Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-13253 | |
Entity Registrant Name | RENASANT CORP | |
Entity Incorporation, State or Country Code | MS | |
Entity Tax Identification Number | 64-0676974 | |
Entity Address, Address Line One | 209 Troy Street, | |
Entity Address, City or Town | Tupelo, | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 38804-4827 | |
City Area Code | 662 | |
Local Phone Number | 680-1001 | |
Title of 12(b) Security | Common stock, $5.00 par value per share | |
Trading Symbol | RNST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 58,275,017 | |
Entity Central Index Key | 0000715072 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 163,520 | $ 198,515 |
Interest-bearing balances with banks | 280,342 | 370,596 |
Cash and cash equivalents | 443,862 | 569,111 |
Securities available for sale, at fair value | 1,268,280 | 1,250,777 |
Loans held for sale ($323,219 and $219,848 carried at fair value at June 30, 2019 and December 31, 2018, respectively) | 461,681 | 411,427 |
Loans, net of unearned income: | ||
Total | 9,054,654 | 9,083,129 |
Allowance for loan losses | (50,059) | (49,026) |
Loans, net | 9,004,595 | 9,034,103 |
Premises and equipment, net | 290,523 | 209,168 |
Other real estate owned: | ||
Total other real estate owned, net | 8,733 | 11,040 |
Goodwill | 932,971 | 932,928 |
Other intangible assets, net | 40,702 | 44,865 |
Bank-owned life insurance | 223,334 | 220,608 |
Mortgage servicing rights | 48,779 | 48,230 |
Other assets | 169,193 | 202,621 |
Total assets | 12,892,653 | 12,934,878 |
Deposits | ||
Noninterest-bearing | 2,408,984 | 2,318,706 |
Interest-bearing | 7,781,077 | 7,809,851 |
Total deposits | 10,190,061 | 10,128,557 |
Short-term borrowings | 139,011 | 387,706 |
Long-term debt | 262,923 | 263,618 |
Other liabilities | 180,962 | 111,084 |
Total liabilities | 10,772,957 | 10,890,965 |
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 shares issued; 58,297,670 and 58,546,480 shares outstanding, respectively | 296,483 | 296,483 |
Treasury stock, at cost – 999,055 and 750,245 shares, respectively | (33,635) | (24,245) |
Additional paid-in capital | 1,289,356 | 1,288,911 |
Retained earnings | 566,982 | 500,660 |
Accumulated other comprehensive income (loss), net of taxes | 510 | (17,896) |
Total shareholders’ equity | 2,119,696 | 2,043,913 |
Total liabilities and shareholders’ equity | 12,892,653 | 12,934,878 |
Non purchased loans and leases | ||
Loans, net of unearned income: | ||
Total | 6,704,288 | 6,389,712 |
Other real estate owned: | ||
Total other real estate owned, net | 5,258 | 4,853 |
Purchased loans | ||
Loans, net of unearned income: | ||
Total | 2,350,366 | 2,693,417 |
Other real estate owned: | ||
Total other real estate owned, net | $ 3,475 | $ 6,187 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Mortgage loans held for sale measured at fair value | $ 323,219 | $ 219,848 |
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 | 59,296,725 |
Common stock, shares outstanding (shares) | 58,297,670 | 58,546,480 |
Treasury stock (in shares) | 999,055 | 750,245 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income | ||||
Loans | $ 127,011 | $ 98,656 | $ 253,312 | $ 192,774 |
Securities | ||||
Taxable | 7,730 | 5,700 | 15,655 | 9,694 |
Tax-exempt | 1,291 | 1,649 | 2,700 | 3,334 |
Other | 1,830 | 569 | 3,289 | 1,152 |
Total interest income | 137,862 | 106,574 | 274,956 | 206,954 |
Interest expense | ||||
Deposits | 20,991 | 10,919 | 40,763 | 18,978 |
Borrowings | 4,071 | 3,266 | 8,246 | 6,347 |
Total interest expense | 25,062 | 14,185 | 49,009 | 25,325 |
Net interest income | 112,800 | 92,389 | 225,947 | 181,629 |
Provision for loan losses | 900 | 1,810 | 2,400 | 3,560 |
Net interest income after provision for loan losses | 111,900 | 90,579 | 223,547 | 178,069 |
Noninterest income | ||||
Service charges on deposit accounts | 8,605 | 8,271 | 17,707 | 16,744 |
Fees and commissions | 7,047 | 5,917 | 13,518 | 11,602 |
Insurance commissions | 2,190 | 2,110 | 4,306 | 4,115 |
Wealth management revenue | 3,601 | 3,446 | 6,925 | 6,708 |
Mortgage banking income | 16,620 | 12,839 | 27,021 | 23,799 |
Net (loss) gain on sales of securities | (8) | 0 | 5 | 0 |
BOLI income | 1,340 | 1,195 | 2,748 | 2,140 |
Other | 2,565 | 1,803 | 5,615 | 4,426 |
Total noninterest income | 41,960 | 35,581 | 77,845 | 69,534 |
Noninterest expense | ||||
Salaries and employee benefits | 60,325 | 52,010 | 117,675 | 100,794 |
Data processing | 4,698 | 4,600 | 9,604 | 8,844 |
Net occupancy and equipment | 11,544 | 9,805 | 23,379 | 19,627 |
Other real estate owned | 252 | 232 | 1,256 | 889 |
Professional fees | 2,431 | 2,176 | 4,885 | 4,314 |
Advertising and public relations | 2,648 | 2,647 | 5,515 | 4,850 |
Intangible amortization | 2,053 | 1,594 | 4,163 | 3,245 |
Communications | 2,348 | 1,877 | 4,243 | 3,846 |
Merger and conversion related expenses | 179 | 500 | 179 | 1,400 |
Other | 6,812 | 3,585 | 11,223 | 9,161 |
Total noninterest expense | 93,290 | 79,026 | 182,122 | 156,970 |
Income before income taxes | 60,570 | 47,134 | 119,270 | 90,633 |
Income taxes | 13,945 | 10,424 | 27,535 | 20,097 |
Net income (loss) | $ 46,625 | $ 36,710 | $ 91,735 | $ 70,536 |
Basic earnings per share (usd per share) | $ 0.80 | $ 0.74 | $ 1.57 | $ 1.43 |
Diluted earnings per share (usd per share) | 0.80 | 0.74 | 1.56 | 1.42 |
Cash dividends per common share (usd per share) | $ 0.22 | $ 0.20 | $ 0.43 | $ 0.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 46,625 | $ 36,710 | $ 91,735 | $ 70,536 |
Securities available for sale: | ||||
Unrealized holding gains (losses) on securities | 9,393 | (3,000) | 20,710 | (10,909) |
Reclassification adjustment for losses (gains) realized in net income | 6 | 0 | (4) | 0 |
Total securities | 9,399 | (3,000) | 20,706 | (10,909) |
Derivative instruments: | ||||
Unrealized holding (losses) gains on derivative instruments | (1,541) | 387 | (2,456) | 1,245 |
Total derivative instruments | (1,541) | 387 | (2,456) | 1,245 |
Defined benefit pension and post-retirement benefit plans: | ||||
Amortization of net actuarial loss recognized in net periodic pension cost | 102 | 57 | 156 | 123 |
Total defined benefit pension and post-retirement benefit plans | 102 | 57 | 156 | 123 |
Other comprehensive income (loss), net of tax | 7,960 | (2,556) | 18,406 | (9,541) |
Comprehensive income | $ 54,585 | $ 34,154 | $ 110,141 | $ 60,995 |
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 (in shares) at Dec. 31, 2017 | 49,321,231 | |||||
Beginning 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 | 33,826 | 33,826 | ||||
Other comprehensive income (loss) | (6,985) | (6,985) | ||||
Comprehensive income | 26,841 | |||||
Cash dividends | (9,455) | (9,455) | ||||
Issuance of common stock for stock-based compensation awards (in shares) | 71,747 | |||||
Issuance of common stock for stock-based compensation awards | (1,482) | 1,610 | (3,092) | |||
Stock-based compensation expense | 1,858 | 1,858 | ||||
Other, net | 20 | 20 | ||||
Ending balance (in shares) at Mar. 31, 2018 | 49,392,978 | |||||
Ending balance at Mar. 31, 2018 | 1,532,765 | $ 249,951 | (18,296) | 896,881 | 421,725 | (17,496) |
Beginning balance (in shares) at Dec. 31, 2017 | 49,321,231 | |||||
Beginning 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 | 70,536 | |||||
Other comprehensive income (loss) | (9,541) | |||||
Comprehensive income | 60,995 | |||||
Ending balance (in shares) at Jun. 30, 2018 | 49,424,339 | |||||
Ending balance at Jun. 30, 2018 | 1,558,668 | $ 249,951 | (17,523) | 897,817 | 448,475 | (20,052) |
Beginning balance (in shares) at Mar. 31, 2018 | 49,392,978 | |||||
Beginning balance at Mar. 31, 2018 | 1,532,765 | $ 249,951 | (18,296) | 896,881 | 421,725 | (17,496) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 36,710 | 36,710 | ||||
Other comprehensive income (loss) | (2,556) | (2,556) | ||||
Comprehensive income | 34,154 | |||||
Cash dividends | (9,960) | (9,960) | ||||
Issuance of common stock for stock-based compensation awards (in shares) | 31,361 | |||||
Issuance of common stock for stock-based compensation awards | (166) | 773 | (939) | |||
Stock-based compensation expense | 1,854 | 1,854 | ||||
Other, net | 21 | 21 | ||||
Ending balance (in shares) at Jun. 30, 2018 | 49,424,339 | |||||
Ending balance at Jun. 30, 2018 | 1,558,668 | $ 249,951 | (17,523) | 897,817 | 448,475 | (20,052) |
Beginning balance (in shares) at Dec. 31, 2018 | 58,546,480 | |||||
Beginning balance at Dec. 31, 2018 | 2,043,913 | $ 296,483 | (24,245) | 1,288,911 | 500,660 | (17,896) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 45,110 | 45,110 | ||||
Other comprehensive income (loss) | 10,446 | 10,446 | ||||
Comprehensive income | 55,556 | |||||
Cash dividends | (12,442) | (12,442) | ||||
Issuance of common stock for stock-based compensation awards (in shares) | 87,150 | |||||
Issuance of common stock for stock-based compensation awards | (787) | 2,655 | (3,442) | |||
Stock-based compensation expense | 2,637 | 2,637 | ||||
Ending balance (in shares) at Mar. 31, 2019 | 58,633,630 | |||||
Ending balance at Mar. 31, 2019 | 2,088,877 | $ 296,483 | (21,590) | 1,288,106 | 533,328 | (7,450) |
Beginning balance (in shares) at Dec. 31, 2018 | 58,546,480 | |||||
Beginning balance at Dec. 31, 2018 | 2,043,913 | $ 296,483 | (24,245) | 1,288,911 | 500,660 | (17,896) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 91,735 | |||||
Other comprehensive income (loss) | 18,406 | |||||
Comprehensive income | 110,141 | |||||
Ending balance (in shares) at Jun. 30, 2019 | 58,297,670 | |||||
Ending balance at Jun. 30, 2019 | 2,119,696 | $ 296,483 | (33,635) | 1,289,356 | 566,982 | 510 |
Beginning balance (in shares) at Mar. 31, 2019 | 58,633,630 | |||||
Beginning balance at Mar. 31, 2019 | 2,088,877 | $ 296,483 | (21,590) | 1,288,106 | 533,328 | (7,450) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 46,625 | 46,625 | ||||
Other comprehensive income (loss) | 7,960 | 7,960 | ||||
Comprehensive income | 54,585 | |||||
Cash dividends | (12,971) | (12,971) | ||||
Repurchase of shares in connection with stock repurchase program (in shares) | (363,704) | |||||
Repurchase of shares in connection with stock repurchase program | (12,938) | (12,938) | ||||
Issuance of common stock for stock-based compensation awards (in shares) | 27,744 | |||||
Issuance of common stock for stock-based compensation awards | 61 | 893 | (832) | |||
Stock-based compensation expense | 2,082 | 2,082 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 58,297,670 | |||||
Ending balance at Jun. 30, 2019 | $ 2,119,696 | $ 296,483 | $ (33,635) | $ 1,289,356 | $ 566,982 | $ 510 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends per common share (usd per share) | $ 0.22 | $ 0.21 | $ 0.20 | $ 0.19 | $ 0.43 | $ 0.39 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net income | $ 91,735,000 | $ 70,536,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 2,400,000 | 3,560,000 |
Depreciation, amortization and accretion | 1,607,000 | 1,854,000 |
Deferred income tax expense | 8,585,000 | 3,476,000 |
Funding of mortgage loans held for sale | (938,825,000) | (838,564,000) |
Proceeds from sales of mortgage loans held for sale | 856,243,000 | 721,351,000 |
Gains on sales of mortgage loans held for sale | (20,789,000) | (19,517,000) |
Gains on sales of securities | (5,000) | 0 |
Gains on sales of premises and equipment | (1,073,000) | (225,000) |
Stock-based compensation expense | 4,719,000 | 3,712,000 |
Net change in other loans held for sale | 55,792,000 | 0 |
Increase in other assets | (4,815,000) | (6,649,000) |
Decrease in other liabilities | (10,762,000) | (12,657,000) |
Net cash provided by (used in) operating activities | 44,812,000 | (73,123,000) |
Investing activities | ||
Purchases of securities available for sale | (125,503,000) | (497,845,000) |
Proceeds from sales of securities available for sale | 12,612,000 | 0 |
Proceeds from call/maturities of securities available for sale | 120,738,000 | 63,655,000 |
Net decrease (increase) in loans | 37,634,000 | (140,205,000) |
Purchases of premises and equipment | (16,491,000) | (10,313,000) |
Proceeds from sales of premises and equipment | 2,240,000 | 233,000 |
Net change in FHLB stock | 8,710,000 | 0 |
Proceeds from sales of other assets | 15,295,000 | 4,026,000 |
Other, net | 2,000 | 0 |
Net cash provided by (used in) investing activities | 55,237,000 | (580,449,000) |
Financing activities | ||
Net increase in noninterest-bearing deposits | 90,278,000 | 48,137,000 |
Net (decrease) increase in interest-bearing deposits | (28,100,000) | 413,003,000 |
Net (decrease) increase in short-term borrowings | (248,695,000) | 223,579,000 |
Repayment of long-term debt | (430,000) | (436,000) |
Cash paid for dividends | (25,413,000) | (19,415,000) |
Repurchase of shares in connection with stock repurchase program | (12,938,000) | 0 |
Net stock-based compensation transactions | 0 | 203,000 |
Net cash (used in) provided by financing activities | (225,298,000) | 665,071,000 |
Net (decrease) increase in cash and cash equivalents | (125,249,000) | 11,499,000 |
Cash and cash equivalents at beginning of period | 569,111,000 | 281,453,000 |
Cash and cash equivalents at end of period | 443,862,000 | 292,952,000 |
Supplemental disclosures | ||
Cash paid for interest | 47,599,000 | 24,652,000 |
Cash paid for income taxes | 13,820,000 | 12,044,000 |
Noncash transactions: | ||
Transfers of loans to other real estate owned | 1,796,000 | 2,291,000 |
Financed sales of other real estate owned | 254,000 | 418,000 |
Transfers of loans held for sale to loans held for investment | 189,000 | $ 663,000 |
Recognition of operating right-of-use assets | 75,042,000 | |
Recognition of operating lease liabilities | $ 78,561,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (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. (“Renasant Insurance”). The Company offers a diversified range of financial, wealth management and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Georgia, Alabama and north Florida. Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on February 28, 2019. Business Combinations : The Company completed its acquisition of Brand Group Holdings, Inc. (“Brand”) on September 1, 2018. The acquired institution’s financial condition and results of operations are included in the Company’s financial condition and results of operations as of the acquisition date. Due to the timing of the system conversion 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 institution since the acquisition date is impracticable. In connection with the acquisition of Brand, the Company acquired a portfolio of non-mortgage consumer loans, which is included in the line item “Loans held for sale” on the Company’s Consolidated Balance Sheet with a balance of $138,462 as of June 30, 2019 . In the second quarter of 2019, the Company purchased additional loans in the amount of $31,308 . There were no such purchases during the first quarter of 2019. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 850, “Business Combinations”, the loans acquired from Brand were measured at fair value as of the acquisition date. Subsequent to their applicable acquisition date, all of these consumer loans are carried at the lower of amortized cost or fair value. Use of Estimates : The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material. Impact of Recently-Issued Accounting Standards and Pronouncements : Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” and its related amendments, which changes the accounting model and disclosure requirements for leases. The former accounting model for leases distinguished between capital leases, which were recognized on the balance sheet, and operating leases, which were not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under prior GAAP, and operating leases. Further, under the new standard 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. The accounting model and disclosure requirements for lessors remains substantially unchanged from prior GAAP. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. The Company chose to use the effective date approach and, as such, all periods presented after January 1, 2019 are in accordance with ASC 842 whereas periods presented prior to January 1, 2019 are in accordance with prior lease accounting. Financial information was not updated, and the disclosures required under ASC 842, were not provided for dates and periods before January 1, 2019. Upon adoption, the Company recorded a right-of-use asset in the amount of $53,042 and a corresponding lease liability in the amount of $56,562 on January 1, 2019. The Company has included newly applicable lease disclosures in this filing in Note 19, “Leases.” In June 2016, FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This 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 includes 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 is 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 the 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 third quarter of 2019. In January 2017, FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 will amend and simplify current goodwill impairment testing by eliminating certain testing under the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for interim and annual periods beginning after December 15, 2019 and is not expected to have a material impact on the Company’s financial statements. In March 2017, FASB issued ASU 2017-08, “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 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 expands 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. In March 2019, FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”). ASU 2019-01 is intended to clarify potential implementation questions related to ASC 842. This includes clarification on the determination of fair value of underlying assets by lessors that are not manufacturers or dealers, cash flow presentation of sales-type and direct financing leases and transition disclosures related to accounting changes and error corrections. ASU 2019-01 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 2019-01 will have on its financial position and results of operations and its financial statement disclosures. |
Mergers and Acquisitions
Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions (Dollar Amounts In Thousands, Except Share Data) Acquisition of Brand Group Holdings, Inc. Effective September 1, 2018, the Company completed its acquisition by merger of 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 $349,459 in intangible assets which consist of goodwill of $321,925 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 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 (20,969 ) 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 152,528 Goodwill resulting from merger (1) $ 321,925 (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 1,589,195 Premises and equipment 20,070 Intangible assets 349,459 Other assets 112,066 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 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 results of operations from September 1, 2018 to October 31, 2018. The following table summarizes the significant assets acquired and liabilities assumed from BMG: September 1, 2018 Loans held for sale $ 48,100 Borrowings 34,139 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 six months ended June 30, 2019 and 2018 of the Company as though the Brand merger had been completed as of January 1, 2018. The unaudited pro forma information combines the historical results of Brand 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 acquisition taken place on January 1, 2018. 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. (Unaudited) Six Months Ended June 30, 2019 2018 Net interest income - pro forma $ 225,947 $ 226,266 Noninterest income - pro forma $ 77,845 $ 86,995 Noninterest expense - pro forma $ 182,122 $ 219,184 Net income - pro forma $ 91,735 $ 65,181 Earnings per share - pro forma: Basic $ 1.57 $ 1.11 Diluted $ 1.56 $ 1.11 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Obligations of other U.S. Government agencies and corporations $ 2,527 $ 20 $ (8 ) $ 2,539 Obligations of states and political subdivisions 169,123 4,891 (17 ) 173,997 Residential mortgage backed securities: Government agency mortgage backed securities 600,257 7,694 (1,498 ) 606,453 Government agency collateralized mortgage obligations 319,896 2,301 (986 ) 321,211 Commercial mortgage backed securities: Government agency mortgage backed securities 31,795 812 (62 ) 32,545 Government agency collateralized mortgage obligations 70,764 1,305 — 72,069 Trust preferred securities 12,245 — (1,859 ) 10,386 Other debt securities 47,651 1,440 (11 ) 49,080 $ 1,254,258 $ 18,463 $ (4,441 ) $ 1,268,280 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 Securities sold were as follows for the period presented: Carrying Value Net Proceeds Gain/(Loss) Three months ended June 30, 2019 Obligations of states and political subdivisions $ 320 $ 319 $ (1 ) Residential mortgage backed securities: Government agency mortgage backed securities 1,400 1,396 (4 ) Government agency collateralized mortgage obligations 289 286 (3 ) $ 2,009 $ 2,001 $ (8 ) Six months ended June 30, 2019 Obligations of states and political subdivisions $ 10,688 $ 10,703 $ 15 Residential mortgage backed securities: Government agency mortgage backed securities 1,630 1,623 (7 ) Government agency collateralized mortgage obligations 289 286 (3 ) $ 12,607 $ 12,612 $ 5 There were no securities sold during the three and six months ended June 30, 2018 . Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2019 and 2018 , respectively, were as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Gross gains on sales of securities available for sale $ 1 $ — $ 46 $ — Gross losses on sales of securities available for sale (9 ) — (41 ) — Gains on sales of securities available for sale, net $ (8 ) $ — $ 5 $ — At June 30, 2019 and December 31, 2018 , securities with a carrying value of $451,943 and $619,308 , respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $24,695 and $18,299 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2019 and December 31, 2018 , respectively. The amortized cost and fair value of securities at June 30, 2019 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 $ 22,688 $ 22,867 Due after one year through five years 36,561 37,425 Due after five years through ten years 74,683 77,266 Due after ten years 59,237 58,731 Residential mortgage backed securities: Government agency mortgage backed securities 600,257 606,453 Government agency collateralized mortgage obligations 319,896 321,211 Commercial mortgage backed securities: Government agency mortgage backed securities 31,795 32,545 Government agency collateralized mortgage obligations 70,764 72,069 Other debt securities 38,377 39,713 $ 1,254,258 $ 1,268,280 The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Available for Sale: June 30, 2019 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 2 $ 1,507 $ (8 ) 2 $ 1,507 $ (8 ) Obligations of states and political subdivisions 2 2,263 (14 ) 3 889 (3 ) 5 3,152 (17 ) Residential mortgage backed securities: Government agency mortgage backed securities 1 762 (1 ) 65 123,783 (1,497 ) 66 124,545 (1,498 ) Government agency collateralized mortgage obligations 1 6,092 (6 ) 34 84,185 (980 ) 35 90,277 (986 ) Commercial mortgage backed securities: Government agency mortgage backed securities 0 — — 3 6,004 (62 ) 3 6,004 (62 ) Government agency collateralized mortgage obligations 0 — — 0 — — 0 — — Trust preferred securities 0 — — 2 10,386 (1,859 ) 2 10,386 (1,859 ) Other debt securities 1 760 (1 ) 1 1,016 (10 ) 2 1,776 (11 ) Total 5 $ 9,877 $ (22 ) 110 $ 227,770 $ (4,419 ) 115 $ 237,647 $ (4,441 ) 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 ) The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity. The Company does not intend to sell any securities in an unrealized loss position that it holds, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any OTTI for the six months ended June 30, 2019 or 2018 . The Company holds investments in pooled trust preferred securities that had an amortized cost basis of $12,245 and $12,359 and a fair value of $10,386 and $10,633 at June 30, 2019 and December 31, 2018 , respectively. At June 30, 2019 , the investments in pooled trust preferred securities consisted of two securities representing interests in various tranches of trusts collateralized by debt issued by over 150 financial institutions. Management’s determination of the fair value of each of its holdings in pooled trust preferred securities is based on the current credit ratings, the known deferrals and defaults by the underlying issuing financial institutions and the degree to which future deferrals and defaults would be required to occur before the cash flow for the Company’s tranches is negatively impacted. In addition, management continually monitors key credit quality and capital ratios of the issuing institutions. This determination is further supported by quarterly valuations, which are performed by third parties, of each security obtained by the Company. The Company does not intend to sell the investments before recovery of the investments’ amortized cost, and it is not more likely than not that the Company will be required to sell the investments before recovery of the investments’ amortized cost, which may be at maturity. At June 30, 2019 , management did not, and does not currently, believe such securities will be settled at a price less than the amortized cost of the investment, but the Company previously concluded that it was probable that there had been an adverse change in estimated cash flows for both trust preferred securities and recognized credit related impairment losses on these securities in 2011. No additional impairment was recognized during the six months ended June 30, 2019 . The following table provides information regarding the Company’s investments in pooled trust preferred securities at June 30, 2019 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,199 $ 6,693 $ (1,506 ) BB 15 % XXVI Pooled B-2 4,046 3,693 (353 ) B 18 % $ 12,245 $ 10,386 $ (1,859 ) 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: 2019 2018 Balance at January 1 $ (261 ) $ (261 ) 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 — — Balance at June 30 $ (261 ) $ (261 ) |
Non Purchased Loans
Non Purchased Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Non Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean non purchased loans. The following is a summary of non purchased loans and leases as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 930,598 $ 875,649 Lease financing 62,026 64,992 Real estate – construction 716,129 635,519 Real estate – 1-4 family mortgage 2,160,617 2,087,890 Real estate – commercial mortgage 2,741,402 2,628,365 Installment loans to individuals 96,384 100,424 Gross loans 6,707,156 6,392,839 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income $ 6,704,288 $ 6,389,712 Past Due and Nonaccrual Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans June 30, 2019 Commercial, financial, agricultural $ 1,945 $ 155 $ 922,972 $ 925,072 $ — $ 5,074 $ 452 $ 5,526 $ 930,598 Lease financing 470 — 61,486 61,956 — 70 — 70 62,026 Real estate – construction 2,566 — 713,563 716,129 — — — — 716,129 Real estate – 1-4 family mortgage 6,398 3,208 2,146,622 2,156,228 772 2,249 1,368 4,389 2,160,617 Real estate – commercial mortgage 2,835 778 2,733,595 2,737,208 68 2,343 1,783 4,194 2,741,402 Installment loans to individuals 444 34 95,817 96,295 4 85 — 89 96,384 Unearned income — — (2,868 ) (2,868 ) — — — — (2,868 ) Total $ 14,658 $ 4,175 $ 6,671,187 $ 6,690,020 $ 844 $ 9,821 $ 3,603 $ 14,268 $ 6,704,288 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 Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial, consumer and construction loans of $500 or more 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, the loan is placed on nonaccrual status and all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 5,888 $ 5,652 $ — $ 5,652 $ 1,128 Lease financing 70 70 — 70 1 Real estate – construction 9,309 800 8,509 9,309 6 Real estate – 1-4 family mortgage 10,882 10,548 — 10,548 167 Real estate – commercial mortgage 8,219 4,566 1,159 5,725 319 Installment loans to individuals 94 89 — 89 1 Total $ 34,462 $ 21,725 $ 9,668 $ 31,393 $ 1,622 December 31, 2018 Commercial, financial, agricultural $ 2,280 $ 1,834 $ — $ 1,834 $ 163 Lease financing — — — — — Real estate – construction 9,467 7,302 2,165 9,467 63 Real estate – 1-4 family mortgage 9,767 9,077 — 9,077 61 Real estate – commercial mortgage 8,625 4,609 1,238 5,847 689 Installment loans to individuals 232 223 — 223 1 Totals $ 30,371 $ 23,045 $ 3,403 $ 26,448 $ 977 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 5,746 $ 9 $ 2,663 $ 8 Lease financing 88 — 335 — Real estate – construction 9,015 105 — — Real estate – 1-4 family mortgage 10,584 51 7,442 57 Real estate – commercial mortgage 5,812 38 5,807 38 Installment loans to individuals 90 1 106 1 Total $ 31,335 $ 204 $ 16,353 $ 104 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 5,773 $ 18 $ 2,653 $ 19 Lease financing 87 — 335 — Real estate – construction 8,986 210 — — Real estate – 1-4 family mortgage 10,640 103 7,507 123 Real estate – commercial mortgage 5,851 81 6,041 130 Installment loans to individuals 90 2 108 2 Total $ 31,427 $ 414 $ 16,644 $ 274 Restructured Loans Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end. Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2019 Commercial, financial, agricultural 2 $ 187 $ 185 Real estate – 1-4 family mortgage 3 $ 305 $ 304 Total 5 $ 492 $ 489 Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 49 $ 49 Total 1 $ 49 $ 49 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2019 Commercial, financial, agricultural 2 $ 187 $ 185 Real estate – 1-4 family mortgage 3 $ 305 $ 304 Total 5 $ 492 $ 489 Six months ended June 30, 2018 Real estate – 1-4 family mortgage 4 $ 625 $ 625 Real estate – commercial mortgage 1 83 78 Total 5 $ 708 $ 703 With respect to loans that were restructured during the six months ended June 30, 2019 , $61 have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2018 , none subsequently defaulted within twelve months of the restructuring. Restructured loans not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan in the amount of $37 contractually 90 days past due or more and still accruing at June 30, 2019 and two restructured loans in the amount of $468 contractually 90 days past due or more and still accruing at June 30, 2018 . The outstanding balance of restructured loans on nonaccrual status was $3,288 and $2,417 at June 30, 2019 and June 30, 2018 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2019 51 $ 5,325 Additional advances or loans with concessions 5 498 Reclassified as performing restructured loan 1 41 Reductions due to: Reclassified as nonperforming (5 ) (465 ) Paid in full (5 ) (414 ) Principal paydowns — (85 ) Totals at June 30, 2019 47 $ 4,900 The allocated allowance for loan losses attributable to restructured loans was $30 and $37 at June 30, 2019 and June 30, 2018 , respectively. The Company had $1 and $22 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2019 and June 30, 2018 , respectively. Credit Quality For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans 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. Management has established more granular risk 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 the related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total June 30, 2019 Commercial, financial, agricultural $ 695,794 $ 13,891 $ 13,677 $ 723,362 Real estate – construction 641,131 2,759 8,872 652,762 Real estate – 1-4 family mortgage 321,905 4,561 3,170 329,636 Real estate – commercial mortgage 2,330,319 60,671 23,241 2,414,231 Installment loans to individuals 30 — — 30 Total $ 3,989,179 $ 81,882 $ 48,960 $ 4,120,021 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 For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans, and certain other loans originated for other than commercial purposes, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non- Performing Total June 30, 2019 Commercial, financial, agricultural $ 205,501 $ 1,735 $ 207,236 Lease financing 59,088 70 59,158 Real estate – construction 63,367 — 63,367 Real estate – 1-4 family mortgage 1,823,809 7,172 1,830,981 Real estate – commercial mortgage 325,144 2,027 327,171 Installment loans to individuals 96,232 122 96,354 Total $ 2,573,141 $ 11,126 $ 2,584,267 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 (In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. The following is a summary of purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 374,478 $ 420,263 Real estate – construction 65,402 105,149 Real estate – 1-4 family mortgage 604,855 707,453 Real estate – commercial mortgage 1,276,567 1,423,144 Installment loans to individuals 29,064 37,408 Gross loans 2,350,366 2,693,417 Unearned income — — Loans, net of unearned income $ 2,350,366 $ 2,693,417 Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased Loans.” The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans June 30, 2019 Commercial, financial, agricultural $ 3,755 $ 796 $ 368,967 $ 373,518 $ — $ 638 $ 322 $ 960 $ 374,478 Real estate – construction 107 — 65,295 65,402 — — — — 65,402 Real estate – 1-4 family mortgage 5,080 3,044 592,308 600,432 480 1,838 2,105 4,423 604,855 Real estate – commercial mortgage 3,404 3,747 1,267,915 1,275,066 108 1,062 331 1,501 1,276,567 Installment loans to individuals 414 100 28,184 28,698 — 113 253 366 29,064 Total $ 12,760 $ 7,687 $ 2,322,669 $ 2,343,116 $ 588 $ 3,651 $ 3,011 $ 7,250 $ 2,350,366 December 31, 2018 Commercial, financial, agricultural $ 1,811 $ 97 $ 417,786 $ 419,694 $ — $ 477 $ 92 $ 569 $ 420,263 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 Total $ 19,080 $ 7,232 $ 2,661,269 $ 2,687,581 $ 204 $ 3,783 $ 1,849 $ 5,836 $ 2,693,417 Impaired Loans The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 1,038 $ 687 $ 335 $ 1,022 $ 63 Real estate – construction 256 256 — 256 2 Real estate – 1-4 family mortgage 6,095 2,194 3,234 5,428 21 Real estate – commercial mortgage 2,110 1,851 213 2,064 163 Installment loans to individuals 386 324 41 365 3 Total $ 9,885 $ 5,312 $ 3,823 $ 9,135 $ 252 December 31, 2018 Commercial, financial, agricultural $ 671 $ 600 $ 11 $ 611 $ 173 Real estate – construction 576 576 — 576 5 Real estate – 1-4 family mortgage 5,787 1,381 3,780 5,161 18 Real estate – commercial mortgage 2,266 2,066 146 2,212 338 Installment loans to individuals 280 246 24 270 3 Totals $ 9,580 $ 4,869 $ 3,961 $ 8,830 $ 537 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 1,010 $ 2 $ 380 $ 3 Real estate – construction 256 — — — Real estate – 1-4 family mortgage 5,415 36 5,135 34 Real estate – commercial mortgage 2,082 12 1,462 12 Installment loans to individuals 370 — 247 — Total $ 9,133 $ 50 $ 7,224 $ 49 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 941 $ 4 $ 383 $ 6 Lease financing — — — — Real estate – construction 256 3 — — Real estate – 1-4 family mortgage 5,450 66 5,252 74 Real estate – commercial mortgage 2,109 25 1,479 30 Installment loans to individuals 372 — 247 — Total $ 9,128 $ 98 $ 7,361 $ 110 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 38,140 $ 4,064 $ 19,562 $ 23,626 $ 171 Real estate – 1-4 family mortgage 51,209 10,753 31,926 42,679 515 Real estate – commercial mortgage 142,859 58,507 63,191 121,698 1,978 Installment loans to individuals 6,660 658 2,684 3,342 2 Total $ 238,868 $ 73,982 $ 117,363 $ 191,345 $ 2,666 December 31, 2018 Commercial, financial, agricultural $ 44,403 $ 3,779 $ 25,364 $ 29,143 $ 161 Real estate – 1-4 family mortgage 53,823 12,169 36,074 48,243 488 Real estate – commercial mortgage 165,700 62,003 78,435 140,438 1,901 Installment loans to individuals 8,290 660 3,770 4,430 2 Totals $ 272,216 $ 78,611 $ 143,643 $ 222,254 $ 2,552 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 23,976 $ 388 $ 12,815 $ 192 Real estate – 1-4 family mortgage 43,011 571 54,634 647 Real estate – commercial mortgage 122,455 1,674 162,712 1,933 Installment loans to individuals 3,560 95 1,651 18 Total $ 193,002 $ 2,728 $ 231,812 $ 2,790 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 25,667 $ 863 $ 13,051 $ 417 Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 43,360 1,161 55,293 1,320 Real estate – commercial mortgage 123,526 3,474 163,959 3,905 Installment loans to individuals 3,780 201 1,640 36 Total $ 196,333 $ 5,699 $ 233,943 $ 5,678 Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased Loans.” The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end. Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2019 Commercial, financial, agricultural 1 $ 2,520 $ 2,520 Real estate – commercial mortgage 1 80 76 Total 2 $ 2,600 $ 2,596 Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Total 1 $ 18 $ 17 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2019 Commercial, financial, agricultural 1 $ 2,520 $ 2,520 Real estate – commercial mortgage 1 80 76 Total 2 $ 2,600 $ 2,596 Six months ended June 30, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Real estate – commercial mortgage 1 8 7 Total 3 $ 74 $ 68 With respect to loans that were restructured during the six months ended June 30, 2019 , none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2018 , $5 have subsequently defaulted within twelve months of the restructuring. There was one restructured loan in the amount of $167 contractually 90 days past due or more and still accruing at June 30, 2019 and four restructured loans in the amount of $425 contractually 90 days past due or more and still accruing at June 30, 2018 . The outstanding balance of restructured loans on nonaccrual status was $1,276 and $684 at June 30, 2019 and June 30, 2018 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2019 54 $ 7,495 Additional advances or loans with concessions 2 2,823 Reclassified as performing restructured loan 5 1,461 Reductions due to: Reclassified to nonperforming loans (9 ) (746 ) Paid in full (5 ) (128 ) Principal paydowns — (296 ) Totals at June 30, 2019 47 $ 10,609 The allocated allowance for loan losses attributable to restructured loans was $79 and $69 at June 30, 2019 and June 30, 2018 , respectively. The Company had $3 and $2 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2019 and June 30, 2018 , respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total June 30, 2019 Commercial, financial, agricultural $ 299,893 $ 24,250 $ 12,654 $ 336,797 Real estate – construction 63,553 — — 63,553 Real estate – 1-4 family mortgage 91,968 4,979 6,234 103,181 Real estate – commercial mortgage 1,048,170 63,602 13,542 1,125,314 Installment loans to individuals — — 1 1 Total $ 1,503,584 $ 92,831 $ 32,431 $ 1,628,846 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 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 June 30, 2019 Commercial, financial, agricultural $ 14,006 $ 49 $ 14,055 Real estate – construction 1,849 — 1,849 Real estate – 1-4 family mortgage 455,510 3,485 458,995 Real estate – commercial mortgage 29,447 108 29,555 Installment loans to individuals 25,326 395 25,721 Total $ 526,138 $ 4,037 $ 530,175 December 31, 2018 Commercial, financial, agricultural $ 21,303 $ 69 $ 21,372 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 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 June 30, 2019 Commercial, financial, agricultural $ 23,626 Real estate – 1-4 family mortgage 42,679 Real estate – commercial mortgage 121,698 Installment loans to individuals 3,342 Total $ 191,345 December 31, 2018 Commercial, financial, agricultural $ 29,143 Real estate – 1-4 family mortgage 48,243 Real estate – commercial mortgage 140,438 Installment loans to individuals 4,430 Total $ 222,254 The following table presents the fair value of loans that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2019 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 273,362 Nonaccretable difference (1) (54,172 ) Cash flows expected to be collected 219,190 Accretable yield (2) (27,845 ) Fair value $ 191,345 (1) Represents contractual principal and interest cash flows of $45,518 and $8,654 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,584 and $26,260 , respectively, expected to be collected. Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows as of June 30, 2019 : Total Purchased Credit Deteriorated Loans Balance at January 1, 2019 $ (34,265 ) Reclassification from nonaccretable difference (4,470 ) Accretion 9,757 Charge-offs 1,133 Balance at June 30, 2019 $ (27,845 ) 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 $ 1,625,079 Nonaccretable difference (123,399 ) Cash flows expected to be collected 1,501,680 Accretable yield (170,651 ) Fair value $ 1,331,029 |
Purchased Loans
Purchased Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean non purchased loans. The following is a summary of non purchased loans and leases as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 930,598 $ 875,649 Lease financing 62,026 64,992 Real estate – construction 716,129 635,519 Real estate – 1-4 family mortgage 2,160,617 2,087,890 Real estate – commercial mortgage 2,741,402 2,628,365 Installment loans to individuals 96,384 100,424 Gross loans 6,707,156 6,392,839 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income $ 6,704,288 $ 6,389,712 Past Due and Nonaccrual Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans June 30, 2019 Commercial, financial, agricultural $ 1,945 $ 155 $ 922,972 $ 925,072 $ — $ 5,074 $ 452 $ 5,526 $ 930,598 Lease financing 470 — 61,486 61,956 — 70 — 70 62,026 Real estate – construction 2,566 — 713,563 716,129 — — — — 716,129 Real estate – 1-4 family mortgage 6,398 3,208 2,146,622 2,156,228 772 2,249 1,368 4,389 2,160,617 Real estate – commercial mortgage 2,835 778 2,733,595 2,737,208 68 2,343 1,783 4,194 2,741,402 Installment loans to individuals 444 34 95,817 96,295 4 85 — 89 96,384 Unearned income — — (2,868 ) (2,868 ) — — — — (2,868 ) Total $ 14,658 $ 4,175 $ 6,671,187 $ 6,690,020 $ 844 $ 9,821 $ 3,603 $ 14,268 $ 6,704,288 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 Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial, consumer and construction loans of $500 or more 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, the loan is placed on nonaccrual status and all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 5,888 $ 5,652 $ — $ 5,652 $ 1,128 Lease financing 70 70 — 70 1 Real estate – construction 9,309 800 8,509 9,309 6 Real estate – 1-4 family mortgage 10,882 10,548 — 10,548 167 Real estate – commercial mortgage 8,219 4,566 1,159 5,725 319 Installment loans to individuals 94 89 — 89 1 Total $ 34,462 $ 21,725 $ 9,668 $ 31,393 $ 1,622 December 31, 2018 Commercial, financial, agricultural $ 2,280 $ 1,834 $ — $ 1,834 $ 163 Lease financing — — — — — Real estate – construction 9,467 7,302 2,165 9,467 63 Real estate – 1-4 family mortgage 9,767 9,077 — 9,077 61 Real estate – commercial mortgage 8,625 4,609 1,238 5,847 689 Installment loans to individuals 232 223 — 223 1 Totals $ 30,371 $ 23,045 $ 3,403 $ 26,448 $ 977 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 5,746 $ 9 $ 2,663 $ 8 Lease financing 88 — 335 — Real estate – construction 9,015 105 — — Real estate – 1-4 family mortgage 10,584 51 7,442 57 Real estate – commercial mortgage 5,812 38 5,807 38 Installment loans to individuals 90 1 106 1 Total $ 31,335 $ 204 $ 16,353 $ 104 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 5,773 $ 18 $ 2,653 $ 19 Lease financing 87 — 335 — Real estate – construction 8,986 210 — — Real estate – 1-4 family mortgage 10,640 103 7,507 123 Real estate – commercial mortgage 5,851 81 6,041 130 Installment loans to individuals 90 2 108 2 Total $ 31,427 $ 414 $ 16,644 $ 274 Restructured Loans Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end. Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2019 Commercial, financial, agricultural 2 $ 187 $ 185 Real estate – 1-4 family mortgage 3 $ 305 $ 304 Total 5 $ 492 $ 489 Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 49 $ 49 Total 1 $ 49 $ 49 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2019 Commercial, financial, agricultural 2 $ 187 $ 185 Real estate – 1-4 family mortgage 3 $ 305 $ 304 Total 5 $ 492 $ 489 Six months ended June 30, 2018 Real estate – 1-4 family mortgage 4 $ 625 $ 625 Real estate – commercial mortgage 1 83 78 Total 5 $ 708 $ 703 With respect to loans that were restructured during the six months ended June 30, 2019 , $61 have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2018 , none subsequently defaulted within twelve months of the restructuring. Restructured loans not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan in the amount of $37 contractually 90 days past due or more and still accruing at June 30, 2019 and two restructured loans in the amount of $468 contractually 90 days past due or more and still accruing at June 30, 2018 . The outstanding balance of restructured loans on nonaccrual status was $3,288 and $2,417 at June 30, 2019 and June 30, 2018 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2019 51 $ 5,325 Additional advances or loans with concessions 5 498 Reclassified as performing restructured loan 1 41 Reductions due to: Reclassified as nonperforming (5 ) (465 ) Paid in full (5 ) (414 ) Principal paydowns — (85 ) Totals at June 30, 2019 47 $ 4,900 The allocated allowance for loan losses attributable to restructured loans was $30 and $37 at June 30, 2019 and June 30, 2018 , respectively. The Company had $1 and $22 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2019 and June 30, 2018 , respectively. Credit Quality For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans 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. Management has established more granular risk 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 the related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total June 30, 2019 Commercial, financial, agricultural $ 695,794 $ 13,891 $ 13,677 $ 723,362 Real estate – construction 641,131 2,759 8,872 652,762 Real estate – 1-4 family mortgage 321,905 4,561 3,170 329,636 Real estate – commercial mortgage 2,330,319 60,671 23,241 2,414,231 Installment loans to individuals 30 — — 30 Total $ 3,989,179 $ 81,882 $ 48,960 $ 4,120,021 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 For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans, and certain other loans originated for other than commercial purposes, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non- Performing Total June 30, 2019 Commercial, financial, agricultural $ 205,501 $ 1,735 $ 207,236 Lease financing 59,088 70 59,158 Real estate – construction 63,367 — 63,367 Real estate – 1-4 family mortgage 1,823,809 7,172 1,830,981 Real estate – commercial mortgage 325,144 2,027 327,171 Installment loans to individuals 96,232 122 96,354 Total $ 2,573,141 $ 11,126 $ 2,584,267 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 (In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. The following is a summary of purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 374,478 $ 420,263 Real estate – construction 65,402 105,149 Real estate – 1-4 family mortgage 604,855 707,453 Real estate – commercial mortgage 1,276,567 1,423,144 Installment loans to individuals 29,064 37,408 Gross loans 2,350,366 2,693,417 Unearned income — — Loans, net of unearned income $ 2,350,366 $ 2,693,417 Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased Loans.” The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans June 30, 2019 Commercial, financial, agricultural $ 3,755 $ 796 $ 368,967 $ 373,518 $ — $ 638 $ 322 $ 960 $ 374,478 Real estate – construction 107 — 65,295 65,402 — — — — 65,402 Real estate – 1-4 family mortgage 5,080 3,044 592,308 600,432 480 1,838 2,105 4,423 604,855 Real estate – commercial mortgage 3,404 3,747 1,267,915 1,275,066 108 1,062 331 1,501 1,276,567 Installment loans to individuals 414 100 28,184 28,698 — 113 253 366 29,064 Total $ 12,760 $ 7,687 $ 2,322,669 $ 2,343,116 $ 588 $ 3,651 $ 3,011 $ 7,250 $ 2,350,366 December 31, 2018 Commercial, financial, agricultural $ 1,811 $ 97 $ 417,786 $ 419,694 $ — $ 477 $ 92 $ 569 $ 420,263 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 Total $ 19,080 $ 7,232 $ 2,661,269 $ 2,687,581 $ 204 $ 3,783 $ 1,849 $ 5,836 $ 2,693,417 Impaired Loans The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 1,038 $ 687 $ 335 $ 1,022 $ 63 Real estate – construction 256 256 — 256 2 Real estate – 1-4 family mortgage 6,095 2,194 3,234 5,428 21 Real estate – commercial mortgage 2,110 1,851 213 2,064 163 Installment loans to individuals 386 324 41 365 3 Total $ 9,885 $ 5,312 $ 3,823 $ 9,135 $ 252 December 31, 2018 Commercial, financial, agricultural $ 671 $ 600 $ 11 $ 611 $ 173 Real estate – construction 576 576 — 576 5 Real estate – 1-4 family mortgage 5,787 1,381 3,780 5,161 18 Real estate – commercial mortgage 2,266 2,066 146 2,212 338 Installment loans to individuals 280 246 24 270 3 Totals $ 9,580 $ 4,869 $ 3,961 $ 8,830 $ 537 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 1,010 $ 2 $ 380 $ 3 Real estate – construction 256 — — — Real estate – 1-4 family mortgage 5,415 36 5,135 34 Real estate – commercial mortgage 2,082 12 1,462 12 Installment loans to individuals 370 — 247 — Total $ 9,133 $ 50 $ 7,224 $ 49 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 941 $ 4 $ 383 $ 6 Lease financing — — — — Real estate – construction 256 3 — — Real estate – 1-4 family mortgage 5,450 66 5,252 74 Real estate – commercial mortgage 2,109 25 1,479 30 Installment loans to individuals 372 — 247 — Total $ 9,128 $ 98 $ 7,361 $ 110 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 38,140 $ 4,064 $ 19,562 $ 23,626 $ 171 Real estate – 1-4 family mortgage 51,209 10,753 31,926 42,679 515 Real estate – commercial mortgage 142,859 58,507 63,191 121,698 1,978 Installment loans to individuals 6,660 658 2,684 3,342 2 Total $ 238,868 $ 73,982 $ 117,363 $ 191,345 $ 2,666 December 31, 2018 Commercial, financial, agricultural $ 44,403 $ 3,779 $ 25,364 $ 29,143 $ 161 Real estate – 1-4 family mortgage 53,823 12,169 36,074 48,243 488 Real estate – commercial mortgage 165,700 62,003 78,435 140,438 1,901 Installment loans to individuals 8,290 660 3,770 4,430 2 Totals $ 272,216 $ 78,611 $ 143,643 $ 222,254 $ 2,552 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 23,976 $ 388 $ 12,815 $ 192 Real estate – 1-4 family mortgage 43,011 571 54,634 647 Real estate – commercial mortgage 122,455 1,674 162,712 1,933 Installment loans to individuals 3,560 95 1,651 18 Total $ 193,002 $ 2,728 $ 231,812 $ 2,790 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 25,667 $ 863 $ 13,051 $ 417 Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 43,360 1,161 55,293 1,320 Real estate – commercial mortgage 123,526 3,474 163,959 3,905 Installment loans to individuals 3,780 201 1,640 36 Total $ 196,333 $ 5,699 $ 233,943 $ 5,678 Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased Loans.” The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end. Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2019 Commercial, financial, agricultural 1 $ 2,520 $ 2,520 Real estate – commercial mortgage 1 80 76 Total 2 $ 2,600 $ 2,596 Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Total 1 $ 18 $ 17 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2019 Commercial, financial, agricultural 1 $ 2,520 $ 2,520 Real estate – commercial mortgage 1 80 76 Total 2 $ 2,600 $ 2,596 Six months ended June 30, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Real estate – commercial mortgage 1 8 7 Total 3 $ 74 $ 68 With respect to loans that were restructured during the six months ended June 30, 2019 , none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2018 , $5 have subsequently defaulted within twelve months of the restructuring. There was one restructured loan in the amount of $167 contractually 90 days past due or more and still accruing at June 30, 2019 and four restructured loans in the amount of $425 contractually 90 days past due or more and still accruing at June 30, 2018 . The outstanding balance of restructured loans on nonaccrual status was $1,276 and $684 at June 30, 2019 and June 30, 2018 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2019 54 $ 7,495 Additional advances or loans with concessions 2 2,823 Reclassified as performing restructured loan 5 1,461 Reductions due to: Reclassified to nonperforming loans (9 ) (746 ) Paid in full (5 ) (128 ) Principal paydowns — (296 ) Totals at June 30, 2019 47 $ 10,609 The allocated allowance for loan losses attributable to restructured loans was $79 and $69 at June 30, 2019 and June 30, 2018 , respectively. The Company had $3 and $2 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2019 and June 30, 2018 , respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total June 30, 2019 Commercial, financial, agricultural $ 299,893 $ 24,250 $ 12,654 $ 336,797 Real estate – construction 63,553 — — 63,553 Real estate – 1-4 family mortgage 91,968 4,979 6,234 103,181 Real estate – commercial mortgage 1,048,170 63,602 13,542 1,125,314 Installment loans to individuals — — 1 1 Total $ 1,503,584 $ 92,831 $ 32,431 $ 1,628,846 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 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 June 30, 2019 Commercial, financial, agricultural $ 14,006 $ 49 $ 14,055 Real estate – construction 1,849 — 1,849 Real estate – 1-4 family mortgage 455,510 3,485 458,995 Real estate – commercial mortgage 29,447 108 29,555 Installment loans to individuals 25,326 395 25,721 Total $ 526,138 $ 4,037 $ 530,175 December 31, 2018 Commercial, financial, agricultural $ 21,303 $ 69 $ 21,372 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 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 June 30, 2019 Commercial, financial, agricultural $ 23,626 Real estate – 1-4 family mortgage 42,679 Real estate – commercial mortgage 121,698 Installment loans to individuals 3,342 Total $ 191,345 December 31, 2018 Commercial, financial, agricultural $ 29,143 Real estate – 1-4 family mortgage 48,243 Real estate – commercial mortgage 140,438 Installment loans to individuals 4,430 Total $ 222,254 The following table presents the fair value of loans that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2019 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 273,362 Nonaccretable difference (1) (54,172 ) Cash flows expected to be collected 219,190 Accretable yield (2) (27,845 ) Fair value $ 191,345 (1) Represents contractual principal and interest cash flows of $45,518 and $8,654 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,584 and $26,260 , respectively, expected to be collected. Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows as of June 30, 2019 : Total Purchased Credit Deteriorated Loans Balance at January 1, 2019 $ (34,265 ) Reclassification from nonaccretable difference (4,470 ) Accretion 9,757 Charge-offs 1,133 Balance at June 30, 2019 $ (27,845 ) 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 $ 1,625,079 Nonaccretable difference (123,399 ) Cash flows expected to be collected 1,501,680 Accretable yield (170,651 ) Fair value $ 1,331,029 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses (In Thousands) The following is a summary of total non purchased and purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 1,305,076 $ 1,295,912 Lease financing 62,026 64,992 Real estate – construction 781,531 740,668 Real estate – 1-4 family mortgage 2,765,472 2,795,343 Real estate – commercial mortgage 4,017,969 4,051,509 Installment loans to individuals 125,448 137,832 Gross loans 9,057,522 9,086,256 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income 9,054,654 9,083,129 Allowance for loan losses (50,059 ) (49,026 ) Net loans $ 9,004,595 $ 9,034,103 Allowance for Loan Losses The allowance for loan losses is maintained at a level believed adequate by management based on its ongoing analysis of the loan portfolio to absorb probable credit losses inherent in the entire loan portfolio, including collective impairment as recognized under ASC 450, “Contingencies”. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310. The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The following table provides a roll forward of the allowance for loan losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 9,622 $ 4,778 $ 9,491 $ 24,643 $ 1,301 $ 49,835 Charge-offs (694 ) — (378 ) (167 ) (212 ) (1,451 ) Recoveries 241 — 115 366 53 775 Net recoveries (charge-offs) (453 ) — (263 ) 199 (159 ) (676 ) Provision for loan losses charged to operations 365 524 388 (540 ) 163 900 Ending balance $ 9,534 $ 5,302 $ 9,616 $ 24,302 $ 1,305 $ 50,059 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Six Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 8,269 $ 4,755 $ 10,139 $ 24,492 $ 1,371 $ 49,026 Charge-offs (952 ) — (875 ) (729 ) (432 ) (2,988 ) Recoveries 615 7 312 611 76 1,621 Net (charge-offs) recoveries (337 ) 7 (563 ) (118 ) (356 ) (1,367 ) Provision for loan losses charged to operations 1,602 540 40 (72 ) 290 2,400 Ending balance $ 9,534 $ 5,302 $ 9,616 $ 24,302 $ 1,305 $ 50,059 Period-End Amount Allocated to: Individually evaluated for impairment $ 1,191 $ 8 $ 188 $ 482 $ 4 $ 1,873 Collectively evaluated for impairment 8,172 5,294 8,913 21,842 1,299 45,520 Purchased with deteriorated credit quality 171 — 515 1,978 2 2,666 Ending balance $ 9,534 $ 5,302 $ 9,616 $ 24,302 $ 1,305 $ 50,059 (1) Includes lease financing receivables. Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 7,071 $ 4,198 $ 11,404 $ 21,914 $ 1,814 $ 46,401 Charge-offs (457 ) — (979 ) (46 ) (99 ) (1,581 ) Recoveries 114 3 83 496 29 725 Net (charge-offs) recoveries (343 ) 3 (896 ) 450 (70 ) (856 ) Provision for loan losses charged to operations 418 501 1,149 86 (344 ) 1,810 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Six Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Charge-offs (1,116 ) — (1,650 ) (659 ) (221 ) (3,646 ) Recoveries 349 7 216 604 54 1,230 Net (charge-offs) recoveries (767 ) 7 (1,434 ) (55 ) (167 ) (2,416 ) Provision for loan losses charged to operations 2,371 1,267 1,082 (879 ) (281 ) 3,560 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Period-End Amount Allocated to: Individually evaluated for impairment $ 417 $ — $ 76 $ 1,014 $ 8 $ 1,515 Collectively evaluated for impairment 6,404 4,702 11,053 20,036 1,389 43,584 Purchased with deteriorated credit quality 325 — 528 1,400 3 2,256 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 (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 June 30, 2019 Individually evaluated for impairment $ 6,675 $ 9,565 $ 15,976 $ 7,789 $ 525 $ 40,530 Collectively evaluated for impairment 1,274,775 771,966 2,706,816 3,888,483 180,739 8,822,779 Purchased with deteriorated credit quality 23,626 — 42,680 121,697 3,342 191,345 Ending balance $ 1,305,076 $ 781,531 $ 2,765,472 $ 4,017,969 $ 184,606 $ 9,054,654 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 Purchased 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 (1) Includes lease financing receivables. |
Other Real Estate Owned
Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Residential real estate $ 3,848 $ 1,331 $ 5,179 Commercial real estate 659 945 1,604 Residential land development 168 855 1,023 Commercial land development 583 344 927 Total $ 5,258 $ 3,475 $ 8,733 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 Changes in the Company’s purchased and non purchased OREO were as follows: Purchased OREO Non Purchased OREO Total OREO Balance at January 1, 2019 $ 6,187 $ 4,853 $ 11,040 Transfers of loans 969 827 1,796 Impairments (599 ) (269 ) (868 ) Dispositions (1,299 ) (1,936 ) (3,235 ) Balance at June 30, 2019 $ 5,258 $ 3,475 $ 8,733 Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Repairs and maintenance $ 116 $ 55 $ 211 $ 168 Property taxes and insurance 19 37 126 149 Impairments 140 397 868 749 Net (gains) losses on OREO sales (19 ) (239 ) 60 (143 ) Rental income (4 ) (18 ) (9 ) (34 ) Total $ 252 $ 232 $ 1,256 $ 889 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) The carrying amounts of goodwill by operating segments for the six months ended June 30, 2019 were as follows: Community Banks Insurance Total Balance at January 1, 2019 $ 930,161 $ 2,767 $ 932,928 Measurement period adjustment to goodwill from previous acquisition 43 — 43 Balance at June 30, 2019 $ 930,204 $ 2,767 $ 932,971 The addition to goodwill from the Brand acquisition is due to changes in estimated values of assets acquired and liabilities assumed in the Brand acquisition. The Company is finalizing the fair values of certain assets, including loans, property and equipment, taxes and certain other assets, related to the acquisition; as such, the recorded balance of goodwill is subject to change. The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2019 Core deposit intangibles $ 82,492 $ (42,731 ) $ 39,761 Customer relationship intangible 1,970 (1,029 ) 941 Total finite-lived intangible assets $ 84,462 $ (43,760 ) $ 40,702 December 31, 2018 Core deposit intangibles $ 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 Current year amortization expense for finite-lived intangible assets is presented in the table below. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amortization expense for: Core deposit intangibles $ 2,020 $ 1,561 $ 4,097 $ 3,179 Customer relationship intangible 33 33 66 66 Total intangible amortization $ 2,053 $ 1,594 $ 4,163 $ 3,245 The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2019 and the succeeding four 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 4,941 131 5,072 2023 4,044 131 4,175 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Impairment losses on MSRs are recognized to the extent that unamortized cost exceeds fair value. There were no impairment losses recognized during the six months ended June 30, 2019 and 2018 . Changes in the Company’s MSRs were as follows: Balance at January 1, 2019 $ 48,230 Capitalization 3,694 Amortization (3,145 ) Balance at June 30, 2019 $ 48,779 Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented: June 30, 2019 December 31, 2018 Unpaid principal balance $ 4,650,878 $ 4,635,712 Weighted-average prepayment speed (CPR) 10.95 % 7.95 % Estimated impact of a 10% increase $ (2,111 ) $ (1,264 ) Estimated impact of a 20% increase (4,077 ) (2,569 ) Discount rate 9.57 % 9.45 % Estimated impact of a 10% increase $ (1,935 ) $ (2,657 ) Estimated impact of a 20% increase (3,727 ) (5,103 ) Weighted-average coupon interest rate 4.08 % 4.04 % Weighted-average servicing fee (basis points) 27.87 27.47 Weighted-average remaining maturity (in years) 6.53 8.03 The Company recorded servicing fees of $2,481 and $2,124 for the three months ended June 30, 2019 and 2018 , respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income. The Company recorded servicing fees of $4,735 and $4,494 for the six months ended June 30, 2019 and 2018, respectively. |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 6 Months Ended |
Jun. 30, 2019 | |
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 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. Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended June 30, June 30, 2019 2018 2019 2018 Service cost $ — $ — $ 1 $ 2 Interest cost 315 256 8 7 Expected return on plan assets (362 ) (520 ) — — Recognized actuarial loss 135 77 3 — Net periodic benefit (return) cost $ 88 $ (187 ) $ 12 $ 9 Pension Benefits Other Benefits Six Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Service cost $ — $ — $ 3 $ 4 Interest cost 588 522 16 16 Expected return on plan assets (725 ) (1,038 ) — — Recognized actuarial loss (gain) 221 164 (11 ) — Net periodic benefit (return) cost $ 84 $ (352 ) $ 8 $ 20 Incentive Compensation Plans 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, nor compensation expense associated with options recorded, during the six months ended June 30, 2019 or 2018 . The following table summarizes information about options outstanding, exercised and forfeited as of and for the six months ended June 30, 2019 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 43,750 $ 15.84 Granted — — Exercised (6,000 ) 16.59 Forfeited — — Options outstanding at end of period 37,750 $ 15.72 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 following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2019 : Performance-Based Restricted Stock Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of period 41,300 $ 40.89 304,955 $ 41.82 Awarded 154,250 30.18 267,859 31.63 Vested — — (79,857 ) 38.95 Cancelled — — (11,697 ) 40.95 Nonvested at end of period 195,550 $ 32.44 481,260 $ 36.64 During the six months ended June 30, 2019 , the Company reissued 107,194 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $2,082 and $1,920 for the three months ended June 30, 2019 and 2018 , respectively, and $4,719 and $3,712 for the six months ended June 30, 2019 and 2018 , respectively. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments (In Thousands) The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. The Company also from time to time enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At June 30, 2019 , the Company had notional amounts of $200,544 on interest rate contracts with corporate customers and $200,544 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed-rate loans. In June 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are each accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four -year and five -year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, the Bank pays a fixed interest rate and receives 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 and adjustable-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate and adjustable-rate mortgage loans was $319,845 and $159,464 at June 30, 2019 and December 31, 2018 , 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 $498,000 and $281,343 at June 30, 2019 and December 31, 2018 , respectively. The following table provides details on the Company’s derivative financial instruments as of the dates presented: Fair Value Balance Sheet Location June 30, December 31, 2018 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 4,026 $ 2,779 Interest rate lock commitments Other Assets 7,154 3,740 Forward commitments Other Assets 102 — Totals $ 11,282 $ 6,519 Derivative liabilities: Designated as hedging instruments: Interest rate swaps Other Liabilities $ 5,341 $ 2,046 Totals $ 5,341 $ 2,046 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 4,026 $ 2,779 Interest rate lock commitments Other Liabilities 15 — Forward commitments Other Liabilities 4,184 3,563 Totals $ 8,225 $ 6,342 Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 989 $ 1,038 $ 2,035 $ 2,024 Interest rate lock commitments: Included in mortgage banking income 2,176 (238 ) 3,398 1,946 Forward commitments Included in mortgage banking income (1,421 ) (1,012 ) (520 ) (924 ) Total $ 1,744 $ (212 ) $ 4,913 $ 3,046 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 six months ended June 30, 2019 or 2018 . The impact on other comprehensive income for the six months ended June 30, 2019 and 2018 , respectively, can be seen at Note 15, “Other Comprehensive Income (Loss).” Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement: Offsetting Derivative Assets Offsetting Derivative Liabilities June 30, December 31, 2018 June 30, December 31, 2018 Gross amounts recognized $ 158 $ 1,620 $ 13,495 $ 6,768 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 158 1,620 13,495 6,768 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 158 1,620 158 1,620 Financial collateral pledged — — 9,907 2,745 Net amounts $ — $ — $ 3,430 $ 2,403 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In Thousands) The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented. June 30, December 31, 2019 2018 Deferred tax assets Allowance for loan losses $ 14,146 $ 14,097 Loans 14,977 18,655 Deferred compensation 9,301 10,001 Securities (103 ) 6,180 Impairment of assets 2,336 1,280 Federal and State net operating loss carryforwards 14,899 19,065 Other 21,358 3,610 Total deferred tax assets 76,914 72,888 Deferred tax liabilities Investment in partnerships 1,367 1,572 Fixed assets 3,864 3,865 Mortgage servicing rights 12,492 12,350 Junior subordinated debt 1,697 1,607 Other 20,645 1,792 Total deferred tax liabilities 40,065 21,186 Net deferred tax assets $ 36,849 $ 51,702 For the six months ended June 30, 2019 and 2018, the Company recorded a provision for income taxes totaling $27,535 and $20,097 , respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. The effective tax rate was 23.09% and 22.17% for the six months ending June 30, 2019 and 2018, respectively. The Company and its subsidiary 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 and the state departments of revenue for the years ending December 31, 2015 through December 31, 2018. The Company acquired both 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 $67,168 , respectively, as of the September 1, 2018 acquisition date, all created in 2018. As part of The Tax Cuts and Jobs Act and corresponding state tax laws, the federal net operating losses and the majority of the state net operating losses created by Brand have an indefinite carryforward period. As of December 31, 2018, there are federal and state net operating losses acquired in the Brand acquisition, without expiration periods of $71,963 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 |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 , the carrying value of the Company’s QAHPs was $5,248 and $6,037 , respectively. The Company has no remaining funding obligations related to the QAHPs. The investments in QAHPs are being accounted for using the effective yield method. The investments in QAHPs are included in “Other assets” on the Consolidated Balance Sheets. Components of the Company’s investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Tax credit amortization $ 394 $ 410 $ 788 $ 804 Tax credits and other benefits (572 ) (572 ) (1,145 ) (1,145 ) Total $ (178 ) $ (162 ) $ (357 ) $ (341 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements (In Thousands) Fair Value Measurements and the Fair Level Hierarchy ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). Recurring Fair Value Measurements The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value on a recurring basis include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Securities available for sale : Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, obligations of states and political subdivisions, mortgage-backed securities and trust preferred securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Derivative instruments : The Company uses derivatives to manage various financial risks. Most of the Company’s derivative contracts are extensively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts such as interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy. Mortgage loans held for sale 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 June 30, 2019 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,539 $ — $ 2,539 Obligations of states and political subdivisions — 173,997 — 173,997 Residential mortgage-backed securities: Government agency mortgage backed securities — 606,453 — 606,453 Government agency collateralized mortgage obligations — 321,211 — 321,211 Commercial mortgage-backed securities: Government agency mortgage backed securities — 32,545 — 32,545 Government agency collateralized mortgage obligations — 72,069 — 72,069 Trust preferred securities — — 10,386 10,386 Other debt securities — 49,080 — 49,080 Total securities available for sale — 1,257,894 10,386 1,268,280 Derivative instruments: Interest rate contracts — 4,026 — 4,026 Interest rate lock commitments — 7,154 — 7,154 Forward commitments — 102 — 102 Total derivative instruments — 11,282 — 11,282 Mortgage loans held for sale in loans held for sale — 323,219 — 323,219 Total financial assets $ — $ 1,592,395 $ 10,386 $ 1,602,781 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 5,341 $ — $ 5,341 Interest rate contracts — 4,026 — 4,026 Interest rate lock commitments — 15 — 15 Forward commitments — 4,184 — 4,184 Total derivative instruments — 13,566 — 13,566 Total financial liabilities $ — $ 13,566 $ — $ 13,566 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 Total derivative instruments — 6,519 — 6,519 Mortgage 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 swaps $ — $ 2,046 $ — $ 2,046 Interest rate contracts — 2,779 — 2,779 Forward commitments — 3,563 — 3,563 Total derivative instruments — 8,388 — 8,388 Total financial liabilities $ — $ 8,388 $ — $ 8,388 The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. There were no such transfers between levels of the fair value hierarchy during the six months ended June 30, 2019 . The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented: Three Months Ended June 30, 2019 Trust preferred securities Balance at April 1, 2019 $ 10,246 Accretion included in net income 9 Unrealized gains included in other comprehensive income 154 Purchases — Sales — Issues — Settlements (23 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2019 $ 10,386 Three Months Ended June 30, 2018 Trust preferred securities Balance at April 1, 2018 $ 10,045 Accretion included in net income 8 Unrealized gains included in other comprehensive income 383 Purchases — Sales — Issues — Settlements (35 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2018 $ 10,401 Six Months Ended June 30, 2019 Trust preferred securities Balance at January 1, 2019 $ 10,633 Accretion included in net income 18 Unrealized losses included in other comprehensive income (133 ) Purchases — Sales — Issues — Settlements (132 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2019 $ 10,386 Six Months Ended June 30, 2018 Trust preferred securities Balance at January 1, 2018 $ 9,388 Accretion included in net income 17 Unrealized gains included in other comprehensive income 1,052 Reclassification adjustment — Purchases — Sales — Issues — Settlements (56 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2018 $ 10,401 For each of the three and the six months ended June 30, 2019 and 2018 , respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. The following table presents information as of June 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Trust preferred securities $ 10,386 Discounted cash flows Default rate 0-100% Nonrecurring Fair Value Measurements Certain assets and liabilities may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: June 30, 2019 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 14,746 $ 14,746 OREO — — 2,626 2,626 Total $ — $ — $ 17,372 $ 17,372 December 31, 2018 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 21,686 $ 21,686 OREO — — 4,319 4,319 Total $ — $ — $ 26,005 $ 26,005 The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets measured on a nonrecurring basis: Impaired loans: Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans that were measured or re-measured at fair value had a carrying value of $16,315 and $22,621 at June 30, 2019 and December 31, 2018 , respectively, and a specific reserve for these loans of $1,569 and $935 was included in the allowance for loan losses as of such dates. Other real estate owned : OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3. The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented: June 30, December 31, 2018 Carrying amount prior to remeasurement $ 3,312 $ 5,258 Impairment recognized in results of operations (686 ) (939 ) Fair value $ 2,626 $ 4,319 The following table presents information as of June 30, 2019 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 $ 14,746 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 2,626 Appraised value of property less estimated costs to sell Estimated costs to sell 4-10% Fair Value Option The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them. Net gains of $3,534 and $4,177 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2019 and 2018 , respectively. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking income” in the Consolidated Statements of Income. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income. The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2019 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 323,219 $ 310,845 $ 12,374 Past due loans of 90 days or more — — — Nonaccrual loans — — — Fair Value of Financial Instruments The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value As of June 30, 2019 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 443,862 $ 443,862 $ — $ — $ 443,862 Securities available for sale 1,268,280 — 1,257,894 10,386 1,268,280 Loans held for sale 461,681 — 323,219 138,462 461,681 Loans, net 9,004,595 — — 8,728,122 8,728,122 Mortgage servicing rights 48,779 — — 49,757 49,757 Derivative instruments 11,282 — 11,282 — 11,282 Financial liabilities Deposits $ 10,190,061 $ 7,825,733 $ 2,358,108 $ — $ 10,183,841 Short-term borrowings 139,011 139,011 — — 139,011 Other long-term borrowings 23 23 — — 23 Federal Home Loan Bank advances 6,290 — 6,493 — 6,493 Junior subordinated debentures 109,926 — 103,346 — 103,346 Subordinated notes 146,684 — 147,888 — 147,888 Derivative instruments 13,566 — 13,566 — 13,566 Fair Value As of December 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total 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 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) (In Thousands) Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented: Pre-Tax Tax Expense (Benefit) Net of Tax Three months ended June 30, 2019 Securities available for sale: Unrealized holding gains on securities $ 12,599 $ 3,206 $ 9,393 Reclassification adjustment for losses realized in net income 8 2 6 Total securities available for sale 12,607 3,208 9,399 Derivative instruments: Unrealized holding losses on derivative instruments (2,067 ) (526 ) (1,541 ) Total derivative instruments (2,067 ) (526 ) (1,541 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 137 35 102 Total defined benefit pension and post-retirement benefit plans 137 35 102 Total other comprehensive income $ 10,677 $ 2,717 $ 7,960 Three months ended June 30, 2018 Securities available for sale: Unrealized holding losses on securities $ (4,025 ) $ (1,025 ) $ (3,000 ) Total securities available for sale (4,025 ) (1,025 ) (3,000 ) Derivative instruments: Unrealized holding gains on derivative instruments 519 132 387 Total derivative instruments 519 132 387 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 77 20 57 Total defined benefit pension and post-retirement benefit plans 77 20 57 Total other comprehensive loss $ (3,429 ) $ (873 ) $ (2,556 ) Pre-Tax Tax Expense (Benefit) Net of Tax Six months ended June 30, 2019 Securities available for sale: Unrealized holding gains on securities $ 27,780 $ 7,070 $ 20,710 Reclassification adjustment for gains realized in net income (5 ) (1 ) (4 ) Total securities available for sale 27,775 7,069 20,706 Derivative instruments: Unrealized holding losses on derivative instruments (3,294 ) (838 ) (2,456 ) Total derivative instruments (3,294 ) (838 ) (2,456 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 209 53 156 Total defined benefit pension and post-retirement benefit plans 209 53 156 Total other comprehensive income $ 24,690 $ 6,284 $ 18,406 Six months ended June 30, 2018 Securities available for sale: Unrealized holding losses on securities $ (14,634 ) $ (3,725 ) $ (10,909 ) Total securities available for sale (14,634 ) (3,725 ) (10,909 ) Derivative instruments: Unrealized holding gains on derivative instruments 1,670 425 1,245 Total derivative instruments 1,670 425 1,245 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 164 41 123 Total defined benefit pension and post-retirement benefit plans 164 41 123 Total other comprehensive loss $ (12,800 ) $ (3,259 ) $ (9,541 ) The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented: June 30, December 31, 2018 Unrealized gains on securities $ 21,772 $ 1,066 Non-credit related portion of other-than-temporary impairment on securities (11,319 ) (11,319 ) Unrealized losses on derivative instruments (3,086 ) (630 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (6,857 ) (7,013 ) Total accumulated other comprehensive income (loss) $ 510 $ (17,896 ) |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share (In Thousands, Except Share Data) Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested and outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented: Three Months Ended June 30, 2019 2018 Basic Net income applicable to common stock $ 46,625 $ 36,710 Average common shares outstanding 58,461,024 49,413,754 Net income per common share - basic $ 0.80 $ 0.74 Diluted Net income applicable to common stock $ 46,625 $ 36,710 Average common shares outstanding 58,461,024 49,413,754 Effect of dilutive stock-based compensation 157,952 136,007 Average common shares outstanding - diluted 58,618,976 49,549,761 Net income per common share - diluted $ 0.80 $ 0.74 Six Months Ended June 30, 2019 2018 Basic Net income applicable to common stock $ 91,735 $ 70,536 Average common shares outstanding 58,523,007 49,385,244 Net income per common share - basic $ 1.57 $ 1.43 Diluted Net income applicable to common stock $ 91,735 $ 70,536 Average common shares outstanding 58,523,007 49,385,244 Effect of dilutive stock-based compensation 146,049 136,801 Average common shares outstanding - diluted 58,669,056 49,522,045 Net income per common share - diluted $ 1.56 $ 1.42 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: Three Months Ended June 30, 2019 2018 Number of shares 4,524 44,273 Exercise prices (for stock option awards) — — Six Months Ended June 30, 2019 2018 Number of shares 643 44,273 Exercise prices (for stock option awards) — — |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2019 | |
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 Average Assets (Leverage) Common Equity Tier 1 to Risk - Weighted Assets Tier 1 Capital to Risk – Weighted Assets Total Capital to Risk – Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented: June 30, 2019 December 31, 2018 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 1,256,295 10.65 % $ 1,188,412 10.11 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,151,807 11.64 % 1,085,751 11.05 % Tier 1 Capital to Risk-Weighted Assets 1,256,295 12.69 % 1,188,412 12.10 % Total Capital to Risk-Weighted Assets 1,447,352 14.62 % 1,386,507 14.12 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,355,408 11.50 % $ 1,276,976 10.88 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,355,408 13.71 % 1,276,976 13.02 % Tier 1 Capital to Risk-Weighted Assets 1,355,408 13.71 % 1,276,976 13.02 % Total Capital to Risk-Weighted Assets 1,408,931 14.25 % 1,331,619 13.58 % 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. The required capital conservation buffer is 2.5% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. As shown in the tables above, as of June 30, 2019 , the Company’s CET1 capital was in excess of the capital conservation buffer. 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 the Bank: — For residential mortgages, the former 50% risk weight for performing residential first-lien mortgages and 100% risk-weight for all other mortgages has been replaced 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. — For commercial mortgages, a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans has been substituted for the former 100% risk weight. — For nonperforming loans, the former 100% risk weight is now 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 | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting (In Thousands) The operations of the Company’s reportable segments are described as follows: • The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending and equipment leasing, as well as safe deposit and night depository facilities. • The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers. • The Wealth Management segment offers a broad range of fiduciary services which include the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer. In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts. The following table provides financial information for the Company’s operating segments as of and for the periods presented: Community Banks Insurance Wealth Management Other Consolidated Three months ended June 30, 2019 Net interest income (loss) $ 115,664 $ 171 $ 409 $ (3,444 ) $ 112,800 Provision for loan losses 900 — — — 900 Noninterest income 36,293 2,222 3,890 (445 ) 41,960 Noninterest expense 87,596 1,898 3,464 332 93,290 Income (loss) before income taxes 63,461 495 835 (4,221 ) 60,570 Income tax expense (benefit) 14,910 128 — (1,093 ) 13,945 Net income (loss) $ 48,551 $ 367 $ 835 $ (3,128 ) $ 46,625 Total assets $ 12,790,623 $ 26,722 $ 61,363 $ 13,945 $ 12,892,653 Goodwill $ 930,204 $ 2,767 — — $ 932,971 Three months ended June 30, 2018 Net interest income (loss) $ 94,676 $ 118 $ 315 $ (2,720 ) $ 92,389 Provision for loan losses 1,810 — — — 1,810 Noninterest income 29,949 2,148 3,714 (230 ) 35,581 Noninterest expense 73,628 1,819 3,213 366 79,026 Income (loss) before income taxes 49,187 447 816 (3,316 ) 47,134 Income tax expense (benefit) 11,165 116 — (857 ) 10,424 Net income (loss) $ 38,022 $ 331 $ 816 $ (2,459 ) $ 36,710 Total assets $ 10,439,785 $ 24,513 $ 61,869 $ 18,308 $ 10,544,475 Goodwill $ 608,279 $ 2,767 — — $ 611,046 Community Banks Insurance Wealth Management Other Consolidated Six months ended June 30, 2019 Net interest income (loss) $ 231,722 $ 339 $ 759 $ (6,873 ) $ 225,947 Provision for loan losses 2,400 — — — 2,400 Noninterest income (loss) 65,878 5,101 7,549 (683 ) 77,845 Noninterest expense 170,909 3,713 6,912 588 182,122 Income (loss) before income taxes 124,291 1,727 1,396 (8,144 ) 119,270 Income tax expense (benefit) 29,196 448 — (2,109 ) 27,535 Net income (loss) $ 95,095 $ 1,279 $ 1,396 $ (6,035 ) $ 91,735 Total assets $ 12,790,623 $ 26,722 $ 61,363 $ 13,945 $ 12,892,653 Goodwill $ 930,204 $ 2,767 — — $ 932,971 Six months ended June 30, 2018 Net interest income (loss) $ 186,103 $ 224 $ 628 $ (5,326 ) $ 181,629 Provision for loan losses 3,560 — — — 3,560 Noninterest income 57,867 4,920 7,241 (494 ) 69,534 Noninterest expense 146,261 3,550 6,605 554 156,970 Income (loss) before income taxes 94,149 1,594 1,264 (6,374 ) 90,633 Income tax expense (benefit) 21,332 413 — (1,648 ) 20,097 Net income (loss) $ 72,817 $ 1,181 $ 1,264 $ (4,726 ) $ 70,536 Total assets $ 10,439,785 $ 24,513 $ 61,869 $ 18,308 $ 10,544,475 Goodwill $ 608,279 $ 2,767 — — $ 611,046 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases (In Thousands) The Company adopted ASC 842 in the first quarter of 2019. The Company enters into leases in both lessor and lessee capacities. ASC 842 provided for a number of optional practical expedients, of which the Company has elected several including (i) the option not to separate the lease and non-lease components; (ii) the “package of practical expedients,” where the Company does not have to reassess (A) whether expired or existing contracts contain leases under the new definition of a lease, (B) lease classification for expired or existing leases and (C) whether previously capitalized initial direct costs would qualify for capitalization under ASC 842; and (iii) the use of hindsight in determining the lease term, which permits the use of information available after lease inception to determine the lease term via the knowledge of renewal options exercised but not available at the lease’s inception. The practical expedient pertaining to land easements is not applicable to the Company. Lessor Arrangements The Company provides equipment financing to its customers through sales type or direct financing lease arrangements. These leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted into interest income over the lease’s term using methods that approximate the interest method. These arrangements generally do not contain non-lease components. Lease agreements may include renewal and purchase options. As of June 30, 2019, the net investment in these leases was $8,729 , comprised of $6,971 in lease receivables, $2,332 in residual balances and $574 in deferred income. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the three and six months ended June 30, 2019, the Company generated $78 and $159 , respectively, in income, which is included in interest income on loans on the Consolidated Statements of Income from these leases. The maturities of the lessor arrangements outstanding at June 30, 2019 is presented in the table below. Remainder of 2019 $ 245 2020 1,492 2021 1,591 2022 2,326 2023 2,299 Thereafter 776 Total lease receivables $ 8,729 Lessee Arrangements All of the Company’s lessee arrangements are operating leases, being real estate leases for Company facilities. Under these arrangements, the Company records right-of-use assets and corresponding lease liabilities, each of which is based on the present value of the remaining lease payments and are discounted at the Company’s incremental borrowing rate. Right-of-use assets are reported in premises and equipment on the Consolidated Balance Sheet and the related lease liabilities are reported in other liabilities. All leases are recorded on the Consolidated Balance Sheet except for leases with an initial term less than 12 months for which the Company elected the short-term lease recognition exemption. Lease expense is recognized on a straight-line basis over the lease term and is recorded in occupancy and equipment expense in the Consolidated Statement of Income. Variable lease payments consist primarily of common area maintenance and taxes. The Company does not have any material sublease agreements currently in place. As of June 30, 2019, right-of-use assets totaled $73,791 and lease liabilities totaled $77,449 . Lease terms may contain renewal and extension options and early termination features. Many leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at the Company’s sole discretion. Renewal options which are reasonably certain to be exercised in the future were included in the measurement of right-of-use assets and lease liabilities. The table below provides the components of lease cost and supplemental information for the periods presented. Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease cost (cost resulting from lease payments) $ 2,490 $ 4,848 Short-term lease cost 10 20 Variable lease cost (cost excluded from lease payments) 458 797 Sublease income (170 ) (296 ) Total lease cost $ 2,788 $ 5,369 Operating lease - operating cash flows (fixed payments) 2,364 4,680 Operating lease - operating cash flows (liability reduction) 1,680 3,488 Weighted average lease term - operating leases (in years) 14.74 12.42 Weighted average discount rate - operating leases 3.58 % 3.58 % Right-of-use assets obtained in exchange for new lease liabilities - operating leases $ 21,448 $ 22,743 The maturities of the lessee arrangements outstanding at June 30, 2019 are presented in the table below. Remainder of 2019 $ 4,901 2020 9,250 2021 8,109 2022 7,628 2023 7,339 Thereafter 65,589 Total undiscounted cash flows 102,816 Discount on cash flows 25,367 Total operating lease liabilities $ 77,449 As of June 30, 2019, the Company had leases with related parties that were obtained in the Brand acquisition. The related party leases have right-of-use assets of $13,424 and lease liabilities of $15,668 , with total lease cost of $492 and $984 for the three and six months ended June 30, 2019 , respectively. As required, the following disclosure is provided for periods prior to the adoption of ASC 842. 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 For more information on lease accounting, see Note 1, “Summary of Significant Accounting Policies” and on lease financing receivables, see Note 4, “Non Purchased Loans.” |
Leases | Leases (In Thousands) The Company adopted ASC 842 in the first quarter of 2019. The Company enters into leases in both lessor and lessee capacities. ASC 842 provided for a number of optional practical expedients, of which the Company has elected several including (i) the option not to separate the lease and non-lease components; (ii) the “package of practical expedients,” where the Company does not have to reassess (A) whether expired or existing contracts contain leases under the new definition of a lease, (B) lease classification for expired or existing leases and (C) whether previously capitalized initial direct costs would qualify for capitalization under ASC 842; and (iii) the use of hindsight in determining the lease term, which permits the use of information available after lease inception to determine the lease term via the knowledge of renewal options exercised but not available at the lease’s inception. The practical expedient pertaining to land easements is not applicable to the Company. Lessor Arrangements The Company provides equipment financing to its customers through sales type or direct financing lease arrangements. These leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted into interest income over the lease’s term using methods that approximate the interest method. These arrangements generally do not contain non-lease components. Lease agreements may include renewal and purchase options. As of June 30, 2019, the net investment in these leases was $8,729 , comprised of $6,971 in lease receivables, $2,332 in residual balances and $574 in deferred income. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the three and six months ended June 30, 2019, the Company generated $78 and $159 , respectively, in income, which is included in interest income on loans on the Consolidated Statements of Income from these leases. The maturities of the lessor arrangements outstanding at June 30, 2019 is presented in the table below. Remainder of 2019 $ 245 2020 1,492 2021 1,591 2022 2,326 2023 2,299 Thereafter 776 Total lease receivables $ 8,729 Lessee Arrangements All of the Company’s lessee arrangements are operating leases, being real estate leases for Company facilities. Under these arrangements, the Company records right-of-use assets and corresponding lease liabilities, each of which is based on the present value of the remaining lease payments and are discounted at the Company’s incremental borrowing rate. Right-of-use assets are reported in premises and equipment on the Consolidated Balance Sheet and the related lease liabilities are reported in other liabilities. All leases are recorded on the Consolidated Balance Sheet except for leases with an initial term less than 12 months for which the Company elected the short-term lease recognition exemption. Lease expense is recognized on a straight-line basis over the lease term and is recorded in occupancy and equipment expense in the Consolidated Statement of Income. Variable lease payments consist primarily of common area maintenance and taxes. The Company does not have any material sublease agreements currently in place. As of June 30, 2019, right-of-use assets totaled $73,791 and lease liabilities totaled $77,449 . Lease terms may contain renewal and extension options and early termination features. Many leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at the Company’s sole discretion. Renewal options which are reasonably certain to be exercised in the future were included in the measurement of right-of-use assets and lease liabilities. The table below provides the components of lease cost and supplemental information for the periods presented. Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease cost (cost resulting from lease payments) $ 2,490 $ 4,848 Short-term lease cost 10 20 Variable lease cost (cost excluded from lease payments) 458 797 Sublease income (170 ) (296 ) Total lease cost $ 2,788 $ 5,369 Operating lease - operating cash flows (fixed payments) 2,364 4,680 Operating lease - operating cash flows (liability reduction) 1,680 3,488 Weighted average lease term - operating leases (in years) 14.74 12.42 Weighted average discount rate - operating leases 3.58 % 3.58 % Right-of-use assets obtained in exchange for new lease liabilities - operating leases $ 21,448 $ 22,743 The maturities of the lessee arrangements outstanding at June 30, 2019 are presented in the table below. Remainder of 2019 $ 4,901 2020 9,250 2021 8,109 2022 7,628 2023 7,339 Thereafter 65,589 Total undiscounted cash flows 102,816 Discount on cash flows 25,367 Total operating lease liabilities $ 77,449 As of June 30, 2019, the Company had leases with related parties that were obtained in the Brand acquisition. The related party leases have right-of-use assets of $13,424 and lease liabilities of $15,668 , with total lease cost of $492 and $984 for the three and six months ended June 30, 2019 , respectively. As required, the following disclosure is provided for periods prior to the adoption of ASC 842. 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 For more information on lease accounting, see Note 1, “Summary of Significant Accounting Policies” and on lease financing receivables, see Note 4, “Non Purchased Loans.” |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on February 28, 2019. |
Business combinations | Business Combinations : The Company completed its acquisition of Brand Group Holdings, Inc. (“Brand”) on September 1, 2018. The acquired institution’s financial condition and results of operations are included in the Company’s financial condition and results of operations as of the acquisition date. Due to the timing of the system conversion 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 institution since the acquisition date is impracticable. In connection with the acquisition of Brand, the Company acquired a portfolio of non-mortgage consumer loans, which is included in the line item “Loans held for sale” on the Company’s Consolidated Balance Sheet with a balance of $138,462 as of June 30, 2019 . In the second quarter of 2019, the Company purchased additional loans in the amount of $31,308 . There were no such purchases during the first quarter of 2019. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 850, “Business Combinations”, the loans acquired from Brand were measured at fair value as of the acquisition date. Subsequent to their applicable acquisition date, all of these consumer loans are carried at the lower of amortized cost or fair value. |
Use of estimates | Use of Estimates : The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material. |
Impact of recently-issued accounting standards and pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements : Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” and its related amendments, which changes the accounting model and disclosure requirements for leases. The former accounting model for leases distinguished between capital leases, which were recognized on the balance sheet, and operating leases, which were not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under prior GAAP, and operating leases. Further, under the new standard 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. The accounting model and disclosure requirements for lessors remains substantially unchanged from prior GAAP. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. The Company chose to use the effective date approach and, as such, all periods presented after January 1, 2019 are in accordance with ASC 842 whereas periods presented prior to January 1, 2019 are in accordance with prior lease accounting. Financial information was not updated, and the disclosures required under ASC 842, were not provided for dates and periods before January 1, 2019. Upon adoption, the Company recorded a right-of-use asset in the amount of $53,042 and a corresponding lease liability in the amount of $56,562 on January 1, 2019. The Company has included newly applicable lease disclosures in this filing in Note 19, “Leases.” In June 2016, FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This 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 includes 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 is 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 the 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 third quarter of 2019. In January 2017, FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 will amend and simplify current goodwill impairment testing by eliminating certain testing under the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for interim and annual periods beginning after December 15, 2019 and is not expected to have a material impact on the Company’s financial statements. In March 2017, FASB issued ASU 2017-08, “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 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 expands 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. In March 2019, FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”). ASU 2019-01 is intended to clarify potential implementation questions related to ASC 842. This includes clarification on the determination of fair value of underlying assets by lessors that are not manufacturers or dealers, cash flow presentation of sales-type and direct financing leases and transition disclosures related to accounting changes and error corrections. ASU 2019-01 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 2019-01 will have on its financial position and results of operations and its financial statement disclosures. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 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 (20,969 ) 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 152,528 Goodwill resulting from merger (1) $ 321,925 (1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Summary of the fair value of assets acquired and liabilities assumed | The following table summarizes the 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 1,589,195 Premises and equipment 20,070 Intangible assets 349,459 Other assets 112,066 Total assets $ 2,335,472 Deposits $ 1,714,177 Borrowings 90,912 Other liabilities 55,930 Total liabilities $ 1,861,019 September 1, 2018 Loans held for sale $ 48,100 Borrowings 34,139 |
Pro forma combined condensed consolidated financial information | The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the six months ended June 30, 2019 and 2018 of the Company as though the Brand merger had been completed as of January 1, 2018. The unaudited pro forma information combines the historical results of Brand 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 acquisition taken place on January 1, 2018. 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. (Unaudited) Six Months Ended June 30, 2019 2018 Net interest income - pro forma $ 225,947 $ 226,266 Noninterest income - pro forma $ 77,845 $ 86,995 Noninterest expense - pro forma $ 182,122 $ 219,184 Net income - pro forma $ 91,735 $ 65,181 Earnings per share - pro forma: Basic $ 1.57 $ 1.11 Diluted $ 1.56 $ 1.11 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Obligations of other U.S. Government agencies and corporations $ 2,527 $ 20 $ (8 ) $ 2,539 Obligations of states and political subdivisions 169,123 4,891 (17 ) 173,997 Residential mortgage backed securities: Government agency mortgage backed securities 600,257 7,694 (1,498 ) 606,453 Government agency collateralized mortgage obligations 319,896 2,301 (986 ) 321,211 Commercial mortgage backed securities: Government agency mortgage backed securities 31,795 812 (62 ) 32,545 Government agency collateralized mortgage obligations 70,764 1,305 — 72,069 Trust preferred securities 12,245 — (1,859 ) 10,386 Other debt securities 47,651 1,440 (11 ) 49,080 $ 1,254,258 $ 18,463 $ (4,441 ) $ 1,268,280 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 |
Schedule of realized gain (loss) | Securities sold were as follows for the period presented: Carrying Value Net Proceeds Gain/(Loss) Three months ended June 30, 2019 Obligations of states and political subdivisions $ 320 $ 319 $ (1 ) Residential mortgage backed securities: Government agency mortgage backed securities 1,400 1,396 (4 ) Government agency collateralized mortgage obligations 289 286 (3 ) $ 2,009 $ 2,001 $ (8 ) Six months ended June 30, 2019 Obligations of states and political subdivisions $ 10,688 $ 10,703 $ 15 Residential mortgage backed securities: Government agency mortgage backed securities 1,630 1,623 (7 ) Government agency collateralized mortgage obligations 289 286 (3 ) $ 12,607 $ 12,612 $ 5 There were no securities sold during the three and six months ended June 30, 2018 . Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2019 and 2018 , respectively, were as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Gross gains on sales of securities available for sale $ 1 $ — $ 46 $ — Gross losses on sales of securities available for sale (9 ) — (41 ) — Gains on sales of securities available for sale, net $ (8 ) $ — $ 5 $ — |
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at June 30, 2019 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 $ 22,688 $ 22,867 Due after one year through five years 36,561 37,425 Due after five years through ten years 74,683 77,266 Due after ten years 59,237 58,731 Residential mortgage backed securities: Government agency mortgage backed securities 600,257 606,453 Government agency collateralized mortgage obligations 319,896 321,211 Commercial mortgage backed securities: Government agency mortgage backed securities 31,795 32,545 Government agency collateralized mortgage obligations 70,764 72,069 Other debt securities 38,377 39,713 $ 1,254,258 $ 1,268,280 |
Gross unrealized losses and fair value by investment category | The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Available for Sale: June 30, 2019 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 2 $ 1,507 $ (8 ) 2 $ 1,507 $ (8 ) Obligations of states and political subdivisions 2 2,263 (14 ) 3 889 (3 ) 5 3,152 (17 ) Residential mortgage backed securities: Government agency mortgage backed securities 1 762 (1 ) 65 123,783 (1,497 ) 66 124,545 (1,498 ) Government agency collateralized mortgage obligations 1 6,092 (6 ) 34 84,185 (980 ) 35 90,277 (986 ) Commercial mortgage backed securities: Government agency mortgage backed securities 0 — — 3 6,004 (62 ) 3 6,004 (62 ) Government agency collateralized mortgage obligations 0 — — 0 — — 0 — — Trust preferred securities 0 — — 2 10,386 (1,859 ) 2 10,386 (1,859 ) Other debt securities 1 760 (1 ) 1 1,016 (10 ) 2 1,776 (11 ) Total 5 $ 9,877 $ (22 ) 110 $ 227,770 $ (4,419 ) 115 $ 237,647 $ (4,441 ) 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 ) |
Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at June 30, 2019 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,199 $ 6,693 $ (1,506 ) BB 15 % XXVI Pooled B-2 4,046 3,693 (353 ) B 18 % $ 12,245 $ 10,386 $ (1,859 ) |
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: 2019 2018 Balance at January 1 $ (261 ) $ (261 ) 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 — — Balance at June 30 $ (261 ) $ (261 ) |
Non Purchased Loans (Tables)
Non Purchased Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of non-purchased loans and leases | The following is a summary of non purchased loans and leases as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 930,598 $ 875,649 Lease financing 62,026 64,992 Real estate – construction 716,129 635,519 Real estate – 1-4 family mortgage 2,160,617 2,087,890 Real estate – commercial mortgage 2,741,402 2,628,365 Installment loans to individuals 96,384 100,424 Gross loans 6,707,156 6,392,839 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income $ 6,704,288 $ 6,389,712 The following is a summary of purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 374,478 $ 420,263 Real estate – construction 65,402 105,149 Real estate – 1-4 family mortgage 604,855 707,453 Real estate – commercial mortgage 1,276,567 1,423,144 Installment loans to individuals 29,064 37,408 Gross loans 2,350,366 2,693,417 Unearned income — — Loans, net of unearned income $ 2,350,366 $ 2,693,417 The following is a summary of total non purchased and purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 1,305,076 $ 1,295,912 Lease financing 62,026 64,992 Real estate – construction 781,531 740,668 Real estate – 1-4 family mortgage 2,765,472 2,795,343 Real estate – commercial mortgage 4,017,969 4,051,509 Installment loans to individuals 125,448 137,832 Gross loans 9,057,522 9,086,256 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income 9,054,654 9,083,129 Allowance for loan losses (50,059 ) (49,026 ) Net loans $ 9,004,595 $ 9,034,103 |
Aging of past due and nonaccrual loans | The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans June 30, 2019 Commercial, financial, agricultural $ 1,945 $ 155 $ 922,972 $ 925,072 $ — $ 5,074 $ 452 $ 5,526 $ 930,598 Lease financing 470 — 61,486 61,956 — 70 — 70 62,026 Real estate – construction 2,566 — 713,563 716,129 — — — — 716,129 Real estate – 1-4 family mortgage 6,398 3,208 2,146,622 2,156,228 772 2,249 1,368 4,389 2,160,617 Real estate – commercial mortgage 2,835 778 2,733,595 2,737,208 68 2,343 1,783 4,194 2,741,402 Installment loans to individuals 444 34 95,817 96,295 4 85 — 89 96,384 Unearned income — — (2,868 ) (2,868 ) — — — — (2,868 ) Total $ 14,658 $ 4,175 $ 6,671,187 $ 6,690,020 $ 844 $ 9,821 $ 3,603 $ 14,268 $ 6,704,288 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 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 June 30, 2019 Commercial, financial, agricultural $ 3,755 $ 796 $ 368,967 $ 373,518 $ — $ 638 $ 322 $ 960 $ 374,478 Real estate – construction 107 — 65,295 65,402 — — — — 65,402 Real estate – 1-4 family mortgage 5,080 3,044 592,308 600,432 480 1,838 2,105 4,423 604,855 Real estate – commercial mortgage 3,404 3,747 1,267,915 1,275,066 108 1,062 331 1,501 1,276,567 Installment loans to individuals 414 100 28,184 28,698 — 113 253 366 29,064 Total $ 12,760 $ 7,687 $ 2,322,669 $ 2,343,116 $ 588 $ 3,651 $ 3,011 $ 7,250 $ 2,350,366 December 31, 2018 Commercial, financial, agricultural $ 1,811 $ 97 $ 417,786 $ 419,694 $ — $ 477 $ 92 $ 569 $ 420,263 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 Total $ 19,080 $ 7,232 $ 2,661,269 $ 2,687,581 $ 204 $ 3,783 $ 1,849 $ 5,836 $ 2,693,417 |
Impaired loans | Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 5,888 $ 5,652 $ — $ 5,652 $ 1,128 Lease financing 70 70 — 70 1 Real estate – construction 9,309 800 8,509 9,309 6 Real estate – 1-4 family mortgage 10,882 10,548 — 10,548 167 Real estate – commercial mortgage 8,219 4,566 1,159 5,725 319 Installment loans to individuals 94 89 — 89 1 Total $ 34,462 $ 21,725 $ 9,668 $ 31,393 $ 1,622 December 31, 2018 Commercial, financial, agricultural $ 2,280 $ 1,834 $ — $ 1,834 $ 163 Lease financing — — — — — Real estate – construction 9,467 7,302 2,165 9,467 63 Real estate – 1-4 family mortgage 9,767 9,077 — 9,077 61 Real estate – commercial mortgage 8,625 4,609 1,238 5,847 689 Installment loans to individuals 232 223 — 223 1 Totals $ 30,371 $ 23,045 $ 3,403 $ 26,448 $ 977 Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 1,038 $ 687 $ 335 $ 1,022 $ 63 Real estate – construction 256 256 — 256 2 Real estate – 1-4 family mortgage 6,095 2,194 3,234 5,428 21 Real estate – commercial mortgage 2,110 1,851 213 2,064 163 Installment loans to individuals 386 324 41 365 3 Total $ 9,885 $ 5,312 $ 3,823 $ 9,135 $ 252 December 31, 2018 Commercial, financial, agricultural $ 671 $ 600 $ 11 $ 611 $ 173 Real estate – construction 576 576 — 576 5 Real estate – 1-4 family mortgage 5,787 1,381 3,780 5,161 18 Real estate – commercial mortgage 2,266 2,066 146 2,212 338 Installment loans to individuals 280 246 24 270 3 Totals $ 9,580 $ 4,869 $ 3,961 $ 8,830 $ 537 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 38,140 $ 4,064 $ 19,562 $ 23,626 $ 171 Real estate – 1-4 family mortgage 51,209 10,753 31,926 42,679 515 Real estate – commercial mortgage 142,859 58,507 63,191 121,698 1,978 Installment loans to individuals 6,660 658 2,684 3,342 2 Total $ 238,868 $ 73,982 $ 117,363 $ 191,345 $ 2,666 December 31, 2018 Commercial, financial, agricultural $ 44,403 $ 3,779 $ 25,364 $ 29,143 $ 161 Real estate – 1-4 family mortgage 53,823 12,169 36,074 48,243 488 Real estate – commercial mortgage 165,700 62,003 78,435 140,438 1,901 Installment loans to individuals 8,290 660 3,770 4,430 2 Totals $ 272,216 $ 78,611 $ 143,643 $ 222,254 $ 2,552 |
Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 5,746 $ 9 $ 2,663 $ 8 Lease financing 88 — 335 — Real estate – construction 9,015 105 — — Real estate – 1-4 family mortgage 10,584 51 7,442 57 Real estate – commercial mortgage 5,812 38 5,807 38 Installment loans to individuals 90 1 106 1 Total $ 31,335 $ 204 $ 16,353 $ 104 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 5,773 $ 18 $ 2,653 $ 19 Lease financing 87 — 335 — Real estate – construction 8,986 210 — — Real estate – 1-4 family mortgage 10,640 103 7,507 123 Real estate – commercial mortgage 5,851 81 6,041 130 Installment loans to individuals 90 2 108 2 Total $ 31,427 $ 414 $ 16,644 $ 274 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 23,976 $ 388 $ 12,815 $ 192 Real estate – 1-4 family mortgage 43,011 571 54,634 647 Real estate – commercial mortgage 122,455 1,674 162,712 1,933 Installment loans to individuals 3,560 95 1,651 18 Total $ 193,002 $ 2,728 $ 231,812 $ 2,790 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 25,667 $ 863 $ 13,051 $ 417 Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 43,360 1,161 55,293 1,320 Real estate – commercial mortgage 123,526 3,474 163,959 3,905 Installment loans to individuals 3,780 201 1,640 36 Total $ 196,333 $ 5,699 $ 233,943 $ 5,678 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 1,010 $ 2 $ 380 $ 3 Real estate – construction 256 — — — Real estate – 1-4 family mortgage 5,415 36 5,135 34 Real estate – commercial mortgage 2,082 12 1,462 12 Installment loans to individuals 370 — 247 — Total $ 9,133 $ 50 $ 7,224 $ 49 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 941 $ 4 $ 383 $ 6 Lease financing — — — — Real estate – construction 256 3 — — Real estate – 1-4 family mortgage 5,450 66 5,252 74 Real estate – commercial mortgage 2,109 25 1,479 30 Installment loans to individuals 372 — 247 — Total $ 9,128 $ 98 $ 7,361 $ 110 |
Impact of modifications classified as restructured loans | The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end. Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2019 Commercial, financial, agricultural 2 $ 187 $ 185 Real estate – 1-4 family mortgage 3 $ 305 $ 304 Total 5 $ 492 $ 489 Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 49 $ 49 Total 1 $ 49 $ 49 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2019 Commercial, financial, agricultural 2 $ 187 $ 185 Real estate – 1-4 family mortgage 3 $ 305 $ 304 Total 5 $ 492 $ 489 Six months ended June 30, 2018 Real estate – 1-4 family mortgage 4 $ 625 $ 625 Real estate – commercial mortgage 1 83 78 Total 5 $ 708 $ 703 The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end. Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2019 Commercial, financial, agricultural 1 $ 2,520 $ 2,520 Real estate – commercial mortgage 1 80 76 Total 2 $ 2,600 $ 2,596 Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Total 1 $ 18 $ 17 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2019 Commercial, financial, agricultural 1 $ 2,520 $ 2,520 Real estate – commercial mortgage 1 80 76 Total 2 $ 2,600 $ 2,596 Six months ended June 30, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Real estate – commercial mortgage 1 8 7 Total 3 $ 74 $ 68 |
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, 2019 51 $ 5,325 Additional advances or loans with concessions 5 498 Reclassified as performing restructured loan 1 41 Reductions due to: Reclassified as nonperforming (5 ) (465 ) Paid in full (5 ) (414 ) Principal paydowns — (85 ) Totals at June 30, 2019 47 $ 4,900 Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2019 54 $ 7,495 Additional advances or loans with concessions 2 2,823 Reclassified as performing restructured loan 5 1,461 Reductions due to: Reclassified to nonperforming loans (9 ) (746 ) Paid in full (5 ) (128 ) Principal paydowns — (296 ) Totals at June 30, 2019 47 $ 10,609 |
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 June 30, 2019 Commercial, financial, agricultural $ 695,794 $ 13,891 $ 13,677 $ 723,362 Real estate – construction 641,131 2,759 8,872 652,762 Real estate – 1-4 family mortgage 321,905 4,561 3,170 329,636 Real estate – commercial mortgage 2,330,319 60,671 23,241 2,414,231 Installment loans to individuals 30 — — 30 Total $ 3,989,179 $ 81,882 $ 48,960 $ 4,120,021 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 Pass Watch Substandard Total June 30, 2019 Commercial, financial, agricultural $ 299,893 $ 24,250 $ 12,654 $ 336,797 Real estate – construction 63,553 — — 63,553 Real estate – 1-4 family mortgage 91,968 4,979 6,234 103,181 Real estate – commercial mortgage 1,048,170 63,602 13,542 1,125,314 Installment loans to individuals — — 1 1 Total $ 1,503,584 $ 92,831 $ 32,431 $ 1,628,846 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 |
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 June 30, 2019 Commercial, financial, agricultural $ 205,501 $ 1,735 $ 207,236 Lease financing 59,088 70 59,158 Real estate – construction 63,367 — 63,367 Real estate – 1-4 family mortgage 1,823,809 7,172 1,830,981 Real estate – commercial mortgage 325,144 2,027 327,171 Installment loans to individuals 96,232 122 96,354 Total $ 2,573,141 $ 11,126 $ 2,584,267 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 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 June 30, 2019 Commercial, financial, agricultural $ 14,006 $ 49 $ 14,055 Real estate – construction 1,849 — 1,849 Real estate – 1-4 family mortgage 455,510 3,485 458,995 Real estate – commercial mortgage 29,447 108 29,555 Installment loans to individuals 25,326 395 25,721 Total $ 526,138 $ 4,037 $ 530,175 December 31, 2018 Commercial, financial, agricultural $ 21,303 $ 69 $ 21,372 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 |
Purchased Loans (Tables)
Purchased Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of purchased loans | The following is a summary of non purchased loans and leases as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 930,598 $ 875,649 Lease financing 62,026 64,992 Real estate – construction 716,129 635,519 Real estate – 1-4 family mortgage 2,160,617 2,087,890 Real estate – commercial mortgage 2,741,402 2,628,365 Installment loans to individuals 96,384 100,424 Gross loans 6,707,156 6,392,839 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income $ 6,704,288 $ 6,389,712 The following is a summary of purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 374,478 $ 420,263 Real estate – construction 65,402 105,149 Real estate – 1-4 family mortgage 604,855 707,453 Real estate – commercial mortgage 1,276,567 1,423,144 Installment loans to individuals 29,064 37,408 Gross loans 2,350,366 2,693,417 Unearned income — — Loans, net of unearned income $ 2,350,366 $ 2,693,417 The following is a summary of total non purchased and purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 1,305,076 $ 1,295,912 Lease financing 62,026 64,992 Real estate – construction 781,531 740,668 Real estate – 1-4 family mortgage 2,765,472 2,795,343 Real estate – commercial mortgage 4,017,969 4,051,509 Installment loans to individuals 125,448 137,832 Gross loans 9,057,522 9,086,256 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income 9,054,654 9,083,129 Allowance for loan losses (50,059 ) (49,026 ) Net loans $ 9,004,595 $ 9,034,103 |
Aging of past due and nonaccrual loans | The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans June 30, 2019 Commercial, financial, agricultural $ 1,945 $ 155 $ 922,972 $ 925,072 $ — $ 5,074 $ 452 $ 5,526 $ 930,598 Lease financing 470 — 61,486 61,956 — 70 — 70 62,026 Real estate – construction 2,566 — 713,563 716,129 — — — — 716,129 Real estate – 1-4 family mortgage 6,398 3,208 2,146,622 2,156,228 772 2,249 1,368 4,389 2,160,617 Real estate – commercial mortgage 2,835 778 2,733,595 2,737,208 68 2,343 1,783 4,194 2,741,402 Installment loans to individuals 444 34 95,817 96,295 4 85 — 89 96,384 Unearned income — — (2,868 ) (2,868 ) — — — — (2,868 ) Total $ 14,658 $ 4,175 $ 6,671,187 $ 6,690,020 $ 844 $ 9,821 $ 3,603 $ 14,268 $ 6,704,288 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 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 June 30, 2019 Commercial, financial, agricultural $ 3,755 $ 796 $ 368,967 $ 373,518 $ — $ 638 $ 322 $ 960 $ 374,478 Real estate – construction 107 — 65,295 65,402 — — — — 65,402 Real estate – 1-4 family mortgage 5,080 3,044 592,308 600,432 480 1,838 2,105 4,423 604,855 Real estate – commercial mortgage 3,404 3,747 1,267,915 1,275,066 108 1,062 331 1,501 1,276,567 Installment loans to individuals 414 100 28,184 28,698 — 113 253 366 29,064 Total $ 12,760 $ 7,687 $ 2,322,669 $ 2,343,116 $ 588 $ 3,651 $ 3,011 $ 7,250 $ 2,350,366 December 31, 2018 Commercial, financial, agricultural $ 1,811 $ 97 $ 417,786 $ 419,694 $ — $ 477 $ 92 $ 569 $ 420,263 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 Total $ 19,080 $ 7,232 $ 2,661,269 $ 2,687,581 $ 204 $ 3,783 $ 1,849 $ 5,836 $ 2,693,417 |
Impaired loans | Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 5,888 $ 5,652 $ — $ 5,652 $ 1,128 Lease financing 70 70 — 70 1 Real estate – construction 9,309 800 8,509 9,309 6 Real estate – 1-4 family mortgage 10,882 10,548 — 10,548 167 Real estate – commercial mortgage 8,219 4,566 1,159 5,725 319 Installment loans to individuals 94 89 — 89 1 Total $ 34,462 $ 21,725 $ 9,668 $ 31,393 $ 1,622 December 31, 2018 Commercial, financial, agricultural $ 2,280 $ 1,834 $ — $ 1,834 $ 163 Lease financing — — — — — Real estate – construction 9,467 7,302 2,165 9,467 63 Real estate – 1-4 family mortgage 9,767 9,077 — 9,077 61 Real estate – commercial mortgage 8,625 4,609 1,238 5,847 689 Installment loans to individuals 232 223 — 223 1 Totals $ 30,371 $ 23,045 $ 3,403 $ 26,448 $ 977 Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 1,038 $ 687 $ 335 $ 1,022 $ 63 Real estate – construction 256 256 — 256 2 Real estate – 1-4 family mortgage 6,095 2,194 3,234 5,428 21 Real estate – commercial mortgage 2,110 1,851 213 2,064 163 Installment loans to individuals 386 324 41 365 3 Total $ 9,885 $ 5,312 $ 3,823 $ 9,135 $ 252 December 31, 2018 Commercial, financial, agricultural $ 671 $ 600 $ 11 $ 611 $ 173 Real estate – construction 576 576 — 576 5 Real estate – 1-4 family mortgage 5,787 1,381 3,780 5,161 18 Real estate – commercial mortgage 2,266 2,066 146 2,212 338 Installment loans to individuals 280 246 24 270 3 Totals $ 9,580 $ 4,869 $ 3,961 $ 8,830 $ 537 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial, financial, agricultural $ 38,140 $ 4,064 $ 19,562 $ 23,626 $ 171 Real estate – 1-4 family mortgage 51,209 10,753 31,926 42,679 515 Real estate – commercial mortgage 142,859 58,507 63,191 121,698 1,978 Installment loans to individuals 6,660 658 2,684 3,342 2 Total $ 238,868 $ 73,982 $ 117,363 $ 191,345 $ 2,666 December 31, 2018 Commercial, financial, agricultural $ 44,403 $ 3,779 $ 25,364 $ 29,143 $ 161 Real estate – 1-4 family mortgage 53,823 12,169 36,074 48,243 488 Real estate – commercial mortgage 165,700 62,003 78,435 140,438 1,901 Installment loans to individuals 8,290 660 3,770 4,430 2 Totals $ 272,216 $ 78,611 $ 143,643 $ 222,254 $ 2,552 |
Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 5,746 $ 9 $ 2,663 $ 8 Lease financing 88 — 335 — Real estate – construction 9,015 105 — — Real estate – 1-4 family mortgage 10,584 51 7,442 57 Real estate – commercial mortgage 5,812 38 5,807 38 Installment loans to individuals 90 1 106 1 Total $ 31,335 $ 204 $ 16,353 $ 104 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 5,773 $ 18 $ 2,653 $ 19 Lease financing 87 — 335 — Real estate – construction 8,986 210 — — Real estate – 1-4 family mortgage 10,640 103 7,507 123 Real estate – commercial mortgage 5,851 81 6,041 130 Installment loans to individuals 90 2 108 2 Total $ 31,427 $ 414 $ 16,644 $ 274 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 23,976 $ 388 $ 12,815 $ 192 Real estate – 1-4 family mortgage 43,011 571 54,634 647 Real estate – commercial mortgage 122,455 1,674 162,712 1,933 Installment loans to individuals 3,560 95 1,651 18 Total $ 193,002 $ 2,728 $ 231,812 $ 2,790 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 25,667 $ 863 $ 13,051 $ 417 Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 43,360 1,161 55,293 1,320 Real estate – commercial mortgage 123,526 3,474 163,959 3,905 Installment loans to individuals 3,780 201 1,640 36 Total $ 196,333 $ 5,699 $ 233,943 $ 5,678 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 1,010 $ 2 $ 380 $ 3 Real estate – construction 256 — — — Real estate – 1-4 family mortgage 5,415 36 5,135 34 Real estate – commercial mortgage 2,082 12 1,462 12 Installment loans to individuals 370 — 247 — Total $ 9,133 $ 50 $ 7,224 $ 49 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 941 $ 4 $ 383 $ 6 Lease financing — — — — Real estate – construction 256 3 — — Real estate – 1-4 family mortgage 5,450 66 5,252 74 Real estate – commercial mortgage 2,109 25 1,479 30 Installment loans to individuals 372 — 247 — Total $ 9,128 $ 98 $ 7,361 $ 110 |
Impact of modifications classified as restructured loans | The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end. Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2019 Commercial, financial, agricultural 2 $ 187 $ 185 Real estate – 1-4 family mortgage 3 $ 305 $ 304 Total 5 $ 492 $ 489 Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 49 $ 49 Total 1 $ 49 $ 49 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2019 Commercial, financial, agricultural 2 $ 187 $ 185 Real estate – 1-4 family mortgage 3 $ 305 $ 304 Total 5 $ 492 $ 489 Six months ended June 30, 2018 Real estate – 1-4 family mortgage 4 $ 625 $ 625 Real estate – commercial mortgage 1 83 78 Total 5 $ 708 $ 703 The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end. Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2019 Commercial, financial, agricultural 1 $ 2,520 $ 2,520 Real estate – commercial mortgage 1 80 76 Total 2 $ 2,600 $ 2,596 Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Total 1 $ 18 $ 17 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2019 Commercial, financial, agricultural 1 $ 2,520 $ 2,520 Real estate – commercial mortgage 1 80 76 Total 2 $ 2,600 $ 2,596 Six months ended June 30, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Real estate – commercial mortgage 1 8 7 Total 3 $ 74 $ 68 |
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, 2019 51 $ 5,325 Additional advances or loans with concessions 5 498 Reclassified as performing restructured loan 1 41 Reductions due to: Reclassified as nonperforming (5 ) (465 ) Paid in full (5 ) (414 ) Principal paydowns — (85 ) Totals at June 30, 2019 47 $ 4,900 Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2019 54 $ 7,495 Additional advances or loans with concessions 2 2,823 Reclassified as performing restructured loan 5 1,461 Reductions due to: Reclassified to nonperforming loans (9 ) (746 ) Paid in full (5 ) (128 ) Principal paydowns — (296 ) Totals at June 30, 2019 47 $ 10,609 |
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 June 30, 2019 Commercial, financial, agricultural $ 695,794 $ 13,891 $ 13,677 $ 723,362 Real estate – construction 641,131 2,759 8,872 652,762 Real estate – 1-4 family mortgage 321,905 4,561 3,170 329,636 Real estate – commercial mortgage 2,330,319 60,671 23,241 2,414,231 Installment loans to individuals 30 — — 30 Total $ 3,989,179 $ 81,882 $ 48,960 $ 4,120,021 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 Pass Watch Substandard Total June 30, 2019 Commercial, financial, agricultural $ 299,893 $ 24,250 $ 12,654 $ 336,797 Real estate – construction 63,553 — — 63,553 Real estate – 1-4 family mortgage 91,968 4,979 6,234 103,181 Real estate – commercial mortgage 1,048,170 63,602 13,542 1,125,314 Installment loans to individuals — — 1 1 Total $ 1,503,584 $ 92,831 $ 32,431 $ 1,628,846 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 |
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 June 30, 2019 Commercial, financial, agricultural $ 205,501 $ 1,735 $ 207,236 Lease financing 59,088 70 59,158 Real estate – construction 63,367 — 63,367 Real estate – 1-4 family mortgage 1,823,809 7,172 1,830,981 Real estate – commercial mortgage 325,144 2,027 327,171 Installment loans to individuals 96,232 122 96,354 Total $ 2,573,141 $ 11,126 $ 2,584,267 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 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 June 30, 2019 Commercial, financial, agricultural $ 14,006 $ 49 $ 14,055 Real estate – construction 1,849 — 1,849 Real estate – 1-4 family mortgage 455,510 3,485 458,995 Real estate – commercial mortgage 29,447 108 29,555 Installment loans to individuals 25,326 395 25,721 Total $ 526,138 $ 4,037 $ 530,175 December 31, 2018 Commercial, financial, agricultural $ 21,303 $ 69 $ 21,372 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 |
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 June 30, 2019 Commercial, financial, agricultural $ 23,626 Real estate – 1-4 family mortgage 42,679 Real estate – commercial mortgage 121,698 Installment loans to individuals 3,342 Total $ 191,345 December 31, 2018 Commercial, financial, agricultural $ 29,143 Real estate – 1-4 family mortgage 48,243 Real estate – commercial mortgage 140,438 Installment loans to individuals 4,430 Total $ 222,254 |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | The following table presents the fair value of loans that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2019 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 273,362 Nonaccretable difference (1) (54,172 ) Cash flows expected to be collected 219,190 Accretable yield (2) (27,845 ) Fair value $ 191,345 (1) Represents contractual principal and interest cash flows of $45,518 and $8,654 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,584 and $26,260 , 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 as of June 30, 2019 : Total Purchased Credit Deteriorated Loans Balance at January 1, 2019 $ (34,265 ) Reclassification from nonaccretable difference (4,470 ) Accretion 9,757 Charge-offs 1,133 Balance at June 30, 2019 $ (27,845 ) |
Fair value of loans purchased from KeyWorth | 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 $ 1,625,079 Nonaccretable difference (123,399 ) Cash flows expected to be collected 1,501,680 Accretable yield (170,651 ) Fair value $ 1,331,029 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 June 30, 2019 Individually evaluated for impairment $ 6,675 $ 9,565 $ 15,976 $ 7,789 $ 525 $ 40,530 Collectively evaluated for impairment 1,274,775 771,966 2,706,816 3,888,483 180,739 8,822,779 Purchased with deteriorated credit quality 23,626 — 42,680 121,697 3,342 191,345 Ending balance $ 1,305,076 $ 781,531 $ 2,765,472 $ 4,017,969 $ 184,606 $ 9,054,654 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 Purchased 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 (1) Includes lease financing receivables. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of total non purchased and purchased loans | The following is a summary of non purchased loans and leases as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 930,598 $ 875,649 Lease financing 62,026 64,992 Real estate – construction 716,129 635,519 Real estate – 1-4 family mortgage 2,160,617 2,087,890 Real estate – commercial mortgage 2,741,402 2,628,365 Installment loans to individuals 96,384 100,424 Gross loans 6,707,156 6,392,839 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income $ 6,704,288 $ 6,389,712 The following is a summary of purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 374,478 $ 420,263 Real estate – construction 65,402 105,149 Real estate – 1-4 family mortgage 604,855 707,453 Real estate – commercial mortgage 1,276,567 1,423,144 Installment loans to individuals 29,064 37,408 Gross loans 2,350,366 2,693,417 Unearned income — — Loans, net of unearned income $ 2,350,366 $ 2,693,417 The following is a summary of total non purchased and purchased loans as of the dates presented: June 30, December 31, 2018 Commercial, financial, agricultural $ 1,305,076 $ 1,295,912 Lease financing 62,026 64,992 Real estate – construction 781,531 740,668 Real estate – 1-4 family mortgage 2,765,472 2,795,343 Real estate – commercial mortgage 4,017,969 4,051,509 Installment loans to individuals 125,448 137,832 Gross loans 9,057,522 9,086,256 Unearned income (2,868 ) (3,127 ) Loans, net of unearned income 9,054,654 9,083,129 Allowance for loan losses (50,059 ) (49,026 ) Net loans $ 9,004,595 $ 9,034,103 |
Roll forward of the allowance for loan losses | The following table provides a roll forward of the allowance for loan losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 9,622 $ 4,778 $ 9,491 $ 24,643 $ 1,301 $ 49,835 Charge-offs (694 ) — (378 ) (167 ) (212 ) (1,451 ) Recoveries 241 — 115 366 53 775 Net recoveries (charge-offs) (453 ) — (263 ) 199 (159 ) (676 ) Provision for loan losses charged to operations 365 524 388 (540 ) 163 900 Ending balance $ 9,534 $ 5,302 $ 9,616 $ 24,302 $ 1,305 $ 50,059 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Six Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 8,269 $ 4,755 $ 10,139 $ 24,492 $ 1,371 $ 49,026 Charge-offs (952 ) — (875 ) (729 ) (432 ) (2,988 ) Recoveries 615 7 312 611 76 1,621 Net (charge-offs) recoveries (337 ) 7 (563 ) (118 ) (356 ) (1,367 ) Provision for loan losses charged to operations 1,602 540 40 (72 ) 290 2,400 Ending balance $ 9,534 $ 5,302 $ 9,616 $ 24,302 $ 1,305 $ 50,059 Period-End Amount Allocated to: Individually evaluated for impairment $ 1,191 $ 8 $ 188 $ 482 $ 4 $ 1,873 Collectively evaluated for impairment 8,172 5,294 8,913 21,842 1,299 45,520 Purchased with deteriorated credit quality 171 — 515 1,978 2 2,666 Ending balance $ 9,534 $ 5,302 $ 9,616 $ 24,302 $ 1,305 $ 50,059 (1) Includes lease financing receivables. Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 7,071 $ 4,198 $ 11,404 $ 21,914 $ 1,814 $ 46,401 Charge-offs (457 ) — (979 ) (46 ) (99 ) (1,581 ) Recoveries 114 3 83 496 29 725 Net (charge-offs) recoveries (343 ) 3 (896 ) 450 (70 ) (856 ) Provision for loan losses charged to operations 418 501 1,149 86 (344 ) 1,810 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Six Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Charge-offs (1,116 ) — (1,650 ) (659 ) (221 ) (3,646 ) Recoveries 349 7 216 604 54 1,230 Net (charge-offs) recoveries (767 ) 7 (1,434 ) (55 ) (167 ) (2,416 ) Provision for loan losses charged to operations 2,371 1,267 1,082 (879 ) (281 ) 3,560 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Period-End Amount Allocated to: Individually evaluated for impairment $ 417 $ — $ 76 $ 1,014 $ 8 $ 1,515 Collectively evaluated for impairment 6,404 4,702 11,053 20,036 1,389 43,584 Purchased with deteriorated credit quality 325 — 528 1,400 3 2,256 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 (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 $ 1,625,079 Nonaccretable difference (123,399 ) Cash flows expected to be collected 1,501,680 Accretable yield (170,651 ) Fair value $ 1,331,029 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 June 30, 2019 Individually evaluated for impairment $ 6,675 $ 9,565 $ 15,976 $ 7,789 $ 525 $ 40,530 Collectively evaluated for impairment 1,274,775 771,966 2,706,816 3,888,483 180,739 8,822,779 Purchased with deteriorated credit quality 23,626 — 42,680 121,697 3,342 191,345 Ending balance $ 1,305,076 $ 781,531 $ 2,765,472 $ 4,017,969 $ 184,606 $ 9,054,654 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 Purchased 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 (1) Includes lease financing receivables. |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Residential real estate $ 3,848 $ 1,331 $ 5,179 Commercial real estate 659 945 1,604 Residential land development 168 855 1,023 Commercial land development 583 344 927 Total $ 5,258 $ 3,475 $ 8,733 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 |
Changes in purchased and non purchased OREO | Changes in the Company’s purchased and non purchased OREO were as follows: Purchased OREO Non Purchased OREO Total OREO Balance at January 1, 2019 $ 6,187 $ 4,853 $ 11,040 Transfers of loans 969 827 1,796 Impairments (599 ) (269 ) (868 ) Dispositions (1,299 ) (1,936 ) (3,235 ) Balance at June 30, 2019 $ 5,258 $ 3,475 $ 8,733 |
Components of OREO in the Consolidated Statements of Income | Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Repairs and maintenance $ 116 $ 55 $ 211 $ 168 Property taxes and insurance 19 37 126 149 Impairments 140 397 868 749 Net (gains) losses on OREO sales (19 ) (239 ) 60 (143 ) Rental income (4 ) (18 ) (9 ) (34 ) Total $ 252 $ 232 $ 1,256 $ 889 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying amounts of goodwill by operating segments | The carrying amounts of goodwill by operating segments for the six months ended June 30, 2019 were as follows: Community Banks Insurance Total Balance at January 1, 2019 $ 930,161 $ 2,767 $ 932,928 Measurement period adjustment to goodwill from previous acquisition 43 — 43 Balance at June 30, 2019 $ 930,204 $ 2,767 $ 932,971 |
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 June 30, 2019 Core deposit intangibles $ 82,492 $ (42,731 ) $ 39,761 Customer relationship intangible 1,970 (1,029 ) 941 Total finite-lived intangible assets $ 84,462 $ (43,760 ) $ 40,702 December 31, 2018 Core deposit intangibles $ 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 |
Current year amortization expense for finite-lived intangible assets | Current year amortization expense for finite-lived intangible assets is presented in the table below. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amortization expense for: Core deposit intangibles $ 2,020 $ 1,561 $ 4,097 $ 3,179 Customer relationship intangible 33 33 66 66 Total intangible amortization $ 2,053 $ 1,594 $ 4,163 $ 3,245 |
Estimated amortization expense of finite-lived intangible assets | The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2019 and the succeeding four 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 4,941 131 5,072 2023 4,044 131 4,175 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Changes in the Company's MSRs | Changes in the Company’s MSRs were as follows: Balance at January 1, 2019 $ 48,230 Capitalization 3,694 Amortization (3,145 ) Balance at June 30, 2019 $ 48,779 |
Data and key economic assumptions related to the Company's MSRs | Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented: June 30, 2019 December 31, 2018 Unpaid principal balance $ 4,650,878 $ 4,635,712 Weighted-average prepayment speed (CPR) 10.95 % 7.95 % Estimated impact of a 10% increase $ (2,111 ) $ (1,264 ) Estimated impact of a 20% increase (4,077 ) (2,569 ) Discount rate 9.57 % 9.45 % Estimated impact of a 10% increase $ (1,935 ) $ (2,657 ) Estimated impact of a 20% increase (3,727 ) (5,103 ) Weighted-average coupon interest rate 4.08 % 4.04 % Weighted-average servicing fee (basis points) 27.87 27.47 Weighted-average remaining maturity (in years) 6.53 8.03 |
Employee Benefit and Deferred_2
Employee Benefit and Deferred Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Plan expense for non-contributory benefit pension plan and post-retirement health and life plans | Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended June 30, June 30, 2019 2018 2019 2018 Service cost $ — $ — $ 1 $ 2 Interest cost 315 256 8 7 Expected return on plan assets (362 ) (520 ) — — Recognized actuarial loss 135 77 3 — Net periodic benefit (return) cost $ 88 $ (187 ) $ 12 $ 9 Pension Benefits Other Benefits Six Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Service cost $ — $ — $ 3 $ 4 Interest cost 588 522 16 16 Expected return on plan assets (725 ) (1,038 ) — — Recognized actuarial loss (gain) 221 164 (11 ) — Net periodic benefit (return) cost $ 84 $ (352 ) $ 8 $ 20 |
Summary of the changes in stock options and restricted stock | The following table summarizes information about options outstanding, exercised and forfeited as of and for the six months ended June 30, 2019 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 43,750 $ 15.84 Granted — — Exercised (6,000 ) 16.59 Forfeited — — Options outstanding at end of period 37,750 $ 15.72 The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2019 : Performance-Based Restricted Stock Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of period 41,300 $ 40.89 304,955 $ 41.82 Awarded 154,250 30.18 267,859 31.63 Vested — — (79,857 ) 38.95 Cancelled — — (11,697 ) 40.95 Nonvested at end of period 195,550 $ 32.44 481,260 $ 36.64 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | The following table provides details on the Company’s derivative financial instruments as of the dates presented: Fair Value Balance Sheet Location June 30, December 31, 2018 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 4,026 $ 2,779 Interest rate lock commitments Other Assets 7,154 3,740 Forward commitments Other Assets 102 — Totals $ 11,282 $ 6,519 Derivative liabilities: Designated as hedging instruments: Interest rate swaps Other Liabilities $ 5,341 $ 2,046 Totals $ 5,341 $ 2,046 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 4,026 $ 2,779 Interest rate lock commitments Other Liabilities 15 — Forward commitments Other Liabilities 4,184 3,563 Totals $ 8,225 $ 6,342 |
Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income | Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 989 $ 1,038 $ 2,035 $ 2,024 Interest rate lock commitments: Included in mortgage banking income 2,176 (238 ) 3,398 1,946 Forward commitments Included in mortgage banking income (1,421 ) (1,012 ) (520 ) (924 ) Total $ 1,744 $ (212 ) $ 4,913 $ 3,046 |
Gross and net derivative positions, including pledged collateral | The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement: Offsetting Derivative Assets Offsetting Derivative Liabilities June 30, December 31, 2018 June 30, December 31, 2018 Gross amounts recognized $ 158 $ 1,620 $ 13,495 $ 6,768 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 158 1,620 13,495 6,768 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 158 1,620 158 1,620 Financial collateral pledged — — 9,907 2,745 Net amounts $ — $ — $ 3,430 $ 2,403 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Significant components of the Company's deferred tax assets and liabilities | The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented. June 30, December 31, 2019 2018 Deferred tax assets Allowance for loan losses $ 14,146 $ 14,097 Loans 14,977 18,655 Deferred compensation 9,301 10,001 Securities (103 ) 6,180 Impairment of assets 2,336 1,280 Federal and State net operating loss carryforwards 14,899 19,065 Other 21,358 3,610 Total deferred tax assets 76,914 72,888 Deferred tax liabilities Investment in partnerships 1,367 1,572 Fixed assets 3,864 3,865 Mortgage servicing rights 12,492 12,350 Junior subordinated debt 1,697 1,607 Other 20,645 1,792 Total deferred tax liabilities 40,065 21,186 Net deferred tax assets $ 36,849 $ 51,702 |
Investments in Qualified Affo_2
Investments in Qualified Affordable Housing Projects (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Components of qualified affordable housing projects included in income taxes | Components of the Company’s investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Tax credit amortization $ 394 $ 410 $ 788 $ 804 Tax credits and other benefits (572 ) (572 ) (1,145 ) (1,145 ) Total $ (178 ) $ (162 ) $ (357 ) $ (341 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: Level 1 Level 2 Level 3 Totals June 30, 2019 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,539 $ — $ 2,539 Obligations of states and political subdivisions — 173,997 — 173,997 Residential mortgage-backed securities: Government agency mortgage backed securities — 606,453 — 606,453 Government agency collateralized mortgage obligations — 321,211 — 321,211 Commercial mortgage-backed securities: Government agency mortgage backed securities — 32,545 — 32,545 Government agency collateralized mortgage obligations — 72,069 — 72,069 Trust preferred securities — — 10,386 10,386 Other debt securities — 49,080 — 49,080 Total securities available for sale — 1,257,894 10,386 1,268,280 Derivative instruments: Interest rate contracts — 4,026 — 4,026 Interest rate lock commitments — 7,154 — 7,154 Forward commitments — 102 — 102 Total derivative instruments — 11,282 — 11,282 Mortgage loans held for sale in loans held for sale — 323,219 — 323,219 Total financial assets $ — $ 1,592,395 $ 10,386 $ 1,602,781 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 5,341 $ — $ 5,341 Interest rate contracts — 4,026 — 4,026 Interest rate lock commitments — 15 — 15 Forward commitments — 4,184 — 4,184 Total derivative instruments — 13,566 — 13,566 Total financial liabilities $ — $ 13,566 $ — $ 13,566 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 Total derivative instruments — 6,519 — 6,519 Mortgage 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 swaps $ — $ 2,046 $ — $ 2,046 Interest rate contracts — 2,779 — 2,779 Forward commitments — 3,563 — 3,563 Total derivative instruments — 8,388 — 8,388 Total financial liabilities $ — $ 8,388 $ — $ 8,388 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented: Three Months Ended June 30, 2019 Trust preferred securities Balance at April 1, 2019 $ 10,246 Accretion included in net income 9 Unrealized gains included in other comprehensive income 154 Purchases — Sales — Issues — Settlements (23 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2019 $ 10,386 Three Months Ended June 30, 2018 Trust preferred securities Balance at April 1, 2018 $ 10,045 Accretion included in net income 8 Unrealized gains included in other comprehensive income 383 Purchases — Sales — Issues — Settlements (35 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2018 $ 10,401 Six Months Ended June 30, 2019 Trust preferred securities Balance at January 1, 2019 $ 10,633 Accretion included in net income 18 Unrealized losses included in other comprehensive income (133 ) Purchases — Sales — Issues — Settlements (132 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2019 $ 10,386 Six Months Ended June 30, 2018 Trust preferred securities Balance at January 1, 2018 $ 9,388 Accretion included in net income 17 Unrealized gains included in other comprehensive income 1,052 Reclassification adjustment — Purchases — Sales — Issues — Settlements (56 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2018 $ 10,401 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis | The following table presents information as of June 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Trust preferred securities $ 10,386 Discounted cash flows Default rate 0-100% |
Assets measured at fair value on a nonrecurring basis | The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: June 30, 2019 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 14,746 $ 14,746 OREO — — 2,626 2,626 Total $ — $ — $ 17,372 $ 17,372 December 31, 2018 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 21,686 $ 21,686 OREO — — 4,319 4,319 Total $ — $ — $ 26,005 $ 26,005 |
OREO measured at fair value on a nonrecurring basis | The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented: June 30, December 31, 2018 Carrying amount prior to remeasurement $ 3,312 $ 5,258 Impairment recognized in results of operations (686 ) (939 ) Fair value $ 2,626 $ 4,319 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis | The following table presents information as of June 30, 2019 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 $ 14,746 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 2,626 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 June 30, 2019 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 323,219 $ 310,845 $ 12,374 Past due loans of 90 days or more — — — Nonaccrual loans — — — |
Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value As of June 30, 2019 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 443,862 $ 443,862 $ — $ — $ 443,862 Securities available for sale 1,268,280 — 1,257,894 10,386 1,268,280 Loans held for sale 461,681 — 323,219 138,462 461,681 Loans, net 9,004,595 — — 8,728,122 8,728,122 Mortgage servicing rights 48,779 — — 49,757 49,757 Derivative instruments 11,282 — 11,282 — 11,282 Financial liabilities Deposits $ 10,190,061 $ 7,825,733 $ 2,358,108 $ — $ 10,183,841 Short-term borrowings 139,011 139,011 — — 139,011 Other long-term borrowings 23 23 — — 23 Federal Home Loan Bank advances 6,290 — 6,493 — 6,493 Junior subordinated debentures 109,926 — 103,346 — 103,346 Subordinated notes 146,684 — 147,888 — 147,888 Derivative instruments 13,566 — 13,566 — 13,566 Fair Value As of December 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total 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 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Changes in the components of other comprehensive income (loss) | Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented: Pre-Tax Tax Expense (Benefit) Net of Tax Three months ended June 30, 2019 Securities available for sale: Unrealized holding gains on securities $ 12,599 $ 3,206 $ 9,393 Reclassification adjustment for losses realized in net income 8 2 6 Total securities available for sale 12,607 3,208 9,399 Derivative instruments: Unrealized holding losses on derivative instruments (2,067 ) (526 ) (1,541 ) Total derivative instruments (2,067 ) (526 ) (1,541 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 137 35 102 Total defined benefit pension and post-retirement benefit plans 137 35 102 Total other comprehensive income $ 10,677 $ 2,717 $ 7,960 Three months ended June 30, 2018 Securities available for sale: Unrealized holding losses on securities $ (4,025 ) $ (1,025 ) $ (3,000 ) Total securities available for sale (4,025 ) (1,025 ) (3,000 ) Derivative instruments: Unrealized holding gains on derivative instruments 519 132 387 Total derivative instruments 519 132 387 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 77 20 57 Total defined benefit pension and post-retirement benefit plans 77 20 57 Total other comprehensive loss $ (3,429 ) $ (873 ) $ (2,556 ) Pre-Tax Tax Expense (Benefit) Net of Tax Six months ended June 30, 2019 Securities available for sale: Unrealized holding gains on securities $ 27,780 $ 7,070 $ 20,710 Reclassification adjustment for gains realized in net income (5 ) (1 ) (4 ) Total securities available for sale 27,775 7,069 20,706 Derivative instruments: Unrealized holding losses on derivative instruments (3,294 ) (838 ) (2,456 ) Total derivative instruments (3,294 ) (838 ) (2,456 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 209 53 156 Total defined benefit pension and post-retirement benefit plans 209 53 156 Total other comprehensive income $ 24,690 $ 6,284 $ 18,406 Six months ended June 30, 2018 Securities available for sale: Unrealized holding losses on securities $ (14,634 ) $ (3,725 ) $ (10,909 ) Total securities available for sale (14,634 ) (3,725 ) (10,909 ) Derivative instruments: Unrealized holding gains on derivative instruments 1,670 425 1,245 Total derivative instruments 1,670 425 1,245 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 164 41 123 Total defined benefit pension and post-retirement benefit plans 164 41 123 Total other comprehensive loss $ (12,800 ) $ (3,259 ) $ (9,541 ) |
Accumulated balances for each component of other comprehensive income (loss), net of tax | The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented: June 30, December 31, 2018 Unrealized gains on securities $ 21,772 $ 1,066 Non-credit related portion of other-than-temporary impairment on securities (11,319 ) (11,319 ) Unrealized losses on derivative instruments (3,086 ) (630 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (6,857 ) (7,013 ) Total accumulated other comprehensive income (loss) $ 510 $ (17,896 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Basic and diluted net income per common share | Basic and diluted net income per common share calculations are as follows for the periods presented: Three Months Ended June 30, 2019 2018 Basic Net income applicable to common stock $ 46,625 $ 36,710 Average common shares outstanding 58,461,024 49,413,754 Net income per common share - basic $ 0.80 $ 0.74 Diluted Net income applicable to common stock $ 46,625 $ 36,710 Average common shares outstanding 58,461,024 49,413,754 Effect of dilutive stock-based compensation 157,952 136,007 Average common shares outstanding - diluted 58,618,976 49,549,761 Net income per common share - diluted $ 0.80 $ 0.74 Six Months Ended June 30, 2019 2018 Basic Net income applicable to common stock $ 91,735 $ 70,536 Average common shares outstanding 58,523,007 49,385,244 Net income per common share - basic $ 1.57 $ 1.43 Diluted Net income applicable to common stock $ 91,735 $ 70,536 Average common shares outstanding 58,523,007 49,385,244 Effect of dilutive stock-based compensation 146,049 136,801 Average common shares outstanding - diluted 58,669,056 49,522,045 Net income per common share - diluted $ 1.56 $ 1.42 |
Schedule of antidilutive securities | 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: Three Months Ended June 30, 2019 2018 Number of shares 4,524 44,273 Exercise prices (for stock option awards) — — Six Months Ended June 30, 2019 2018 Number of shares 643 44,273 Exercise prices (for stock option awards) — — |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Guidelines governing the classification of capital tiers | Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Average Assets (Leverage) Common Equity Tier 1 to Risk - Weighted Assets Tier 1 Capital to Risk – Weighted Assets Total Capital to Risk – Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% |
Capital and risk-based capital and leverage ratios | The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented: June 30, 2019 December 31, 2018 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 1,256,295 10.65 % $ 1,188,412 10.11 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,151,807 11.64 % 1,085,751 11.05 % Tier 1 Capital to Risk-Weighted Assets 1,256,295 12.69 % 1,188,412 12.10 % Total Capital to Risk-Weighted Assets 1,447,352 14.62 % 1,386,507 14.12 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,355,408 11.50 % $ 1,276,976 10.88 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,355,408 13.71 % 1,276,976 13.02 % Tier 1 Capital to Risk-Weighted Assets 1,355,408 13.71 % 1,276,976 13.02 % Total Capital to Risk-Weighted Assets 1,408,931 14.25 % 1,331,619 13.58 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Financial information for the company's operating segments | The following table provides financial information for the Company’s operating segments as of and for the periods presented: Community Banks Insurance Wealth Management Other Consolidated Three months ended June 30, 2019 Net interest income (loss) $ 115,664 $ 171 $ 409 $ (3,444 ) $ 112,800 Provision for loan losses 900 — — — 900 Noninterest income 36,293 2,222 3,890 (445 ) 41,960 Noninterest expense 87,596 1,898 3,464 332 93,290 Income (loss) before income taxes 63,461 495 835 (4,221 ) 60,570 Income tax expense (benefit) 14,910 128 — (1,093 ) 13,945 Net income (loss) $ 48,551 $ 367 $ 835 $ (3,128 ) $ 46,625 Total assets $ 12,790,623 $ 26,722 $ 61,363 $ 13,945 $ 12,892,653 Goodwill $ 930,204 $ 2,767 — — $ 932,971 Three months ended June 30, 2018 Net interest income (loss) $ 94,676 $ 118 $ 315 $ (2,720 ) $ 92,389 Provision for loan losses 1,810 — — — 1,810 Noninterest income 29,949 2,148 3,714 (230 ) 35,581 Noninterest expense 73,628 1,819 3,213 366 79,026 Income (loss) before income taxes 49,187 447 816 (3,316 ) 47,134 Income tax expense (benefit) 11,165 116 — (857 ) 10,424 Net income (loss) $ 38,022 $ 331 $ 816 $ (2,459 ) $ 36,710 Total assets $ 10,439,785 $ 24,513 $ 61,869 $ 18,308 $ 10,544,475 Goodwill $ 608,279 $ 2,767 — — $ 611,046 Community Banks Insurance Wealth Management Other Consolidated Six months ended June 30, 2019 Net interest income (loss) $ 231,722 $ 339 $ 759 $ (6,873 ) $ 225,947 Provision for loan losses 2,400 — — — 2,400 Noninterest income (loss) 65,878 5,101 7,549 (683 ) 77,845 Noninterest expense 170,909 3,713 6,912 588 182,122 Income (loss) before income taxes 124,291 1,727 1,396 (8,144 ) 119,270 Income tax expense (benefit) 29,196 448 — (2,109 ) 27,535 Net income (loss) $ 95,095 $ 1,279 $ 1,396 $ (6,035 ) $ 91,735 Total assets $ 12,790,623 $ 26,722 $ 61,363 $ 13,945 $ 12,892,653 Goodwill $ 930,204 $ 2,767 — — $ 932,971 Six months ended June 30, 2018 Net interest income (loss) $ 186,103 $ 224 $ 628 $ (5,326 ) $ 181,629 Provision for loan losses 3,560 — — — 3,560 Noninterest income 57,867 4,920 7,241 (494 ) 69,534 Noninterest expense 146,261 3,550 6,605 554 156,970 Income (loss) before income taxes 94,149 1,594 1,264 (6,374 ) 90,633 Income tax expense (benefit) 21,332 413 — (1,648 ) 20,097 Net income (loss) $ 72,817 $ 1,181 $ 1,264 $ (4,726 ) $ 70,536 Total assets $ 10,439,785 $ 24,513 $ 61,869 $ 18,308 $ 10,544,475 Goodwill $ 608,279 $ 2,767 — — $ 611,046 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | The maturities of the lessor arrangements outstanding at June 30, 2019 is presented in the table below. Remainder of 2019 $ 245 2020 1,492 2021 1,591 2022 2,326 2023 2,299 Thereafter 776 Total lease receivables $ 8,729 |
Lease, Cost | The table below provides the components of lease cost and supplemental information for the periods presented. Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease cost (cost resulting from lease payments) $ 2,490 $ 4,848 Short-term lease cost 10 20 Variable lease cost (cost excluded from lease payments) 458 797 Sublease income (170 ) (296 ) Total lease cost $ 2,788 $ 5,369 Operating lease - operating cash flows (fixed payments) 2,364 4,680 Operating lease - operating cash flows (liability reduction) 1,680 3,488 Weighted average lease term - operating leases (in years) 14.74 12.42 Weighted average discount rate - operating leases 3.58 % 3.58 % Right-of-use assets obtained in exchange for new lease liabilities - operating leases $ 21,448 $ 22,743 |
Lessee, Operating Lease, Liability, Maturity | The maturities of the lessee arrangements outstanding at June 30, 2019 are presented in the table below. Remainder of 2019 $ 4,901 2020 9,250 2021 8,109 2022 7,628 2023 7,339 Thereafter 65,589 Total undiscounted cash flows 102,816 Discount on cash flows 25,367 Total operating lease liabilities $ 77,449 |
Lessee, Operating Lease Payments | As required, the following disclosure is provided for periods prior to the adoption of ASC 842. 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans held for sale | $ 461,681,000 | $ 411,427,000 | ||
Right-of-use asset | 73,791,000 | |||
Operating lease, liability | 77,449,000 | |||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Right-of-use asset | $ 53,042,000 | |||
Operating lease, liability | $ 56,562,000 | |||
Brand | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans held for sale | 138,462,000 | |||
Payments to purchase loans held-for-sale | $ 31,308,000 | $ 0 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) $ in Thousands | Sep. 01, 2018USD ($)branchshares | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill resulting from merger | $ 932,971 | $ 932,928 | $ 611,046 | |
Brand | ||||
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 | $ 349,459 | |||
Goodwill resulting from merger | 321,925 | |||
Core deposit intangible | $ 27,534 | |||
Weighted average useful life (in years) | 10 years |
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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: | ||||
Goodwill resulting from merger | $ 932,971 | $ 932,928 | $ 611,046 | |
Brand | ||||
Purchase Price: | ||||
Shares issued to common shareholders (in shares) | 9,306,477 | |||
Purchase price per share (usd 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 | 17,157 | |||
Deal charges | 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 | (20,969) | |||
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 | 152,528 | |||
Goodwill resulting from merger | 321,925 | |||
Brand | Brand | ||||
Net Assets Acquired: | ||||
Stockholders’ equity at acquisition date | $ 138,896 |
Mergers and Acquisitions - Su_2
Mergers and Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands | Sep. 01, 2018USD ($) |
Brand | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 193,436 |
Securities | 71,246 |
Loans, including mortgage loans held for sale | 1,589,195 |
Premises and equipment | 20,070 |
Intangible assets | 349,459 |
Other assets | 112,066 |
Total assets | 2,335,472 |
Deposits | 1,714,177 |
Borrowings | 90,912 |
Other liabilities | 55,930 |
Total liabilities | 1,861,019 |
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) - Brand Mortgage Group, LLC - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||
Net interest income - pro forma | $ 225,947 | $ 226,266 |
Noninterest income - pro forma | 77,845 | 86,995 |
Noninterest expense - pro forma | 182,122 | 219,184 |
Net income - pro forma | $ 91,735 | $ 65,181 |
Earnings per share - pro forma: | ||
Basic (usd per share) | $ 1.57 | $ 1.11 |
Diluted (usd per share) | $ 1.56 | $ 1.11 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | $ 1,254,258 | $ 1,264,529 |
Gross Unrealized Gains | 18,463 | 4,517 |
Gross Unrealized Losses | (4,441) | (18,269) |
Fair Value | 1,268,280 | 1,250,777 |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 2,527 | 2,536 |
Gross Unrealized Gains | 20 | 13 |
Gross Unrealized Losses | (8) | (38) |
Fair Value | 2,539 | 2,511 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 169,123 | 200,798 |
Gross Unrealized Gains | 4,891 | 3,038 |
Gross Unrealized Losses | (17) | (567) |
Fair Value | 173,997 | 203,269 |
Trust preferred securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 12,245 | 12,359 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,859) | (1,726) |
Fair Value | 10,386 | 10,633 |
Other debt securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 47,651 | 44,046 |
Gross Unrealized Gains | 1,440 | 192 |
Gross Unrealized Losses | (11) | (311) |
Fair Value | 49,080 | 43,927 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 600,257 | 621,690 |
Gross Unrealized Gains | 7,694 | 719 |
Gross Unrealized Losses | (1,498) | (9,126) |
Fair Value | 606,453 | 613,283 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 31,795 | 21,957 |
Gross Unrealized Gains | 812 | 257 |
Gross Unrealized Losses | (62) | (384) |
Fair Value | 32,545 | 21,830 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 319,896 | 332,697 |
Gross Unrealized Gains | 2,301 | 274 |
Gross Unrealized Losses | (986) | (5,982) |
Fair Value | 321,211 | 326,989 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 70,764 | 28,446 |
Gross Unrealized Gains | 1,305 | 24 |
Gross Unrealized Losses | 0 | (135) |
Fair Value | $ 72,069 | $ 28,335 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)securityinstitution | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||
Proceeds from sales of securities available for sale | $ 2,001,000 | $ 0 | $ 12,612,000 | $ 0 | |
Fair Value | 1,268,280,000 | $ 1,268,280,000 | $ 1,250,777,000 | ||
Number of institutions issuing debt | institution | 150 | ||||
Secure government, public and trust deposits | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available for sale securities pledged as collateral | 451,943,000 | $ 451,943,000 | 619,308,000 | ||
Short-term borrowings | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available for sale securities pledged as collateral | 24,695,000 | 24,695,000 | 18,299,000 | ||
Trust preferred securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Fair Value | $ 10,386,000 | $ 10,386,000 | $ 10,633,000 | ||
Number of securities representing interests in tranches of trusts (tranches) | security | 2 | ||||
Impairments | $ 0 |
Securities - Securities Sold (D
Securities - Securities Sold (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | $ 2,009,000 | $ 12,607,000 | ||
Net Proceeds | 2,001,000 | $ 0 | 12,612,000 | $ 0 |
Gain/(Loss) | (8,000) | $ 0 | 5,000 | $ 0 |
Obligations of states and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 320,000 | 10,688,000 | ||
Net Proceeds | 319,000 | 10,703,000 | ||
Gain/(Loss) | (1,000) | 15,000 | ||
Government agency mortgage backed securities | Residential mortgage backed securities: | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 1,400,000 | 1,630,000 | ||
Net Proceeds | 1,396,000 | 1,623,000 | ||
Gain/(Loss) | (4,000) | (7,000) | ||
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 289,000 | 289,000 | ||
Net Proceeds | 286,000 | 286,000 | ||
Gain/(Loss) | $ (3,000) | $ (3,000) |
Securities - Gross Realized Gai
Securities - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains on sales of securities available for sale | $ 1 | $ 0 | $ 46 | $ 0 |
Gross losses on sales of securities available for sale | (9) | 0 | (41) | 0 |
Gains on sales of securities available for sale, net | $ (8) | $ 0 | $ 5 | $ 0 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due within one year | $ 22,688 | |
Due after one year through five years | 36,561 | |
Due after five years through ten years | 74,683 | |
Due after ten years | 59,237 | |
Amortized Cost | 1,254,258 | $ 1,264,529 |
Fair Value | ||
Due within one year | 22,867 | |
Due after one year through five years | 37,425 | |
Due after five years through ten years | 77,266 | |
Due after ten years | 58,731 | |
Fair Value | 1,268,280 | 1,250,777 |
Other debt securities | ||
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 38,377 | |
Amortized Cost | 47,651 | 44,046 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 39,713 | |
Fair Value | 49,080 | 43,927 |
Government agency mortgage backed securities | Residential mortgage backed securities | ||
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 600,257 | |
Amortized Cost | 600,257 | 621,690 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 606,453 | |
Fair Value | 606,453 | 613,283 |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 31,795 | |
Amortized Cost | 31,795 | 21,957 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 32,545 | |
Fair Value | 32,545 | 21,830 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 319,896 | |
Amortized Cost | 319,896 | 332,697 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 321,211 | |
Fair Value | 321,211 | 326,989 |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 70,764 | |
Amortized Cost | 70,764 | 28,446 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 72,069 | |
Fair Value | $ 72,069 | $ 28,335 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value by Investment Category (Details) $ in Thousands | Jun. 30, 2019USD ($)security | Dec. 31, 2018USD ($)security |
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 5 | 168 |
Fair Value, Less than 12 Months | $ 9,877 | $ 509,808 |
Unrealized Losses, Less than 12 Months | $ (22) | $ (5,163) |
Number of positions, 12 Months or More | security | 110 | 171 |
Fair value, 12 Months or More | $ 227,770 | $ 312,698 |
Unrealized Losses, 12 Months or More | $ (4,419) | $ (13,106) |
Number of positions | security | 115 | 339 |
Fair value | $ 237,647 | $ 822,506 |
Unrealized Losses | $ (4,441) | $ (18,269) |
Obligations of other U.S. Government agencies and corporations | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 2 | 2 |
Fair value, 12 Months or More | $ 1,507 | $ 1,480 |
Unrealized Losses, 12 Months or More | $ (8) | $ (38) |
Number of positions | security | 2 | 2 |
Fair value | $ 1,507 | $ 1,480 |
Unrealized Losses | $ (8) | $ (38) |
Obligations of states and political subdivisions | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 2 | 34 |
Fair Value, Less than 12 Months | $ 2,263 | $ 22,159 |
Unrealized Losses, Less than 12 Months | $ (14) | $ (193) |
Number of positions, 12 Months or More | security | 3 | 26 |
Fair value, 12 Months or More | $ 889 | $ 16,775 |
Unrealized Losses, 12 Months or More | $ (3) | $ (374) |
Number of positions | security | 5 | 60 |
Fair value | $ 3,152 | $ 38,934 |
Unrealized Losses | $ (17) | $ (567) |
Trust preferred securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 2 | 2 |
Fair value, 12 Months or More | $ 10,386 | $ 10,633 |
Unrealized Losses, 12 Months or More | $ (1,859) | $ (1,726) |
Number of positions | security | 2 | 2 |
Fair value | $ 10,386 | $ 10,633 |
Unrealized Losses | $ (1,859) | $ (1,726) |
Other debt securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 1 | 12 |
Fair Value, Less than 12 Months | $ 760 | $ 19,011 |
Unrealized Losses, Less than 12 Months | $ (1) | $ (88) |
Number of positions, 12 Months or More | security | 1 | 3 |
Fair value, 12 Months or More | $ 1,016 | $ 5,621 |
Unrealized Losses, 12 Months or More | $ (10) | $ (223) |
Number of positions | security | 2 | 15 |
Fair value | $ 1,776 | $ 24,632 |
Unrealized Losses | $ (11) | $ (311) |
Government agency mortgage backed securities | Residential mortgage backed securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 1 | 91 |
Fair Value, Less than 12 Months | $ 762 | $ 354,731 |
Unrealized Losses, Less than 12 Months | $ (1) | $ (3,945) |
Number of positions, 12 Months or More | security | 65 | 73 |
Fair value, 12 Months or More | $ 123,783 | $ 125,757 |
Unrealized Losses, 12 Months or More | $ (1,497) | $ (5,181) |
Number of positions | security | 66 | 164 |
Fair value | $ 124,545 | $ 480,488 |
Unrealized Losses | $ (1,498) | $ (9,126) |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 5 |
Fair Value, Less than 12 Months | $ 0 | $ 6,506 |
Unrealized Losses, Less than 12 Months | $ 0 | $ (74) |
Number of positions, 12 Months or More | security | 3 | 4 |
Fair value, 12 Months or More | $ 6,004 | $ 7,468 |
Unrealized Losses, 12 Months or More | $ (62) | $ (310) |
Number of positions | security | 3 | 9 |
Fair value | $ 6,004 | $ 13,974 |
Unrealized Losses | $ (62) | $ (384) |
Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 1 | 24 |
Fair Value, Less than 12 Months | $ 6,092 | $ 97,451 |
Unrealized Losses, Less than 12 Months | $ (6) | $ (840) |
Number of positions, 12 Months or More | security | 34 | 60 |
Fair value, 12 Months or More | $ 84,185 | $ 140,076 |
Unrealized Losses, 12 Months or More | $ (980) | $ (5,142) |
Number of positions | security | 35 | 84 |
Fair value | $ 90,277 | $ 237,527 |
Unrealized Losses | $ (986) | $ (5,982) |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 2 |
Fair Value, Less than 12 Months | $ 0 | $ 9,950 |
Unrealized Losses, Less than 12 Months | $ 0 | $ (23) |
Number of positions, 12 Months or More | security | 0 | 1 |
Fair value, 12 Months or More | $ 0 | $ 4,888 |
Unrealized Losses, 12 Months or More | $ 0 | $ (112) |
Number of positions | security | 0 | 3 |
Fair value | $ 0 | $ 14,838 |
Unrealized Losses | $ 0 | $ (135) |
Securities - Investments in Poo
Securities - Investments in Pooled Trust Preferred Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 1,254,258 | $ 1,264,529 |
Fair Value | 1,268,280 | 1,250,777 |
Unrealized Loss | (4,441) | (18,269) |
Trust preferred securities | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 12,245 | 12,359 |
Fair Value | 10,386 | $ 10,633 |
Unrealized Loss | (1,859) | |
XXIII | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 8,199 | |
Fair Value | 6,693 | |
Unrealized Loss | $ (1,506) | |
Issuers Currently in Deferral or Default | 15.00% | |
XXVI | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 4,046 | |
Fair Value | 3,693 | |
Unrealized Loss | $ (353) | |
Issuers Currently in Deferral or Default | 18.00% |
Securities - Cumulative Credit
Securities - Cumulative Credit Related Losses Recognized in Earnings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cumulative credit related losses recognized in earnings | ||
Beginning balance | $ (261) | $ (261) |
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 | 0 |
Ending balance | $ (261) | $ (261) |
Non Purchased Loans - Summary o
Non Purchased Loans - Summary of Non-Purchased Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Summary of loans | ||
Gross loans | $ 9,057,522 | $ 9,086,256 |
Unearned income | (2,868) | (3,127) |
Loans, net of unearned income | 9,054,654 | 9,083,129 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 1,305,076 | 1,295,912 |
Loans, net of unearned income | 1,305,076 | 1,295,912 |
Lease financing | ||
Summary of loans | ||
Gross loans | 62,026 | 64,992 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 781,531 | 740,668 |
Loans, net of unearned income | 781,531 | 740,668 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,765,472 | 2,795,343 |
Loans, net of unearned income | 2,765,472 | 2,795,343 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 4,017,969 | 4,051,509 |
Loans, net of unearned income | 4,017,969 | 4,051,509 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 125,448 | 137,832 |
Loans, net of unearned income | 184,606 | 199,697 |
Non purchased loans and leases | ||
Summary of loans | ||
Gross loans | 6,707,156 | 6,392,839 |
Unearned income | (2,868) | (3,127) |
Loans, net of unearned income | 6,704,288 | 6,389,712 |
Non purchased loans and leases | Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 930,598 | 875,649 |
Non purchased loans and leases | Lease financing | ||
Summary of loans | ||
Gross loans | 62,026 | 64,992 |
Non purchased loans and leases | Real estate – construction | ||
Summary of loans | ||
Gross loans | 716,129 | 635,519 |
Non purchased loans and leases | Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,160,617 | 2,087,890 |
Non purchased loans and leases | Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 2,741,402 | 2,628,365 |
Non purchased loans and leases | Installment loans to individuals | ||
Summary of loans | ||
Gross loans | $ 96,384 | $ 100,424 |
Non Purchased Loans - Narrative
Non Purchased Loans - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||||
Allowance for loan losses attributable to restructured loans | $ 50,059,000 | $ 50,059,000 | $ 49,026,000 | ||
Non purchased loans and leases | |||||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||||
Mortgage and commercial loans discontinued past due period | 90 days | ||||
Consumer and other retail loans charged-off past due period | 120 days | ||||
Threshold for impairment measurement | $ 500,000 | $ 500,000 | |||
Number of Loans | loan | 5 | 1 | 5 | 5 | |
Troubled debt restructured | $ 61,000 | $ 0 | |||
Nonperforming loans charged-off past due period | 90 days | ||||
Number of restructured loans | loan | 1 | 2 | |||
Restructured loans discontinued past due period | 90 days | 90 days | |||
Remaining availability under commitments to lend additional funds on restructured loans | $ 1,000 | $ 22,000 | $ 1,000 | $ 22,000 | |
Non purchased loans and leases | Nonaccruing Loans | |||||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||||
Outstanding balance of restructured loans | 37,000 | 468,000 | 37,000 | 468,000 | |
Non purchased loans and leases | Restructured Loans | |||||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||||
Outstanding balance of restructured loans | 3,288,000 | 2,417,000 | 3,288,000 | 2,417,000 | |
Allowance for loan losses attributable to restructured loans | $ 30,000 | $ 37,000 | $ 30,000 | $ 37,000 |
Non Purchased Loans - Aging of
Non Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Past due and nonaccrual loans | ||
Total loans, gross | $ 9,057,522 | $ 9,086,256 |
Unearned income | (2,868) | (3,127) |
Loans, net of unearned income | 9,054,654 | 9,083,129 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,305,076 | 1,295,912 |
Loans, net of unearned income | 1,305,076 | 1,295,912 |
Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 62,026 | 64,992 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 781,531 | 740,668 |
Loans, net of unearned income | 781,531 | 740,668 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,765,472 | 2,795,343 |
Loans, net of unearned income | 2,765,472 | 2,795,343 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 4,017,969 | 4,051,509 |
Loans, net of unearned income | 4,017,969 | 4,051,509 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 125,448 | 137,832 |
Loans, net of unearned income | 184,606 | 199,697 |
Non purchased loans and leases | ||
Past due and nonaccrual loans | ||
Total loans, gross | 6,707,156 | 6,392,839 |
Unearned income | (2,868) | (3,127) |
Loans, net of unearned income | 6,704,288 | 6,389,712 |
Non purchased loans and leases | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 930,598 | 875,649 |
Non purchased loans and leases | Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 62,026 | 64,992 |
Non purchased loans and leases | Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 716,129 | 635,519 |
Non purchased loans and leases | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,160,617 | 2,087,890 |
Non purchased loans and leases | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,741,402 | 2,628,365 |
Non purchased loans and leases | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 96,384 | 100,424 |
Non purchased loans and leases | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 6,671,187 | 6,359,292 |
Unearned income | (2,868) | (3,127) |
Loans, net of unearned income | 6,690,020 | 6,379,494 |
Non purchased loans and leases | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Current Loans | 922,972 | 870,457 |
Total loans, gross | 925,072 | 874,121 |
Non purchased loans and leases | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Current Loans | 61,486 | 64,296 |
Total loans, gross | 61,956 | 64,992 |
Non purchased loans and leases | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Current Loans | 713,563 | 634,632 |
Total loans, gross | 716,129 | 635,519 |
Non purchased loans and leases | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 2,146,622 | 2,071,401 |
Total loans, gross | 2,156,228 | 2,083,930 |
Non purchased loans and leases | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 2,733,595 | 2,621,902 |
Total loans, gross | 2,737,208 | 2,623,795 |
Non purchased loans and leases | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Current Loans | 95,817 | 99,731 |
Total loans, gross | 96,295 | 100,264 |
Non purchased loans and leases | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 3,603 | 2,814 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 14,268 | 10,218 |
Non purchased loans and leases | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Current Loans | 452 | 172 |
Total loans, gross | 5,526 | 1,528 |
Non purchased loans and leases | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 70 | 0 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 1,368 | 1,046 |
Total loans, gross | 4,389 | 3,960 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 1,783 | 1,596 |
Total loans, gross | 4,194 | 4,570 |
Non purchased loans and leases | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 89 | 160 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 14,658 | 17,517 |
Unearned income | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 1,945 | 3,397 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 470 | 607 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 2,566 | 887 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 6,398 | 10,378 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 2,835 | 1,880 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 444 | 368 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 844 | 241 |
Unearned income | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 772 | 238 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 68 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 4 | 3 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 4,175 | 2,685 |
Unearned income | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 155 | 267 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 89 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 3,208 | 2,151 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 778 | 13 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 34 | 165 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 9,821 | 7,163 |
Unearned income | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 5,074 | 1,356 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 70 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 2,249 | 2,676 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 2,343 | 2,974 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | $ 85 | $ 157 |
Non Purchased Loans - Impaired
Non Purchased Loans - Impaired Loans (Details) - Non purchased loans and leases - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Impaired loans | ||
Unpaid Contractual Principal Balance | $ 34,462 | $ 30,371 |
Recorded Investment With Allowance | 21,725 | 23,045 |
Recorded Investment With No Allowance | 9,668 | 3,403 |
Total Recorded Investment | 31,393 | 26,448 |
Related Allowance | 1,622 | 977 |
Commercial, financial, agricultural | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 5,888 | 2,280 |
Recorded Investment With Allowance | 5,652 | 1,834 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 5,652 | 1,834 |
Related Allowance | 1,128 | 163 |
Lease financing | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 70 | 0 |
Recorded Investment With Allowance | 70 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 70 | 0 |
Related Allowance | 1 | 0 |
Real estate – construction | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 9,309 | 9,467 |
Recorded Investment With Allowance | 800 | 7,302 |
Recorded Investment With No Allowance | 8,509 | 2,165 |
Total Recorded Investment | 9,309 | 9,467 |
Related Allowance | 6 | 63 |
Real estate – 1-4 family mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 10,882 | 9,767 |
Recorded Investment With Allowance | 10,548 | 9,077 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 10,548 | 9,077 |
Related Allowance | 167 | 61 |
Real estate – commercial mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 8,219 | 8,625 |
Recorded Investment With Allowance | 4,566 | 4,609 |
Recorded Investment With No Allowance | 1,159 | 1,238 |
Total Recorded Investment | 5,725 | 5,847 |
Related Allowance | 319 | 689 |
Installment loans to individuals | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 94 | 232 |
Recorded Investment With Allowance | 89 | 223 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 89 | 223 |
Related Allowance | $ 1 | $ 1 |
Non Purchased Loans - Investmen
Non Purchased Loans - Investment and Interest Income Recognized on Impaired Loans (Details) - Non purchased loans and leases - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | $ 31,335 | $ 16,353 | $ 31,427 | $ 16,644 |
Interest Income Recognized | 204 | 104 | 414 | 274 |
Commercial, financial, agricultural | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 5,746 | 2,663 | 5,773 | 2,653 |
Interest Income Recognized | 9 | 8 | 18 | 19 |
Lease financing | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 88 | 335 | 87 | 335 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Real estate – construction | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 9,015 | 0 | 8,986 | 0 |
Interest Income Recognized | 105 | 0 | 210 | 0 |
Real estate – 1-4 family mortgage | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 10,584 | 7,442 | 10,640 | 7,507 |
Interest Income Recognized | 51 | 57 | 103 | 123 |
Real estate – commercial mortgage | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 5,812 | 5,807 | 5,851 | 6,041 |
Interest Income Recognized | 38 | 38 | 81 | 130 |
Installment loans to individuals | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 90 | 106 | 90 | 108 |
Interest Income Recognized | $ 1 | $ 1 | $ 2 | $ 2 |
Non Purchased Loans - Impact of
Non Purchased Loans - Impact of Modifications Classified as Restructured Loans (Details) - Non purchased loans and leases $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | |
Restructured loans | ||||
Number of Loans | loan | 5 | 1 | 5 | 5 |
Pre- Modification Outstanding Recorded Investment | $ 492 | $ 49 | $ 492 | $ 708 |
Post- Modification Outstanding Recorded Investment | $ 489 | $ 49 | $ 489 | $ 703 |
Commercial Loan | ||||
Restructured loans | ||||
Number of Loans | loan | 2 | 2 | ||
Pre- Modification Outstanding Recorded Investment | $ 187 | $ 187 | ||
Post- Modification Outstanding Recorded Investment | $ 185 | $ 185 | ||
Real estate – 1-4 family mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 3 | 1 | 3 | 4 |
Pre- Modification Outstanding Recorded Investment | $ 305 | $ 49 | $ 305 | $ 625 |
Post- Modification Outstanding Recorded Investment | $ 304 | $ 49 | $ 304 | $ 625 |
Real estate – commercial mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | |||
Pre- Modification Outstanding Recorded Investment | $ 83 | |||
Post- Modification Outstanding Recorded Investment | $ 78 |
Non Purchased Loans - Changes i
Non Purchased Loans - Changes in Restructured Loans (Details) - Non purchased loans and leases $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)loan | |
Changes in restructured loans [Roll Forward] | |
Totals at January 1, 2019 (loans) | loan | 51 |
Additional advances or loans with concessions (loans) | loan | 5 |
Reclassified as performing restructured loans (loans) | loan | 1 |
Reductions due to: | |
Reclassified as nonperforming (loans) | loan | (5) |
Paid in full (loans) | loan | (5) |
Principal paydowns (loans) | loan | 0 |
Totals at June 30, 2019 (loans) | loan | 47 |
Recorded Investment | |
Totals at January 1, 2019 | $ | $ 5,325 |
Additional advances or loans with concessions | $ | 498 |
Reclassified as performing restructured loan | $ | 41 |
Reductions due to: | |
Reclassified as nonperforming | $ | (465) |
Paid in full | $ | (414) |
Principal paydowns | $ | (85) |
Totals at June 30, 2019 | $ | $ 4,900 |
Non Purchased Loans - Loan Port
Non Purchased Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | $ 9,054,654 | $ 9,083,129 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 1,305,076 | 1,295,912 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 781,531 | 740,668 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 2,765,472 | 2,795,343 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 4,017,969 | 4,051,509 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 184,606 | 199,697 |
Non purchased loans and leases | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 6,704,288 | 6,389,712 |
Non purchased loans and leases | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 4,120,021 | 3,829,377 |
Non purchased loans and leases | Internal Noninvestment Grade | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 723,362 | 641,102 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 652,762 | 568,968 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 329,636 | 330,484 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 2,414,231 | 2,288,823 |
Non purchased loans and leases | Internal Noninvestment Grade | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 30 | 0 |
Non purchased loans and leases | Pass | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 3,989,179 | 3,705,961 |
Non purchased loans and leases | Pass | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 695,794 | 615,803 |
Non purchased loans and leases | Pass | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 641,131 | 558,494 |
Non purchased loans and leases | Pass | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 321,905 | 321,564 |
Non purchased loans and leases | Pass | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 2,330,319 | 2,210,100 |
Non purchased loans and leases | Pass | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 30 | 0 |
Non purchased loans and leases | Watch | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 81,882 | 79,882 |
Non purchased loans and leases | Watch | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 13,891 | 18,326 |
Non purchased loans and leases | Watch | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 2,759 | 2,317 |
Non purchased loans and leases | Watch | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 4,561 | 4,660 |
Non purchased loans and leases | Watch | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 60,671 | 54,579 |
Non purchased loans and leases | Watch | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 0 | 0 |
Non purchased loans and leases | Substandard | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 48,960 | 43,534 |
Non purchased loans and leases | Substandard | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 13,677 | 6,973 |
Non purchased loans and leases | Substandard | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 8,872 | 8,157 |
Non purchased loans and leases | Substandard | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 3,170 | 4,260 |
Non purchased loans and leases | Substandard | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 23,241 | 24,144 |
Non purchased loans and leases | Substandard | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | $ 0 | $ 0 |
Non Purchased Loans - Loan Po_2
Non Purchased Loans - Loan Portfolio Not Subject to Risk Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loan portfolio not subject to risk rating | ||
Total | $ 9,054,654 | $ 9,083,129 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,305,076 | 1,295,912 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 781,531 | 740,668 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,765,472 | 2,795,343 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 4,017,969 | 4,051,509 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 184,606 | 199,697 |
Non purchased loans and leases | ||
Loan portfolio not subject to risk rating | ||
Total | 6,704,288 | 6,389,712 |
Non purchased loans and leases | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 2,584,267 | 2,560,335 |
Non purchased loans and leases | Performing and Nonperforming | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 207,236 | 234,547 |
Non purchased loans and leases | Performing and Nonperforming | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 59,158 | 61,865 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 63,367 | 66,551 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,830,981 | 1,757,406 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 327,171 | 339,542 |
Non purchased loans and leases | Performing and Nonperforming | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 96,354 | 100,424 |
Non purchased loans and leases | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 2,573,141 | 2,551,833 |
Non purchased loans and leases | Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 205,501 | 233,046 |
Non purchased loans and leases | Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 59,088 | 61,776 |
Non purchased loans and leases | Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 63,367 | 66,551 |
Non purchased loans and leases | Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,823,809 | 1,751,994 |
Non purchased loans and leases | Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 325,144 | 338,367 |
Non purchased loans and leases | Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 96,232 | 100,099 |
Non purchased loans and leases | Non- Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 11,126 | 8,502 |
Non purchased loans and leases | Non- Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,735 | 1,501 |
Non purchased loans and leases | Non- Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 70 | 89 |
Non purchased loans and leases | Non- Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Non purchased loans and leases | Non- Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 7,172 | 5,412 |
Non purchased loans and leases | Non- Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,027 | 1,175 |
Non purchased loans and leases | Non- Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | $ 122 | $ 325 |
Purchased Loans - Summary of Pu
Purchased Loans - Summary of Purchased Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Summary of loans | ||
Gross loans | $ 9,057,522 | $ 9,086,256 |
Unearned income | (2,868) | (3,127) |
Loans, net of unearned income | 9,054,654 | 9,083,129 |
Purchased loans | ||
Summary of loans | ||
Gross loans | 2,350,366 | 2,693,417 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 2,350,366 | 2,693,417 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 1,305,076 | 1,295,912 |
Loans, net of unearned income | 1,305,076 | 1,295,912 |
Commercial, financial, agricultural | Purchased loans | ||
Summary of loans | ||
Gross loans | 374,478 | 420,263 |
Loans, net of unearned income | 374,478 | 420,263 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 781,531 | 740,668 |
Loans, net of unearned income | 781,531 | 740,668 |
Real estate – construction | Purchased loans | ||
Summary of loans | ||
Gross loans | 65,402 | 105,149 |
Loans, net of unearned income | 65,402 | 105,149 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,765,472 | 2,795,343 |
Loans, net of unearned income | 2,765,472 | 2,795,343 |
Real estate – 1-4 family mortgage | Purchased loans | ||
Summary of loans | ||
Gross loans | 604,855 | 707,453 |
Loans, net of unearned income | 604,855 | 707,453 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 4,017,969 | 4,051,509 |
Loans, net of unearned income | 4,017,969 | 4,051,509 |
Real estate – commercial mortgage | Purchased loans | ||
Summary of loans | ||
Gross loans | 1,276,567 | 1,423,144 |
Loans, net of unearned income | 1,276,567 | 1,423,144 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 125,448 | 137,832 |
Loans, net of unearned income | 184,606 | 199,697 |
Installment loans to individuals | Purchased loans | ||
Summary of loans | ||
Gross loans | 29,064 | 37,408 |
Loans, net of unearned income | $ 29,064 | $ 37,408 |
Purchased Loans - Aging of Past
Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Past due and nonaccrual loans | ||
Loans, net of unearned income | $ 9,054,654 | $ 9,083,129 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 1,305,076 | 1,295,912 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 781,531 | 740,668 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 2,765,472 | 2,795,343 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 4,017,969 | 4,051,509 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 184,606 | 199,697 |
Purchased loans | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 2,350,366 | 2,693,417 |
Purchased loans | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,322,669 | 2,661,269 |
Loans, net of unearned income | 2,343,116 | 2,687,581 |
Purchased loans | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 12,760 | 19,080 |
Purchased loans | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 7,687 | 7,232 |
Purchased loans | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 3,011 | 1,849 |
Loans, net of unearned income | 7,250 | 5,836 |
Purchased loans | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 588 | 204 |
Purchased loans | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3,651 | 3,783 |
Purchased loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 374,478 | 420,263 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 368,967 | 417,786 |
Loans, net of unearned income | 373,518 | 419,694 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3,755 | 1,811 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 796 | 97 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 322 | 92 |
Loans, net of unearned income | 960 | 569 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 638 | 477 |
Purchased loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 65,402 | 105,149 |
Purchased loans | Real estate – construction | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 65,295 | 103,846 |
Loans, net of unearned income | 65,402 | 105,149 |
Purchased loans | Real estate – construction | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 107 | 1,235 |
Purchased loans | Real estate – construction | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 68 |
Purchased loans | Real estate – construction | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Loans, net of unearned income | 0 | 0 |
Purchased loans | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 604,855 | 707,453 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 592,308 | 690,697 |
Loans, net of unearned income | 600,432 | 704,133 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 5,080 | 8,981 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3,044 | 4,455 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,105 | 1,237 |
Loans, net of unearned income | 4,423 | 3,320 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 480 | 202 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,838 | 1,881 |
Purchased loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 1,276,567 | 1,423,144 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 1,267,915 | 1,413,346 |
Loans, net of unearned income | 1,275,066 | 1,421,467 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3,404 | 5,711 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3,747 | 2,410 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 331 | 276 |
Loans, net of unearned income | 1,501 | 1,677 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 108 | 0 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,062 | 1,401 |
Purchased loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 29,064 | 37,408 |
Purchased loans | Installment loans to individuals | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 28,184 | 35,594 |
Loans, net of unearned income | 28,698 | 37,138 |
Purchased loans | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 414 | 1,342 |
Purchased loans | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 100 | 202 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 253 | 244 |
Loans, net of unearned income | 366 | 270 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 2 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | $ 113 | $ 24 |
Purchased Loans - Impaired Loan
Purchased Loans - Impaired Loans and Average Recorded Investment and Interest Income Recognized (Details) - Purchased - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Impaired loans | |||||
Unpaid Contractual Principal Balance | $ 9,885 | $ 9,885 | $ 9,580 | ||
Recorded Investment With Allowance | 5,312 | 5,312 | 4,869 | ||
Recorded Investment With No Allowance | 3,823 | 3,823 | 3,961 | ||
Total Recorded Investment | 9,135 | 9,135 | 8,830 | ||
Related Allowance | 252 | 252 | 537 | ||
Average Recorded Investment | 9,133 | $ 7,224 | 9,128 | $ 7,361 | |
Interest Income Recognized | 50 | 49 | 98 | 110 | |
Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 238,868 | 238,868 | 272,216 | ||
Recorded Investment With Allowance | 73,982 | 73,982 | 78,611 | ||
Recorded Investment With No Allowance | 117,363 | 117,363 | 143,643 | ||
Total Recorded Investment | 191,345 | 191,345 | 222,254 | ||
Related Allowance | 2,666 | 2,666 | 2,552 | ||
Average Recorded Investment | 193,002 | 231,812 | 196,333 | 233,943 | |
Interest Income Recognized | 2,728 | 2,790 | 5,699 | 5,678 | |
Commercial, financial, agricultural | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 1,038 | 1,038 | 671 | ||
Recorded Investment With Allowance | 687 | 687 | 600 | ||
Recorded Investment With No Allowance | 335 | 335 | 11 | ||
Total Recorded Investment | 1,022 | 1,022 | 611 | ||
Related Allowance | 63 | 63 | 173 | ||
Average Recorded Investment | 1,010 | 380 | 941 | 383 | |
Interest Income Recognized | 2 | 3 | 4 | 6 | |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 38,140 | 38,140 | 44,403 | ||
Recorded Investment With Allowance | 4,064 | 4,064 | 3,779 | ||
Recorded Investment With No Allowance | 19,562 | 19,562 | 25,364 | ||
Total Recorded Investment | 23,626 | 23,626 | 29,143 | ||
Related Allowance | 171 | 171 | 161 | ||
Average Recorded Investment | 23,976 | 12,815 | 25,667 | 13,051 | |
Interest Income Recognized | 388 | 192 | 863 | 417 | |
Lease financing | |||||
Impaired loans | |||||
Average Recorded Investment | 0 | 0 | |||
Interest Income Recognized | 0 | 0 | |||
Lease financing | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Average Recorded Investment | 0 | 0 | |||
Interest Income Recognized | 0 | 0 | |||
Real estate – construction | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 256 | 256 | 576 | ||
Recorded Investment With Allowance | 256 | 256 | 576 | ||
Recorded Investment With No Allowance | 0 | 0 | 0 | ||
Total Recorded Investment | 256 | 256 | 576 | ||
Related Allowance | 2 | 2 | 5 | ||
Average Recorded Investment | 256 | 0 | 256 | 0 | |
Interest Income Recognized | 0 | 0 | 3 | 0 | |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Average Recorded Investment | 0 | 0 | |||
Interest Income Recognized | 0 | 0 | |||
Real estate – 1-4 family mortgage | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 6,095 | 6,095 | 5,787 | ||
Recorded Investment With Allowance | 2,194 | 2,194 | 1,381 | ||
Recorded Investment With No Allowance | 3,234 | 3,234 | 3,780 | ||
Total Recorded Investment | 5,428 | 5,428 | 5,161 | ||
Related Allowance | 21 | 21 | 18 | ||
Average Recorded Investment | 5,415 | 5,135 | 5,450 | 5,252 | |
Interest Income Recognized | 36 | 34 | 66 | 74 | |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 51,209 | 51,209 | 53,823 | ||
Recorded Investment With Allowance | 10,753 | 10,753 | 12,169 | ||
Recorded Investment With No Allowance | 31,926 | 31,926 | 36,074 | ||
Total Recorded Investment | 42,679 | 42,679 | 48,243 | ||
Related Allowance | 515 | 515 | 488 | ||
Average Recorded Investment | 43,011 | 54,634 | 43,360 | 55,293 | |
Interest Income Recognized | 571 | 647 | 1,161 | 1,320 | |
Real estate – commercial mortgage | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 2,110 | 2,110 | 2,266 | ||
Recorded Investment With Allowance | 1,851 | 1,851 | 2,066 | ||
Recorded Investment With No Allowance | 213 | 213 | 146 | ||
Total Recorded Investment | 2,064 | 2,064 | 2,212 | ||
Related Allowance | 163 | 163 | 338 | ||
Average Recorded Investment | 2,082 | 1,462 | 2,109 | 1,479 | |
Interest Income Recognized | 12 | 12 | 25 | 30 | |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 142,859 | 142,859 | 165,700 | ||
Recorded Investment With Allowance | 58,507 | 58,507 | 62,003 | ||
Recorded Investment With No Allowance | 63,191 | 63,191 | 78,435 | ||
Total Recorded Investment | 121,698 | 121,698 | 140,438 | ||
Related Allowance | 1,978 | 1,978 | 1,901 | ||
Average Recorded Investment | 122,455 | 162,712 | 123,526 | 163,959 | |
Interest Income Recognized | 1,674 | 1,933 | 3,474 | 3,905 | |
Installment loans to individuals | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 386 | 386 | 280 | ||
Recorded Investment With Allowance | 324 | 324 | 246 | ||
Recorded Investment With No Allowance | 41 | 41 | 24 | ||
Total Recorded Investment | 365 | 365 | 270 | ||
Related Allowance | 3 | 3 | 3 | ||
Average Recorded Investment | 370 | 247 | 372 | 247 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 6,660 | 6,660 | 8,290 | ||
Recorded Investment With Allowance | 658 | 658 | 660 | ||
Recorded Investment With No Allowance | 2,684 | 2,684 | 3,770 | ||
Total Recorded Investment | 3,342 | 3,342 | 4,430 | ||
Related Allowance | 2 | 2 | $ 2 | ||
Average Recorded Investment | 3,560 | 1,651 | 3,780 | 1,640 | |
Interest Income Recognized | $ 95 | $ 18 | $ 201 | $ 36 |
Purchased Loans - Impact of Mod
Purchased Loans - Impact of Modifications Classified as Restructured Loans (Details) - Purchased loans $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | |
Restructured loans | ||||
Number of Loans | loan | 2 | 1 | 2 | 3 |
Pre- Modification Outstanding Recorded Investment | $ 2,600 | $ 18 | $ 2,600 | $ 74 |
Post- Modification Outstanding Recorded Investment | $ 2,596 | $ 17 | $ 2,596 | $ 68 |
Commercial, financial, agricultural | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 1 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 2,520 | $ 2,520 | $ 48 | |
Post- Modification Outstanding Recorded Investment | $ 2,520 | $ 2,520 | $ 44 | |
Real estate – 1-4 family mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 18 | $ 18 | ||
Post- Modification Outstanding Recorded Investment | $ 17 | $ 17 | ||
Real estate – commercial mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 1 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 80 | $ 80 | $ 8 | |
Post- Modification Outstanding Recorded Investment | $ 76 | $ 76 | $ 7 |
Purchased Loans - Narrative (De
Purchased Loans - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||||
Allowance for loan losses attributable to restructured loans | $ 50,059,000 | $ 50,059,000 | $ 49,026,000 | ||
Purchased loans | |||||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||||
Number of Loans | loan | 2 | 1 | 2 | 3 | |
Modifications with subsequent default | $ 0 | $ 5,000 | |||
Number of restructured loans | loan | 1 | 4 | |||
Restructured loans discontinued past due period | 90 days | 90 days | |||
Remaining availability under commitments to lend additional funds on restructured loans | $ 3,000 | $ 2,000 | $ 3,000 | $ 2,000 | |
Purchased loans | Nonaccruing Loans | |||||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||||
Outstanding balance of restructured loans | 167,000 | 425,000 | 167,000 | 425,000 | |
Purchased loans | Restructured Loans | |||||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||||
Outstanding balance of restructured loans | 1,276,000 | 684,000 | 1,276,000 | 684,000 | |
Allowance for loan losses attributable to restructured loans | $ 79,000 | $ 69,000 | $ 79,000 | $ 69,000 |
Purchased Loans - Changes in Re
Purchased Loans - Changes in Restructured Loans (Details) - Purchased loans $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)loan | |
Number of Loans | |
Totals at January 1, 2019 (loans) | loan | 54 |
Additional advances or loans with concessions (loans) | loan | 2 |
Reclassified as performing restructured loan (loan) | loan | 5 |
Reclassified to nonperforming loans (loans) | loan | (9) |
Paid in full (loans) | loan | (5) |
Principal paydowns (loans) | loan | 0 |
Totals at June 30, 2019 (loans) | loan | 47 |
Recorded Investment | |
Totals at January 1, 2019 | $ | $ 7,495 |
Additional advances or loans with concessions | $ | 2,823 |
Reclassified as performing restructured loan | $ | 1,461 |
Reclassified to nonperforming loans | $ | (746) |
Paid in full | $ | (128) |
Principal paydowns | $ | (296) |
Totals at June 30, 2019 | $ | $ 10,609 |
Purchased Loans - Loan Portfoli
Purchased Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loan portfolio by risk-rating grades | ||
Total | $ 9,054,654 | $ 9,083,129 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 1,305,076 | 1,295,912 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 781,531 | 740,668 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 2,765,472 | 2,795,343 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 4,017,969 | 4,051,509 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 184,606 | 199,697 |
Purchased loans | ||
Loan portfolio by risk-rating grades | ||
Total | 2,350,366 | 2,693,417 |
Purchased loans | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 1,628,846 | 1,852,090 |
Purchased loans | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 1,503,584 | 1,746,683 |
Purchased loans | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 92,831 | 84,250 |
Purchased loans | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 32,431 | 21,157 |
Purchased loans | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 374,478 | 420,263 |
Purchased loans | Commercial, financial, agricultural | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 336,797 | 369,748 |
Purchased loans | Commercial, financial, agricultural | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 299,893 | 333,147 |
Purchased loans | Commercial, financial, agricultural | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 24,250 | 33,857 |
Purchased loans | Commercial, financial, agricultural | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 12,654 | 2,744 |
Purchased loans | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 65,402 | 105,149 |
Purchased loans | Real estate – construction | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 63,553 | 101,964 |
Purchased loans | Real estate – construction | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 63,553 | 101,122 |
Purchased loans | Real estate – construction | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Real estate – construction | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 842 |
Purchased loans | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 604,855 | 707,453 |
Purchased loans | Real estate – 1-4 family mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 103,181 | 128,806 |
Purchased loans | Real estate – 1-4 family mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 91,968 | 113,874 |
Purchased loans | Real estate – 1-4 family mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 4,979 | 7,347 |
Purchased loans | Real estate – 1-4 family mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 6,234 | 7,585 |
Purchased loans | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 1,276,567 | 1,423,144 |
Purchased loans | Real estate – commercial mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 1,125,314 | 1,251,570 |
Purchased loans | Real estate – commercial mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 1,048,170 | 1,198,540 |
Purchased loans | Real estate – commercial mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 63,602 | 43,046 |
Purchased loans | Real estate – commercial mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 13,542 | 9,984 |
Purchased loans | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 29,064 | 37,408 |
Purchased loans | Installment loans to individuals | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 1 | 2 |
Purchased loans | Installment loans to individuals | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Installment loans to individuals | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Installment loans to individuals | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | $ 1 | $ 2 |
Purchased Loans - Loan Portfo_2
Purchased Loans - Loan Portfolio Not Subject to Risk Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loan portfolio not subject to risk rating | ||
Total | $ 9,054,654 | $ 9,083,129 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,305,076 | 1,295,912 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 781,531 | 740,668 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,765,472 | 2,795,343 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 4,017,969 | 4,051,509 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 184,606 | 199,697 |
Purchased loans | ||
Loan portfolio not subject to risk rating | ||
Total | 2,350,366 | 2,693,417 |
Purchased loans | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 530,175 | 619,073 |
Purchased loans | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 526,138 | 614,814 |
Purchased loans | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 4,037 | 4,259 |
Purchased loans | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 374,478 | 420,263 |
Purchased loans | Commercial, financial, agricultural | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 14,055 | 21,372 |
Purchased loans | Commercial, financial, agricultural | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 14,006 | 21,303 |
Purchased loans | Commercial, financial, agricultural | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 49 | 69 |
Purchased loans | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 65,402 | 105,149 |
Purchased loans | Real estate – construction | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 1,849 | 3,185 |
Purchased loans | Real estate – construction | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,849 | 3,185 |
Purchased loans | Real estate – construction | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Purchased loans | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 604,855 | 707,453 |
Purchased loans | Real estate – 1-4 family mortgage | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 458,995 | 530,404 |
Purchased loans | Real estate – 1-4 family mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 455,510 | 526,699 |
Purchased loans | Real estate – 1-4 family mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 3,485 | 3,705 |
Purchased loans | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,276,567 | 1,423,144 |
Purchased loans | Real estate – commercial mortgage | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 29,555 | 31,136 |
Purchased loans | Real estate – commercial mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 29,447 | 30,951 |
Purchased loans | Real estate – commercial mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 108 | 185 |
Purchased loans | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 29,064 | 37,408 |
Purchased loans | Installment loans to individuals | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 25,721 | 32,976 |
Purchased loans | Installment loans to individuals | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 25,326 | 32,676 |
Purchased loans | Installment loans to individuals | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | $ 395 | $ 300 |
Purchased Loans - Loans Acquire
Purchased Loans - Loans Acquired with Deteriorated Credit Quality (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 9,004,595 | $ 9,034,103 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 191,345 | 222,254 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 23,626 | 29,143 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 42,679 | 48,243 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 121,698 | 140,438 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 3,342 | $ 4,430 |
Purchased Loans - Fair Value of
Purchased Loans - Fair Value of Loans Determined to Be Impaired and Not to Be Impaired at The Time of Acquisition (Details) - Purchased loans - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||
Accretable yield | $ (27,845) | $ (34,265) |
Fair value of loans contractual principal cash flows amount | 45,518 | |
Fair value of loans contractual interest cash flows | 8,654 | |
Fair value of loans contractual purchase discount | 1,584 | |
Fair value of loans contractual interest payments | 26,260 | |
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 | 273,362 | |
Nonaccretable difference | (54,172) | |
Cash flows expected to be collected | 219,190 | |
Accretable yield | (27,845) | |
Fair value | $ 191,345 |
Purchased Loans - Changes in Ac
Purchased Loans - Changes in Accretable Yield of Loans Purchased with Deteriorated Credit Quality (Details) - Purchased loans $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2019 | $ (34,265) |
Reclassification from nonaccretable difference | (4,470) |
Accretion | 9,757 |
Charge-offs | 1,133 |
Balance at June 30, 2019 | $ (27,845) |
Purchased Loans - Fair Value _2
Purchased Loans - Fair Value of Loans Purchased (Details) - Purchased loans - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 01, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accretable yield | $ (27,845) | $ (34,265) | |
Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Contractually-required principal and interest | 273,362 | ||
Nonaccretable difference | (54,172) | ||
Cash flows expected to be collected | 219,190 | ||
Accretable yield | (27,845) | ||
Fair value | $ 191,345 | ||
Brand | Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Contractually-required principal and interest | $ 1,625,079 | ||
Nonaccretable difference | (123,399) | ||
Cash flows expected to be collected | 1,501,680 | ||
Accretable yield | (170,651) | ||
Fair value | $ 1,331,029 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Total Non Purchased and Purchased Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 9,057,522 | $ 9,086,256 |
Unearned income | (2,868) | (3,127) |
Loans, net of unearned income | 9,054,654 | 9,083,129 |
Allowance for loan losses | (50,059) | (49,026) |
Loans, net | 9,004,595 | 9,034,103 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,305,076 | 1,295,912 |
Loans, net of unearned income | 1,305,076 | 1,295,912 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 62,026 | 64,992 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 781,531 | 740,668 |
Loans, net of unearned income | 781,531 | 740,668 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,765,472 | 2,795,343 |
Loans, net of unearned income | 2,765,472 | 2,795,343 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 4,017,969 | 4,051,509 |
Loans, net of unearned income | 4,017,969 | 4,051,509 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 125,448 | 137,832 |
Loans, net of unearned income | $ 184,606 | $ 199,697 |
Allowance for Loan Losses - Rol
Allowance for Loan Losses - Roll Forward Of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for loan losses: | ||||
Beginning balance | $ 49,835 | $ 46,401 | $ 49,026 | $ 46,211 |
Charge-offs | (1,451) | (1,581) | (2,988) | (3,646) |
Recoveries | 775 | 725 | 1,621 | 1,230 |
Net (charge-offs) recoveries | (676) | (856) | (1,367) | (2,416) |
Provision for loan losses charged to operations | 900 | 1,810 | 2,400 | 3,560 |
Ending balance | 50,059 | 47,355 | 50,059 | 47,355 |
Individually evaluated for impairment | 1,873 | 1,515 | 1,873 | 1,515 |
Collectively evaluated for impairment | 45,520 | 43,584 | 45,520 | 43,584 |
Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 2,666 | 2,256 | 2,666 | 2,256 |
Commercial, financial, agricultural | ||||
Allowance for loan losses: | ||||
Beginning balance | 9,622 | 7,071 | 8,269 | 5,542 |
Charge-offs | (694) | (457) | (952) | (1,116) |
Recoveries | 241 | 114 | 615 | 349 |
Net (charge-offs) recoveries | (453) | (343) | (337) | (767) |
Provision for loan losses charged to operations | 365 | 418 | 1,602 | 2,371 |
Ending balance | 9,534 | 7,146 | 9,534 | 7,146 |
Individually evaluated for impairment | 1,191 | 417 | 1,191 | 417 |
Collectively evaluated for impairment | 8,172 | 6,404 | 8,172 | 6,404 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 171 | 325 | 171 | 325 |
Real estate – construction | ||||
Allowance for loan losses: | ||||
Beginning balance | 4,778 | 4,198 | 4,755 | 3,428 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 3 | 7 | 7 |
Net (charge-offs) recoveries | 0 | 3 | 7 | 7 |
Provision for loan losses charged to operations | 524 | 501 | 540 | 1,267 |
Ending balance | 5,302 | 4,702 | 5,302 | 4,702 |
Individually evaluated for impairment | 8 | 0 | 8 | 0 |
Collectively evaluated for impairment | 5,294 | 4,702 | 5,294 | 4,702 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 0 | 0 | 0 | 0 |
Real estate – 1-4 family mortgage | ||||
Allowance for loan losses: | ||||
Beginning balance | 9,491 | 11,404 | 10,139 | 12,009 |
Charge-offs | (378) | (979) | (875) | (1,650) |
Recoveries | 115 | 83 | 312 | 216 |
Net (charge-offs) recoveries | (263) | (896) | (563) | (1,434) |
Provision for loan losses charged to operations | 388 | 1,149 | 40 | 1,082 |
Ending balance | 9,616 | 11,657 | 9,616 | 11,657 |
Individually evaluated for impairment | 188 | 76 | 188 | 76 |
Collectively evaluated for impairment | 8,913 | 11,053 | 8,913 | 11,053 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 515 | 528 | 515 | 528 |
Real estate – commercial mortgage | ||||
Allowance for loan losses: | ||||
Beginning balance | 24,643 | 21,914 | 24,492 | 23,384 |
Charge-offs | (167) | (46) | (729) | (659) |
Recoveries | 366 | 496 | 611 | 604 |
Net (charge-offs) recoveries | 199 | 450 | (118) | (55) |
Provision for loan losses charged to operations | (540) | 86 | (72) | (879) |
Ending balance | 24,302 | 22,450 | 24,302 | 22,450 |
Individually evaluated for impairment | 482 | 1,014 | 482 | 1,014 |
Collectively evaluated for impairment | 21,842 | 20,036 | 21,842 | 20,036 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 1,978 | 1,400 | 1,978 | 1,400 |
Installment loans to individuals | ||||
Allowance for loan losses: | ||||
Beginning balance | 1,301 | 1,814 | 1,371 | 1,848 |
Charge-offs | (212) | (99) | (432) | (221) |
Recoveries | 53 | 29 | 76 | 54 |
Net (charge-offs) recoveries | (159) | (70) | (356) | (167) |
Provision for loan losses charged to operations | 163 | (344) | 290 | (281) |
Ending balance | 1,305 | 1,400 | 1,305 | 1,400 |
Individually evaluated for impairment | 4 | 8 | 4 | 8 |
Collectively evaluated for impairment | 1,299 | 1,389 | 1,299 | 1,389 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | $ 2 | $ 3 | $ 2 | $ 3 |
Allowance for Loan Losses - Inv
Allowance for Loan Losses - Investment in Loans, Net of Unearned Income on Impairment Methodology (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | $ 40,530 | $ 35,278 |
Collectively evaluated for impairment | 8,822,779 | 8,825,597 |
Loans, net of unearned income | 9,054,654 | 9,083,129 |
Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 191,345 | 222,254 |
Commercial, financial, agricultural | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 6,675 | 2,445 |
Collectively evaluated for impairment | 1,274,775 | 1,264,324 |
Loans, net of unearned income | 1,305,076 | 1,295,912 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 23,626 | 29,143 |
Real estate – construction | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 9,565 | 10,043 |
Collectively evaluated for impairment | 771,966 | 730,625 |
Loans, net of unearned income | 781,531 | 740,668 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 0 | 0 |
Real estate – 1-4 family mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 15,976 | 14,238 |
Collectively evaluated for impairment | 2,706,816 | 2,732,862 |
Loans, net of unearned income | 2,765,472 | 2,795,343 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 42,680 | 48,243 |
Real estate – commercial mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 7,789 | 8,059 |
Collectively evaluated for impairment | 3,888,483 | 3,903,012 |
Loans, net of unearned income | 4,017,969 | 4,051,509 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 121,697 | 140,438 |
Installment loans to individuals | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 525 | 493 |
Collectively evaluated for impairment | 180,739 | 194,774 |
Loans, net of unearned income | 184,606 | 199,697 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | $ 3,342 | $ 4,430 |
Other Real Estate Owned - Cove
Other Real Estate Owned - Covered and Not Covered Under a Loss-Share Agreement, Net of Valuation Allowances and Direct Write-Downs (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | $ 5,258 | $ 6,187 |
Non Purchased OREO | 3,475 | 4,853 |
Total OREO | 8,733 | 11,040 |
Residential real estate | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 3,848 | 423 |
Non Purchased OREO | 1,331 | 1,910 |
Total OREO | 5,179 | 2,333 |
Commercial real estate | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 659 | 2,686 |
Non Purchased OREO | 945 | 1,611 |
Total OREO | 1,604 | 4,297 |
Residential land development | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 168 | 678 |
Non Purchased OREO | 855 | 421 |
Total OREO | 1,023 | 1,099 |
Commercial land development | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 583 | 2,400 |
Non Purchased OREO | 344 | 911 |
Total OREO | $ 927 | $ 3,311 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Changes in Purchased and Non-Purchased OREO (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Purchased OREO | |
Balance at January 1, 2019 | $ 6,187 |
Transfers of loans | 969 |
Impairments | (599) |
Dispositions | (1,299) |
Balance at June 30, 2019 | 5,258 |
Non Purchased OREO | |
Balance at January 1, 2019 | 4,853 |
Transfers of loans | 827 |
Impairments | (269) |
Dispositions | (1,936) |
Balance at June 30, 2019 | 3,475 |
Total OREO | |
Balance at January 1, 2019 | 11,040 |
Transfers of loans | 1,796 |
Impairments | (868) |
Dispositions | (3,235) |
Balance at June 30, 2019 | $ 8,733 |
Other Real Estate Owned - Compo
Other Real Estate Owned - Components of OREO in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Components of other real estate owned in the Consolidated Statements of Income | ||||
Repairs and maintenance | $ 116 | $ 55 | $ 211 | $ 168 |
Property taxes and insurance | 19 | 37 | 126 | 149 |
Impairments | 140 | 397 | 868 | 749 |
Net (gains) losses on OREO sales | (19) | (239) | 60 | (143) |
Rental income | (4) | (18) | (9) | (34) |
Total | $ 252 | $ 232 | $ 1,256 | $ 889 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Operating Segments (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance at January 1, 2019 | $ 932,928 |
Measurement period adjustment to goodwill from previous acquisition | 43 |
Balance at June 30, 2019 | 932,971 |
Community Banks | |
Goodwill [Roll Forward] | |
Balance at January 1, 2019 | 930,161 |
Measurement period adjustment to goodwill from previous acquisition | 43 |
Balance at June 30, 2019 | 930,204 |
Insurance | |
Goodwill [Roll Forward] | |
Balance at January 1, 2019 | 2,767 |
Measurement period adjustment to goodwill from previous acquisition | 0 |
Balance at June 30, 2019 | $ 2,767 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 84,462 | $ 84,462 |
Accumulated Amortization | (43,760) | (39,597) |
Net Carrying Amount | 40,702 | 44,865 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 82,492 | 82,492 |
Accumulated Amortization | (42,731) | (38,634) |
Net Carrying Amount | 39,761 | 43,858 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (1,029) | (963) |
Net Carrying Amount | $ 941 | $ 1,007 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Current Year Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 2,053 | $ 1,594 | $ 4,163 | $ 3,245 |
Core Deposit Intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | 2,020 | 1,561 | 4,097 | 3,179 |
Customer Relationship Intangible | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 33 | $ 33 | $ 66 | $ 66 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Finite-Lived Intangible Assets (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2019 | $ 8,096 |
2020 | 7,070 |
2021 | 5,991 |
2022 | 5,072 |
2023 | 4,175 |
Core Deposits | |
Finite-Lived Intangible Assets [Line Items] | |
2019 | 7,965 |
2020 | 6,939 |
2021 | 5,860 |
2022 | 4,941 |
2023 | 4,044 |
Customer Relationship Intangible | |
Finite-Lived Intangible Assets [Line Items] | |
2019 | 131 |
2020 | 131 |
2021 | 131 |
2022 | 131 |
2023 | $ 131 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Impairment losses on mortgage servicing rights | $ 0 | $ 0 | ||
Bank Servicing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,481,000 | $ 2,124,000 | $ 4,735,000 | $ 4,494,000 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in the Company's MSRs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Changes in mortgage servicing rights | |
Balance at January 1, 2019 | $ 48,230 |
Capitalization | 3,694 |
Amortization | (3,145) |
Balance at June 30, 2019 | $ 48,779 |
Mortgage Servicing Rights - Dat
Mortgage Servicing Rights - Data and Key Economic Assumptions Related to the Company's MRSs (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Data and key economic assumptions related to mortgage servicing rights | ||
Unpaid principal balance | $ 4,650,878 | $ 4,635,712 |
Weighted-average prepayment speed (CPR) | 10.95% | 7.95% |
Estimated impact of a 10% increase | $ (2,111) | $ (1,264) |
Estimated impact of a 20% increase | $ (4,077) | $ (2,569) |
Discount rate | 9.57% | 9.45% |
Estimated impact of a 10% increase | $ (1,935) | $ (2,657) |
Estimated impact of a 20% increase | $ (3,727) | $ (5,103) |
Weighted-average coupon interest rate | 4.08% | 4.04% |
Weighted-average servicing fee | 27.87% | 27.47% |
Weighted-average remaining maturity | 6 years 6 months 10 days | 8 years 10 days |
Employee Benefit and Deferred_3
Employee Benefit and Deferred Compensation Plans - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)pointshares | Jun. 30, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Minimum retirement age for benefits | 55 years | |||
Maximum retirement age for benefits | 65 years | |||
Eligible employee years of service | 15 years | |||
Number of points for eligibility | point | 70 | |||
Minimum eligible age for medicare coverage | 65 years | |||
Life insurance coverage face value | $ | $ 5,000 | |||
Age limit for life insurance coverage provided by the Company | 70 years | |||
Age at which retiree's pay for life insurance coverage at their sole expense | 70 years | |||
Option expiration period | 10 years | |||
Stock options granted (in shares) | shares | 0 | 0 | ||
Treasury shares reissued (in shares) | shares | 107,194 | |||
Total stock-based compensation expense | $ | $ 2,082,000 | $ 1,920,000 | $ 4,719,000 | $ 3,712,000 |
Employee Benefit and Deferred_4
Employee Benefit and Deferred Compensation Plans - Plan Expense for Non-Contributory Benefit Pension Plan and Post-Retirement Health and Life Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 315 | 256 | 588 | 522 |
Expected return on plan assets | (362) | (520) | (725) | (1,038) |
Recognized actuarial loss (gain) | 135 | 77 | 221 | 164 |
Net periodic benefit (return) cost | 88 | (187) | 84 | (352) |
Other Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | 1 | 2 | 3 | 4 |
Interest cost | 8 | 7 | 16 | 16 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 3 | 0 | (11) | 0 |
Net periodic benefit (return) cost | $ 12 | $ 9 | $ 8 | $ 20 |
Employee Benefit and Deferred_5
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Stock Options (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Shares | ||
Options outstanding at beginning of period (shares) | 43,750 | |
Granted (shares) | 0 | 0 |
Exercised (shares) | (6,000) | |
Forfeited (shares) | 0 | |
Options outstanding at end of period (shares) | 37,750 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period (usd per share) | $ 15.84 | |
Granted (usd per share) | 0 | |
Exercised (usd per share) | 16.59 | |
Forfeited (usd per share) | 0 | |
Options outstanding at end of period (usd per share) | $ 15.72 |
Employee Benefit and Deferred_6
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Restricted Stock (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Performance Shares | |
Performance-Based Restricted Stock | |
Beginning balance (shares) | shares | 41,300 |
Awarded (shares) | shares | 154,250 |
Vested (shares) | shares | 0 |
Cancelled (shares) | shares | 0 |
Ending balance (shares) | shares | 195,550 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 40.89 |
Awarded (usd per share) | $ / shares | 30.18 |
Vested (usd per share) | $ / shares | 0 |
Cancelled (usd per share) | $ / shares | 0 |
Ending balance (usd per share) | $ / shares | $ 32.44 |
Restricted Stock | |
Performance-Based Restricted Stock | |
Beginning balance (shares) | shares | 304,955 |
Awarded (shares) | shares | 267,859 |
Vested (shares) | shares | (79,857) |
Cancelled (shares) | shares | (11,697) |
Ending balance (shares) | shares | 481,260 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 41.82 |
Awarded (usd per share) | $ / shares | 31.63 |
Vested (usd per share) | $ / shares | 38.95 |
Cancelled (usd per share) | $ / shares | 40.95 |
Ending balance (usd per share) | $ / shares | $ 36.64 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Thousands | 1 Months Ended | ||||
Jun. 30, 2014USD ($)derivative_instrument | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2012USD ($)derivative_instrument | |
Interest rate contracts with corporate customers | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Derivative, notional amount | $ 200,544 | ||||
Offsetting interest rate contracts with other financial institutions | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Derivative, notional amount | 200,544 | ||||
Interest rate swaps | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Number of instruments held | derivative_instrument | 2 | ||||
Floating rate liability at the bank level, derivative one | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Derivative, notional amount | $ 15,000 | ||||
Term of contract | 4 years | ||||
Floating rate liability at the bank level, derivative two | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Derivative, notional amount | $ 15,000 | ||||
Term of contract | 5 years | ||||
Cash flow hedging | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Derivative, notional amount | $ 30,000 | $ 32,000 | |||
Number of instruments held | derivative_instrument | 2 | ||||
Commitments to fund fixed-rate residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Derivative, notional amount | 319,845 | $ 159,464 | |||
Commitments to sell residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Derivative, notional amount | $ 498,000 | $ 281,343 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Not designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative assets | $ 11,282 | $ 6,519 |
Derivative liabilities | 8,225 | 6,342 |
Designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative liabilities | 5,341 | 2,046 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative assets | 4,026 | 2,779 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative assets | 7,154 | 3,740 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative assets | 102 | 0 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative liabilities | 4,026 | 2,779 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 15 | 0 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 4,184 | 3,563 |
Other Liabilities | Designated as hedging instruments: | Interest rate swaps | ||
Derivative financial instruments | ||
Derivative liabilities | $ 5,341 | $ 2,046 |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) On Derivative Financial Instruments (Details) - Not designated as hedging instruments: - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ 1,744 | $ (212) | $ 4,913 | $ 3,046 |
Interest rate contracts | Included in interest income on loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 989 | 1,038 | 2,035 | 2,024 |
Interest rate lock commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 2,176 | (238) | 3,398 | 1,946 |
Forward commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ (1,421) | $ (1,012) | $ (520) | $ (924) |
Derivative Instruments - Gross
Derivative Instruments - Gross and Net Derivative Positions, Including Pledged Collateral (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 158 | $ 1,620 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 158 | 1,620 |
Financial instruments | 158 | 1,620 |
Financial collateral pledged | 0 | 0 |
Net amounts | 0 | 0 |
Offsetting Derivative Liabilities | ||
Gross amounts recognized | 13,495 | 6,768 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 13,495 | 6,768 |
Financial instruments | 158 | 1,620 |
Financial collateral pledged | 9,907 | 2,745 |
Net amounts | $ 3,430 | $ 2,403 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of The Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Allowance for loan losses | $ 14,146 | $ 14,097 |
Loans | 14,977 | 18,655 |
Deferred compensation | 9,301 | 10,001 |
Securities | (103) | 6,180 |
Impairment of assets | 2,336 | 1,280 |
Federal and State net operating loss carryforwards | 14,899 | 19,065 |
Other | 21,358 | 3,610 |
Total deferred tax assets | 76,914 | 72,888 |
Deferred tax liabilities | ||
Investment in partnerships | 1,367 | 1,572 |
Fixed assets | 3,864 | 3,865 |
Mortgage servicing rights | 12,492 | 12,350 |
Junior subordinated debt | 1,697 | 1,607 |
Other | 20,645 | 1,792 |
Total deferred tax liabilities | 40,065 | 21,186 |
Net deferred tax assets | $ 36,849 | $ 51,702 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Sep. 01, 2018 | Jul. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||||||
Income taxes | $ 13,945 | $ 10,424 | $ 27,535 | $ 20,097 | |||
Effective income tax rate | 23.09% | 22.17% | |||||
Domestic Tax Authority | Brand | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | $ 71,963 | $ 83,960 | |||||
Domestic Tax Authority | Heritage Financial Group | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | 4,956 | $ 18,321 | |||||
State and Local Jurisdiction | Brand | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | 63,218 | $ 67,168 | |||||
State and Local Jurisdiction | Heritage Financial Group | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | $ 2,365 | $ 16,877 |
Investments in Qualified Affo_3
Investments in Qualified Affordable Housing Projects Investments in Qualified Affordable Housing Projects - Narrative (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Carrying value of qualified affordable housing project investments | $ 5,248,000 | $ 6,037,000 |
Funding obligation related to qualified affordable housing projects | $ 0 |
Investments in Qualified Affo_4
Investments in Qualified Affordable Housing Projects - Components of Qualified Affordable Housing Projects Included in Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Tax credit amortization | $ 394 | $ 410 | $ 788 | $ 804 |
Tax credits and other benefits | (572) | (572) | (1,145) | (1,145) |
Total | $ (178) | $ (162) | $ (357) | $ (341) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Securities available for sale, at fair value | $ 1,268,280 | $ 1,250,777 |
Mortgage loans held for sale in loans held for sale | 323,219 | 219,848 |
Trust preferred securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 10,386 | 10,633 |
Other debt securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 49,080 | 43,927 |
Government agency mortgage backed securities | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 606,453 | 613,283 |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 32,545 | 21,830 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 321,211 | 326,989 |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 72,069 | 28,335 |
Recurring | ||
Financial assets: | ||
Securities available for sale, at fair value | 1,268,280 | 1,250,777 |
Derivative instruments | 11,282 | 6,519 |
Mortgage loans held for sale in loans held for sale | 323,219 | 219,848 |
Total financial assets | 1,602,781 | 1,477,144 |
Financial liabilities: | ||
Derivative instruments | 13,566 | 8,388 |
Total financial liabilities | 13,566 | 8,388 |
Recurring | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,026 | 2,779 |
Financial liabilities: | ||
Derivative instruments | 4,026 | 2,779 |
Recurring | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 7,154 | 3,740 |
Financial liabilities: | ||
Derivative instruments | 15 | |
Recurring | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 102 | |
Financial liabilities: | ||
Derivative instruments | 4,184 | 3,563 |
Recurring | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 5,341 | 2,046 |
Recurring | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 10,386 | 10,633 |
Recurring | Other debt securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 49,080 | 43,927 |
Recurring | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale, at fair value | 2,539 | 2,511 |
Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale, at fair value | 173,997 | 203,269 |
Recurring | Government agency mortgage backed securities | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 606,453 | 613,283 |
Recurring | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 32,545 | 21,830 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 321,211 | 326,989 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 72,069 | 28,335 |
Recurring | Level 1 | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale in loans held for sale | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 1 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | |
Recurring | Level 1 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Government agency mortgage backed securities | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 2 | ||
Financial assets: | ||
Securities available for sale, at fair value | 1,257,894 | 1,240,144 |
Derivative instruments | 11,282 | 6,519 |
Mortgage loans held for sale in loans held for sale | 323,219 | 219,848 |
Total financial assets | 1,592,395 | 1,466,511 |
Financial liabilities: | ||
Derivative instruments | 13,566 | 8,388 |
Total financial liabilities | 13,566 | 8,388 |
Recurring | Level 2 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,026 | 2,779 |
Financial liabilities: | ||
Derivative instruments | 4,026 | 2,779 |
Recurring | Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 7,154 | 3,740 |
Financial liabilities: | ||
Derivative instruments | 15 | |
Recurring | Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 102 | |
Financial liabilities: | ||
Derivative instruments | 4,184 | 3,563 |
Recurring | Level 2 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 5,341 | 2,046 |
Recurring | Level 2 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 2 | Other debt securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 49,080 | 43,927 |
Recurring | Level 2 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale, at fair value | 2,539 | 2,511 |
Recurring | Level 2 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale, at fair value | 173,997 | 203,269 |
Recurring | Level 2 | Government agency mortgage backed securities | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 606,453 | 613,283 |
Recurring | Level 2 | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 32,545 | 21,830 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 321,211 | 326,989 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 72,069 | 28,335 |
Recurring | Level 3 | ||
Financial assets: | ||
Securities available for sale, at fair value | 10,386 | 10,633 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale in loans held for sale | 0 | 0 |
Total financial assets | 10,386 | 10,633 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | |
Recurring | Level 3 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 10,386 | 10,633 |
Recurring | Level 3 | Other debt securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Government agency mortgage backed securities | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | Residential mortgage backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale, at fair value | $ 0 | $ 0 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Trust preferred securities - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||||
Beginning balance | $ 10,246 | $ 10,045 | $ 10,633 | $ 9,388 |
Accretion included in net income | 9 | 8 | 18 | 17 |
Unrealized gains (losses) included in other comprehensive income | 154 | 383 | (133) | 1,052 |
Reclassification adjustment | 0 | |||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issues | 0 | 0 | 0 | 0 |
Settlements | (23) | (35) | (132) | (56) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 10,386 | $ 10,401 | $ 10,386 | $ 10,401 |
Fair Value Measurements - Signi
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Trust preferred securities $ in Thousands | Jun. 30, 2019USD ($) |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 10,386 |
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 | |
Range of Inputs | 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 | |
Range of Inputs | 1 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 14,746 | $ 21,686 |
OREO | 2,626 | 4,319 |
Total financial assets | 17,372 | 26,005 |
Level 1 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total financial assets | 0 | 0 |
Level 2 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total financial assets | 0 | 0 |
Level 3 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 14,746 | 21,686 |
OREO | 2,626 | 4,319 |
Total financial assets | $ 17,372 | $ 26,005 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value Measurements (Textual) [Abstract] | |||
Impaired loans not covered under loss-share agreements | $ 16,315 | $ 22,621 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | 50,059 | 49,026 | |
Changes in fair value, gain (loss) | 3,534 | $ 4,177 | |
Impaired Loans, Not Covered | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | $ 1,569 | $ 935 |
Fair Value Measurements - OREO
Fair Value Measurements - OREO Measured at Fair Value on a Nonrecurring Basis (Details) - Level 3 - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
OREO measured at fair value on a nonrecurring basis | ||
Carrying amount prior to remeasurement | $ 3,312 | $ 5,258 |
Impairment recognized in results of operations | (686) | (939) |
Fair value | $ 2,626 | $ 4,319 |
Fair Value Measurements - Sig_2
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - Level 3 $ in Thousands | Jun. 30, 2019USD ($) |
Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value | $ 14,746 |
OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value | $ 2,626 |
Measurement Input, Price Volatility | Minimum | Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Debt instrument, measurement input | 0.04 |
Measurement Input, Price Volatility | Minimum | OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
OREO, measurement input | 0.04 |
Measurement Input, Price Volatility | Maximum | Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Debt instrument, measurement input | 0.10 |
Measurement Input, Price Volatility | Maximum | OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
OREO, measurement input | 0.10 |
Fair Value Measurements - Summa
Fair Value Measurements - Summarizes Differences Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measure at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ||
Mortgage loans held for sale measured at fair value | $ 323,219 | $ 219,848 |
Aggregate Fair Value | ||
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ||
Mortgage loans held for sale measured at fair value | 323,219 | |
Past due loans of 90 days or more | 0 | |
Nonaccrual loans | 0 | |
Aggregate Unpaid Principal Balance | ||
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ||
Mortgage loans held for sale measured at fair value | 310,845 | |
Past due loans of 90 days or more | 0 | |
Nonaccrual loans | 0 | |
Difference | ||
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ||
Mortgage loans held for sale measured at fair value | 12,374 | |
Past due loans of 90 days or more | 0 | |
Nonaccrual loans | $ 0 |
Fair Value Measurements - Ass_3
Fair Value Measurements - Assets and Liabilities Not Measured and Reported at Fair Value on a Recurring Basis or Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets | ||
Securities available for sale, at fair value | $ 1,268,280 | $ 1,250,777 |
Loans held for sale | 461,681 | 411,427 |
Mortgage servicing rights | 48,779 | 48,230 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 443,862 | 569,111 |
Securities available for sale, at fair value | 1,268,280 | 1,250,777 |
Loans held for sale | 461,681 | 411,427 |
Loans, net | 9,004,595 | 9,034,103 |
Mortgage servicing rights | 48,779 | 48,230 |
Derivative instruments | 11,282 | 6,519 |
Financial liabilities | ||
Deposits | 10,190,061 | 10,128,557 |
Short-term borrowings | 139,011 | 387,706 |
Other long-term borrowings | 23 | 53 |
Federal Home Loan Bank advances | 6,290 | 6,690 |
Junior subordinated debentures | 109,926 | 109,636 |
Subordinated notes | 146,684 | 147,239 |
Derivative instruments | 13,566 | 8,388 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 443,862 | 569,111 |
Securities available for sale, at fair value | 1,268,280 | 1,250,777 |
Loans held for sale | 461,681 | 411,427 |
Loans, net | 8,728,122 | 8,818,039 |
Mortgage servicing rights | 49,757 | 61,111 |
Derivative instruments | 11,282 | 6,519 |
Financial liabilities | ||
Deposits | 10,183,841 | 10,103,107 |
Short-term borrowings | 139,011 | 387,706 |
Other long-term borrowings | 23 | 53 |
Federal Home Loan Bank advances | 6,493 | 6,751 |
Junior subordinated debentures | 103,346 | 109,766 |
Subordinated notes | 147,888 | 148,875 |
Derivative instruments | 13,566 | 8,388 |
Fair Value | Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 443,862 | 569,111 |
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 | 7,825,733 | 7,765,773 |
Short-term borrowings | 139,011 | 387,706 |
Other long-term borrowings | 23 | 53 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | 0 |
Derivative instruments | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 1,257,894 | 1,240,144 |
Loans held for sale | 323,219 | 219,848 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 11,282 | 6,519 |
Financial liabilities | ||
Deposits | 2,358,108 | 2,337,334 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 6,493 | 6,751 |
Junior subordinated debentures | 103,346 | 109,766 |
Subordinated notes | 147,888 | 148,875 |
Derivative instruments | 13,566 | 8,388 |
Fair Value | Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 10,386 | 10,633 |
Loans held for sale | 138,462 | 191,579 |
Loans, net | 8,728,122 | 8,818,039 |
Mortgage servicing rights | 49,757 | 61,111 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | 0 |
Derivative instruments | $ 0 | $ 0 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Changes in the Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total other comprehensive income (loss), pre-tax | $ 10,677 | $ (3,429) | $ 24,690 | $ (12,800) | ||
Total other comprehensive income (loss), tax expense (benefit) | 2,717 | (873) | 6,284 | (3,259) | ||
Other comprehensive income (loss), net of tax | 7,960 | $ 10,446 | (2,556) | $ (6,985) | 18,406 | (9,541) |
Securities available for sale | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, pre-tax | 12,599 | 27,780 | (14,634) | |||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 3,206 | 7,070 | (3,725) | |||
Other comprehensive income (loss), before reclassifications, net of tax | 9,393 | 20,710 | (10,909) | |||
Reclassification from AOCI, pre-tax | 8 | (5) | ||||
Reclassification from AOCI, tax expense (benefit) | 2 | (1) | ||||
Reclassification from AOCI, net of tax | 6 | (4) | ||||
Total other comprehensive income (loss), pre-tax | 12,607 | (4,025) | 27,775 | (14,634) | ||
Total other comprehensive income (loss), tax expense (benefit) | 3,208 | (1,025) | 7,069 | (3,725) | ||
Other comprehensive income (loss), net of tax | 9,399 | (3,000) | 20,706 | (10,909) | ||
Derivative Instruments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, pre-tax | (2,067) | (3,294) | ||||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (526) | (838) | ||||
Other comprehensive income (loss), before reclassifications, net of tax | (1,541) | (2,456) | ||||
Total other comprehensive income (loss), pre-tax | (2,067) | (3,294) | ||||
Total other comprehensive income (loss), tax expense (benefit) | (526) | (838) | ||||
Other comprehensive income (loss), net of tax | (1,541) | (2,456) | ||||
Derivative instruments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, pre-tax | 519 | 1,670 | ||||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 132 | 425 | ||||
Other comprehensive income (loss), before reclassifications, net of tax | 387 | 1,245 | ||||
Total other comprehensive income (loss), pre-tax | 519 | 1,670 | ||||
Total other comprehensive income (loss), tax expense (benefit) | 132 | 425 | ||||
Other comprehensive income (loss), net of tax | 387 | 1,245 | ||||
Amortization of net actuarial loss recognized in net periodic pension cost | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Reclassification from AOCI, pre-tax | 137 | 77 | 209 | 164 | ||
Reclassification from AOCI, tax expense (benefit) | 35 | 20 | 53 | 41 | ||
Reclassification from AOCI, net of tax | 102 | 57 | 156 | 123 | ||
Defined benefit Pension and Post-Retirement Benefit Plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total other comprehensive income (loss), pre-tax | 137 | 77 | 209 | 164 | ||
Total other comprehensive income (loss), tax expense (benefit) | 35 | 20 | 53 | 41 | ||
Other comprehensive income (loss), net of tax | $ 102 | 57 | $ 156 | $ 123 | ||
Unrealized holding losses on securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, pre-tax | (4,025) | |||||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (1,025) | |||||
Other comprehensive income (loss), before reclassifications, net of tax | $ (3,000) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accumulated balances for component of other comprehensive income, net of tax | ||
Unrealized gains on securities | $ 21,772 | $ 1,066 |
Non-credit related portion of other-than-temporary impairment on securities | (11,319) | (11,319) |
Unrealized losses on derivative instruments | (3,086) | |
Unrealized losses on derivative instruments | (630) | |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (6,857) | (7,013) |
Total accumulated other comprehensive income (loss) | $ 510 | $ (17,896) |
Net Income Per Common Share - B
Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic | ||||||
Net income applicable to common stock | $ 46,625 | $ 45,110 | $ 36,710 | $ 33,826 | $ 91,735 | $ 70,536 |
Average common shares outstanding (shares) | 58,461,024 | 49,413,754 | 58,523,007 | 49,385,244 | ||
Net income per common share - basic (usd per share) | $ 0.80 | $ 0.74 | $ 1.57 | $ 1.43 | ||
Diluted | ||||||
Net income applicable to common stock | $ 46,625 | $ 45,110 | $ 36,710 | $ 33,826 | $ 91,735 | $ 70,536 |
Average common shares outstanding (shares) | 58,461,024 | 49,413,754 | 58,523,007 | 49,385,244 | ||
Effect of dilutive stock-based compensation (shares) | 157,952 | 136,007 | 146,049 | 136,801 | ||
Average common shares outstanding - diluted (shares) | 58,618,976 | 49,549,761 | 58,669,056 | 49,522,045 | ||
Net income per common share - diluted (usd per share) | $ 0.80 | $ 0.74 | $ 1.56 | $ 1.42 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Exercise prices (for stock option awards) (usd per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Employee Stock Option | ||||
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Number of antiduilutive shares (in shares) | 4,524 | 44,273 | 643 | 44,273 |
Regulatory Matters - Guidelines
Regulatory Matters - Guidelines Governing the Classification of Capital Tiers (Details) | Jun. 30, 2019 |
Banking and Thrift [Abstract] | |
Tier 1 Capital to Average Assets (Leverage), Well capitalized | 5.00% |
Tier 1 Capital to Average Assets (Leverage), Adequately capitalized | 4.00% |
Tier 1 Capital to Average Assets (Leverage), Undercapitalized | 4.00% |
Tier 1 Capital to Average Assets (Leverage), Significantly undercapitalized | 3.00% |
Common Equity Tier 1 to Risk-Weighted Assets, Well capitalized | 6.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Adequately capitalized | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Undercapitalized | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Significantly undercapitalized | 3.00% |
Tier 1 Capital to Risk-Weighted Assets, Well capitalized | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, Adequately capitalized | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, Undercapitalized | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, Significantly undercapitalized | 4.00% |
Total Capital to Risk-Weighted Assets, Well capitalized | 10.00% |
Total Capital to Risk-Weighted Assets, Adequately capitalized | 8.00% |
Total Capital to Risk-Weighted Assets, Undercapitalized | 8.00% |
Total Capital to Risk-Weighted Assets, Significantly undercapitalized | 6.00% |
Critically undercapitalized | 2.00% |
Regulatory Matters - Capital an
Regulatory Matters - Capital and Risk-Based Capital and Leverage Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Renasant Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 1,256,295 | $ 1,188,412 |
Tier 1 capital to average assets (leverage) - ratio | 10.65% | 10.11% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 1,151,807 | $ 1,085,751 |
Common equity tier 1 capital to risk-weighted assets - ratio | 11.64% | 11.05% |
Tier 1 capital to risk-weighted assets - amount | $ 1,256,295 | $ 1,188,412 |
Tier 1 capital to risk-weighted assets - ratio | 12.69% | 12.10% |
Total capital to risk-weighted assets - amount | $ 1,447,352 | $ 1,386,507 |
Total capital to risk-weighted assets - ratio | 14.62% | 14.12% |
Renasant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 1,355,408 | $ 1,276,976 |
Tier 1 capital to average assets (leverage) - ratio | 11.50% | 10.88% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 1,355,408 | $ 1,276,976 |
Common equity tier 1 capital to risk-weighted assets - ratio | 13.71% | 13.02% |
Tier 1 capital to risk-weighted assets - amount | $ 1,355,408 | $ 1,276,976 |
Tier 1 capital to risk-weighted assets - ratio | 13.71% | 13.02% |
Total capital to risk-weighted assets - amount | $ 1,408,931 | $ 1,331,619 |
Total capital to risk-weighted assets - ratio | 14.25% | 13.58% |
Segment Reporting - Financial I
Segment Reporting - Financial Information for Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | $ 112,800 | $ 92,389 | $ 225,947 | $ 181,629 | |||
Provision for loan losses | 900 | 1,810 | 2,400 | 3,560 | |||
Noninterest income | 41,960 | 35,581 | 77,845 | 69,534 | |||
Noninterest expense | 93,290 | 79,026 | 182,122 | 156,970 | |||
Income before income taxes | 60,570 | 47,134 | 119,270 | 90,633 | |||
Income tax expense (benefit) | 13,945 | 10,424 | 27,535 | 20,097 | |||
Net income (loss) | 46,625 | $ 45,110 | 36,710 | $ 33,826 | 91,735 | 70,536 | |
Total assets | 12,892,653 | 10,544,475 | 12,892,653 | 10,544,475 | $ 12,934,878 | ||
Goodwill | 932,971 | 611,046 | 932,971 | 611,046 | 932,928 | ||
Community Banks | |||||||
Financial information for the Company's operating segments | |||||||
Goodwill | 930,204 | 930,204 | 930,161 | ||||
Insurance | |||||||
Financial information for the Company's operating segments | |||||||
Goodwill | 2,767 | 2,767 | $ 2,767 | ||||
Operating Segments | Community Banks | |||||||
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | 115,664 | 94,676 | 231,722 | 186,103 | |||
Provision for loan losses | 900 | 1,810 | 2,400 | 3,560 | |||
Noninterest income | 36,293 | 29,949 | 65,878 | 57,867 | |||
Noninterest expense | 87,596 | 73,628 | 170,909 | 146,261 | |||
Income before income taxes | 63,461 | 49,187 | 124,291 | 94,149 | |||
Income tax expense (benefit) | 14,910 | 11,165 | 29,196 | 21,332 | |||
Net income (loss) | 48,551 | 38,022 | 95,095 | 72,817 | |||
Total assets | 12,790,623 | 10,439,785 | 12,790,623 | 10,439,785 | |||
Goodwill | 930,204 | 608,279 | 930,204 | 608,279 | |||
Operating Segments | Insurance | |||||||
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | 171 | 118 | 339 | 224 | |||
Provision for loan losses | 0 | 0 | 0 | 0 | |||
Noninterest income | 2,222 | 2,148 | 5,101 | 4,920 | |||
Noninterest expense | 1,898 | 1,819 | 3,713 | 3,550 | |||
Income before income taxes | 495 | 447 | 1,727 | 1,594 | |||
Income tax expense (benefit) | 128 | 116 | 448 | 413 | |||
Net income (loss) | 367 | 331 | 1,279 | 1,181 | |||
Total assets | 26,722 | 24,513 | 26,722 | 24,513 | |||
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | |||
Operating Segments | Wealth Management | |||||||
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | 409 | 315 | 759 | 628 | |||
Provision for loan losses | 0 | 0 | 0 | 0 | |||
Noninterest income | 3,890 | 3,714 | 7,549 | 7,241 | |||
Noninterest expense | 3,464 | 3,213 | 6,912 | 6,605 | |||
Income before income taxes | 835 | 816 | 1,396 | 1,264 | |||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |||
Net income (loss) | 835 | 816 | 1,396 | 1,264 | |||
Total assets | 61,363 | 61,869 | 61,363 | 61,869 | |||
Goodwill | 0 | 0 | 0 | 0 | |||
Other | |||||||
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | (3,444) | (2,720) | (6,873) | (5,326) | |||
Provision for loan losses | 0 | 0 | 0 | 0 | |||
Noninterest income | (445) | (230) | (683) | (494) | |||
Noninterest expense | 332 | 366 | 588 | 554 | |||
Income before income taxes | (4,221) | (3,316) | (8,144) | (6,374) | |||
Income tax expense (benefit) | (1,093) | (857) | (2,109) | (1,648) | |||
Net income (loss) | (3,128) | (2,459) | (6,035) | (4,726) | |||
Total assets | 13,945 | 18,308 | 13,945 | 18,308 | |||
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Net investment in lease | $ 8,729 | $ 8,729 |
Net investment in lease, current | 6,971 | 6,971 |
Residual value of leased asset | 2,332 | 2,332 |
Net investment in lease, noncurrent | 574 | 574 |
Lease income | 78 | 159 |
Right-of-use asset | 73,791 | 73,791 |
Operating lease, liability | 77,449 | 77,449 |
Lease cost | 2,788 | 5,369 |
Affiliated Entity | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset | 13,424 | 13,424 |
Operating lease, liability | 15,668 | 15,668 |
Lease cost | $ 492 | $ 984 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 1 year | 1 year |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 20 years | 20 years |
Leases - Lessor Maturity (Detai
Leases - Lessor Maturity (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 245 |
2020 | 1,492 |
2021 | 1,591 |
2022 | 2,326 |
2023 | 2,299 |
Thereafter | 776 |
Total lease receivables | $ 8,729 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease cost (cost resulting from lease payments) | $ 2,490 | $ 4,848 |
Short-term lease cost | 10 | 20 |
Variable lease cost (cost excluded from lease payments) | 458 | 797 |
Sublease income | (170) | (296) |
Total lease cost | 2,788 | 5,369 |
Operating lease - operating cash flows (fixed payments) | 2,364 | 4,680 |
Operating lease - operating cash flows (liability reduction) | $ 1,680 | $ 3,488 |
Weighted average lease term - operating leases (in years) | 14 years 8 months 26 days | 12 years 5 months 1 day |
Weighted average discount rate - operating leases | 3.58% | 3.58% |
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ 21,448 | $ 22,743 |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Topic 842 | ||
Remainder of 2019 | $ 4,901 | |
2020 | 9,250 | |
2021 | 8,109 | |
2022 | 7,628 | |
2023 | 7,339 | |
Thereafter | 65,589 | |
Total undiscounted cash flows | 102,816 | |
Discount on cash flows | 25,367 | |
Total operating lease liabilities | $ 77,449 | |
Topic 840 | ||
2019 | $ 9,389 | |
2020 | 8,199 | |
2021 | 6,339 | |
2022 | 4,929 | |
2023 | 3,711 | |
Thereafter | 12,592 | |
Total | $ 45,159 |