) $ 2,403 $ 2,387 $ (16 ) Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 2017 Obligations of other U.S. Government agencies and corporations $ 11,088 $ 10,974 $ (114 ) Obligations of states and political subdivisions 110,019 112,199 2,180 Residential mortgage backed securities: Government agency mortgage backed securities 264,924 263,217 (1,707 ) Government agency collateralized mortgage obligations 72,153 71,781 (372 ) Commercial mortgage backed securities: Government agency mortgage backed securities 14,104 14,082 (22 ) Government agency collateralized mortgage obligations 6,289 6,289 — Trust preferred securities 9,346 9,403 57 Other debt securities 7,269 7,395 126 $ 495,192 $ 495,340 $ 148 Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 2016 Other equity securities $ 2,842 $ 4,028 $ 1,186 $ 2,842 $ 4,028 $ 1,186 Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Gross gains on sales of securities available for sale $ 11 $ 2,497 $ 1,257 Gross losses on sales of securities available for sale (27 ) (2,349 ) (71 ) Gain on sales of securities available for sale, net $ (16 ) $ 148 $ 1,186 |
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at December 31, 2018 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 $ 39,310 $ 39,649 Due after one year through five years 44,304 44,788 Due after five years through ten years 81,825 82,781 Due after ten years 59,051 58,001 Residential mortgage backed securities: Government agency mortgage backed securities 621,690 613,283 Government agency collateralized mortgage obligations 332,697 326,989 Commercial mortgage backed securities: Government agency mortgage backed securities 21,957 21,830 Government agency collateralized mortgage obligations 28,446 28,335 Other debt securities 35,249 35,121 $ 1,264,529 $ 1,250,777 |
Unrealized losses and fair value by investment category | The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Available for Sale: December 31, 2018 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 2 $ 1,480 $ (38 ) 2 $ 1,480 $ (38 ) Obligations of states and political subdivisions 34 22,159 (193 ) 26 16,775 (374 ) 60 38,934 (567 ) Residential mortgage backed securities: Government agency mortgage backed securities 91 354,731 (3,945 ) 73 125,757 (5,181 ) 164 480,488 (9,126 ) Government agency collateralized mortgage obligations 24 97,451 (840 ) 60 140,076 (5,142 ) 84 237,527 (5,982 ) Commercial mortgage backed securities: Government agency mortgage backed securities 5 6,506 (74 ) 4 7,468 (310 ) 9 13,974 (384 ) Government agency collateralized mortgage obligations 2 9,950 (23 ) 1 4,888 (112 ) 3 14,838 (135 ) Trust preferred securities 0 — — 2 10,633 (1,726 ) 2 10,633 (1,726 ) Other debt securities 12 19,011 (88 ) 3 5,621 (223 ) 15 24,632 (311 ) Total 168 $ 509,808 $ (5,163 ) 171 $ 312,698 $ (13,106 ) 339 $ 822,506 $ (18,269 ) December 31, 2017 Obligations of other U.S. Government agencies and corporations 1 $ 497 $ (3 ) 2 $ 1,999 $ (27 ) 3 $ 2,496 $ (30 ) Obligations of states and political subdivisions 23 11,860 (59 ) 12 7,728 (210 ) 35 19,588 (269 ) Residential mortgage backed securities: Government agency mortgage backed securities 29 64,595 (659 ) 44 89,414 (2,400 ) 73 154,009 (3,059 ) Government agency collateralized mortgage obligations 33 102,509 (1,470 ) 29 62,406 (2,282 ) 62 164,915 (3,752 ) Commercial mortgage backed securities: Government agency mortgage backed securities 2 5,629 (17 ) 3 5,872 (217 ) 5 11,501 (234 ) Government agency collateralized mortgage obligations 1 4,986 (14 ) 0 — — 1 4,986 (14 ) Trust preferred securities 0 — — 2 9,388 (3,054 ) 2 9,388 (3,054 ) Other debt securities 2 756 (12 ) 2 6,308 (64 ) 4 7,064 (76 ) Total 91 $ 190,832 $ (2,234 ) 94 $ 183,115 $ (8,254 ) 185 $ 373,947 $ (10,488 ) |
Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2018 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,292 $ 6,956 $ (1,336 ) BB 16% XXVI Pooled B-2 4,067 3,677 (390 ) B 19% $ 12,359 $ 10,633 $ (1,726 ) |
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: 2018 2017 Balance at January 1 $ (261 ) $ (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 December 31 $ (261 ) $ (261 ) |
Non Purchased Loans (Tables)
Non Purchased Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases at December 31: 2018 2017 Commercial, financial, agricultural $ 875,649 $ 763,823 Lease financing 64,992 57,354 Real estate – construction 635,519 547,658 Real estate – 1-4 family mortgage 2,087,890 1,729,534 Real estate – commercial mortgage 2,628,365 2,390,076 Installment loans to individuals 100,424 103,452 Gross loans 6,392,839 5,591,897 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income $ 6,389,712 $ 5,588,556 The following is a summary of purchased loans at December 31: 2018 2017 Commercial, financial, agricultural $ 420,263 $ 275,570 Lease financing — — Real estate – construction 105,149 85,731 Real estate – 1-4 family mortgage 707,453 614,187 Real estate – commercial mortgage 1,423,144 1,037,454 Installment loans to individuals 37,408 18,824 Gross loans 2,693,417 2,031,766 Unearned income — — Loans, net of unearned income $ 2,693,417 $ 2,031,766 The following is a summary of non purchased and purchased loans and leases at December 31: 2018 2017 Commercial, financial, agricultural $ 1,295,912 $ 1,039,393 Lease financing 64,992 57,354 Real estate – construction 740,668 633,389 Real estate – 1-4 family mortgage 2,795,343 2,343,721 Real estate – commercial mortgage 4,051,509 3,427,530 Installment loans to individuals 137,832 122,276 Gross loans 9,086,256 7,623,663 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income 9,083,129 7,620,322 Allowance for loan losses (49,026 ) (46,211 ) Net loans $ 9,034,103 $ 7,574,111 |
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 December 31, 2018 Commercial, financial, agricultural $ 3,397 $ 267 $ 870,457 $ 874,121 $ — $ 1,356 $ 172 $ 1,528 $ 875,649 Lease financing 607 89 64,296 64,992 — — — — 64,992 Real estate – construction 887 — 634,632 635,519 — — — — 635,519 Real estate – 1-4 family mortgage 10,378 2,151 2,071,401 2,083,930 238 2,676 1,046 3,960 2,087,890 Real estate – commercial mortgage 1,880 13 2,621,902 2,623,795 — 2,974 1,596 4,570 2,628,365 Installment loans to individuals 368 165 99,731 100,264 3 157 — 160 100,424 Unearned income — — (3,127 ) (3,127 ) — — — — (3,127 ) Total $ 17,517 $ 2,685 $ 6,359,292 $ 6,379,494 $ 241 $ 7,163 $ 2,814 $ 10,218 $ 6,389,712 December 31, 2017 Commercial, financial, agricultural $ 2,722 $ 22 $ 759,143 $ 761,887 $ 205 $ 1,033 $ 698 $ 1,936 $ 763,823 Lease financing 47 — 57,148 57,195 — 159 — 159 57,354 Real estate – construction 50 — 547,608 547,658 — — — — 547,658 Real estate – 1-4 family mortgage 11,810 2,194 1,712,982 1,726,986 — 1,818 730 2,548 1,729,534 Real estate – commercial mortgage 1,921 727 2,381,871 2,384,519 — 2,877 2,680 5,557 2,390,076 Installment loans to individuals 429 72 102,901 103,402 1 28 21 50 103,452 Unearned income — — (3,341 ) (3,341 ) — — — — (3,341 ) Total $ 16,979 $ 3,015 $ 5,558,312 $ 5,578,306 $ 206 $ 5,915 $ 4,129 $ 10,250 $ 5,588,556 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 December 31, 2018 Commercial, financial, agricultural $ 1,811 $ 97 $ 417,786 $ 419,694 $ — $ 477 $ 92 $ 569 $ 420,263 Lease financing — — — — — — — — — Real estate – construction 1,235 68 103,846 105,149 — — — — 105,149 Real estate – 1-4 family mortgage 8,981 4,455 690,697 704,133 202 1,881 1,237 3,320 707,453 Real estate – commercial mortgage 5,711 2,410 1,413,346 1,421,467 — 1,401 276 1,677 1,423,144 Installment loans to individuals 1,342 202 35,594 37,138 2 24 244 270 37,408 Unearned income — — — — — — — — — Total $ 19,080 $ 7,232 $ 2,661,269 $ 2,687,581 $ 204 $ 3,783 $ 1,849 $ 5,836 $ 2,693,417 December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 Lease financing — — — — — — — — — Real estate – construction 415 — 85,316 85,731 — — — — 85,731 Real estate – 1-4 family mortgage 6,070 2,280 602,464 610,814 385 879 2,109 3,373 614,187 Real estate – commercial mortgage 2,947 2,910 1,031,141 1,036,998 191 99 166 456 1,037,454 Installment loans to individuals 208 9 18,443 18,660 59 — 105 164 18,824 Unearned income — — — — — — — — — Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 |
Impaired loans | Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 1,834 $ 2,280 $ 163 $ 2,079 $ 35 Lease financing — — — — — Real estate – construction 7,302 7,302 63 7,180 162 Real estate – 1-4 family mortgage 9,077 9,767 61 9,212 191 Real estate – commercial mortgage 4,609 5,765 689 4,889 72 Installment loans to individuals 223 232 1 239 2 Total $ 23,045 $ 25,346 $ 977 $ 23,599 $ 462 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction 2,165 2,165 — 2,165 55 Real estate – 1-4 family mortgage — — — — — Real estate – commercial mortgage 1,238 2,860 — 1,316 32 Installment loans to individuals — — — — — Total $ 3,403 $ 5,025 $ — $ 3,481 $ 87 Totals $ 26,448 $ 30,371 $ 977 $ 27,080 $ 549 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 2,365 $ 3,043 $ 138 $ 2,861 $ 47 Lease financing 159 159 2 159 — Real estate – construction 578 578 4 526 29 Real estate – 1-4 family mortgage 8,169 9,315 561 8,295 259 Real estate – commercial mortgage 9,652 12,463 1,861 9,316 206 Installment loans to individuals 117 121 1 130 3 Total $ 21,040 $ 25,679 $ 2,567 $ 21,287 $ 544 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 703 703 — 711 29 Real estate – commercial mortgage — — — — — Installment loans to individuals — — — — — Total $ 703 $ 703 $ — $ 711 $ 29 Totals $ 21,743 $ 26,382 $ 2,567 $ 21,998 $ 573 Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 600 $ 658 $ 173 $ 614 $ 10 Lease financing — — — — — Real estate – construction 576 576 5 576 6 Real estate – 1-4 family mortgage 1,381 1,404 18 1,362 18 Real estate – commercial mortgage 2,066 2,116 338 2,011 40 Installment loans to individuals 246 247 3 247 1 Total $ 4,869 $ 5,001 $ 537 $ 4,810 $ 75 With no related allowance recorded: Commercial, financial, agricultural $ 11 $ 13 $ — $ 13 $ 1 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 3,780 4,383 — 4,407 111 Real estate – commercial mortgage 146 150 — 159 7 Installment loans to individuals 24 33 — 7 — Total $ 3,961 $ 4,579 $ — $ 4,586 $ 119 Totals $ 8,830 $ 9,580 $ 537 $ 9,396 $ 194 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 625 $ 678 $ 52 $ 618 $ 21 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,433 45 1,419 18 Real estate – commercial mortgage 728 733 6 751 26 Installment loans to individuals 154 155 4 155 — Total $ 2,892 $ 2,999 $ 107 $ 2,943 $ 65 With no related allowance recorded: Commercial, financial, agricultural $ 74 $ 79 $ — $ 75 $ 3 Lease financing — — — — — Real estate – construction 1,199 1,207 — 318 47 Real estate – 1-4 family mortgage 4,225 4,740 — 4,161 176 Real estate – commercial mortgage 165 168 — 177 8 Installment loans to individuals 9 10 — 13 — Total $ 5,672 $ 6,204 $ — $ 4,744 $ 234 Totals $ 8,564 $ 9,203 $ 107 $ 7,687 $ 299 |
Restructured loans | Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2018 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 9 1,764 1,763 Real estate – commercial mortgage 2 94 89 Installment loans to individuals — — — Total 11 $ 1,858 $ 1,852 December 31, 2017 Commercial, financial, agricultural 2 $ 331 $ 330 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 8 598 586 Real estate – commercial mortgage 3 683 313 Installment loans to individuals 1 4 3 Total 14 $ 1,616 $ 1,232 December 31, 2016 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction 1 510 518 Real estate – 1-4 family mortgage 11 1,188 1,167 Real estate – commercial mortgage — — — Installment loans to individuals — — — Total 12 $ 1,698 $ 1,685 The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 2 142 127 Real estate – commercial mortgage 2 522 381 Installment loans to individuals — — — Total 5 $ 712 $ 552 December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 |
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 16 1,453 Reclassified as performing 2 183 Reductions due to: Reclassified as nonperforming (7 ) (853 ) Paid in full (8 ) (1,165 ) Charge-offs (1 ) (250 ) Principal paydowns — (304 ) Lapse of concession period (1 ) (923 ) Totals at December 31, 2017 54 $ 5,588 Additional loans with concessions 11 1,861 Reclassified as performing 3 295 Reductions due to: Reclassified as nonperforming (8 ) (639 ) Paid in full (9 ) (1,556 ) Principal paydowns — (224 ) Totals at December 31, 2018 51 $ 5,325 During the years ended December 31, 2017 and 2016 , the Company had $212 and $54 , respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the year ended December 31, 2018 . 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 36 5,703 Reclassified from nonperforming 9 838 Reductions due to: Reclassified as nonperforming (10 ) (786 ) Paid in full (3 ) (323 ) Charge-offs (1 ) (17 ) Principal paydowns — (377 ) Lapse of concession period (1 ) (101 ) Totals at December 31, 2017 72 $ 8,965 Additional loans with concessions 5 712 Reclassified from nonperforming 4 435 Reductions due to: Reclassified as nonperforming (13 ) (1,229 ) Paid in full (14 ) (744 ) Principal paydowns — (644 ) Totals at December 31, 2018 54 $ 7,495 |
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 December 31, 2018 Commercial, financial, agricultural $ 615,803 $ 18,326 $ 6,973 $ 641,102 Real estate – construction 558,494 2,317 8,157 568,968 Real estate – 1-4 family mortgage 321,564 4,660 4,260 330,484 Real estate – commercial mortgage 2,210,100 54,579 24,144 2,288,823 Installment loans to individuals — — — — Total $ 3,705,961 $ 79,882 $ 43,534 $ 3,829,377 December 31, 2017 Commercial, financial, agricultural $ 554,943 $ 11,496 $ 4,402 $ 570,841 Real estate – construction 483,498 662 81 484,241 Real estate – 1-4 family mortgage 254,643 505 8,697 263,845 Real estate – commercial mortgage 1,983,750 50,428 24,241 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,277,755 $ 63,091 $ 37,421 $ 3,378,267 The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2018 Commercial, financial, agricultural $ 333,147 $ 33,857 $ 2,744 $ 369,748 Real estate – construction 101,122 — 842 101,964 Real estate – 1-4 family mortgage 113,874 7,347 7,585 128,806 Real estate – commercial mortgage 1,198,540 43,046 9,984 1,251,570 Installment loans to individuals — — 2 2 Total $ 1,746,683 $ 84,250 $ 21,157 $ 1,852,090 December 31, 2017 Commercial, financial, agricultural $ 241,195 $ 4,974 $ 2,824 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 91,369 2,498 6,172 100,039 Real estate – commercial mortgage 827,372 17,123 9,003 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,241,834 $ 24,595 $ 18,002 $ 1,284,431 |
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 December 31, 2018 Commercial, financial, agricultural $ 233,046 $ 1,501 $ 234,547 Lease financing 61,776 89 61,865 Real estate – construction 66,551 — 66,551 Real estate – 1-4 family mortgage 1,751,994 5,412 1,757,406 Real estate – commercial mortgage 338,367 1,175 339,542 Installment loans to individuals 100,099 325 100,424 Total $ 2,551,833 $ 8,502 $ 2,560,335 December 31, 2017 Commercial, financial, agricultural $ 191,473 $ 1,509 $ 192,982 Lease financing 53,854 159 54,013 Real estate – construction 63,417 — 63,417 Real estate – 1-4 family mortgage 1,462,347 3,342 1,465,689 Real estate – commercial mortgage 330,441 1,216 331,657 Installment loans to individuals 102,409 122 102,531 Total $ 2,203,941 $ 6,348 $ 2,210,289 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 December 31, 2018 Commercial, financial, agricultural $ 21,303 $ 69 $ 21,372 Lease financing — — — Real estate – construction 3,185 — 3,185 Real estate – 1-4 family mortgage 526,699 3,705 530,404 Real estate – commercial mortgage 30,951 185 31,136 Installment loans to individuals 32,676 300 32,976 Total $ 614,814 $ 4,259 $ 619,073 December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Lease financing — — — Real estate – construction 4,511 — 4,511 Real estate – 1-4 family mortgage 459,038 1,141 460,179 Real estate – commercial mortgage 27,495 123 27,618 Installment loans to individuals 16,344 161 16,505 Total $ 518,604 $ 1,471 $ 520,075 |
Related party loans | A summary of the changes in related party loans follows: Loans at December 31, 2017 $ 24,363 New loans and advances 2,249 Loans to directors assumed in acquisition (1) 100 Payments received (3,860 ) Changes in related parties (627 ) Loans at December 31, 2018 $ 22,225 (1) Loans to directors assumed in acquisition are included in the tables in Note 5, “Purchased Loans.” |
Purchased Loans (Tables)
Purchased Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases at December 31: 2018 2017 Commercial, financial, agricultural $ 875,649 $ 763,823 Lease financing 64,992 57,354 Real estate – construction 635,519 547,658 Real estate – 1-4 family mortgage 2,087,890 1,729,534 Real estate – commercial mortgage 2,628,365 2,390,076 Installment loans to individuals 100,424 103,452 Gross loans 6,392,839 5,591,897 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income $ 6,389,712 $ 5,588,556 The following is a summary of purchased loans at December 31: 2018 2017 Commercial, financial, agricultural $ 420,263 $ 275,570 Lease financing — — Real estate – construction 105,149 85,731 Real estate – 1-4 family mortgage 707,453 614,187 Real estate – commercial mortgage 1,423,144 1,037,454 Installment loans to individuals 37,408 18,824 Gross loans 2,693,417 2,031,766 Unearned income — — Loans, net of unearned income $ 2,693,417 $ 2,031,766 The following is a summary of non purchased and purchased loans and leases at December 31: 2018 2017 Commercial, financial, agricultural $ 1,295,912 $ 1,039,393 Lease financing 64,992 57,354 Real estate – construction 740,668 633,389 Real estate – 1-4 family mortgage 2,795,343 2,343,721 Real estate – commercial mortgage 4,051,509 3,427,530 Installment loans to individuals 137,832 122,276 Gross loans 9,086,256 7,623,663 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income 9,083,129 7,620,322 Allowance for loan losses (49,026 ) (46,211 ) Net loans $ 9,034,103 $ 7,574,111 |
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 December 31, 2018 Commercial, financial, agricultural $ 3,397 $ 267 $ 870,457 $ 874,121 $ — $ 1,356 $ 172 $ 1,528 $ 875,649 Lease financing 607 89 64,296 64,992 — — — — 64,992 Real estate – construction 887 — 634,632 635,519 — — — — 635,519 Real estate – 1-4 family mortgage 10,378 2,151 2,071,401 2,083,930 238 2,676 1,046 3,960 2,087,890 Real estate – commercial mortgage 1,880 13 2,621,902 2,623,795 — 2,974 1,596 4,570 2,628,365 Installment loans to individuals 368 165 99,731 100,264 3 157 — 160 100,424 Unearned income — — (3,127 ) (3,127 ) — — — — (3,127 ) Total $ 17,517 $ 2,685 $ 6,359,292 $ 6,379,494 $ 241 $ 7,163 $ 2,814 $ 10,218 $ 6,389,712 December 31, 2017 Commercial, financial, agricultural $ 2,722 $ 22 $ 759,143 $ 761,887 $ 205 $ 1,033 $ 698 $ 1,936 $ 763,823 Lease financing 47 — 57,148 57,195 — 159 — 159 57,354 Real estate – construction 50 — 547,608 547,658 — — — — 547,658 Real estate – 1-4 family mortgage 11,810 2,194 1,712,982 1,726,986 — 1,818 730 2,548 1,729,534 Real estate – commercial mortgage 1,921 727 2,381,871 2,384,519 — 2,877 2,680 5,557 2,390,076 Installment loans to individuals 429 72 102,901 103,402 1 28 21 50 103,452 Unearned income — — (3,341 ) (3,341 ) — — — — (3,341 ) Total $ 16,979 $ 3,015 $ 5,558,312 $ 5,578,306 $ 206 $ 5,915 $ 4,129 $ 10,250 $ 5,588,556 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 December 31, 2018 Commercial, financial, agricultural $ 1,811 $ 97 $ 417,786 $ 419,694 $ — $ 477 $ 92 $ 569 $ 420,263 Lease financing — — — — — — — — — Real estate – construction 1,235 68 103,846 105,149 — — — — 105,149 Real estate – 1-4 family mortgage 8,981 4,455 690,697 704,133 202 1,881 1,237 3,320 707,453 Real estate – commercial mortgage 5,711 2,410 1,413,346 1,421,467 — 1,401 276 1,677 1,423,144 Installment loans to individuals 1,342 202 35,594 37,138 2 24 244 270 37,408 Unearned income — — — — — — — — — Total $ 19,080 $ 7,232 $ 2,661,269 $ 2,687,581 $ 204 $ 3,783 $ 1,849 $ 5,836 $ 2,693,417 December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 Lease financing — — — — — — — — — Real estate – construction 415 — 85,316 85,731 — — — — 85,731 Real estate – 1-4 family mortgage 6,070 2,280 602,464 610,814 385 879 2,109 3,373 614,187 Real estate – commercial mortgage 2,947 2,910 1,031,141 1,036,998 191 99 166 456 1,037,454 Installment loans to individuals 208 9 18,443 18,660 59 — 105 164 18,824 Unearned income — — — — — — — — — Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 |
Impaired loans | Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 1,834 $ 2,280 $ 163 $ 2,079 $ 35 Lease financing — — — — — Real estate – construction 7,302 7,302 63 7,180 162 Real estate – 1-4 family mortgage 9,077 9,767 61 9,212 191 Real estate – commercial mortgage 4,609 5,765 689 4,889 72 Installment loans to individuals 223 232 1 239 2 Total $ 23,045 $ 25,346 $ 977 $ 23,599 $ 462 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction 2,165 2,165 — 2,165 55 Real estate – 1-4 family mortgage — — — — — Real estate – commercial mortgage 1,238 2,860 — 1,316 32 Installment loans to individuals — — — — — Total $ 3,403 $ 5,025 $ — $ 3,481 $ 87 Totals $ 26,448 $ 30,371 $ 977 $ 27,080 $ 549 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 2,365 $ 3,043 $ 138 $ 2,861 $ 47 Lease financing 159 159 2 159 — Real estate – construction 578 578 4 526 29 Real estate – 1-4 family mortgage 8,169 9,315 561 8,295 259 Real estate – commercial mortgage 9,652 12,463 1,861 9,316 206 Installment loans to individuals 117 121 1 130 3 Total $ 21,040 $ 25,679 $ 2,567 $ 21,287 $ 544 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 703 703 — 711 29 Real estate – commercial mortgage — — — — — Installment loans to individuals — — — — — Total $ 703 $ 703 $ — $ 711 $ 29 Totals $ 21,743 $ 26,382 $ 2,567 $ 21,998 $ 573 Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 600 $ 658 $ 173 $ 614 $ 10 Lease financing — — — — — Real estate – construction 576 576 5 576 6 Real estate – 1-4 family mortgage 1,381 1,404 18 1,362 18 Real estate – commercial mortgage 2,066 2,116 338 2,011 40 Installment loans to individuals 246 247 3 247 1 Total $ 4,869 $ 5,001 $ 537 $ 4,810 $ 75 With no related allowance recorded: Commercial, financial, agricultural $ 11 $ 13 $ — $ 13 $ 1 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 3,780 4,383 — 4,407 111 Real estate – commercial mortgage 146 150 — 159 7 Installment loans to individuals 24 33 — 7 — Total $ 3,961 $ 4,579 $ — $ 4,586 $ 119 Totals $ 8,830 $ 9,580 $ 537 $ 9,396 $ 194 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 625 $ 678 $ 52 $ 618 $ 21 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,433 45 1,419 18 Real estate – commercial mortgage 728 733 6 751 26 Installment loans to individuals 154 155 4 155 — Total $ 2,892 $ 2,999 $ 107 $ 2,943 $ 65 With no related allowance recorded: Commercial, financial, agricultural $ 74 $ 79 $ — $ 75 $ 3 Lease financing — — — — — Real estate – construction 1,199 1,207 — 318 47 Real estate – 1-4 family mortgage 4,225 4,740 — 4,161 176 Real estate – commercial mortgage 165 168 — 177 8 Installment loans to individuals 9 10 — 13 — Total $ 5,672 $ 6,204 $ — $ 4,744 $ 234 Totals $ 8,564 $ 9,203 $ 107 $ 7,687 $ 299 |
Purchased credit deteriorated loans | Credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2018 Year Ended December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 3,779 $ 4,071 $ 161 $ 4,276 $ 204 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 12,169 12,601 488 12,894 647 Real estate – commercial mortgage 62,003 65,273 1,901 65,756 3,201 Installment loans to individuals 660 660 2 675 29 Total $ 78,611 $ 82,605 $ 2,552 $ 83,601 $ 4,081 With no related allowance recorded: Commercial, financial, agricultural $ 25,364 $ 40,332 $ — $ 12,102 $ 669 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 36,074 41,222 — 36,801 1,647 Real estate – commercial mortgage 78,435 100,427 — 78,368 3,578 Installment loans to individuals 3,770 7,630 — 2,095 109 Total $ 143,643 $ 189,611 $ — $ 129,366 $ 6,003 Totals $ 222,254 $ 272,216 $ 2,552 $ 212,967 $ 10,084 As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 5,768 $ 6,004 $ 312 $ 5,672 $ 259 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 15,910 16,752 572 16,837 793 Real estate – commercial mortgage 65,108 69,029 892 68,168 3,333 Installment loans to individuals 698 698 1 710 25 Total $ 87,484 $ 92,483 $ 1,777 $ 91,387 $ 4,410 With no related allowance recorded: Commercial, financial, agricultural $ 9,547 $ 18,175 $ — $ 9,208 $ 989 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 38,059 48,297 — 46,983 1,993 Real estate – commercial mortgage 91,230 117,691 — 104,485 5,431 Installment loans to individuals 940 1,063 — 1,109 46 Total $ 139,776 $ 185,226 $ — $ 161,785 $ 8,459 Totals $ 227,260 $ 277,709 $ 1,777 $ 253,172 $ 12,869 |
Restructured loans | Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2018 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 9 1,764 1,763 Real estate – commercial mortgage 2 94 89 Installment loans to individuals — — — Total 11 $ 1,858 $ 1,852 December 31, 2017 Commercial, financial, agricultural 2 $ 331 $ 330 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 8 598 586 Real estate – commercial mortgage 3 683 313 Installment loans to individuals 1 4 3 Total 14 $ 1,616 $ 1,232 December 31, 2016 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction 1 510 518 Real estate – 1-4 family mortgage 11 1,188 1,167 Real estate – commercial mortgage — — — Installment loans to individuals — — — Total 12 $ 1,698 $ 1,685 The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 2 142 127 Real estate – commercial mortgage 2 522 381 Installment loans to individuals — — — Total 5 $ 712 $ 552 December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 |
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 16 1,453 Reclassified as performing 2 183 Reductions due to: Reclassified as nonperforming (7 ) (853 ) Paid in full (8 ) (1,165 ) Charge-offs (1 ) (250 ) Principal paydowns — (304 ) Lapse of concession period (1 ) (923 ) Totals at December 31, 2017 54 $ 5,588 Additional loans with concessions 11 1,861 Reclassified as performing 3 295 Reductions due to: Reclassified as nonperforming (8 ) (639 ) Paid in full (9 ) (1,556 ) Principal paydowns — (224 ) Totals at December 31, 2018 51 $ 5,325 During the years ended December 31, 2017 and 2016 , the Company had $212 and $54 , respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the year ended December 31, 2018 . 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 36 5,703 Reclassified from nonperforming 9 838 Reductions due to: Reclassified as nonperforming (10 ) (786 ) Paid in full (3 ) (323 ) Charge-offs (1 ) (17 ) Principal paydowns — (377 ) Lapse of concession period (1 ) (101 ) Totals at December 31, 2017 72 $ 8,965 Additional loans with concessions 5 712 Reclassified from nonperforming 4 435 Reductions due to: Reclassified as nonperforming (13 ) (1,229 ) Paid in full (14 ) (744 ) Principal paydowns — (644 ) Totals at December 31, 2018 54 $ 7,495 |
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 December 31, 2018 Commercial, financial, agricultural $ 615,803 $ 18,326 $ 6,973 $ 641,102 Real estate – construction 558,494 2,317 8,157 568,968 Real estate – 1-4 family mortgage 321,564 4,660 4,260 330,484 Real estate – commercial mortgage 2,210,100 54,579 24,144 2,288,823 Installment loans to individuals — — — — Total $ 3,705,961 $ 79,882 $ 43,534 $ 3,829,377 December 31, 2017 Commercial, financial, agricultural $ 554,943 $ 11,496 $ 4,402 $ 570,841 Real estate – construction 483,498 662 81 484,241 Real estate – 1-4 family mortgage 254,643 505 8,697 263,845 Real estate – commercial mortgage 1,983,750 50,428 24,241 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,277,755 $ 63,091 $ 37,421 $ 3,378,267 The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2018 Commercial, financial, agricultural $ 333,147 $ 33,857 $ 2,744 $ 369,748 Real estate – construction 101,122 — 842 101,964 Real estate – 1-4 family mortgage 113,874 7,347 7,585 128,806 Real estate – commercial mortgage 1,198,540 43,046 9,984 1,251,570 Installment loans to individuals — — 2 2 Total $ 1,746,683 $ 84,250 $ 21,157 $ 1,852,090 December 31, 2017 Commercial, financial, agricultural $ 241,195 $ 4,974 $ 2,824 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 91,369 2,498 6,172 100,039 Real estate – commercial mortgage 827,372 17,123 9,003 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,241,834 $ 24,595 $ 18,002 $ 1,284,431 |
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 December 31, 2018 Commercial, financial, agricultural $ 233,046 $ 1,501 $ 234,547 Lease financing 61,776 89 61,865 Real estate – construction 66,551 — 66,551 Real estate – 1-4 family mortgage 1,751,994 5,412 1,757,406 Real estate – commercial mortgage 338,367 1,175 339,542 Installment loans to individuals 100,099 325 100,424 Total $ 2,551,833 $ 8,502 $ 2,560,335 December 31, 2017 Commercial, financial, agricultural $ 191,473 $ 1,509 $ 192,982 Lease financing 53,854 159 54,013 Real estate – construction 63,417 — 63,417 Real estate – 1-4 family mortgage 1,462,347 3,342 1,465,689 Real estate – commercial mortgage 330,441 1,216 331,657 Installment loans to individuals 102,409 122 102,531 Total $ 2,203,941 $ 6,348 $ 2,210,289 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 December 31, 2018 Commercial, financial, agricultural $ 21,303 $ 69 $ 21,372 Lease financing — — — Real estate – construction 3,185 — 3,185 Real estate – 1-4 family mortgage 526,699 3,705 530,404 Real estate – commercial mortgage 30,951 185 31,136 Installment loans to individuals 32,676 300 32,976 Total $ 614,814 $ 4,259 $ 619,073 December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Lease financing — — — Real estate – construction 4,511 — 4,511 Real estate – 1-4 family mortgage 459,038 1,141 460,179 Real estate – commercial mortgage 27,495 123 27,618 Installment loans to individuals 16,344 161 16,505 Total $ 518,604 $ 1,471 $ 520,075 |
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 December 31, 2018 Commercial, financial, agricultural $ 29,143 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 48,243 Real estate – commercial mortgage 140,438 Installment loans to individuals 4,430 Total $ 222,254 December 31, 2017 Commercial, financial, agricultural $ 15,315 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | The following table presents the fair value of loans determined to be impaired at the time of acquisition: Total Purchased Credit Deteriorated Loans December 31, 2018 Contractually-required principal and interest $ 319,214 Nonaccretable difference (1) (62,695 ) Cash flows expected to be collected 256,519 Accretable yield (2) (34,265 ) Fair value $ 222,254 December 31, 2017 Contractually-required principal and interest $ 316,854 Nonaccretable difference (1) (57,387 ) Cash flows expected to be collected 259,467 Accretable yield (2) (32,207 ) Fair value $ 227,260 (1) Represents contractual principal cash flows of $52,061 and $48,345 , respectively, and interest cash flows of $10,634 and $9,042 , respectively, not expected to be collected. (2) Represents contractual principal cash flows of $1,667 and $1,640 , respectively, and interest cash flows of $32,598 and $30,567 , 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 $ (37,473 ) Additions through acquisition (1,777 ) Reclasses from nonaccretable difference (9,750 ) Accretion 15,560 Charge-off 1,233 Balance at December 31, 2017 $ (32,207 ) Additions through acquisition (10,143 ) Reclasses from nonaccretable difference (7,883 ) Accretion 15,340 Charge-off 628 Balance at December 31, 2018 $ (34,265 ) |
Investment in loans, net of unearned income on impairment methodology | The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date. At acquisition date: September 1, 2018 Contractually-required principal and interest $ 1,625,137 Nonaccretable difference (123,399 ) Cash flows expected to be collected 1,501,738 Accretable yield (170,651 ) Fair value $ 1,331,087 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 $ 1,198,741 Nonaccretable difference (79,165 ) Cash flows expected to be collected 1,119,576 Accretable yield (154,543 ) Fair value $ 965,033 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 December 31, 2018 Individually evaluated for impairment $ 2,445 $ 10,043 $ 14,238 $ 8,059 $ 493 $ 35,278 Collectively evaluated for impairment 1,264,324 730,625 2,732,862 3,903,012 194,774 8,825,597 Acquired with deteriorated credit quality 29,143 — 48,243 140,438 4,430 222,254 Ending balance $ 1,295,912 $ 740,668 $ 2,795,343 $ 4,051,509 $ 199,697 $ 9,083,129 December 31, 2017 Individually evaluated for impairment $ 3,064 $ 1,777 $ 14,482 $ 10,545 $ 439 $ 30,307 Collectively evaluated for impairment 1,021,014 631,612 2,275,270 3,260,648 174,211 7,362,755 Acquired with deteriorated credit quality 15,315 — 53,969 156,337 1,639 227,260 Ending balance $ 1,039,393 $ 633,389 $ 2,343,721 $ 3,427,530 $ 176,289 $ 7,620,322 (1) Includes lease financing receivables. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases at December 31: 2018 2017 Commercial, financial, agricultural $ 875,649 $ 763,823 Lease financing 64,992 57,354 Real estate – construction 635,519 547,658 Real estate – 1-4 family mortgage 2,087,890 1,729,534 Real estate – commercial mortgage 2,628,365 2,390,076 Installment loans to individuals 100,424 103,452 Gross loans 6,392,839 5,591,897 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income $ 6,389,712 $ 5,588,556 The following is a summary of purchased loans at December 31: 2018 2017 Commercial, financial, agricultural $ 420,263 $ 275,570 Lease financing — — Real estate – construction 105,149 85,731 Real estate – 1-4 family mortgage 707,453 614,187 Real estate – commercial mortgage 1,423,144 1,037,454 Installment loans to individuals 37,408 18,824 Gross loans 2,693,417 2,031,766 Unearned income — — Loans, net of unearned income $ 2,693,417 $ 2,031,766 The following is a summary of non purchased and purchased loans and leases at December 31: 2018 2017 Commercial, financial, agricultural $ 1,295,912 $ 1,039,393 Lease financing 64,992 57,354 Real estate – construction 740,668 633,389 Real estate – 1-4 family mortgage 2,795,343 2,343,721 Real estate – commercial mortgage 4,051,509 3,427,530 Installment loans to individuals 137,832 122,276 Gross loans 9,086,256 7,623,663 Unearned income (3,127 ) (3,341 ) Loans, net of unearned income 9,083,129 7,620,322 Allowance for loan losses (49,026 ) (46,211 ) Net loans $ 9,034,103 $ 7,574,111 |
Rollforward of the allowance for loan losses | The following table provides a roll-forward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Year Ended December 31, 2018 Allowance for loan losses: Beginning balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Charge-offs (2,415 ) (51 ) (2,023 ) (1,197 ) (742 ) (6,428 ) Recoveries 618 13 573 1,108 121 2,433 Net charge-offs (1,797 ) (38 ) (1,450 ) (89 ) (621 ) (3,995 ) Provision for loan losses charged to operations 4,524 1,365 (420 ) 1,197 144 6,810 Ending balance $ 8,269 $ 4,755 $ 10,139 $ 24,492 $ 1,371 $ 49,026 Period-End Amount Allocated to: Individually evaluated for impairment $ 336 $ 68 $ 79 $ 1,027 $ 4 $ 1,514 Collectively evaluated for impairment 7,772 4,687 9,572 21,564 1,365 44,960 Purchased with deteriorated credit quality 161 — 488 1,901 2 2,552 Ending balance $ 8,269 $ 4,755 $ 10,139 $ 24,492 $ 1,371 $ 49,026 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Year Ended December 31, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (2,874 ) — (1,713 ) (1,791 ) (630 ) (7,008 ) Recoveries 422 105 733 1,565 107 2,932 Net charge-offs (2,452 ) 105 (980 ) (226 ) (523 ) (4,076 ) Provision for loan losses charged to operations 2,508 943 (1,305 ) 4,551 853 7,550 Ending balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Period-End Amount Allocated to: Individually evaluated for impairment $ 190 $ 4 $ 606 $ 1,867 $ 7 $ 2,674 Collectively evaluated for impairment 5,040 3,424 10,831 20,625 1,840 41,760 Purchased with deteriorated credit quality 312 — 572 892 1 1,777 Ending balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Year Ended December 31, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Charge-offs (2,725 ) — (3,906 ) (2,123 ) (717 ) (9,471 ) Recoveries 331 47 997 757 109 2,241 Net charge-offs (2,394 ) 47 (2,909 ) (1,366 ) (608 ) (7,230 ) Provision for loan losses 3,716 364 2,616 (879 ) 787 6,604 Benefit attributable to FDIC loss share agreements (61 ) — (115 ) (48 ) (41 ) (265 ) Recoveries payable to FDIC 39 117 794 241 — 1,191 Provision for loan losses charged to operations 3,694 481 3,295 (686 ) 746 7,530 Ending balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Period-End Amount Allocated to: Individually evaluated for impairment $ 446 $ 1 $ 1,134 $ 2,445 $ 115 $ 4,141 Collectively evaluated for impairment 4,668 2,379 12,319 15,008 1,402 35,776 Purchased with deteriorated credit quality 372 — 841 1,606 1 2,820 Ending balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 (1) Includes lease financing receivables. |
Investment in loans, net of unearned income on impairment methodology | The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date. At acquisition date: September 1, 2018 Contractually-required principal and interest $ 1,625,137 Nonaccretable difference (123,399 ) Cash flows expected to be collected 1,501,738 Accretable yield (170,651 ) Fair value $ 1,331,087 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 $ 1,198,741 Nonaccretable difference (79,165 ) Cash flows expected to be collected 1,119,576 Accretable yield (154,543 ) Fair value $ 965,033 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 December 31, 2018 Individually evaluated for impairment $ 2,445 $ 10,043 $ 14,238 $ 8,059 $ 493 $ 35,278 Collectively evaluated for impairment 1,264,324 730,625 2,732,862 3,903,012 194,774 8,825,597 Acquired with deteriorated credit quality 29,143 — 48,243 140,438 4,430 222,254 Ending balance $ 1,295,912 $ 740,668 $ 2,795,343 $ 4,051,509 $ 199,697 $ 9,083,129 December 31, 2017 Individually evaluated for impairment $ 3,064 $ 1,777 $ 14,482 $ 10,545 $ 439 $ 30,307 Collectively evaluated for impairment 1,021,014 631,612 2,275,270 3,260,648 174,211 7,362,755 Acquired with deteriorated credit quality 15,315 — 53,969 156,337 1,639 227,260 Ending balance $ 1,039,393 $ 633,389 $ 2,343,721 $ 3,427,530 $ 176,289 $ 7,620,322 (1) Includes lease financing receivables. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Bank premises and equipment | Bank premises and equipment at December 31 are summarized as follows: 2018 2017 Premises $ 218,730 $ 193,173 Leasehold improvements 10,241 7,736 Furniture and equipment 52,043 45,625 Computer equipment 20,972 15,686 Autos 166 182 Total 302,152 262,402 Accumulated depreciation (92,984 ) (79,148 ) Net $ 209,168 $ 183,254 |
Summary of future minimum lease payments | The following is a summary of future minimum lease payments for years following December 31, 2018 : 2019 $ 9,389 2020 8,199 2021 6,339 2022 4,929 2023 3,711 Thereafter 12,592 Total $ 45,159 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 Residential real estate $ 423 $ 1,910 $ 2,333 Commercial real estate 2,686 1,611 4,297 Residential land development 678 421 1,099 Commercial land development 2,400 911 3,311 Total $ 6,187 $ 4,853 $ 11,040 December 31, 2017 Residential real estate $ 1,683 $ 758 $ 2,441 Commercial real estate 4,314 1,624 5,938 Residential land development 1,100 781 1,881 Commercial land development 4,427 1,247 5,674 Total $ 11,524 $ 4,410 $ 15,934 |
Changes in OREO covered and not covered under a loss-share agreement | Changes in the Company’s purchased and non purchased OREO were as follows for the periods presented: Purchased OREO Non Purchased OREO Total OREO Balance at December 31, 2016 $ 17,370 $ 5,929 $ 23,299 Purchased OREO 1,203 — 1,203 Transfers of loans 4,970 1,729 6,699 Impairments (1,199 ) (694 ) (1,893 ) Dispositions (10,438 ) (3,027 ) (13,465 ) Other (382 ) 473 91 Balance at December 31, 2017 $ 11,524 $ 4,410 $ 15,934 Transfers of loans 906 2,920 3,826 Impairments (1,021 ) (524 ) (1,545 ) Dispositions (5,220 ) (1,907 ) (7,127 ) Other (2 ) (46 ) (48 ) Balance at December 31, 2018 $ 6,187 $ 4,853 $ 11,040 |
Components of "Other real estate owned" in the Consolidated Statements of Income | Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows, as of the dates presented: December 31, 2018 2017 2016 Repairs and maintenance $ 425 $ 728 $ 962 Property taxes and insurance 385 423 1,374 Impairments 1,545 1,893 3,018 Net (gains) losses on OREO sales (423 ) (405 ) 590 Rental income (40 ) (169 ) (248 ) Total $ 1,892 $ 2,470 $ 5,696 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill | Changes in the carrying amount of goodwill during the years ended December 31, 2018 and 2017 were as follows: Community Banks Insurance Total Balance at December 31, 2016 $ 467,767 $ 2,767 $ 470,534 Addition to goodwill from Metropolitan acquisition 140,512 — 140,512 Balance at December 31, 2017 $ 608,279 $ 2,767 $ 611,046 Addition to goodwill from Brand acquisition 321,882 — 321,882 Balance at December 31, 2018 $ 930,161 $ 2,767 $ 932,928 |
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 December 31, 2018 Core deposit intangible $ 82,492 $ (38,634 ) $ 43,858 Customer relationship intangible 1,970 (963 ) 1,007 Total finite-lived intangible assets $ 84,462 $ (39,597 ) $ 44,865 December 31, 2017 Core deposit intangible $ 54,958 $ (31,586 ) $ 23,372 Customer relationship intangible 1,970 (832 ) 1,138 Total finite-lived intangible assets $ 56,928 $ (32,418 ) $ 24,510 |
Estimated amortization expense of finite-lived intangible assets for future periods | The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2019 $ 7,965 $ 131 $ 8,096 2020 6,939 131 7,070 2021 5,860 131 5,991 2022 4,940 131 5,071 2023 4,044 131 4,175 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Changes in the Company's mortgage servicing rights | Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows, for the periods presented: Carrying Value at January 1, 2017 $ 26,302 Capitalization 16,973 Amortization (3,936 ) Carrying Value at December 31, 2017 $ 39,339 Capitalization 13,905 Amortization (5,014 ) Carrying Value at December 31, 2018 $ 48,230 |
Data and key economic assumptions related to the Company's mortgage servicing rights | Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 2018 2017 2016 Unpaid principal balance $ 4,635,712 $ 4,012,519 $ 2,763,344 Weighted-average prepayment speed (CPR) 7.95 % 8.04 % 7.34 % Estimated impact of a 10% increase $ (1,264 ) $ (1,592 ) $ (1,034 ) Estimated impact of a 20% increase (2,569 ) (3,095 ) (2,010 ) Discount rate 9.45 % 9.69 % 9.64 % Estimated impact of a 100bp increase $ (2,657 ) $ (2,027 ) $ (1,368 ) Estimated impact of a 200bp increase (5,103 ) (3,896 ) (2,629 ) Weighted-average coupon interest rate 4.04 % 3.89 % 3.83 % Weighted-average servicing fee (basis points) 27.47 26.36 25.87 Weighted-average remaining maturity (in years) 8.03 7.98 11.11 |
Deposit (Tables)
Deposit (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of deposits | The following is a summary of deposits as of December 31: 2018 2017 Noninterest-bearing deposits $ 2,318,706 $ 1,840,424 Interest-bearing demand deposits 4,822,382 3,702,019 Savings deposits 624,685 571,948 Time deposits 2,362,784 1,806,684 Total deposits $ 10,128,557 $ 7,921,075 |
Schedule of maturities time deposits | The approximate scheduled maturities of time deposits at December 31, 2018 are as follows: 2019 $ 1,389,489 2020 562,971 2021 314,346 2022 72,034 2023 21,663 Thereafter 2,281 Total $ 2,362,784 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Short-term borrowings | Short-term borrowings as of December 31 are summarized as follows: 2018 2017 Securities sold under agreements to repurchase $ 7,706 $ 6,814 Federal Home Loan Bank short-term advances 380,000 83,000 Total short-term borrowings $ 387,706 $ 89,814 |
Average balances and cost of funds of short-term borrowings | The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows: Average Balances Cost of Funds 2018 2017 2016 2018 2017 2016 Federal Home Loan Bank short-term advances $ 147,749 $ 208,332 $ 344,724 2.21 % 1.27 % 0.46 % Securities sold under agreements to repurchase 7,986 9,215 12,205 0.17 0.17 0.20 Total short-term borrowings $ 155,735 $ 217,547 $ 356,929 2.10 % 1.22 % 0.45 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt as of December 31, 2018 and 2017 is summarized as follows: 2018 2017 Federal Home Loan Bank advances $ 6,690 $ 7,493 Other long-term debt 53 98 Junior subordinated debentures 109,636 85,881 Subordinated notes 147,239 114,074 Total long-term debt $ 263,618 $ 207,546 |
Debentures | The following table provides details on the debentures as of December 31, 2018 : Principal Amount Interest Rate Year of Maturity Amount Included in Tier 1 Capital PHC Statutory Trust I $ 20,619 5.64 % 2033 $ 20,000 PHC Statutory Trust II 31,959 4.66 2035 31,000 Capital Bancorp Capital Trust I 12,372 4.30 2035 12,000 First M&F Statutory Trust I 30,928 4.12 2036 20,550 Brand Group Holdings Statutory Trust I 10,310 4.85 2035 9,056 Brand Group Holdings Statutory Trust II 5,155 5.79 2037 5,061 Brand Group Holdings Statutory Trust III 5,155 5.79 2038 5,061 Brand Group Holdings Statutory Trust IV 3,093 6.54 2038 3,317 |
Aggregate stated maturities of long-term debt outstanding | The aggregate stated maturities of long-term debt outstanding at December 31, 2018 , are summarized as follows: 2019 $ 1,811 2020 272 2021 180 2022 516 2023 824 Thereafter 260,015 Total $ 263,618 |
Employee Benefit and Deferred_2
Employee Benefit and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Information relating to the defined benefit pension plan and post-retirement health and life plans | Information relating to the defined benefit pension plan maintained by the Renasant Bank (“Pension Benefits - Renasant”) and to the post-retirement health and life plan (“Other Benefits”) as of December 31, 2018 and 2017 is as follows: Pension Benefits Renasant Other Benefits 2018 2017 2018 2017 Change in benefit obligation Benefit obligation at beginning of year $ 27,859 $ 28,012 $ 1,170 $ 1,566 Service cost — — 8 9 Interest cost 1,043 1,168 31 42 Plan participants’ contributions — — 75 77 Actuarial (gain) loss (2,016 ) 582 (239 ) (328 ) Benefits paid (1,941 ) (1,903 ) (164 ) (196 ) Benefit obligation at end of year $ 24,945 $ 27,859 $ 881 $ 1,170 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 26,913 $ 25,241 Actual return on plan assets 234 3,575 Contribution by employer — — Benefits paid (1,941 ) (1,903 ) Fair value of plan assets at end of year $ 25,206 $ 26,913 Funded status at end of year $ 261 $ (946 ) $ (881 ) $ (1,170 ) Weighted-average assumptions as of December 31 Discount rate used to determine the benefit obligation 4.56 % 3.96 % 4.07 % 3.37 % |
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the years ended December 31, 2018 , 2017 and 2016 are as follows: Pension Benefits Renasant Pension Benefits HeritageBank (1) Other Benefits 2018 2017 2016 2016 2018 2017 2016 Service cost $ — $ — $ — $ — $ 8 $ 9 $ 12 Interest cost 1,043 1,168 1,216 172 31 42 58 Expected return on plan assets (2,077 ) (1,941 ) (1,872 ) (113 ) — — — Prior service cost recognized — — — — — — — Recognized actuarial loss 328 401 404 — — 6 76 Settlement/curtailment/termination losses — — — (780 ) — — — Net periodic benefit cost (706 ) (372 ) (252 ) (721 ) 39 57 146 Net actuarial (gain) loss arising during the period (173 ) (1,051 ) 5 (397 ) (240 ) (328 ) (56 ) Net Settlement/curtailment/termination losses — — — 780 — — — Amortization of net actuarial loss recognized in net periodic pension cost (328 ) (401 ) (404 ) — — (6 ) (76 ) Total recognized in other comprehensive income (501 ) (1,452 ) (399 ) (383 ) (240 ) (334 ) (132 ) Total recognized in net periodic benefit cost and other comprehensive income $ (1,207 ) $ (1,824 ) $ (651 ) $ (338 ) $ (201 ) $ (277 ) $ 14 Weighted-average assumptions as of December 31 Discount rate used to determine net periodic pension cost 3.96 % 4.35 % 4.56 % 4.27 % 3.37 % 3.57 % 3.63 % Expected return on plan assets 6.00 % 8.00 % 8.00 % 3.00 % N/A N/A N/A (1) Because the final distribution of benefits under the HeritageBank of the South Defined Benefit Plan was completed in 2016, there was no impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2018 and 2017 . |
Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan | Future estimated benefit payments under the Renasant defined benefit pension plan and post-retirement health and life plan are as follows: Pension Benefits Renasant Other Benefits 2019 $ 1,968 $ 156 2020 1,973 141 2021 1,988 126 2022 1,980 103 2023 1,958 101 2024 - 2028 9,277 279 |
Amounts recognized in accumulated other comprehensive income, net of tax | Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2018 are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss (gain) 9,562 (155 ) Total $ 9,562 $ (155 ) |
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss (gain) 345 (56 ) Total $ 345 $ (56 ) |
Fair values of defined benefit pension plan assets by category of the firm | Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at NAV Totals December 31, 2018 Cash and cash equivalents $ 40 $ — $ — $ — $ 40 Investments in collective trusts — — — 25,166 25,166 $ 40 $ — $ — $ 25,166 $ 25,206 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at NAV Totals December 31, 2017 Cash and cash equivalents $ 387 $ — $ — $ — $ 387 U.S. government securities — 2,496 — — 2,496 Corporate debt — 1,908 — — 1,908 Corporate stocks 20,557 — — — 20,557 Investments in registered investment companies 921 — — — 921 Foreign obligations — 644 — — 644 $ 21,865 $ 5,048 $ — $ — $ 26,913 |
Summarizes information about options issued under the long-term equity incentive plan | The following table summarizes information about options outstanding, exercised and forfeited as of and for the three years ended December 31, 2018 , 2017 and 2016 : Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1, 2016 621,446 $ 17.88 Granted — — Exercised (435,177 ) 18.67 Forfeited (644 ) 29.67 Outstanding at December 31, 2016 185,625 $ 15.97 3.91 $ 4,872 Exercisable at December 31, 2016 185,625 $ 15.97 3.91 $ 4,872 Granted — — Exercised (95,875 ) 16.25 Forfeited — — Outstanding at December 31, 2017 89,750 $ 15.67 3.14 $ 2,263 Exercisable at December 31, 2017 89,750 $ 15.67 3.14 $ 2,263 Granted — — Exercised (41,000 ) 15.54 Forfeited (5,000 ) 15.32 Outstanding at December 31, 2018 43,750 $ 15.84 2.63 $ 627 Exercisable at December 31, 2018 43,750 $ 15.84 2.63 $ 627 |
Summary of the changes in restricted stock | The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2018 : Performance- Based Restricted Stock (1) Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Not vested at beginning of year — $ — 218,075 $ 39.08 Granted 110,652 40.89 188,272 42.93 Vested (66,338 ) 40.89 (75,829 ) 36.98 Cancelled (3,014 ) 40.89 (25,563 ) 40.97 Not vested at end of year 41,300 $ 40.89 304,955 $ 41.82 (1) In January 2018 , the Company awarded an aggregate of 53,883 shares of performance-based restricted stock (at the target level), subject to a one-year performance cycle. An aggregate of 3,014 shares was forfeited and canceled prior to the end of the performance cycle. The Company's financial performance exceeded target levels, increasing the award by an aggregate of 15,469 shares. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | The following table provides details on the Company’s derivative financial instruments as of the dates presented: Fair Value Balance Sheet December 31, Location 2018 2017 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 2,779 $ 3,171 Interest rate lock commitments Other Assets 3,740 2,756 Forward commitments Other Assets — 50 Totals $ 6,519 $ 5,977 Derivative liabilities: Designated as hedging instruments: Interest rate swap Other Liabilities $ 2,046 $ 2,536 Totals $ 2,046 $ 2,536 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 2,779 $ 3,171 Interest rate lock commitments Other Liabilities — 4 Forward commitments Other Liabilities 3,563 328 Totals $ 6,342 $ 3,503 |
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 dates presented: Year Ended December 31, 2018 2017 2016 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 4,137 $ 3,981 $ 2,402 Interest rate lock commitments: Included in mortgage banking income 779 356 (2,111 ) Forward commitments Included in mortgage banking income (3,069 ) (4,489 ) 4,275 Total $ 1,847 $ (152 ) $ 4,566 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented: Offsetting Derivative Assets Offsetting Derivative Liabilities December 31, December 31, December 31, December 31, Gross amounts recognized $ 1,620 $ 717 $ 6,768 $ 5,303 Gross amounts offset in the consolidated balance sheets — — — — Net amounts presented in the consolidated balance sheets 1,620 717 6,768 5,303 Gross amounts not offset in the consolidated balance sheets Financial instruments 1,620 717 1,620 717 Financial collateral pledged — — 2,745 4,357 Net amounts $ — $ — $ 2,403 $ 229 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of the provision for income taxes | Significant components of the provision for income taxes are as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Current Federal $ 22,658 $ 28,380 $ 31,679 State 2,625 1,354 2,131 25,283 29,734 33,810 Deferred Federal 13,369 22,314 10,480 State 3,075 1,147 557 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act — 14,486 — 16,444 37,947 11,037 $ 41,727 $ 67,681 $ 44,847 Components of the Company’s investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented as follows: Year Ended December 31, 2018 2017 Investment amortization $ 1,592 $ 1,714 Tax credits and other benefits (2,290 ) (2,190 ) Total $ (698 ) $ (476 ) |
Reconciliation of income taxes computed at the United States federal statutory tax rates | The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented: Year Ended December 31, 2018 2017 2016 Tax at U.S. statutory rate $ 39,616 $ 55,955 $ 47,522 Increase (decrease) in taxes resulting from: Tax-exempt interest income (1,433 ) (3,595 ) (3,467 ) BOLI income (975 ) (1,524 ) (1,622 ) Investment tax credits (1,863 ) (1,591 ) (1,390 ) Amortization of investment in low-income housing tax credits 1,592 1,873 1,742 State income tax expense, net of federal benefit 4,502 1,626 1,747 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act — 14,486 — Other items, net 288 451 315 $ 41,727 $ 67,681 $ 44,847 |
Significant components of the Company's deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented: December 31, 2018 2017 Deferred tax assets Allowance for loan losses $ 14,097 $ 13,966 Loans 18,655 15,062 Deferred compensation 10,001 7,093 Net unrealized losses on securities 6,180 3,659 Impairment of assets 1,280 1,748 Net operating loss carryforwards 19,065 2,419 Other 3,610 4,722 Gross deferred tax assets 72,888 48,669 Valuation allowance on state net operating loss carryforwards — — Total deferred tax assets 72,888 48,669 Deferred tax liabilities Investment in partnerships 1,572 757 Depreciation 3,865 3,163 Mortgage servicing rights 12,350 10,139 Subordinated debt 1,607 2,394 Other 1,792 1,859 Total deferred tax liabilities 21,186 18,312 Net deferred tax assets $ 51,702 $ 30,357 |
Summary of operating loss carryforwards | The table below presents the breakout of net operating losses for the periods presented. December 31, 2018 2017 Net Operating Losses Federal $ 76,919 $ 5,920 State 65,583 7,319 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below. These amounts have been adjusted for the change in the tax rate from 35% to 21%. 2018 2017 2016 Balance at January 1 $ 1,606 $ 1,510 $ 1,485 Additions based on positions related to current period 313 467 25 Reductions due to lapse of statute of limitations — (371 ) — Balance at December 31 $ 1,919 $ 1,606 $ 1,510 |
Investments in Qualified Affo_2
Investments in Qualified Affordable Housing Projects (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Components of qualified affordable housing projects included in income taxes | Significant components of the provision for income taxes are as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Current Federal $ 22,658 $ 28,380 $ 31,679 State 2,625 1,354 2,131 25,283 29,734 33,810 Deferred Federal 13,369 22,314 10,480 State 3,075 1,147 557 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act — 14,486 — 16,444 37,947 11,037 $ 41,727 $ 67,681 $ 44,847 Components of the Company’s investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented as follows: Year Ended December 31, 2018 2017 Investment amortization $ 1,592 $ 1,714 Tax credits and other benefits (2,290 ) (2,190 ) Total $ (698 ) $ (476 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair values of financial assets and liabilities measured on a recurring basis | The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: Level 1 Level 2 Level 3 Totals December 31, 2018 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,511 $ — $ 2,511 Obligations of states and political subdivisions — 203,269 — 203,269 Residential mortgage-backed securities: Government agency-mortgage backed securities — 613,283 — 613,283 Government agency collateralized mortgage obligations — 326,989 — 326,989 Commercial mortgage-backed securities: Government agency-mortgage backed securities — 21,830 — 21,830 Government agency collateralized mortgage obligations — 28,335 — 28,335 Trust preferred securities — — 10,633 10,633 Other debt securities — 43,927 — 43,927 Total securities available for sale — 1,240,144 10,633 1,250,777 Derivative instruments: Interest rate contracts — 2,779 — 2,779 Interest rate lock commitments — 3,740 — 3,740 Forward commitments — — — — Total derivative instruments — 6,519 — 6,519 Mortgage loans held for sale in loans held for sale — 219,848 — 219,848 Total financial assets $ — $ 1,466,511 $ 10,633 $ 1,477,144 Financial liabilities: Derivative instruments: Interest rate swap $ — $ 2,046 $ — $ 2,046 Interest rate contracts — 2,779 — 2,779 Interest rate lock commitments — — — — Forward commitments — 3,563 — 3,563 Total derivative instruments — 8,388 — 8,388 Total financial liabilities $ — $ 8,388 $ — $ 8,388 Level 1 Level 2 Level 3 Totals December 31, 2017 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 3,564 $ — $ 3,564 Obligations of states and political subdivisions — 234,481 — 234,481 Residential mortgage-backed securities: Government agency mortgage-backed securities — 193,950 — 193,950 Government agency collateralized mortgage obligations — 176,639 — 176,639 Commercial mortgage-backed securities: Government agency-mortgage backed securities — 31,170 — 31,170 Government agency collateralized mortgage obligations — 5,006 — 5,006 Trust preferred securities — — 9,388 9,388 Other debt securities — 17,290 — 17,290 Total securities available for sale — 662,100 9,388 671,488 Derivative instruments: Interest rate contracts — 3,171 — 3,171 Interest rate lock commitments — 2,756 — 2,756 Forward commitments — 50 — 50 Total derivative instruments — 5,977 — 5,977 Mortgage loans held for sale in loans held for sale — 108,316 — 108,316 Total financial assets $ — $ 776,393 $ 9,388 $ 785,781 Financial liabilities: Derivative instruments: Interest rate swap $ — $ 2,536 $ — $ 2,536 Interest rate contracts — 3,171 — 3,171 Interest rate lock commitments — 4 — 4 Forward commitments — 328 — 328 Total derivative instruments — 6,039 — 6,039 Total financial liabilities $ — $ 6,039 $ — $ 6,039 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following table provides for the periods presented a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs: Securities available for sale Trust preferred securities Balance at January 1, 2017 $ 18,389 Realized (gains) losses included in net income, net of premium amortization 25 Unrealized gains included in other comprehensive income 2,364 Sales (9,346 ) Issues — Settlements (2,044 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at December 31, 2017 $ 9,388 Realized (gains) losses included in net income, net of premium amortization 34 Unrealized gains included in other comprehensive income 1,328 Sales — Issues — Settlements (117 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at December 31, 2018 $ 10,633 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis | The following table presents information as of December 31, 2018 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 $ 10,633 Discounted cash flows Default rate 0-100% |
Impaired loans measured at fair value on a nonrecurring basis | Consolidated Balance Sheets at period end and the level within the fair value hierarchy each is classified: Level 1 Level 2 Level 3 Totals December 31, 2018 Impaired loans $ — $ — $ 21,686 $ 21,686 OREO — — 4,319 4,319 Total $ — $ — $ 26,005 $ 26,005 Level 1 Level 2 Level 3 Totals December 31, 2017 Impaired loans $ — $ — $ 19,365 $ 19,365 OREO — — 7,392 7,392 Total $ — $ — $ 26,757 $ 26,757 |
OREO measured at fair value on a nonrecurring basis | The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end: December 31, 2018 December 31, 2017 Carrying amount prior to remeasurement $ 5,258 $ 8,732 Impairment recognized in results of operations (939 ) (1,340 ) Fair value $ 4,319 $ 7,392 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis | The following table presents information as of December 31, 2018 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impaired loans $ 21,686 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO $ 4,319 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 December 31, 2018 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale $ 219,848 $ 211,460 $ 8,388 Past due loans of 90 days or more — — — Nonaccrual loans — — — |
Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2018 Financial assets Cash and cash equivalents $ 569,111 $ 569,111 $ — $ — $ 569,111 Securities available for sale 1,250,777 — 1,240,144 10,633 1,250,777 Loans held for sale 411,427 — 219,848 191,579 411,427 Loans, net 9,034,103 — — 8,818,039 8,818,039 Mortgage servicing rights 48,230 — — 61,111 61,111 Derivative instruments 6,519 — 6,519 — 6,519 Financial liabilities Deposits $ 10,128,557 $ 7,765,773 $ 2,337,334 $ — $ 10,103,107 Short-term borrowings 387,706 387,706 — — 387,706 Other long-term borrowings 53 53 — — 53 Federal Home Loan Bank advances 6,690 — 6,751 — 6,751 Junior subordinated debentures 109,636 — 109,766 — 109,766 Subordinated notes 147,239 — 148,875 — 148,875 Derivative instruments 8,388 — 8,388 — 8,388 Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets Cash and cash equivalents $ 281,453 $ 281,453 $ — $ — $ 281,453 Securities available for sale 671,488 — 662,100 9,388 671,488 Loans held for sale 108,316 — 108,316 — 108,316 Loans, net 7,574,111 — — 7,514,185 7,514,185 Mortgage servicing rights 39,339 — — 47,868 47,868 Derivative instruments 5,977 — 5,977 — 5,977 Financial liabilities Deposits $ 7,921,075 $ 6,114,391 $ 1,809,085 $ — $ 7,923,476 Short-term borrowings 89,814 89,814 — — 89,814 Other long-term borrowings 98 98 — — 98 Federal Home Loan Bank advances 7,493 — 7,661 — 7,661 Junior subordinated debentures 85,881 — 69,702 — 69,702 Subordinated notes 114,074 — 118,650 — 118,650 Derivative instruments 6,039 — 6,039 — 6,039 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes in the components of other comprehensive income | Changes in the components of other comprehensive income, net of tax, were as follows: Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2018 Securities available for sale: Unrealized holding losses on securities $ (11,155 ) $ (2,840 ) $ (8,315 ) Reclassification adjustment for losses realized in net income (1) 16 4 12 Total securities available for sale (11,139 ) (2,836 ) (8,303 ) Derivative instruments: Unrealized holding gains on derivative instruments 490 125 365 Total derivative instruments 490 125 365 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 413 105 308 Amortization of net actuarial loss recognized in net periodic pension cost (2) 328 83 245 Total defined benefit pension and post-retirement benefit plans 741 188 553 Total other comprehensive loss $ (9,908 ) $ (2,523 ) $ (7,385 ) Year Ended December 31, 2017 Securities available for sale: Unrealized holding losses on securities $ (3,617 ) $ (1,399 ) $ (2,218 ) Unrealized holding gains on securities transferred from held to maturity to available for sale 13,219 5,111 8,108 Reclassification adjustment for gains realized in net income (1) (148 ) (57 ) (91 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (282 ) (109 ) (173 ) Total securities available for sale 9,172 3,546 5,626 Derivative instruments: Unrealized holding gains on derivative instruments 874 338 536 Total derivative instruments 874 338 536 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 1,379 351 1,028 Amortization of net actuarial loss recognized in net periodic pension cost (2) 407 158 249 Total defined benefit pension and post-retirement benefit plans 1,786 509 1,277 Total other comprehensive income $ 11,832 $ 4,393 $ 7,439 Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2016 Securities available for sale: Unrealized holding losses on securities $ (10,119 ) $ (3,913 ) $ (6,206 ) Reclassification adjustment for gains realized in net income (1) (1,186 ) (459 ) (727 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (99 ) (38 ) (61 ) Total securities available for sale (11,404 ) (4,410 ) (6,994 ) Derivative instruments: Unrealized holding gains on derivative instruments 856 329 527 Total derivative instruments 856 329 527 Defined benefit pension and post-retirement benefit plans: Net loss arising during the period 51 20 31 Amortization of net actuarial loss recognized in net periodic pension cost (2) 480 178 302 Reclassification of adjustment for net settlement gain realized in net income (2) (383 ) (148 ) (235 ) Total defined benefit pension and post-retirement benefit plans 148 50 98 Total other comprehensive loss $ (10,400 ) $ (4,031 ) $ (6,369 ) (1) Included in Net (losses) gains on sales of securities in the Consolidated Statements of Income (2) Included in Salaries and employee benefits in the Consolidated Statements of Income |
Accumulated balances for each component of other comprehensive income, net of tax | The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows: 2018 2017 2016 Unrealized gains on securities $ 1,066 $ 9,369 $ 9,490 Non-credit related portion of other-than-temporary impairment on securities (11,319 ) (11,319 ) (16,719 ) Unrealized losses on derivative instruments (630 ) (995 ) (1,355 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,013 ) (7,566 ) (7,320 ) Total accumulated other comprehensive loss $ (17,896 ) $ (10,511 ) $ (15,904 ) |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of the unaudited quarterly results of operations | The following table sets forth a summary of the unaudited quarterly results of operations. First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Interest income $ 100,380 $ 106,574 $ 117,795 $ 137,105 Interest expense 11,140 14,185 18,356 21,648 Net interest income 89,240 92,389 99,439 115,457 Provision for loan losses 1,750 1,810 2,250 1,000 Noninterest income 33,953 35,581 38,053 36,374 Noninterest expense 77,944 79,026 94,746 93,313 Income before income taxes 43,499 47,134 40,496 57,518 Income taxes 9,673 10,424 8,532 13,098 Net income $ 33,826 $ 36,710 $ 31,964 $ 44,420 Basic earnings per share $ 0.69 $ 0.74 $ 0.61 $ 0.76 Diluted earnings per share $ 0.68 $ 0.74 $ 0.61 $ 0.76 2017 Interest income $ 81,889 $ 87,579 $ 100,695 $ 104,587 Interest expense 7,874 7,976 10,678 11,325 Net interest income 74,015 79,603 90,017 93,262 Provision for loan losses 1,500 1,750 2,150 2,150 Noninterest income 32,021 34,265 33,413 32,441 Noninterest expense 69,309 74,841 80,660 76,808 Income before income taxes 35,227 37,277 40,620 46,745 Income taxes 11,255 11,993 14,199 30,234 Net income $ 23,972 $ 25,284 $ 26,421 $ 16,511 Basic earnings per share $ 0.54 $ 0.57 $ 0.54 $ 0.33 Diluted earnings per share $ 0.54 $ 0.57 $ 0.53 $ 0.33 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic and diluted net income per common share | Basic and diluted net income per common share calculations are as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Basic Net income applicable to common stock $ 146,920 $ 92,188 $ 90,930 Average common shares outstanding 52,492,104 46,874,502 41,737,636 Net income per common share—basic $ 2.80 $ 1.97 $ 2.18 Diluted Net income applicable to common stock $ 146,920 $ 92,188 $ 90,930 Average common shares outstanding 52,492,104 46,874,502 41,737,636 Effect of dilutive stock-based compensation 134,746 127,014 251,819 Average common shares outstanding—diluted 52,626,850 47,001,516 41,989,455 Net income per common share—diluted $ 2.79 $ 1.96 $ 2.17 |
Schedule of potentially dilutive securities excluded from computation of earnings per share | Outstanding stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: Year Ended December 31, 2018 2017 2016 Number of shares 73,257 77,545 — Range of exercise prices (for stock option awards) — — — |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Guidelines specify 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 bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Common Equity Tier 1 to Tier 1 Capital to Total Capital to 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 for the Company and for Renasant Bank | The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31: 2018 2017 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 1,188,412 10.11 % $ 979,604 10.18 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,085,751 11.05 % 896,733 11.34 % Tier 1 Capital to Risk-Weighted Assets 1,188,412 12.10 % 979,604 12.39 % Total Capital to Risk-Weighted Assets 1,386,507 14.12 % 1,142,926 14.46 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,276,976 10.88 % $ 1,000,715 10.42 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,276,976 13.02 % 1,000,715 12.69 % Tier 1 Capital to Risk-Weighted Assets 1,276,976 13.02 % 1,000,715 12.69 % Total Capital to Risk-Weighted Assets 1,331,619 13.58 % 1,050,751 13.32 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Financial information for operating segments | The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 2018 , 2017 and 2016 : Community Banks Insurance Wealth Management Other Consolidated 2018 Net interest income $ 406,420 $ 484 $ 1,297 $ (11,676 ) $ 396,525 Provision for loan losses 6,810 — — — 6,810 Noninterest income 120,559 9,831 14,537 (966 ) 143,961 Noninterest expense 323,439 7,294 13,336 960 345,029 Income before income taxes 196,730 3,021 2,498 (13,602 ) 188,647 Income taxes 44,464 786 — (3,523 ) 41,727 Net income (loss) $ 152,266 $ 2,235 $ 2,498 $ (10,079 ) $ 146,920 Total assets $ 12,828,586 $ 25,798 $ 60,794 $ 19,700 $ 12,934,878 Goodwill 930,161 2,767 — — 932,928 2017 Net interest income $ 344,499 $ 457 $ 2,160 $ (10,219 ) $ 336,897 Provision for loan losses 7,550 — — — 7,550 Noninterest income 110,308 9,530 12,863 (561 ) 132,140 Noninterest expense 281,698 6,957 11,785 1,178 301,618 Income before income taxes 165,559 3,030 3,238 (11,958 ) 159,869 Income taxes 70,257 1,184 — (3,760 ) 67,681 Net income (loss) $ 95,302 $ 1,846 $ 3,238 $ (8,198 ) $ 92,188 Total assets $ 9,717,779 $ 26,470 $ 61,330 $ 24,402 $ 9,829,981 Goodwill 608,279 2,767 — — 611,046 2016 Net interest income $ 305,583 $ 350 $ 1,846 $ (6,788 ) $ 300,991 Provision for loan losses 7,530 — — — 7,530 Noninterest income 114,615 10,074 12,354 372 137,415 Noninterest expense 276,260 6,873 11,099 867 295,099 Income before income taxes 136,408 3,551 3,101 (7,283 ) 135,777 Income taxes 46,352 1,385 — (2,890 ) 44,847 Net income (loss) $ 90,056 $ 2,166 $ 3,101 $ (4,393 ) $ 90,930 Total assets $ 8,602,022 $ 23,693 $ 54,857 $ 19,279 $ 8,699,851 Goodwill 467,767 2,767 — — 470,534 |
Renasant Corporation (Parent _2
Renasant Corporation (Parent Company Only) Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Balance Sheets | Balance Sheets December 31, 2018 2017 Assets Cash and cash equivalents (1) $ 44,581 $ 81,839 Investments 1,662 2,734 Loans, net 640 — Investment in bank subsidiary (2) 2,236,932 1,618,993 Accrued interest receivable on bank balances (2) 6 6 Intercompany receivable (2) 1,618 4,210 Other assets 18,574 10,839 Total assets $ 2,304,013 $ 1,718,621 Liabilities and shareholders’ equity Junior subordinated debentures $ 109,636 $ 85,881 Subordinated notes 147,239 114,074 Other liabilities 3,225 3,683 Shareholders’ equity 2,043,913 1,514,983 Total liabilities and shareholders’ equity $ 2,304,013 $ 1,718,621 (1) Eliminates in consolidation, with the exception of $3,737 and $3,643 , in 2018 and 2017, respectively, pledged for collateral and held at non-subsidiary bank (2) Eliminates in consolidation |
Statements of Income | Statements of Income Year Ended December 31, 2018 2017 2016 Income Dividends from bank subsidiary (1) $ 53,381 $ 34,416 $ 29,733 Interest income from bank subsidiary (1) 8 8 8 Other dividends 137 94 469 Other income 121 588 1,275 Total income 53,647 35,106 31,485 Expenses 13,869 12,649 9,036 Income before income tax benefit and equity in undistributed net income of bank subsidiary 39,778 22,457 22,449 Income tax benefit (3,523 ) (3,761 ) (2,890 ) Equity in undistributed net income of bank subsidiary (1) 103,619 65,970 65,591 Net income $ 146,920 $ 92,188 $ 90,930 (1) Eliminates in consolidation |
Statements of Cash Flows | Statements of Cash Flows Year Ended December 31, 2018 2017 2016 Operating activities Net income $ 146,920 $ 92,188 $ 90,930 Adjustments to reconcile net income to net cash provided by operating activities: Gain on sale of securities — — (1,186 ) Equity in undistributed net income of bank subsidiary (103,619 ) (65,970 ) (65,591 ) Amortization/depreciation/accretion 160 656 560 Decrease (increase) in other assets 3,381 (1,069 ) (556 ) (Decrease) increase in other liabilities (171 ) (2,291 ) 564 Net cash provided by operating activities 46,671 23,514 24,721 Investing activities Purchases of securities held to maturity and available for sale — — (1,380 ) Sales and maturities of securities held to maturity and available for sale 1,052 1,555 6,101 Investment in subsidiaries — (25,000 ) (75,000 ) Net cash (paid) received in acquisition (34,836 ) 4,834 — Other investing activities 423 (54 ) — Net cash used in investing activities (33,361 ) (18,665 ) (70,279 ) Financing activities Cash paid for dividends (43,614 ) (34,416 ) (29,734 ) Cash received on exercise of stock-based compensation 201 173 415 Excess tax benefits from exercise of stock options — — 2,771 Repurchase of shares in connection with stock repurchase program (7,062 ) — — Repayment of long-term debt — (10,310 ) — Proceeds from issuance of long-term debt — — 98,127 Proceeds from equity offering — — 84,105 Other financing activities (93 ) 310 — Net cash (used in) provided by financing activities (50,568 ) (44,243 ) 155,684 (Decrease) increase in cash and cash equivalents (37,258 ) (39,394 ) 110,126 Cash and cash equivalents at beginning of year 81,839 121,233 11,107 Cash and cash equivalents at end of year $ 44,581 $ 81,839 $ 121,233 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) $ in Thousands | Sep. 01, 2018USD ($)branchshares | Jul. 01, 2017USD ($)branchshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill resulting from merger | $ 932,928 | $ 611,046 | $ 470,534 | ||
Brand Group Holdings, Inc. | |||||
Business Acquisition [Line Items] | |||||
Transaction value | $ 474,453 | ||||
Shares issued to common shareholders (in shares) | shares | 9,306,477 | ||||
Cash consideration paid | $ 21,879 | ||||
Cash settlement for stock options | $ 17,157 | ||||
Voting interest acquired (percent) | 100.00% | ||||
Number of locations acquired | branch | 13 | ||||
Intangible assets, including goodwill | $ 349,416 | ||||
Goodwill resulting from merger | 321,882 | ||||
Core deposit intangible | $ 27,534 | ||||
Weighted average useful life (in years) | 10 years | ||||
Metropolitan Bancgroup, Inc. | |||||
Business Acquisition [Line Items] | |||||
Transaction value | $ 219,461 | ||||
Shares issued to common shareholders (in 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 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | Sep. 01, 2018USD ($) | Jul. 01, 2017USD ($) | Jul. 01, 2015agreement | |
Financing Receivable, Impaired [Line Items] | |||||||
Date of discontinued recognition of interest on mortgage and commercial loans | 90 days | ||||||
Consumer and other retail loan due date | 120 days | ||||||
Minimum duration for past due residential loans to be considered as nonperforming | 90 days | ||||||
Payments made to FDIC to terminate loss share agreements | $ 0 | $ 0 | $ 4,849,000 | ||||
Impairment of company's goodwill | $ 0 | $ 0 | $ 0 | ||||
Lock in period for interest rates | 45 days | ||||||
Subsequent Event | Accounting Standards Update 2016-02 | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | $ 55,000,000 | ||||||
Operating Lease, Liability | $ 55,000,000 | ||||||
Premises | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Estimated life (in years) | 40 years | ||||||
Furniture and equipment | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Estimated life (in years) | 7 years | ||||||
Computer equipment | Minimum | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Estimated life (in years) | 3 years | ||||||
Computer equipment | Maximum | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Estimated life (in years) | 5 years | ||||||
Heritage Financial Group | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Number of loss sharing agreements acquired | agreement | 2 | ||||||
Brand Group Holdings, Inc. | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Cash surrender value of life insurance | $ 40,081,000 | ||||||
Metropolitan Bancgroup, Inc. | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Cash surrender value of life insurance | $ 19,283,000 |
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 | Sep. 01, 2018 | Jul. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Purchase Price: | |||||
Common stock issued in acquisition of businesses | $ 434,519 | $ 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 | $ 932,928 | $ 611,046 | $ 470,534 | ||
Brand Group Holdings, Inc. | |||||
Purchase Price: | |||||
Shares issued to common shareholders (in shares) | 9,306,477 | ||||
Purchase price per share (usd per share) | $ 46.69 | ||||
Common stock issued in acquisition of businesses | $ 434,519 | ||||
Cash consideration paid | 21,879 | ||||
Cash paid for fractional shares | 4 | ||||
Cash settlement for stock options | 17,157 | ||||
Deal charges, net of taxes | 894 | ||||
Total Purchase Price | 474,453 | ||||
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: | |||||
Securities | (231) | ||||
Loans, net of Metropolitan’s allowance for loan losses | (20,926) | ||||
Premises and equipment | 910 | ||||
Intangible assets, net of Metropolitan’s existing intangibles | 27,534 | ||||
Other assets | (3,304) | ||||
Deposits | (1,367) | ||||
Borrowings | (3,236) | ||||
Other liabilities | 13,338 | ||||
Deferred income taxes | 957 | ||||
Total net assets acquired | 152,571 | ||||
Goodwill resulting from merger | 321,882 | ||||
Brand Group Holdings, Inc. | Brand Group Holdings, Inc. | |||||
Net Assets Acquired: | |||||
Stockholders’ equity at acquisition date | $ 138,896 | ||||
Metropolitan Bancgroup, Inc. | |||||
Purchase Price: | |||||
Shares issued to common shareholders (in shares) | 4,883,182 | ||||
Purchase price per share (usd per share) | $ 43.74 | ||||
Common stock issued in acquisition of businesses | $ 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 |
Mergers and Acquisitions - Su_2
Mergers and Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 01, 2018 | Jul. 01, 2017 |
Brand Group Holdings, Inc. | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | $ 193,436 | |
Securities | 71,246 | |
Loans, including mortgage loans held for sale | 1,589,254 | |
Premises and equipment | 20,070 | |
Intangible assets | 349,416 | |
Other assets | 112,050 | |
Total assets | 2,335,472 | |
Deposits | 1,714,177 | |
Borrowings | 90,912 | |
Other liabilities | 55,930 | |
Total liabilities | 1,861,019 | |
Metropolitan Bancgroup, Inc. | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | $ 47,556 | |
Securities | 108,697 | |
Loans, including mortgage loans held for sale | 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 | |
Brand Mortgage Group, LLC | ||
Business Acquisition [Line Items] | ||
Borrowings | 34,139 | |
Loans held for sale | $ 48,100 |
Mergers and Acquisitions - Pro
Mergers and Acquisitions - Pro Forma Combined Condensed Consolidated Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Brand Mortgage Group, LLC | ||
Business Acquisition [Line Items] | ||
Interest income | $ 357 | |
Interest expense | 279 | |
Net interest income | 78 | |
Noninterest income | 4,043 | |
Noninterest expense | 4,398 | |
Net income before taxes | (277) | |
Metropolitan Bancgroup, Inc. | ||
Business Acquisition [Line Items] | ||
Net interest income | 455,513 | $ 450,353 |
Noninterest income | 153,850 | 176,699 |
Noninterest expense | 452,699 | 422,700 |
Net income before taxes | $ 115,646 | $ 105,729 |
Earnings per share - pro forma: | ||
Basic (usd per share) | $ 1.97 | $ 1.80 |
Diluted (usd per share) | $ 1.97 | $ 1.80 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value, Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 1,264,529 | $ 674,104 |
Gross Unrealized Gains | 4,517 | 7,872 |
Gross Unrealized Losses | (18,269) | (10,488) |
Fair Value | 1,250,777 | 671,488 |
Trust preferred securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 12,359 | 12,442 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,726) | (3,054) |
Fair Value | 10,633 | 9,388 |
Other debt securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 44,046 | 17,106 |
Gross Unrealized Gains | 192 | 260 |
Gross Unrealized Losses | (311) | (76) |
Fair Value | 43,927 | 17,290 |
Obligations of other U.S. Government agencies and corporations | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 2,536 | 3,554 |
Gross Unrealized Gains | 13 | 40 |
Gross Unrealized Losses | (38) | (30) |
Fair Value | 2,511 | 3,564 |
Obligations of states and political subdivisions | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 200,798 | 228,589 |
Gross Unrealized Gains | 3,038 | 6,161 |
Gross Unrealized Losses | (567) | (269) |
Fair Value | 203,269 | 234,481 |
Government agency mortgage backed securities | Residential mortgage backed securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 621,690 | 196,121 |
Gross Unrealized Gains | 719 | 888 |
Gross Unrealized Losses | (9,126) | (3,059) |
Fair Value | 613,283 | 193,950 |
Government agency mortgage backed securities | Commercial mortgage backed securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 21,957 | 31,015 |
Gross Unrealized Gains | 257 | 389 |
Gross Unrealized Losses | (384) | (234) |
Fair Value | 21,830 | 31,170 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 332,697 | 180,258 |
Gross Unrealized Gains | 274 | 133 |
Gross Unrealized Losses | (5,982) | (3,752) |
Fair Value | 326,989 | 176,639 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 28,446 | 5,019 |
Gross Unrealized Gains | 24 | 1 |
Gross Unrealized Losses | (135) | (14) |
Fair Value | $ 28,335 | $ 5,006 |
Securities - Securities Sold (D
Securities - Securities Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | $ 2,403 | $ 495,192 | |
Net Proceeds | 2,387 | 495,340 | $ 4,028 |
Gain/(Loss) | (16) | 148 | 1,186 |
Carrying Value | 2,842 | ||
Net Proceeds | 4,028 | ||
Gain/(Loss) | 1,186 | ||
Obligations of other U.S. Government agencies and corporations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 11,088 | ||
Net Proceeds | 10,974 | ||
Gain/(Loss) | (114) | ||
Obligations of states and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 110,019 | ||
Net Proceeds | 112,199 | ||
Gain/(Loss) | 2,180 | ||
Trust preferred securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 9,346 | ||
Net Proceeds | 9,403 | ||
Gain/(Loss) | 57 | ||
Other debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 7,269 | ||
Net Proceeds | 7,395 | ||
Gain/(Loss) | 126 | ||
Other equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 2,842 | ||
Net Proceeds | 4,028 | ||
Gain/(Loss) | $ 1,186 | ||
Obligations of states and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 901 | ||
Net Proceeds | 893 | ||
Gain/(Loss) | (8) | ||
Government agency mortgage backed securities | Residential mortgage backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 943 | 264,924 | |
Net Proceeds | 942 | 263,217 | |
Gain/(Loss) | (1) | (1,707) | |
Government agency mortgage backed securities | Commercial mortgage backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 14,104 | ||
Net Proceeds | 14,082 | ||
Gain/(Loss) | (22) | ||
Government agency collateralized mortgage obligations | Residential mortgage backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 559 | 72,153 | |
Net Proceeds | 552 | 71,781 | |
Gain/(Loss) | $ (7) | (372) | |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying Value | 6,289 | ||
Net Proceeds | 6,289 | ||
Gain/(Loss) | $ 0 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)Trancheinstitution | Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales of securities available for sale | $ 2,387,000 | $ 495,340,000 | $ 4,028,000 | |
Debt securities, AFS, realized gain (loss) | (16,000) | 148,000 | 1,186,000 | |
Amortized Cost | $ 674,104,000 | 1,264,529,000 | 674,104,000 | |
Securities available for sale, at fair value | 671,488,000 | $ 1,250,777,000 | 671,488,000 | |
Number of securities representing interests in tranches of trusts (tranches) | Tranche | 2 | |||
Number of institutions issuing debt (institutions) | institution | 160 | |||
Trust preferred securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales of securities available for sale | 9,346,000 | |||
Debt securities, AFS, realized gain (loss) | 57,000 | |||
Amortized Cost | 12,442,000 | $ 12,359,000 | 12,442,000 | |
Securities available for sale, at fair value | 9,388,000 | 10,633,000 | $ 9,388,000 | |
Number of investments sold in period | Investment | 1 | |||
Other than temporary impairment losses | 0 | $ 0 | $ 0 | |
Secure government, public and trust deposits | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, AFS, restricted | 217,867,000 | 619,308,000 | 217,867,000 | |
Short-term borrowings | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, AFS, restricted | 25,888,000 | $ 18,299,000 | 25,888,000 | |
Metropolitan Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 36,021,000 | 36,021,000 | ||
Proceeds from sales of securities available for sale | 36,021,000 | |||
Durbin Amendment Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 446,880,000 | $ 446,880,000 | ||
Proceeds from sales of securities available for sale | 446,971,000 | |||
Debt securities, AFS, realized gain (loss) | $ 91,000 |
Securities - Realized Gains and
Securities - Realized Gains and Losses on Sales of AFS (Details - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains on sales of securities available for sale | $ 11 | $ 2,497 | $ 1,257 |
Gross losses on sales of securities available for sale | (27) | (2,349) | (71) |
Gain on sales of securities available for sale, net | $ (16) | $ 148 | $ 1,186 |
Securities - Contractual Maturi
Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Line Items] | ||
Due within one year | $ 39,310 | |
Due after one year through five years | 44,304 | |
Due after five years through ten years | 81,825 | |
Due after ten years | 59,051 | |
Amortized Cost | 1,264,529 | $ 674,104 |
Available-for-sale Securities, Fair Value [Abstract] | ||
Due within one year | 39,649 | |
Due after one year through five years | 44,788 | |
Due after five years through ten years | 82,781 | |
Due after ten years | 58,001 | |
Fair Value | 1,250,777 | 671,488 |
Residential mortgage backed securities | Government agency mortgage backed securities | ||
Cash and Cash Equivalents [Line Items] | ||
Without single maturity date, amortized cost | 621,690 | |
Amortized Cost | 621,690 | 196,121 |
Available-for-sale Securities, Fair Value [Abstract] | ||
Without single maturity date, fair value | 613,283 | |
Fair Value | 613,283 | 193,950 |
Residential mortgage backed securities | Government agency collateralized mortgage obligations | ||
Cash and Cash Equivalents [Line Items] | ||
Without single maturity date, amortized cost | 332,697 | |
Amortized Cost | 332,697 | 180,258 |
Available-for-sale Securities, Fair Value [Abstract] | ||
Without single maturity date, fair value | 326,989 | |
Fair Value | 326,989 | 176,639 |
Commercial mortgage backed securities | Government agency mortgage backed securities | ||
Cash and Cash Equivalents [Line Items] | ||
Without single maturity date, amortized cost | 21,957 | |
Amortized Cost | 21,957 | 31,015 |
Available-for-sale Securities, Fair Value [Abstract] | ||
Without single maturity date, fair value | 21,830 | |
Fair Value | 21,830 | 31,170 |
Commercial mortgage backed securities | Government agency collateralized mortgage obligations | ||
Cash and Cash Equivalents [Line Items] | ||
Without single maturity date, amortized cost | 28,446 | |
Amortized Cost | 28,446 | 5,019 |
Available-for-sale Securities, Fair Value [Abstract] | ||
Without single maturity date, fair value | 28,335 | |
Fair Value | 28,335 | 5,006 |
Other debt securities | ||
Cash and Cash Equivalents [Line Items] | ||
Without single maturity date, amortized cost | 35,249 | |
Amortized Cost | 44,046 | 17,106 |
Available-for-sale Securities, Fair Value [Abstract] | ||
Without single maturity date, fair value | 35,121 | |
Fair Value | $ 43,927 | $ 17,290 |
Securities - Investment Categor
Securities - Investment Category and Length of Time in Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2018USD ($)security | Dec. 31, 2017USD ($)security |
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 168 | 91 |
Number of Positions, 12 Months or More | security | 171 | 94 |
Number of Positions, Total | security | 339 | 185 |
Fair Value | ||
Fair Value, Less than 12 Months | $ 509,808 | $ 190,832 |
Fair Value, 12 Months or More | 312,698 | 183,115 |
Fair Value, Total | 822,506 | 373,947 |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | (5,163) | (2,234) |
Unrealized Losses, 12 Months or More | (13,106) | (8,254) |
Unrealized Losses, Total | $ (18,269) | $ (10,488) |
Obligations of other U.S. Government agencies and corporations | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 0 | |
Number of Positions, 12 Months or More | security | 2 | |
Number of Positions, Total | security | 2 | |
Fair Value | ||
Fair Value, Less than 12 Months | $ 0 | |
Fair Value, 12 Months or More | 1,480 | |
Fair Value, Total | 1,480 | |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | |
Unrealized Losses, 12 Months or More | (38) | |
Unrealized Losses, Total | $ (38) | |
Obligations of states and political subdivisions | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 34 | 23 |
Number of Positions, 12 Months or More | security | 26 | 12 |
Number of Positions, Total | security | 60 | 35 |
Fair Value | ||
Fair Value, Less than 12 Months | $ 22,159 | $ 11,860 |
Fair Value, 12 Months or More | 16,775 | 7,728 |
Fair Value, Total | 38,934 | 19,588 |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | (193) | (59) |
Unrealized Losses, 12 Months or More | (374) | (210) |
Unrealized Losses, Total | $ (567) | $ (269) |
Trust preferred securities | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 0 | 0 |
Number of Positions, 12 Months or More | security | 2 | 2 |
Number of Positions, Total | security | 2 | 2 |
Fair Value | ||
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Fair Value, 12 Months or More | 10,633 | 9,388 |
Fair Value, Total | 10,633 | 9,388 |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, 12 Months or More | (1,726) | (3,054) |
Unrealized Losses, Total | $ (1,726) | $ (3,054) |
Other debt securities | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 12 | 2 |
Number of Positions, 12 Months or More | security | 3 | 2 |
Number of Positions, Total | security | 15 | 4 |
Fair Value | ||
Fair Value, Less than 12 Months | $ 19,011 | $ 756 |
Fair Value, 12 Months or More | 5,621 | 6,308 |
Fair Value, Total | 24,632 | 7,064 |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | (88) | (12) |
Unrealized Losses, 12 Months or More | (223) | (64) |
Unrealized Losses, Total | $ (311) | $ (76) |
Obligations of other U.S. Government agencies and corporations | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 1 | |
Number of Positions, 12 Months or More | security | 2 | |
Number of Positions, Total | security | 3 | |
Fair Value | ||
Fair Value, Less than 12 Months | $ 497 | |
Fair Value, 12 Months or More | 1,999 | |
Fair Value, Total | 2,496 | |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | (3) | |
Unrealized Losses, 12 Months or More | (27) | |
Unrealized Losses, Total | $ (30) | |
Government agency mortgage backed securities | Residential mortgage backed securities | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 91 | 29 |
Number of Positions, 12 Months or More | security | 73 | 44 |
Number of Positions, Total | security | 164 | 73 |
Fair Value | ||
Fair Value, Less than 12 Months | $ 354,731 | $ 64,595 |
Fair Value, 12 Months or More | 125,757 | 89,414 |
Fair Value, Total | 480,488 | 154,009 |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | (3,945) | (659) |
Unrealized Losses, 12 Months or More | (5,181) | (2,400) |
Unrealized Losses, Total | $ (9,126) | $ (3,059) |
Government agency mortgage backed securities | Commercial mortgage backed securities | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 5 | 2 |
Number of Positions, 12 Months or More | security | 4 | 3 |
Number of Positions, Total | security | 9 | 5 |
Fair Value | ||
Fair Value, Less than 12 Months | $ 6,506 | $ 5,629 |
Fair Value, 12 Months or More | 7,468 | 5,872 |
Fair Value, Total | 13,974 | 11,501 |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | (74) | (17) |
Unrealized Losses, 12 Months or More | (310) | (217) |
Unrealized Losses, Total | $ (384) | $ (234) |
Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 24 | 33 |
Number of Positions, 12 Months or More | security | 60 | 29 |
Number of Positions, Total | security | 84 | 62 |
Fair Value | ||
Fair Value, Less than 12 Months | $ 97,451 | $ 102,509 |
Fair Value, 12 Months or More | 140,076 | 62,406 |
Fair Value, Total | 237,527 | 164,915 |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | (840) | (1,470) |
Unrealized Losses, 12 Months or More | (5,142) | (2,282) |
Unrealized Losses, Total | $ (5,982) | $ (3,752) |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities | ||
Number of Positions | ||
Number of Positions, Less than 12 Months | security | 2 | 1 |
Number of Positions, 12 Months or More | security | 1 | 0 |
Number of Positions, Total | security | 3 | 1 |
Fair Value | ||
Fair Value, Less than 12 Months | $ 9,950 | $ 4,986 |
Fair Value, 12 Months or More | 4,888 | 0 |
Fair Value, Total | 14,838 | 4,986 |
Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | (23) | (14) |
Unrealized Losses, 12 Months or More | (112) | 0 |
Unrealized Losses, Total | $ (135) | $ (14) |
Securities - Investments in Poo
Securities - Investments in Pooled Trust Preferred Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 1,264,529 | $ 674,104 |
Fair Value | 1,250,777 | 671,488 |
Gross Unrealized Losses | (18,269) | (10,488) |
Trust preferred securities | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 12,359 | 12,442 |
Fair Value | 10,633 | $ 9,388 |
Gross Unrealized Losses | (1,726) | |
XXIII | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 8,292 | |
Fair Value | 6,956 | |
Gross Unrealized Losses | $ (1,336) | |
Issuers currently in deferral or default (percent) | 16.00% | |
XXVI | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 4,067 | |
Fair Value | 3,677 | |
Gross Unrealized Losses | $ (390) | |
Issuers currently in deferral or default (percent) | 19.00% |
Securities - Cumulative Credit
Securities - Cumulative Credit Related Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cumulative credit related losses recognized in earnings | ||
Balance at January 1 | $ (261) | $ (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 | 0 | 3,076 |
Balance at December 31 | $ (261) | $ (261) |
Non Purchased Loans - Summary o
Non Purchased Loans - Summary of Non-purchased Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 9,086,256 | $ 7,623,663 |
Unearned income | (3,127) | (3,341) |
Loans, net of unearned income | 9,083,129 | 7,620,322 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,295,912 | 1,039,393 |
Loans, net of unearned income | 1,295,912 | 1,039,393 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 64,992 | 57,354 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 740,668 | 633,389 |
Loans, net of unearned income | 740,668 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,795,343 | 2,343,721 |
Loans, net of unearned income | 2,795,343 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 4,051,509 | 3,427,530 |
Loans, net of unearned income | 4,051,509 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 137,832 | 122,276 |
Loans, net of unearned income | 199,697 | 176,289 |
Non-Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 6,392,839 | 5,591,897 |
Unearned income | (3,127) | (3,341) |
Loans, net of unearned income | 6,389,712 | 5,588,556 |
Non-Purchased | Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 875,649 | 763,823 |
Non-Purchased | Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 64,992 | 57,354 |
Non-Purchased | Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 635,519 | 547,658 |
Non-Purchased | Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,087,890 | 1,729,534 |
Non-Purchased | Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,628,365 | 2,390,076 |
Non-Purchased | Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 100,424 | $ 103,452 |
Non Purchased Loans - Aging of
Non Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | $ 9,086,256 | $ 7,623,663 |
Unearned income | (3,127) | (3,341) |
Loans, net of unearned income | 9,083,129 | 7,620,322 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 1,295,912 | 1,039,393 |
Loans, net of unearned income | 1,295,912 | 1,039,393 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 64,992 | 57,354 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 740,668 | 633,389 |
Loans, net of unearned income | 740,668 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 2,795,343 | 2,343,721 |
Loans, net of unearned income | 2,795,343 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 4,051,509 | 3,427,530 |
Loans, net of unearned income | 4,051,509 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 137,832 | 122,276 |
Loans, net of unearned income | 199,697 | 176,289 |
Non-Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 6,392,839 | 5,591,897 |
Unearned income | (3,127) | (3,341) |
Loans, net of unearned income | 6,389,712 | 5,588,556 |
Non-Purchased | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 6,359,292 | 5,558,312 |
Unearned income | (3,127) | (3,341) |
Loans, net of unearned income | 6,379,494 | 5,578,306 |
Non-Purchased | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 17,517 | 16,979 |
Non-Purchased | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 2,685 | 3,015 |
Non-Purchased | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 2,814 | 4,129 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 10,218 | 10,250 |
Non-Purchased | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 241 | 206 |
Non-Purchased | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 7,163 | 5,915 |
Non-Purchased | Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 875,649 | 763,823 |
Non-Purchased | Commercial, financial, agricultural | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 870,457 | 759,143 |
Total loans, gross | 874,121 | 761,887 |
Non-Purchased | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 3,397 | 2,722 |
Non-Purchased | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 267 | 22 |
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 172 | 698 |
Total loans, gross | 1,528 | 1,936 |
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 205 |
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 1,356 | 1,033 |
Non-Purchased | Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 64,992 | 57,354 |
Non-Purchased | Lease financing | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 64,296 | 57,148 |
Total loans, gross | 64,992 | 57,195 |
Non-Purchased | Lease financing | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 607 | 47 |
Non-Purchased | Lease financing | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 89 | 0 |
Non-Purchased | Lease financing | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 159 |
Non-Purchased | Lease financing | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Non-Purchased | Lease financing | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 159 |
Non-Purchased | Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 635,519 | 547,658 |
Non-Purchased | Real estate – construction | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 634,632 | 547,608 |
Total loans, gross | 635,519 | 547,658 |
Non-Purchased | Real estate – construction | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 887 | 50 |
Non-Purchased | Real estate – construction | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Non-Purchased | Real estate – construction | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Non-Purchased | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Non-Purchased | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Non-Purchased | Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 2,087,890 | 1,729,534 |
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 2,071,401 | 1,712,982 |
Total loans, gross | 2,083,930 | 1,726,986 |
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 10,378 | 11,810 |
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 2,151 | 2,194 |
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 1,046 | 730 |
Total loans, gross | 3,960 | 2,548 |
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 238 | 0 |
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 2,676 | 1,818 |
Non-Purchased | Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 2,628,365 | 2,390,076 |
Non-Purchased | Real estate – commercial mortgage | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 2,621,902 | 2,381,871 |
Total loans, gross | 2,623,795 | 2,384,519 |
Non-Purchased | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 1,880 | 1,921 |
Non-Purchased | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 13 | 727 |
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 1,596 | 2,680 |
Total loans, gross | 4,570 | 5,557 |
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 2,974 | 2,877 |
Non-Purchased | Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 100,424 | 103,452 |
Non-Purchased | Installment loans to individuals | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 99,731 | 102,901 |
Total loans, gross | 100,264 | 103,402 |
Non-Purchased | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 368 | 429 |
Non-Purchased | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 165 | 72 |
Non-Purchased | Installment loans to individuals | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 0 | 21 |
Total loans, gross | 160 | 50 |
Non-Purchased | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 3 | 1 |
Non-Purchased | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | $ 157 | $ 28 |
Non Purchased Loans - Additiona
Non Purchased Loans - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Restructured loans discontinued past due period | 90 days | ||
Allowance for loan losses attributable to restructured loans | $ 49,026,000 | $ 46,211,000 | |
Non-Purchased | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonperforming loans charged off past due period | 90 days | ||
Number of restructured loans | loan | 1 | 4 | |
Restructured loans discontinued past due period | 90 days | 90 days | |
Average recorded investment in impaired loans | $ 27,080,000 | $ 21,998,000 | $ 23,209,000 |
Interest income recognized on impaired loans | 624,000 | ||
Modifications, recorded investment | 5,325,000 | 5,588,000 | $ 7,447,000 |
Modifications, subsequent default, recorded investment | 184,000 | ||
Remaining availability under commitments to lend additional funds on restructured loans | 42,000 | 18,000 | |
Unfunded commitment | 6,982,000 | 9,333,000 | |
Non-Purchased | Nonaccruing Loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Outstanding balance of restructured loans | 41,000 | 649,000 | |
Non-Purchased | Restructured Loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Outstanding balance of restructured loans | 3,128,000 | 2,673,000 | |
Allowance for loan losses attributable to restructured loans | $ 34,000 | $ 85,000 |
Non Purchased Loans - Impaired
Non Purchased Loans - Impaired Loans Recognized (Details) - Non-Purchased - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | $ 23,045 | $ 21,040 | |
Recorded Investment With No Allowance | 3,403 | 703 | |
Total Recorded Investment | 26,448 | 21,743 | |
Unpaid Principal Balance With Allowance | 25,346 | 25,679 | |
Unpaid Principal Balance With no Allowance | 5,025 | 703 | |
Total Unpaid Principal Balance | 30,371 | 26,382 | |
With Related Allowance | 977 | 2,567 | |
With No Related Allowance | 0 | 0 | |
Related Allowance | 977 | 2,567 | |
Average Recorded Investment With Related Allowance | 23,599 | 21,287 | |
Average Recorded Investment With No Related Allowance | 3,481 | 711 | |
Average recorded investment in impaired loans | 27,080 | 21,998 | $ 23,209 |
Interest Income Recognized With Related Allowance | 462 | 544 | |
Interest Income Recognized With No Related Allowance | 87 | 29 | |
Interest Income, Total | 549 | 573 | |
Commercial, financial, agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 1,834 | 2,365 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 2,280 | 3,043 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 163 | 138 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 2,079 | 2,861 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 35 | 47 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 0 | 159 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 0 | 159 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 0 | 2 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 0 | 159 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Real estate – construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 7,302 | 578 | |
Recorded Investment With No Allowance | 2,165 | 0 | |
Unpaid Principal Balance With Allowance | 7,302 | 578 | |
Unpaid Principal Balance With no Allowance | 2,165 | 0 | |
With Related Allowance | 63 | 4 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 7,180 | 526 | |
Average Recorded Investment With No Related Allowance | 2,165 | 0 | |
Interest Income Recognized With Related Allowance | 162 | 29 | |
Interest Income Recognized With No Related Allowance | 55 | 0 | |
Real estate – 1-4 family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 9,077 | 8,169 | |
Recorded Investment With No Allowance | 0 | 703 | |
Unpaid Principal Balance With Allowance | 9,767 | 9,315 | |
Unpaid Principal Balance With no Allowance | 0 | 703 | |
With Related Allowance | 61 | 561 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 9,212 | 8,295 | |
Average Recorded Investment With No Related Allowance | 0 | 711 | |
Interest Income Recognized With Related Allowance | 191 | 259 | |
Interest Income Recognized With No Related Allowance | 0 | 29 | |
Real estate – commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 4,609 | 9,652 | |
Recorded Investment With No Allowance | 1,238 | 0 | |
Unpaid Principal Balance With Allowance | 5,765 | 12,463 | |
Unpaid Principal Balance With no Allowance | 2,860 | 0 | |
With Related Allowance | 689 | 1,861 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 4,889 | 9,316 | |
Average Recorded Investment With No Related Allowance | 1,316 | 0 | |
Interest Income Recognized With Related Allowance | 72 | 206 | |
Interest Income Recognized With No Related Allowance | 32 | 0 | |
Installment loans to individuals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 223 | 117 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 232 | 121 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 1 | 1 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 239 | 130 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 2 | 3 | |
Interest Income Recognized With No Related Allowance | $ 0 | $ 0 |
Non Purchased Loans - Restructu
Non Purchased Loans - Restructured Loans by Class (Details) - Non-Purchased $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 11 | 14 | 12 |
Pre-Modification Outstanding Recorded Investment | $ 1,858 | $ 1,616 | $ 1,698 |
Post-Modification Outstanding Recorded Investment | $ 1,852 | $ 1,232 | $ 1,685 |
Commercial, financial, agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 0 | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 331 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 330 | $ 0 |
Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Real estate – construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 510 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 518 |
Real estate – 1-4 family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 9 | 8 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 1,764 | $ 598 | $ 1,188 |
Post-Modification Outstanding Recorded Investment | $ 1,763 | $ 586 | $ 1,167 |
Real estate – commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 2 | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 94 | $ 683 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 89 | $ 313 | $ 0 |
Installment loans to individuals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 4 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 3 | $ 0 |
Non Purchased Loans - Restruc_2
Non Purchased Loans - Restructured Loans (Details) - Non-Purchased $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Number of Loans | ||
Beginning balance (loans) | loan | 54 | 53 |
Additional loans with concessions (loans) | loan | 11 | 16 |
Reclassified as performing (loans) | loan | 3 | 2 |
Reclassified as nonperforming (loans) | loan | (8) | (7) |
Paid in full (loans) | loan | (9) | (8) |
Charge-offs (loans) | loan | (1) | |
Principal paydowns (loans) | loan | 0 | 0 |
Lapse of concession period (loans) | loan | (1) | |
Ending balance (loans) | loan | 51 | 54 |
Recorded Investment | ||
Beginning balance | $ | $ 5,588 | $ 7,447 |
Additional loans with concessions | $ | 1,861 | 1,453 |
Reclassified as performing | $ | 295 | 183 |
Reclassified as nonperforming | $ | (639) | (853) |
Paid in full | $ | (1,556) | (1,165) |
Charge-offs | $ | (250) | |
Principal paydowns | $ | (224) | (304) |
Lapse of concession period | $ | (923) | |
Ending balance | $ | $ 5,325 | $ 5,588 |
Non Purchased Loans - Loan Port
Non Purchased Loans - Loan Portfolio by Risk-rating Grades (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 9,083,129 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,295,912 | 1,039,393 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 740,668 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,795,343 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,051,509 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 199,697 | 176,289 |
Non-Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,389,712 | 5,588,556 |
Non-Purchased | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,829,377 | 3,378,267 |
Non-Purchased | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,705,961 | 3,277,755 |
Non-Purchased | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 79,882 | 63,091 |
Non-Purchased | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 43,534 | 37,421 |
Non-Purchased | Commercial, financial, agricultural | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 641,102 | 570,841 |
Non-Purchased | Commercial, financial, agricultural | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 615,803 | 554,943 |
Non-Purchased | Commercial, financial, agricultural | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 18,326 | 11,496 |
Non-Purchased | Commercial, financial, agricultural | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,973 | 4,402 |
Non-Purchased | Real estate – construction | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 568,968 | 484,241 |
Non-Purchased | Real estate – construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 558,494 | 483,498 |
Non-Purchased | Real estate – construction | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,317 | 662 |
Non-Purchased | Real estate – construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 8,157 | 81 |
Non-Purchased | Real estate – 1-4 family mortgage | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 330,484 | 263,845 |
Non-Purchased | Real estate – 1-4 family mortgage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 321,564 | 254,643 |
Non-Purchased | Real estate – 1-4 family mortgage | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,660 | 505 |
Non-Purchased | Real estate – 1-4 family mortgage | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,260 | 8,697 |
Non-Purchased | Real estate – commercial mortgage | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,288,823 | 2,058,419 |
Non-Purchased | Real estate – commercial mortgage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,210,100 | 1,983,750 |
Non-Purchased | Real estate – commercial mortgage | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 54,579 | 50,428 |
Non-Purchased | Real estate – commercial mortgage | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 24,144 | 24,241 |
Non-Purchased | Installment loans to individuals | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 921 |
Non-Purchased | Installment loans to individuals | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 921 |
Non-Purchased | Installment loans to individuals | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Non-Purchased | Installment loans to individuals | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 0 | $ 0 |
Non Purchased Loans - Performin
Non Purchased Loans - Performing Status (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 9,083,129 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,295,912 | 1,039,393 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 740,668 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,795,343 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,051,509 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 199,697 | 176,289 |
Non-Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,389,712 | 5,588,556 |
Non-Purchased | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,560,335 | 2,210,289 |
Non-Purchased | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,551,833 | 2,203,941 |
Non-Purchased | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 8,502 | 6,348 |
Non-Purchased | Commercial, financial, agricultural | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 234,547 | 192,982 |
Non-Purchased | Commercial, financial, agricultural | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 233,046 | 191,473 |
Non-Purchased | Commercial, financial, agricultural | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,501 | 1,509 |
Non-Purchased | Lease financing | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 61,865 | 54,013 |
Non-Purchased | Lease financing | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 61,776 | 53,854 |
Non-Purchased | Lease financing | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 89 | 159 |
Non-Purchased | Real estate – construction | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 66,551 | 63,417 |
Non-Purchased | Real estate – construction | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 66,551 | 63,417 |
Non-Purchased | Real estate – construction | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Non-Purchased | Real estate – 1-4 family mortgage | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,757,406 | 1,465,689 |
Non-Purchased | Real estate – 1-4 family mortgage | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,751,994 | 1,462,347 |
Non-Purchased | Real estate – 1-4 family mortgage | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 5,412 | 3,342 |
Non-Purchased | Real estate – commercial mortgage | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 339,542 | 331,657 |
Non-Purchased | Real estate – commercial mortgage | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 338,367 | 330,441 |
Non-Purchased | Real estate – commercial mortgage | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,175 | 1,216 |
Non-Purchased | Installment loans to individuals | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 100,424 | 102,531 |
Non-Purchased | Installment loans to individuals | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 100,099 | 102,409 |
Non-Purchased | Installment loans to individuals | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 325 | $ 122 |
Non Purchased Loans - Related P
Non Purchased Loans - Related Parties (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Related Party Loans | |
Loans to directors assumed in acquisition | $ 100 |
Non-Purchased | |
Related Party Loans | |
Loans at December 31, 2017 | 24,363 |
New loans and advances | 2,249 |
Payments received | (3,860) |
Changes in related parties | (627) |
Loans at December 31, 2018 | $ 22,225 |
Purchased Loans - Summary of Pu
Purchased Loans - Summary of Purchased Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 9,086,256 | $ 7,623,663 |
Unearned income | (3,127) | (3,341) |
Loans, net of unearned income | 9,083,129 | 7,620,322 |
Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,693,417 | 2,031,766 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 2,693,417 | 2,031,766 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,295,912 | 1,039,393 |
Loans, net of unearned income | 1,295,912 | 1,039,393 |
Commercial, financial, agricultural | Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 420,263 | 275,570 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 64,992 | 57,354 |
Lease financing | Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 0 | 0 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 740,668 | 633,389 |
Loans, net of unearned income | 740,668 | 633,389 |
Real estate – construction | Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 105,149 | 85,731 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,795,343 | 2,343,721 |
Loans, net of unearned income | 2,795,343 | 2,343,721 |
Real estate – 1-4 family mortgage | Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 707,453 | 614,187 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 4,051,509 | 3,427,530 |
Loans, net of unearned income | 4,051,509 | 3,427,530 |
Real estate – commercial mortgage | Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,423,144 | 1,037,454 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 137,832 | 122,276 |
Loans, net of unearned income | 199,697 | 176,289 |
Installment loans to individuals | Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 37,408 | $ 18,824 |
Purchased Loans - Aging of Past
Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | $ 9,086,256 | $ 7,623,663 |
Unearned income | (3,127) | (3,341) |
Loans, net of unearned income | 9,083,129 | 7,620,322 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 1,295,912 | 1,039,393 |
Loans, net of unearned income | 1,295,912 | 1,039,393 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 64,992 | 57,354 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 740,668 | 633,389 |
Loans, net of unearned income | 740,668 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 2,795,343 | 2,343,721 |
Loans, net of unearned income | 2,795,343 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 4,051,509 | 3,427,530 |
Loans, net of unearned income | 4,051,509 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 137,832 | 122,276 |
Loans, net of unearned income | 199,697 | 176,289 |
Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 2,693,417 | 2,031,766 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 2,693,417 | 2,031,766 |
Purchased | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 2,661,269 | 2,010,852 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 2,687,581 | 2,027,342 |
Purchased | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 19,080 | 10,759 |
Purchased | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 7,232 | 5,731 |
Purchased | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 1,849 | 2,612 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 5,836 | 4,424 |
Purchased | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 204 | 635 |
Purchased | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 3,783 | 1,177 |
Purchased | Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 420,263 | 275,570 |
Purchased | Commercial, financial, agricultural | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 417,786 | 273,488 |
Total loans, gross | 419,694 | 275,139 |
Purchased | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 1,811 | 1,119 |
Purchased | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 97 | 532 |
Purchased | Commercial, financial, agricultural | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 92 | 232 |
Total loans, gross | 569 | 431 |
Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 477 | 199 |
Purchased | Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 0 | 0 |
Purchased | Lease financing | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Purchased | Lease financing | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Purchased | Lease financing | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Purchased | Lease financing | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Purchased | Lease financing | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Purchased | Lease financing | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Purchased | Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 105,149 | 85,731 |
Purchased | Real estate – construction | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 103,846 | 85,316 |
Total loans, gross | 105,149 | 85,731 |
Purchased | Real estate – construction | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 1,235 | 415 |
Purchased | Real estate – construction | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 68 | 0 |
Purchased | Real estate – construction | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Purchased | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Purchased | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 0 |
Purchased | Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 707,453 | 614,187 |
Purchased | Real estate – 1-4 family mortgage | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 690,697 | 602,464 |
Total loans, gross | 704,133 | 610,814 |
Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 8,981 | 6,070 |
Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 4,455 | 2,280 |
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 1,237 | 2,109 |
Total loans, gross | 3,320 | 3,373 |
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 202 | 385 |
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 1,881 | 879 |
Purchased | Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 1,423,144 | 1,037,454 |
Purchased | Real estate – commercial mortgage | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 1,413,346 | 1,031,141 |
Total loans, gross | 1,421,467 | 1,036,998 |
Purchased | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 5,711 | 2,947 |
Purchased | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 2,410 | 2,910 |
Purchased | Real estate – commercial mortgage | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 276 | 166 |
Total loans, gross | 1,677 | 456 |
Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 0 | 191 |
Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 1,401 | 99 |
Purchased | Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | 37,408 | 18,824 |
Purchased | Installment loans to individuals | Accruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 35,594 | 18,443 |
Total loans, gross | 37,138 | 18,660 |
Purchased | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 1,342 | 208 |
Purchased | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 202 | 9 |
Purchased | Installment loans to individuals | Nonaccruing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Loans | 244 | 105 |
Total loans, gross | 270 | 164 |
Purchased | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | 2 | 59 |
Purchased | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | $ 24 | $ 0 |
Purchased Loans - Additional In
Purchased Loans - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Restructured loans discontinued past due period | 90 days | ||
Allowance for loan losses attributable to restructured loans | $ 49,026,000 | $ 46,211,000 | |
Purchased | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonperforming loans charged off past due period | 90 days | ||
Number of restructured loans | loan | 8 | 3 | |
Restructured loans discontinued past due period | 90 days | 90 days | |
Average recorded investment in impaired loans | $ 9,396,000 | $ 7,687,000 | $ 6,594,000 |
Interest income recognized on impaired loans | 168,000 | ||
Interest income recognized on credit-deteriorated loans | 119,000 | 234,000 | |
Modifications, recorded investment | 7,495,000 | 8,965,000 | $ 4,028,000 |
Modifications, subsequent default, recorded investment | 212,000 | 54,000 | |
Remaining availability under commitments to lend additional funds on restructured loans | 3,000 | 9,000 | |
Purchased | Nonaccruing Loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Outstanding balance of restructured loans | 413,000 | 128,000 | |
Purchased | Restructured Loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Outstanding balance of restructured loans | 1,868,000 | 523,000 | |
Allowance for loan losses attributable to restructured loans | $ 58,000 | $ 103,000 |
Purchased Loans - Deteriorated
Purchased Loans - Deteriorated Loans (Details) - Purchased - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | $ 4,869 | $ 2,892 | |
Recorded Investment With No Allowance | 3,961 | 5,672 | |
Total Recorded Investment | 8,830 | 8,564 | |
Unpaid Principal Balance With Allowance | 5,001 | 2,999 | |
Unpaid Principal Balance With no Allowance | 4,579 | 6,204 | |
Total Unpaid Principal Balance | 9,580 | 9,203 | |
With Related Allowance | 537 | 107 | |
With No Related Allowance | 0 | 0 | |
Related Allowance | 537 | 107 | |
Average Recorded Investment With Related Allowance | 4,810 | 2,943 | |
Average Recorded Investment With No Related Allowance | 4,586 | 4,744 | |
Average recorded investment in impaired loans | 9,396 | 7,687 | $ 6,594 |
Interest Income Recognized With Related Allowance | 75 | 65 | |
Interest Income Recognized With No Related Allowance | 119 | 234 | |
Interest Income, Total | 194 | 299 | |
Receivables Acquired with Deteriorated Credit Quality | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 78,611 | 87,484 | |
Recorded Investment With No Allowance | 143,643 | 139,776 | |
Total Recorded Investment | 222,254 | 227,260 | |
Unpaid Principal Balance With Allowance | 82,605 | 92,483 | |
Unpaid Principal Balance With no Allowance | 189,611 | 185,226 | |
Total Unpaid Principal Balance | 272,216 | 277,709 | |
With Related Allowance | 2,552 | 1,777 | |
With No Related Allowance | 0 | 0 | |
Related Allowance | 2,552 | 1,777 | |
Average Recorded Investment With Related Allowance | 83,601 | 91,387 | |
Average Recorded Investment With No Related Allowance | 129,366 | 161,785 | |
Average recorded investment in impaired loans | 212,967 | 253,172 | 318,032 |
Interest Income Recognized With Related Allowance | 4,081 | 4,410 | |
Interest Income Recognized With No Related Allowance | 6,003 | 8,459 | $ 14,532 |
Interest Income, Total | 10,084 | 12,869 | |
Commercial, financial, agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 600 | 625 | |
Recorded Investment With No Allowance | 11 | 74 | |
Unpaid Principal Balance With Allowance | 658 | 678 | |
Unpaid Principal Balance With no Allowance | 13 | 79 | |
With Related Allowance | 173 | 52 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 614 | 618 | |
Average Recorded Investment With No Related Allowance | 13 | 75 | |
Interest Income Recognized With Related Allowance | 10 | 21 | |
Interest Income Recognized With No Related Allowance | 1 | 3 | |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 3,779 | 5,768 | |
Recorded Investment With No Allowance | 25,364 | 9,547 | |
Unpaid Principal Balance With Allowance | 4,071 | 6,004 | |
Unpaid Principal Balance With no Allowance | 40,332 | 18,175 | |
With Related Allowance | 161 | 312 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 4,276 | 5,672 | |
Average Recorded Investment With No Related Allowance | 12,102 | 9,208 | |
Interest Income Recognized With Related Allowance | 204 | 259 | |
Interest Income Recognized With No Related Allowance | 669 | 989 | |
Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 0 | 0 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 0 | 0 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 0 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 0 | 0 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Lease financing | Receivables Acquired with Deteriorated Credit Quality | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 0 | 0 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 0 | 0 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 0 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 0 | 0 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Real estate – construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 576 | 0 | |
Recorded Investment With No Allowance | 0 | 1,199 | |
Unpaid Principal Balance With Allowance | 576 | 0 | |
Unpaid Principal Balance With no Allowance | 0 | 1,207 | |
With Related Allowance | 5 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 576 | 0 | |
Average Recorded Investment With No Related Allowance | 0 | 318 | |
Interest Income Recognized With Related Allowance | 6 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 47 | |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 0 | 0 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 0 | 0 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 0 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 0 | 0 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Real estate – 1-4 family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 1,381 | 1,385 | |
Recorded Investment With No Allowance | 3,780 | 4,225 | |
Unpaid Principal Balance With Allowance | 1,404 | 1,433 | |
Unpaid Principal Balance With no Allowance | 4,383 | 4,740 | |
With Related Allowance | 18 | 45 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 1,362 | 1,419 | |
Average Recorded Investment With No Related Allowance | 4,407 | 4,161 | |
Interest Income Recognized With Related Allowance | 18 | 18 | |
Interest Income Recognized With No Related Allowance | 111 | 176 | |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 12,169 | 15,910 | |
Recorded Investment With No Allowance | 36,074 | 38,059 | |
Unpaid Principal Balance With Allowance | 12,601 | 16,752 | |
Unpaid Principal Balance With no Allowance | 41,222 | 48,297 | |
With Related Allowance | 488 | 572 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 12,894 | 16,837 | |
Average Recorded Investment With No Related Allowance | 36,801 | 46,983 | |
Interest Income Recognized With Related Allowance | 647 | 793 | |
Interest Income Recognized With No Related Allowance | 1,647 | 1,993 | |
Real estate – commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 2,066 | 728 | |
Recorded Investment With No Allowance | 146 | 165 | |
Unpaid Principal Balance With Allowance | 2,116 | 733 | |
Unpaid Principal Balance With no Allowance | 150 | 168 | |
With Related Allowance | 338 | 6 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 2,011 | 751 | |
Average Recorded Investment With No Related Allowance | 159 | 177 | |
Interest Income Recognized With Related Allowance | 40 | 26 | |
Interest Income Recognized With No Related Allowance | 7 | 8 | |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 62,003 | 65,108 | |
Recorded Investment With No Allowance | 78,435 | 91,230 | |
Unpaid Principal Balance With Allowance | 65,273 | 69,029 | |
Unpaid Principal Balance With no Allowance | 100,427 | 117,691 | |
With Related Allowance | 1,901 | 892 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 65,756 | 68,168 | |
Average Recorded Investment With No Related Allowance | 78,368 | 104,485 | |
Interest Income Recognized With Related Allowance | 3,201 | 3,333 | |
Interest Income Recognized With No Related Allowance | 3,578 | 5,431 | |
Installment loans to individuals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 246 | 154 | |
Recorded Investment With No Allowance | 24 | 9 | |
Unpaid Principal Balance With Allowance | 247 | 155 | |
Unpaid Principal Balance With no Allowance | 33 | 10 | |
With Related Allowance | 3 | 4 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 247 | 155 | |
Average Recorded Investment With No Related Allowance | 7 | 13 | |
Interest Income Recognized With Related Allowance | 1 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded Investment With Allowance | 660 | 698 | |
Recorded Investment With No Allowance | 3,770 | 940 | |
Unpaid Principal Balance With Allowance | 660 | 698 | |
Unpaid Principal Balance With no Allowance | 7,630 | 1,063 | |
With Related Allowance | 2 | 1 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 675 | 710 | |
Average Recorded Investment With No Related Allowance | 2,095 | 1,109 | |
Interest Income Recognized With Related Allowance | 29 | 25 | |
Interest Income Recognized With No Related Allowance | $ 109 | $ 46 |
Purchased Loans - Restructured
Purchased Loans - Restructured Loans by Class (Details) - Purchased $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 5 | 28 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 712 | $ 6,859 | $ 3,272 |
Post-Modification Outstanding Recorded Investment | $ 552 | $ 5,358 | $ 2,365 |
Commercial, financial, agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 48 | $ 0 | $ 41 |
Post-Modification Outstanding Recorded Investment | $ 44 | $ 0 | $ 17 |
Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Real estate – construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Real estate – 1-4 family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 2 | 23 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 142 | $ 3,744 | $ 1,608 |
Post-Modification Outstanding Recorded Investment | $ 127 | $ 3,127 | $ 1,269 |
Real estate – commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 2 | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 522 | $ 3,115 | $ 1,623 |
Post-Modification Outstanding Recorded Investment | $ 381 | $ 2,231 | $ 1,079 |
Installment loans to individuals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans (loans) | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Purchased Loans - Changes in Re
Purchased Loans - Changes in Restructured Loans (Details) - Purchased $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Number of Loans | ||
Beginning balance (loans) | loan | 72 | 42 |
Additional loans with concessions (loans) | loan | 5 | 36 |
Reclassified as performing (loans) | loan | 4 | 9 |
Reclassified as nonperforming (loans) | loan | (13) | (10) |
Paid in full (loans) | loan | (14) | (3) |
Charge-offs (loans) | loan | (1) | |
Principal paydowns (loans) | loan | 0 | 0 |
Lapse of concession period (loans) | loan | (1) | |
Ending balance (loans) | loan | 54 | 72 |
Recorded Investment | ||
Beginning balance | $ | $ 8,965 | $ 4,028 |
Additional loans with concessions | $ | 712 | 5,703 |
Reclassified from nonperforming | $ | 435 | 838 |
Reclassified as nonperforming | $ | (1,229) | (786) |
Paid In full | $ | (744) | (323) |
Charge-offs | $ | (17) | |
Principal paydowns | $ | (644) | (377) |
Lapse of concession period | $ | (101) | |
Ending balance | $ | $ 7,495 | $ 8,965 |
Purchased Loans - Loan Portfoli
Purchased Loans - Loan Portfolio by Risk-rating Grades (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 9,083,129 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,295,912 | 1,039,393 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 740,668 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,795,343 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,051,509 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 199,697 | 176,289 |
Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,693,417 | 2,031,766 |
Purchased | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,852,090 | 1,284,431 |
Purchased | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,746,683 | 1,241,834 |
Purchased | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 84,250 | 24,595 |
Purchased | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 21,157 | 18,002 |
Purchased | Commercial, financial, agricultural | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 369,748 | 248,993 |
Purchased | Commercial, financial, agricultural | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 333,147 | 241,195 |
Purchased | Commercial, financial, agricultural | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 33,857 | 4,974 |
Purchased | Commercial, financial, agricultural | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,744 | 2,824 |
Purchased | Real estate – construction | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 101,964 | 81,220 |
Purchased | Real estate – construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 101,122 | 81,220 |
Purchased | Real estate – construction | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Purchased | Real estate – construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 842 | 0 |
Purchased | Real estate – 1-4 family mortgage | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 128,806 | 100,039 |
Purchased | Real estate – 1-4 family mortgage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 113,874 | 91,369 |
Purchased | Real estate – 1-4 family mortgage | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,347 | 2,498 |
Purchased | Real estate – 1-4 family mortgage | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,585 | 6,172 |
Purchased | Real estate – commercial mortgage | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,251,570 | 853,498 |
Purchased | Real estate – commercial mortgage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,198,540 | 827,372 |
Purchased | Real estate – commercial mortgage | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 43,046 | 17,123 |
Purchased | Real estate – commercial mortgage | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9,984 | 9,003 |
Purchased | Installment loans to individuals | Internal Noninvestment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2 | 681 |
Purchased | Installment loans to individuals | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 678 |
Purchased | Installment loans to individuals | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Purchased | Installment loans to individuals | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 2 | $ 3 |
Purchased Loans - Performing St
Purchased Loans - Performing Status (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 9,083,129 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,295,912 | 1,039,393 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 740,668 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,795,343 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,051,509 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 199,697 | 176,289 |
Purchased | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,693,417 | 2,031,766 |
Purchased | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 619,073 | 520,075 |
Purchased | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 614,814 | 518,604 |
Purchased | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,259 | 1,471 |
Purchased | Commercial, financial, agricultural | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 21,372 | 11,262 |
Purchased | Commercial, financial, agricultural | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 21,303 | 11,216 |
Purchased | Commercial, financial, agricultural | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 69 | 46 |
Purchased | Lease financing | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Purchased | Lease financing | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Purchased | Lease financing | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Purchased | Real estate – construction | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,185 | 4,511 |
Purchased | Real estate – construction | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,185 | 4,511 |
Purchased | Real estate – construction | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Purchased | Real estate – 1-4 family mortgage | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 530,404 | 460,179 |
Purchased | Real estate – 1-4 family mortgage | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 526,699 | 459,038 |
Purchased | Real estate – 1-4 family mortgage | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,705 | 1,141 |
Purchased | Real estate – commercial mortgage | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 31,136 | 27,618 |
Purchased | Real estate – commercial mortgage | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 30,951 | 27,495 |
Purchased | Real estate – commercial mortgage | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 185 | 123 |
Purchased | Installment loans to individuals | Performing and Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 32,976 | 16,505 |
Purchased | Installment loans to individuals | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 32,676 | 16,344 |
Purchased | Installment loans to individuals | Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 300 | $ 161 |
Purchased Loans - Purchased Wit
Purchased Loans - Purchased With Deteriorated Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Purchased Credit Deteriorated Loans | $ 9,034,103 | $ 7,574,111 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Purchased Credit Deteriorated Loans | 222,254 | 227,260 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Purchased Credit Deteriorated Loans | 29,143 | 15,315 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Lease financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Purchased Credit Deteriorated Loans | 0 | 0 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Purchased Credit Deteriorated Loans | 0 | 0 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Purchased Credit Deteriorated Loans | 48,243 | 53,969 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Purchased Credit Deteriorated Loans | 140,438 | 156,338 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Purchased Credit Deteriorated Loans | $ 4,430 | $ 1,638 |
Purchased Loans - Loans Determi
Purchased Loans - Loans Determined to be Impaired (Details) - Purchased - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | |||
Accretable yield | $ (34,265) | $ (32,207) | $ (37,473) |
Fair value of loans contractual principal cash flows amount | 52,061 | 48,345 | |
Fair value of loans contractual interest cash flows | 10,634 | 9,042 | |
Fair value of loans contractual purchase discount | 1,667 | 1,640 | |
Fair value of loans contractual interest payments | 32,598 | 30,567 | |
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 | 319,214 | 316,854 | |
Nonaccretable difference | (62,695) | (57,387) | |
Cash flows expected to be collected | 256,519 | 259,467 | |
Accretable yield | (34,265) | (32,207) | |
Fair value | $ 222,254 | $ 227,260 |
Purchased Loans - Changes in Ac
Purchased Loans - Changes in Accretable Yield (Details) - Purchased - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ (32,207) | $ (37,473) |
Additions through acquisition | (10,143) | (1,777) |
Reclasses from nonaccretable difference | (7,883) | (9,750) |
Accretion | 15,340 | 15,560 |
Charge-off | 628 | 1,233 |
Ending balance | $ (34,265) | $ (32,207) |
Purchased Loans - Fair Value of
Purchased Loans - Fair Value of Acquired Loans (Details) - Purchased - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 01, 2018 | Dec. 31, 2017 | Jul. 01, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accretable yield | $ (34,265) | $ (32,207) | $ (37,473) | ||
Receivables Acquired with Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contractually-required principal and interest | 319,214 | 316,854 | |||
Nonaccretable difference | (62,695) | (57,387) | |||
Cash flows expected to be collected | 256,519 | 259,467 | |||
Accretable yield | (34,265) | (32,207) | |||
Fair value | $ 222,254 | $ 227,260 | |||
Brand Group Holdings, Inc. | Receivables Acquired with Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contractually-required principal and interest | $ 1,625,137 | ||||
Nonaccretable difference | (123,399) | ||||
Cash flows expected to be collected | 1,501,738 | ||||
Accretable yield | (170,651) | ||||
Fair value | $ 1,331,087 | ||||
Metropolitan Bancgroup, Inc. | Receivables Acquired with Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contractually-required principal and interest | $ 1,198,741 | ||||
Nonaccretable difference | (79,165) | ||||
Cash flows expected to be collected | 1,119,576 | ||||
Accretable yield | (154,543) | ||||
Fair value | $ 965,033 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 9,086,256 | $ 7,623,663 |
Unearned income | (3,127) | (3,341) |
Loans, net of unearned income | 9,083,129 | 7,620,322 |
Allowance for loan losses | (49,026) | (46,211) |
Loans, net | 9,034,103 | 7,574,111 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,295,912 | 1,039,393 |
Loans, net of unearned income | 1,295,912 | 1,039,393 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 64,992 | 57,354 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 740,668 | 633,389 |
Loans, net of unearned income | 740,668 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,795,343 | 2,343,721 |
Loans, net of unearned income | 2,795,343 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 4,051,509 | 3,427,530 |
Loans, net of unearned income | 4,051,509 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 137,832 | 122,276 |
Loans, net of unearned income | $ 199,697 | $ 176,289 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | $ 46,211 | $ 42,737 | $ 46,211 | $ 42,737 | $ 42,437 | |||||||||
Charge-offs | (6,428) | (7,008) | (9,471) | |||||||||||
Recoveries | 2,433 | 2,932 | 2,241 | |||||||||||
Net charge-offs | (3,995) | (4,076) | (7,230) | |||||||||||
Provision for loan losses | 7,550 | 6,604 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (265) | |||||||||||||
Recoveries payable to FDIC | 1,191 | |||||||||||||
Provision for loan losses charged to operations | $ 1,000 | $ 2,250 | $ 1,810 | 1,750 | $ 2,150 | $ 2,150 | $ 1,750 | 1,500 | 6,810 | 7,550 | 7,530 | |||
Ending balance | 49,026 | 46,211 | 49,026 | 46,211 | 42,737 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | $ 1,514 | $ 2,674 | $ 4,141 | |||||||||||
Collectively evaluated for impairment | 44,960 | 41,760 | 35,776 | |||||||||||
Purchased with deteriorated credit quality | 49,026 | 46,211 | 46,211 | 42,737 | 46,211 | 42,737 | 42,437 | 49,026 | 46,211 | 42,737 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 1,777 | 2,820 | 1,777 | 2,820 | ||||||||||
Ending balance | 2,552 | 1,777 | 2,552 | 1,777 | 2,820 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Purchased with deteriorated credit quality | 2,552 | 1,777 | 1,777 | 2,820 | 1,777 | 2,820 | 2,820 | 2,552 | 1,777 | 2,820 | ||||
Commercial, financial, agricultural | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 5,542 | 5,486 | 5,542 | 5,486 | 4,186 | |||||||||
Charge-offs | (2,415) | (2,874) | (2,725) | |||||||||||
Recoveries | 618 | 422 | 331 | |||||||||||
Net charge-offs | (1,797) | (2,452) | (2,394) | |||||||||||
Provision for loan losses | 2,508 | 3,716 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (61) | |||||||||||||
Recoveries payable to FDIC | 39 | |||||||||||||
Provision for loan losses charged to operations | 4,524 | 3,694 | ||||||||||||
Ending balance | 8,269 | 5,542 | 8,269 | 5,542 | 5,486 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 336 | 190 | 446 | |||||||||||
Collectively evaluated for impairment | 7,772 | 5,040 | 4,668 | |||||||||||
Purchased with deteriorated credit quality | 8,269 | 5,542 | 5,542 | 5,486 | 5,542 | 5,486 | 4,186 | 8,269 | 5,542 | 5,486 | ||||
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 312 | 372 | 312 | 372 | ||||||||||
Ending balance | 161 | 312 | 161 | 312 | 372 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Purchased with deteriorated credit quality | 161 | 312 | 312 | 372 | 312 | 372 | 372 | 161 | 312 | 372 | ||||
Real estate – construction | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 3,428 | 2,380 | 3,428 | 2,380 | 1,852 | |||||||||
Charge-offs | (51) | 0 | 0 | |||||||||||
Recoveries | 13 | 105 | 47 | |||||||||||
Net charge-offs | (38) | 105 | 47 | |||||||||||
Provision for loan losses | 943 | 364 | ||||||||||||
Benefit attributable to FDIC loss share agreements | 0 | |||||||||||||
Recoveries payable to FDIC | 117 | |||||||||||||
Provision for loan losses charged to operations | 1,365 | 481 | ||||||||||||
Ending balance | 4,755 | 3,428 | 4,755 | 3,428 | 2,380 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 68 | 4 | 1 | |||||||||||
Collectively evaluated for impairment | 4,687 | 3,424 | 2,379 | |||||||||||
Purchased with deteriorated credit quality | 4,755 | 3,428 | 3,428 | 2,380 | 3,428 | 2,380 | 1,852 | 4,755 | 3,428 | 2,380 | ||||
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | ||||||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Purchased with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Real estate – 1-4 family mortgage | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 12,009 | 14,294 | 12,009 | 14,294 | 13,908 | |||||||||
Charge-offs | (2,023) | (1,713) | (3,906) | |||||||||||
Recoveries | 573 | 733 | 997 | |||||||||||
Net charge-offs | (1,450) | (980) | (2,909) | |||||||||||
Provision for loan losses | (1,305) | 2,616 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (115) | |||||||||||||
Recoveries payable to FDIC | 794 | |||||||||||||
Provision for loan losses charged to operations | (420) | 3,295 | ||||||||||||
Ending balance | 10,139 | 12,009 | 10,139 | 12,009 | 14,294 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 79 | 606 | 1,134 | |||||||||||
Collectively evaluated for impairment | 9,572 | 10,831 | 12,319 | |||||||||||
Purchased with deteriorated credit quality | 10,139 | 12,009 | 12,009 | 14,294 | 12,009 | 14,294 | 13,908 | 10,139 | 12,009 | 14,294 | ||||
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 572 | 841 | 572 | 841 | ||||||||||
Ending balance | 488 | 572 | 488 | 572 | 841 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Purchased with deteriorated credit quality | 488 | 572 | 572 | 841 | 572 | 841 | 841 | 488 | 572 | 841 | ||||
Real estate – commercial mortgage | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 23,384 | 19,059 | 23,384 | 19,059 | 21,111 | |||||||||
Charge-offs | (1,197) | (1,791) | (2,123) | |||||||||||
Recoveries | 1,108 | 1,565 | 757 | |||||||||||
Net charge-offs | (89) | (226) | (1,366) | |||||||||||
Provision for loan losses | 4,551 | (879) | ||||||||||||
Benefit attributable to FDIC loss share agreements | (48) | |||||||||||||
Recoveries payable to FDIC | 241 | |||||||||||||
Provision for loan losses charged to operations | 1,197 | (686) | ||||||||||||
Ending balance | 24,492 | 23,384 | 24,492 | 23,384 | 19,059 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 1,027 | 1,867 | 2,445 | |||||||||||
Collectively evaluated for impairment | 21,564 | 20,625 | 15,008 | |||||||||||
Purchased with deteriorated credit quality | 24,492 | 23,384 | 23,384 | 19,059 | 23,384 | 19,059 | 21,111 | 24,492 | 23,384 | 19,059 | ||||
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 892 | 1,606 | 892 | 1,606 | ||||||||||
Ending balance | 1,901 | 892 | 1,901 | 892 | 1,606 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Purchased with deteriorated credit quality | 1,901 | 892 | 892 | 1,606 | 892 | 1,606 | 1,606 | 1,901 | 892 | 1,606 | ||||
Installment and Other | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 1,848 | 1,518 | 1,848 | 1,518 | 1,380 | |||||||||
Charge-offs | (742) | (630) | (717) | |||||||||||
Recoveries | 121 | 107 | 109 | |||||||||||
Net charge-offs | (621) | (523) | (608) | |||||||||||
Provision for loan losses | 853 | 787 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (41) | |||||||||||||
Recoveries payable to FDIC | 0 | |||||||||||||
Provision for loan losses charged to operations | 144 | 746 | ||||||||||||
Ending balance | 1,371 | 1,848 | 1,371 | 1,848 | 1,518 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 4 | 7 | 115 | |||||||||||
Collectively evaluated for impairment | 1,365 | 1,840 | 1,402 | |||||||||||
Purchased with deteriorated credit quality | 1,371 | 1,848 | 1,848 | 1,518 | 1,848 | 1,518 | 1,380 | 1,371 | 1,848 | 1,518 | ||||
Installment and Other | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 1 | 1 | 1 | 1 | ||||||||||
Ending balance | 2 | 1 | 2 | 1 | 1 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Purchased with deteriorated credit quality | $ 2 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 2 | $ 1 | $ 1 |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Recorded Investments in Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 35,278 | $ 30,307 |
Collectively evaluated for impairment | 8,825,597 | 7,362,755 |
Loans, net of unearned income | 9,083,129 | 7,620,322 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired with deteriorated credit quality | 222,254 | 227,260 |
Commercial, financial, agricultural | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,445 | 3,064 |
Collectively evaluated for impairment | 1,264,324 | 1,021,014 |
Loans, net of unearned income | 1,295,912 | 1,039,393 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired with deteriorated credit quality | 29,143 | 15,315 |
Real estate – construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 10,043 | 1,777 |
Collectively evaluated for impairment | 730,625 | 631,612 |
Loans, net of unearned income | 740,668 | 633,389 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired with deteriorated credit quality | 0 | 0 |
Real estate – 1-4 family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 14,238 | 14,482 |
Collectively evaluated for impairment | 2,732,862 | 2,275,270 |
Loans, net of unearned income | 2,795,343 | 2,343,721 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired with deteriorated credit quality | 48,243 | 53,969 |
Real estate – commercial mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 8,059 | 10,545 |
Collectively evaluated for impairment | 3,903,012 | 3,260,648 |
Loans, net of unearned income | 4,051,509 | 3,427,530 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired with deteriorated credit quality | 140,438 | 156,337 |
Installment loans to individuals | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 493 | 439 |
Collectively evaluated for impairment | 194,774 | 174,211 |
Loans, net of unearned income | 199,697 | 176,289 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired with deteriorated credit quality | $ 4,430 | $ 1,639 |
Premises and Equipment - Bank P
Premises and Equipment - Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Gross | $ 302,152 | $ 262,402 |
Accumulated depreciation | (92,984) | (79,148) |
Net | 209,168 | 183,254 |
Premises | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 218,730 | 193,173 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 10,241 | 7,736 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 52,043 | 45,625 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 20,972 | 15,686 |
Autos | ||
Property, Plant and Equipment [Line Items] | ||
Gross | $ 166 | $ 182 |
Premises and Equipment - Future
Premises and Equipment - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Summary of future minimum lease payments | |
2,019 | $ 9,389 |
2,020 | 8,199 |
2,021 | 6,339 |
2,022 | 4,929 |
2,023 | 3,711 |
Thereafter | 12,592 |
Total | $ 45,159 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 14,358 | $ 13,136 | $ 12,066 |
Rental expense | 6,157 | $ 4,827 | $ 4,460 |
Future minimum payments due | 45,159 | ||
Brand Group Holdings, Inc. | |||
Property, Plant and Equipment [Line Items] | |||
Rental expense | 638 | ||
Future minimum payments due | $ 10,078 |
Other Real Estate Owned - Sched
Other Real Estate Owned - Schedule of OREO (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||
Purchased OREO | $ 6,187 | $ 11,524 |
Non Purchased OREO | 4,853 | 4,410 |
Total other real estate owned, net | 11,040 | 15,934 |
Residential real estate | ||
Real Estate Properties [Line Items] | ||
Purchased OREO | 423 | 1,683 |
Non Purchased OREO | 1,910 | 758 |
Total other real estate owned, net | 2,333 | 2,441 |
Commercial real estate | ||
Real Estate Properties [Line Items] | ||
Purchased OREO | 2,686 | 4,314 |
Non Purchased OREO | 1,611 | 1,624 |
Total other real estate owned, net | 4,297 | 5,938 |
Residential land development | ||
Real Estate Properties [Line Items] | ||
Purchased OREO | 678 | 1,100 |
Non Purchased OREO | 421 | 781 |
Total other real estate owned, net | 1,099 | 1,881 |
Commercial land development | ||
Real Estate Properties [Line Items] | ||
Purchased OREO | 2,400 | 4,427 |
Non Purchased OREO | 911 | 1,247 |
Total other real estate owned, net | $ 3,311 | $ 5,674 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Changes in OREO (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Purchased OREO | ||
Beginning balance | $ 11,524 | $ 17,370 |
Purchased OREO | 1,203 | |
Transfers of loans | 906 | 4,970 |
Impairments | (1,021) | (1,199) |
Dispositions | (5,220) | (10,438) |
Other | (2) | (382) |
Ending balance | 6,187 | 11,524 |
Non Purchased OREO | ||
Beginning balance | 4,410 | 5,929 |
Purchased OREO | 0 | |
Transfers of loans | 2,920 | 1,729 |
Impairments | (524) | (694) |
Dispositions | (1,907) | (3,027) |
Other | (46) | 473 |
Ending balance | 4,853 | 4,410 |
Total OREO | ||
Beginning balance | 15,934 | 23,299 |
Purchased OREO | 1,203 | |
Transfers of loans | 3,826 | 6,699 |
Impairments | (1,545) | (1,893) |
Dispositions | (7,127) | (13,465) |
Other | (48) | 91 |
Ending balance | $ 11,040 | $ 15,934 |
Other Real Estate Owned - Compo
Other Real Estate Owned - Components of OREO (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate [Abstract] | |||
Repairs and maintenance | $ 425 | $ 728 | $ 962 |
Property taxes and insurance | 385 | 423 | 1,374 |
Impairments | 1,545 | 1,893 | 3,018 |
Net (gains) losses on OREO sales | (423) | (405) | 590 |
Rental income | (40) | (169) | (248) |
Total | $ 1,892 | $ 2,470 | $ 5,696 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes In Carrying Amount of Goodwill | ||
Beginning balance | $ 611,046 | $ 470,534 |
Addition to goodwill | 321,882 | 140,512 |
Ending balance | 932,928 | 611,046 |
Community Banks | ||
Changes In Carrying Amount of Goodwill | ||
Beginning balance | 608,279 | 467,767 |
Addition to goodwill | 321,882 | 140,512 |
Ending balance | 930,161 | 608,279 |
Insurance | ||
Changes In Carrying Amount of Goodwill | ||
Beginning balance | 2,767 | 2,767 |
Addition to goodwill | 0 | 0 |
Ending balance | $ 2,767 | $ 2,767 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 84,462 | $ 56,928 |
Accumulated Amortization | (39,597) | (32,418) |
Net Carrying Amount | 44,865 | 24,510 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 82,492 | 54,958 |
Accumulated Amortization | (38,634) | (31,586) |
Net Carrying Amount | 43,858 | 23,372 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (963) | (832) |
Net Carrying Amount | $ 1,007 | $ 1,138 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible amortization | $ 7,179 | $ 6,530 | $ 6,747 |
Core deposit intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible amortization | 7,048 | 6,399 | 6,616 |
Customer relationship intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible amortization | $ 131 | $ 131 | $ 131 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,019 | $ 8,096 |
2,020 | 7,070 |
2,021 | 5,991 |
2,022 | 5,071 |
2,023 | 4,175 |
Core deposit intangible | |
Finite-Lived Intangible Assets [Line Items] | |
2,019 | 7,965 |
2,020 | 6,939 |
2,021 | 5,860 |
2,022 | 4,940 |
2,023 | 4,044 |
Customer relationship intangible | |
Finite-Lived Intangible Assets [Line Items] | |
2,019 | 131 |
2,020 | 131 |
2,021 | 131 |
2,022 | 131 |
2,023 | $ 131 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Change in MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in mortgage servicing rights | ||
Beginning balance | $ 39,339 | $ 26,302 |
Capitalization | 13,905 | 16,973 |
Amortization | (5,014) | (3,936) |
Ending balance | $ 48,230 | $ 39,339 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
MSR impairment (recovery) | $ 0 | $ 0 | $ 40,000 |
Bank Servicing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 8,876,000 | $ 5,735,000 | $ 3,212,000 |
Mortgage Servicing Rights - Inf
Mortgage Servicing Rights - Information of MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |||
Unpaid principal balance | $ 4,635,712 | $ 4,012,519 | $ 2,763,344 |
Weighted-average prepayment speed (CPR) | 7.95% | 8.04% | 7.34% |
Estimated impact of a 10% increase | $ (1,264) | $ (1,592) | $ (1,034) |
Estimated impact of a 20% increase | $ (2,569) | $ (3,095) | $ (2,010) |
Discount rate | 9.45% | 9.69% | 9.64% |
Estimated impact of a 100bp increase | $ (2,657) | $ (2,027) | $ (1,368) |
Estimated impact of a 200bp increase | $ (5,103) | $ (3,896) | $ (2,629) |
Weighted-average coupon interest rate | 4.04% | 3.89% | 3.83% |
Weighted-average servicing fee (basis points) | 0.2747% | 0.2636% | 0.2587% |
Weighted-average remaining maturity (in years) | 8 years 10 days | 7 years 11 months 24 days | 11 years 1 month 10 days |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Noninterest-bearing deposits | $ 2,318,706 | $ 1,840,424 |
Interest-bearing demand deposits | 4,822,382 | 3,702,019 |
Savings deposits | 624,685 | 571,948 |
Time deposits | 2,362,784 | 1,806,684 |
Total deposits | $ 10,128,557 | $ 7,921,075 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
2,019 | $ 1,389,489 | |
2,020 | 562,971 | |
2,021 | 314,346 | |
2,022 | 72,034 | |
2,023 | 21,663 | |
Thereafter | 2,281 | |
Total | $ 2,362,784 | $ 1,806,684 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Time deposits in denominations of $250 or more | $ 549,351 | $ 382,630 |
Amount on deposits | $ 44,327 | $ 43,777 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 387,706 | $ 89,814 |
Securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 7,706 | 6,814 |
Federal Home Loan Bank short-term advances | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 380,000 | $ 83,000 |
Short-Term Borrowings - Average
Short-Term Borrowings - Average Balances and Cost of Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Short-term Debt [Line Items] | |||
Average Balances | $ 155,735 | $ 217,547 | $ 356,929 |
Cost of Funds | 2.10% | 1.22% | 0.45% |
Federal Home Loan Bank short-term advances | |||
Short-term Debt [Line Items] | |||
Average Balances | $ 147,749 | $ 208,332 | $ 344,724 |
Cost of Funds | 2.21% | 1.27% | 0.46% |
Securities sold under agreements to repurchase | |||
Short-term Debt [Line Items] | |||
Average Balances | $ 7,986 | $ 9,215 | $ 12,205 |
Cost of Funds | 0.17% | 0.17% | 0.20% |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Lines of credit with correspondent banks | $ 150,000,000 | |
Amounts outstanding under lines of credit | $ 0 | $ 0 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term debt | ||
Total long-term debt | $ 263,618 | $ 207,546 |
Federal Home Loan Bank advances | ||
Long-term debt | ||
Total long-term debt | 6,690 | 7,493 |
Other long-term debt | ||
Long-term debt | ||
Total long-term debt | 53 | 98 |
Junior subordinated debentures | ||
Long-term debt | ||
Total long-term debt | 109,636 | 85,881 |
Subordinated notes | ||
Long-term debt | ||
Total long-term debt | $ 147,239 | $ 114,074 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | Sep. 01, 2018 | Jul. 01, 2017 | Feb. 22, 2017 | Aug. 22, 2016 | Mar. 17, 2014 | Mar. 31, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2007 | Dec. 31, 2005 | Dec. 31, 2003 |
Debt Instrument [Line Items] | ||||||||||||
Maturity period of Long-term advances, earliest | 2,019 | |||||||||||
Maturity period of Long-term advances, new | 2,030 | |||||||||||
Unused lines of credit | $ 3,301,543,000 | |||||||||||
Loss on extinguishment of debt | 0 | $ 205,000 | $ 2,539,000 | |||||||||
Subordinated notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Par percentage | 100.00% | |||||||||||
Redemption price percentage | 100.00% | |||||||||||
PHC Statutory Trust I | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed interest rate | 5.49% | |||||||||||
PHC Statutory Trust I | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.85% | 285.00% | ||||||||||
PHC Statutory Trust II | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 187.00% | |||||||||||
Heritage Financial Statutory Trust I | Subordinated notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption of debenture | $ 10,515,000 | |||||||||||
Aggregate principal amount | 10,310,000 | |||||||||||
Prepayment penalty | $ 205,000 | |||||||||||
Capital Bancorp Capital Trust I | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed interest rate | 4.42% | |||||||||||
Junior subordinated notes | 106,045,000 | |||||||||||
Capital Bancorp Capital Trust I | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.50% | 150.00% | ||||||||||
First M&F Statutory Trust I | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Junior subordinated notes | $ 9,450,000 | 9,997,000 | ||||||||||
Interest rate of senior note | 4.18% | |||||||||||
First M&F Statutory Trust I | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 133.00% | |||||||||||
Brand Group Holdings Statutory Trust I | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 205.00% | |||||||||||
Brand Group Holdings Statutory Trust II | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 300.00% | |||||||||||
Brand Group Holdings Statutory Trust III | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.00% | |||||||||||
Brand Group Holdings Statutory Trust IV | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 375.00% | |||||||||||
Brand Group Holdings Statutory Trust | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unamortized discount | $ 505,000 | |||||||||||
5.00% Subordinated Notes due 2026 | Subordinated notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of senior note | 5.00% | |||||||||||
Aggregate principal amount | $ 60,000,000 | |||||||||||
5.00% Subordinated Notes due 2026 | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 384.00% | |||||||||||
5.50% Subordinated Notes due 2031 | Subordinated notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of senior note | 5.50% | |||||||||||
Aggregate principal amount | $ 40,000,000 | |||||||||||
5.50% Subordinated Notes due 2031 | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 407.10% | |||||||||||
Metropolitan Notes | Subordinated notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of senior note | 6.50% | |||||||||||
Borrowings | $ 15,000,000 | |||||||||||
Metropolitan Notes | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 554.50% | |||||||||||
Brand Notes | Subordinated notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of senior note | 8.50% | |||||||||||
Borrowings | $ 30,000,000 | |||||||||||
Federal Home Loan Bank | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Extinguishment of debt, amount | $ 0 | $ 0 | 42,369,000 | |||||||||
Loss on extinguishment of debt | $ 2,539,000 | |||||||||||
Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term advances, interest rates | 1.09% | |||||||||||
Minimum | 5.00% Subordinated Notes due 2026 | LIBOR | Subordinated notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable rate threshold | 0.00% | |||||||||||
Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term advances, interest rates | 5.28% | |||||||||||
Weighted Average | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term advances, interest rates | 3.28% | 3.33% |
Long-Term Debt - Details of Deb
Long-Term Debt - Details of Debentures (Details) $ in Thousands | Dec. 31, 2018USD ($) |
PHC Statutory Trust I | |
Debentures details | |
Principal Amount | $ 20,619 |
Interest Rate | 5.64% |
Amount Included in Tier 1 Capital | $ 20,000 |
PHC Statutory Trust II | |
Debentures details | |
Principal Amount | $ 31,959 |
Interest Rate | 4.66% |
Amount Included in Tier 1 Capital | $ 31,000 |
Capital Bancorp Capital Trust I | |
Debentures details | |
Principal Amount | $ 12,372 |
Interest Rate | 4.30% |
Amount Included in Tier 1 Capital | $ 12,000 |
First M&F Statutory Trust I | |
Debentures details | |
Principal Amount | $ 30,928 |
Interest Rate | 4.12% |
Amount Included in Tier 1 Capital | $ 20,550 |
Brand Group Holdings Statutory Trust I | |
Debentures details | |
Principal Amount | $ 10,310 |
Interest Rate | 4.85% |
Amount Included in Tier 1 Capital | $ 9,056 |
Brand Group Holdings Statutory Trust II | |
Debentures details | |
Principal Amount | $ 5,155 |
Interest Rate | 5.79% |
Amount Included in Tier 1 Capital | $ 5,061 |
Brand Group Holdings Statutory Trust III | |
Debentures details | |
Principal Amount | $ 5,155 |
Interest Rate | 5.79% |
Amount Included in Tier 1 Capital | $ 5,061 |
Brand Group Holdings Statutory Trust IV | |
Debentures details | |
Principal Amount | $ 3,093 |
Interest Rate | 6.54% |
Amount Included in Tier 1 Capital | $ 3,317 |
Long-Term Debt - Debt Maturitie
Long-Term Debt - Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Aggregate stated maturities of long-term debt outstanding | ||
2,018 | $ 1,811 | |
2,019 | 272 | |
2,020 | 180 | |
2,021 | 516 | |
2,022 | 824 | |
Thereafter | 260,015 | |
Total | $ 263,618 | $ 207,546 |
Employee Benefit and Deferred_3
Employee Benefit and Deferred Compensation Plans - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)pointplanshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2007officer | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accumulated benefit obligation | $ 24,945,000 | $ 27,859,000 | ||
Retiring age limit, minimum | 55 years | |||
Retiring age limit, maximum | 65 years | |||
Eligible employee from service (in years) | 15 years | |||
Number of points for eligibility (points) | point | 70 | |||
Minimum eligible age for Medicare coverage | 65 years | |||
Life insurance coverage face value | $ 5,000 | |||
Life insurance maturity age | 70 years | |||
Additional life insurance maturity age | 70 years | |||
Expected company contributions | $ 156,000 | |||
Health care cost trend rate (percent) | 5.60% | |||
Percentage of plan compensation as nondiscretionary contribution (percent) | 5.00% | |||
Percentage of plan compensation in excess of social security wage base (percent) | 5.00% | |||
Hours of service credited to the employees during the year | 1000 hours | |||
Redemption notice | 60 days | |||
Employee deferrals (percent) | 4.00% | |||
Employee deferrals amounts | $ 13,477,000 | 11,471,000 | $ 10,762,000 | |
Number of officers provided for | officer | 4 | |||
Expiration period subsequent to retirement | 15 years | |||
Supplemental executive retirement liabilities totaled | $ 3,865,000 | 3,846,000 | ||
Number of conventional deferred compensation plans | plan | 2 | |||
Company's deferred compensation plan expense | $ 1,290,000 | 1,935,000 | 1,537,000 | |
Incentive compensation plan expense | $ 5,117,000 | $ 4,490,000 | $ 2,307,000 | |
Option expiration period | 10 years | |||
Granted (shares) | shares | 0 | 0 | 0 | |
Intrinsic value of options exercised | $ 1,180,000 | $ 2,487,000 | $ 8,323,000 | |
Fair value of options vested in period | 78,000 | |||
Common shares reserved for issuance under employee benefit plans (shares) | shares | 2,043,402 | |||
Stock compensation plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Compensation expense | $ 0 | 0 | 0 | |
Unrecognized stock-based compensation expense | 0 | |||
Performance- Based Restricted Stock | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Compensation expense | 7,251,000 | 5,293,000 | 3,117,000 | |
Time- Based Restricted Stock | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Unrecognized stock-based compensation expense | $ 7,909,000 | |||
Weighted average period over which unrecognized expense is expected to be recognized (in years) | 1 year 5 months 13 days | |||
Growth Investment | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity income strategy (percent) | 55.00% | |||
Real Estate | Growth Investment | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity income strategy (percent) | 5.00% | |||
Interest Rate Contract | Growth Investment | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity income strategy (percent) | 45.00% | |||
Minimum | Equity Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity income strategy (percent) | 65.00% | |||
Minimum | Debt Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity income strategy (percent) | 25.00% | |||
Maximum | Equity Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity income strategy (percent) | 75.00% | |||
Maximum | Debt Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity income strategy (percent) | 35.00% | |||
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company contribution to pension benefit plan | $ 0 | 0 | ||
Accumulated benefit obligation | 24,945,000 | 27,859,000 | $ 28,012,000 | |
Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company contribution to pension benefit plan | $ 89,000 | $ 119,000 |
Employee Benefit and Deferred_4
Employee Benefit and Deferred Compensation Plans - Plan Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 27,859,000 | ||
Benefit obligation at end of year | 24,945,000 | $ 27,859,000 | |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 26,913,000 | ||
Fair value of plan assets at end of year | 25,206,000 | 26,913,000 | |
Pension Benefits | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 27,859,000 | 28,012,000 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 1,043,000 | 1,168,000 | 1,216,000 |
Plan participants’ contributions | 0 | 0 | |
Actuarial (gain) loss | (2,016,000) | 582,000 | |
Benefits paid | (1,941,000) | (1,903,000) | |
Benefit obligation at end of year | 24,945,000 | 27,859,000 | 28,012,000 |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 26,913,000 | 25,241,000 | |
Actual return on plan assets | 234,000 | 3,575,000 | |
Contribution by employer | 0 | 0 | |
Benefits paid | (1,941,000) | (1,903,000) | |
Fair value of plan assets at end of year | 25,206,000 | 26,913,000 | 25,241,000 |
Funded status at end of year | $ 261,000 | $ (946,000) | |
Weighted-average assumptions as of December 31 | |||
Discount rate used to determine the benefit obligation | 4.56% | 3.96% | |
Other Benefits | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 1,170,000 | $ 1,566,000 | |
Service cost | 8,000 | 9,000 | 12,000 |
Interest cost | 31,000 | 42,000 | 58,000 |
Plan participants’ contributions | 75,000 | 77,000 | |
Actuarial (gain) loss | (239,000) | (328,000) | |
Benefits paid | (164,000) | (196,000) | |
Benefit obligation at end of year | 881,000 | 1,170,000 | $ 1,566,000 |
Change in fair value of plan assets | |||
Funded status at end of year | $ (881,000) | $ (1,170,000) | |
Weighted-average assumptions as of December 31 | |||
Discount rate used to determine the benefit obligation | 4.07% | 3.37% |
Employee Benefit and Deferred_5
Employee Benefit and Deferred Compensation Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 1,043 | 1,168 | 1,216 |
Expected return on plan assets | (2,077) | (1,941) | (1,872) |
Prior service cost recognized | 0 | 0 | 0 |
Recognized actuarial loss | 328 | 401 | 404 |
Settlement/curtailment/termination losses | 0 | 0 | 0 |
Net periodic benefit cost | (706) | (372) | (252) |
Net actuarial (gain) loss arising during the period | (173) | (1,051) | 5 |
Net Settlement/curtailment/termination losses | 0 | 0 | 0 |
Amortization of net actuarial loss recognized in net periodic pension cost | (328) | (401) | (404) |
Total recognized in other comprehensive income | (501) | (1,452) | (399) |
Total recognized in net periodic benefit cost and other comprehensive income | $ (1,207) | $ (1,824) | $ (651) |
Discount rate used to determine net periodic pension cost | 3.96% | 4.35% | 4.56% |
Expected return on plan assets | 6.00% | 8.00% | 8.00% |
Pension Benefits | HeritageBank | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0 | ||
Interest cost | 172 | ||
Expected return on plan assets | (113) | ||
Prior service cost recognized | 0 | ||
Recognized actuarial loss | 0 | ||
Settlement/curtailment/termination losses | (780) | ||
Net periodic benefit cost | (721) | ||
Net actuarial (gain) loss arising during the period | (397) | ||
Net Settlement/curtailment/termination losses | 780 | ||
Amortization of net actuarial loss recognized in net periodic pension cost | 0 | ||
Total recognized in other comprehensive income | 383 | ||
Total recognized in net periodic benefit cost and other comprehensive income | $ (338) | ||
Discount rate used to determine net periodic pension cost | 4.27% | ||
Expected return on plan assets | 3.00% | ||
Other Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 8 | $ 9 | $ 12 |
Interest cost | 31 | 42 | 58 |
Expected return on plan assets | 0 | 0 | 0 |
Prior service cost recognized | 0 | 0 | 0 |
Recognized actuarial loss | 0 | 6 | 76 |
Settlement/curtailment/termination losses | 0 | 0 | 0 |
Net periodic benefit cost | 39 | 57 | 146 |
Net actuarial (gain) loss arising during the period | (240) | (328) | (56) |
Net Settlement/curtailment/termination losses | 0 | 0 | 0 |
Amortization of net actuarial loss recognized in net periodic pension cost | 0 | (6) | (76) |
Total recognized in other comprehensive income | (240) | (334) | (132) |
Total recognized in net periodic benefit cost and other comprehensive income | $ (201) | $ (277) | $ 14 |
Discount rate used to determine net periodic pension cost | 3.37% | 3.57% | 3.63% |
Employee Benefit and Deferred_6
Employee Benefit and Deferred Compensation Plans - Future Estimated Benefit Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | $ 1,968 |
2,020 | 1,973 |
2,021 | 1,988 |
2,022 | 1,980 |
2,023 | 1,958 |
2024-2028 | 9,277 |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 156 |
2,020 | 141 |
2,021 | 126 |
2,022 | 103 |
2,023 | 101 |
2024-2028 | $ 279 |
Employee Benefit and Deferred_7
Employee Benefit and Deferred Compensation Plans - Amounts Recognized in AOCI (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior service cost | $ 0 |
Actuarial loss (gain) | 9,562 |
Total | 9,562 |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior service cost | 0 |
Actuarial loss (gain) | (155) |
Total | $ (155) |
Employee Benefit and Deferred_8
Employee Benefit and Deferred Compensation Plans - Amounts to be Amortized from AOCI (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension Benefits | |
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | |
Prior service cost | $ 0 |
Actuarial loss (gain) | 345 |
Total | 345 |
Other Benefits | |
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | |
Prior service cost | 0 |
Actuarial loss (gain) | (56) |
Total | $ (56) |
Employee Benefit and Deferred_9
Employee Benefit and Deferred Compensation Plans - Categorization of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 25,206 | $ 26,913 |
Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 40 | 387 |
Investments in collective trusts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 25,166 | |
U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,496 | |
Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,908 | |
Corporate stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 20,557 | |
Investments in registered investment companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 921 | |
Foreign obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 644 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 40 | 21,865 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 40 | 387 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 20,557 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Investments in registered investment companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 921 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Foreign obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 5,048 |
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,496 | |
Significant Other Observable Inputs (Level 2) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,908 | |
Significant Other Observable Inputs (Level 2) | Corporate stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Investments in registered investment companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Foreign obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 644 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Corporate stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Investments in registered investment companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 0 | |
Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 25,166 | |
Measured at NAV | Investments in collective trusts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 25,166 |
Employee Benefit and Deferre_10
Employee Benefit and Deferred Compensation Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Outstanding at beginning of year (shares) | 89,750 | 185,625 | 621,446 |
Granted (shares) | 0 | 0 | 0 |
Exercised (shares) | (41,000) | (95,875) | (435,177) |
Forfeited (shares) | (5,000) | 0 | (644) |
Outstanding at end of year (shares) | 43,750 | 89,750 | 185,625 |
Exercisable at end of year (shares) | 43,750 | 89,750 | 185,625 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (usd per share) | $ 15.67 | $ 15.97 | $ 17.88 |
Granted (usd per share) | 0 | 0 | 0 |
Exercised (usd per share) | 15.54 | 16.25 | 18.67 |
Forfeited (usd per share) | 15.32 | 0 | 29.67 |
Outstanding at end of year (usd per share) | 15.84 | 15.67 | 15.97 |
Exercisable at end of year (usd per share) | $ 15.84 | $ 15.67 | $ 15.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding at end of year, Weighted Average Remaining Contractual Life (in years) | 2 years 7 months 17 days | 3 years 1 month 21 days | 3 years 10 months 28 days |
Exercisable at end of year, Weighted Average Remaining Contractual Life (in years) | 2 years 7 months 17 days | 3 years 1 month 21 days | 3 years 10 months 28 days |
Aggregate Intrinsic Value, Outstanding | $ 627 | $ 2,263 | $ 4,872 |
Aggregate Intrinsic Value, Exercisable | $ 627 | $ 2,263 | $ 4,872 |
Employee Benefit and Deferre_11
Employee Benefit and Deferred Compensation Plans - Restricted Stock (Details) - $ / shares | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | |
Performance- Based Restricted Stock | |||
Summary of the changes in performance based stock | |||
Nonvested at beginning of year (shares) | 0 | 0 | |
Granted (shares) | 53,883 | 15,469 | 110,652 |
Vested (shares) | (66,338) | ||
Cancelled (shares) | (3,014) | (3,014) | |
Nonvested at end of year (shares) | 41,300 | 41,300 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (usd per share) | $ 0 | $ 0 | |
Granted (usd per share) | 40.89 | ||
Vested (usd per share) | 40.89 | ||
Cancelled (usd per share) | 40.89 | ||
Nonvested at ending of year (usd per share) | $ 40.89 | $ 40.89 | |
Time- Based Restricted Stock | |||
Summary of the changes in performance based stock | |||
Nonvested at beginning of year (shares) | 218,075 | 218,075 | |
Granted (shares) | 188,272 | ||
Vested (shares) | (75,829) | ||
Cancelled (shares) | (25,563) | ||
Nonvested at end of year (shares) | 304,955 | 304,955 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (usd per share) | $ 39.08 | $ 39.08 | |
Granted (usd per share) | 42.93 | ||
Vested (usd per share) | 36.98 | ||
Cancelled (usd per share) | 40.97 | ||
Nonvested at ending of year (usd per share) | $ 41.82 | $ 41.82 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) | 1 Months Ended | ||||
Jun. 30, 2014USD ($)derivative_instrument | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 30, 2012USD ($)derivative_instrument | |
Interest rate contracts with corporate customers | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount | $ 196,049,000 | ||||
Offsetting interest rate contracts with other financial institutions | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount | 196,049,000 | ||||
Interest rate swap | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of instruments held | derivative_instrument | 2 | ||||
Floating rate liability at the bank level, derivative one | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount | $ 15,000,000 | ||||
Term of contract | 4 years | ||||
Floating rate liability at the bank level, derivative two | |||||
Derivatives, Fair Value [Line Items] | |||||
Term of contract | 5 years | ||||
Cash Flow Hedging | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount | $ 30,000,000 | $ 32,000,000 | |||
Number of instruments held | derivative_instrument | 2 | ||||
Commitments to fund fixed-rate residential mortgage loans | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount | 159,464,000 | $ 131,000,000 | |||
Commitments to sell residential mortgage loans | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount | $ 281,343,000 | $ 199,000,000 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | $ 6,519 | $ 5,977 |
Derivative liabilities: | 6,342 | 3,503 |
Designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | 2,046 | 2,536 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | 2,779 | 3,171 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | 3,740 | 2,756 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: | 0 | 50 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | 2,779 | 3,171 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | 0 | 4 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | 3,563 | 328 |
Other Liabilities | Designated as hedging instruments: | Interest rate swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities: | $ 2,046 | $ 2,536 |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) of Derivative Instruments (Details) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | |||
Gains (losses) on derivative financial instruments | $ 1,847 | $ (152) | $ 4,566 |
Included in interest income on loans | Interest rate contracts | |||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | |||
Gains (losses) on derivative financial instruments | 4,137 | 3,981 | 2,402 |
Included in mortgage banking income | Interest rate lock commitments | |||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | |||
Gains (losses) on derivative financial instruments | 779 | 356 | (2,111) |
Included in mortgage banking income | Forward commitments | |||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | |||
Gains (losses) on derivative financial instruments | $ (3,069) | $ (4,489) | $ 4,275 |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 1,620 | $ 717 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 1,620 | 717 |
Financial instruments | 1,620 | 717 |
Financial collateral pledged | 0 | 0 |
Net amounts | 0 | 0 |
Offsetting Derivative Liabilities | ||
Gross amounts recognized | 6,768 | 5,303 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 6,768 | 5,303 |
Financial instruments | 1,620 | 717 |
Financial collateral pledged | 2,745 | 4,357 |
Net amounts | $ 2,403 | $ 229 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||||||||||
Federal | $ 22,658 | $ 28,380 | $ 31,679 | ||||||||
State | 2,625 | 1,354 | 2,131 | ||||||||
Total | 25,283 | 29,734 | 33,810 | ||||||||
Deferred | |||||||||||
Federal | 13,369 | 22,314 | 10,480 | ||||||||
State | 3,075 | 1,147 | 557 | ||||||||
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | 0 | 14,486 | 0 | ||||||||
Total | 16,444 | 37,947 | 11,037 | ||||||||
Total income tax expense | $ 13,098 | $ 8,532 | $ 10,424 | $ 9,673 | $ 30,234 | $ 14,199 | $ 11,993 | $ 11,255 | $ 41,727 | $ 67,681 | $ 44,847 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of income taxes computed at the United States federal statutory tax rates | |||||||||||
Tax at U.S. statutory rate | $ 39,616 | $ 55,955 | $ 47,522 | ||||||||
Increase (decrease) in taxes resulting from: | |||||||||||
Tax-exempt interest income | (1,433) | (3,595) | (3,467) | ||||||||
BOLI income | (975) | (1,524) | (1,622) | ||||||||
Investment tax credits | (1,863) | (1,591) | (1,390) | ||||||||
Amortization of investment in low-income housing tax credits | 1,592 | 1,873 | 1,742 | ||||||||
State income tax expense, net of federal benefit | 4,502 | 1,626 | 1,747 | ||||||||
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | 0 | 14,486 | 0 | ||||||||
Other items, net | 288 | 451 | 315 | ||||||||
Total income tax expense | $ 13,098 | $ 8,532 | $ 10,424 | $ 9,673 | $ 30,234 | $ 14,199 | $ 11,993 | $ 11,255 | $ 41,727 | $ 67,681 | $ 44,847 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets | ||
Allowance for loan losses | $ 14,097,000 | $ 13,966,000 |
Loans | 18,655,000 | 15,062,000 |
Deferred compensation | 10,001,000 | 7,093,000 |
Net unrealized losses on securities | 6,180,000 | 3,659,000 |
Impairment of assets | 1,280,000 | 1,748,000 |
Net operating loss carryforwards | 19,065,000 | 2,419,000 |
Other | 3,610,000 | 4,722,000 |
Gross deferred tax assets | 72,888,000 | 48,669,000 |
Valuation allowance on state net operating loss carryforwards | 0 | 0 |
Total deferred tax assets | 72,888,000 | 48,669,000 |
Deferred tax liabilities | ||
Investment in partnerships | 1,572,000 | 757,000 |
Depreciation | 3,865,000 | 3,163,000 |
Mortgage servicing rights | 12,350,000 | 10,139,000 |
Subordinated debt | 1,607,000 | 2,394,000 |
Other | 1,792,000 | 1,859,000 |
Total deferred tax liabilities | 21,186,000 | 18,312,000 |
Net deferred tax assets | $ 51,702,000 | $ 30,357,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 01, 2018 | Jul. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||||
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | $ 0 | $ 14,486,000 | $ 0 | ||
Operating loss carryforwards allowance | 0 | 0 | |||
Accrued interest and penalties related to unrecognized tax benefits | 244,000 | 169,000 | $ 169,000 | ||
Federal | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | 76,919,000 | 5,920,000 | |||
State | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | 65,583,000 | $ 7,319,000 | |||
Brand Group Holdings, Inc. | Federal | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | $ 83,960,000 | ||||
Operating loss carryforwards, not subject to expiration | 71,963,000 | ||||
Brand Group Holdings, Inc. | State | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | $ 67,168,000 | ||||
Operating loss carryforwards, not subject to expiration | 63,218,000 | ||||
Heritage Financial Group | Federal | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | 4,956,000 | $ 18,321,000 | |||
Heritage Financial Group | State | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards | $ 2,365,000 | $ 16,877,000 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Losses | $ 76,919 | $ 5,920 |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Losses | $ 65,583 | $ 7,319 |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of unrecognized tax benefits | |||
Balance at January 1 | $ 1,606 | $ 1,510 | $ 1,485 |
Additions based on positions related to current period | 313 | 467 | 25 |
Reductions due to lapse of statute of limitations | 0 | (371) | 0 |
Balance at December 31 | $ 1,919 | $ 1,606 | $ 1,510 |
Investments in Qualified Affo_3
Investments in Qualified Affordable Housing Projects (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Carrying value of qualified affordable housing project investments | $ 6,037,000 | $ 7,637,000 | ||
Increase (decrease) in QAHP | $ (2,450,000) | |||
Commitment | 0 | |||
Investment amortization | 1,592,000 | 1,714,000 | ||
Tax credits and other benefits | (2,290,000) | (2,190,000) | ||
Total | $ (698,000) | $ (476,000) | ||
Metropolitan Bancgroup, Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying value of qualified affordable housing project investments | $ 5,481,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Fair Value | $ 1,250,777 | $ 671,488 |
Mortgage loans held for sale | 219,848 | 108,316 |
Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 2,511 | 3,564 |
Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 203,269 | 234,481 |
Residential mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 613,283 | 193,950 |
Residential mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 326,989 | 176,639 |
Commercial mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 21,830 | 31,170 |
Commercial mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 28,335 | 5,006 |
Trust preferred securities | ||
Financial assets: | ||
Fair Value | 10,633 | 9,388 |
Other debt securities | ||
Financial assets: | ||
Fair Value | 43,927 | 17,290 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Fair Value | 1,240,144 | 662,100 |
Derivative instruments | 6,519 | 5,977 |
Financial liabilities: | ||
Derivative instruments | 8,388 | 6,039 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Fair Value | 10,633 | 9,388 |
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | ||
Financial assets: | ||
Fair Value | 1,250,777 | 671,488 |
Derivative instruments | 6,519 | 5,977 |
Mortgage loans held for sale | 219,848 | 108,316 |
Total financial assets | 1,477,144 | 785,781 |
Financial liabilities: | ||
Derivative instruments | 8,388 | 6,039 |
Total financial liabilities | 8,388 | 6,039 |
Recurring | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 2,046 | 2,536 |
Recurring | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 2,779 | 3,171 |
Financial liabilities: | ||
Derivative instruments | 2,779 | 3,171 |
Recurring | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 3,740 | 2,756 |
Financial liabilities: | ||
Derivative instruments | 0 | 4 |
Recurring | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 50 |
Financial liabilities: | ||
Derivative instruments | 3,563 | 328 |
Recurring | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 2,511 | 3,564 |
Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 203,269 | 234,481 |
Recurring | Residential mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 613,283 | 193,950 |
Recurring | Residential mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 326,989 | 176,639 |
Recurring | Commercial mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 21,830 | 31,170 |
Recurring | Commercial mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 28,335 | 5,006 |
Recurring | Trust preferred securities | ||
Financial assets: | ||
Fair Value | 10,633 | 9,388 |
Recurring | Other debt securities | ||
Financial assets: | ||
Fair Value | 43,927 | 17,290 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Residential mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Residential mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Commercial mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Commercial mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Trust preferred securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Other debt securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Fair Value | 1,240,144 | 662,100 |
Derivative instruments | 6,519 | 5,977 |
Mortgage loans held for sale | 219,848 | 108,316 |
Total financial assets | 1,466,511 | 776,393 |
Financial liabilities: | ||
Derivative instruments | 8,388 | 6,039 |
Total financial liabilities | 8,388 | 6,039 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 2,046 | 2,536 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 2,779 | 3,171 |
Financial liabilities: | ||
Derivative instruments | 2,779 | 3,171 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 3,740 | 2,756 |
Financial liabilities: | ||
Derivative instruments | 0 | 4 |
Recurring | Significant Other Observable Inputs (Level 2) | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 50 |
Financial liabilities: | ||
Derivative instruments | 3,563 | 328 |
Recurring | Significant Other Observable Inputs (Level 2) | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 2,511 | 3,564 |
Recurring | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 203,269 | 234,481 |
Recurring | Significant Other Observable Inputs (Level 2) | Residential mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 613,283 | 193,950 |
Recurring | Significant Other Observable Inputs (Level 2) | Residential mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 326,989 | 176,639 |
Recurring | Significant Other Observable Inputs (Level 2) | Commercial mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 21,830 | 31,170 |
Recurring | Significant Other Observable Inputs (Level 2) | Commercial mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 28,335 | 5,006 |
Recurring | Significant Other Observable Inputs (Level 2) | Trust preferred securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Other debt securities | ||
Financial assets: | ||
Fair Value | 43,927 | 17,290 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Fair Value | 10,633 | 9,388 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total financial assets | 10,633 | 9,388 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Residential mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Residential mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Commercial mortgage backed securities | Government agency mortgage backed securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Commercial mortgage backed securities | Government agency collateralized mortgage obligations | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Trust preferred securities | ||
Financial assets: | ||
Fair Value | 10,633 | 9,388 |
Recurring | Significant Unobservable Inputs (Level 3) | Other debt securities | ||
Financial assets: | ||
Fair Value | $ 0 | $ 0 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation for Assets and Liabilities Measured at Fair Value (Details) - Trust preferred securities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||
Beginning Balance | $ 9,388 | $ 18,389 |
Realized (gains) losses included in net income, net of premium amortization | 34 | 25 |
Unrealized gains included in other comprehensive income | 1,328 | 2,364 |
Sales | 0 | (9,346) |
Issues | 0 | 0 |
Settlements | (117) | (2,044) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 10,633 | $ 9,388 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) related to assets or liabilities measured on a recurring basis using significant unobservable inputs | $ 0 | $ 0 | |
Impaired loans not covered under loss-share agreements | 22,621,000 | 20,394,000 | |
Specific reserve included in allowance for loan losses | 49,026,000 | 46,211,000 | |
Net gain (loss) resulting from fair value changes of these mortgage loans | 4,892,000 | 1,594,000 | $ (4,851,000) |
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 | $ 935,000 | $ 1,029,000 |
Fair Value Measurements - Signi
Fair Value Measurements - Significant Unobservable Inputs (Details) - Trust preferred securities $ in Thousands | Dec. 31, 2018USD ($) |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 10,633 |
Measurement Input, Price Volatility | Minimum | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Measurement input | 0 |
Measurement Input, Price Volatility | Maximum | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Measurement input | 1 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value of Assets Measured on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 21,686 | $ 19,365 |
OREO | 4,319 | 7,392 |
Total financial assets | 26,005 | 26,757 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total financial assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total financial assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 21,686 | 19,365 |
OREO | 4,319 | 7,392 |
Total financial assets | $ 26,005 | $ 26,757 |
Fair Value Measurements - Measu
Fair Value Measurements - Measurement of OREO (Details) - Fair Value, Measurements, Nonrecurring - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
OREO not covered under loss-share agreements: | ||
Carrying amount prior to remeasurement | $ 5,258 | $ 8,732 |
Impairment recognized in results of operations | (939) | (1,340) |
Fair value | $ 4,319 | $ 7,392 |
Fair Value Measurements - Mea_2
Fair Value Measurements - Measurement Inputs (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Measurements, Nonrecurring $ in Thousands | Dec. 31, 2018USD ($) |
Impaired loans | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fair Value | $ 21,686 |
OREO | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fair Value | $ 4,319 |
Measurement Input, Price Volatility | Minimum | Impaired loans | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Debt instrument, measurement input | 0.04 |
Measurement Input, Price Volatility | Minimum | OREO | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
OREO, measurement input | 0.04 |
Measurement Input, Price Volatility | Maximum | Impaired loans | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Debt instrument, measurement input | 0.10 |
Measurement Input, Price Volatility | Maximum | OREO | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
OREO, measurement input | 0.10 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Differences Between Fair Value and Principal Value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans held for sale | $ 219,848 | $ 108,316 |
Aggregate Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans held for sale | 219,848 | |
Past due loans of 90 days or more | 0 | |
Nonaccrual loans | 0 | |
Aggregate Unpaid Principal Balance | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans held for sale | 211,460 | |
Past due loans of 90 days or more | 0 | |
Nonaccrual loans | 0 | |
Difference | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans held for sale | 8,388 | |
Past due loans of 90 days or more | 0 | |
Nonaccrual loans | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair values of defined benefit pension plan assets by category of the firm | |||
Securities available for sale, at fair value | $ 1,250,777 | $ 671,488 | |
Loans held for sale | 411,427 | 108,316 | |
Mortgage servicing rights | 48,230 | 39,339 | $ 26,302 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | |||
Fair values of defined benefit pension plan assets by category of the firm | |||
Cash and cash equivalents | 569,111 | 281,453 | |
Securities available for sale, at fair value | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Derivative instruments | 0 | 0 | |
Financial liabilities | |||
Deposits | 7,765,773 | 6,114,391 | |
Short-term borrowings | 387,706 | 89,814 | |
Other long-term borrowings | 53 | 98 | |
Federal Home Loan Bank advances | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Subordinated notes | 0 | 0 | |
Derivative instruments | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | |||
Fair values of defined benefit pension plan assets by category of the firm | |||
Cash and cash equivalents | 0 | 0 | |
Securities available for sale, at fair value | 1,240,144 | 662,100 | |
Loans held for sale | 219,848 | 108,316 | |
Loans, net | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Derivative instruments | 6,519 | 5,977 | |
Financial liabilities | |||
Deposits | 2,337,334 | 1,809,085 | |
Short-term borrowings | 0 | 0 | |
Other long-term borrowings | 0 | 0 | |
Federal Home Loan Bank advances | 6,751 | 7,661 | |
Junior subordinated debentures | 109,766 | 69,702 | |
Subordinated notes | 148,875 | 118,650 | |
Derivative instruments | 8,388 | 6,039 | |
Significant Unobservable Inputs (Level 3) | |||
Fair values of defined benefit pension plan assets by category of the firm | |||
Cash and cash equivalents | 0 | 0 | |
Securities available for sale, at fair value | 10,633 | 9,388 | |
Loans held for sale | 191,579 | 0 | |
Loans, net | 8,818,039 | 7,514,185 | |
Mortgage servicing rights | 61,111 | 47,868 | |
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 | |
Carrying Value | |||
Fair values of defined benefit pension plan assets by category of the firm | |||
Cash and cash equivalents | 569,111 | 281,453 | |
Securities available for sale, at fair value | 1,250,777 | 671,488 | |
Loans held for sale | 411,427 | 108,316 | |
Loans, net | 9,034,103 | 7,574,111 | |
Mortgage servicing rights | 48,230 | 39,339 | |
Derivative instruments | 6,519 | 5,977 | |
Financial liabilities | |||
Deposits | 10,128,557 | 7,921,075 | |
Short-term borrowings | 387,706 | 89,814 | |
Other long-term borrowings | 53 | 98 | |
Federal Home Loan Bank advances | 6,690 | 7,493 | |
Junior subordinated debentures | 109,636 | 85,881 | |
Subordinated notes | 147,239 | 114,074 | |
Derivative instruments | 8,388 | 6,039 | |
Fair Value | |||
Fair values of defined benefit pension plan assets by category of the firm | |||
Cash and cash equivalents | 569,111 | 281,453 | |
Securities available for sale, at fair value | 1,250,777 | 671,488 | |
Loans held for sale | 411,427 | 108,316 | |
Loans, net | 8,818,039 | 7,514,185 | |
Mortgage servicing rights | 61,111 | 47,868 | |
Derivative instruments | 6,519 | 5,977 | |
Financial liabilities | |||
Deposits | 10,103,107 | 7,923,476 | |
Short-term borrowings | 387,706 | 89,814 | |
Other long-term borrowings | 53 | 98 | |
Federal Home Loan Bank advances | 6,751 | 7,661 | |
Junior subordinated debentures | 109,766 | 69,702 | |
Subordinated notes | 148,875 | 118,650 | |
Derivative instruments | $ 8,388 | $ 6,039 |
Other Comprehensive Income - Ch
Other Comprehensive Income - Changes in Components of OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total other comprehensive income (loss), pre-tax | $ (9,908) | $ 11,832 | $ (10,400) |
Total other comprehensive income (loss), tax expense (benefit) | (2,523) | 4,393 | (4,031) |
Other comprehensive (loss) income, net of tax | (7,385) | 7,439 | (6,369) |
Unrealized holding losses on securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | (3,617) | (10,119) | |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (1,399) | (3,913) | |
Other comprehensive income (loss), before reclassifications, net of tax | (2,218) | (6,206) | |
Unrealized holding gains on securities transferred from held to maturity to available for sale | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | 13,219 | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 5,111 | ||
Other comprehensive income (loss), before reclassifications, net of tax | 8,108 | ||
Reclassification adjustment for gains realized in net income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, pre-tax | (148) | (1,186) | |
Reclassification from AOCI, tax expense (benefit) | (57) | (459) | |
Reclassification from AOCI, net of tax | (91) | (727) | |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, pre-tax | (282) | (99) | |
Reclassification from AOCI, tax expense (benefit) | (109) | (38) | |
Reclassification from AOCI, net of tax | (173) | (61) | |
Total securities available for sale | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | (11,155) | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (2,840) | ||
Other comprehensive income (loss), before reclassifications, net of tax | (8,315) | ||
Reclassification from AOCI, pre-tax | 16 | ||
Reclassification from AOCI, tax expense (benefit) | 4 | ||
Reclassification from AOCI, net of tax | 12 | ||
Total other comprehensive income (loss), pre-tax | (11,139) | 9,172 | (11,404) |
Total other comprehensive income (loss), tax expense (benefit) | (2,836) | 3,546 | (4,410) |
Other comprehensive (loss) income, net of tax | (8,303) | 5,626 | (6,994) |
Total derivative instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | 490 | 874 | 856 |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 125 | 338 | 329 |
Other comprehensive income (loss), before reclassifications, net of tax | 365 | 536 | 527 |
Total other comprehensive income (loss), pre-tax | 490 | 874 | 856 |
Total other comprehensive income (loss), tax expense (benefit) | 125 | 338 | 329 |
Other comprehensive (loss) income, net of tax | 365 | 536 | 527 |
Net gain arising during the period | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | 413 | 1,379 | 51 |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 105 | 351 | 20 |
Other comprehensive income (loss), before reclassifications, net of tax | 308 | 1,028 | 31 |
Amortization of net actuarial loss recognized in net periodic pension cost | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, pre-tax | 328 | 407 | 480 |
Reclassification from AOCI, tax expense (benefit) | 83 | 158 | 178 |
Reclassification from AOCI, net of tax | 245 | 249 | 302 |
Reclassification of adjustment for net settlement gain realized in net income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, pre-tax | (383) | ||
Reclassification from AOCI, tax expense (benefit) | (148) | ||
Reclassification from AOCI, net of tax | (235) | ||
Total defined benefit pension and post-retirement benefit plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total other comprehensive income (loss), pre-tax | 741 | 1,786 | 148 |
Total other comprehensive income (loss), tax expense (benefit) | 188 | 509 | 50 |
Other comprehensive (loss) income, net of tax | $ 553 | $ 1,277 | $ 98 |
Other Comprehensive Income - Sc
Other Comprehensive Income - Schedule of AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | |||
Unrealized gains on securities | $ 1,066 | $ 9,369 | $ 9,490 |
Non-credit related portion of other-than-temporary impairment on securities | (11,319) | (11,319) | (16,719) |
Unrealized losses on derivative instruments | (630) | (995) | (1,355) |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,013) | (7,566) | (7,320) |
Total accumulated other comprehensive loss | $ (17,896) | $ (10,511) | $ (15,904) |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 137,105 | $ 117,795 | $ 106,574 | $ 100,380 | $ 104,587 | $ 100,695 | $ 87,579 | $ 81,889 | $ 461,854 | $ 374,750 | $ 329,138 |
Interest expense | 21,648 | 18,356 | 14,185 | 11,140 | 11,325 | 10,678 | 7,976 | 7,874 | 65,329 | 37,853 | 28,147 |
Net interest income | 115,457 | 99,439 | 92,389 | 89,240 | 93,262 | 90,017 | 79,603 | 74,015 | 396,525 | 336,897 | 300,991 |
Provision for loan losses | 1,000 | 2,250 | 1,810 | 1,750 | 2,150 | 2,150 | 1,750 | 1,500 | 6,810 | 7,550 | 7,530 |
Noninterest income | 36,374 | 38,053 | 35,581 | 33,953 | 32,441 | 33,413 | 34,265 | 32,021 | 143,961 | 132,140 | 137,415 |
Noninterest expense | 93,313 | 94,746 | 79,026 | 77,944 | 76,808 | 80,660 | 74,841 | 69,309 | 345,029 | 301,618 | 295,099 |
Income before income taxes | 57,518 | 40,496 | 47,134 | 43,499 | 46,745 | 40,620 | 37,277 | 35,227 | 188,647 | 159,869 | 135,777 |
Income taxes | 13,098 | 8,532 | 10,424 | 9,673 | 30,234 | 14,199 | 11,993 | 11,255 | 41,727 | 67,681 | 44,847 |
Net income | $ 44,420 | $ 31,964 | $ 36,710 | $ 33,826 | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 146,920 | $ 92,188 | $ 90,930 |
Basic earnings per share (usd per share) | $ 0.76 | $ 0.61 | $ 0.74 | $ 0.69 | $ 0.33 | $ 0.54 | $ 0.57 | $ 0.54 | $ 2.80 | $ 1.97 | $ 2.18 |
Diluted earnings per share (usd per share) | $ 0.76 | $ 0.61 | $ 0.74 | $ 0.68 | $ 0.33 | $ 0.53 | $ 0.57 | $ 0.54 | $ 2.79 | $ 1.96 | $ 2.17 |
Net Income Per Common Share - B
Net Income Per Common Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Basic | |||||||||||
Net income applicable to common stock | $ 44,420 | $ 31,964 | $ 36,710 | $ 33,826 | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 146,920 | $ 92,188 | $ 90,930 |
Average common shares outstanding (shares) | 52,492,104 | 46,874,502 | 41,737,636 | ||||||||
Net income per common share - basic (usd per share) | $ 0.76 | $ 0.61 | $ 0.74 | $ 0.69 | $ 0.33 | $ 0.54 | $ 0.57 | $ 0.54 | $ 2.80 | $ 1.97 | $ 2.18 |
Diluted | |||||||||||
Net income applicable to common stock | $ 44,420 | $ 31,964 | $ 36,710 | $ 33,826 | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 146,920 | $ 92,188 | $ 90,930 |
Average common shares outstanding (shares) | 52,492,104 | 46,874,502 | 41,737,636 | ||||||||
Effect of dilutive stock-based compensation (shares) | 134,746 | 127,014 | 251,819 | ||||||||
Average common shares outstanding - diluted (shares) | 52,626,850 | 47,001,516 | 41,989,455 | ||||||||
Net income per common share - diluted (usd per share) | $ 0.76 | $ 0.61 | $ 0.74 | $ 0.68 | $ 0.33 | $ 0.53 | $ 0.57 | $ 0.54 | $ 2.79 | $ 1.96 | $ 2.17 |
Net Income Per Common Share - P
Net Income Per Common Share - Potentially Dilutive Shares (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares (shares) | 73,257 | 77,545 | 0 |
Minimum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Range of exercise prices (usd per share) | $ 0 | $ 0 | $ 0 |
Maximum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Range of exercise prices (usd per share) | $ 0 | $ 0 | $ 0 |
Commitments, Contingent Liabi_2
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded loan commitments | $ 2,068,749 | $ 1,619,022 |
Letters of credit outstanding | $ 104,664 | $ 68,946 |
Restrictions on Cash, Securit_2
Restrictions on Cash, Securities, Bank Dividends, Loans or Advances (Details) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Regulated Operations [Abstract] | ||
Reserve requirements with federal reserve | $ 113,341,000 | $ 129,429,000 |
FHLB stock | 19,777,000 | 15,070,000 |
FHLB required investment amount | 7,471,000 | $ 7,181,000 |
Amount transferable loans maximum | $ 133,162,000 | |
Regulatory restrictions on payments of dividends, excess surplus ratio | 10 | |
Company borrowings | $ 0 |
Regulatory Matters - Capital Ti
Regulatory Matters - Capital Tier Classifications (Details) | Dec. 31, 2018 |
Banking and Thrift [Abstract] | |
Tier one leverage capital required to be well capitalized to average assets | 5.00% |
Tier one leverage capital required to be well capitalized to average assets | 6.50% |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% |
Capital required to be well capitalized to risk weighted assets | 10.00% |
Tier one leverage capital required for capital adequacy to average assets | 4.00% |
Tier one leverage capital required for capital adequacy to average assets | 4.50% |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% |
Capital required for capital adequacy to risk weighted assets | 8.00% |
Tier one leverage capital required to be undercapitalized to average assets | 4.00% |
Tier one leverage capital required to be undercapitalized to average assets | 4.50% |
Tier one risk based capital required to be undercapitalized to risk weighted assets | 6.00% |
Capital required to be undercapitalized to risk weighted assets | 8.00% |
Tier one leverage capital required to be significantly undercapitalized to average assets | 3.00% |
Tier one leverage capital required to be significantly undercapitalized to average assets | 3.00% |
Tier one risk based capital required to be significantly undercapitalized to risk weighted assets | 4.00% |
Capital required to be significantly undercapitalized to risk weighted assets | 6.00% |
Tangible capital required to be critically undercapitalized to total assets | 2.00% |
Regulatory Matters - Capital an
Regulatory Matters - Capital and Risk-based Capital and Leverage Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Renasant Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount Included in Tier 1 Capital | $ 1,188,412 | $ 979,604 |
Tier 1 Capital to Average Assets (Leverage) (percent) | 10.11% | 10.18% |
Common Equity Tier One Capital to Risk - Weighted Assets, amount | $ 1,085,751 | $ 896,733 |
Common Equity Tier One Capital to Risk - Weighted Assets (percent) | 11.05% | 11.34% |
Tier 1 Capital to Risk -Weighted Assets, amount | $ 1,188,412 | $ 979,604 |
Tier 1 Capital to Risk - Weighted Assets (percent) | 12.10% | 12.39% |
Total Capital to Risk - Weighted Assets, amount | $ 1,386,507 | $ 1,142,926 |
Total Capital to Risk - Weighted Assets (percent) | 14.12% | 14.46% |
Renasant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount Included in Tier 1 Capital | $ 1,276,976 | $ 1,000,715 |
Tier 1 Capital to Average Assets (Leverage) (percent) | 10.88% | 10.42% |
Common Equity Tier One Capital to Risk - Weighted Assets, amount | $ 1,276,976 | $ 1,000,715 |
Common Equity Tier One Capital to Risk - Weighted Assets (percent) | 13.02% | 12.69% |
Tier 1 Capital to Risk -Weighted Assets, amount | $ 1,276,976 | $ 1,000,715 |
Tier 1 Capital to Risk - Weighted Assets (percent) | 13.02% | 12.69% |
Total Capital to Risk - Weighted Assets, amount | $ 1,331,619 | $ 1,050,751 |
Total Capital to Risk - Weighted Assets (percent) | 13.58% | 13.32% |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 115,457 | $ 99,439 | $ 92,389 | $ 89,240 | $ 93,262 | $ 90,017 | $ 79,603 | $ 74,015 | $ 396,525 | $ 336,897 | $ 300,991 |
Provision for loan losses | 1,000 | 2,250 | 1,810 | 1,750 | 2,150 | 2,150 | 1,750 | 1,500 | 6,810 | 7,550 | 7,530 |
Noninterest income | 36,374 | 38,053 | 35,581 | 33,953 | 32,441 | 33,413 | 34,265 | 32,021 | 143,961 | 132,140 | 137,415 |
Noninterest expense | 93,313 | 94,746 | 79,026 | 77,944 | 76,808 | 80,660 | 74,841 | 69,309 | 345,029 | 301,618 | 295,099 |
Income before income taxes | 57,518 | 40,496 | 47,134 | 43,499 | 46,745 | 40,620 | 37,277 | 35,227 | 188,647 | 159,869 | 135,777 |
Income taxes | 13,098 | 8,532 | 10,424 | 9,673 | 30,234 | 14,199 | 11,993 | 11,255 | 41,727 | 67,681 | 44,847 |
Net income | 44,420 | $ 31,964 | $ 36,710 | $ 33,826 | 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | 146,920 | 92,188 | 90,930 |
Total assets | 12,934,878 | 9,829,981 | 12,934,878 | 9,829,981 | 8,699,851 | ||||||
Goodwill | 932,928 | 611,046 | 932,928 | 611,046 | 470,534 | ||||||
Community Banks | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill | 930,161 | 608,279 | 930,161 | 608,279 | 467,767 | ||||||
Insurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | 2,767 | ||||||
Operating Segments | Community Banks | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 406,420 | 344,499 | 305,583 | ||||||||
Provision for loan losses | 6,810 | 7,550 | 7,530 | ||||||||
Noninterest income | 120,559 | 110,308 | 114,615 | ||||||||
Noninterest expense | 323,439 | 281,698 | 276,260 | ||||||||
Income before income taxes | 196,730 | 165,559 | 136,408 | ||||||||
Income taxes | 44,464 | 70,257 | 46,352 | ||||||||
Net income | 152,266 | 95,302 | 90,056 | ||||||||
Total assets | 12,828,586 | 9,717,779 | 12,828,586 | 9,717,779 | 8,602,022 | ||||||
Goodwill | 930,161 | 608,279 | 930,161 | 608,279 | 467,767 | ||||||
Operating Segments | Insurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 484 | 457 | 350 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Noninterest income | 9,831 | 9,530 | 10,074 | ||||||||
Noninterest expense | 7,294 | 6,957 | 6,873 | ||||||||
Income before income taxes | 3,021 | 3,030 | 3,551 | ||||||||
Income taxes | 786 | 1,184 | 1,385 | ||||||||
Net income | 2,235 | 1,846 | 2,166 | ||||||||
Total assets | 25,798 | 26,470 | 25,798 | 26,470 | 23,693 | ||||||
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | 2,767 | ||||||
Operating Segments | Wealth Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 1,297 | 2,160 | 1,846 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Noninterest income | 14,537 | 12,863 | 12,354 | ||||||||
Noninterest expense | 13,336 | 11,785 | 11,099 | ||||||||
Income before income taxes | 2,498 | 3,238 | 3,101 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income | 2,498 | 3,238 | 3,101 | ||||||||
Total assets | 60,794 | 61,330 | 60,794 | 61,330 | 54,857 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | (11,676) | (10,219) | (6,788) | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Noninterest income | (966) | (561) | 372 | ||||||||
Noninterest expense | 960 | 1,178 | 867 | ||||||||
Income before income taxes | (13,602) | (11,958) | (7,283) | ||||||||
Income taxes | (3,523) | (3,760) | (2,890) | ||||||||
Net income | (10,079) | (8,198) | (4,393) | ||||||||
Total assets | 19,700 | 24,402 | 19,700 | 24,402 | 19,279 | ||||||
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Renasant Corporation (Parent _3
Renasant Corporation (Parent Company Only) Condensed Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and cash equivalents | $ 569,111 | $ 281,453 | $ 306,224 | $ 211,571 |
Loans, net | 9,034,103 | 7,574,111 | ||
Other assets | 202,621 | 144,667 | ||
Total assets | 12,934,878 | 9,829,981 | 8,699,851 | |
Liabilities and shareholders’ equity | ||||
Other liabilities | 111,084 | 96,563 | ||
Shareholders’ equity | 2,043,913 | 1,514,983 | 1,232,883 | 1,036,818 |
Total liabilities and shareholders’ equity | 12,934,878 | 9,829,981 | ||
Cash collateral | 3,737 | 3,643 | ||
Renasant Corporation | ||||
Assets | ||||
Cash and cash equivalents | 44,581 | 81,839 | $ 121,233 | $ 11,107 |
Investments | 1,662 | 2,734 | ||
Loans, net | 640 | 0 | ||
Investment in bank subsidiary | 2,236,932 | 1,618,993 | ||
Accrued interest receivable on bank balances | 6 | 6 | ||
Intercompany receivable | 1,618 | 4,210 | ||
Other assets | 18,574 | 10,839 | ||
Total assets | 2,304,013 | 1,718,621 | ||
Liabilities and shareholders’ equity | ||||
Junior subordinated debentures | 109,636 | 85,881 | ||
Subordinated notes | 147,239 | 114,074 | ||
Other liabilities | 3,225 | 3,683 | ||
Shareholders’ equity | 2,043,913 | 1,514,983 | ||
Total liabilities and shareholders’ equity | $ 2,304,013 | $ 1,718,621 |
Renasant Corporation (Parent _4
Renasant Corporation (Parent Company Only) Condensed Financial Information - Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income | |||||||||||
Other dividends | $ 3,076 | $ 2,314 | $ 459 | ||||||||
Total income | $ 36,374 | $ 38,053 | $ 35,581 | $ 33,953 | $ 32,441 | $ 33,413 | $ 34,265 | $ 32,021 | 143,961 | 132,140 | 137,415 |
Expenses | 21,648 | 18,356 | 14,185 | 11,140 | 11,325 | 10,678 | 7,976 | 7,874 | 65,329 | 37,853 | 28,147 |
Income before income tax benefit and equity in undistributed net income of bank subsidiary | 57,518 | 40,496 | 47,134 | 43,499 | 46,745 | 40,620 | 37,277 | 35,227 | 188,647 | 159,869 | 135,777 |
Income tax benefit | 13,098 | 8,532 | 10,424 | 9,673 | 30,234 | 14,199 | 11,993 | 11,255 | 41,727 | 67,681 | 44,847 |
Net income | $ 44,420 | $ 31,964 | $ 36,710 | $ 33,826 | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | 146,920 | 92,188 | 90,930 |
Renasant Corporation | |||||||||||
Income | |||||||||||
Dividends from bank subsidiary | 53,381 | 34,416 | 29,733 | ||||||||
Interest income from bank subsidiary | 8 | 8 | 8 | ||||||||
Other dividends | 137 | 94 | 469 | ||||||||
Other income | 121 | 588 | 1,275 | ||||||||
Total income | 53,647 | 35,106 | 31,485 | ||||||||
Expenses | 13,869 | 12,649 | 9,036 | ||||||||
Income before income tax benefit and equity in undistributed net income of bank subsidiary | 39,778 | 22,457 | 22,449 | ||||||||
Income tax benefit | (3,523) | (3,761) | (2,890) | ||||||||
Equity in undistributed net income of bank subsidiary | 103,619 | 65,970 | 65,591 | ||||||||
Net income | $ 146,920 | $ 92,188 | $ 90,930 |
Renasant Corporation (Parent _5
Renasant Corporation (Parent Company Only) Condensed Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||||||||||
Net income | $ 44,420 | $ 31,964 | $ 36,710 | $ 33,826 | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 146,920 | $ 92,188 | $ 90,930 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sale of securities | 16 | (148) | (1,186) | ||||||||
Decrease (increase) in other assets | 44,044 | (6,620) | 10,136 | ||||||||
(Decrease) increase in other liabilities | (41,954) | (12,572) | (16,694) | ||||||||
Net cash provided by operating activities | 77,406 | 201,561 | 163,797 | ||||||||
Investing activities | |||||||||||
Net cash (paid) received in acquisition | 153,502 | 41,685 | 25,263 | ||||||||
Net cash (used in) provided by investing activities | (498,581) | 75,142 | (351,993) | ||||||||
Financing activities | |||||||||||
Cash paid for dividends | (43,614) | (34,416) | (29,734) | ||||||||
Cash received on exercise of stock-based compensation | 201 | 173 | 415 | ||||||||
Excess tax benefits from exercise of stock options | 0 | 0 | 2,771 | ||||||||
Repurchase of shares in connection with stock repurchase program | (7,062) | 0 | 0 | ||||||||
Repayment of long-term debt | (849) | (170,240) | (47,230) | ||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 98,385 | ||||||||
Proceeds from equity offering | 0 | 0 | 84,105 | ||||||||
Net cash provided by (used in) financing activities | 708,833 | (301,474) | 282,849 | ||||||||
Net increase (decrease) in cash and cash equivalents | 287,658 | (24,771) | 94,653 | ||||||||
Cash and cash equivalents at beginning of year | 281,453 | 306,224 | 281,453 | 306,224 | 211,571 | ||||||
Cash and cash equivalents at end of year | 569,111 | 281,453 | 569,111 | 281,453 | 306,224 | ||||||
Renasant Corporation | |||||||||||
Operating activities | |||||||||||
Net income | 146,920 | 92,188 | 90,930 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sale of securities | 0 | 0 | (1,186) | ||||||||
Equity in undistributed net income of bank subsidiary | (103,619) | (65,970) | (65,591) | ||||||||
Amortization/depreciation/accretion | 160 | 656 | 560 | ||||||||
Decrease (increase) in other assets | 3,381 | (1,069) | (556) | ||||||||
(Decrease) increase in other liabilities | (171) | (2,291) | 564 | ||||||||
Net cash provided by operating activities | 46,671 | 23,514 | 24,721 | ||||||||
Investing activities | |||||||||||
Purchases of securities held to maturity and available for sale | 0 | 0 | (1,380) | ||||||||
Sales and maturities of securities held to maturity and available for sale | 1,052 | 1,555 | 6,101 | ||||||||
Investment in subsidiaries | 0 | (25,000) | (75,000) | ||||||||
Net cash (paid) received in acquisition | (34,836) | 4,834 | 0 | ||||||||
Other investing activities | 423 | (54) | 0 | ||||||||
Net cash (used in) provided by investing activities | (33,361) | (18,665) | (70,279) | ||||||||
Financing activities | |||||||||||
Cash paid for dividends | (43,614) | (34,416) | (29,734) | ||||||||
Cash received on exercise of stock-based compensation | 201 | 173 | 415 | ||||||||
Excess tax benefits from exercise of stock options | 0 | 0 | 2,771 | ||||||||
Repurchase of shares in connection with stock repurchase program | (7,062) | 0 | 0 | ||||||||
Repayment of long-term debt | 0 | (10,310) | 0 | ||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 98,127 | ||||||||
Proceeds from equity offering | 0 | 0 | 84,105 | ||||||||
Other financing activities | (93) | 310 | 0 | ||||||||
Net cash provided by (used in) financing activities | (50,568) | (44,243) | 155,684 | ||||||||
Net increase (decrease) in cash and cash equivalents | (37,258) | (39,394) | 110,126 | ||||||||
Cash and cash equivalents at beginning of year | $ 81,839 | $ 121,233 | 81,839 | 121,233 | 11,107 | ||||||
Cash and cash equivalents at end of year | $ 44,581 | $ 81,839 | $ 44,581 | $ 81,839 | $ 121,233 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer [Abstract] | |||
Contingency income | $ 832 | $ 816 | $ 1,177 |