Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2016shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | SEACOAST BANKING CORP OF FLORIDA |
Entity Central Index Key | 730,708 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Trading Symbol | SBCF |
Entity Common Stock, Shares Outstanding | 38,025,020 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and due from banks | $ 89,777 | $ 81,216 | |
Interest bearing deposits with other banks | 77,606 | 54,851 | |
Total cash and cash equivalents | 167,383 | 136,067 | |
Securities: | |||
Available for sale (at fair value) | 866,613 | 790,766 | |
Held for investment (fair value: $397,264 at September 30, 2016, and $202,813 at December 31, 2015) | 392,138 | 203,525 | |
Total Securities | 1,258,751 | 994,291 | |
Loans held for sale (at fair value) | 20,143 | 23,998 | |
Loans | [1] | 2,769,338 | 2,156,330 |
Less: Allowance for loan losses | (22,684) | (19,128) | |
NET LOANS | 2,746,654 | 2,137,202 | |
Bank premises and equipment, net | 59,035 | 54,579 | |
Other real estate owned | 12,734 | 7,039 | |
Goodwill | 64,649 | 25,211 | |
Other intangible assets, net | 15,291 | 8,594 | |
Bank owned life insurance | 44,044 | 43,579 | |
Net deferred income taxes | 58,848 | 60,274 | |
Other assets | 66,402 | 43,946 | |
TOTAL ASSETS | 4,513,934 | 3,534,780 | |
LIABILITIES | |||
Deposits | 3,510,493 | 2,844,387 | |
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 167,693 | 172,005 | |
Federal Home Loan Bank (FHLB) borrowings | 305,000 | 50,000 | |
Subordinated debt | 70,171 | 69,961 | |
Other liabilities | 25,058 | 44,974 | |
Total liabilities | 4,078,415 | 3,181,327 | |
SHAREHOLDERS' EQUITY | |||
Common stock, par value $0.10 per share, authorized 60,000,000 shares, issued 38,068,701 and outstanding 38,025,020 shares at September 30, 2016 and issued 34,356,892 and outstanding 34,351,409 shares at December 31, 2015 | 3,799 | 3,435 | |
Other shareholders' equity | 431,720 | 350,018 | |
TOTAL SHAREHOLDERS' EQUITY | 435,519 | 353,453 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 4,513,934 | $ 3,534,780 | |
[1] | Net loan balances as of September 30, 2016 and December 31, 2015 include deferred fee/costs (net) and fair value adjustments on acquired loans, aggregating to $12.4 million and $7.7 million for each period, respectively. |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Held for Investment, Fair Value, Total | $ 397,264 | $ 202,813 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 38,068,701 | 34,356,892 |
Common stock, shares outstanding | 38,025,020 | 34,351,409 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and fees on loans | $ 31,932 | $ 25,276 | $ 87,210 | $ 69,285 |
Interest and dividends on securities | 7,253 | 5,298 | 20,002 | 15,470 |
Interest on interest bearing deposits and other investments | 429 | 249 | 1,152 | 747 |
TOTAL INTEREST INCOME | 39,614 | 30,823 | 108,364 | 85,502 |
Interest on deposits | 1,292 | 857 | 3,447 | 2,450 |
Interest on borrowed money | 874 | 955 | 2,754 | 2,665 |
TOTAL INTEREST EXPENSE | 2,166 | 1,812 | 6,201 | 5,115 |
NET INTEREST INCOME | 37,448 | 29,011 | 102,163 | 80,387 |
Provision for loan losses | 550 | 987 | 1,411 | 2,275 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 36,898 | 28,024 | 100,752 | 78,112 |
Noninterest income | ||||
Noninterest income, excluding securities gains | 9,764 | 8,082 | 27,505 | 24,236 |
Securities gains, net (includes net losses of $(648) and $(494) in other comprehensive income reclassifications for the three months ended September 30, 2016 and 2015 respectively, and net losses of $(620) and $(325) for the nine months ended September 30, 2016 and 2015, respectively.) | 225 | 160 | 361 | 160 |
TOTAL NONINTEREST INCOME (see NOTE H) | 9,989 | 8,242 | 27,866 | 24,396 |
Noninterest expenses | ||||
TOTAL NONINTEREST EXPENSE (see NOTE H) | 33,435 | 29,127 | 100,584 | 76,601 |
INCOME BEFORE INCOME TAXES | 13,452 | 7,139 | 28,034 | 25,907 |
Provision for income taxes (includes $(250) and $(191) in income tax benefit from reclassification items for the three months ended September 30, 2016 and 2015, respectively, and $(239) and $(125) in income tax benefit for the nine months ended September 30, 2016 and 2015, respectively.) | 4,319 | 2,698 | 9,603 | 9,802 |
NET INCOME | $ 9,133 | $ 4,441 | $ 18,431 | $ 16,105 |
PER SHARE COMMON STOCK: | ||||
Net income diluted (in dollars per share) | $ 0.24 | $ 0.13 | $ 0.49 | $ 0.48 |
Net income basic (in dollars per share) | 0.24 | 0.13 | 0.5 | 0.48 |
Cash dividends declared | $ 0 | $ 0 | $ 0 | $ 0 |
Average shares outstanding - diluted (in shares) | 38,169,863 | 34,193,540 | 37,258,133 | 33,524,718 |
Average shares outstanding - basic (in shares) | 37,549,804 | 33,907,178 | 36,626,290 | 33,286,933 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification adjustment for securities gains included in net income | $ 648 | $ 494 | $ 620 | $ 325 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 250 | $ 191 | $ 239 | $ 125 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
NET INCOME | $ 9,133 | $ 4,441 | $ 18,431 | $ 16,105 |
Other comprehensive income: | ||||
Unrealized gains (losses) on securities available for sale | (1,020) | 1,757 | 16,096 | 4,223 |
Amortization of unrealized losses on securities transferred to held for investment, net | (122) | (123) | (365) | (416) |
Reclassification adjustment for losses (gains) included in net income | 648 | 494 | 620 | 325 |
Provision for income taxes | 195 | (822) | (6,307) | (1,595) |
COMPREHENSIVE INCOME | $ 8,834 | $ 5,747 | $ 28,475 | $ 18,642 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Interest received | $ 108,041 | $ 85,115 |
Fees and commissions received | 26,761 | 23,833 |
Interest paid | (5,693) | (5,091) |
Cash paid to suppliers and employees | (86,824) | (71,573) |
Origination of loans designated held for sale | (132,482) | (159,662) |
Sale of loans designated held for sale | 136,337 | 155,002 |
Net change in other assets | (5,274) | (578) |
Net cash provided by operating activities | 40,866 | 27,046 |
Cash flows from investing activities | ||
Maturity of securities available for sale | 93,538 | 93,830 |
Maturity of securities held for investment | 29,582 | 23,115 |
Proceeds from sale of securities available for sale | 39,408 | 60,314 |
Purchases of securities available for sale | (159,576) | (87,468) |
Purchases of securities held for investment | (218,654) | (24,366) |
Net new loans and principal repayments | (280,915) | (172,858) |
Proceeds from the sale of other real estate owned | 4,987 | 4,688 |
(FHLB) and Federal Reserve Bank stock | 1,700 | 7,427 |
Purchase of FHLB and Federal Reserve Stock | (16,213) | (6,798) |
Net cash from bank acquisition | 235,546 | 32,927 |
Additions to bank premises and equipment | (5,099) | (8,466) |
Net cash (used in) provided by investing activities | (275,696) | (77,655) |
Cash flows from financing activities | ||
Net increase in deposits | 14,598 | 137,307 |
Net decrease in federal funds purchased and repurchase agreements | (4,312) | (6,690) |
Net increase (decrease) in FHLB borrowings | 255,000 | (80,000) |
Stock based employee benefit plans | 860 | 94 |
Dividends paid | 0 | 0 |
Net cash provided by financing activities | 266,146 | 50,711 |
Net decrease in cash and cash equivalents | 31,316 | 102 |
Cash and cash equivalents at beginning of period | 136,067 | 100,539 |
Cash and cash equivalents at end of period | 167,383 | 100,641 |
Reconciliation of net income to cash provided by operating activities | ||
Net income | 18,431 | 16,105 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 3,774 | 2,722 |
Amortization of premiums and discounts on securities, net | 6,381 | 3,061 |
Other amortization and accretion, net | (1,862) | (1,895) |
Change in loans held for sale, net | 3,855 | (4,660) |
Provision for loan losses | 1,411 | 2,275 |
Gain on sale of securities | (361) | (160) |
Gain on sale of loans | (935) | (658) |
Losses (gains) on sale and write-downs of other real estate owned | (348) | 397 |
Losses on disposition of fixed assets | 2,440 | 120 |
Change in interest receivable | (2,866) | (527) |
Change in interest payable | 297 | 24 |
Change in prepaid expenses | (889) | (1,097) |
Change in accrued taxes | 10,184 | 10,326 |
Change in other assets | (5,274) | (578) |
Change in other liabilities | 6,628 | 1,591 |
Net cash provided by operating activities | 40,866 | 27,046 |
Supplemental disclosure of non cash investing activities: | ||
Fair value adjustment to securities | 15,985 | 3,711 |
Transfer from loans to other real estate owned | 2,996 | 4,937 |
Transfer from bank premises to other real estate owned | 7,708 | |
Securities principal recorded as a receivable | $ 647 | $ 96 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [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 nine-month period ended September 30, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 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, 2015. 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, the fair value of acquired assets and assumed liabilities, and the valuation of deferred tax assets. Actual results could differ from those estimates. In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-09 for “CompensationStock Compensation, Improvements to Employee Share Based Payments Accounting.” The guidance alters the manner in which companies account for share based payments to employees. Entities are required to immediately recognize income tax effects of awards in the income statement when the awards vest or are settled. Additional paid-in capital pools are eliminated. The Company early adopted ASU 2016-09 during the three months ended September 30, 2016. As a result of the adoption, the Company recognized a $ 418,000 0.01 |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS, Not adopted as of September 30, 2016 | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | NOTE B RECENTLY ISSUED ACCOUNTING STANDARDS, Not adopted as of September 30, 2016 The FASB issued ASU 2014-09. The ASU is a converged standard between the FASB and the IASB that provides a single comprehensive revenue recognition model for all contracts with customers across transactions and industries. The primary objective of the ASU is revenue recognition that represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU is effective on January 1, 2018, with early adoption permitted January 1, 2017. The Company is currently assessing the impact of adoption of ASU 2014-09. In January 2016, the FASB issued ASU 2016-01 for “Recognition and Measurement of Financial Assets and Liabilities”. The ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The update requires: a) equity investments (except those accounted for under the equity method of accounting) to be measured at fair value and recognized in net income, b) simplifies impairment assessments of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, and if impaired requires measurement of the investment at fair value, c) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value d) requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, e) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, f) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements, g) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The ASU is effective for fiscal years beginning after December 15, 2017, and must be adopted on a modified retrospective basis, including interim periods within those fiscal years. The adoption of ASU 2016-01 is being evaluated for its impact on the Company’s operating results and financial condition. In February 2016, the FASB amended existing guidance related to the recognition of lease assets and lease liabilities on the balance sheet and disclosures on key information about leasing arrangements, under ASU 2016-02. It will be necessary for all parties to classify leases to determine how to recognize lease-related revenue and expense. The amendment requires lessees to put most leases on their balance sheet and record expenses to the income statement. Changes in the guidance eliminate real estate centric provisions for sale-leaseback transactions, including initial direct costs and lease execution costs for all entities. For lessors, the new FASB standard modifies classification criteria and accounting for sales type and direct financing leases. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. The amended accounting is applicable to periods after December 15, 2018 and interim periods within that year. In March 2016, under ASU 2016-04, “Liabilities Extinguishments of Liabilities, Breakage for Certain Prepaid Stored-Value Products” the FASB intends for entities to recognize liabilities for the sale of prepaid stored value products redeemable for goods, services, or cash. This guidance aligns recognition of breakage for these liabilities in a way consistent with how gift card breakage will be recognized. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. Effective date for implementation is for annual periods after December 15, 2018. In June 2016, the FASB issued ASU 2016-13 for “Measurement of Credit Losses on Financial Instruments” to replace the incurred loss impairment methodology with a current expected credit loss methodology for financial instruments measured at amortized cost and other commitments to extend credit. Expected credit losses reflect losses over the remaining contractual life of an asset, considering the effect of voluntary prepayments and considering available information about the collectability of cash flows, including information about past events, current conditions, and supportable forecasts. The resultant allowance for credit losses reflects the portion of the amortized cost basis that the entity does not expect to collect. Additional quantitative and qualitative disclosures are required upon adoption. The Company is evaluating the impact of the ASU. Adoption is required January 1, 2020, with early adoption permitted January 1, 2019. In August 2016, The FASB issued final guidance via ASU 2016-15 for “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” The guidance may change how an entity classifies certain cash receipts and cash payments on its statement of cash flows, the purpose being to reduce diversity in practice. This ASU addresses the classification of cash flows for (a) debt prepayment or extinguishment costs, (b) settlement of zero-coupon debt instruments or other debt instruments with coupon rates that are insignificant in relation to the effective interest rate of the borrowing, (c) contingent consideration payments made after a business combination, (d) proceeds from the settlement of insurance claims, (e) proceeds from the settlement of corporate owned life insurance, including bank owned life insurance, (f) distributions received from equity method investees, and (g) beneficial interests in securitization transactions. The guidance clarifies how the predominance principle should be applied. Entities should apply guidance in Accounting Standards Codification (ASC) 230. If not addressed, an entity should separately identify source or use and classify the receipt or payment based on the nature of the cash flow. Classification will depend on the predominant source of use. The Company is evaluating the impact of ASU 2016-15 which will generally be applied retrospectively for fiscal years beginning after December 15, 2017. |
BASIC AND DILUTED EARNINGS PER
BASIC AND DILUTED EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED EARNINGS PER COMMON SHARE | NOTE C BASIC AND DILUTED EARNINGS PER COMMON SHARE 189,000 282,000 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share data) 2016 2015 2016 2015 Basic: Income available to common shareholders $ 9,133 $ 4,441 $ 18,431 $ 16,105 Average basic shares outstanding 37,549,804 33,907,178 36,626,290 33,286,933 Basic earnings per share $ 0.24 $ 0.13 $ 0.50 $ 0.48 Diluted: Income available to common shareholders plus assumed conversions $ 9,133 $ 4,441 $ 18,431 $ 16,105 Average basic shares outstanding 37,549,804 33,907,178 36,626,290 33,286,933 Restricted stock and stock options 620,059 286,362 631,843 237,785 Average diluted shares outstanding 38,169,863 34,193,540 37,258,133 33,524,718 Diluted earnings per share $ 0.24 $ 0.13 $ 0.49 $ 0.48 |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE D SECURITIES September 30, 2016 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 $ 12,485 $ 333 $ 0 $ 12,818 Mortgage-backed securities of U.S. Government Sponsored Entities 165,802 3,268 (96) 168,974 Collateralized mortgage obligations of U.S. Government Sponsored Entities 251,419 2,043 (979) 252,483 Private mortgage backed securities 32,720 0 (688) 32,032 Private collateralized mortgage obligations 73,371 617 (860) 73,128 Collateralized loan obligations 124,663 437 (676) 124,424 Obligations of state and political subdivisions 61,798 2,688 (52) 64,434 Corporate and other debt securities 75,552 1,125 (39) 76,638 Commercial mortgage backed securities 60,624 1,301 (243) 61,682 $ 858,434 $ 11,812 $ (3,633) $ 866,613 SECURITIES HELD FOR INVESTMENT Mortgage-backed securities of U.S. Government Sponsored Entities $ 183,507 $ 4,306 $ 0 $ 187,813 Collateralized mortgage obligations of U.S. Government Sponsored Entities 160,377 1,618 (405) 161,590 Collateralized loan obligations 41,494 183 (465) 41,212 Private collateralized mortgage obligations 6,760 1 (112) 6,649 $ 392,138 $ 6,108 $ (982) $ 397,264 December 31, 2015 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 $ 3,833 $ 78 $ 0 $ 3,911 Mortgage-backed securities of U.S. Government Sponsored Entities 192,224 847 (1,322) 191,749 Collateralized mortgage obligations of U.S. Government Sponsored Entities 242,620 470 (4,900) 238,190 Private mortgage backed securities 32,558 0 (766) 31,792 Private collateralized mortgage obligations 77,965 700 (708) 77,957 Collateralized loan obligations 124,477 0 (1,894) 122,583 Obligations of state and political subdivisions 39,119 882 (110) 39,891 Corporate and other debt securities 44,652 37 (416) 44,273 Commercial mortgage backed securities 41,127 13 (720) 40,420 $ 798,575 $ 3,027 $ (10,836) $ 790,766 SECURITIES HELD FOR INVESTMENT Mortgage-backed securities of U.S. Government Sponsored Entities $ 64,993 $ 574 $ (16) $ 65,551 Collateralized mortgage obligations of U.S. Government Sponsored Entities 89,265 581 (406) 89,440 Collateralized loan obligations 41,300 0 (1,360) 39,940 Private collateralized mortgage obligations 7,967 0 (85) 7,882 $ 203,525 $ 1,155 $ (1,867) $ 202,813 Proceeds from sales of securities during the nine month period ended September 30, 2016 were $ 39.4 448,000 87,000 60.3 632,000 472,000 In 2014, approximately $ 158.8 3.1 1.9 Securities at September 30, 2016 with a carrying and fair value of $ 161.0 167.7 The amortized cost and fair value of securities at September 30, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Held for Investment Available for Sale Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in less than one year $ 0 $ 0 $ 7,760 $ 7,934 Due after one year through five years 0 0 83,490 84,017 Due after five years through ten years 41,494 41,212 139,005 140,811 Due after ten years 0 0 33,131 34,422 41,494 41,212 263,386 267,184 Mortgage-backed securities of U.S. Government Sponsored Entities 183,507 187,813 165,802 168,974 Collateralized mortgage obligations of U.S. Government Sponsored Entities 160,377 161,590 251,419 252,483 Private mortgage backed securities 0 0 32,720 32,032 Private collateralized mortgage obligations 6,760 6,649 73,371 73,128 Other debt securities 0 0 11,112 11,130 Commercial mortgage backed securities 0 0 60,624 61,682 $ 392,138 $ 397,264 $ 858,434 $ 866,613 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. September 30, 2016 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 $ 5,241 $ (9) $ 5,735 $ (87) $ 10,976 $ (96) Collateralized mortgage obligations of U.S. Government Sponsored Entities 96,741 (492) 72,794 (892) 169,535 (1,384) Private mortgage backed securities 15,007 (520) 17,025 (168) 32,032 (688) Private collateralized mortgage obligations 3,588 (141) 43,918 (831) 47,506 (972) Collateralized loan obligations 0 0 51,460 (1,141) 51,460 (1,141) Obligations of state and political subdivisions 3,692 (52) 0 0 3,692 (52) Corporate and other debt securities 8,192 (35) 1,996 (4) 10,188 (39) Commercial mortgage backed securities 2,951 (10) 11,810 (233) 14,761 (243) Total temporarily impaired securities $ 135,412 $ (1,259) $ 204,738 $ (3,356) $ 340,150 $ (4,615) December 31, 2015 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 $ 112,236 $ (1,082) $ 14,508 $ (256) $ 126,744 $ (1,338) Collateralized mortgage obligations of U.S. Government Sponsored Entities 97,512 (973) 147,266 (4,333) 244,778 (5,306) Private mortgage backed securities 31,792 (766) 0 0 31,792 (766) Private collateralized mortgage obligations 19,939 (321) 31,533 (472) 51,472 (793) Collateralized loan obligations 101,601 (1,642) 60,922 (1,612) 162,523 (3,254) Obligations of state and political subdivisions 11,570 (110) 0 0 11,570 (110) Corporate and other debt securities 31,342 (416) 0 0 31,342 (416) Commercial mortgage backed securities 37,838 (720) 0 0 37,838 (720) Total temporarily impaired securities $ 443,830 $ (6,030) $ 254,229 $ (6,673) $ 698,059 $ (12,703) The tables above include securities held for investment that were transferred from available for sale into held for investment during 2014. Those securities had unrealized losses of $ 3.1 38.9 0.4 At September 30, 2016, private label securities with a fair value of $ 79.5 1.7 30- and 15-year fixed and 10/1 adjustable rate mortgage At September 30, 2016, the Company also had $ 1.5 180.5 At September 30, 2016, the Company also had $ 1.1 51.5 At September 30, 2016, $ 28.7 0.3 As of September 30, 2016, 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 September 30, 2016. Included in other assets is $ 30.9 30.9 The Company also holds 11,330 1.6483 18,675 1.5 |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
LOANS | NOTE E LOANS September 30, 2016 Portfolio Loans PCI Loans PUL's Total (Dollars in thousands) Construction and land development $ 129,239 $ 114 $ 24,548 $ 153,901 Commercial real estate 947,612 11,281 334,619 1,293,512 Residential real estate 772,579 685 60,149 833,413 Commercial and financial 278,065 977 63,459 342,501 Consumer 144,291 0 1,231 145,522 Other loans 489 0 0 489 NET LOAN BALANCES (1) $ 2,272,275 $ 13,057 $ 484,006 $ 2,769,338 December 31, 2015 Portfolio Loans PCI Loans PUL's Total (Dollars in thousands) Construction and land development $ 97,629 $ 114 $ 11,044 $ 108,787 Commercial real estate 776,875 9,990 222,513 1,009,378 Residential real estate 678,131 922 44,732 723,785 Commercial and financial 188,013 1,083 39,421 228,517 Consumer 82,717 0 2,639 85,356 Other loans 507 0 0 507 NET LOAN BALANCES (1) $ 1,823,872 $ 12,109 $ 320,349 $ 2,156,330 (1) Net loan balances as of September 30, 2016 and December 31, 2015 include deferred fee/costs (net) and fair value adjustments on acquired loans, aggregating to $ 12.4 7.7 Purchased Loans We have applied ASC Topic 310-20 accounting treatment to PULs. The unamortized fair value mark established at acquisition on the loans has been ascribed as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. The table below summarize the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of PCI loans during the three and nine month periods ended September 30, 2016 and 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments. Three Months Ended September 30, 2016 Reclassifications from June 30, Additions Deletions Accretion nonaccretable difference September 30, (In thousands) Contractually required principal and interest $ 24,576 $ 0 $ (376) $ 0 $ 0 $ 24,200 Nonaccretable difference (6,250) 0 (711) 0 0 (6,961) Cash flows expected to be collected 18,326 0 (1,087) 0 0 17,239 Accretable yield (4,674) 0 113 379 0 (4,182) Carrying value of acquired loans 13,652 $ 0 $ (974) $ 379 $ 0 13,057 Allowance for loan losses 0 0 Carrying value less allowance for loan losses $ 13,652 $ 13,057 Nine Months Ended September 30, 2016 Reclassifications from December 31, Additions Deletions Accretion nonaccretable difference September 30, (In thousands) Contractually required principal and interest $ 19,966 $ 9,148 $ (4,914) $ 0 $ 0 $ 24,200 Nonaccretable difference (5,247) (4,109) 2,395 0 0 (6,961) Cash flows expected to be collected 14,719 5,039 (2,519) 0 0 17,239 Accretable yield (2,610) (1,831) (1,158) 1,417 0 (4,182) Carrying value of acquired loans 12,109 $ 3,208 $ (3,677) $ 1,417 $ 0 13,057 Allowance for loan losses 0 0 Carrying value less allowance for loan losses $ 12,109 $ 13,057 Three Months Ended September 30, 2015 Reclassifications from June 30, Additions Deletions Accretion nonaccretable difference September 30, (In thousands) Contractually required principal and interest $ 11,564 $ 12,552 $ (609) $ 0 $ 0 $ 23,507 Nonaccretable difference (3,901) (4,249) (1,656) 0 152 (9,654) Cash flows expected to be collected 7,663 8,303 (2,265) 0 152 13,853 Accretable yield (1,101) (702) 610 165 (152) (1,180) Carrying value of acquired loans 6,562 $ 7,601 $ (1,655) $ 165 $ 0 12,673 Allowance for loan losses (212) (49) Carrying value less allowance for loan losses $ 6,350 $ 12,624 Nine Months Ended September 30, 2015 Reclassifications from December 31, 2014 Additions Deletions Accretion nonaccretable difference September 30, (In thousands) Contractually required principal and interest $ 14,831 $ 12,552 $ (3,876) $ 0 $ 0 $ 23,507 Nonaccretable difference (5,825) (4,249) 7 0 413 (9,654) Cash flows expected to be collected 9,006 8,303 (3,869) 0 413 13,853 Accretable yield (1,192) (702) 758 369 (413) (1,180) Carrying value of acquired loans 7,814 $ 7,601 $ (3,111) $ 369 $ 0 12,673 Allowance for loan losses (64) (49) Carrying value less allowance for loan losses $ 7,750 $ 12,624 Accruing Accruing Accruing Greater Total September 30, 2016 30-59 Days 60-89 Days Than Financing (Dollars in thousands) Past Due Past Due 90 Days Nonaccrual Current Receivables Portfolio Loans Construction and land development $ 0 $ 0 $ 0 $ 229 $ 129,010 $ 129,239 Commercial real estate 2,270 1,257 0 1,296 942,789 947,612 Residential real estate 574 361 0 8,730 762,914 772,579 Commercial and financial 399 0 0 137 277,529 278,065 Consumer 66 0 0 169 144,056 144,291 Other 0 0 0 0 489 489 Total 3,309 1,618 0 10,561 2,256,787 $ 2,272,275 Purchased Unimpaired Loans Construction and land development $ 0 $ 0 $ 0 $ 34 $ 24,514 $ 24,548 Commercial real estate 148 0 0 2,008 332,463 334,619 Residential real estate 0 0 0 1,271 58,878 60,149 Commercial and financial 333 352 0 209 62,565 63,459 Consumer 0 0 0 0 1,231 1,231 Other 0 0 0 0 0 0 Total 481 352 0 3,522 479,651 $ 484,006 Purchased Credit Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 0 $ 114 $ 114 Commercial real estate 0 0 0 4,354 6,927 11,281 Residential real estate 182 0 0 0 503 685 Commercial and financial 0 0 0 0 977 977 Consumer 0 0 0 0 0 0 Other 0 0 0 0 0 0 Total 182 0 0 4,354 8,521 $ 13,057 Total Loans $ 3,972 $ 1,970 $ 0 $ 18,437 $ 2,744,959 $ 2,769,338 Accruing Accruing Accruing Greater Total December 31, 2015 30-59 Days 60-89 Days Than Financing (Dollars in thousands) Past Due Past Due 90 Days Nonaccrual Current Receivables Portfolio Loans Construction and land development $ 665 $ 0 $ 0 $ 269 $ 96,695 $ 97,629 Commercial real estate 810 0 0 2,301 773,764 776,875 Residential real estate 141 0 0 9,941 668,049 678,131 Commercial and financial 59 0 0 0 187,954 188,013 Consumer 430 0 0 247 82,040 82,717 Other 0 0 0 0 507 507 Total $ 2,105 $ 0 $ 0 $ 12,758 $ 1,809,009 $ 1,823,872 Purchased Unimpaired Loans Construction and land development $ 0 $ 0 $ 0 $ 40 $ 11,004 $ 11,044 Commercial real estate 179 0 0 2,294 220,040 222,513 Residential real estate 66 0 0 0 44,666 44,732 Commercial and financial 39 0 0 130 39,252 39,421 Consumer 39 0 0 0 2,600 2,639 Other 0 0 0 0 0 0 Total $ 323 $ 0 $ 0 $ 2,464 $ 317,562 $ 320,349 Purchased Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 0 $ 114 $ 114 Commercial real estate 132 0 0 1,816 8,042 9,990 Residential real estate 0 0 0 348 574 922 Commercial and financial 0 0 0 0 1,083 1,083 Consumer 0 0 0 0 0 0 Other 0 0 0 0 0 0 Total $ 132 $ 0 $ 0 $ 2,164 $ 9,813 $ 12,109 Total Loans $ 2,560 $ 0 $ 0 $ 17,386 $ 2,136,384 $ 2,156,330 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 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. September 30, 2016 Construction Commercial & Land Commercial Residential and Consumer (Dollars in thousands) Development Real Estate Real Estate Financial Loans Total Pass $ 141,629 $ 1,257,999 $ 805,997 $ 336,238 $ 144,253 $ 2,686,116 Special mention 5,893 8,335 1,762 3,824 1,129 20,943 Substandard 5,550 13,429 3,398 2,093 100 24,570 Doubtful 0 0 0 0 0 0 Nonaccrual 263 7,658 10,001 346 169 18,437 Pass-Troubled debt restructures 47 5,031 363 0 44 5,485 Troubled debt restructures 519 1,060 11,892 0 316 13,787 $ 153,901 $ 1,293,512 $ 833,413 $ 342,501 $ 146,011 $ 2,769,338 December 31, 2015 Construction Commercial & Land Commercial Residential and Consumer (Dollars in thousands) Development Real Estate Real Estate Financial Loans Total Pass $ 100,186 $ 973,942 $ 697,907 $ 226,391 $ 83,786 $ 2,082,212 Special mention 3,377 12,599 629 1,209 1,392 19,206 Substandard 4,242 9,278 3,197 769 70 17,556 Doubtful 0 0 0 0 0 0 Nonaccrual 309 6,410 10,290 130 247 17,386 Pass-Troubled debt restructures 58 5,893 0 18 0 5,969 Troubled debt restructures 615 1,256 11,762 0 368 14,001 $ 108,787 $ 1,009,378 $ 723,785 $ 228,517 $ 85,863 $ 2,156,330 |
IMPAIRED LOANS AND ALLOWANCE FO
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended |
Sep. 30, 2016 | |
Loans And Leases Receivable Allowances [Abstract] | |
Impaired Loans and Allowance for Loan Losses | NOTE F IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES During the nine months ending September 30, 2016 and 2015, the total of newly identified Troubled Debt Restructurings (“TDRs”) totaled $ 1.7 2.0 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. Pre- Post- Modification Modification Number Outstanding Outstanding Specific Valuation of Recorded Recorded Reserve Allowance (Dollars in thousands) Contracts Investment Investment Recorded Recorded Residential real estate 6 $ 1,660 $ 1,489 $ 0 $ 171 6 $ 1,660 $ 1,489 $ 0 $ 171 The following table presents loans that were modified within the nine months ending September 30, 2015: Pre- Post- Modification Modification Number Outstanding Outstanding Specific Valuation of Recorded Recorded Reserve Allowance (Dollars in thousands) Contracts Investment Investment Recorded Recorded Residential real estae 1 $ 26 $ 25 $ 0 $ 1 Commercial real estate 3 1,881 1,787 0 94 Consumer 4 48 45 0 3 8 $ 1,955 $ 1,857 $ 0 $ 98 No accruing loans that were restructured within the twelve months preceding September 30, 2016 defaulted during the nine months ended September 30, 2016, and no loans restructured within the twelve months preceding September 30, 2015 defaulted during the twelve months ended September 30, 2015. The Company considers a loan to have defaulted when it becomes 90 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. September 30, 2016 Unpaid Related Recorded Principal Valuation (Dollars in thousands) Investment Balance Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 211 $ 297 $ 0 Commercial real estate 1,421 2,889 0 Residential real estate 9,258 13,609 0 Commercial and financial 19 19 0 Consumer 136 229 0 Impaired Loans with an Allowance Recorded: Construction and land development 585 595 42 Commercial real estate 5,966 5,966 346 Residential real estate 11,727 12,025 1,608 Commercial and financial 0 0 0 Consumer 392 392 49 Total: Construction and land development 796 892 42 Commercial real estate 7,387 8,855 346 Residential real estate 20,985 25,634 1,608 Commercial and financial 19 19 0 Consumer 528 621 49 $ 29,715 $ 36,021 $ 2,045 December 31, 2015 Unpaid Related Recorded Principal Valuation (Dollars in thousands) Investment Balance Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 107 $ 255 $ 0 Commercial real estate 2,363 3,911 0 Residential real estate 9,256 13,707 0 Commercial and financial 17 17 0 Consumer 264 349 0 Impaired Loans with an Allowance Recorded: Construction and land development 835 870 84 Commercial real estate 7,087 7,087 429 Residential real estate 12,447 12,803 1,964 Commercial and financial 0 0 0 Consumer 351 351 40 Total: Construction and land development 942 1,125 84 Commercial real estate 9,450 10,998 429 Residential real estate 21,703 26,510 1,964 Commercial and financial 17 17 0 Consumer 615 700 40 $ 32,727 $ 39,350 $ 2,517 Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 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 $ 208 $ 3 $ 1,216 $ 2 Commercial real estate 1,437 31 3,138 7 Residential real estate 9,346 138 9,700 35 Commercial and financial 16 0 83 0 Consumer 157 3 152 0 Impaired Loans with an Allowance Recorded: Construction & land development 609 7 1,070 23 Commercial real estate 6,565 64 6,638 78 Residential real estate 12,038 102 14,762 89 Commercial and financial 0 0 0 0 Consumer 383 4 490 7 Total: Construction & land development 817 10 2,286 25 Commercial real estate 8,002 95 9,776 85 Residential real estate 21,384 240 24,462 124 Commercial and financial 16 0 83 0 Consumer 540 7 642 7 $ 30,759 $ 352 $ 37,249 $ 241 For the nine months ended September 30, 2016 and 2015, the Company’s average recorded investments in impaired loans and related interest income were as follows: Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 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 $ 188 $ 11 $ 1,632 $ 7 Commercial real estate 1,854 97 3,012 13 Residential real estate 9,444 406 10,745 103 Commercial and financial 16 0 106 1 Consumer 193 10 126 0 Impaired Loans with an Allowance Recorded: Construction & land development 671 20 912 39 Commercial real estate 6,835 193 7,312 223 Residential real estate 12,098 322 15,658 270 Commercial and financial 0 0 0 0 Consumer 363 14 507 17 Total: Construction & land development 859 31 2,544 46 Commercial real estate 8,689 290 10,324 236 Residential real estate 21,542 728 26,403 373 Commercial and financial 16 0 106 1 Consumer 556 24 633 17 $ 31,662 $ 1,073 $ 40,010 $ 673 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 September 30, 2016 and at December 31, 2015, accruing TDRs totaled $ 19.3 20.0 The impaired loans are measured for impairment based on the value of underlying collateral or the present value of expected future cash flows discounted at the loan’s effective rate. The valuation allowance is included in the allowance for loan losses. 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. Nonaccrual loans and accruing loans past due 90 days or more (excluding purchased loans) totaled $ 10.6 0 12.8 0 90 days 7.9 0 4.6 0 Allowance for Loan Losses for the Three Months Ended September 30, 2016 Provision Beginning for Loan Charge- Net Ending (Dollars in thousands) Balance Losses Offs Recoveries Recoveries Balance Construction & land development $ 1,160 $ 48 $ 0 $ 25 $ 25 $ 1,233 Commercial real estate 7,192 1,450 (78) 169 91 8,733 Residential real estate 8,299 (662) 0 272 272 7,909 Commercial and financial 2,591 (550) (283) 1,278 995 3,036 Consumer 1,483 264 (18) 44 26 1,773 $ 20,725 $ 550 $ (379) $ 1,788 $ 1,409 $ 22,684 Allowance for Loan Losses for the Nine Months Ended September 30, 2016 Provision Net Beginning for Loan Charge- (Charge-Offs) Ending (Dollars in thousands) Balance Losses Offs Recoveries Recoveries Balance Construction & land development $ 1,151 $ (132) $ 0 $ 214 $ 214 $ 1,233 Commercial real estate 6,756 1,960 (254) 271 17 8,733 Residential real estate 8,057 (672) (145) 669 524 7,909 Commercial and financial 2,042 (403) (376) 1,773 1,397 3,036 Consumer 1,122 658 (98) 91 (7) 1,773 $ 19,128 $ 1,411 $ (873) $ 3,018 $ 2,145 $ 22,684 Activity in the allowance for loan losses (excluding PCI loans) for the three-month period and nine-month period ended September 30, 2015 is summarized as follows: Allowance for Loan Losses for the Three Months Ended September 30, 2015 Provision Net Beginning for Loan Charge- (Charge-Offs) Ending (Dollars in thousands) Balance Losses Offs Recoveries Recoveries Balance Construction & land development $ 887 $ 891 $ (859) $ 109 $ (750) $ 1,028 Commercial real estate 5,278 925 (128) 315 187 6,390 Residential real estate 9,686 (686) (193) 359 166 9,166 Commercial and financial 945 193 (160) 107 (53) 1,085 Consumer 1,783 (173) (22) 22 0 1,610 $ 18,579 $ 1,150 $ (1,362) $ 912 $ (450) $ 19,279 Allowance for Loan Losses for the Nine Months Ended September 30, 2015 Provision Net Beginning for Loan Charge- (Charge-Offs) Ending (Dollars in thousands) Balance Losses Offs Recoveries Recoveries Balance Construction & land development $ 722 $ 910 $ (925) $ 321 $ (604) $ 1,028 Commercial real estate 4,528 1,690 (430) 602 172 6,390 Residential real estate 9,784 (1,235) (515) 1,132 617 9,166 Commercial and financial 1,179 (245) (284) 435 151 1,085 Consumer 794 1,020 (276) 72 (204) 1,610 $ 17,007 $ 2,140 $ (2,430) $ 2,562 $ 132 $ 19,279 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. At September 30, 2016 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 $ 796 $ 42 $ 152,991 $ 1,191 $ 153,787 $ 1,233 Commercial real estate 7,387 346 1,274,844 8,387 1,282,231 8,733 Residential real estate 20,985 1,608 811,743 6,301 832,728 7,909 Commercial and financial 19 0 341,505 3,036 341,524 3,036 Consumer 528 49 145,483 1,724 146,011 1,773 $ 29,715 $ 2,045 $ 2,726,566 $ 20,639 $ 2,756,281 $ 22,684 At December 31, 2015 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 $ 942 $ 84 $ 107,731 $ 1,067 $ 108,673 $ 1,151 Commercial real estate 9,450 429 989,938 6,327 999,388 6,756 Residential real estate 21,703 1,964 701,160 6,093 722,863 8,057 Commercial and financial 17 0 227,417 2,042 227,434 2,042 Consumer 615 40 85,248 1,082 85,863 1,122 $ 32,727 $ 2,517 $ 2,111,494 $ 16,611 $ 2,144,221 $ 19,128 Loans collectively evaluated for impairment at December 31, 2015 included loans acquired from BANKshares on October 1, 2014 and Grand Bankshares on July 17, 2015 that are not PCI loans, and loans at September 30, 2016 included loans acquired from Floridian and BMO Harris as well that are not PCI loans. These loans are performing loans recorded at estimated fair value at the acquisition date. The fair value adjustment represents the total fair value discount of each PUL, is accreted into interest income over the remaining lives of the related loans on a level yield basis, and remained adequate at September 30, 2016. PCI Loans Individually Evaluated for Impairment September 30, 2016 December 31, 2015 Carrying Associated Carrying Associated (Dollars in thousands) Value Allowance Value Allowance Construction & land development $ 114 $ 0 $ 114 $ 0 Commercial real estate 11,281 0 9,990 0 Residential real estate 685 0 922 0 Commercial and financial 977 0 1,083 0 Consumer 0 0 0 0 $ 13,057 $ 0 $ 12,109 $ 0 |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 9 Months Ended |
Sep. 30, 2016 | |
Brokers and Dealers [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | NOTE G SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of collateral pledged. (Dollars in thousands) Overnight and Continuous Maturity Fair Value September 30, December 31, 2016 2015 Mortgage backed securities and collateralized mortgage $ 167,693 $ 172,005 |
NONINTEREST INCOME AND EXPENSE
NONINTEREST INCOME AND EXPENSE | 9 Months Ended |
Sep. 30, 2016 | |
Noninterest Income and Expenses [Abstract] | |
NONINTEREST INCOME AND EXPENSE | NOTE H NONINTEREST INCOME AND EXPENSE Three Months Ended Nine months ended September 30, September 30, (Dollars in thousands 2016 2015 2016 2015 Noninterest income Service charges on deposit accounts $ 2,698 $ 2,217 $ 7,057 $ 6,334 Trust fees 820 781 2,464 2,341 Mortgage banking fees 1,885 1,177 4,248 3,297 Brokerage commissions and fees 463 604 1,564 1,621 Marine finance fees 138 258 558 947 Interchange income 2,306 1,925 6,893 5,695 Other deposit based EFT fees 109 88 352 298 BOLI income 382 366 1,602 1,030 Gain on participated income 0 0 0 725 Other 963 666 2,767 1,948 9,764 8,082 27,505 24,236 Securities gains, net 225 160 361 160 TOTAL NONINTEREST INCOME $ 9,989 $ 8,242 $ 27,866 $ 24,396 Three Months Ended Nine months ended September 30, September 30, (Dollars in thousands 2016 2015 2016 2015 Noninterest expense Salaries and wages $ 14,337 $ 11,850 $ 41,620 $ 29,940 Employee benefits 2,425 2,430 7,428 7,386 Outsourced data processing costs 3,198 3,277 10,440 7,695 Telephone / data lines 539 446 1,606 1,385 Occupancy 3,675 2,396 10,292 6,430 Furniture and equipment 1,228 883 3,509 2,434 Marketing 780 1,099 2,786 3,300 Legal and professional fees 2,213 2,189 7,226 5,442 FDIC assessments 517 552 1,704 1,661 Amortization of intangibles 728 397 1,767 1,027 Asset dispositions expense 219 77 469 393 Net loss on other real estate owned and repossessed assets (96) 262 (348) 396 Early redemption cost for FHLB advances 0 0 1,777 0 Other 3,672 3,269 10,308 9,112 TOTAL NONINTEREST EXPENSE $ 33,435 $ 29,127 $ 100,584 $ 76,601 |
EQUITY CAPITAL
EQUITY CAPITAL | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
EQUITY CAPITAL | NOTE I EQUITY CAPITAL The Company is well capitalized and at September 30, 2016, the Company and the Company’s principal banking subsidiary, Seacoast National Bank, or “Seacoast Bank”, met the common equity Tier 1 capital ratio (CET1) regulatory threshold of 6.5 |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE J 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 | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE K FAIR VALUE 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) At September 30, 2016: Available for sale securities (1) $ 866,613 $ 100 $ 866,513 $ 0 Loans held for sale (2) 20,143 0 20,143 0 Loans (3) 4,704 0 3,805 899 Other real estate owned (4) 12,734 0 662 12,072 At December 31, 2015: Available for sale securities (1) $ 790,766 $ 225 $ 790,541 $ 0 Loans held for sale (2) 23,998 0 23,998 0 Loans (3) 7,511 0 6,052 1,459 Other real estate owned (4) 7,039 0 598 6,441 ___________________________ (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 The fair value of impaired real estate loans which are collateral dependent 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 September 30, 2016 the range of capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.9 4.7 2.5 7.5 2.9 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, the fair value of OREO is classified as Level 3. 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 quarter-end valuation process. During the first nine months ended September 30, 2016, there were no transfers between level 1 and level 2 assets carried at fair value. For loans classified as level 3 the transfers in totaled $ 0.3 0.1 0.7 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 nine months of 2016, foreclosed loans transferred in totaled $ 2.9 7.7 4.9 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 September 30, 2016: Financial Assets Securities held to maturity (1) $ 392,138 $ 0 $ 397,264 $ 0 Loans, net 2,741,950 0 0 2,743,652 Financial Liabilities Deposit liabilities 3,510,493 0 0 3,512,632 Subordinated debt 70,171 0 52,785 0 At December 31, 2015: Financial Assets Securities held to maturity (1) $ 203,525 $ 0 $ 202,813 $ 0 Loans, net 2,129,691 0 0 2,147,024 Financial Liabilities Deposit liabilities 2,844,387 0 0 2,843,800 FHLB advances, maturing in 2017 (2) 50,000 0 51,788 0 Subordinated debt 69,961 0 52,785 0 (1) See Note D for further detail of fair value of individual investment categories. (2) Redemption in April 2016 and no longer outstanding 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 September 30, 2016 and December 31, 2015: Securities 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 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. The fair value of collateralized loan obligations are determined from broker quotes. 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 other brokers and third-party sources or derived using internal models. Loans Loans held for sale September 30, December 31, (Dollars in thousands) 2016 2015 Aggregate fair value $ 20,143 $ 23,998 Contractual balance 19,604 23,384 Gains (losses) 539 614 Deposit Liabilities Borrowings Subordinated debt |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE L BUSINESS COMBINATIONS Acquisition of Grand Bankshares, Inc. On July 17, 2015, the Company completed its acquisition of Grand Bankshares, Inc. (“Grand”) whereby Grand was merged with and into the Company. Grand’s subsidiary bank, Grand Bank & Trust of Florida (“GB”) was simultaneously merged with and into Seacoast National Bank. The Company acquired 100 18.7 With the acquisition, the Company further solidified its market share in the attractive Palm Beach market, expanding its customer base and leveraging operating costs through economies of scale, enhancing its fee income and positively affecting its net interest income operating results. The acquisition contributed $ 188.4 111.3 The acquisition of Grand constitutes a business combination and was accounted for under ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change, and in some instances rely on use of third party experts. These fair value estimates are final and are no longer subject to change as the one year period post-closing of the acquisition date when measurement period adjustments were allowed has expired. No goodwill was recognized for this whole bank acquisition that resulted in a bargain purchase gain of $ 416,000 2.6 Acquisition of Floridian Financial Group, Inc. On March 11, 2016, the Company completed its acquisition of Floridian Financial Group, Inc. (“Floridian”), the parent company of Floridian Bank. Simultaneously, upon completion of the merger, Floridian’s wholly owned subsidiary bank, Floridian Bank, was merged with and into Seacoast National Bank. Floridian, headquartered in Lake Mary, Florida, operated 10 branches in Orlando and Daytona Beach, of which several will consolidate with Seacoast locations. This acquisition added approximately $ 417 337 267 March 11, 2016 Shares exchanged for cash $ 26,699,000 Number of Floridian Financial Group, Inc. common shares outstanding 6,222,119 Per share exchange ratio 0.5289 Number of shares of common stock issued 3,291,066 Multiplied by common stock price per share on March 11, 2016 $ 15.47 Value of common stock issued 50,912,791 Total purchase price $ 77,611,791 Business Combinations Measurement Initial Report Period As Adjusted Date of acquisition March 11, 2016 Adjustments March 11, 2016 (in thousands) Assets: Cash $ 28,243 $ 0 $ 28,243 Investment securities 66,912 95 67,007 Loans, net 268,249 (2,112) 266,137 Fixed assets 7,801 (628) 7,173 Core deposit intangibles 3,375 0 3,375 Goodwill 29,985 1,647 31,632 Other assets 12,879 998 13,877 $ 417,444 $ 0 $ 417,444 Liabilities: Deposits $ 337,341 $ 0 $ 337,341 Other liabilities 2,492 0 2,492 $ 339,833 $ 0 $ 339,833 March 11, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 38,304 $ 37,367 Commercial real estate 172,531 167,105 Construction/development/land 20,546 18,108 Commercial loans 39,070 37,804 Consumer and other loans 3,385 3,110 Purchased credit-impaired 6,186 2,643 Total acquired loans $ 280,022 $ 266,137 For the loans acquired we first segregated all acquired loans with specifically identified credit deficiency factor(s). The factors we considered to identify loans as Purchase Credit Impaired (“PCI”) loans were all acquired loans that were nonaccrual, 60 days or more past due, designated as Trouble Debt Restructured (“TDR”), graded “special mention” or “substandard.” These loans were then evaluated to determine estimated fair values as of the acquisition date. As required by generally accepted accounting principles, we are accounting for these loans pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of March 11, 2016 for purchased credit impaired loans. (Dollars in thousands) March 11, 2016 Contractually required principal and interest $ 8,031 Non-accretable difference (4,820) Cash flows expected to be collected 3,211 Accretable yield (568) Total purchased credit-impaired loan acquired $ 2,643 Second, loans without specifically identified credit deficiency factors are referred to as Purchased Unimpaired Loans (“PULs”) for disclosure purposes. These loans were then evaluated to determine estimated fair values as of the acquisition date. Although no specific credit deficiencies were identifiable, we believe there is an element of risk as to whether all contractual cash flows will be eventually received. Factors that were considered included the economic environment both nationally and locally as well as the real estate market particularly in Florida. We have applied ASC Topic 310-20 accounting treatment to the PULs. The Company believes the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. In determining the valuation amount, a third party analyzed the deposits based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. The Company recognized goodwill of $ 32 The operating results of the Company for the three months and nine months ended September 30 2016 include the operating results of the acquired assets and assumed liabilities since the date of acquisition of March 11, 2016. Results for the three-month period ended September 30, 2016 includes Floridian for the full quarter. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2015 2016 2015 Net interest income $ 32,145 $ 104,921 $ 89,851 Net income available to common shareholders 4,805 21,440 17,462 EPS - basic 0.13 0.58 0.48 EPS - diluted 0.13 0.57 0.47 Acquisition of BMO Harris Central Florida Offices, Deposits and Loans On June 3, 2016, Seacoast National assumed approximately $ 314 3.0 63 0.5 Business Combinations Measurement Period As Adjusted Date of acquisition June 3, 2016 Adjustments June 3, 2016 (in thousands) Assets: Cash from BMO (net of payable to BMO Harris) $ 234,094 $ 0 $ 234,094 Loans, net 62,671 0 62,671 Fixed assets 3,715 0 3,715 Core deposit intangibles 5,223 (135) 5,088 Goodwill 7,645 163 7,808 Other assets 952 (28) 924 $ 314,300 $ 0 $ 314,300 Liabilities: Deposits $ 314,248 $ 0 $ 314,248 Other liabilities 52 0 52 $ 314,300 $ 0 $ 314,300 June 3, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Commercial real estate $ 31,564 $ 31,200 Commercial loans 32,479 31,471 Purchased credit-impaired 0 0 Total acquired loans $ 64,043 $ 62,671 At June 3, 2016, no loans acquired from BMO Harris were specifically identified with a credit deficiency factor(s). The factors we consider to identify loans as PCI loans are acquired loans that were nonaccrual, 60 days or more past due, designated as TDR, graded “special mention” or “substandard.” PULs were evaluated to determine estimated fair values as of the acquisition date. Although no specific credit deficiencies were identifiable, we believe there is an element of risk as to whether all contractual cash flows will be eventually received. Factors that were considered included the economic environment both nationally and locally as well as the real estate market particularly in Florida. We have applied ASC Topic 310-20 accounting treatment to the PULs. The Company believes the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. In determining the valuation amount, a third party analyzed the deposits based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. The Company recognized intangibles (including goodwill) of $ 13 15 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE M SUBSEQUENT EVENT On November 4, 2016, the Company entered into a definitive agreement to acquire GulfShore Bancshares, Inc. (“GulfShore”), the parent company of GulfShore Bank (the “Gulfshore Bank”). Seacoast expects that GulfShore Bank will be merged with and into Seacoast National Bank. The acquisition of GulfShore Bank, a full-service community bank serving the Tampa area since 2007, will add approximately $ 332 279 253 55 Under the terms of the definitive agreement, GulfShore common shareholders will receive a combination of 0.4807 shares of Seacoast common stock and $1.47 in cash for each share they own, representing a consideration mix of 85% Seacoast common shares and 15% cash (based on Seacoast’s ten-day average closing price of $17.33 per share as of November 2, 2016). 9.80 54.8 Directors of both Seacoast and GulfShore approved the acquisition. The transaction is expected to close in the first quarter of 2017, subject to approval by GulfShore’s shareholders, receipt of regulatory approvals and other customary closing conditions. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [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, the fair value of acquired assets and assumed liabilities, and the valuation of deferred tax assets. Actual results could differ from those estimates. |
Recently adopted Accounting Standard | Early Adoption of Accounting Standard Update In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-09 for “CompensationStock Compensation, Improvements to Employee Share Based Payments Accounting.” The guidance alters the manner in which companies account for share based payments to employees. Entities are required to immediately recognize income tax effects of awards in the income statement when the awards vest or are settled. Additional paid-in capital pools are eliminated. The Company early adopted ASU 2016-09 during the three months ended September 30, 2016. As a result of the adoption, the Company recognized a $ 418,000 0.01 |
BASIC AND DILUTED EARNINGS PE22
BASIC AND DILUTED EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For each of the periods ended September 30, 2016 and 2015, options to purchase 189,000 282,000 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share data) 2016 2015 2016 2015 Basic: Income available to common shareholders $ 9,133 $ 4,441 $ 18,431 $ 16,105 Average basic shares outstanding 37,549,804 33,907,178 36,626,290 33,286,933 Basic earnings per share $ 0.24 $ 0.13 $ 0.50 $ 0.48 Diluted: Income available to common shareholders plus assumed conversions $ 9,133 $ 4,441 $ 18,431 $ 16,105 Average basic shares outstanding 37,549,804 33,907,178 36,626,290 33,286,933 Restricted stock and stock options 620,059 286,362 631,843 237,785 Average diluted shares outstanding 38,169,863 34,193,540 37,258,133 33,524,718 Diluted earnings per share $ 0.24 $ 0.13 $ 0.49 $ 0.48 |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment | September 30, 2016 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 $ 12,485 $ 333 $ 0 $ 12,818 Mortgage-backed securities of U.S. Government Sponsored Entities 165,802 3,268 (96) 168,974 Collateralized mortgage obligations of U.S. Government Sponsored Entities 251,419 2,043 (979) 252,483 Private mortgage backed securities 32,720 0 (688) 32,032 Private collateralized mortgage obligations 73,371 617 (860) 73,128 Collateralized loan obligations 124,663 437 (676) 124,424 Obligations of state and political subdivisions 61,798 2,688 (52) 64,434 Corporate and other debt securities 75,552 1,125 (39) 76,638 Commercial mortgage backed securities 60,624 1,301 (243) 61,682 $ 858,434 $ 11,812 $ (3,633) $ 866,613 SECURITIES HELD FOR INVESTMENT Mortgage-backed securities of U.S. Government Sponsored Entities $ 183,507 $ 4,306 $ 0 $ 187,813 Collateralized mortgage obligations of U.S. Government Sponsored Entities 160,377 1,618 (405) 161,590 Collateralized loan obligations 41,494 183 (465) 41,212 Private collateralized mortgage obligations 6,760 1 (112) 6,649 $ 392,138 $ 6,108 $ (982) $ 397,264 December 31, 2015 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 $ 3,833 $ 78 $ 0 $ 3,911 Mortgage-backed securities of U.S. Government Sponsored Entities 192,224 847 (1,322) 191,749 Collateralized mortgage obligations of U.S. Government Sponsored Entities 242,620 470 (4,900) 238,190 Private mortgage backed securities 32,558 0 (766) 31,792 Private collateralized mortgage obligations 77,965 700 (708) 77,957 Collateralized loan obligations 124,477 0 (1,894) 122,583 Obligations of state and political subdivisions 39,119 882 (110) 39,891 Corporate and other debt securities 44,652 37 (416) 44,273 Commercial mortgage backed securities 41,127 13 (720) 40,420 $ 798,575 $ 3,027 $ (10,836) $ 790,766 SECURITIES HELD FOR INVESTMENT Mortgage-backed securities of U.S. Government Sponsored Entities $ 64,993 $ 574 $ (16) $ 65,551 Collateralized mortgage obligations of U.S. Government Sponsored Entities 89,265 581 (406) 89,440 Collateralized loan obligations 41,300 0 (1,360) 39,940 Private collateralized mortgage obligations 7,967 0 (85) 7,882 $ 203,525 $ 1,155 $ (1,867) $ 202,813 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at September 30, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Held for Investment Available for Sale Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in less than one year $ 0 $ 0 $ 7,760 $ 7,934 Due after one year through five years 0 0 83,490 84,017 Due after five years through ten years 41,494 41,212 139,005 140,811 Due after ten years 0 0 33,131 34,422 41,494 41,212 263,386 267,184 Mortgage-backed securities of U.S. Government Sponsored Entities 183,507 187,813 165,802 168,974 Collateralized mortgage obligations of U.S. Government Sponsored Entities 160,377 161,590 251,419 252,483 Private mortgage backed securities 0 0 32,720 32,032 Private collateralized mortgage obligations 6,760 6,649 73,371 73,128 Other debt securities 0 0 11,112 11,130 Commercial mortgage backed securities 0 0 60,624 61,682 $ 392,138 $ 397,264 $ 858,434 $ 866,613 |
Schedule of Unrealized Loss and Fair Value on Investments | September 30, 2016 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 $ 5,241 $ (9) $ 5,735 $ (87) $ 10,976 $ (96) Collateralized mortgage obligations of U.S. Government Sponsored Entities 96,741 (492) 72,794 (892) 169,535 (1,384) Private mortgage backed securities 15,007 (520) 17,025 (168) 32,032 (688) Private collateralized mortgage obligations 3,588 (141) 43,918 (831) 47,506 (972) Collateralized loan obligations 0 0 51,460 (1,141) 51,460 (1,141) Obligations of state and political subdivisions 3,692 (52) 0 0 3,692 (52) Corporate and other debt securities 8,192 (35) 1,996 (4) 10,188 (39) Commercial mortgage backed securities 2,951 (10) 11,810 (233) 14,761 (243) Total temporarily impaired securities $ 135,412 $ (1,259) $ 204,738 $ (3,356) $ 340,150 $ (4,615) December 31, 2015 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 $ 112,236 $ (1,082) $ 14,508 $ (256) $ 126,744 $ (1,338) Collateralized mortgage obligations of U.S. Government Sponsored Entities 97,512 (973) 147,266 (4,333) 244,778 (5,306) Private mortgage backed securities 31,792 (766) 0 0 31,792 (766) Private collateralized mortgage obligations 19,939 (321) 31,533 (472) 51,472 (793) Collateralized loan obligations 101,601 (1,642) 60,922 (1,612) 162,523 (3,254) Obligations of state and political subdivisions 11,570 (110) 0 0 11,570 (110) Corporate and other debt securities 31,342 (416) 0 0 31,342 (416) Commercial mortgage backed securities 37,838 (720) 0 0 37,838 (720) Total temporarily impaired securities $ 443,830 $ (6,030) $ 254,229 $ (6,673) $ 698,059 $ (12,703) |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Information relating to portfolio loans, purchased credit impaired (“PCI”) loans, and purchased unimpaired loans (“PUL”) is summarized as follows: September 30, 2016 Portfolio Loans PCI Loans PUL's Total (Dollars in thousands) Construction and land development $ 129,239 $ 114 $ 24,548 $ 153,901 Commercial real estate 947,612 11,281 334,619 1,293,512 Residential real estate 772,579 685 60,149 833,413 Commercial and financial 278,065 977 63,459 342,501 Consumer 144,291 0 1,231 145,522 Other loans 489 0 0 489 NET LOAN BALANCES (1) $ 2,272,275 $ 13,057 $ 484,006 $ 2,769,338 December 31, 2015 Portfolio Loans PCI Loans PUL's Total (Dollars in thousands) Construction and land development $ 97,629 $ 114 $ 11,044 $ 108,787 Commercial real estate 776,875 9,990 222,513 1,009,378 Residential real estate 678,131 922 44,732 723,785 Commercial and financial 188,013 1,083 39,421 228,517 Consumer 82,717 0 2,639 85,356 Other loans 507 0 0 507 NET LOAN BALANCES (1) $ 1,823,872 $ 12,109 $ 320,349 $ 2,156,330 (1) Net loan balances as of September 30, 2016 and December 31, 2015 include deferred fee/costs (net) and fair value adjustments on acquired loans, aggregating to $ 12.4 7.7 |
Contractually Required Principal And Interest Cash Payments Changes | The table below summarize the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of PCI loans during the three and nine month periods ended September 30, 2016 and 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments. Three Months Ended September 30, 2016 Reclassifications from June 30, Additions Deletions Accretion nonaccretable difference September 30, (In thousands) Contractually required principal and interest $ 24,576 $ 0 $ (376) $ 0 $ 0 $ 24,200 Nonaccretable difference (6,250) 0 (711) 0 0 (6,961) Cash flows expected to be collected 18,326 0 (1,087) 0 0 17,239 Accretable yield (4,674) 0 113 379 0 (4,182) Carrying value of acquired loans 13,652 $ 0 $ (974) $ 379 $ 0 13,057 Allowance for loan losses 0 0 Carrying value less allowance for loan losses $ 13,652 $ 13,057 Nine Months Ended September 30, 2016 Reclassifications from December 31, Additions Deletions Accretion nonaccretable difference September 30, (In thousands) Contractually required principal and interest $ 19,966 $ 9,148 $ (4,914) $ 0 $ 0 $ 24,200 Nonaccretable difference (5,247) (4,109) 2,395 0 0 (6,961) Cash flows expected to be collected 14,719 5,039 (2,519) 0 0 17,239 Accretable yield (2,610) (1,831) (1,158) 1,417 0 (4,182) Carrying value of acquired loans 12,109 $ 3,208 $ (3,677) $ 1,417 $ 0 13,057 Allowance for loan losses 0 0 Carrying value less allowance for loan losses $ 12,109 $ 13,057 Three Months Ended September 30, 2015 Reclassifications from June 30, Additions Deletions Accretion nonaccretable difference September 30, (In thousands) Contractually required principal and interest $ 11,564 $ 12,552 $ (609) $ 0 $ 0 $ 23,507 Nonaccretable difference (3,901) (4,249) (1,656) 0 152 (9,654) Cash flows expected to be collected 7,663 8,303 (2,265) 0 152 13,853 Accretable yield (1,101) (702) 610 165 (152) (1,180) Carrying value of acquired loans 6,562 $ 7,601 $ (1,655) $ 165 $ 0 12,673 Allowance for loan losses (212) (49) Carrying value less allowance for loan losses $ 6,350 $ 12,624 Nine Months Ended September 30, 2015 Reclassifications from December 31, 2014 Additions Deletions Accretion nonaccretable difference September 30, (In thousands) Contractually required principal and interest $ 14,831 $ 12,552 $ (3,876) $ 0 $ 0 $ 23,507 Nonaccretable difference (5,825) (4,249) 7 0 413 (9,654) Cash flows expected to be collected 9,006 8,303 (3,869) 0 413 13,853 Accretable yield (1,192) (702) 758 369 (413) (1,180) Carrying value of acquired loans 7,814 $ 7,601 $ (3,111) $ 369 $ 0 12,673 Allowance for loan losses (64) (49) Carrying value less allowance for loan losses $ 7,750 $ 12,624 |
Past Due Financing Receivables | The following tables present the contractual delinquency of the recorded investment in past due loans by class of loans as of September 30, 2016 and December 31, 2015: Accruing Accruing Accruing Greater Total September 30, 2016 30-59 Days 60-89 Days Than Financing (Dollars in thousands) Past Due Past Due 90 Days Nonaccrual Current Receivables Portfolio Loans Construction and land development $ 0 $ 0 $ 0 $ 229 $ 129,010 $ 129,239 Commercial real estate 2,270 1,257 0 1,296 942,789 947,612 Residential real estate 574 361 0 8,730 762,914 772,579 Commercial and financial 399 0 0 137 277,529 278,065 Consumer 66 0 0 169 144,056 144,291 Other 0 0 0 0 489 489 Total 3,309 1,618 0 10,561 2,256,787 $ 2,272,275 Purchased Unimpaired Loans Construction and land development $ 0 $ 0 $ 0 $ 34 $ 24,514 $ 24,548 Commercial real estate 148 0 0 2,008 332,463 334,619 Residential real estate 0 0 0 1,271 58,878 60,149 Commercial and financial 333 352 0 209 62,565 63,459 Consumer 0 0 0 0 1,231 1,231 Other 0 0 0 0 0 0 Total 481 352 0 3,522 479,651 $ 484,006 Purchased Credit Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 0 $ 114 $ 114 Commercial real estate 0 0 0 4,354 6,927 11,281 Residential real estate 182 0 0 0 503 685 Commercial and financial 0 0 0 0 977 977 Consumer 0 0 0 0 0 0 Other 0 0 0 0 0 0 Total 182 0 0 4,354 8,521 $ 13,057 Total Loans $ 3,972 $ 1,970 $ 0 $ 18,437 $ 2,744,959 $ 2,769,338 Accruing Accruing Accruing Greater Total December 31, 2015 30-59 Days 60-89 Days Than Financing (Dollars in thousands) Past Due Past Due 90 Days Nonaccrual Current Receivables Portfolio Loans Construction and land development $ 665 $ 0 $ 0 $ 269 $ 96,695 $ 97,629 Commercial real estate 810 0 0 2,301 773,764 776,875 Residential real estate 141 0 0 9,941 668,049 678,131 Commercial and financial 59 0 0 0 187,954 188,013 Consumer 430 0 0 247 82,040 82,717 Other 0 0 0 0 507 507 Total $ 2,105 $ 0 $ 0 $ 12,758 $ 1,809,009 $ 1,823,872 Purchased Unimpaired Loans Construction and land development $ 0 $ 0 $ 0 $ 40 $ 11,004 $ 11,044 Commercial real estate 179 0 0 2,294 220,040 222,513 Residential real estate 66 0 0 0 44,666 44,732 Commercial and financial 39 0 0 130 39,252 39,421 Consumer 39 0 0 0 2,600 2,639 Other 0 0 0 0 0 0 Total $ 323 $ 0 $ 0 $ 2,464 $ 317,562 $ 320,349 Purchased Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 0 $ 114 $ 114 Commercial real estate 132 0 0 1,816 8,042 9,990 Residential real estate 0 0 0 348 574 922 Commercial and financial 0 0 0 0 1,083 1,083 Consumer 0 0 0 0 0 0 Other 0 0 0 0 0 0 Total $ 132 $ 0 $ 0 $ 2,164 $ 9,813 $ 12,109 Total Loans $ 2,560 $ 0 $ 0 $ 17,386 $ 2,136,384 $ 2,156,330 |
Financing Receivable Credit Quality Indicators | The following tables present the risk category of loans by class of loans based on the most recent analysis performed as of September 30, 2016 and December 31, 2015: September 30, 2016 Construction Commercial & Land Commercial Residential and Consumer (Dollars in thousands) Development Real Estate Real Estate Financial Loans Total Pass $ 141,629 $ 1,257,999 $ 805,997 $ 336,238 $ 144,253 $ 2,686,116 Special mention 5,893 8,335 1,762 3,824 1,129 20,943 Substandard 5,550 13,429 3,398 2,093 100 24,570 Doubtful 0 0 0 0 0 0 Nonaccrual 263 7,658 10,001 346 169 18,437 Pass-Troubled debt restructures 47 5,031 363 0 44 5,485 Troubled debt restructures 519 1,060 11,892 0 316 13,787 $ 153,901 $ 1,293,512 $ 833,413 $ 342,501 $ 146,011 $ 2,769,338 December 31, 2015 Construction Commercial & Land Commercial Residential and Consumer (Dollars in thousands) Development Real Estate Real Estate Financial Loans Total Pass $ 100,186 $ 973,942 $ 697,907 $ 226,391 $ 83,786 $ 2,082,212 Special mention 3,377 12,599 629 1,209 1,392 19,206 Substandard 4,242 9,278 3,197 769 70 17,556 Doubtful 0 0 0 0 0 0 Nonaccrual 309 6,410 10,290 130 247 17,386 Pass-Troubled debt restructures 58 5,893 0 18 0 5,969 Troubled debt restructures 615 1,256 11,762 0 368 14,001 $ 108,787 $ 1,009,378 $ 723,785 $ 228,517 $ 85,863 $ 2,156,330 |
IMPAIRED LOANS AND ALLOWANCE 25
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The following table presents loans that were modified within the nine months ending September 30, 2016: Pre- Post- Modification Modification Number Outstanding Outstanding Specific Valuation of Recorded Recorded Reserve Allowance (Dollars in thousands) Contracts Investment Investment Recorded Recorded Residential real estate 6 $ 1,660 $ 1,489 $ 0 $ 171 6 $ 1,660 $ 1,489 $ 0 $ 171 The following table presents loans that were modified within the nine months ending September 30, 2015: Pre- Post- Modification Modification Number Outstanding Outstanding Specific Valuation of Recorded Recorded Reserve Allowance (Dollars in thousands) Contracts Investment Investment Recorded Recorded Residential real estae 1 $ 26 $ 25 $ 0 $ 1 Commercial real estate 3 1,881 1,787 0 94 Consumer 4 48 45 0 3 8 $ 1,955 $ 1,857 $ 0 $ 98 |
Impaired Financing Receivables | As of September 30, 2016 and December 31, 2015, the Company’s recorded investment in impaired loans and the related valuation allowance were as follows: September 30, 2016 Unpaid Related Recorded Principal Valuation (Dollars in thousands) Investment Balance Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 211 $ 297 $ 0 Commercial real estate 1,421 2,889 0 Residential real estate 9,258 13,609 0 Commercial and financial 19 19 0 Consumer 136 229 0 Impaired Loans with an Allowance Recorded: Construction and land development 585 595 42 Commercial real estate 5,966 5,966 346 Residential real estate 11,727 12,025 1,608 Commercial and financial 0 0 0 Consumer 392 392 49 Total: Construction and land development 796 892 42 Commercial real estate 7,387 8,855 346 Residential real estate 20,985 25,634 1,608 Commercial and financial 19 19 0 Consumer 528 621 49 $ 29,715 $ 36,021 $ 2,045 December 31, 2015 Unpaid Related Recorded Principal Valuation (Dollars in thousands) Investment Balance Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 107 $ 255 $ 0 Commercial real estate 2,363 3,911 0 Residential real estate 9,256 13,707 0 Commercial and financial 17 17 0 Consumer 264 349 0 Impaired Loans with an Allowance Recorded: Construction and land development 835 870 84 Commercial real estate 7,087 7,087 429 Residential real estate 12,447 12,803 1,964 Commercial and financial 0 0 0 Consumer 351 351 40 Total: Construction and land development 942 1,125 84 Commercial real estate 9,450 10,998 429 Residential real estate 21,703 26,510 1,964 Commercial and financial 17 17 0 Consumer 615 700 40 $ 32,727 $ 39,350 $ 2,517 For the three months ended September 30, 2016 and 2015, the Company’s average recorded investments in impaired loans and related interest income were as follows: Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 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 $ 208 $ 3 $ 1,216 $ 2 Commercial real estate 1,437 31 3,138 7 Residential real estate 9,346 138 9,700 35 Commercial and financial 16 0 83 0 Consumer 157 3 152 0 Impaired Loans with an Allowance Recorded: Construction & land development 609 7 1,070 23 Commercial real estate 6,565 64 6,638 78 Residential real estate 12,038 102 14,762 89 Commercial and financial 0 0 0 0 Consumer 383 4 490 7 Total: Construction & land development 817 10 2,286 25 Commercial real estate 8,002 95 9,776 85 Residential real estate 21,384 240 24,462 124 Commercial and financial 16 0 83 0 Consumer 540 7 642 7 $ 30,759 $ 352 $ 37,249 $ 241 For the nine months ended September 30, 2016 and 2015, the Company’s average recorded investments in impaired loans and related interest income were as follows: Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 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 $ 188 $ 11 $ 1,632 $ 7 Commercial real estate 1,854 97 3,012 13 Residential real estate 9,444 406 10,745 103 Commercial and financial 16 0 106 1 Consumer 193 10 126 0 Impaired Loans with an Allowance Recorded: Construction & land development 671 20 912 39 Commercial real estate 6,835 193 7,312 223 Residential real estate 12,098 322 15,658 270 Commercial and financial 0 0 0 0 Consumer 363 14 507 17 Total: Construction & land development 859 31 2,544 46 Commercial real estate 8,689 290 10,324 236 Residential real estate 21,542 728 26,403 373 Commercial and financial 16 0 106 1 Consumer 556 24 633 17 $ 31,662 $ 1,073 $ 40,010 $ 673 |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for loan losses (excluding PCI loans) for the three-month period ended and nine-month period ended September 30, 2016 is summarized as follows: Allowance for Loan Losses for the Three Months Ended September 30, 2016 Provision Beginning for Loan Charge- Net Ending (Dollars in thousands) Balance Losses Offs Recoveries Recoveries Balance Construction & land development $ 1,160 $ 48 $ 0 $ 25 $ 25 $ 1,233 Commercial real estate 7,192 1,450 (78) 169 91 8,733 Residential real estate 8,299 (662) 0 272 272 7,909 Commercial and financial 2,591 (550) (283) 1,278 995 3,036 Consumer 1,483 264 (18) 44 26 1,773 $ 20,725 $ 550 $ (379) $ 1,788 $ 1,409 $ 22,684 Allowance for Loan Losses for the Nine Months Ended September 30, 2016 Provision Net Beginning for Loan Charge- (Charge-Offs) Ending (Dollars in thousands) Balance Losses Offs Recoveries Recoveries Balance Construction & land development $ 1,151 $ (132) $ 0 $ 214 $ 214 $ 1,233 Commercial real estate 6,756 1,960 (254) 271 17 8,733 Residential real estate 8,057 (672) (145) 669 524 7,909 Commercial and financial 2,042 (403) (376) 1,773 1,397 3,036 Consumer 1,122 658 (98) 91 (7) 1,773 $ 19,128 $ 1,411 $ (873) $ 3,018 $ 2,145 $ 22,684 Activity in the allowance for loan losses (excluding PCI loans) for the three-month period and nine-month period ended September 30, 2015 is summarized as follows: Allowance for Loan Losses for the Three Months Ended September 30, 2015 Provision Net Beginning for Loan Charge- (Charge-Offs) Ending (Dollars in thousands) Balance Losses Offs Recoveries Recoveries Balance Construction & land development $ 887 $ 891 $ (859) $ 109 $ (750) $ 1,028 Commercial real estate 5,278 925 (128) 315 187 6,390 Residential real estate 9,686 (686) (193) 359 166 9,166 Commercial and financial 945 193 (160) 107 (53) 1,085 Consumer 1,783 (173) (22) 22 0 1,610 $ 18,579 $ 1,150 $ (1,362) $ 912 $ (450) $ 19,279 Allowance for Loan Losses for the Nine Months Ended September 30, 2015 Provision Net Beginning for Loan Charge- (Charge-Offs) Ending (Dollars in thousands) Balance Losses Offs Recoveries Recoveries Balance Construction & land development $ 722 $ 910 $ (925) $ 321 $ (604) $ 1,028 Commercial real estate 4,528 1,690 (430) 602 172 6,390 Residential real estate 9,784 (1,235) (515) 1,132 617 9,166 Commercial and financial 1,179 (245) (284) 435 151 1,085 Consumer 794 1,020 (276) 72 (204) 1,610 $ 17,007 $ 2,140 $ (2,430) $ 2,562 $ 132 $ 19,279 |
Loan Portfolio And Related Allowance | The Company’s loan portfolio (excluding PCI loans) and related allowance at September 30, 2016 and December 31, 2015 is shown in the following tables: At September 30, 2016 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 $ 796 $ 42 $ 152,991 $ 1,191 $ 153,787 $ 1,233 Commercial real estate 7,387 346 1,274,844 8,387 1,282,231 8,733 Residential real estate 20,985 1,608 811,743 6,301 832,728 7,909 Commercial and financial 19 0 341,505 3,036 341,524 3,036 Consumer 528 49 145,483 1,724 146,011 1,773 $ 29,715 $ 2,045 $ 2,726,566 $ 20,639 $ 2,756,281 $ 22,684 At December 31, 2015 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 $ 942 $ 84 $ 107,731 $ 1,067 $ 108,673 $ 1,151 Commercial real estate 9,450 429 989,938 6,327 999,388 6,756 Residential real estate 21,703 1,964 701,160 6,093 722,863 8,057 Commercial and financial 17 0 227,417 2,042 227,434 2,042 Consumer 615 40 85,248 1,082 85,863 1,122 $ 32,727 $ 2,517 $ 2,111,494 $ 16,611 $ 2,144,221 $ 19,128 |
PCI Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Loan Portfolio And Related Allowance | The table below summarizes PCI loans that were individually evaluated for impairment based on expected cash flows at September 30, 2016 and December 31, 2015: PCI Loans Individually Evaluated for Impairment September 30, 2016 December 31, 2015 Carrying Associated Carrying Associated (Dollars in thousands) Value Allowance Value Allowance Construction & land development $ 114 $ 0 $ 114 $ 0 Commercial real estate 11,281 0 9,990 0 Residential real estate 685 0 922 0 Commercial and financial 977 0 1,083 0 Consumer 0 0 0 0 $ 13,057 $ 0 $ 12,109 $ 0 |
SECURITIES SOLD UNDER AGREEME26
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Brokers and Dealers [Abstract] | |
Schedule of Securities Financing Transactions | (Dollars in thousands) Overnight and Continuous Maturity Fair Value September 30, December 31, 2016 2015 Mortgage backed securities and collateralized mortgage $ 167,693 $ 172,005 |
NONINTEREST INCOME AND EXPENSE
NONINTEREST INCOME AND EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Noninterest Income and Expenses [Abstract] | |
Summary of Noninterest Income and Expense | Details of noninterest income and expense follow: Three Months Ended Nine months ended September 30, September 30, (Dollars in thousands 2016 2015 2016 2015 Noninterest income Service charges on deposit accounts $ 2,698 $ 2,217 $ 7,057 $ 6,334 Trust fees 820 781 2,464 2,341 Mortgage banking fees 1,885 1,177 4,248 3,297 Brokerage commissions and fees 463 604 1,564 1,621 Marine finance fees 138 258 558 947 Interchange income 2,306 1,925 6,893 5,695 Other deposit based EFT fees 109 88 352 298 BOLI income 382 366 1,602 1,030 Gain on participated income 0 0 0 725 Other 963 666 2,767 1,948 9,764 8,082 27,505 24,236 Securities gains, net 225 160 361 160 TOTAL NONINTEREST INCOME $ 9,989 $ 8,242 $ 27,866 $ 24,396 Three Months Ended Nine months ended September 30, September 30, (Dollars in thousands 2016 2015 2016 2015 Noninterest expense Salaries and wages $ 14,337 $ 11,850 $ 41,620 $ 29,940 Employee benefits 2,425 2,430 7,428 7,386 Outsourced data processing costs 3,198 3,277 10,440 7,695 Telephone / data lines 539 446 1,606 1,385 Occupancy 3,675 2,396 10,292 6,430 Furniture and equipment 1,228 883 3,509 2,434 Marketing 780 1,099 2,786 3,300 Legal and professional fees 2,213 2,189 7,226 5,442 FDIC assessments 517 552 1,704 1,661 Amortization of intangibles 728 397 1,767 1,027 Asset dispositions expense 219 77 469 393 Net loss on other real estate owned and repossessed assets (96) 262 (348) 396 Early redemption cost for FHLB advances 0 0 1,777 0 Other 3,672 3,269 10,308 9,112 TOTAL NONINTEREST EXPENSE $ 33,435 $ 29,127 $ 100,584 $ 76,601 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2016 and December 31, 2015 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) At September 30, 2016: Available for sale securities (1) $ 866,613 $ 100 $ 866,513 $ 0 Loans held for sale (2) 20,143 0 20,143 0 Loans (3) 4,704 0 3,805 899 Other real estate owned (4) 12,734 0 662 12,072 At December 31, 2015: Available for sale securities (1) $ 790,766 $ 225 $ 790,541 $ 0 Loans held for sale (2) 23,998 0 23,998 0 Loans (3) 7,511 0 6,052 1,459 Other real estate owned (4) 7,039 0 598 6,441 ___________________________ (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 Measurements, Recurring and Nonrecurring | 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 September 30, 2016 and December 31, 2015 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 September 30, 2016: Financial Assets Securities held to maturity (1) $ 392,138 $ 0 $ 397,264 $ 0 Loans, net 2,741,950 0 0 2,743,652 Financial Liabilities Deposit liabilities 3,510,493 0 0 3,512,632 Subordinated debt 70,171 0 52,785 0 At December 31, 2015: Financial Assets Securities held to maturity (1) $ 203,525 $ 0 $ 202,813 $ 0 Loans, net 2,129,691 0 0 2,147,024 Financial Liabilities Deposit liabilities 2,844,387 0 0 2,843,800 FHLB advances, maturing in 2017 (2) 50,000 0 51,788 0 Subordinated debt 69,961 0 52,785 0 (1) See Note D for further detail of fair value of individual investment categories. (2) Redemption in April 2016 and no longer outstanding |
Schedule of contractual balance and gains or losses aggregate fair value | At September 30, 2016 and December 31, 2015, the aggregate fair value, contractual balance (including accrued interest) and gains or losses was as follows: September 30, December 31, (Dollars in thousands) 2016 2015 Aggregate fair value $ 20,143 $ 23,998 Contractual balance 19,604 23,384 Gains (losses) 539 614 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Schedule of summarizing the purchase price calculation | This transaction closed on March 11, 2016. March 11, 2016 Shares exchanged for cash $ 26,699,000 Number of Floridian Financial Group, Inc. common shares outstanding 6,222,119 Per share exchange ratio 0.5289 Number of shares of common stock issued 3,291,066 Multiplied by common stock price per share on March 11, 2016 $ 15.47 Value of common stock issued 50,912,791 Total purchase price $ 77,611,791 |
Schedule of Business Acquisitions, by Acquisition | The fair values listed are preliminary and are subject to adjustment. The acquisition is accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations Measurement Initial Report Period As Adjusted Date of acquisition March 11, 2016 Adjustments March 11, 2016 (in thousands) Assets: Cash $ 28,243 $ 0 $ 28,243 Investment securities 66,912 95 67,007 Loans, net 268,249 (2,112) 266,137 Fixed assets 7,801 (628) 7,173 Core deposit intangibles 3,375 0 3,375 Goodwill 29,985 1,647 31,632 Other assets 12,879 998 13,877 $ 417,444 $ 0 $ 417,444 Liabilities: Deposits $ 337,341 $ 0 $ 337,341 Other liabilities 2,492 0 2,492 $ 339,833 $ 0 $ 339,833 |
Fair Value, Assets Measured on Recurring Basis | March 11, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 38,304 $ 37,367 Commercial real estate 172,531 167,105 Construction/development/land 20,546 18,108 Commercial loans 39,070 37,804 Consumer and other loans 3,385 3,110 Purchased credit-impaired 6,186 2,643 Total acquired loans $ 280,022 $ 266,137 |
Schedule of Contractually required principal and interest payments | Contractually required principal and interest payments have been adjusted for estimated prepayments. (Dollars in thousands) March 11, 2016 Contractually required principal and interest $ 8,031 Non-accretable difference (4,820) Cash flows expected to be collected 3,211 Accretable yield (568) Total purchased credit-impaired loan acquired $ 2,643 |
Business Acquisition, Pro Forma Information | Pro-forma data for the three months ended 2015 and nine months ending September 30, 2016 and 2015 listed in the table below present pro-forma information as if the acquisition occurred at the beginning of 2015. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2015 2016 2015 Net interest income $ 32,145 $ 104,921 $ 89,851 Net income available to common shareholders 4,805 21,440 17,462 EPS - basic 0.13 0.58 0.48 EPS - diluted 0.13 0.57 0.47 |
Schedule of Business Acquisitions, by Acquisition | March 11, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 38,304 $ 37,367 Commercial real estate 172,531 167,105 Construction/development/land 20,546 18,108 Commercial loans 39,070 37,804 Consumer and other loans 3,385 3,110 Purchased credit-impaired 6,186 2,643 Total acquired loans $ 280,022 $ 266,137 |
BMO Harris Bank [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The fair values listed are preliminary and are subject to adjustment. The acquisition is accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations Measurement Period As Adjusted Date of acquisition June 3, 2016 Adjustments June 3, 2016 (in thousands) Assets: Cash from BMO (net of payable to BMO Harris) $ 234,094 $ 0 $ 234,094 Loans, net 62,671 0 62,671 Fixed assets 3,715 0 3,715 Core deposit intangibles 5,223 (135) 5,088 Goodwill 7,645 163 7,808 Other assets 952 (28) 924 $ 314,300 $ 0 $ 314,300 Liabilities: Deposits $ 314,248 $ 0 $ 314,248 Other liabilities 52 0 52 $ 314,300 $ 0 $ 314,300 |
Schedule of Business Acquisitions, by Acquisition | June 3, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Commercial real estate $ 31,564 $ 31,200 Commercial loans 32,479 31,471 Purchased credit-impaired 0 0 Total acquired loans $ 64,043 $ 62,671 |
BASIS OF PRESENTATION - Additio
BASIS OF PRESENTATION - Additional Information (Details) - Accounting Standards Update 2016-09 [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Income Tax Expense Benefit | $ 418,000 | $ 418,000 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted And Basic Earnings Per Share | $ 0.01 | $ 0.01 |
BASIC AND DILUTED EARNINGS PE31
BASIC AND DILUTED EARNINGS PER COMMON SHARE - Additional Information (Details) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 189,000 | 282,000 |
BASIC AND DILUTED EARNINGS PE32
BASIC AND DILUTED EARNINGS PER COMMON SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Basic: | ||||
Income available to common shareholders | $ 9,133 | $ 4,441 | $ 18,431 | $ 16,105 |
Average basic shares outstanding | 37,549,804 | 33,907,178 | 36,626,290 | 33,286,933 |
Basic earnings per share | $ 0.24 | $ 0.13 | $ 0.5 | $ 0.48 |
Diluted: | ||||
Income available to common shareholders plus assumed conversions | $ 9,133 | $ 4,441 | $ 18,431 | $ 16,105 |
Average basic shares outstanding | 37,549,804 | 33,907,178 | 36,626,290 | 33,286,933 |
Restricted stock and stock options | 620,059 | 286,362 | 631,843 | 237,785 |
Average diluted shares outstanding | 38,169,863 | 34,193,540 | 37,258,133 | 33,524,718 |
Diluted earnings per share | $ 0.24 | $ 0.13 | $ 0.49 | $ 0.48 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities, Debt | $ 39,408,000 | $ 60,314,000 | ||
Available-for-sale Securities, Gross Realized Gains | 448,000 | 632,000 | ||
Available-for-sale Securities, Gross Realized Losses | $ 87,000 | $ 472,000 | ||
Collateral Underlying Mortgage Investments Terms | 30- and 15-year fixed and 10/1 adjustable rate mortgage | |||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 30,900,000 | |||
Cost Method Investments, Fair Value Disclosure | 30,900,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 340,150,000 | $ 698,059,000 | ||
Accumulated unrealized losses | 4,615,000 | $ 12,703,000 | ||
Securities Available For Sale Transferred To Held-To-Maturity | 28,700,000 | $ 158,800,000 | ||
Available For Sale Securities Transferred To Held To Maturity Securities Unrealized Gain Loss | 3,100,000 | $ 3,100,000 | ||
Trading Securities, Unrealized Holding Loss | $ 1,900,000 | |||
Common Stock, Shares, Outstanding | 38,025,020 | 34,351,409 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 38,900,000 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | $ 400,000 | |||
Common Class B [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Common Stock, Shares, Outstanding | 11,330 | |||
Common Class A [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Debt Instrument, Convertible, Conversion Price | $ 1.6483 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 18,675 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments, Total | $ 1,500,000 | |||
Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 300,000 | |||
Securities Available For Sale Transferred To Held-To-Maturity | 300,000 | |||
Carrying Amount [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities pledged as collateral | 161,000,000 | |||
Carrying Amount [Member] | Repurchase Agreement [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities pledged as collateral | 167,700,000 | |||
Mortgage Backed Securities And Collateralized Mortgage Obligations Of Us Government Sponsored Entities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 180,500,000 | |||
Accumulated unrealized losses | 0 | |||
Collateralized Loan Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Accumulated unrealized losses | 1,100,000 | |||
Private Collateralized Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 79,500,000 | |||
Accumulated unrealized losses | $ 1,700,000 |
SECURITIES - Amortized Cost and
SECURITIES - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | $ 858,434 | $ 798,575 |
Gross Unrealized Gains, Available for Sale | 11,812 | 3,027 |
Gross Unrealized Losses, Available for Sale | (3,633) | (10,836) |
Fair Value, Available for Sale | 866,613 | 790,766 |
Gross Amortized Cost, Held for Investment Securities | 392,138 | 203,525 |
Gross Unrealized Gains, Held for Investment Securities | 6,108 | 1,155 |
Gross Unrealized Losses, Held for Investment Securities | (982) | (1,867) |
Fair Value, Held for Investment Securities | 397,264 | 202,813 |
U.S. Treasury Securities and obligations of U.S. Government Sponsored Entities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 12,485 | 3,833 |
Gross Unrealized Gains, Available for Sale | 333 | 78 |
Gross Unrealized Losses, Available for Sale | 0 | 0 |
Fair Value, Available for Sale | 12,818 | 3,911 |
Mortgage-backed securities of U.S. Government Sponsored Entities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 165,802 | 192,224 |
Gross Unrealized Gains, Available for Sale | 3,268 | 847 |
Gross Unrealized Losses, Available for Sale | (96) | (1,322) |
Fair Value, Available for Sale | 168,974 | 191,749 |
Gross Amortized Cost, Held for Investment Securities | 183,507 | 64,993 |
Gross Unrealized Gains, Held for Investment Securities | 4,306 | 574 |
Gross Unrealized Losses, Held for Investment Securities | 0 | (16) |
Fair Value, Held for Investment Securities | 187,813 | 65,551 |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 251,419 | 242,620 |
Gross Unrealized Gains, Available for Sale | 2,043 | 470 |
Gross Unrealized Losses, Available for Sale | (979) | (4,900) |
Fair Value, Available for Sale | 252,483 | 238,190 |
Gross Amortized Cost, Held for Investment Securities | 160,377 | 89,265 |
Gross Unrealized Gains, Held for Investment Securities | 1,618 | 581 |
Gross Unrealized Losses, Held for Investment Securities | (405) | (406) |
Fair Value, Held for Investment Securities | 161,590 | 89,440 |
Private mortgage backed securities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 32,720 | 32,558 |
Gross Unrealized Gains, Available for Sale | 0 | 0 |
Gross Unrealized Losses, Available for Sale | (688) | (766) |
Fair Value, Available for Sale | 32,032 | 31,792 |
Fair Value, Held for Investment Securities | 0 | |
Private collateralized mortgage obligations [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 73,371 | 77,965 |
Gross Unrealized Gains, Available for Sale | 617 | 700 |
Gross Unrealized Losses, Available for Sale | (860) | (708) |
Fair Value, Available for Sale | 73,128 | 77,957 |
Gross Amortized Cost, Held for Investment Securities | 6,760 | 7,967 |
Gross Unrealized Gains, Held for Investment Securities | 1 | 0 |
Gross Unrealized Losses, Held for Investment Securities | (112) | (85) |
Fair Value, Held for Investment Securities | 6,649 | 7,882 |
Collateralized loan obligations [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 124,663 | 124,477 |
Gross Unrealized Gains, Available for Sale | 437 | 0 |
Gross Unrealized Losses, Available for Sale | (676) | (1,894) |
Fair Value, Available for Sale | 124,424 | 122,583 |
Gross Amortized Cost, Held for Investment Securities | 41,494 | 41,300 |
Gross Unrealized Gains, Held for Investment Securities | 183 | 0 |
Gross Unrealized Losses, Held for Investment Securities | (465) | (1,360) |
Fair Value, Held for Investment Securities | 41,212 | 39,940 |
Obligations of state and political subdivisions [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 61,798 | 39,119 |
Gross Unrealized Gains, Available for Sale | 2,688 | 882 |
Gross Unrealized Losses, Available for Sale | (52) | (110) |
Fair Value, Available for Sale | 64,434 | 39,891 |
Corporate and other debt securities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 75,552 | 44,652 |
Gross Unrealized Gains, Available for Sale | 1,125 | 37 |
Gross Unrealized Losses, Available for Sale | (39) | (416) |
Fair Value, Available for Sale | 76,638 | 44,273 |
Fair Value, Held for Investment Securities | 0 | |
Commercial mortgage backed securities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 60,624 | 41,127 |
Gross Unrealized Gains, Available for Sale | 1,301 | 13 |
Gross Unrealized Losses, Available for Sale | (243) | (720) |
Fair Value, Available for Sale | 61,682 | $ 40,420 |
Fair Value, Held for Investment Securities | $ 0 |
SECURITIES - Amortized Cost a35
SECURITIES - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | $ 392,138 | $ 203,525 |
Held for Investment, Fair Value, Total | 397,264 | 202,813 |
Available for Sale, Amortized Cost, Total | 858,434 | |
Available for Sale, Fair Value, Total | 866,613 | 790,766 |
Collateralized Loan Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Due in less than one year | 0 | |
Held for Investment, Fair Value, Due in less than one year | 0 | |
Available for Sale Amortized Cost, Due in less than one year | 7,760 | |
Available for Sale, Fair Value, Due in less than one year | 7,934 | |
Held for Investment, Amortized Cost, Due after one year through five years | 0 | |
Held for Investment, Fair Value, Due after one year through five years | 0 | |
Available for Sale, Amortized Cost, Due after one year through five years | 83,490 | |
Available for Sale, Fair Value, Due after one year through five years | 84,017 | |
Held for Investment, Amortized Cost, Due after five years through ten years | 41,494 | |
Held for Investment, Fair Value, Due after five years through ten years | 41,212 | |
Available for Sale, Amortized Cost, Due after five years through ten years | 139,005 | |
Available for Sale, Fair Value, Due after five years through ten years | 140,811 | |
Held for Investment, Amortized Cost, Due after ten years | 0 | |
Held for Investment, Fair Value, Due after ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 33,131 | |
Available for Sale, Fair Value, Due after ten years | 34,422 | |
Held for Investment, Amortized Cost, Total | 41,494 | |
Held for Investment, Fair Value, Total | 41,212 | |
Available for Sale, Amortized Cost, Total | 263,386 | |
Available for Sale, Fair Value, Total | 267,184 | |
Mortgage-backed securities of U.S. Government Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 183,507 | |
Held for Investment, Fair Value, Total | 187,813 | 65,551 |
Available for Sale, Amortized Cost, Total | 165,802 | |
Available for Sale, Fair Value, Total | 168,974 | 191,749 |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 160,377 | |
Held for Investment, Fair Value, Total | 161,590 | 89,440 |
Available for Sale, Amortized Cost, Total | 251,419 | |
Available for Sale, Fair Value, Total | 252,483 | 238,190 |
Private mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 0 | |
Held for Investment, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 32,720 | |
Available for Sale, Fair Value, Total | 32,032 | 31,792 |
Private collateralized mortgage obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 6,760 | |
Held for Investment, Fair Value, Total | 6,649 | 7,882 |
Available for Sale, Amortized Cost, Total | 73,371 | |
Available for Sale, Fair Value, Total | 73,128 | 77,957 |
Corporate and other debt securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 0 | |
Held for Investment, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 11,112 | |
Available for Sale, Fair Value, Total | 76,638 | 44,273 |
Commercial mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 0 | |
Held for Investment, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 60,624 | |
Available for Sale, Fair Value, Total | $ 61,682 | $ 40,420 |
SECURITIES - Schedule of Unreal
SECURITIES - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value | ||
Less than 12 months | $ 135,412 | $ 443,830 |
12 months or longer | 204,738 | 254,229 |
Total | 340,150 | 698,059 |
Unrealized Losses | ||
Less than 12 months | (1,259) | (6,030) |
12 months or longer | (3,356) | (6,673) |
Total | (4,615) | (12,703) |
Collateralized Loan Obligations [Member] | ||
Fair Value | ||
Less than 12 months | 0 | 101,601 |
12 months or longer | 51,460 | 60,922 |
Total | 51,460 | 162,523 |
Unrealized Losses | ||
Less than 12 months | 0 | (1,642) |
12 months or longer | (1,141) | (1,612) |
Total | (1,141) | (3,254) |
Mortgage-backed securities of U.S. Government Sponsored Entities [Member] | ||
Fair Value | ||
Less than 12 months | 5,241 | 112,236 |
12 months or longer | 5,735 | 14,508 |
Total | 10,976 | 126,744 |
Unrealized Losses | ||
Less than 12 months | (9) | (1,082) |
12 months or longer | (87) | (256) |
Total | (96) | (1,338) |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Fair Value | ||
Less than 12 months | 96,741 | 97,512 |
12 months or longer | 72,794 | 147,266 |
Total | 169,535 | 244,778 |
Unrealized Losses | ||
Less than 12 months | (492) | (973) |
12 months or longer | (892) | (4,333) |
Total | (1,384) | (5,306) |
Private mortgage backed securities [Member] | ||
Fair Value | ||
Less than 12 months | 15,007 | 31,792 |
12 months or longer | 17,025 | 0 |
Total | 32,032 | 31,792 |
Unrealized Losses | ||
Less than 12 months | (520) | (766) |
12 months or longer | (168) | 0 |
Total | (688) | (766) |
Private collateralized mortgage obligations [Member] | ||
Fair Value | ||
Less than 12 months | 3,588 | 19,939 |
12 months or longer | 43,918 | 31,533 |
Total | 47,506 | 51,472 |
Unrealized Losses | ||
Less than 12 months | (141) | (321) |
12 months or longer | (831) | (472) |
Total | (972) | (793) |
Obligations of state and political subdivisions [Member] | ||
Fair Value | ||
Less than 12 months | 3,692 | 11,570 |
12 months or longer | 0 | 0 |
Total | 3,692 | 11,570 |
Unrealized Losses | ||
Less than 12 months | (52) | (110) |
12 months or longer | 0 | 0 |
Total | (52) | (110) |
Corporate and other debt securities [member] | ||
Fair Value | ||
Less than 12 months | 8,192 | 31,342 |
12 months or longer | 1,996 | 0 |
Total | 10,188 | 31,342 |
Unrealized Losses | ||
Less than 12 months | (35) | (416) |
12 months or longer | (4) | 0 |
Total | (39) | (416) |
Commercial mortgage backed securities [Member] | ||
Fair Value | ||
Less than 12 months | 2,951 | 37,838 |
12 months or longer | 11,810 | 0 |
Total | 14,761 | 37,838 |
Unrealized Losses | ||
Less than 12 months | (10) | (720) |
12 months or longer | (233) | 0 |
Total | $ (243) | $ (720) |
LOANS - Additional Information
LOANS - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Deferred Costs, Noncurrent | $ 12.4 | $ 7.7 |
LOANS - Information Relating to
LOANS - Information Relating to Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | $ 2,769,338 | $ 2,156,330 |
Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 153,901 | 108,787 | |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 1,293,512 | 1,009,378 | |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 833,413 | 723,785 | |
Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 489 | 507 | |
Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 342,501 | 228,517 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 145,522 | 85,356 | |
Portfolio Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 2,272,275 | 1,823,872 |
Portfolio Loans [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 129,239 | 97,629 | |
Portfolio Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 947,612 | 776,875 | |
Portfolio Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 772,579 | 678,131 | |
Portfolio Loans [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 489 | 507 | |
Portfolio Loans [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 278,065 | 188,013 | |
Portfolio Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 144,291 | 82,717 | |
PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 13,057 | 12,109 |
PCI Loans [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 114 | 114 | |
PCI Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 11,281 | 9,990 | |
PCI Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 685 | 922 | |
PCI Loans [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 0 | |
PCI Loans [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 977 | 1,083 | |
PCI Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 0 | |
PULs [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 484,006 | 320,349 |
PULs [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 24,548 | 11,044 | |
PULs [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 334,619 | 222,513 | |
PULs [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 60,149 | 44,732 | |
PULs [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 0 | |
PULs [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 63,459 | 39,421 | |
PULs [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | $ 1,231 | $ 2,639 | |
[1] | Net loan balances as of September 30, 2016 and December 31, 2015 include deferred fee/costs (net) and fair value adjustments on acquired loans, aggregating to $12.4 million and $7.7 million for each period, respectively. |
LOANS - Summarizes Changes in T
LOANS - Summarizes Changes in Total Contractually Required Principal and Interest Cash Payments (Details) - Purchased Credit Impaired Loan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 13,057 | $ 6,350 | $ 12,109 | $ 7,750 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 13,057 | 12,624 | 13,057 | 12,624 |
Contractually required principal and interest [Member] | ||||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 24,576 | 11,564 | 19,966 | 14,831 |
Additions | 0 | 12,552 | 9,148 | 12,552 |
Deletions | (376) | (609) | (4,914) | (3,876) |
Accretion | 0 | 0 | 0 | 0 |
Reclassifications from nonaccretable difference | 0 | 0 | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 24,200 | 23,507 | 24,200 | 23,507 |
Non-accretable difference [Member] | ||||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (6,250) | (3,901) | (5,247) | (5,825) |
Additions | 0 | (4,249) | (4,109) | (4,249) |
Deletions | (711) | (1,656) | 2,395 | 7 |
Accretion | 0 | 0 | 0 | 0 |
Reclassifications from nonaccretable difference | 0 | 152 | 0 | 413 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (6,961) | (9,654) | (6,961) | (9,654) |
Cash flows expected to be collected [Member] | ||||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 18,326 | 7,663 | 14,719 | 9,006 |
Additions | 0 | 8,303 | 5,039 | 8,303 |
Deletions | (1,087) | (2,265) | (2,519) | (3,869) |
Accretion | 0 | 0 | 0 | 0 |
Reclassifications from nonaccretable difference | 0 | 152 | 0 | 413 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 17,239 | 13,853 | 17,239 | 13,853 |
Accretable yield [Member] | ||||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (4,674) | (1,101) | (2,610) | (1,192) |
Additions | 0 | (702) | (1,831) | (702) |
Deletions | 113 | 610 | (1,158) | 758 |
Accretion | 379 | 165 | 1,417 | 369 |
Reclassifications from nonaccretable difference | 0 | (152) | 0 | (413) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (4,182) | (1,180) | (4,182) | (1,180) |
Carrying value of acquired loans [Member] | ||||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 13,652 | 6,562 | 12,109 | 7,814 |
Additions | 0 | 7,601 | 3,208 | 7,601 |
Deletions | (974) | (1,655) | (3,677) | (3,111) |
Accretion | 379 | 165 | 1,417 | 369 |
Reclassifications from nonaccretable difference | 0 | 0 | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 13,057 | 12,673 | 13,057 | 12,673 |
Allowance for loan losses [Member] | ||||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | (212) | 0 | (64) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 0 | $ (49) | $ 0 | $ (49) |
LOANS - Contractual Aging of Re
LOANS - Contractual Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 18,437 | $ 17,386 |
Current | 2,744,959 | 2,136,384 |
Total Financing Receivables | 2,769,338 | 2,156,330 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,972 | 2,560 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,970 | 0 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Portfolio Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 10,561 | 12,758 |
Current | 2,256,787 | 1,809,009 |
Total Financing Receivables | 2,272,275 | 1,823,872 |
Portfolio Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,309 | 2,105 |
Portfolio Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,618 | 0 |
Portfolio Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Purchased Unimpaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,522 | 2,464 |
Current | 479,651 | 317,562 |
Total Financing Receivables | 484,006 | 320,349 |
Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 481 | 323 |
Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 352 | 0 |
Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,354 | 2,164 |
Current | 8,521 | 9,813 |
Total Financing Receivables | 13,057 | 12,109 |
Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 182 | 132 |
Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial and financial [Member] | Portfolio Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 137 | 0 |
Current | 277,529 | 187,954 |
Total Financing Receivables | 278,065 | 188,013 |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 399 | 59 |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 209 | 130 |
Current | 62,565 | 39,252 |
Total Financing Receivables | 63,459 | 39,421 |
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 333 | 39 |
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 352 | 0 |
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 977 | 1,083 |
Total Financing Receivables | 977 | 1,083 |
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer [Member] | Portfolio Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 169 | 247 |
Current | 144,056 | 82,040 |
Total Financing Receivables | 144,291 | 82,717 |
Consumer [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 66 | 430 |
Consumer [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer [Member] | Purchased Unimpaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 1,231 | 2,600 |
Total Financing Receivables | 1,231 | 2,639 |
Consumer [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 39 |
Consumer [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer [Member] | Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 0 | 0 |
Total Financing Receivables | 0 | 0 |
Consumer [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate [Member] | Portfolio Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,296 | 2,301 |
Current | 942,789 | 773,764 |
Total Financing Receivables | 947,612 | 776,875 |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,270 | 810 |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,257 | 0 |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,008 | 2,294 |
Current | 332,463 | 220,040 |
Total Financing Receivables | 334,619 | 222,513 |
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 148 | 179 |
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,354 | 1,816 |
Current | 6,927 | 8,042 |
Total Financing Receivables | 11,281 | 9,990 |
Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 132 |
Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land development [Member] | Portfolio Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 229 | 269 |
Current | 129,010 | 96,695 |
Total Financing Receivables | 129,239 | 97,629 |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 665 |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 34 | 40 |
Current | 24,514 | 11,004 |
Total Financing Receivables | 24,548 | 11,044 |
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land development [Member] | Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 114 | 114 |
Total Financing Receivables | 114 | 114 |
Construction and land development [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land development [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land development [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Financing Receivables | 833,413 | 723,785 |
Residential real estate [Member] | Portfolio Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 8,730 | 9,941 |
Current | 762,914 | 668,049 |
Total Financing Receivables | 772,579 | 678,131 |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 574 | 141 |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 361 | 0 |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,271 | 0 |
Current | 58,878 | 44,666 |
Total Financing Receivables | 60,149 | 44,732 |
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 66 |
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Residential real estate [Member] | Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 348 |
Current | 503 | 574 |
Total Financing Receivables | 685 | 922 |
Residential real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 182 | 0 |
Residential real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Residential real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Portfolio Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 489 | 507 |
Total Financing Receivables | 489 | 507 |
Other [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Purchased Unimpaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 0 | 0 |
Total Financing Receivables | 0 | 0 |
Other [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 0 | 0 |
Total Financing Receivables | 0 | 0 |
Other [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Other [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
LOANS - Risk Category, Class of
LOANS - Risk Category, Class of Loans and Recorded Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 2,769,338 | $ 2,156,330 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 153,901 | 108,787 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,293,512 | 1,009,378 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 833,413 | 723,785 |
Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 342,501 | 228,517 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 146,011 | 85,863 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,686,116 | 2,082,212 |
Pass [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 141,629 | 100,186 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,257,999 | 973,942 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 805,997 | 697,907 |
Pass [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 336,238 | 226,391 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 144,253 | 83,786 |
Special mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20,943 | 19,206 |
Special mention [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,893 | 3,377 |
Special mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,335 | 12,599 |
Special mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,762 | 629 |
Special mention [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,824 | 1,209 |
Special mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,129 | 1,392 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,570 | 17,556 |
Substandard [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,550 | 4,242 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,429 | 9,278 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,398 | 3,197 |
Substandard [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,093 | 769 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 100 | 70 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Construction & 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 | 18,437 | 17,386 |
Nonaccrual [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 263 | 309 |
Nonaccrual [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,658 | 6,410 |
Nonaccrual [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,001 | 10,290 |
Nonaccrual [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 346 | 130 |
Nonaccrual [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 169 | 247 |
Pass-Troubled debt restructures [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,485 | 5,969 |
Pass-Troubled debt restructures [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47 | 58 |
Pass-Troubled debt restructures [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,031 | 5,893 |
Pass-Troubled debt restructures [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 363 | 0 |
Pass-Troubled debt restructures [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 18 |
Pass-Troubled debt restructures [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 44 | 0 |
Troubled debt restructures [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,787 | 14,001 |
Troubled debt restructures [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 519 | 615 |
Troubled debt restructures [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,060 | 1,256 |
Troubled debt restructures [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,892 | 11,762 |
Troubled debt restructures [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Troubled debt restructures [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 316 | $ 368 |
IMPAIRED LOANS AND ALLOWANCE 42
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | |||
Newly identified TDRs | $ 1,700,000 | $ 2,000,000 | |
Troubled Debt Restructuring Outstanding | 19,300,000 | $ 20,000,000 | |
Loans and Leases Receivable, Impaired, Interest Income Recognized, Change in Present Value Attributable to Passage of Time | $ 0 | ||
Loan Default Period | 90 days | ||
Nonaccrual loans and loans past due ninety days | $ 18,437,000 | 17,386,000 | |
Purchased Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans and loans past due ninety days | 7,900,000 | 4,600,000 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Nonaccrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans and loans past due ninety days | 10,600,000 | 12,800,000 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 0 | $ 0 |
IMPAIRED LOANS AND ALLOWANCE 43
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Modified Loans (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($)Number | Sep. 30, 2015USD ($)Number | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 6 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 1,660 | $ 1,955 |
Post-Modification Outstanding Recorded Investment | 1,489 | 1,857 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 171 | $ 98 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 6 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,660 | $ 26 |
Post-Modification Outstanding Recorded Investment | 1,489 | 25 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 171 | $ 1 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 1,881 | |
Post-Modification Outstanding Recorded Investment | 1,787 | |
Specific Reserve Recorded | 0 | |
Valuation Allowance Recorded | $ 94 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 48 | |
Post-Modification Outstanding Recorded Investment | 45 | |
Specific Reserve Recorded | 0 | |
Valuation Allowance Recorded | $ 3 |
IMPAIRED LOANS AND ALLOWANCE 44
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Company's Recorded Investments in Impaired Loans and the Related Valuation Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Recorded Investment | |||||
Total | $ 29,715 | $ 29,715 | $ 32,727 | ||
Unpaid Principal Balance | |||||
Total | 36,021 | 36,021 | 39,350 | ||
Related Valuation Allowance | |||||
Total | 2,045 | 2,045 | 2,517 | ||
Average Recorded Investment | |||||
Total | 30,759 | $ 37,249 | 31,662 | $ 40,010 | |
Interest Income Recognized | |||||
Total | 352 | 241 | 1,073 | 673 | |
Construction and Land Development [Member] | |||||
Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 211 | 211 | 107 | ||
Impaired Loans with an Allowance Recorded | 585 | 585 | 835 | ||
Total | 796 | 796 | 942 | ||
Unpaid Principal Balance | |||||
Impaired Loans with No Related Allowance Recorded | 297 | 297 | 255 | ||
Impaired Loans with an Allowance Recorded | 595 | 595 | 870 | ||
Total | 892 | 892 | 1,125 | ||
Related Valuation Allowance | |||||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | 0 | ||
Impaired Loans with an Allowance Recorded | 42 | 42 | 84 | ||
Total | 42 | 42 | 84 | ||
Average Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 208 | 1,216 | 188 | 1,632 | |
Impaired Loans with an Allowance Recorded | 609 | 1,070 | 671 | 912 | |
Total | 817 | 2,286 | 859 | 2,544 | |
Interest Income Recognized | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 3 | 2 | 11 | 7 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 7 | 23 | 20 | 39 | |
Total | 10 | 25 | 31 | 46 | |
Commercial Real Estate [Member] | |||||
Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 1,421 | 1,421 | 2,363 | ||
Impaired Loans with an Allowance Recorded | 5,966 | 5,966 | 7,087 | ||
Total | 7,387 | 7,387 | 9,450 | ||
Unpaid Principal Balance | |||||
Impaired Loans with No Related Allowance Recorded | 2,889 | 2,889 | 3,911 | ||
Impaired Loans with an Allowance Recorded | 5,966 | 5,966 | 7,087 | ||
Total | 8,855 | 8,855 | 10,998 | ||
Related Valuation Allowance | |||||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | 0 | ||
Impaired Loans with an Allowance Recorded | 346 | 346 | 429 | ||
Total | 346 | 346 | 429 | ||
Average Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 1,437 | 3,138 | 1,854 | 3,012 | |
Impaired Loans with an Allowance Recorded | 6,565 | 6,638 | 6,835 | 7,312 | |
Total | 8,002 | 9,776 | 8,689 | 10,324 | |
Interest Income Recognized | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 31 | 7 | 97 | 13 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 64 | 78 | 193 | 223 | |
Total | 95 | 85 | 290 | 236 | |
Residential Real Estate [Member] | |||||
Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 9,258 | 9,258 | 9,256 | ||
Impaired Loans with an Allowance Recorded | 11,727 | 11,727 | 12,447 | ||
Total | 20,985 | 20,985 | 21,703 | ||
Unpaid Principal Balance | |||||
Impaired Loans with No Related Allowance Recorded | 13,609 | 13,609 | 13,707 | ||
Impaired Loans with an Allowance Recorded | 12,025 | 12,025 | 12,803 | ||
Total | 25,634 | 25,634 | 26,510 | ||
Related Valuation Allowance | |||||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | 0 | ||
Impaired Loans with an Allowance Recorded | 1,608 | 1,608 | 1,964 | ||
Total | 1,608 | 1,608 | 1,964 | ||
Average Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 9,346 | 9,700 | 9,444 | 10,745 | |
Impaired Loans with an Allowance Recorded | 12,038 | 14,762 | 12,098 | 15,658 | |
Total | 21,384 | 24,462 | 21,542 | 26,403 | |
Interest Income Recognized | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 138 | 35 | 406 | 103 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 102 | 89 | 322 | 270 | |
Total | 240 | 124 | 728 | 373 | |
Commercial And Financial [Member] | |||||
Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 19 | 19 | 17 | ||
Impaired Loans with an Allowance Recorded | 0 | 0 | 0 | ||
Total | 19 | 19 | 17 | ||
Unpaid Principal Balance | |||||
Impaired Loans with No Related Allowance Recorded | 19 | 19 | 17 | ||
Impaired Loans with an Allowance Recorded | 0 | 0 | 0 | ||
Total | 19 | 19 | 17 | ||
Related Valuation Allowance | |||||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | 0 | ||
Impaired Loans with an Allowance Recorded | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Average Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 16 | 83 | 16 | 106 | |
Impaired Loans with an Allowance Recorded | 0 | 0 | 0 | 0 | |
Total | 16 | 83 | 16 | 106 | |
Interest Income Recognized | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 1 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 0 | |
Total | 0 | 0 | 0 | 1 | |
Consumer [Member] | |||||
Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 136 | 136 | 264 | ||
Impaired Loans with an Allowance Recorded | 392 | 392 | 351 | ||
Total | 528 | 528 | 615 | ||
Unpaid Principal Balance | |||||
Impaired Loans with No Related Allowance Recorded | 229 | 229 | 349 | ||
Impaired Loans with an Allowance Recorded | 392 | 392 | 351 | ||
Total | 621 | 621 | 700 | ||
Related Valuation Allowance | |||||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | 0 | ||
Impaired Loans with an Allowance Recorded | 49 | 49 | 40 | ||
Total | 49 | 49 | $ 40 | ||
Average Recorded Investment | |||||
Impaired Loans with No Related Allowance Recorded | 157 | 152 | 193 | 126 | |
Impaired Loans with an Allowance Recorded | 383 | 490 | 363 | 507 | |
Total | 540 | 642 | 556 | 633 | |
Interest Income Recognized | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 3 | 0 | 10 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 4 | 7 | 14 | 17 | |
Total | $ 7 | $ 7 | $ 24 | $ 17 |
IMPAIRED LOANS AND ALLOWANCE 45
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Allowance for Loan Losses: | ||||
Beginning Balance | $ 20,725 | $ 18,579 | $ 19,128 | $ 17,007 |
Provision for Loan Losses | 550 | 987 | 1,411 | 2,275 |
Charge-Offs | (379) | (1,362) | (873) | (2,430) |
Recoveries | 1,788 | 912 | 3,018 | 2,562 |
Net (Charge-Offs) Recoveries | 1,409 | (450) | 2,145 | 132 |
Ending Balance | 22,684 | 19,279 | 22,684 | 19,279 |
Construction and Land Development [Member] | ||||
Allowance for Loan Losses: | ||||
Beginning Balance | 1,160 | 887 | 1,151 | 722 |
Provision for Loan Losses | 48 | 891 | (132) | 910 |
Charge-Offs | 0 | (859) | 0 | (925) |
Recoveries | 25 | 109 | 214 | 321 |
Net (Charge-Offs) Recoveries | 25 | (750) | 214 | (604) |
Ending Balance | 1,233 | 1,028 | 1,233 | 1,028 |
Commercial Real Estate [Member] | ||||
Allowance for Loan Losses: | ||||
Beginning Balance | 7,192 | 5,278 | 6,756 | 4,528 |
Provision for Loan Losses | 1,450 | 925 | 1,960 | 1,690 |
Charge-Offs | (78) | (128) | (254) | (430) |
Recoveries | 169 | 315 | 271 | 602 |
Net (Charge-Offs) Recoveries | 91 | 187 | 17 | 172 |
Ending Balance | 8,733 | 6,390 | 8,733 | 6,390 |
Residential Real Estate [Member] | ||||
Allowance for Loan Losses: | ||||
Beginning Balance | 8,299 | 9,686 | 8,057 | 9,784 |
Provision for Loan Losses | (662) | (686) | (672) | (1,235) |
Charge-Offs | 0 | (193) | (145) | (515) |
Recoveries | 272 | 359 | 669 | 1,132 |
Net (Charge-Offs) Recoveries | 272 | 166 | 524 | 617 |
Ending Balance | 7,909 | 9,166 | 7,909 | 9,166 |
Commercial And Financial [Member] | ||||
Allowance for Loan Losses: | ||||
Beginning Balance | 2,591 | 945 | 2,042 | 1,179 |
Provision for Loan Losses | (550) | 193 | (403) | (245) |
Charge-Offs | (283) | (160) | (376) | (284) |
Recoveries | 1,278 | 107 | 1,773 | 435 |
Net (Charge-Offs) Recoveries | 995 | (53) | 1,397 | 151 |
Ending Balance | 3,036 | 1,085 | 3,036 | 1,085 |
Consumer [Member] | ||||
Allowance for Loan Losses: | ||||
Beginning Balance | 1,483 | 1,783 | 1,122 | 794 |
Provision for Loan Losses | 264 | (173) | 658 | 1,020 |
Charge-Offs | (18) | (22) | (98) | (276) |
Recoveries | 44 | 22 | 91 | 72 |
Net (Charge-Offs) Recoveries | 26 | 0 | (7) | (204) |
Ending Balance | $ 1,773 | $ 1,610 | $ 1,773 | $ 1,610 |
IMPAIRED LOANS AND ALLOWANCE 46
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Loan Portfolio and Related Allowance (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Carrying Value | ||
Individually Evaluated for Impairment | $ 29,715 | $ 32,727 |
Collectively Evaluated for Impairment | 2,726,566 | 2,111,494 |
Total | 2,756,281 | 2,144,221 |
Associated Allowance | ||
Individually Evaluated for Impairment | 2,045 | 2,517 |
Collectively Evaluated for Impairment | 20,639 | 16,611 |
Total | 22,684 | 19,128 |
PCI Loans [Member] | ||
Carrying Value | ||
Total | 13,057 | 12,109 |
Associated Allowance | ||
Total | 0 | 0 |
Construction and Land Development [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 796 | 942 |
Collectively Evaluated for Impairment | 152,991 | 107,731 |
Total | 153,787 | 108,673 |
Associated Allowance | ||
Individually Evaluated for Impairment | 42 | 84 |
Collectively Evaluated for Impairment | 1,191 | 1,067 |
Total | 1,233 | 1,151 |
Construction and Land Development [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 114 | 114 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Commercial Real Estate [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 7,387 | 9,450 |
Collectively Evaluated for Impairment | 1,274,844 | 989,938 |
Total | 1,282,231 | 999,388 |
Associated Allowance | ||
Individually Evaluated for Impairment | 346 | 429 |
Collectively Evaluated for Impairment | 8,387 | 6,327 |
Total | 8,733 | 6,756 |
Commercial Real Estate [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 11,281 | 9,990 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Residential Real Estate [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 20,985 | 21,703 |
Collectively Evaluated for Impairment | 811,743 | 701,160 |
Total | 832,728 | 722,863 |
Associated Allowance | ||
Individually Evaluated for Impairment | 1,608 | 1,964 |
Collectively Evaluated for Impairment | 6,301 | 6,093 |
Total | 7,909 | 8,057 |
Residential Real Estate [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 685 | 922 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Commercial And Financial [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 19 | 17 |
Collectively Evaluated for Impairment | 341,505 | 227,417 |
Total | 341,524 | 227,434 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 3,036 | 2,042 |
Total | 3,036 | 2,042 |
Commercial And Financial [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 977 | 1,083 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Consumer [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 528 | 615 |
Collectively Evaluated for Impairment | 145,483 | 85,248 |
Total | 146,011 | 85,863 |
Associated Allowance | ||
Individually Evaluated for Impairment | 49 | 40 |
Collectively Evaluated for Impairment | 1,724 | 1,082 |
Total | 1,773 | 1,122 |
Consumer [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 0 | 0 |
Associated Allowance | ||
Individually Evaluated for Impairment | $ 0 | $ 0 |
SECURITIES SOLD UNDER AGREEME47
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Schedule Of Securities Financing Transactions (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities Financing Transaction [Line Items] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 167,693 | $ 172,005 |
NONINTEREST INCOME AND EXPENS48
NONINTEREST INCOME AND EXPENSE - Summary of Noninterest Income and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Noninterest income | ||||
Service charges on deposit accounts | $ 2,698 | $ 2,217 | $ 7,057 | $ 6,334 |
Trust fees | 820 | 781 | 2,464 | 2,341 |
Mortgage banking fees | 1,885 | 1,177 | 4,248 | 3,297 |
Brokerage commissions and fees | 463 | 604 | 1,564 | 1,621 |
Marine finance fees | 138 | 258 | 558 | 947 |
Interchange income | 2,306 | 1,925 | 6,893 | 5,695 |
Other deposit based EFT fees | 109 | 88 | 352 | 298 |
BOLI Income | 382 | 366 | 1,602 | 1,030 |
Gain on participated income | 0 | 0 | 0 | 725 |
Other | 963 | 666 | 2,767 | 1,948 |
Noninterest Income | 9,764 | 8,082 | 27,505 | 24,236 |
Securities gains, net | 225 | 160 | 361 | 160 |
TOTAL NONINTEREST INCOME | 9,989 | 8,242 | 27,866 | 24,396 |
Noninterest expense | ||||
Salaries and wages | 14,337 | 11,850 | 41,620 | 29,940 |
Employee benefits | 2,425 | 2,430 | 7,428 | 7,386 |
Outsourced data processing costs | 3,198 | 3,277 | 10,440 | 7,695 |
Telephone / data lines | 539 | 446 | 1,606 | 1,385 |
Occupancy | 3,675 | 2,396 | 10,292 | 6,430 |
Furniture and equipment | 1,228 | 883 | 3,509 | 2,434 |
Marketing | 780 | 1,099 | 2,786 | 3,300 |
Legal and professional fees | 2,213 | 2,189 | 7,226 | 5,442 |
FDIC assessments | 517 | 552 | 1,704 | 1,661 |
Amortization of intangibles | 728 | 397 | 1,767 | 1,027 |
Asset dispositions expense | 219 | 77 | 469 | 393 |
Net loss on other real estate owned and repossessed assets | (96) | 262 | (348) | 396 |
Early Redemption Cost For FHLB Advances | 0 | 0 | 1,777 | 0 |
Other | 3,672 | 3,269 | 10,308 | 9,112 |
TOTAL NONINTEREST EXPENSE | $ 33,435 | $ 29,127 | $ 100,584 | $ 76,601 |
EQUITY CAPITAL - Additional Inf
EQUITY CAPITAL - Additional Information (Details) | Sep. 30, 2016 |
Class of Stock [Line Items] | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% |
FAIR VALUE - Additional Informa
FAIR VALUE - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Capitalization Rates Utilized To Determine Fair Value Of Underlying Collateral Averaged Percentage | 7.90% | |||||
Loans and Leases Receivable, Allowance | $ 22,684 | $ 20,725 | $ 19,128 | $ 19,279 | $ 18,579 | $ 17,007 |
Loans Receivable [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 300 | |||||
Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Charge Offs | 100 | |||||
Other Real Estate Owned And Other Reductions | 700 | |||||
Other Real Estate Owned [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 2,900 | |||||
Other Real Estate Revenue | 7,700 | |||||
Other real estate owned and other reductions classified as level three transfers in | 4,900 | |||||
Loans Receivable, Fair Value Disclosure | 2,500 | 7,500 | ||||
Loans and Leases Receivable, Allowance | $ 4,700 | $ 2,900 |
FAIR VALUE - Fair Value Measure
FAIR VALUE - Fair Value Measurements for Items Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | $ 20,143 | $ 23,998 | |
Other real estate owned | 12,734 | 7,039 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [1] | 866,613 | 790,766 |
Loans held for sale | [2] | 20,143 | 23,998 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [1] | 100 | 225 |
Loans held for sale | [2] | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [1] | 866,513 | 790,541 |
Loans held for sale | [2] | 20,143 | 23,998 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [1] | 0 | 0 |
Loans held for sale | [2] | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [3] | 4,704 | 7,511 |
Other real estate owned | [4] | 12,734 | 7,039 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [3] | 0 | 0 |
Other real estate owned | [4] | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [3] | 3,805 | 6,052 |
Other real estate owned | [4] | 662 | 598 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [3] | 899 | 1,459 |
Other real estate owned | [4] | $ 12,072 | $ 6,441 |
[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 - Summary of Carryin
FAIR VALUE - Summary of Carrying Value and Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | $ 392,138 | $ 203,525 | |
Loans, net | 2,746,654 | 2,137,202 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 0 | 0 |
Loans, net | 0 | 0 | |
Deposit liabilities | 0 | 0 | |
Borrowings | [2] | 0 | |
Subordinated debt | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 397,264 | 202,813 |
Loans, net | 0 | 0 | |
Deposit liabilities | 0 | 0 | |
Borrowings | [2] | 51,788 | |
Subordinated debt | 52,785 | 52,785 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 0 | 0 |
Loans, net | 2,743,652 | 2,147,024 | |
Deposit liabilities | 3,512,632 | 2,843,800 | |
Borrowings | [2] | 0 | |
Subordinated debt | 0 | 0 | |
Carrying Amount [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 392,138 | 203,525 |
Loans, net | 2,741,950 | 2,129,691 | |
Deposit liabilities | 3,510,493 | 2,844,387 | |
Borrowings | [2] | 50,000 | |
Subordinated debt | $ 70,171 | $ 69,961 | |
[1] | See Note D for further detail of fair value of individual investment categories. | ||
[2] | Redemption in April 2016 and no longer outstanding |
FAIR VALUE - fair value of cont
FAIR VALUE - fair value of contractual balance and gains or losses (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Aggregate fair value | $ 20,143 | $ 23,998 |
Contractual balance | 19,604 | 23,384 |
Gains (losses) | $ 539 | $ 614 |
BUSINESS COMBINATIONS - Additio
BUSINESS COMBINATIONS - Additional Information (Details) - USD ($) | Mar. 11, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 03, 2016 | Jul. 17, 2015 |
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 417,000,000 | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Premium Percentage | 3.00% | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Loan Held For Sale | $ 314,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 63,000,000 | ||||
Business Acquisition Intangible Assets Expected Tax Deductible Amount | $ 13,000,000 | ||||
Business Acquisition Intangible Assets Tax Deductible Period | 15 years | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 32,000,000 | ||||
Business Loan Premium | 0.50% | ||||
The Bank shares Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Deposits | $ 188,400,000 | ||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans | $ 111,300,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 416,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 2,600,000 | ||||
The Bank shares Inc [Member] | Common Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Stock Issued During Period, Value, Acquisitions | $ 18.7 | ||||
Floridian Financial Group [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Deposits | 337,000,000 | ||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans | $ 267,000,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Description | Under the terms of the definitive agreement, Floridian shareholders received, at their election, (i) the combination of $4.29 in cash and 0.5291 shares of Seacoast common stock, (ii) $12.25 in cash, or (iii) 0.8140 shares of Seacoast common stock, subject to a customary proration mechanism so that the aggregate consideration mix equals 35% cash and 65% Seacoast shares (based on Seacoasts closing price of $15.47 per share on March 11, 2016). |
BUSINESS COMBINATIONS - Purchas
BUSINESS COMBINATIONS - Purchase Price (Details) - Floridian Financial Group [Member] $ / shares in Units, $ in Thousands | Mar. 11, 2016USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Shares exchanged for cash | $ 26,699,000 |
Number of Floridian common shares outstanding | shares | 6,222,119 |
Per share exchange ratio | 0.5289 |
Number of shares of common stock issued | shares | 3,291,066 |
Multiplied by common stock price per share on March 11, 2016 | $ / shares | $ 15.47 |
Value of common stock issued | $ 50,912,791 |
Total purchase price | $ 77,611,791 |
BUSINESS COMBINATIONS - fair va
BUSINESS COMBINATIONS - fair value of the assets purchased, including goodwill, and liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 03, 2016 | Mar. 11, 2016 | Dec. 31, 2015 |
Assets: | ||||
Loans, net | $ 314,000 | |||
Goodwill | $ 64,649 | $ 25,211 | ||
Other assets | $ 417,000 | |||
Liabilities: | ||||
Deposits | 63,000 | |||
The Bank shares Inc [Member] | Measurement Period Adjustments [Member] | ||||
Assets: | ||||
Cash | 0 | |||
Investment securities | 95 | |||
Loans, net | (2,112) | |||
Fixed assets | (628) | |||
Core deposit intangibles | 0 | |||
Goodwill | 1,647 | |||
Other assets | 998 | |||
Total assets acquired | 0 | |||
Liabilities: | ||||
Deposits | 0 | |||
Other liabilities | 0 | |||
Total liabilities assumed | 0 | |||
The Bank shares Inc [Member] | Scenario, Previously Reported [Member] | ||||
Assets: | ||||
Cash | 28,243 | |||
Investment securities | 66,912 | |||
Loans, net | 268,249 | |||
Fixed assets | 7,801 | |||
Core deposit intangibles | 3,375 | |||
Goodwill | 29,985 | |||
Other assets | 12,879 | |||
Total assets acquired | 417,444 | |||
Liabilities: | ||||
Deposits | 337,341 | |||
Other liabilities | 2,492 | |||
Total liabilities assumed | 339,833 | |||
The Bank shares Inc [Member] | Restatement Adjustment [Member] | ||||
Assets: | ||||
Cash | 28,243 | |||
Investment securities | 67,007 | |||
Loans, net | 266,137 | |||
Fixed assets | 7,173 | |||
Core deposit intangibles | 3,375 | |||
Goodwill | 31,632 | |||
Other assets | 13,877 | |||
Total assets acquired | 417,444 | |||
Liabilities: | ||||
Deposits | 337,341 | |||
Other liabilities | 2,492 | |||
Total liabilities assumed | $ 339,833 | |||
BMO Harris Bank [Member] | Measurement Period Adjustments [Member] | ||||
Assets: | ||||
Cash | 0 | |||
Loans, net | 0 | |||
Fixed assets | 0 | |||
Core deposit intangibles | (135) | |||
Goodwill | 163 | |||
Other assets | (28) | |||
Total assets acquired | 0 | |||
Liabilities: | ||||
Deposits | 0 | |||
Other liabilities | 0 | |||
Total liabilities assumed | 0 | |||
BMO Harris Bank [Member] | Scenario, Previously Reported [Member] | ||||
Assets: | ||||
Cash | 234,094 | |||
Loans, net | 62,671 | |||
Fixed assets | 3,715 | |||
Core deposit intangibles | 5,223 | |||
Goodwill | 7,645 | |||
Other assets | 952 | |||
Total assets acquired | 314,300 | |||
Liabilities: | ||||
Deposits | 314,248 | |||
Other liabilities | 52 | |||
Total liabilities assumed | 314,300 | |||
BMO Harris Bank [Member] | Restatement Adjustment [Member] | ||||
Assets: | ||||
Cash | 234,094 | |||
Loans, net | 62,671 | |||
Fixed assets | 3,715 | |||
Core deposit intangibles | 5,088 | |||
Goodwill | 7,808 | |||
Other assets | 924 | |||
Total assets acquired | 314,300 | |||
Liabilities: | ||||
Deposits | 314,248 | |||
Other liabilities | 52 | |||
Total liabilities assumed | $ 314,300 |
BUSINESS COMBINATIONS - fair 57
BUSINESS COMBINATIONS - fair value of acquired loans (Details) - USD ($) $ in Thousands | Jun. 03, 2016 | Mar. 11, 2016 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 280,022 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 266,137 | |
Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 172,531 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 167,105 | |
Commercial Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 39,070 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 37,804 | |
Single Family Residential Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 38,304 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 37,367 | |
Construction Development Land [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 20,546 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 18,108 | |
Consumer And Other Loans [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,385 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 3,110 | |
Purchased Credit Impaired [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 6,186 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 2,643 | |
BMO Harris Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 64,043 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 62,671 | |
BMO Harris Bank [Member] | Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 31,564 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 31,200 | |
BMO Harris Bank [Member] | Commercial Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 32,479 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 31,471 | |
BMO Harris Bank [Member] | Purchased Credit Impaired [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 0 |
BUSINESS COMBINATIONS - purch58
BUSINESS COMBINATIONS - purchased credit impaired loans (Details) $ in Thousands | Mar. 11, 2016USD ($) |
Total purchased credit-impaired loan acquired | $ 266,137 |
Floridian Financial Group [Member] | |
Contractually required principal and interest | 8,031 |
Non-accretable difference | (4,820) |
Cash flows expected to be collected | 3,211 |
Accretable yield | (568) |
Total purchased credit-impaired loan acquired | $ 2,643 |
BUSINESS COMBINATIONS - Pro-for
BUSINESS COMBINATIONS - Pro-forma information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | |||
Net interest income | $ 32,145 | $ 104,921 | $ 89,851 |
Net income available to common shareholders | $ 4,805 | $ 21,440 | $ 17,462 |
EPS - basic (in dollars per share) | $ 0.13 | $ 0.58 | $ 0.48 |
EPS - diluted (in dollars per share) | $ 0.13 | $ 0.57 | $ 0.47 |
SUBSEQUENT EVENT - Additional I
SUBSEQUENT EVENT - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 04, 2016 | Jun. 03, 2016 | Mar. 11, 2016 |
Subsequent Event [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 417 | ||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Premium Percentage | 3.00% | ||
Subsequent Event [Member] | Gulf Shore Banc shares Inc [Member] | |||
Subsequent Event [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 332 | ||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Deposits | 279 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans | $ 253 | ||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Premium Percentage | 55.00% | ||
Business Acquisition, Equity Interest Issued or Issuable, Description | Under the terms of the definitive agreement, GulfShore common shareholders will receive a combination of 0.4807 shares of Seacoast common stock and $1.47 in cash for each share they own, representing a consideration mix of 85% Seacoast common shares and 15% cash (based on Seacoasts ten-day average closing price of $17.33 per share as of November 2, 2016). | ||
Business Combination, Consideration Transferred | $ 54.8 | ||
Business Acquisition, Share Price | $ 9.80 |