Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Entity Registrant Name | 'SEACOAST BANKING CORP OF FLORIDA |
Entity Central Index Key | '0000730708 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 25,984,488 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $44,984 | $48,561 |
Interest bearing deposits with other banks | 173,794 | 143,063 |
Total cash and cash equivalents | 218,778 | 191,624 |
Securities available for sale (at fair value) | 658,512 | 641,611 |
Loans held for sale | 11,038 | 13,832 |
Loans | 1,312,456 | 1,304,207 |
Less: Allowance for loan losses | -19,472 | -20,068 |
NET LOANS | 1,292,984 | 1,284,139 |
Bank premises and equipment, net | 35,057 | 34,505 |
Other real estate owned | 6,369 | 6,860 |
Other intangible assets | 522 | 718 |
Other assets | 92,732 | 95,651 |
TOTAL ASSETS | 2,315,992 | 2,268,940 |
LIABILITIES | ' | ' |
Deposits | 1,819,795 | 1,806,045 |
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 156,136 | 151,310 |
Borrowed funds | 50,000 | 50,000 |
Subordinated debt | 53,610 | 53,610 |
Other liabilities | 8,069 | 9,371 |
TOTAL LIABILITIES | 2,087,610 | 2,070,336 |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock, par value $0.10 per share, authorized 60,000,000 shares, issued 25,987,935 and outstanding 25,984,488 shares at March 31, 2014 and issued 23,638,373 and outstanding 23,637,434 shares at December 31, 2013 | 2,599 | 2,364 |
Other shareholders' equity | 225,783 | 196,240 |
TOTAL SHAREHOLDERS' EQUITY | 228,382 | 198,604 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,315,992 | $2,268,940 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 25,987,935 | 23,638,373 |
Common stock, shares outstanding | 25,984,488 | 23,637,434 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ' | ' |
Interest and fees on loans | $13,798 | $14,027 |
Interest and dividends on securities | 3,446 | 3,202 |
Interest on interest bearing deposits and other investments | 268 | 228 |
TOTAL INTEREST INCOME | 17,512 | 17,457 |
Interest on deposits | 601 | 740 |
Interest on borrowed money | 690 | 717 |
TOTAL INTEREST EXPENSE | 1,291 | 1,457 |
NET INTEREST INCOME | 16,221 | 16,000 |
Provision for loan losses | -735 | 953 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 16,956 | 15,047 |
Noninterest income | ' | ' |
Other income | 5,558 | 5,931 |
Securities gains, net (includes net gains (losses) of $1 and ($163) in other comprehensive income reclassifications for the three months) | 17 | 25 |
TOTAL NONINTEREST INCOME | 5,575 | 5,956 |
TOTAL NONINTEREST EXPENSES | 18,783 | 18,959 |
INCOME BEFORE INCOME TAXES | 3,748 | 2,044 |
Provision for income taxes (includes $0 in income tax expense from reclassification items for the three months) | 1,449 | 0 |
NET INCOME | 2,299 | 2,044 |
Preferred stock dividends and accretion of preferred stock discount | 0 | 937 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $2,299 | $1,107 |
PER SHARE COMMON STOCK: | ' | ' |
Net income diluted | $0.09 | $0.06 |
Net income basic | $0.09 | $0.06 |
Cash dividends declared | $0 | $0 |
Average shares outstanding - diluted | 25,656,775 | 18,925,215 |
Average shares outstanding - basic | 25,489,630 | 18,789,428 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ' | ' |
Reclassification adjustment for securities gains (losses) included in net income | ($1) | $163 |
Provision for income (losses) taxes (benefit) | $0 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' |
NET INCOME | $2,299 | $2,044 |
Other comprehensive income: | ' | ' |
Unrealized gains (losses) on securities available for sale | 4,306 | -1,190 |
Unrealized gains on transfer of securities held for investment into securities available for sale | 0 | 724 |
Reclassification adjustment for losses (gains) included in net income | 1 | -163 |
Benefit (provision) for income taxes | -1,663 | 242 |
COMPREHENSIVE INCOME | $4,943 | $1,657 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Interest received | $17,935 | $18,405 |
Fees and commissions received | 5,234 | 5,136 |
Interest paid | -1,302 | -1,467 |
Cash paid to suppliers and employees | -19,469 | -17,966 |
Origination of loans held for sale | -35,048 | -49,323 |
Proceeds from loans held for sale | 37,842 | 61,138 |
Net change in other assets | 638 | 761 |
Net cash provided by operating activities | 5,830 | 16,684 |
Cash flows from investing activities | ' | ' |
Maturity of securities available for sale | 23,586 | 45,201 |
Proceeds from sale of securities available for sale | 4,061 | 11,836 |
Purchase of securities available for sale | -41,058 | -50,327 |
Net new loans and principal repayments | -9,172 | 16 |
Proceeds from the sale of other real estate owned | 1,379 | 1,366 |
Proceeds from sale of Federal Home Loan Bank and Federal Reserve Bank stock | 567 | 620 |
Additions to bank premises and equipment | -1,298 | -833 |
Net cash (used in) provided by investing activities | -21,935 | 7,879 |
Cash flows from financing activities | ' | ' |
Net increase in deposits | 13,750 | 3,204 |
Net increase in federal funds purchased and repurchase agreements | 4,826 | 24,875 |
Issuance of common stock, net of related expense | 24,641 | 0 |
Stock based employee benefit plans | 42 | 47 |
Dividends paid on preferred shares | 0 | -625 |
Net cash provided by financing activities | 43,259 | 27,501 |
Net increase in cash and cash equivalents | 27,154 | 52,064 |
Cash and cash equivalents at beginning of period | 191,624 | 174,987 |
Cash and cash equivalents at end of period | 218,778 | 227,051 |
Reconciliation of net income to cash provided by operating activities | ' | ' |
Net income | 2,299 | 2,044 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 757 | 669 |
Amortization of premiums and discounts on securities, net | 501 | 1,298 |
Other amortization and accretion, net | 266 | 74 |
Change in loans held for sale, net | 2,794 | 11,815 |
Provision for loan losses | -735 | 953 |
Gain on sale of securities | -17 | -25 |
Gain on sale of loans | -415 | -864 |
Losses on sale and write-downs of other real estate owned | 53 | 568 |
Losses on disposition of fixed assets | -12 | 8 |
Change in interest receivable | -148 | -227 |
Change in interest payable | -10 | -10 |
Change in prepaid expenses | -236 | 738 |
Change in accrued taxes | 1,643 | 173 |
Change in other assets | 638 | 761 |
Change in other liabilities | -1,548 | -1,291 |
Cash flows from operating activities | 5,830 | 16,684 |
Supplemental disclosure of non cash investing activities: | ' | ' |
Fair value adjustment to securities | 4,307 | -629 |
Transfer from loans to other real estate owned | 923 | 863 |
Matured securities recorded as a receivable | 492 | 2,339 |
Transfer from securities held for investment to securities available for sale | $0 | $13,818 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
BASIS OF PRESENTATION [Abstract] | ' |
BASIS OF PRESENTATION | ' |
NOTE A - BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U. S. generally accepted accounting principles 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. Operating results for the three-month period ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2013. | |
Use of Estimates | |
The preparation of these condensed consolidated financial statements required the use of certain estimates by management in determining the Company's assets, liabilities, revenues and expenses. Actual results could differ from those estimates. | |
Specific areas, among others, requiring the application of management's estimates include determination of the allowance for loan losses, the valuation of investment securities available for sale, fair value of impaired loans, contingent liabilities, fair value of other real estate owned, and the valuation of deferred tax assets. Actual results could differ from those estimates. |
RECENTLY_ISSUED_ACCOUNTING_STA
RECENTLY ISSUED ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2014 | |
RECENTLY ISSUED ACCOUNTING STANDARDS [Abstract] | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | ' |
NOTE B - RECENTLY ISSUED ACCOUNTING STANDARDS, Not adopted as of March 31, 2014 | |
Accounting Standards Update No. 2014-01- Accounting for Investments in Qualified Affordable Housing Projects - In January 2014, FASB issued ASU 2014-01. This update provides guidance to investors in affordable housing projects that qualify for the low-income housing credit. The ASU will allow investors, in certain cases, to qualify for the use of the effective yield method of accounting in lieu of the equity method or the cost method. The new standard deems that investors should disclose information which allows users of its financial statements to understand this type of investment and the risks involved, including the related tax credits. | |
The amendments in this Update are effective for fiscal years beginning after December 15, 2014. Early adoption is permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and is currently analyzing the effects the ASU will have on its financial position and results of operations. | |
Accounting Standards Update No. 2014-04- Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure - In January 2014, FASB issued ASU 2014-04. This amendment is intended to reduce diversity in practice by clarifying when an in substance repossession or foreclosure occurs, and when a creditor should be considered to have received physical possession of residential real estate property. The Update also defines when the accounting change for the loan should take place. | |
The amendments in this Update are effective for fiscal years beginning after December 15, 2014. Early adoption is permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. |
BASIC_AND_DILUTED_EARNINGS_LOS
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE [Abstract] | ' | ||||||||
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | ' | ||||||||
NOTE C - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | |||||||||
Equivalent shares of 302,000 and 88,000 related to stock options, and stock settled appreciation rights for each of the periods ended March 31, 2014 and 2013, respectively, were excluded from the computation of diluted EPS because they would have been anti-dilutive. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | |||||||
Basic: | |||||||||
Net income available to common shareholders | $ | 2,299 | $ | 1,107 | |||||
Average basic shares outstanding | 25,489,630 | 18,789,428 | |||||||
Basic earnings per share | $ | 0.09 | $ | 0.06 | |||||
Diluted: | |||||||||
Net income available to common shareholders | $ | 2,299 | $ | 1,107 | |||||
Average basic shares outstanding | 25,489,630 | 18,789,428 | |||||||
Employee restricted stock | 167,145 | 135,787 | |||||||
Average diluted shares outstanding | 25,656,775 | 18,925,215 | |||||||
Diluted earnings per share | $ | 0.09 | $ | 0.06 |
SECURITIES
SECURITIES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
SECURITIES [Abstract] | ' | ||||||||||||||||||||||||
SECURITIES | ' | ||||||||||||||||||||||||
NOTE D - SECURITIES | |||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale at March 31, 2014 and December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 100 | $ | 0 | $ | 0 | $ | 100 | |||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 153,330 | 1,516 | (3,536 | ) | 151,310 | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 369,042 | 680 | (11,609 | ) | 358,113 | ||||||||||||||||||||
Private mortgage backed securities | 29,838 | 0 | (343 | ) | 29,495 | ||||||||||||||||||||
Private collateralized mortgage obligations | 80,223 | 1,141 | (331 | ) | 81,033 | ||||||||||||||||||||
Collateralized loan obligations | 32,624 | 0 | (409 | ) | 32,215 | ||||||||||||||||||||
Obligations of state and political subdivisions | 5,894 | 357 | (5 | ) | 6,246 | ||||||||||||||||||||
$ | 671,051 | $ | 3,694 | $ | (16,233 | ) | $ | 658,512 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations  of U.S. Government Sponsored Entities | $ | 100 | $ | 0 | $ | 0 | $ | 100 | |||||||||||||||||
Mortgage-backed securities of U.S. Â Government Sponsored Entities | 129,468 | 1,456 | (4,189 | ) | 126,735 | ||||||||||||||||||||
Collateralized mortgage obligations of  U.S. Government Sponsored Entities | 383,392 | 776 | (14,747 | ) | 369,421 | ||||||||||||||||||||
Private mortgage backed securities | 29,800 | 0 | (226 | ) | 29,574 | ||||||||||||||||||||
Private collateralized mortgage obligations | 76,520 | 731 | (413 | ) | 76,838 | ||||||||||||||||||||
Collateralized loan obligations | 32,592 | 0 | (413 | ) | 32,179 | ||||||||||||||||||||
Obligations of state and political subdivisions | 6,586 | 193 | (15 | ) | 6,764 | ||||||||||||||||||||
$ | 658,458 | $ | 3,156 | $ | (20,003 | ) | $ | 641,611 | |||||||||||||||||
Proceeds from sales of securities during the three month period ended March 31, 2014 were $4,061,000 with gross gains of $17,000 and no gross losses. Proceeds from sales of securities during the three month period ended March 31, 2013 were $11,836,000 with gross gains of $101,000 and gross losses of $76,000. | |||||||||||||||||||||||||
Securities with a carrying and fair value of $101,616,000 at March 31, 2014 were pledged as collateral for United States Treasury deposits, and other public and trust deposits. Securities with a carrying value and fair value of $185,857,000 were pledged as collateral for repurchase agreements. | |||||||||||||||||||||||||
The amortized cost and fair value of securities at March 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | |||||||||||||||||||||||
Due in less than one year | $ | 100 | $ | 100 | |||||||||||||||||||||
Due after one year through five years | 567 | 580 | |||||||||||||||||||||||
Due after five years through ten years | 8,025 | 7,936 | |||||||||||||||||||||||
Due after ten years | 29,926 | 29,945 | |||||||||||||||||||||||
38,618 | 38,561 | ||||||||||||||||||||||||
Mortgage-backed securities of Government Sponsored Entities | 153,330 | 151,310 | |||||||||||||||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | 369,042 | 358,113 | |||||||||||||||||||||||
Private mortgage backed securities | 29,838 | 29,495 | |||||||||||||||||||||||
Private collateralized mortgage obligations | 80,223 | 81,033 | |||||||||||||||||||||||
No contractual maturity | 0 | 0 | |||||||||||||||||||||||
$ | 671,051 | $ | 658,512 | ||||||||||||||||||||||
The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Mortgage-backed securities of U.S. Government  Sponsored Entities | $ | 71,947 | $ | (1,871 | ) | $ | 28,370 | $ | (1,665 | ) | $ | 100,317 | $ | (3,536 | ) | ||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 201,523 | (6,782 | ) | 102,894 | (4,827 | ) | 304,417 | (11,609 | ) | ||||||||||||||||
Private mortage backed securities | 29,495 | (343 | ) | 0 | 0 | 29,495 | (343 | ) | |||||||||||||||||
Private collaterlized mortgage obligations | 28,443 | (331 | ) | 0 | 0 | 28,443 | (331 | ) | |||||||||||||||||
Collateralized loan obligations | 32,215 | (409 | ) | 0 | 0 | 32,215 | (409 | ) | |||||||||||||||||
Obligations of state and political subdivisions | 512 | (4 | ) | 125 | (1 | ) | 637 | (5 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 364,135 | $ | (9,740 | ) | $ | 131,389 | $ | (6,493 | ) | $ | 495,524 | $ | (16,233 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | $ | 33,425 | $ | (2,045 | ) | $ | 35,043 | $ | (2,144 | ) | $ | 68,468 | $ | (4,189 | ) | ||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 287,312 | (12,450 | ) | 45,657 | (2,297 | ) | 332,969 | (14,747 | ) | ||||||||||||||||
Private mortage backed securities | 29,573 | (226 | ) | 0 | 0 | 29,573 | (226 | ) | |||||||||||||||||
Private collateralized mortgage obligations | 47,653 | (413 | ) | 0 | 0 | 47,653 | (413 | ) | |||||||||||||||||
Collateralized loan obligations | 32,179 | (413 | ) | 0 | 0 | 32,179 | (413 | ) | |||||||||||||||||
Obligations of state and political subdivisions | 502 | (14 | ) | 0 | (1 | ) | 502 | (15 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 430,644 | $ | (15,561 | ) | $ | 80,700 | $ | (4,442 | ) | $ | 511,344 | $ | (20,003 | ) | ||||||||||
At March 31, 2014, approximately $0.7 million of the unrealized losses pertain to private label securities secured by collateral originated in 2005 and prior. Their fair value is $57.9 million and is attributable to a combination of factors, including relative changes in interest rates since the time of purchase and decreased liquidity for these investment securities in general. The collateral underlying these mortgage investments are 30- and 15-year fixed and 10/1 adjustable rate mortgage loans with low loan to values, subordination and historically have had minimal foreclosures and losses. Based on its assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||
At March 31, 2014, the Company also had $15.1 million of unrealized losses on collateralized mortgage obligations and mortgage backed securities of government sponsored entities having a fair value of $404.7 million that were attributable to a combination of factors, including relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Based on its assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||
At March 31, 2014, the Company also had $0.4 million of unrealized losses on collateralized loan obligations having a fair value of $32.2 million that were attributable to a combination of factors, including relative changes in interest rates since the time of purchase. Based on its assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||
As of March 31, 2014, management does not intend to sell securities that are in unrealized loss positions and it is not more likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis. Therefore, management does not consider any investment to be other-than-temporarily impaired at March 31, 2014. | |||||||||||||||||||||||||
Included in other assets is $11.8 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. At March 31, 2014, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $11.8 million of cost method investment securities. |
LOANS
LOANS | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
LOANS [Abstract] | ' | ||||||||||||||||||||||||
LOANS | ' | ||||||||||||||||||||||||
NOTE E - LOANS | |||||||||||||||||||||||||
Information relating to loans is summarized as follows: | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Construction and land development | $ | 67,197 | $ | 67,450 | |||||||||||||||||||||
Commercial real estate | 528,444 | 520,382 | |||||||||||||||||||||||
Residential real estate | 592,583 | 592,746 | |||||||||||||||||||||||
Commercial and financial | 79,401 | 78,636 | |||||||||||||||||||||||
Consumer | 44,601 | 44,713 | |||||||||||||||||||||||
Other loans | 230 | 280 | |||||||||||||||||||||||
NET LOAN BALANCES | $ | 1,312,456 | $ | 1,304,207 | |||||||||||||||||||||
-1 | Net loan balances as of March 31, 2014 and December 31, 2013 are net of deferred costs of $2,818,000 and $2,618,000, respectively. | ||||||||||||||||||||||||
The following table presents the contractual aging of the recorded investment in past due loans by class of loans as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||
Accruing | Accruing | Greater | Total | ||||||||||||||||||||||
30-59 Days | 60-89 Days | Than | Financing | ||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | 90 Days | Nonaccrual | Current | Receivables | |||||||||||||||||||
Construction & land development | $ | 0 | $ | 0 | $ | 0 | $ | 1,230 | $ | 65,967 | $ | 67,197 | |||||||||||||
Commercial real estate | 746 | 458 | 0 | 3,911 | 523,329 | 528,444 | |||||||||||||||||||
Residential real estate | 2,091 | 151 | 0 | 20,604 | 569,737 | 592,583 | |||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 11 | 79,390 | 79,401 | |||||||||||||||||||
Consumer | 491 | 0 | 0 | 464 | 43,646 | 44,601 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 230 | 230 | |||||||||||||||||||
Total | $ | 3,328 | $ | 609 | $ | 0 | $ | 26,220 | $ | 1,282,299 | $ | 1,312,456 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||
Accruing | Accruing | Greater | Total | ||||||||||||||||||||||
30-59 Days | 60-89 Days | Than | Financing | ||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | 90 Days | Nonaccrual | Current | Receivables | |||||||||||||||||||
Construction & land development | $ | 3 | $ | 0 | $ | 0 | $ | 1,302 | $ | 66,145 | $ | 67,450 | |||||||||||||
Commercial real estate | 684 | 345 | 0 | 5,111 | 514,242 | 520,382 | |||||||||||||||||||
Residential real estate | 974 | 909 | 160 | 20,705 | 569,998 | 592,746 | |||||||||||||||||||
Commercial and financial | 353 | 0 | 0 | 13 | 78,270 | 78,636 | |||||||||||||||||||
Consumer | 33 | 27 | 0 | 541 | 44,112 | 44,713 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 280 | 280 | |||||||||||||||||||
Total | $ | 2,047 | $ | 1,281 | $ | 160 | $ | 27,672 | $ | 1,273,047 | $ | 1,304,207 | |||||||||||||
The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company's risk rating system, the Company classifies problem and potential problem loans as "Special Mention," "Substandard," and "Doubtful" and these loans are monitored on an ongoing basis. Substandard loans include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as substandard may require a specific allowance, but generally does not exceed 30% of the principal balance. Loans classified as Doubtful, have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are generally charged off. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that deserve management's close attention are deemed to be Special Mention. Risk ratings are updated any time the situation warrants. | |||||||||||||||||||||||||
Loans not meeting the criteria above are considered to be pass-rated loans and risk grades are recalculated at least annually by the loan relationship manager. The following tables present the risk category of loans by class of loans based on the most recent analysis performed as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Construction | Commercial | ||||||||||||||||||||||||
& Land | Commercial | Residential | and | Consumer | |||||||||||||||||||||
(Dollars in thousands) | Development | Real Estate | Real Estate | Financial | Loans | Total | |||||||||||||||||||
Pass | $ | 63,161 | $ | 502,604 | $ | 555,613 | $ | 79,174 | $ | 42,692 | $ | 1,243,244 | |||||||||||||
Special mention | 560 | 6,422 | 457 | 24 | 823 | 8,286 | |||||||||||||||||||
Substandard | 0 | 8,274 | 1,386 | 40 | 469 | 10,169 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,230 | 3,911 | 20,604 | 11 | 464 | 26,220 | |||||||||||||||||||
Pass-Troubled debt restructures | 1,713 | 5,532 | 27 | 0 | 0 | 7,272 | |||||||||||||||||||
Troubled debt restructures | 533 | 1,701 | 14,496 | 152 | 383 | 17,265 | |||||||||||||||||||
$ | 67,197 | $ | 528,444 | $ | 592,583 | $ | 79,401 | $ | 44,831 | $ | 1,312,456 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Construction | Commercial | ||||||||||||||||||||||||
& Land | Commercial | Residential | and | Consumer | |||||||||||||||||||||
(Dollars in thousands) | Development | Real Estate | Real Estate | Financial | Loans | Total | |||||||||||||||||||
Pass | $ | 63,186 | $ | 485,268 | $ | 554,681 | $ | 77,840 | $ | 43,267 | $ | 1,224,242 | |||||||||||||
Special mention | 583 | 6,810 | 824 | 382 | 300 | 8,899 | |||||||||||||||||||
Substandard | 0 | 15,886 | 1,670 | 248 | 453 | 18,257 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,302 | 5,111 | 20,705 | 13 | 541 | 27,672 | |||||||||||||||||||
Pass-Troubled debt restructures | 1,838 | 5,584 | 30 | 0 | 0 | 7,452 | |||||||||||||||||||
Troubled debt restructures | 541 | 1,723 | 14,836 | 153 | 432 | 17,685 | |||||||||||||||||||
$ | 67,450 | $ | 520,382 | $ | 592,746 | $ | 78,636 | $ | 44,993 | $ | 1,304,207 |
IMPAIRED_LOANS_AND_VALUATION_A
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES [Abstract] | ' | ||||||||||||||||||||||||
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES | ' | ||||||||||||||||||||||||
NOTE F - IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||
During the three months ending March 31, 2014 and 2013, newly identified troubled debt restructurings ("TDRs") totaled $0.4 million and $4.4 million, respectively. Loans that are modified, but where full collection under the modified terms is doubtful are classified as nonaccrual loans from the date of modification. | |||||||||||||||||||||||||
The Company's TDR concessions granted generally do not include forgiveness of principal balances. Loan modifications are not reported in calendar years after modification if the loans were modified at an interest rate equal to the yields of new loan originations with comparable risk and the loans are performing based on the terms of the restructuring agreements. | |||||||||||||||||||||||||
When a loan is modified as a TDR, there is not a direct, material impact on the loans within the Consolidated Balance Sheet, as principal balances are generally not forgiven. Most loans prior to modification were classified as an impaired loan and the allowance for loan losses is determined in accordance with Company policy. | |||||||||||||||||||||||||
No accruing loans that were restructured within the twelve months preceding March 31, 2014 defaulted during the three months ended March 31, 2014. The Company considers a loan to have defaulted when it becomes 60 days or more delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to other real estate owned. A defaulted TDR is generally placed on nonaccrual and specific allowance for loan loss is assigned in accordance with the Company's policy. | |||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company's recorded investment in impaired loans and the related valuation allowance were as follows: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Unpaid | Related | ||||||||||||||||||||||||
Recorded | Principal | Valuation | |||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | ||||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 1,949 | $ | 2,082 | $ | 0 | |||||||||||||||||||
Commercial real estate | 758 | 861 | 0 | ||||||||||||||||||||||
Residential real estate | 13,083 | 18,096 | 0 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 312 | 353 | 0 | ||||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | 1,527 | 2,044 | 136 | ||||||||||||||||||||||
Commercial real estate | 10,386 | 11,822 | 507 | ||||||||||||||||||||||
Residential real estate | 22,044 | 23,445 | 3,649 | ||||||||||||||||||||||
Commercial and financial | 163 | 163 | 11 | ||||||||||||||||||||||
Consumer | 535 | 583 | 104 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 3,476 | 4,126 | 136 | ||||||||||||||||||||||
Commercial real estate | 11,144 | 12,683 | 507 | ||||||||||||||||||||||
Residential real estate | 35,127 | 41,541 | 3,649 | ||||||||||||||||||||||
Commercial and financial | 163 | 163 | 11 | ||||||||||||||||||||||
Consumer | 847 | 936 | 104 | ||||||||||||||||||||||
$ | 50,757 | $ | 59,449 | $ | 4,407 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Unpaid | Related | ||||||||||||||||||||||||
Recorded | Principal | Valuation | |||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | ||||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 2,561 | $ | 3,180 | $ | 0 | |||||||||||||||||||
Commercial real estate | 4,481 | 6,577 | 0 | ||||||||||||||||||||||
Residential real estate | 12,366 | 17,372 | 0 | ||||||||||||||||||||||
Commercial and financial | 153 | 153 | 0 | ||||||||||||||||||||||
Consumer | 425 | 569 | 0 | ||||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | 1,120 | 1,197 | 149 | ||||||||||||||||||||||
Commercial real estate | 7,937 | 8,046 | 638 | ||||||||||||||||||||||
Residential real estate | 23,365 | 24,766 | 4,528 | ||||||||||||||||||||||
Commercial and financial | 13 | 13 | 13 | ||||||||||||||||||||||
Consumer | 548 | 573 | 118 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 3,681 | 4,377 | 149 | ||||||||||||||||||||||
Commercial real estate | 12,418 | 14,623 | 638 | ||||||||||||||||||||||
Residential real estate | 35,731 | 42,138 | 4,528 | ||||||||||||||||||||||
Commercial and financial | 166 | 166 | 13 | ||||||||||||||||||||||
Consumer | 973 | 1,142 | 118 | ||||||||||||||||||||||
$ | 52,969 | $ | 62,446 | $ | 5,446 | ||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, the Company's average recorded investments in impaired loans and related interest income were as follows: | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction & land development | $ | 2,357 | $ | 27 | $ | 1,675 | $ | 25 | |||||||||||||||||
Commercial real estate | 3,240 | 21 | 10,806 | 2 | |||||||||||||||||||||
Residential real estate | 12,605 | 127 | 15,338 | 2 | |||||||||||||||||||||
Commercial and financial | 102 | 0 | 0 | 0 | |||||||||||||||||||||
Consumer | 387 | 5 | 178 | 0 | |||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction & land development | 1,256 | 13 | 2,196 | 6 | |||||||||||||||||||||
Commercial real estate | 8,753 | 151 | 26,154 | 299 | |||||||||||||||||||||
Residential real estate | 22,925 | 213 | 23,854 | 140 | |||||||||||||||||||||
Commercial and financial | 63 | 2 | 0 | 0 | |||||||||||||||||||||
Consumer | 544 | 9 | 526 | 6 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction & land development | 3,613 | 40 | 3,871 | 31 | |||||||||||||||||||||
Commercial real estate | 11,993 | 172 | 36,960 | 301 | |||||||||||||||||||||
Residential real estate | 35,530 | 340 | 39,192 | 142 | |||||||||||||||||||||
Commercial and financial | 165 | 2 | 0 | 0 | |||||||||||||||||||||
Consumer | 931 | 14 | 704 | 6 | |||||||||||||||||||||
$ | 52,232 | $ | 568 | $ | 80,727 | $ | 480 | ||||||||||||||||||
Impaired loans also include loans that have been modified in troubled debt restructurings where concessions to borrowers who experienced financial difficulties have been granted. At March 31, 2014 and December 31, 2013, accruing TDRs totaled $24.5 million and $25.1 million, respectively. | |||||||||||||||||||||||||
Interest payments received on impaired loans are recorded as interest income unless collection of the remaining recorded investment is doubtful at which time payments received are recorded as reductions to principal. For the three months ended March 31, 2014 and 2013, the Company recorded $568,000 and $480,000, respectively, in interest income on impaired loans. | |||||||||||||||||||||||||
For impaired loans whose impairment is measured based on the present value of expected future cash flows, a total of $65,000 and $240,000, respectively, was included in interest income for the three months ended March 31, 2014 and 2013, and represents the change in present value attributable to the passage of time. | |||||||||||||||||||||||||
Activity in the allowance for loan losses for the three-month periods ended March 31, 2014 and 2013 is summarized as follows: | |||||||||||||||||||||||||
Allowance for Loan Losses for the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 808 | $ | (36 | ) | $ | (3 | ) | $ | 27 | $ | 24 | $ | 796 | |||||||||||
Commercial real estate | 6,160 | 441 | (84 | ) | 236 | 152 | 6,753 | ||||||||||||||||||
Residential real estate | 11,659 | (1,378 | ) | (112 | ) | 189 | 77 | 10,358 | |||||||||||||||||
Commercial and financial | 710 | 220 | (108 | ) | 31 | (77 | ) | 853 | |||||||||||||||||
Consumer | 731 | 18 | (57 | ) | 20 | (37 | ) | 712 | |||||||||||||||||
$ | 20,068 | $ | (735 | ) | $ | (364 | ) | $ | 503 | $ | 139 | $ | 19,472 | ||||||||||||
Allowance for Loan Losses for the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 1,134 | $ | 193 | $ | (334 | ) | $ | 115 | $ | (219 | ) | $ | 1,108 | |||||||||||
Commercial real estate | 8,849 | 49 | (529 | ) | 79 | (450 | ) | 8,448 | |||||||||||||||||
Residential real estate | 11,090 | 481 | (946 | ) | 97 | (849 | ) | 10,722 | |||||||||||||||||
Commercial and financial | 468 | 70 | (60 | ) | 80 | 20 | 558 | ||||||||||||||||||
Consumer | 563 | 160 | (27 | ) | 8 | (19 | ) | 704 | |||||||||||||||||
$ | 22,104 | $ | 953 | $ | (1,896 | ) | $ | 379 | $ | (1,517 | ) | $ | 21,540 | ||||||||||||
The allowance for loan losses is composed of specific allowances for certain impaired loans and general allowances grouped into loan pools based on similar characteristics. The Company's loan portfolio and related allowance at March 31, 2014 and 2013 is shown in the following tables: | |||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | ||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
(Dollars in thousands) | Value | Allowance | Value | Allowance | Value | Allowance | |||||||||||||||||||
Construction & land development | $ | 3,476 | $ | 136 | $ | 63,721 | $ | 660 | $ | 67,197 | $ | 796 | |||||||||||||
Commercial real estate | 11,144 | 507 | 517,300 | 6,246 | 528,444 | 6,753 | |||||||||||||||||||
Residential real estate | 35,127 | 3,649 | 557,456 | 6,709 | 592,583 | 10,358 | |||||||||||||||||||
Commercial and financial | 163 | 11 | 79,238 | 842 | 79,401 | 853 | |||||||||||||||||||
Consumer | 847 | 104 | 43,984 | 608 | 44,831 | 712 | |||||||||||||||||||
$ | 50,757 | $ | 4,407 | $ | 1,261,699 | $ | 15,065 | $ | 1,312,456 | $ | 19,472 | ||||||||||||||
At March 31, 2013 | |||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | ||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
(Dollars in thousands) | Value | Allowance | Value | Allowance | Value | Allowance | |||||||||||||||||||
Construction & land development | $ | 3,561 | $ | 183 | $ | 59,290 | $ | 925 | $ | 62,851 | $ | 1,108 | |||||||||||||
Commercial real estate | 33,908 | 1,938 | 444,335 | 6,510 | 478,243 | 8,448 | |||||||||||||||||||
Residential real estate | 38,137 | 4,410 | 536,386 | 6,312 | 574,523 | 10,722 | |||||||||||||||||||
Commercial and financial | 0 | 0 | 64,752 | 558 | 64,752 | 558 | |||||||||||||||||||
Consumer | 772 | 182 | 42,669 | 522 | 43,441 | 704 | |||||||||||||||||||
$ | 76,378 | $ | 6,713 | $ | 1,147,432 | $ | 14,827 | $ | 1,223,810 | $ | 21,540 |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2014 | |
INCOME TAXES [Abstract] | ' |
INCOME TAXES | ' |
NOTE G - INCOME TAXES | |
Management expects to realize the $63.7 million in net deferred tax assets well in advance of the statutory carryforward period. At March 31, 2014, approximately $13.8 million of existing deferred tax assets are not related to net operating losses or credits and therefore, have no expiration date. Approximately $42.1 million of the remaining deferred tax assets relate to federal net operating losses which will expire in annual installments beginning in 2029 through 2032. Additionally, approximately $7.8 million of the deferred tax assets relate to state net operating losses which will expire in annual installments beginning in 2027 through 2032. Tax credit carryforwards at March 31, 2014 include federal alternative minimum tax credits totaling $1.3 million which have an unlimited carryforward period. | |
A valuation allowance could be required in future periods based on the assessment of the positive and negative evidence. Management's conclusion at March 31, 2014 that it is more likely than not that the net deferred tax assets of $63.7 million will be realized is based upon management's estimate of future taxable income. Management's estimate of future taxable income is based on internal projections which consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, a valuation allowance may need to be recorded for some or all of the Company's deferred tax asset. Such an increase to the deferred tax asset valuation allowance could have a material adverse effect on the Company's financial condition and results of operations. |
EQUITY_CAPITAL
EQUITY CAPITAL | 3 Months Ended |
Mar. 31, 2014 | |
EQUITY CAPITAL [Abstract] | ' |
EQUITY CAPITAL | ' |
NOTE H - EQUITY CAPITAL | |
The Company is well capitalized for bank regulatory purposes. To be categorized as well capitalized, the Company must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth under "Capital Resources" in this Report. At March 31, 2014, the Company's principal subsidiary, Seacoast National Bank, or "Seacoast National", met the risk-based capital and leverage ratio requirements for well capitalized banks under the regulatory framework for prompt corrective action. | |
In the fourth quarter of 2013 the Company redeemed all of its outstanding Series A Preferred Stock. | |
The Company's Series A Preferred Stock with a par value of $0.10 per share and totaling $50 million was fully redeemed at December 31, 2013. During the first quarter of 2013 quarterly dividends of five percent or $625,000 were remitted to holders of the Series A Preferred Stock. | |
The Company closed on an additional $25 million in common equity in January 2014 related to a fourth quarter 2013 capital offering. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
CONTINGENCIES [Abstract] | ' |
CONTINGENCIES | ' |
NOTE I - CONTINGENCIES | |
The Company and its subsidiaries, because of the nature of their businesses, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company's consolidated financial condition, operating results or cash flows, although no assurance can be given with respect to the ultimate outcome of any such claim or litigation. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE [Abstract] | ' | ||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||
NOTE J - FAIR VALUE | |||||||||||||||||
In certain circumstances, fair value enables the Company to more accurately align its financial performance with the market value of actively traded or hedged assets and liabilities. Fair values enable a company to mitigate the non-economic earnings volatility caused from financial assets and financial liabilities being carried at different bases of accounting, as well as to more accurately portray the active and dynamic management of a company's balance sheet. ASC 820 provides additional guidance for estimating fair value when the volume and level of activity for an asset or liability has significantly decreased. In addition, it includes guidance on identifying circumstances that indicate a transaction is not orderly. Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2014 and 2013 included: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Fair Value | Assets | Inputs | Inputs | ||||||||||||||
(Dollars in thousands) | Measurements | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
31-Mar-14 | |||||||||||||||||
Available for sale securities (3) | $ | 658,512 | $ | 100 | $ | 658,412 | $ | 0 | |||||||||
Loans available for sale (4) | 11,038 | 0 | 11,038 | 0 | |||||||||||||
Loans (1) | 20,659 | 0 | 10,104 | 10,555 | |||||||||||||
Other real estate owned (2) | 6,369 | 0 | 883 | 5,486 | |||||||||||||
31-Mar-13 | |||||||||||||||||
Available for sale securities (3) | $ | 649,196 | $ | 1,202 | $ | 647,994 | $ | 0 | |||||||||
Loans available for sale (4) | 24,206 | 0 | 24,206 | 0 | |||||||||||||
Loans (1) | 22,601 | 0 | 10,889 | 11,712 | |||||||||||||
Other real estate owned (2) | 10,850 | 0 | 3,389 | 7,461 | |||||||||||||
-1 | See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan's observable market price or current appraised value of the collateral in accordance with ASC 310. | ||||||||||||||||
-2 | Fair value is measured on a nonrecurring basis in accordance with ASC 360. | ||||||||||||||||
(3) See Note D for further detail of fair value of individual investment categories. | |||||||||||||||||
(4) Recurring fair value basis determined using observable market data. | |||||||||||||||||
The fair value of impaired loans which are not troubled debt restructurings is based on recent real estate appraisals less estimated costs of sale. For residential real estate impaired loans, appraised values or internal evaluation are based on the comparative sales approach. These impaired loans are considered level 2 in the fair value hierarchy. For commercial and commercial real estate impaired loans, evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At March 31, 2014 the range of capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 8.5 percent. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. As such, the fair value of these impaired loans is considered level 3 in the fair value hierarchy. | |||||||||||||||||
Fair value of available for sale securities are determined using valuation techniques for individual investments as described in Note D. | |||||||||||||||||
When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of other real estate owned ("OREO") is classified as a level 2 input. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, OREO is classified as Level 3 inputs. | |||||||||||||||||
Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company's monthly and/or quarterly valuation process. | |||||||||||||||||
During the three months ended March 31, 2014, there were no transfers between level 1 and level 2 assets carried at fair value. | |||||||||||||||||
For loans classified as level 3 the transfers totaled $5.2 million for the first three months of 2014, consisting of loans that became impaired during 2014. Transfers out consisted of foreclosures migrating to OREO of $0.5 million, and other reductions (including principal payments) totaling $1.1 million. No sales were recorded. | |||||||||||||||||
Charge-offs recognized upon loan foreclosures are generally offset by general or specific allocations of the allowance for loan losses and generally do not, and did not during the reported periods, significantly impact the Company's provision for loan losses. | |||||||||||||||||
For OREO classified as level 3 during the first three months of 2014, transfers in totaled $0.7 million. Transfers out totaled $0.8 million, consisting entirely of sales. | |||||||||||||||||
The carrying amount and fair value of the Company's other significant financial instruments that are not measured at fair value on a recurring basis in the balance sheet as of March 31, 2014 and 2013 is as follows: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Carrying | Assets | Inputs | Inputs | ||||||||||||||
(Dollars in thousands) | Amount | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
At March 31, 2014 | |||||||||||||||||
Financial Assets | |||||||||||||||||
Loans, net | $ | 1,272,325 | $ | 0 | $ | 0 | $ | 1,273,150 | |||||||||
Financial Liabilities | |||||||||||||||||
Deposit liabilities | 1,819,795 | 0 | 0 | 1,820,689 | |||||||||||||
Borrowings | 50,000 | 0 | 53,584 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 42,888 | 0 | |||||||||||||
At March 31, 2013 | |||||||||||||||||
Financial Assets | |||||||||||||||||
Loans, net | $ | 1,179,669 | $ | 0 | $ | 0 | $ | 1,200,845 | |||||||||
Financial Liabilities | |||||||||||||||||
Deposit liabilities | 1,762,164 | 0 | 0 | 1,764,018 | |||||||||||||
Borrowings | 50,000 | 0 | 55,299 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 37,527 | 0 | |||||||||||||
The short maturity of Seacoast's assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and cash equivalents, interest bearing deposits with other banks, federal funds purchased and securities sold under agreement to repurchase, maturing within 30 days. | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at March 31, 2014 and 2013: | |||||||||||||||||
Securities: U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. Other securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other things. | |||||||||||||||||
The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities that are esoteric or that have a complicated structure. The Company's entire portfolio consists of traditional investments, nearly all of which are U.S. Treasury obligations, federal agency bullet or mortgage pass-through securities, or general obligation or revenue based municipal bonds. Pricing for such instruments is fairly generic and is easily obtained. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. | |||||||||||||||||
Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, mortgage, etc. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and nonperforming categories. The fair value of loans, except residential mortgages, is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risks inherent in the loan. For residential mortgage loans, fair value is estimated by discounting contractual cash flows adjusting for prepayment assumptions using discount rates based on secondary market sources. The estimated fair value is not an exit price fair value under ASC 820 when this valuation technique is used. | |||||||||||||||||
Loans held for sale: Fair values are based upon estimated values to be received from independent third party purchasers. | |||||||||||||||||
Deposit Liabilities: The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. | |||||||||||||||||
Borrowings: The fair value of floating rate borrowings is the amount payable on demand at the reporting date. The fair value of fixed rate borrowings is estimated using the rates currently offered for borrowings of similar remaining maturities. | |||||||||||||||||
Subordinated debt: The fair value of the floating rate subordinated debt is estimated using discounted cash flow analysis and estimates of the Company's current incremental borrowing rate for similar instruments, and dealer quotes for similar debt. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE K - SUBSEQUENT EVENTS | |
Acquisition | |
On April 24, 2014, Seacoast signed a definitive agreement and plan of merger with The BANKshares, Inc., a bank holding company ("BANKshares"). BANKshares founded in 1989, is headquartered in Winter Park, Florida, and following the closing of the merger, the acquisition is expected to add approximately $674 million in assets, $506 million in deposits, and $374 million in loans, along with twelve branch locations throughout central Florida. For the year ended December 31, 2013, BANKshares reported net income of $3.0 million, and for the three months ended March 31, 2014 had net income of $0.7 million. The all-stock transaction provides that BANKshares' shareholders will receive 0.4975 shares of Seacoast common stock. Based on Seacoast's closing price on April 23, 2014, the transaction would be valued at approximately $76 million, with closing to be completed in the fourth quarter of 2014, subject to regulatory approvals and customary closing conditions. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
BASIS OF PRESENTATION [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of these condensed consolidated financial statements required the use of certain estimates by management in determining the Company's assets, liabilities, revenues and expenses. Actual results could differ from those estimates. | |
Specific areas, among others, requiring the application of management's estimates include determination of the allowance for loan losses, the valuation of investment securities available for sale, fair value of impaired loans, contingent liabilities, fair value of other real estate owned, and the valuation of deferred tax assets. Actual results could differ from those estimates. |
BASIC_AND_DILUTED_EARNINGS_LOS1
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE [Abstract] | ' | ||||||||
Schedule of Earnings Per Share | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | |||||||
Basic: | |||||||||
Net income available to common shareholders | $ | 2,299 | $ | 1,107 | |||||
Average basic shares outstanding | 25,489,630 | 18,789,428 | |||||||
Basic earnings per share | $ | 0.09 | $ | 0.06 | |||||
Diluted: | |||||||||
Net income available to common shareholders | $ | 2,299 | $ | 1,107 | |||||
Average basic shares outstanding | 25,489,630 | 18,789,428 | |||||||
Employee restricted stock | 167,145 | 135,787 | |||||||
Average diluted shares outstanding | 25,656,775 | 18,925,215 | |||||||
Diluted earnings per share | $ | 0.09 | $ | 0.06 |
SECURITIES_Tables
SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
SECURITIES [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale at March 31, 2014 and December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 100 | $ | 0 | $ | 0 | $ | 100 | |||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 153,330 | 1,516 | (3,536 | ) | 151,310 | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 369,042 | 680 | (11,609 | ) | 358,113 | ||||||||||||||||||||
Private mortgage backed securities | 29,838 | 0 | (343 | ) | 29,495 | ||||||||||||||||||||
Private collateralized mortgage obligations | 80,223 | 1,141 | (331 | ) | 81,033 | ||||||||||||||||||||
Collateralized loan obligations | 32,624 | 0 | (409 | ) | 32,215 | ||||||||||||||||||||
Obligations of state and political subdivisions | 5,894 | 357 | (5 | ) | 6,246 | ||||||||||||||||||||
$ | 671,051 | $ | 3,694 | $ | (16,233 | ) | $ | 658,512 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations  of U.S. Government Sponsored Entities | $ | 100 | $ | 0 | $ | 0 | $ | 100 | |||||||||||||||||
Mortgage-backed securities of U.S. Â Government Sponsored Entities | 129,468 | 1,456 | (4,189 | ) | 126,735 | ||||||||||||||||||||
Collateralized mortgage obligations of  U.S. Government Sponsored Entities | 383,392 | 776 | (14,747 | ) | 369,421 | ||||||||||||||||||||
Private mortgage backed securities | 29,800 | 0 | (226 | ) | 29,574 | ||||||||||||||||||||
Private collateralized mortgage obligations | 76,520 | 731 | (413 | ) | 76,838 | ||||||||||||||||||||
Collateralized loan obligations | 32,592 | 0 | (413 | ) | 32,179 | ||||||||||||||||||||
Obligations of state and political subdivisions | 6,586 | 193 | (15 | ) | 6,764 | ||||||||||||||||||||
$ | 658,458 | $ | 3,156 | $ | (20,003 | ) | $ | 641,611 | |||||||||||||||||
Amortized Cost and Fair Value of Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities at March 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | |||||||||||||||||||||||
Due in less than one year | $ | 100 | $ | 100 | |||||||||||||||||||||
Due after one year through five years | 567 | 580 | |||||||||||||||||||||||
Due after five years through ten years | 8,025 | 7,936 | |||||||||||||||||||||||
Due after ten years | 29,926 | 29,945 | |||||||||||||||||||||||
38,618 | 38,561 | ||||||||||||||||||||||||
Mortgage-backed securities of Government Sponsored Entities | 153,330 | 151,310 | |||||||||||||||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | 369,042 | 358,113 | |||||||||||||||||||||||
Private mortgage backed securities | 29,838 | 29,495 | |||||||||||||||||||||||
Private collateralized mortgage obligations | 80,223 | 81,033 | |||||||||||||||||||||||
No contractual maturity | 0 | 0 | |||||||||||||||||||||||
$ | 671,051 | $ | 658,512 | ||||||||||||||||||||||
Schedule of Unrealized Loss and Fair Value on Investments | ' | ||||||||||||||||||||||||
The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Mortgage-backed securities of U.S. Government  Sponsored Entities | $ | 71,947 | $ | (1,871 | ) | $ | 28,370 | $ | (1,665 | ) | $ | 100,317 | $ | (3,536 | ) | ||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 201,523 | (6,782 | ) | 102,894 | (4,827 | ) | 304,417 | (11,609 | ) | ||||||||||||||||
Private mortage backed securities | 29,495 | (343 | ) | 0 | 0 | 29,495 | (343 | ) | |||||||||||||||||
Private collaterlized mortgage obligations | 28,443 | (331 | ) | 0 | 0 | 28,443 | (331 | ) | |||||||||||||||||
Collateralized loan obligations | 32,215 | (409 | ) | 0 | 0 | 32,215 | (409 | ) | |||||||||||||||||
Obligations of state and political subdivisions | 512 | (4 | ) | 125 | (1 | ) | 637 | (5 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 364,135 | $ | (9,740 | ) | $ | 131,389 | $ | (6,493 | ) | $ | 495,524 | $ | (16,233 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | $ | 33,425 | $ | (2,045 | ) | $ | 35,043 | $ | (2,144 | ) | $ | 68,468 | $ | (4,189 | ) | ||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 287,312 | (12,450 | ) | 45,657 | (2,297 | ) | 332,969 | (14,747 | ) | ||||||||||||||||
Private mortage backed securities | 29,573 | (226 | ) | 0 | 0 | 29,573 | (226 | ) | |||||||||||||||||
Private collateralized mortgage obligations | 47,653 | (413 | ) | 0 | 0 | 47,653 | (413 | ) | |||||||||||||||||
Collateralized loan obligations | 32,179 | (413 | ) | 0 | 0 | 32,179 | (413 | ) | |||||||||||||||||
Obligations of state and political subdivisions | 502 | (14 | ) | 0 | (1 | ) | 502 | (15 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 430,644 | $ | (15,561 | ) | $ | 80,700 | $ | (4,442 | ) | $ | 511,344 | $ | (20,003 | ) |
LOANS_Tables
LOANS (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
LOANS [Abstract] | ' | ||||||||||||||||||||||||
Information Relating to Loans | ' | ||||||||||||||||||||||||
Information relating to loans is summarized as follows: | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Construction and land development | $ | 67,197 | $ | 67,450 | |||||||||||||||||||||
Commercial real estate | 528,444 | 520,382 | |||||||||||||||||||||||
Residential real estate | 592,583 | 592,746 | |||||||||||||||||||||||
Commercial and financial | 79,401 | 78,636 | |||||||||||||||||||||||
Consumer | 44,601 | 44,713 | |||||||||||||||||||||||
Other loans | 230 | 280 | |||||||||||||||||||||||
NET LOAN BALANCES | $ | 1,312,456 | $ | 1,304,207 | |||||||||||||||||||||
-1 | Net loan balances as of March 31, 2014 and December 31, 2013 are net of deferred costs of $2,818,000 and $2,618,000, respectively. | ||||||||||||||||||||||||
Schedule of Contractual Aging of Recorded Investment in Past Due Loans | ' | ||||||||||||||||||||||||
The following table presents the contractual aging of the recorded investment in past due loans by class of loans as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||
Accruing | Accruing | Greater | Total | ||||||||||||||||||||||
30-59 Days | 60-89 Days | Than | Financing | ||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | 90 Days | Nonaccrual | Current | Receivables | |||||||||||||||||||
Construction & land development | $ | 0 | $ | 0 | $ | 0 | $ | 1,230 | $ | 65,967 | $ | 67,197 | |||||||||||||
Commercial real estate | 746 | 458 | 0 | 3,911 | 523,329 | 528,444 | |||||||||||||||||||
Residential real estate | 2,091 | 151 | 0 | 20,604 | 569,737 | 592,583 | |||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 11 | 79,390 | 79,401 | |||||||||||||||||||
Consumer | 491 | 0 | 0 | 464 | 43,646 | 44,601 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 230 | 230 | |||||||||||||||||||
Total | $ | 3,328 | $ | 609 | $ | 0 | $ | 26,220 | $ | 1,282,299 | $ | 1,312,456 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||
Accruing | Accruing | Greater | Total | ||||||||||||||||||||||
30-59 Days | 60-89 Days | Than | Financing | ||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | 90 Days | Nonaccrual | Current | Receivables | |||||||||||||||||||
Construction & land development | $ | 3 | $ | 0 | $ | 0 | $ | 1,302 | $ | 66,145 | $ | 67,450 | |||||||||||||
Commercial real estate | 684 | 345 | 0 | 5,111 | 514,242 | 520,382 | |||||||||||||||||||
Residential real estate | 974 | 909 | 160 | 20,705 | 569,998 | 592,746 | |||||||||||||||||||
Commercial and financial | 353 | 0 | 0 | 13 | 78,270 | 78,636 | |||||||||||||||||||
Consumer | 33 | 27 | 0 | 541 | 44,112 | 44,713 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 280 | 280 | |||||||||||||||||||
Total | $ | 2,047 | $ | 1,281 | $ | 160 | $ | 27,672 | $ | 1,273,047 | $ | 1,304,207 | |||||||||||||
Schedule of Risk Category, Class of Loans and Recorded Investment | ' | ||||||||||||||||||||||||
Loans not meeting the criteria above are considered to be pass-rated loans and risk grades are recalculated at least annually by the loan relationship manager. The following tables present the risk category of loans by class of loans based on the most recent analysis performed as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Construction | Commercial | ||||||||||||||||||||||||
& Land | Commercial | Residential | and | Consumer | |||||||||||||||||||||
(Dollars in thousands) | Development | Real Estate | Real Estate | Financial | Loans | Total | |||||||||||||||||||
Pass | $ | 63,161 | $ | 502,604 | $ | 555,613 | $ | 79,174 | $ | 42,692 | $ | 1,243,244 | |||||||||||||
Special mention | 560 | 6,422 | 457 | 24 | 823 | 8,286 | |||||||||||||||||||
Substandard | 0 | 8,274 | 1,386 | 40 | 469 | 10,169 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,230 | 3,911 | 20,604 | 11 | 464 | 26,220 | |||||||||||||||||||
Pass-Troubled debt restructures | 1,713 | 5,532 | 27 | 0 | 0 | 7,272 | |||||||||||||||||||
Troubled debt restructures | 533 | 1,701 | 14,496 | 152 | 383 | 17,265 | |||||||||||||||||||
$ | 67,197 | $ | 528,444 | $ | 592,583 | $ | 79,401 | $ | 44,831 | $ | 1,312,456 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Construction | Commercial | ||||||||||||||||||||||||
& Land | Commercial | Residential | and | Consumer | |||||||||||||||||||||
(Dollars in thousands) | Development | Real Estate | Real Estate | Financial | Loans | Total | |||||||||||||||||||
Pass | $ | 63,186 | $ | 485,268 | $ | 554,681 | $ | 77,840 | $ | 43,267 | $ | 1,224,242 | |||||||||||||
Special mention | 583 | 6,810 | 824 | 382 | 300 | 8,899 | |||||||||||||||||||
Substandard | 0 | 15,886 | 1,670 | 248 | 453 | 18,257 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,302 | 5,111 | 20,705 | 13 | 541 | 27,672 | |||||||||||||||||||
Pass-Troubled debt restructures | 1,838 | 5,584 | 30 | 0 | 0 | 7,452 | |||||||||||||||||||
Troubled debt restructures | 541 | 1,723 | 14,836 | 153 | 432 | 17,685 | |||||||||||||||||||
$ | 67,450 | $ | 520,382 | $ | 592,746 | $ | 78,636 | $ | 44,993 | $ | 1,304,207 |
IMPAIRED_LOANS_AND_VALUATION_A1
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Recorded Investments in Impaired Loans and Related Valuation Allowances and Interest Income | ' | ||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company's recorded investment in impaired loans and the related valuation allowance were as follows: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Unpaid | Related | ||||||||||||||||||||||||
Recorded | Principal | Valuation | |||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | ||||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 1,949 | $ | 2,082 | $ | 0 | |||||||||||||||||||
Commercial real estate | 758 | 861 | 0 | ||||||||||||||||||||||
Residential real estate | 13,083 | 18,096 | 0 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 312 | 353 | 0 | ||||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | 1,527 | 2,044 | 136 | ||||||||||||||||||||||
Commercial real estate | 10,386 | 11,822 | 507 | ||||||||||||||||||||||
Residential real estate | 22,044 | 23,445 | 3,649 | ||||||||||||||||||||||
Commercial and financial | 163 | 163 | 11 | ||||||||||||||||||||||
Consumer | 535 | 583 | 104 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 3,476 | 4,126 | 136 | ||||||||||||||||||||||
Commercial real estate | 11,144 | 12,683 | 507 | ||||||||||||||||||||||
Residential real estate | 35,127 | 41,541 | 3,649 | ||||||||||||||||||||||
Commercial and financial | 163 | 163 | 11 | ||||||||||||||||||||||
Consumer | 847 | 936 | 104 | ||||||||||||||||||||||
$ | 50,757 | $ | 59,449 | $ | 4,407 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Unpaid | Related | ||||||||||||||||||||||||
Recorded | Principal | Valuation | |||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | ||||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 2,561 | $ | 3,180 | $ | 0 | |||||||||||||||||||
Commercial real estate | 4,481 | 6,577 | 0 | ||||||||||||||||||||||
Residential real estate | 12,366 | 17,372 | 0 | ||||||||||||||||||||||
Commercial and financial | 153 | 153 | 0 | ||||||||||||||||||||||
Consumer | 425 | 569 | 0 | ||||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | 1,120 | 1,197 | 149 | ||||||||||||||||||||||
Commercial real estate | 7,937 | 8,046 | 638 | ||||||||||||||||||||||
Residential real estate | 23,365 | 24,766 | 4,528 | ||||||||||||||||||||||
Commercial and financial | 13 | 13 | 13 | ||||||||||||||||||||||
Consumer | 548 | 573 | 118 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 3,681 | 4,377 | 149 | ||||||||||||||||||||||
Commercial real estate | 12,418 | 14,623 | 638 | ||||||||||||||||||||||
Residential real estate | 35,731 | 42,138 | 4,528 | ||||||||||||||||||||||
Commercial and financial | 166 | 166 | 13 | ||||||||||||||||||||||
Consumer | 973 | 1,142 | 118 | ||||||||||||||||||||||
$ | 52,969 | $ | 62,446 | $ | 5,446 | ||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, the Company's average recorded investments in impaired loans and related interest income were as follows: | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction & land development | $ | 2,357 | $ | 27 | $ | 1,675 | $ | 25 | |||||||||||||||||
Commercial real estate | 3,240 | 21 | 10,806 | 2 | |||||||||||||||||||||
Residential real estate | 12,605 | 127 | 15,338 | 2 | |||||||||||||||||||||
Commercial and financial | 102 | 0 | 0 | 0 | |||||||||||||||||||||
Consumer | 387 | 5 | 178 | 0 | |||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction & land development | 1,256 | 13 | 2,196 | 6 | |||||||||||||||||||||
Commercial real estate | 8,753 | 151 | 26,154 | 299 | |||||||||||||||||||||
Residential real estate | 22,925 | 213 | 23,854 | 140 | |||||||||||||||||||||
Commercial and financial | 63 | 2 | 0 | 0 | |||||||||||||||||||||
Consumer | 544 | 9 | 526 | 6 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction & land development | 3,613 | 40 | 3,871 | 31 | |||||||||||||||||||||
Commercial real estate | 11,993 | 172 | 36,960 | 301 | |||||||||||||||||||||
Residential real estate | 35,530 | 340 | 39,192 | 142 | |||||||||||||||||||||
Commercial and financial | 165 | 2 | 0 | 0 | |||||||||||||||||||||
Consumer | 931 | 14 | 704 | 6 | |||||||||||||||||||||
$ | 52,232 | $ | 568 | $ | 80,727 | $ | 480 | ||||||||||||||||||
Activity in Allowance for Loan Losses | ' | ||||||||||||||||||||||||
Activity in the allowance for loan losses for the three-month periods ended March 31, 2014 and 2013 is summarized as follows: | |||||||||||||||||||||||||
Allowance for Loan Losses for the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 808 | $ | (36 | ) | $ | (3 | ) | $ | 27 | $ | 24 | $ | 796 | |||||||||||
Commercial real estate | 6,160 | 441 | (84 | ) | 236 | 152 | 6,753 | ||||||||||||||||||
Residential real estate | 11,659 | (1,378 | ) | (112 | ) | 189 | 77 | 10,358 | |||||||||||||||||
Commercial and financial | 710 | 220 | (108 | ) | 31 | (77 | ) | 853 | |||||||||||||||||
Consumer | 731 | 18 | (57 | ) | 20 | (37 | ) | 712 | |||||||||||||||||
$ | 20,068 | $ | (735 | ) | $ | (364 | ) | $ | 503 | $ | 139 | $ | 19,472 | ||||||||||||
Allowance for Loan Losses for the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 1,134 | $ | 193 | $ | (334 | ) | $ | 115 | $ | (219 | ) | $ | 1,108 | |||||||||||
Commercial real estate | 8,849 | 49 | (529 | ) | 79 | (450 | ) | 8,448 | |||||||||||||||||
Residential real estate | 11,090 | 481 | (946 | ) | 97 | (849 | ) | 10,722 | |||||||||||||||||
Commercial and financial | 468 | 70 | (60 | ) | 80 | 20 | 558 | ||||||||||||||||||
Consumer | 563 | 160 | (27 | ) | 8 | (19 | ) | 704 | |||||||||||||||||
$ | 22,104 | $ | 953 | $ | (1,896 | ) | $ | 379 | $ | (1,517 | ) | $ | 21,540 | ||||||||||||
Loan Portfolio and Related Allowance | ' | ||||||||||||||||||||||||
The allowance for loan losses is composed of specific allowances for certain impaired loans and general allowances grouped into loan pools based on similar characteristics. The Company's loan portfolio and related allowance at March 31, 2014 and 2013 is shown in the following tables: | |||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | ||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
(Dollars in thousands) | Value | Allowance | Value | Allowance | Value | Allowance | |||||||||||||||||||
Construction & land development | $ | 3,476 | $ | 136 | $ | 63,721 | $ | 660 | $ | 67,197 | $ | 796 | |||||||||||||
Commercial real estate | 11,144 | 507 | 517,300 | 6,246 | 528,444 | 6,753 | |||||||||||||||||||
Residential real estate | 35,127 | 3,649 | 557,456 | 6,709 | 592,583 | 10,358 | |||||||||||||||||||
Commercial and financial | 163 | 11 | 79,238 | 842 | 79,401 | 853 | |||||||||||||||||||
Consumer | 847 | 104 | 43,984 | 608 | 44,831 | 712 | |||||||||||||||||||
$ | 50,757 | $ | 4,407 | $ | 1,261,699 | $ | 15,065 | $ | 1,312,456 | $ | 19,472 | ||||||||||||||
At March 31, 2013 | |||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | ||||||||||||||||||||||||
Impairment | Impairment | Total | |||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
(Dollars in thousands) | Value | Allowance | Value | Allowance | Value | Allowance | |||||||||||||||||||
Construction & land development | $ | 3,561 | $ | 183 | $ | 59,290 | $ | 925 | $ | 62,851 | $ | 1,108 | |||||||||||||
Commercial real estate | 33,908 | 1,938 | 444,335 | 6,510 | 478,243 | 8,448 | |||||||||||||||||||
Residential real estate | 38,137 | 4,410 | 536,386 | 6,312 | 574,523 | 10,722 | |||||||||||||||||||
Commercial and financial | 0 | 0 | 64,752 | 558 | 64,752 | 558 | |||||||||||||||||||
Consumer | 772 | 182 | 42,669 | 522 | 43,441 | 704 | |||||||||||||||||||
$ | 76,378 | $ | 6,713 | $ | 1,147,432 | $ | 14,827 | $ | 1,223,810 | $ | 21,540 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE [Abstract] | ' | ||||||||||||||||
Fair Value Measurements for Items Measured at Fair Value | ' | ||||||||||||||||
Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2014 and 2013 included: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Fair Value | Assets | Inputs | Inputs | ||||||||||||||
(Dollars in thousands) | Measurements | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
31-Mar-14 | |||||||||||||||||
Available for sale securities (3) | $ | 658,512 | $ | 100 | $ | 658,412 | $ | 0 | |||||||||
Loans available for sale (4) | 11,038 | 0 | 11,038 | 0 | |||||||||||||
Loans (1) | 20,659 | 0 | 10,104 | 10,555 | |||||||||||||
Other real estate owned (2) | 6,369 | 0 | 883 | 5,486 | |||||||||||||
31-Mar-13 | |||||||||||||||||
Available for sale securities (3) | $ | 649,196 | $ | 1,202 | $ | 647,994 | $ | 0 | |||||||||
Loans available for sale (4) | 24,206 | 0 | 24,206 | 0 | |||||||||||||
Loans (1) | 22,601 | 0 | 10,889 | 11,712 | |||||||||||||
Other real estate owned (2) | 10,850 | 0 | 3,389 | 7,461 | |||||||||||||
-1 | See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan's observable market price or current appraised value of the collateral in accordance with ASC 310. | ||||||||||||||||
-2 | Fair value is measured on a nonrecurring basis in accordance with ASC 360. | ||||||||||||||||
(3) See Note D for further detail of fair value of individual investment categories. | |||||||||||||||||
(4) Recurring fair value basis determined using observable market data. | |||||||||||||||||
Summary of Carrying Value and Fair Value of Company's Financial Instruments | ' | ||||||||||||||||
The carrying amount and fair value of the Company's other significant financial instruments that are not measured at fair value on a recurring basis in the balance sheet as of March 31, 2014 and 2013 is as follows: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Carrying | Assets | Inputs | Inputs | ||||||||||||||
(Dollars in thousands) | Amount | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
At March 31, 2014 | |||||||||||||||||
Financial Assets | |||||||||||||||||
Loans, net | $ | 1,272,325 | $ | 0 | $ | 0 | $ | 1,273,150 | |||||||||
Financial Liabilities | |||||||||||||||||
Deposit liabilities | 1,819,795 | 0 | 0 | 1,820,689 | |||||||||||||
Borrowings | 50,000 | 0 | 53,584 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 42,888 | 0 | |||||||||||||
At March 31, 2013 | |||||||||||||||||
Financial Assets | |||||||||||||||||
Loans, net | $ | 1,179,669 | $ | 0 | $ | 0 | $ | 1,200,845 | |||||||||
Financial Liabilities | |||||||||||||||||
Deposit liabilities | 1,762,164 | 0 | 0 | 1,764,018 | |||||||||||||
Borrowings | 50,000 | 0 | 55,299 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 37,527 | 0 |
BASIC_AND_DILUTED_EARNINGS_LOS2
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE [Abstract] | ' | ' |
Stock options, stock settled appreciation rights and warrants excluded from computation du to anti-dilutive effect | 302,000 | 88,000 |
Basic: | ' | ' |
Net income available to common shareholders | $2,299 | $1,107 |
Average basic shares outstanding | 25,489,630 | 18,789,428 |
Basic earnings per share | $0.09 | $0.06 |
Diluted: | ' | ' |
Net income available to common shareholders | $2,299 | $1,107 |
Average basic shares outstanding | 25,489,630 | 18,789,428 |
Employee restricted stock | 167,145 | 135,787 |
Average diluted shares outstanding | 25,656,775 | 18,925,215 |
Diluted earnings per share | $0.09 | $0.06 |
SECURITIES_Amortized_Cost_and_
SECURITIES - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Gross Amortized Cost | $671,051 | $658,458 |
Gross Unrealized Gains | 3,694 | 3,156 |
Gross Unrealized Losses | -16,233 | -20,003 |
Fair Value | 658,512 | 641,611 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Gross Amortized Cost | 100 | 100 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 100 | 100 |
Mortgage-Backed Securities of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Gross Amortized Cost | 153,330 | 129,468 |
Gross Unrealized Gains | 1,516 | 1,456 |
Gross Unrealized Losses | -3,536 | -4,189 |
Fair Value | 151,310 | 126,735 |
Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Gross Amortized Cost | 369,042 | 383,392 |
Gross Unrealized Gains | 680 | 776 |
Gross Unrealized Losses | -11,609 | -14,747 |
Fair Value | 358,113 | 369,421 |
Private Mortgage-Backed Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Gross Amortized Cost | 29,838 | 29,800 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -343 | -226 |
Fair Value | 29,495 | 29,574 |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Gross Amortized Cost | 80,223 | 76,520 |
Gross Unrealized Gains | 1,141 | 731 |
Gross Unrealized Losses | -331 | -413 |
Fair Value | 81,033 | 76,838 |
Collateralized Loan Obligations [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Gross Amortized Cost | 32,624 | 32,592 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -409 | -413 |
Fair Value | 32,215 | 32,179 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Gross Amortized Cost | 5,894 | 6,586 |
Gross Unrealized Gains | 357 | 193 |
Gross Unrealized Losses | -5 | -15 |
Fair Value | $6,246 | $6,764 |
SECURITIES_Additional_Informat
SECURITIES - Additional Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Proceeds from sale of securities | $4,061,000 | $11,836,000 | ' |
Gross gains from sale of securities | 17,000 | 101,000 | ' |
Gross losses from sale of securities | 0 | 76,000 | ' |
Fair Value, Total | 495,524,000 | ' | 511,344,000 |
Accumulated unrealized losses | 16,233,000 | ' | 20,003,000 |
Collateral underlying mortgage investments terms | '30- and 15-year fixed and 10/1 adjustable rate mortgage loans | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock | 11,800,000 | ' | ' |
United States Treasury Deposits and Other Public and Trust Deposits [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities pledged as collateral | 101,616,000 | ' | ' |
Repurchase Agreements [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities pledged as collateral | 185,857,000 | ' | ' |
Collateral Backed Securities Issued by Private Enterprises [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair Value, Total | 57,900,000 | ' | ' |
Accumulated unrealized losses | 700,000 | ' | ' |
Mortgage Backed Securities and Collateralized Mortgage Obligations of US Government Sponsored Entities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair Value, Total | 404,700,000 | ' | ' |
Accumulated unrealized losses | $15,100,000 | ' | ' |
SECURITIES_Amortized_Cost_and_1
SECURITIES - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in less than one year | $100 | ' |
Due after one year through five years | 567 | ' |
Due after five years through ten years | 8,025 | ' |
Due after ten years | 29,926 | ' |
Total | 38,618 | ' |
Amortized Cost | 671,051 | 658,458 |
Fair Value | ' | ' |
Due in less than one year | 100 | ' |
Due after one year through five years | 580 | ' |
Due after five years through ten years | 7,936 | ' |
Due after ten years | 29,945 | ' |
Total | 38,561 | ' |
Securities available for sale (at fair value) | 658,512 | 641,611 |
Mortgage-Backed Securities of U.S. Government Sponsored Entities [Member] | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 153,330 | 129,468 |
Fair Value | ' | ' |
Securities available for sale (at fair value) | 151,310 | 126,735 |
Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 369,042 | 383,392 |
Fair Value | ' | ' |
Securities available for sale (at fair value) | 358,113 | 369,421 |
Private Mortgage-Backed Securities [Member] | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 29,838 | 29,800 |
Fair Value | ' | ' |
Securities available for sale (at fair value) | 29,495 | 29,574 |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 80,223 | 76,520 |
Fair Value | ' | ' |
Securities available for sale (at fair value) | 81,033 | 76,838 |
No Contractual Maturity [Member] | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 0 | ' |
Fair Value | ' | ' |
Securities available for sale (at fair value) | $0 | ' |
SECURITIES_Schedule_of_Unreali
SECURITIES - Schedule of Unrealized Loss and Fair Value on Investments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value | ' | ' |
Less than 12 months | $364,135 | $430,644 |
12 months or longer | 131,389 | 80,700 |
Total | 495,524 | 511,344 |
Unrealized Losses | ' | ' |
Less than 12 months | -9,740 | -15,561 |
12 months or longer | -6,493 | -4,442 |
Total | -16,233 | -20,003 |
Mortgage-Backed Securities of U.S. Government Sponsored Entities [Member] | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 71,947 | 33,425 |
12 months or longer | 28,370 | 35,043 |
Total | 100,317 | 68,468 |
Unrealized Losses | ' | ' |
Less than 12 months | -1,871 | -2,045 |
12 months or longer | -1,665 | -2,144 |
Total | -3,536 | -4,189 |
Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 201,523 | 287,312 |
12 months or longer | 102,894 | 45,657 |
Total | 304,417 | 332,969 |
Unrealized Losses | ' | ' |
Less than 12 months | -6,782 | -12,450 |
12 months or longer | -4,827 | -2,297 |
Total | -11,609 | -14,747 |
Private Mortgage-Backed Securities [Member] | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 29,495 | 29,573 |
12 months or longer | 0 | 0 |
Total | 29,495 | 29,573 |
Unrealized Losses | ' | ' |
Less than 12 months | -343 | -226 |
12 months or longer | 0 | 0 |
Total | -343 | -226 |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 28,443 | 47,653 |
12 months or longer | 0 | 0 |
Total | 28,443 | 47,653 |
Unrealized Losses | ' | ' |
Less than 12 months | -331 | -413 |
12 months or longer | 0 | 0 |
Total | -331 | -413 |
Collateralized Loan Obligations [Member] | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 32,215 | 32,179 |
12 months or longer | 0 | 0 |
Total | 32,215 | 32,179 |
Unrealized Losses | ' | ' |
Less than 12 months | -409 | -413 |
12 months or longer | 0 | 0 |
Total | -409 | -413 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 512 | 502 |
12 months or longer | 125 | 0 |
Total | 637 | 502 |
Unrealized Losses | ' | ' |
Less than 12 months | -4 | -14 |
12 months or longer | -1 | -1 |
Total | ($5) | ($15) |
LOANS_Information_Relating_to_
LOANS - Information Relating to Loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | $1,312,456 | $1,304,207 |
Deferred costs | 2,818 | 2,618 |
Construction and Land Development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 67,197 | 67,450 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 528,444 | 520,382 |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 592,583 | 592,746 |
Commercial and Financial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 79,401 | 78,636 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 44,601 | 44,713 |
Other Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | $230 | $280 |
LOANS_Contractual_Aging_of_Rec
LOANS - Contractual Aging of Recorded Investment in Past Due Loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | $3,328 | $2,047 |
Accruing 60-89 Days Past Due | 609 | 1,281 |
Accruing Greater Than 90 Days | 0 | 160 |
Nonaccrual | 26,220 | 27,672 |
Current | 1,282,299 | 1,273,047 |
Total Financing Receivables | 1,312,456 | 1,304,207 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 0 | 3 |
Accruing 60-89 Days Past Due | 0 | 0 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 1,230 | 1,302 |
Current | 65,967 | 66,145 |
Total Financing Receivables | 67,197 | 67,450 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 746 | 684 |
Accruing 60-89 Days Past Due | 458 | 345 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 3,911 | 5,111 |
Current | 523,329 | 514,242 |
Total Financing Receivables | 528,444 | 520,382 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 2,091 | 974 |
Accruing 60-89 Days Past Due | 151 | 909 |
Accruing Greater Than 90 Days | 0 | 160 |
Nonaccrual | 20,604 | 20,705 |
Current | 569,737 | 569,998 |
Total Financing Receivables | 592,583 | 592,746 |
Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 0 | 353 |
Accruing 60-89 Days Past Due | 0 | 0 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 11 | 13 |
Current | 79,390 | 78,270 |
Total Financing Receivables | 79,401 | 78,636 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 491 | 33 |
Accruing 60-89 Days Past Due | 0 | 27 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 464 | 541 |
Current | 43,646 | 44,112 |
Total Financing Receivables | 44,601 | 44,713 |
Other Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 0 | 0 |
Accruing 60-89 Days Past Due | 0 | 0 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 230 | 280 |
Total Financing Receivables | $230 | $280 |
LOANS_Additional_Information_D
LOANS - Additional Information (Details) (Maximum [Member], Substandard [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Maximum [Member] | Substandard [Member] | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
Specific allowance on substandard loans, maximum percentage | 30.00% |
LOANS_Risk_Category_Class_of_L
LOANS - Risk Category, Class of Loans and Recorded Investment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $1,312,456 | $1,304,207 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 67,197 | 67,450 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 528,444 | 520,382 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 592,583 | 592,746 |
Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 79,401 | 78,636 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 44,831 | 44,993 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,243,244 | 1,224,242 |
Pass [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 63,161 | 63,186 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 502,604 | 485,268 |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 555,613 | 554,681 |
Pass [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 79,174 | 77,840 |
Pass [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 42,692 | 43,267 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 8,286 | 8,899 |
Special Mention [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 560 | 583 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 6,422 | 6,810 |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 457 | 824 |
Special Mention [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 24 | 382 |
Special Mention [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 823 | 300 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 10,169 | 18,257 |
Substandard [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 8,274 | 15,886 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,386 | 1,670 |
Substandard [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 40 | 248 |
Substandard [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 469 | 453 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Nonaccrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 26,220 | 27,672 |
Nonaccrual [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,230 | 1,302 |
Nonaccrual [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,911 | 5,111 |
Nonaccrual [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 20,604 | 20,705 |
Nonaccrual [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 11 | 13 |
Nonaccrual [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 464 | 541 |
Pass-Troubled Debt Restructures [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 7,272 | 7,452 |
Pass-Troubled Debt Restructures [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,713 | 1,838 |
Pass-Troubled Debt Restructures [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 5,532 | 5,584 |
Pass-Troubled Debt Restructures [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 27 | 30 |
Pass-Troubled Debt Restructures [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Pass-Troubled Debt Restructures [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Troubled Debt Restructures [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 17,265 | 17,685 |
Troubled Debt Restructures [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 533 | 541 |
Troubled Debt Restructures [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,701 | 1,723 |
Troubled Debt Restructures [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 14,496 | 14,836 |
Troubled Debt Restructures [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 152 | 153 |
Troubled Debt Restructures [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $383 | $432 |
IMPAIRED_LOANS_AND_VALUATION_A2
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES - Additional Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Newly identified TDRs | $400,000 | $4,400,000 | ' |
Loan default period | '60 days | ' | ' |
Accruing TDRs | 24,500,000 | ' | 25,100,000 |
Interest income on impaired loans | 568,000 | 480,000 | ' |
Expected future cash flows of impaired loans | $65,000 | $240,000 | ' |
IMPAIRED_LOANS_AND_VALUATION_A3
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES - Company's Recorded Investments in Impaired Loans and the Related Valuation Allowances (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ' | ' |
Total | $50,757 | $52,969 |
Unpaid Principal Balance | ' | ' |
Total | 59,449 | 62,446 |
Related Valuation Allowance | ' | ' |
Total | 4,407 | 5,446 |
Construction and Land Development [Member] | ' | ' |
Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 1,949 | 2,561 |
Impaired Loans with an Allowance Recorded | 1,527 | 1,120 |
Total | 3,476 | 3,681 |
Unpaid Principal Balance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 2,082 | 3,180 |
Impaired Loans with an Allowance Recorded | 2,044 | 1,197 |
Total | 4,126 | 4,377 |
Related Valuation Allowance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 0 | 0 |
Impaired Loans with an Allowance Recorded | 136 | 149 |
Total | 136 | 149 |
Commercial Real Estate [Member] | ' | ' |
Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 758 | 4,481 |
Impaired Loans with an Allowance Recorded | 10,386 | 7,937 |
Total | 11,144 | 12,418 |
Unpaid Principal Balance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 861 | 6,577 |
Impaired Loans with an Allowance Recorded | 11,822 | 8,046 |
Total | 12,683 | 14,623 |
Related Valuation Allowance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 0 | 0 |
Impaired Loans with an Allowance Recorded | 507 | 638 |
Total | 507 | 638 |
Residential Real Estate [Member] | ' | ' |
Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 13,083 | 12,366 |
Impaired Loans with an Allowance Recorded | 22,044 | 23,365 |
Total | 35,127 | 35,731 |
Unpaid Principal Balance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 18,096 | 17,372 |
Impaired Loans with an Allowance Recorded | 23,445 | 24,766 |
Total | 41,541 | 42,138 |
Related Valuation Allowance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 0 | 0 |
Impaired Loans with an Allowance Recorded | 3,649 | 4,528 |
Total | 3,649 | 4,528 |
Commercial and Financial [Member] | ' | ' |
Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 0 | 153 |
Impaired Loans with an Allowance Recorded | 163 | 13 |
Total | 163 | 166 |
Unpaid Principal Balance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 0 | 153 |
Impaired Loans with an Allowance Recorded | 163 | 13 |
Total | 163 | 166 |
Related Valuation Allowance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 0 | 0 |
Impaired Loans with an Allowance Recorded | 11 | 13 |
Total | 11 | 13 |
Consumer [Member] | ' | ' |
Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 312 | 425 |
Impaired Loans with an Allowance Recorded | 535 | 548 |
Total | 847 | 973 |
Unpaid Principal Balance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 353 | 569 |
Impaired Loans with an Allowance Recorded | 583 | 573 |
Total | 936 | 1,142 |
Related Valuation Allowance | ' | ' |
Impaired Loans with No Related Allowance Recorded | 0 | 0 |
Impaired Loans with an Allowance Recorded | 104 | 118 |
Total | $104 | $118 |
IMPAIRED_LOANS_AND_VALUATION_A4
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES - Company's Average Recorded Investments in Impaired Loans and Related Interest Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Average Recorded Investment | ' | ' |
Total | $52,232 | $80,727 |
Interest Income Recognized | ' | ' |
Total | 568 | 480 |
Construction and Land Development [Member] | ' | ' |
Average Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 2,357 | 1,675 |
Impaired Loans with an Allowance Recorded | 1,256 | 2,196 |
Total | 3,613 | 3,871 |
Interest Income Recognized | ' | ' |
Impaired Loans with No Related Allowance Recorded | 27 | 25 |
Impaired Loans with an Allowance Recorded | 13 | 6 |
Total | 40 | 31 |
Commercial Real Estate [Member] | ' | ' |
Average Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 3,240 | 10,806 |
Impaired Loans with an Allowance Recorded | 8,753 | 26,154 |
Total | 11,993 | 36,960 |
Interest Income Recognized | ' | ' |
Impaired Loans with No Related Allowance Recorded | 21 | 2 |
Impaired Loans with an Allowance Recorded | 151 | 299 |
Total | 172 | 301 |
Residential Real Estate [Member] | ' | ' |
Average Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 12,605 | 15,338 |
Impaired Loans with an Allowance Recorded | 22,925 | 23,854 |
Total | 35,530 | 39,192 |
Interest Income Recognized | ' | ' |
Impaired Loans with No Related Allowance Recorded | 127 | 2 |
Impaired Loans with an Allowance Recorded | 213 | 140 |
Total | 340 | 142 |
Commercial and Financial [Member] | ' | ' |
Average Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 102 | 0 |
Impaired Loans with an Allowance Recorded | 63 | 0 |
Total | 165 | 0 |
Interest Income Recognized | ' | ' |
Impaired Loans with No Related Allowance Recorded | 0 | 0 |
Impaired Loans with an Allowance Recorded | 2 | 0 |
Total | 2 | 0 |
Consumer [Member] | ' | ' |
Average Recorded Investment | ' | ' |
Impaired Loans with No Related Allowance Recorded | 387 | 178 |
Impaired Loans with an Allowance Recorded | 544 | 526 |
Total | 931 | 704 |
Interest Income Recognized | ' | ' |
Impaired Loans with No Related Allowance Recorded | 5 | 0 |
Impaired Loans with an Allowance Recorded | 9 | 6 |
Total | $14 | $6 |
IMPAIRED_LOANS_AND_VALUATION_A5
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES - Activity in Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for Loan Losses: | ' | ' |
Beginning Balance | $20,068 | $22,104 |
Provision for Loan Losses | -735 | 953 |
Charge-Offs | -364 | -1,896 |
Recoveries | 503 | 379 |
Net Charge-Offs | 139 | -1,517 |
Ending Balance | 19,472 | 21,540 |
Construction and Land Development [Member] | ' | ' |
Allowance for Loan Losses: | ' | ' |
Beginning Balance | 808 | 1,134 |
Provision for Loan Losses | -36 | 193 |
Charge-Offs | -3 | -334 |
Recoveries | 27 | 115 |
Net Charge-Offs | 24 | -219 |
Ending Balance | 796 | 1,108 |
Commercial Real Estate [Member] | ' | ' |
Allowance for Loan Losses: | ' | ' |
Beginning Balance | 6,160 | 8,849 |
Provision for Loan Losses | 441 | 49 |
Charge-Offs | -84 | -529 |
Recoveries | 236 | 79 |
Net Charge-Offs | 152 | -450 |
Ending Balance | 6,753 | 8,448 |
Residential Real Estate [Member] | ' | ' |
Allowance for Loan Losses: | ' | ' |
Beginning Balance | 11,659 | 11,090 |
Provision for Loan Losses | -1,378 | 481 |
Charge-Offs | -112 | -946 |
Recoveries | 189 | 97 |
Net Charge-Offs | 77 | -849 |
Ending Balance | 10,358 | 10,722 |
Commercial and Financial [Member] | ' | ' |
Allowance for Loan Losses: | ' | ' |
Beginning Balance | 710 | 468 |
Provision for Loan Losses | 220 | 70 |
Charge-Offs | -108 | -60 |
Recoveries | 31 | 80 |
Net Charge-Offs | -77 | 20 |
Ending Balance | 853 | 558 |
Consumer [Member] | ' | ' |
Allowance for Loan Losses: | ' | ' |
Beginning Balance | 731 | 563 |
Provision for Loan Losses | 18 | 160 |
Charge-Offs | -57 | -27 |
Recoveries | 20 | 8 |
Net Charge-Offs | -37 | -19 |
Ending Balance | $712 | $704 |
IMPAIRED_LOANS_AND_VALUATION_A6
IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES - Loan Portfolio and Related Allowance (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ' | ' |
Individually Evaluated for Impairment | $50,757 | $76,378 |
Collectively Evaluated for Impairment | 1,261,699 | 1,147,432 |
Total | 1,312,456 | 1,223,810 |
Associated Allowance | ' | ' |
Individually Evaluated for Impairment | 4,407 | 6,713 |
Collectively Evaluated for Impairment | 15,065 | 14,827 |
Total | 19,472 | 21,540 |
Construction and Land Development [Member] | ' | ' |
Carrying Value | ' | ' |
Individually Evaluated for Impairment | 3,476 | 3,561 |
Collectively Evaluated for Impairment | 63,721 | 59,290 |
Total | 67,197 | 62,851 |
Associated Allowance | ' | ' |
Individually Evaluated for Impairment | 136 | 183 |
Collectively Evaluated for Impairment | 660 | 925 |
Total | 796 | 1,108 |
Commercial Real Estate [Member] | ' | ' |
Carrying Value | ' | ' |
Individually Evaluated for Impairment | 11,144 | 33,908 |
Collectively Evaluated for Impairment | 517,300 | 444,335 |
Total | 528,444 | 478,243 |
Associated Allowance | ' | ' |
Individually Evaluated for Impairment | 507 | 1,938 |
Collectively Evaluated for Impairment | 6,246 | 6,510 |
Total | 6,753 | 8,448 |
Residential Real Estate [Member] | ' | ' |
Carrying Value | ' | ' |
Individually Evaluated for Impairment | 35,127 | 38,137 |
Collectively Evaluated for Impairment | 557,456 | 536,386 |
Total | 592,583 | 574,523 |
Associated Allowance | ' | ' |
Individually Evaluated for Impairment | 3,649 | 4,410 |
Collectively Evaluated for Impairment | 6,709 | 6,312 |
Total | 10,358 | 10,722 |
Commercial and Financial [Member] | ' | ' |
Carrying Value | ' | ' |
Individually Evaluated for Impairment | 163 | 0 |
Collectively Evaluated for Impairment | 79,238 | 64,752 |
Total | 79,401 | 64,752 |
Associated Allowance | ' | ' |
Individually Evaluated for Impairment | 11 | 0 |
Collectively Evaluated for Impairment | 842 | 558 |
Total | 853 | 558 |
Consumer [Member] | ' | ' |
Carrying Value | ' | ' |
Individually Evaluated for Impairment | 847 | 772 |
Collectively Evaluated for Impairment | 43,984 | 42,669 |
Total | 44,831 | 43,441 |
Associated Allowance | ' | ' |
Individually Evaluated for Impairment | 104 | 182 |
Collectively Evaluated for Impairment | 608 | 522 |
Total | $712 | $704 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ' |
Net deferred tax assets | 63.7 |
Deferred tax assets not related to net operating losses or credits | 13.8 |
Deferred tax assets related to alternative minimum tax credits | 1.3 |
Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Deferred tax assets related to net operating losses | 42.1 |
State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Deferred tax assets related to net operating losses | 7.8 |
Minimum [Member] | Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Deferred tax assets related to net operating losses, expiration date | 1-Jan-29 |
Minimum [Member] | State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Deferred tax assets related to net operating losses, expiration date | 1-Jan-27 |
Maximum [Member] | Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Deferred tax assets related to net operating losses, expiration date | 31-Dec-32 |
Maximum [Member] | State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Deferred tax assets related to net operating losses, expiration date | 31-Dec-32 |
EQUITY_CAPITAL_Details
EQUITY CAPITAL (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Preferred stock par value per share | ' | ' | ' | ' | $0.10 |
Amount of stock redeemed | ' | ' | ' | ' | $50,000,000 |
Preferred stock quarterly dividends rate | ' | ' | ' | 5.00% | ' |
Preferred stock quarterly dividends, amount | ' | ' | ' | 625,000 | ' |
Proceeds from issuance common equity | $25,000,000 | $24,641,000 | $0 | ' | ' |
FAIR_VALUE_Fair_Value_Measurem
FAIR VALUE - Fair Value Measurements for Items Measured at Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||||||||||||||
In Thousands, unless otherwise specified | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Available for sale securities | ' | ' | $658,512 | [1] | $649,196 | [1] | ' | ' | $100 | [1] | $1,202 | [1] | ' | ' | $658,412 | [1] | $647,994 | [1] | ' | ' | $0 | [1] | $0 | [1] | ' | ' | ||||||||
Loans available for sale | ' | ' | 11,038 | [2] | 24,206 | [2] | ' | ' | 0 | [2] | 0 | [2] | ' | ' | 11,038 | [2] | 24,206 | [2] | ' | ' | 0 | [2] | 0 | [2] | ' | ' | ||||||||
Loans | ' | ' | ' | ' | 20,659 | [3] | 22,601 | [3] | ' | ' | 0 | [3] | 0 | [3] | ' | ' | 10,104 | [3] | 10,889 | [3] | ' | ' | 1,055 | [3] | 11,712 | [3] | ||||||||
Other real estate owned | $6,369 | $6,860 | ' | ' | $6,369 | [4] | $10,850 | [4] | ' | ' | $0 | [4] | $0 | [4] | ' | ' | $883 | [4] | $3,389 | [4] | ' | ' | $5,486 | [4] | $7,461 | [4] | ||||||||
[1] | See Note D for further detail of fair value of individual investment categories. | |||||||||||||||||||||||||||||||||
[2] | Recurring fair value basis determined using observable market data. | |||||||||||||||||||||||||||||||||
[3] | See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan's observable market price or current appraised value of the collateral in accordance with ASC 310. | |||||||||||||||||||||||||||||||||
[4] | Fair value is measured on a nonrecurring basis in accordance with ASC 360. |
FAIR_VALUE_Additional_Informat
FAIR VALUE - Additional Information (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of capitalization rates utilized to determine fair value | 8.50% |
Loans Receivable [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets classified as level 3 transfers in | 5.2 |
Settlement of level 3 assets | 1.1 |
Write-down of level 3 assets | 0.5 |
Other Real Estate Owned [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets classified as level 3 transfers in | 0.7 |
Sales of level 3 asets | 0.8 |
FAIR_VALUE_Summary_of_Carrying
FAIR VALUE - Summary of Carrying Value and Fair Value of Company's Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Carrying Amount [Member] | Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans, net | $1,292,984 | $1,284,139 | $1,272,325 | $1,179,669 | $0 | $0 | $0 | $0 | $1,273,150 | $1,200,845 |
Financial Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposit liabilities | ' | ' | 1,819,795 | 1,762,164 | 0 | 0 | 0 | 0 | 1,820,689 | 1,764,018 |
Borrowings | ' | ' | 50,000 | 50,000 | 0 | 0 | 53,584 | 55,299 | 0 | 0 |
Subordinated debt | ' | ' | $53,610 | $53,610 | $0 | $0 | $42,888 | $37,527 | $0 | $0 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
The BANKshares, Inc. [Member] | The BANKshares, Inc. [Member] | Subsequent Event [Member] | |||
Scenario, Forecast [Member] | |||||
The BANKshares, Inc. [Member] | |||||
stores | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | $674,000,000 |
Deposits | ' | ' | ' | ' | 506,000,000 |
Loans | ' | ' | ' | ' | 374,000,000 |
Number of branches | ' | ' | ' | ' | 12 |
Net income | 2,299,000 | 2,044,000 | 700,000 | 3,000,000 | ' |
Equity interests issuable | ' | ' | ' | ' | 0.4975 |
Transaction value | ' | ' | ' | ' | $76,000,000 |