Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Registrant Name | 'SEACOAST BANKING CORP OF FLORIDA |
Entity Central Index Key | '0000730708 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 94,911,529 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $36,977 | $45,620 |
Interest bearing deposits with other banks | 71,374 | 129,367 |
Total cash and cash equivalents | 108,351 | 174,987 |
Securities: | ' | ' |
Available for sale (at fair value) | 650,445 | 643,050 |
Held for investment (fair value: $14,542 at December 31, 2012) | 0 | 13,818 |
TOTAL SECURITIES | 650,445 | 656,868 |
Loans held for sale | 14,322 | 36,021 |
Loans | 1,262,912 | 1,226,081 |
Less: Allowance for loan losses | -20,416 | -22,104 |
NET LOANS | 1,242,496 | 1,203,977 |
Bank premises and equipment, net | 34,651 | 34,465 |
Other real estate owned | 5,589 | 11,887 |
Other intangible assets | 914 | 1,501 |
Other assets | 93,009 | 54,223 |
TOTAL ASSETS | 2,149,777 | 2,173,929 |
LIABILITIES | ' | ' |
Deposits | 1,698,910 | 1,758,961 |
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 134,338 | 136,803 |
Borrowed funds | 50,000 | 50,000 |
Subordinated debt | 53,610 | 53,610 |
Other liabilities | 9,061 | 9,009 |
TOTAL LIABILITIES | 1,945,919 | 2,008,383 |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock, authorized 4,000,000 shares, par value $0.10 per share, issued and outstanding 2,000 shares of Series A | 49,683 | 48,746 |
Common stock, par value $0.10 per share, authorized 300,000,000 shares, issued 94,916,224 and outstanding 94,911,529 shares at September 30, 2013 and issued 94,875,645 and outstanding 94,837,170 shares at December 31, 2012 | 9,492 | 9,484 |
Other shareholders' equity | 144,683 | 107,316 |
TOTAL SHAREHOLDERS' EQUITY | 203,858 | 165,546 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,149,777 | $2,173,929 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Held for investment fair value | ' | $14,542 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 94,916,224 | 94,875,645 |
Common stock, shares outstanding | 94,911,529 | 94,837,170 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 |
Preferred stock, shares issued | 2,000 | 2,000 |
Preferred stock, shares outstanding | 2,000 | 2,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Interest and fees on loans | $14,756 | $14,371 | $43,047 | $43,852 |
Interest and dividends on securities | 3,229 | 3,211 | 9,456 | 10,902 |
Interest on interest bearing deposits and other investments | 192 | 243 | 644 | 727 |
TOTAL INTEREST INCOME | 18,177 | 17,825 | 53,147 | 55,481 |
Interest on deposits | 657 | 1,118 | 2,089 | 4,618 |
Interest on borrowed money | 705 | 755 | 2,129 | 2,262 |
TOTAL INTEREST EXPENSE | 1,362 | 1,873 | 4,218 | 6,880 |
NET INTEREST INCOME | 16,815 | 15,952 | 48,929 | 48,601 |
Provision for loan losses | 1,180 | 900 | 2,698 | 9,660 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 15,635 | 15,052 | 46,231 | 38,941 |
Noninterest income | ' | ' | ' | ' |
Other income | 6,087 | 5,679 | 18,353 | 15,835 |
Securities gains, net (includes net losses of $366 and net gains of $149 in other comprehensive income reclassifications for the three months and nine months, respectively) | 280 | 48 | 419 | 7,037 |
TOTAL NONINTEREST INCOME | 6,367 | 5,727 | 18,772 | 22,872 |
TOTAL NONINTEREST EXPENSES | 18,503 | 20,332 | 56,506 | 62,763 |
INCOME (LOSS) BEFORE INCOME TAXES | 3,499 | 447 | 8,497 | -950 |
Provision for income (losses) taxes (benefit) (includes $(141) and $58 in income taxes (benefits) from reclassification items for the three months and nine months, respectively) | -41,642 | 0 | -41,642 | 0 |
NET INCOME (LOSS) | 45,141 | 447 | 50,139 | -950 |
Preferred stock dividends and accretion of preferred stock discount | 937 | 937 | 2,811 | 2,811 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $44,204 | ($490) | $47,328 | ($3,761) |
PER SHARE COMMON STOCK: | ' | ' | ' | ' |
Net income (loss) diluted | $0.46 | ($0.01) | $0.50 | ($0.04) |
Net income (loss) basic | $0.47 | ($0.01) | $0.50 | ($0.04) |
Cash dividends declared | $0 | $0 | $0 | $0 |
Average shares outstanding - diluted | 95,490,153 | 94,481,997 | 94,936,042 | 94,443,215 |
Average shares outstanding - basic | 94,029,583 | 93,777,662 | 93,983,629 | 93,688,003 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Reclassification adjustment for securities gains (losses) included in net income | ($366) | $149 |
Provision for income (losses) taxes (benefit) | ($141) | $58 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME (LOSS) | $45,141 | $447 | $50,139 | ($950) |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gains (losses) on securities available for sale | -3,418 | 2,745 | -17,102 | 5,262 |
Unrealized gains on transfer of securities held for investment into securities available for sale | 0 | 0 | 724 | 0 |
Reclassification adjustment for securities gains and losses included in income | 366 | -64 | -149 | -6,342 |
Provision for income taxes (benefit) | 1,178 | -1,035 | 6,379 | 417 |
COMPREHENSIVE INCOME (LOSS) | $43,267 | $2,093 | $39,991 | ($1,613) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Interest received | $56,456 | $58,747 |
Fees and commissions received | 18,095 | 15,354 |
Interest paid | -4,254 | -7,384 |
Cash paid to suppliers and employees | -47,883 | -52,860 |
Origination of loans held for sale | -169,052 | -133,378 |
Proceeds from loans held for sale | 190,751 | 122,452 |
Net change in other assets | 1,813 | -716 |
Net cash provided by operating activities | 45,926 | 2,215 |
Cash flows from investing activities | ' | ' |
Maturity of securities available for sale | 130,122 | 95,658 |
Maturity of securities held for investment | 0 | 4,728 |
Proceeds from sale of securities available for sale | 67,330 | 248,509 |
Purchase of securities available for sale | -208,066 | -280,189 |
Purchase of securities held for investment | 0 | -500 |
Net new loans and principal repayments | -44,474 | -23,821 |
Proceeds from the sale of other real estate owned | 8,312 | 16,683 |
Proceeds from sale of Federal Home Loan Bank and Federal Reserve Bank stock | 753 | 296 |
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock | -61 | -60 |
Additions to bank premises and equipment | -2,233 | -2,948 |
Net cash (used in) provided by investing activities | -48,317 | 58,356 |
Cash flows from financing activities | ' | ' |
Net decrease in deposits | -60,049 | -39,269 |
Net increase in federal funds purchased and repurchase agreements | -2,465 | -13,859 |
Purchase of stock warrants, net of related expenses | 0 | -81 |
Stock based employee benefit plans | 144 | 150 |
Dividends paid on preferred shares | -1,875 | -1,875 |
Net cash provided (used) by financing activities | -64,245 | -54,934 |
Net (decrease) increase in cash and cash equivalents | -66,636 | 5,637 |
Cash and cash equivalents at beginning of period | 174,987 | 167,081 |
Cash and cash equivalents at end of period | 108,351 | 172,718 |
Reconciliation of net income to cash provided by operating activities | ' | ' |
Net income | 50,139 | -950 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 2,045 | 2,111 |
Amortization of premiums and discounts on securities, net | 3,388 | 3,392 |
Other amortization and accretion, net | 371 | 21 |
Change in loans held for sale, net | 21,699 | -10,926 |
Provision for loan losses | 2,698 | 9,660 |
Gain on sale of securities | -419 | -7,037 |
Gain on sale of loans | -471 | -657 |
Losses on sale and write-downs of other real estate owned | 1,295 | 3,390 |
Losses on disposition of fixed assets | 2 | 180 |
Change in interest receivable | 137 | 446 |
Change in interest payable | -35 | -504 |
Change in prepaid expenses | 4,729 | 2,298 |
Change in accrued taxes | -41,074 | 461 |
Change in other assets | 1,813 | -716 |
Change in other liabilities | -391 | 1,046 |
Net cash provided by operating activities | 45,926 | 2,215 |
Supplemental disclosure of non cash investing activities: | ' | ' |
Fair value adjustment to securities | -16,527 | -1,081 |
Transfer from loans to other real estate owned | 3,307 | 8,274 |
Transfers from commercial loans to loans held for sale | 0 | 10,321 |
Securities principal receivable recorded in other assets | 702 | 2,419 |
Transfer of other real estate owned to other assets | 0 | 1,923 |
Transfer from securities held for investment to securities available for sale | $13,818 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
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, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 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, 2012. | |
Use of Estimates | |
The preparation of these condensed consolidated financial statements required the use of certain estimates by management in determining the Company’s assets, liabilities, revenues and expenses. Actual results could differ from those estimates. | |
Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for loan losses, the valuation of investment securities available for sale, fair value of impaired loans, contingent liabilities, fair value of other real estate owned, and the valuation of deferred tax assets. Actual results could differ from those estimates. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Changes And Error Corrections [Abstract] | ' | |||
Recently Issued Accounting Standards | ' | |||
NOTE B — RECENTLY ISSUED ACCOUNTING STANDARDS | ||||
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement with its co-obligors as well as any additional amount that the entity expects to pay on behalf of its co-obligors. The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. We are currently evaluating the implications of ASU 2013-04. The Company does not expect it will have a material impact on the Company’s consolidated financial statements. | ||||
On March 4, 2013, the FASB issued ASU 2013-05, Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, a consensus of the FASB Emerging Issues Task Force. The ASU requires that the entire amount of a cumulative translation adjustment (CTA) related to an entity’s investment in a foreign entity should be released when there has been a: | ||||
• | sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity, | |||
• | loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated), or | |||
• | step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). | |||
The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. The ASU is effective for fiscal years (and interim periods within those fiscal years) beginning on or after December 15, 2013. The ASU should be applied prospectively from the beginning of the fiscal year of adoption. We are currently evaluating the effect of adopting this standard effective January 1, 2014, but we do not anticipate that our adoption will have a material impact on our consolidated financial condition or results of operations. |
Basic_and_Diluted_Earnings_Los
Basic and Diluted Earnings (Loss) Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings (Loss) Per Common Share | ' | ||||||||||||||||
NOTE C — BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | |||||||||||||||||
Equivalent shares of 682,000 and 527,000 related to stock options, and stock settled appreciation rights for each of the periods ended September 30, 2013 and 2012, respectively, were excluded from the computation of diluted EPS because they would have been anti-dilutive. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic: | |||||||||||||||||
Net income available to common shareholders | $ | 44,204 | $ | (490 | ) | $ | 47,328 | $ | (3,761 | ) | |||||||
Average basic shares outstanding | 94,029,583 | 93,777,662 | 93,983,629 | 93,688,003 | |||||||||||||
Basic earnings per share | $ | 0.47 | $ | (0.01 | ) | $ | 0.5 | $ | (0.04 | ) | |||||||
Diluted: | |||||||||||||||||
Net income available to common shareholders | $ | 44,204 | $ | (490 | ) | $ | 47,328 | $ | (3,761 | ) | |||||||
Average basic shares outstanding | 94,029,583 | 93,777,662 | 93,983,629 | 93,688,003 | |||||||||||||
Employee restricted stock | 1,460,570 | 704,335 | 952,413 | 755,212 | |||||||||||||
Average diluted shares outstanding | 95,490,153 | 94,481,997 | 94,936,042 | 94,443,215 | |||||||||||||
Diluted earnings per share | $ | 0.46 | $ | (0.01 | ) | $ | 0.5 | $ | (0.04 | ) | |||||||
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
NOTE D — SECURITIES | |||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale and held for investment at September 30, 2013 and December 31, 2012 are summarized as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | Gross | Gross | Gross | Fair | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 101 | $ | 0 | $ | 0 | $ | 101 | |||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 136,184 | 1,534 | (3,676 | ) | 134,042 | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 385,832 | 835 | (10,144 | ) | 376,523 | ||||||||||||||||||||
Private mortgage backed securities | 29,754 | 0 | (642 | ) | 29,112 | ||||||||||||||||||||
Private collateralized mortgage obligations | 70,845 | 903 | (297 | ) | 71,451 | ||||||||||||||||||||
Collateralized loan obligations | 32,560 | 0 | (226 | ) | 32,334 | ||||||||||||||||||||
Obligations of state and political subdivisions | 6,586 | 304 | (8 | ) | 6,882 | ||||||||||||||||||||
$ | 661,862 | $ | 3,576 | $ | (14,993 | ) | $ | 650,445 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | Gross | Gross | Gross | Fair | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 1,700 | $ | 7 | $ | 0 | $ | 1,707 | |||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 186,404 | 3,320 | (469 | ) | 189,255 | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 352,731 | 2,430 | (902 | ) | 354,259 | ||||||||||||||||||||
Private collateralized mortgage obligations | 96,258 | 1,203 | (530 | ) | 96,931 | ||||||||||||||||||||
Obligations of state and political subdivisions | 847 | 51 | 0 | 898 | |||||||||||||||||||||
$ | 637,940 | $ | 7,011 | $ | (1,901 | ) | $ | 643,050 | |||||||||||||||||
SECURITIES HELD FOR INVESTMENT | |||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 4,687 | $ | 0 | $ | (92 | ) | $ | 4,595 | ||||||||||||||||
Private collateralized mortgage obligations | 1,278 | 33 | 0 | 1,311 | |||||||||||||||||||||
Obligations of state and political subdivisions | 6,353 | 737 | (3 | ) | 7,087 | ||||||||||||||||||||
Other | 1,500 | 49 | 0 | 1,549 | |||||||||||||||||||||
$ | 13,818 | $ | 819 | $ | (95 | ) | $ | 14,542 | |||||||||||||||||
Management changed its intent to hold the securities held for investment during the first quarter 2013 and all securities were transferred to securities available for sale to allow more flexibility in managing interest rate risk. | |||||||||||||||||||||||||
Proceeds from sales of securities during the nine month period ended September 30, 2013 were $67,330,000 with gross gains of $792,000 and gross losses of $373,000. Proceeds from sales of securities during the nine month period ended September 30, 2012 were $248,509,000 with gross gains of $7,251,000 and gross losses of $214,000. | |||||||||||||||||||||||||
Securities with a carrying and fair value of $71,680,000 at September 30, 2013 were pledged as collateral for United States Treasury deposits, and other public and trust deposits. Securities with a carrying value and fair value of $160,751,000 were pledged as collateral for repurchase agreements. | |||||||||||||||||||||||||
The amortized cost and fair value of securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | |||||||||||||||||||||||
Due in less than one year | $ | 101 | $ | 101 | |||||||||||||||||||||
Due after one year through five years | 818 | 833 | |||||||||||||||||||||||
Due after five years through ten years | 743 | 762 | |||||||||||||||||||||||
Due after ten years | 5,025 | 5,287 | |||||||||||||||||||||||
6,687 | 6,983 | ||||||||||||||||||||||||
Mortgage-backed securities of Government Sponsored Entities | 136,184 | 134,042 | |||||||||||||||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | 385,832 | 376,523 | |||||||||||||||||||||||
Private mortgage backed securities | 29,754 | 29,112 | |||||||||||||||||||||||
Private collateralized mortgage obligations | 70,845 | 71,451 | |||||||||||||||||||||||
Collateralized loan obligations | 32,560 | 32,334 | |||||||||||||||||||||||
No contractual maturity | 0 | 0 | |||||||||||||||||||||||
$ | 661,862 | $ | 650,445 | ||||||||||||||||||||||
The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
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 | $ | 67,243 | $ | (3,451 | ) | $ | 14,719 | $ | (225 | ) | $ | 81,962 | $ | (3,676 | ) | ||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 291,428 | (9,590 | ) | 37,191 | (554 | ) | 328,619 | (10,144 | ) | ||||||||||||||||
Private mortage backed securities | 29,112 | (642 | ) | 0 | 0 | 29,112 | (642 | ) | |||||||||||||||||
Private collaterlized mortgage obligations | 42,432 | (297 | ) | 0 | 0 | 42,432 | (297 | ) | |||||||||||||||||
Collateralized loan obligations | 27,334 | (226 | ) | 0 | 0 | 27,334 | (226 | ) | |||||||||||||||||
Obligations of state and political subdivisions | 510 | (6 | ) | 125 | (2 | ) | 635 | (8 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 458,059 | $ | (14,212 | ) | $ | 52,035 | $ | (781 | ) | $ | 510,094 | $ | (14,993 | ) | ||||||||||
December 31, 2012 | |||||||||||||||||||||||||
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 | $ | 54,289 | $ | (469 | ) | $ | 0 | $ | 0 | $ | 54,289 | $ | (469 | ) | |||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 150,057 | (901 | ) | 4,593 | (93 | ) | 154,650 | (994 | ) | ||||||||||||||||
Private collateralized mortgage obligations | 29,969 | (441 | ) | 9,221 | (89 | ) | 39,190 | (530 | ) | ||||||||||||||||
Obligations of state and political subdivisions | 0 | 0 | 125 | (3 | ) | 125 | (3 | ) | |||||||||||||||||
Total temporarily impaired securities | $ | 234,315 | $ | (1,811 | ) | $ | 13,939 | $ | (185 | ) | $ | 248,254 | $ | (1,996 | ) | ||||||||||
At September 30, 2013, approximately $0.9 million of the unrealized losses pertain to private label securities secured by collateral originated in 2005 and prior. Their fair value at September 30, 2013 is $71.5 million and is attributable to a combination of factors, including relative changes in interest rates since the time of purchase and decreased liquidity for investment securities in general. The collateral underlying these mortgage investments are 30- and 15-year fixed and adjustable rate mortgage loans with low loan to values, subordination and historically have had minimal foreclosures and losses. Based on its assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||
At September 30, 2013, the Company also had $13.8 million of unrealized losses on mortgage backed securities of government sponsored entities having a fair value of $410.6 million that were attributable to a combination of factors, including relative changes in interest rates since the time of purchase and higher prepayments compressing prices as a result of the Federal Reserve’s actions to maintain low interest rates. The contractual cash flows for these securities are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Based on its assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||
As of September 30, 2013, management does not intend to sell securities that are in significant 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, 2013. | |||||||||||||||||||||||||
Included in other assets is $11.3 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. At September 30, 2013, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $11.3 million of cost method investment securities. |
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
NOTE E — LOANS | |||||||||||||||||||||||||
Information relating to loans is summarized as follows: | |||||||||||||||||||||||||
September 30, | December 31 | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Construction and land development | $ | 62,766 | $ | 60,736 | |||||||||||||||||||||
Commercial real estate | 499,070 | 486,828 | |||||||||||||||||||||||
Residential real estate | 582,576 | 569,331 | |||||||||||||||||||||||
Commercial and financial | 70,779 | 61,903 | |||||||||||||||||||||||
Consumer | 47,231 | 46,930 | |||||||||||||||||||||||
Other loans | 490 | 353 | |||||||||||||||||||||||
NET LOAN BALANCES | $ | 1,262,912 | $ | 1,226,081 | |||||||||||||||||||||
-1 | Net loan balances as of September 30, 2013 and December 31, 2012 are net of deferred costs of $2,113,000 and $1,530,000, respectively. | ||||||||||||||||||||||||
The following table presents the contractual aging of the recorded investment in past due loans by class of loans as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | Accruing | Accruing | Accruing | Nonaccrual | Current | Total | |||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Financing | ||||||||||||||||||||||
Past Due | Past Due | Than | Receivables | ||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||
Construction & land development | $ | 86 | $ | 0 | $ | 0 | $ | 1,454 | $ | 61,226 | $ | 62,766 | |||||||||||||
Commercial real estate | 21 | 0 | 0 | 6,339 | 492,710 | 499,070 | |||||||||||||||||||
Residential real estate | 1,575 | 194 | 0 | 20,696 | 560,111 | 582,576 | |||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 0 | 70,779 | 70,779 | |||||||||||||||||||
Consumer | 77 | 0 | 0 | 235 | 46,919 | 47,231 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 490 | 490 | |||||||||||||||||||
Total | $ | 1,759 | $ | 194 | $ | 0 | $ | 28,724 | $ | 1,232,235 | $ | 1,262,912 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | Accruing | Accruing | Accruing | Nonaccrual | Current | Total | |||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Financing | ||||||||||||||||||||||
Past Due | Past Due | Than | Receivables | ||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||
Construction & land development | $ | 7 | $ | 0 | $ | 0 | $ | 1,342 | $ | 59,387 | $ | 60,736 | |||||||||||||
Commercial real estate | 832 | 5 | 0 | 17,234 | 468,757 | 486,828 | |||||||||||||||||||
Residential real estate | 1,179 | 1,377 | 1 | 22,099 | 544,675 | 569,331 | |||||||||||||||||||
Commercial and financial | 41 | 0 | 0 | 0 | 61,862 | 61,903 | |||||||||||||||||||
Consumer | 109 | 0 | 0 | 280 | 46,541 | 46,930 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 353 | 353 | |||||||||||||||||||
Total | $ | 2,168 | $ | 1,382 | $ | 1 | $ | 40,955 | $ | 1,181,575 | $ | 1,226,081 | |||||||||||||
The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, the Company classifies problem and potential problem loans as “Special Mention,” “Substandard,” and “Doubtful” and these loans are monitored on an ongoing basis. Substandard loans include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as substandard may require a specific allowance, but generally does not exceed 30% of the principal balance. Loans classified as Doubtful, have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are generally charged off. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention. Risk ratings are updated any time the situation warrants. | |||||||||||||||||||||||||
Loans not meeting the criteria above are considered to be pass-rated loans and risk grades are recalculated at least annually by the loan relationship manager. The following tables present the risk category of loans by class of loans based on the most recent analysis performed as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Construction | Commercial | ||||||||||||||||||||||||
& Land | Commercial | Residential | and | Consumer | |||||||||||||||||||||
(Dollars in thousands) | Development | Real Estate | Real Estate | Financial | Loans | Total | |||||||||||||||||||
Pass | $ | 58,318 | $ | 460,210 | $ | 544,711 | $ | 70,156 | $ | 46,098 | $ | 1,179,493 | |||||||||||||
Special mention | 593 | 8,702 | 622 | 336 | 498 | 10,751 | |||||||||||||||||||
Substandard | 0 | 16,435 | 1,290 | 263 | 447 | 18,435 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,454 | 6,339 | 20,696 | 0 | 235 | 28,724 | |||||||||||||||||||
Pass-Troubled debt restructures | 1,838 | 5,167 | 33 | 0 | 0 | 7,038 | |||||||||||||||||||
Troubled debt restructures | 563 | 2,217 | 15,224 | 24 | 443 | 18,471 | |||||||||||||||||||
$ | 62,766 | $ | 499,070 | $ | 582,576 | $ | 70,779 | $ | 47,721 | $ | 1,262,912 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Construction | Commercial | ||||||||||||||||||||||||
& Land | Commercial | Residential | and | Consumer | |||||||||||||||||||||
(Dollars in thousands) | Development | Real Estate | Real Estate | Financial | Loans | Total | |||||||||||||||||||
Pass | $ | 54,994 | $ | 414,023 | $ | 527,891 | $ | 61,123 | $ | 45,907 | $ | 1,103,938 | |||||||||||||
Special mention | 1,717 | 12,137 | 1,686 | 587 | 450 | 16,577 | |||||||||||||||||||
Substandard | 0 | 22,180 | 36 | 193 | 256 | 22,665 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,342 | 17,234 | 22,099 | 0 | 280 | 40,955 | |||||||||||||||||||
Pass-Troubled debt restructures | 2,103 | 6,513 | 0 | 0 | 0 | 8,616 | |||||||||||||||||||
Troubled debt restructures | 580 | 14,741 | 17,619 | 0 | 390 | 33,330 | |||||||||||||||||||
$ | 60,736 | $ | 486,828 | $ | 569,331 | $ | 61,903 | $ | 47,283 | $ | 1,226,081 | ||||||||||||||
Impaired_Loans_and_Valuation_A
Impaired Loans and Valuation Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Impaired Loans and Valuation Allowance for Loan Losses | ' | ||||||||||||||||||||||||
NOTE F — IMPAIRED LOANS AND VALUATION ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||
During the first, second and third quarters of 2013, newly identified troubled debt restructurings (“TDRs”) totaled $4.4 million, $4.1 million, and $1.7 million, respectively, summing to $10.2 million, of which $3.4 million were accruing commercial real estate loans, $1.0 million were accruing residential real estate mortgages, and $0.1 million were accruing consumer loans. Loans modified, but where full collection under the modified terms is doubtful are classified as nonaccrual loans from the date of modification and are therefore excluded from the tables below. | |||||||||||||||||||||||||
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’s policy. | |||||||||||||||||||||||||
The following table presents loans that were modified within the nine months ending September 30, 2013: | |||||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||
Number | Outstanding | Outstanding | Specific | Valuation | |||||||||||||||||||||
(Dollars in thousands) | of | Recorded | Recorded | Reserve | Allowance | ||||||||||||||||||||
Troubled Debt Restructurings Modified | Contracts | Investment | Investment | Recorded | Recorded | ||||||||||||||||||||
Construction and land development | 1 | $ | 14 | $ | 14 | $ | 0 | $ | 0 | ||||||||||||||||
Residential real estate | 8 | 990 | 865 | 0 | 125 | ||||||||||||||||||||
Commercial real estate | 7 | 3,421 | 3,059 | 0 | 362 | ||||||||||||||||||||
Commercial and financial | 1 | 25 | 24 | 0 | 1 | ||||||||||||||||||||
Consumer | 1 | 92 | 74 | 0 | 18 | ||||||||||||||||||||
18 | $ | 4,542 | $ | 4,036 | $ | 0 | $ | 506 | |||||||||||||||||
Accruing loans that were restructured within the twelve months preceding September 30, 2013 and defaulted during the nine months ended September 30, 2013 are presented in the table below. The Company considers a loan to have defaulted when it becomes 60 days or more delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to other real estate owned. A defaulted TDR is generally placed on nonaccrual and specific allowance for loan loss is assigned in accordance with the Company’s policy. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded | |||||||||||||||||||||||
Troubled Debt Restructurings Defaulted | Contracts | Investment | |||||||||||||||||||||||
Construction and land development | 0 | $ | 0 | ||||||||||||||||||||||
Residential real estate | 2 | 397 | |||||||||||||||||||||||
Commercial real estate | 1 | 1,620 | |||||||||||||||||||||||
Commercial and financial | 0 | 0 | |||||||||||||||||||||||
Consumer | 0 | 0 | |||||||||||||||||||||||
3 | $ | 2,017 | |||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company’s recorded investment in impaired loans and the related valuation allowance were as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Unpaid | Related | ||||||||||||||||||||||||
Recorded | Principal | Valuation | |||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | ||||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 2,674 | $ | 3,301 | $ | 0 | |||||||||||||||||||
Commercial real estate | 4,755 | 6,836 | 0 | ||||||||||||||||||||||
Residential real estate | 14,212 | 20,224 | 0 | ||||||||||||||||||||||
Commercial and financial | 24 | 24 | 0 | ||||||||||||||||||||||
Consumer | 127 | 166 | 0 | ||||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | 1,181 | 1,261 | 173 | ||||||||||||||||||||||
Commercial real estate | 8,968 | 9,495 | 684 | ||||||||||||||||||||||
Residential real estate | 21,741 | 22,295 | 4,202 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 551 | 573 | 118 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 3,855 | 4,562 | 173 | ||||||||||||||||||||||
Commercial real estate | 13,723 | 16,331 | 684 | ||||||||||||||||||||||
Residential real estate | 35,953 | 42,519 | 4,202 | ||||||||||||||||||||||
Commercial and financial | 24 | 24 | 0 | ||||||||||||||||||||||
Consumer | 678 | 739 | 118 | ||||||||||||||||||||||
$ | 54,233 | $ | 64,175 | $ | 5,177 | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Unpaid | Related | ||||||||||||||||||||||||
Recorded | Principal | Valuation | |||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | ||||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 1,128 | $ | 1,608 | $ | 0 | |||||||||||||||||||
Commercial real estate | 12,357 | 14,337 | 0 | ||||||||||||||||||||||
Residential real estate | 15,463 | 22,022 | 0 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 223 | 255 | 0 | ||||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | 2,897 | 2,941 | 230 | ||||||||||||||||||||||
Commercial real estate | 26,130 | 26,648 | 2,264 | ||||||||||||||||||||||
Residential real estate | 24,256 | 24,752 | 4,700 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 447 | 460 | 75 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 4,025 | 4,549 | 230 | ||||||||||||||||||||||
Commercial real estate | 38,487 | 40,985 | 2,264 | ||||||||||||||||||||||
Residential real estate | 39,719 | 46,774 | 4,700 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 670 | 715 | 75 | ||||||||||||||||||||||
$ | 82,901 | $ | 93,023 | $ | 7,269 | ||||||||||||||||||||
For the nine months ended September 30, 2013 and 2012, the Company’s average recorded investments in impaired loans and related interest income were as follows: | |||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction & land development | $ | 2,382 | $ | 79 | $ | 1,495 | $ | 1 | |||||||||||||||||
Commercial real estate | 8,288 | 14 | 11,831 | 326 | |||||||||||||||||||||
Residential real estate | 14,816 | 40 | 11,608 | 129 | |||||||||||||||||||||
Commercial and financial | 3 | 1 | 9 | 0 | |||||||||||||||||||||
Consumer | 140 | 3 | 463 | 0 | |||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction & land development | 1,410 | 30 | 3,637 | 98 | |||||||||||||||||||||
Commercial real estate | 20,144 | 319 | 42,769 | 1,204 | |||||||||||||||||||||
Residential real estate | 23,105 | 406 | 27,223 | 617 | |||||||||||||||||||||
Commercial and financial | 0 | 0 | 38 | 8 | |||||||||||||||||||||
Consumer | 579 | 18 | 605 | 17 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction & land development | 3,792 | 109 | 5,132 | 99 | |||||||||||||||||||||
Commercial real estate | 28,432 | 333 | 54,600 | 1,530 | |||||||||||||||||||||
Residential real estate | 37,921 | 446 | 38,831 | 746 | |||||||||||||||||||||
Commercial and financial | 3 | 1 | 47 | 8 | |||||||||||||||||||||
Consumer | 719 | 21 | 1,068 | 17 | |||||||||||||||||||||
$ | 70,867 | $ | 910 | $ | 99,678 | $ | 2,400 | ||||||||||||||||||
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, 2013 and December 31, 2012, accruing TDRs totaled $25.5 million and $41.9 million, respectively. | |||||||||||||||||||||||||
Interest payments received on impaired loans are recorded as interest income unless collection of the remaining recorded investment is doubtful at which time payments received are recorded as reductions to principal. For the nine months ended September 30, 2013 and 2012, the Company recorded $910,000 and $2,400,000, respectively, in interest income on impaired loans. | |||||||||||||||||||||||||
For impaired loans whose impairment is measured based on the present value of expected future cash flows, a total of $1,069,000 and $759,000, respectively, was included in interest income for the nine months ended September 30, 2013 and 2012, and represents the change in present value attributable to the passage of time. | |||||||||||||||||||||||||
Activity in the allowance for loan losses for the three and nine-month periods ended September 30, 2013 is summarized as follows: | |||||||||||||||||||||||||
Allowance for Loan Losses for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 877 | $ | (46 | ) | $ | (25 | ) | $ | 41 | $ | 16 | $ | 847 | |||||||||||
Commercial real estate | 6,725 | 377 | (500 | ) | 239 | (261 | ) | 6,841 | |||||||||||||||||
Residential real estate | 11,153 | 750 | (677 | ) | 83 | (594 | ) | 11,309 | |||||||||||||||||
Commercial and financial | 563 | 72 | 0 | 24 | 24 | 659 | |||||||||||||||||||
Consumer | 760 | 27 | (33 | ) | 6 | (27 | ) | 760 | |||||||||||||||||
$ | 20,078 | $ | 1,180 | $ | (1,235 | ) | $ | 393 | $ | (842 | ) | $ | 20,416 | ||||||||||||
Allowance for Loan Losses for the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 1,134 | $ | 121 | $ | (582 | ) | $ | 174 | $ | (408 | ) | $ | 847 | |||||||||||
Commercial real estate | 8,849 | (1 | ) | (2,546 | ) | 539 | (2,007 | ) | 6,841 | ||||||||||||||||
Residential real estate | 11,090 | 2,388 | (2,449 | ) | 330 | (2,119 | ) | 11,309 | |||||||||||||||||
Commercial and financial | 468 | (51 | ) | (60 | ) | 302 | 242 | 659 | |||||||||||||||||
Consumer | 563 | 291 | (112 | ) | 18 | (94 | ) | 760 | |||||||||||||||||
$ | 22,104 | $ | 2,698 | $ | (5,749 | ) | $ | 1,363 | $ | (4,386 | ) | $ | 20,416 | ||||||||||||
Allowance for Loan Losses for the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 1,355 | $ | (194 | ) | $ | (92 | ) | $ | 210 | $ | 118 | $ | 1,279 | |||||||||||
Commercial real estate | 11,977 | 225 | (1,906 | ) | 117 | (1,789 | ) | 10,413 | |||||||||||||||||
Residential real estate | 10,312 | 950 | (995 | ) | 234 | (761 | ) | 10,501 | |||||||||||||||||
Commercial and financial | 329 | (34 | ) | 0 | 40 | 40 | 335 | ||||||||||||||||||
Consumer | 662 | (47 | ) | (34 | ) | 10 | (24 | ) | 591 | ||||||||||||||||
$ | 24,635 | $ | 900 | $ | (3,027 | ) | $ | 611 | $ | (2,416 | ) | $ | 23,119 | ||||||||||||
Allowance for Loan Losses for the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 1,883 | $ | (329 | ) | $ | (571 | ) | $ | 296 | $ | (275 | ) | $ | 1,279 | ||||||||||
Commercial real estate | 11,477 | 6,285 | (7,637 | ) | 288 | (7,349 | ) | 10,413 | |||||||||||||||||
Residential real estate | 10,966 | 3,856 | (4,819 | ) | 498 | (4,321 | ) | 10,501 | |||||||||||||||||
Commercial and financial | 402 | 116 | (291 | ) | 108 | (183 | ) | 335 | |||||||||||||||||
Consumer | 837 | (268 | ) | (88 | ) | 110 | 22 | 591 | |||||||||||||||||
$ | 25,565 | $ | 9,660 | $ | (13,406 | ) | $ | 1,300 | $ | (12,106 | ) | $ | 23,119 | ||||||||||||
The allowance for loan losses is composed of specific allowances for certain impaired loans and general allowances grouped into loan pools based on similar characteristics. The Company’s loan portfolio and related allowance at September 30, 2013 and 2012 is shown in the following tables. | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | Total | |||||||||||||||||||||||
Impairment | Impairment | ||||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
(Dollars in thousands) | Value | Allowance | Value | Allowance | Value | Allowance | |||||||||||||||||||
Construction & land development | $ | 3,855 | $ | 173 | $ | 58,911 | $ | 674 | $ | 62,766 | $ | 847 | |||||||||||||
Commercial real estate | 13,723 | 684 | 485,347 | 6,157 | 499,070 | 6,841 | |||||||||||||||||||
Residential real estate | 35,953 | 4,202 | 546,623 | 7,107 | 582,576 | 11,309 | |||||||||||||||||||
Commercial and financial | 24 | 0 | 70,755 | 659 | 70,779 | 659 | |||||||||||||||||||
Consumer | 678 | 118 | 47,043 | 642 | 47,721 | 760 | |||||||||||||||||||
$ | 54,233 | $ | 5,177 | $ | 1,208,679 | $ | 15,239 | $ | 1,262,912 | $ | 20,416 | ||||||||||||||
At September 30, 2012 | |||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | Total | |||||||||||||||||||||||
Impairment | Impairment | ||||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
(Dollars in thousands) | Value | Allowance | Value | Allowance | Value | Allowance | |||||||||||||||||||
Construction & land development | $ | 4,525 | $ | 444 | $ | 51,688 | $ | 835 | $ | 56,213 | $ | 1,279 | |||||||||||||
Commercial real estate | 44,833 | 3,533 | 428,970 | 6,880 | 473,803 | 10,413 | |||||||||||||||||||
Residential real estate | 38,281 | 4,440 | 524,140 | 6,061 | 562,421 | 10,501 | |||||||||||||||||||
Commercial and financial | 37 | 1 | 58,185 | 334 | 58,222 | 335 | |||||||||||||||||||
Consumer | 953 | 100 | 50,866 | 491 | 51,819 | 591 | |||||||||||||||||||
$ | 88,629 | $ | 8,518 | $ | 1,113,849 | $ | 14,601 | $ | 1,202,478 | $ | 23,119 | ||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
NOTE G — INCOME TAXES | |
The Company has net deferred tax assets (“DTA”) of $65.9 million at September 30, 2013, and is included as a component of other assets. Although not assured, the Company believes that the realization of the recognized current carrying value of the DTA is more likely than not based on expectations as to future taxable income and available tax planning strategies, as defined in ASC 740 “Income Taxes”, which could be implemented if necessary to prevent a carryforward from expiring. The Company’s credit losses have moderated, the Company no longer has a three year cumulative loss and the Company’s taxable earnings should result in realization of additional future tax benefits from net operating loss carryforwards. The net operating loss carryforwards expire in various amounts beginning in 2029 and run through 2032. For the three months ended September 30, 2013 the Company recorded the benefit from the reversal of approximately $44.8 million of deferred tax valuation allowance previously recorded during years 2007-10. | |
Equity_Capital
Equity Capital | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Equity Capital | ' |
NOTE H — EQUITY CAPITAL | |
The Company is well capitalized for bank regulatory purposes. To be categorized as well capitalized, the Company must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth under “Capital Resources” in this Report. At September 30, 2013, the Company’s principal subsidiary, Seacoast National Bank, or “Seacoast National”, met the risk-based capital and leverage ratio requirements for well capitalized banks under the regulatory framework for prompt corrective action. | |
The Company’s Series A Preferred Stock with a par value of $0.10 per share pays quarterly dividends of five percent or $625,000. Quarterly dividends will increase to nine percent or $1,125,000 beginning in the first quarter of 2014, five years from the date of issuance. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
NOTE I — CONTINGENCIES | |
The Company and its subsidiaries, because of the nature of their businesses, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows, although no assurance can be given with respect to the ultimate outcome of any such claim or litigation. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
NOTE J — FAIR VALUE | |||||||||||||||||
In certain circumstances, fair value enables the Company to more accurately align its financial performance with the market value of actively traded or hedged assets and liabilities. Fair values enable a company to mitigate the non-economic earnings volatility caused from financial assets and financial liabilities being carried at different bases of accounting, as well as to more accurately portray the active and dynamic management of a company’s balance sheet. ASC 820 provides additional guidance for estimating fair value when the volume and level of activity for an asset or liability has significantly decreased. In addition, it includes guidance on identifying circumstances that indicate a transaction is not orderly. Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2013 and 2012 included: | |||||||||||||||||
(Dollars in thousands) | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||
Measurements | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Available for sale securities (3) | $ | 650,445 | $ | 101 | $ | 650,344 | $ | 0 | |||||||||
Loans available for sale (4) | 14,322 | 0 | 14,322 | 0 | |||||||||||||
Loans (1) | 18,784 | 0 | 10,817 | 7,967 | |||||||||||||
Other real estate owned (2) | 5,589 | 0 | 1,046 | 4,543 | |||||||||||||
September 30, 2012 | |||||||||||||||||
Available for sale securities (3) | $ | 588,248 | $ | 1,711 | $ | 586,537 | $ | 0 | |||||||||
Loans available for sale (4) | 28,042 | 0 | 28,042 | 0 | |||||||||||||
Loans (1) | 22,380 | 0 | 10,351 | 12,029 | |||||||||||||
Other real estate owned (2) | 8,888 | 0 | 3,746 | 5,142 | |||||||||||||
-1 | See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. | ||||||||||||||||
-2 | Fair value is measured on a nonrecurring basis in accordance with ASC 360. | ||||||||||||||||
-3 | See Note D for further detail of fair value of individual investment categories. | ||||||||||||||||
-4 | Recurring fair value basis determined using observable market data. | ||||||||||||||||
The fair value of impaired loans which are not troubled debt restructurings is based on recent real estate appraisals less estimated costs of sale. For residential real estate impaired loans, appraised values or internal evaluation are based on the comparative sales approach. These impaired loans are considered level 2 in the fair value hierarchy. For commercial and commercial real estate impaired loans, evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At September 30, 2013 the range of capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 9 percent. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. As such, the fair value of these impaired loans is considered level 3 in the fair value hierarchy. | |||||||||||||||||
Fair value of available for sale securities are determined using valuation techniques for individual investments as described in Note D. | |||||||||||||||||
When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of other real estate owned (“OREO”) is classified as a level 2 input. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, OREO is classified as Level 3 inputs. | |||||||||||||||||
Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. | |||||||||||||||||
During the nine months ended September 30, 2013, 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 $2.2 million for the first nine months of 2013, consisting of loans that became impaired during 2013. Transfers out consisted of charge offs of $1.2 million, foreclosures migrating to OREO of $1.3 million, and other reductions (primarily principal payments) totaling $3.4 million. No sales were recorded. | |||||||||||||||||
Charge-offs recognized upon loan foreclosures are generally offset by general or specific allocations of the allowance for loan losses and generally do not, and did not during the reported periods, significantly impact the Company’s provision for loan losses. | |||||||||||||||||
For OREO classified as level 3 during the first nine months of 2013, transfers in totaled $1.3 million. Transfers out totaled $5.2 million, consisting of valuation write-downs of $0.5 million and sales of $4.7 million. | |||||||||||||||||
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, 2013 and 2012 is as follows: | |||||||||||||||||
(Dollars in thousands) | Carrying | Quoted Prices | Significant | Significant | |||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Financial Assets | |||||||||||||||||
Loans, net | $ | 1,223,712 | $ | 0 | $ | 0 | $ | 1,245,373 | |||||||||
Financial Liabilities | |||||||||||||||||
Deposit liabilities | 1,698,910 | 0 | 0 | 1,700,289 | |||||||||||||
Borrowings | 50,000 | 0 | 54,223 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 37,527 | 0 | |||||||||||||
At September 30, 2012 | |||||||||||||||||
Financial Assets | |||||||||||||||||
Securities held to maturity | $ | 15,556 | $ | 0 | $ | 16,334 | $ | 0 | |||||||||
Loans, net | 1,156,979 | 0 | 0 | 1,178,911 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposit liabilities | 1,679,466 | 0 | 0 | 1,681,968 | |||||||||||||
Borrowings | 50,000 | 0 | 55,947 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 32,166 | 0 | |||||||||||||
The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and cash equivalents, interest bearing deposits with other banks, federal funds purchased and securities sold under agreement to repurchase, maturing within 30 days. | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at September 30, 2013 and 2012: | |||||||||||||||||
Securities: U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. Other securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. | |||||||||||||||||
The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities that are esoteric or that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are U.S. Treasury obligations, federal agency bullet or mortgage pass-through securities, or general obligation or revenue based municipal bonds. Pricing for such instruments is fairly generic and is easily obtained. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. | |||||||||||||||||
Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, mortgage, etc. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and nonperforming categories. The fair value of loans, except residential mortgages, is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risks inherent in the loan. For residential mortgage loans, fair value is estimated by discounting contractual cash flows adjusting for prepayment assumptions using discount rates based on secondary market sources. The estimated fair value is not an exit price fair value under ASC 820 when this valuation technique is used. | |||||||||||||||||
Loans held for sale: Fair values are based upon estimated values to be received from independent third party purchasers. | |||||||||||||||||
Deposit Liabilities: The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. | |||||||||||||||||
Borrowings: The fair value of floating rate borrowings is the amount payable on demand at the reporting date. The fair value of fixed rate borrowings is estimated using the rates currently offered for borrowings of similar remaining maturities. | |||||||||||||||||
Subordinated debt: The fair value of the floating rate subordinated debt is estimated using discounted cash flow analysis and estimates of the Company’s current incremental borrowing rate for similar instruments. | |||||||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE K — SUBSEQUENT EVENTS | |
Common Stock Offering | |
On November 5, 2013, Seacoast announced a public offering of 34,883,721 shares of its Common Stock at $2.15 per share. The offering is expected to generate net proceeds of approximately $72 million. The closing of the offering is expected to occur on or about November 12, 2013. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
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, and the valuation of deferred tax assets. Actual results could differ from those estimates. | ||||
Fair Value Policy | ' | |||
ASC 820 provides additional guidance for estimating fair value when the volume and level of activity for an asset or liability has significantly decreased. In addition, it includes guidance on identifying circumstances that indicate a transaction is not orderly. | ||||
Recently Issued Accounting Standards | ' | |||
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement with its co-obligors as well as any additional amount that the entity expects to pay on behalf of its co-obligors. The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. We are currently evaluating the implications of ASU 2013-04. The Company does not expect it will have a material impact on the Company’s consolidated financial statements. | ||||
On March 4, 2013, the FASB issued ASU 2013-05, Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, a consensus of the FASB Emerging Issues Task Force. The ASU requires that the entire amount of a cumulative translation adjustment (CTA) related to an entity’s investment in a foreign entity should be released when there has been a: | ||||
• | sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity, | |||
• | loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated), or | |||
• | step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). | |||
The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. The ASU is effective for fiscal years (and interim periods within those fiscal years) beginning on or after December 15, 2013. The ASU should be applied prospectively from the beginning of the fiscal year of adoption. We are currently evaluating the effect of adopting this standard effective January 1, 2014, but we do not anticipate that our adoption will have a material impact on our consolidated financial condition or results of operations. | ||||
Income Taxes | ' | |||
The Company has net deferred tax assets (“DTA”) of $65.9 million at September 30, 2013, and is included as a component of other assets. Although not assured, the Company believes that the realization of the recognized current carrying value of the DTA is more likely than not based on expectations as to future taxable income and available tax planning strategies, as defined in ASC 740 “Income Taxes”, which could be implemented if necessary to prevent a carryforward from expiring. |
Basic_and_Diluted_Earnings_Los1
Basic and Diluted Earnings (Loss) Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic: | |||||||||||||||||
Net income available to common shareholders | $ | 44,204 | $ | (490 | ) | $ | 47,328 | $ | (3,761 | ) | |||||||
Average basic shares outstanding | 94,029,583 | 93,777,662 | 93,983,629 | 93,688,003 | |||||||||||||
Basic earnings per share | $ | 0.47 | $ | (0.01 | ) | $ | 0.5 | $ | (0.04 | ) | |||||||
Diluted: | |||||||||||||||||
Net income available to common shareholders | $ | 44,204 | $ | (490 | ) | $ | 47,328 | $ | (3,761 | ) | |||||||
Average basic shares outstanding | 94,029,583 | 93,777,662 | 93,983,629 | 93,688,003 | |||||||||||||
Employee restricted stock | 1,460,570 | 704,335 | 952,413 | 755,212 | |||||||||||||
Average diluted shares outstanding | 95,490,153 | 94,481,997 | 94,936,042 | 94,443,215 | |||||||||||||
Diluted earnings per share | $ | 0.46 | $ | (0.01 | ) | $ | 0.5 | $ | (0.04 | ) | |||||||
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale and held for investment at September 30, 2013 and December 31, 2012 are summarized as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | Gross | Gross | Gross | Fair | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 101 | $ | 0 | $ | 0 | $ | 101 | |||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 136,184 | 1,534 | (3,676 | ) | 134,042 | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 385,832 | 835 | (10,144 | ) | 376,523 | ||||||||||||||||||||
Private mortgage backed securities | 29,754 | 0 | (642 | ) | 29,112 | ||||||||||||||||||||
Private collateralized mortgage obligations | 70,845 | 903 | (297 | ) | 71,451 | ||||||||||||||||||||
Collateralized loan obligations | 32,560 | 0 | (226 | ) | 32,334 | ||||||||||||||||||||
Obligations of state and political subdivisions | 6,586 | 304 | (8 | ) | 6,882 | ||||||||||||||||||||
$ | 661,862 | $ | 3,576 | $ | (14,993 | ) | $ | 650,445 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | Gross | Gross | Gross | Fair | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 1,700 | $ | 7 | $ | 0 | $ | 1,707 | |||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 186,404 | 3,320 | (469 | ) | 189,255 | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 352,731 | 2,430 | (902 | ) | 354,259 | ||||||||||||||||||||
Private collateralized mortgage obligations | 96,258 | 1,203 | (530 | ) | 96,931 | ||||||||||||||||||||
Obligations of state and political subdivisions | 847 | 51 | 0 | 898 | |||||||||||||||||||||
$ | 637,940 | $ | 7,011 | $ | (1,901 | ) | $ | 643,050 | |||||||||||||||||
SECURITIES HELD FOR INVESTMENT | |||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 4,687 | $ | 0 | $ | (92 | ) | $ | 4,595 | ||||||||||||||||
Private collateralized mortgage obligations | 1,278 | 33 | 0 | 1,311 | |||||||||||||||||||||
Obligations of state and political subdivisions | 6,353 | 737 | (3 | ) | 7,087 | ||||||||||||||||||||
Other | 1,500 | 49 | 0 | 1,549 | |||||||||||||||||||||
$ | 13,818 | $ | 819 | $ | (95 | ) | $ | 14,542 | |||||||||||||||||
Amortized Cost and Fair Value of Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities at September 30, 2013, by contractual maturity, are shown below. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | |||||||||||||||||||||||
Due in less than one year | $ | 101 | $ | 101 | |||||||||||||||||||||
Due after one year through five years | 818 | 833 | |||||||||||||||||||||||
Due after five years through ten years | 743 | 762 | |||||||||||||||||||||||
Due after ten years | 5,025 | 5,287 | |||||||||||||||||||||||
6,687 | 6,983 | ||||||||||||||||||||||||
Mortgage-backed securities of Government Sponsored Entities | 136,184 | 134,042 | |||||||||||||||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | 385,832 | 376,523 | |||||||||||||||||||||||
Private mortgage backed securities | 29,754 | 29,112 | |||||||||||||||||||||||
Private collateralized mortgage obligations | 70,845 | 71,451 | |||||||||||||||||||||||
Collateralized loan obligations | 32,560 | 32,334 | |||||||||||||||||||||||
No contractual maturity | 0 | 0 | |||||||||||||||||||||||
$ | 661,862 | $ | 650,445 | ||||||||||||||||||||||
Schedule of Unrealized Loss and Fair Value on Investments | ' | ||||||||||||||||||||||||
The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
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 | $ | 67,243 | $ | (3,451 | ) | $ | 14,719 | $ | (225 | ) | $ | 81,962 | $ | (3,676 | ) | ||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 291,428 | (9,590 | ) | 37,191 | (554 | ) | 328,619 | (10,144 | ) | ||||||||||||||||
Private mortage backed securities | 29,112 | (642 | ) | 0 | 0 | 29,112 | (642 | ) | |||||||||||||||||
Private collaterlized mortgage obligations | 42,432 | (297 | ) | 0 | 0 | 42,432 | (297 | ) | |||||||||||||||||
Collateralized loan obligations | 27,334 | (226 | ) | 0 | 0 | 27,334 | (226 | ) | |||||||||||||||||
Obligations of state and political subdivisions | 510 | (6 | ) | 125 | (2 | ) | 635 | (8 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 458,059 | $ | (14,212 | ) | $ | 52,035 | $ | (781 | ) | $ | 510,094 | $ | (14,993 | ) | ||||||||||
December 31, 2012 | |||||||||||||||||||||||||
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 | $ | 54,289 | $ | (469 | ) | $ | 0 | $ | 0 | $ | 54,289 | $ | (469 | ) | |||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 150,057 | (901 | ) | 4,593 | (93 | ) | 154,650 | (994 | ) | ||||||||||||||||
Private collateralized mortgage obligations | 29,969 | (441 | ) | 9,221 | (89 | ) | 39,190 | (530 | ) | ||||||||||||||||
Obligations of state and political subdivisions | 0 | 0 | 125 | (3 | ) | 125 | (3 | ) | |||||||||||||||||
Total temporarily impaired securities | $ | 234,315 | $ | (1,811 | ) | $ | 13,939 | $ | (185 | ) | $ | 248,254 | $ | (1,996 | ) | ||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Information Relating to Loans | ' | ||||||||||||||||||||||||
Information relating to loans is summarized as follows: | |||||||||||||||||||||||||
September 30, | December 31 | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Construction and land development | $ | 62,766 | $ | 60,736 | |||||||||||||||||||||
Commercial real estate | 499,070 | 486,828 | |||||||||||||||||||||||
Residential real estate | 582,576 | 569,331 | |||||||||||||||||||||||
Commercial and financial | 70,779 | 61,903 | |||||||||||||||||||||||
Consumer | 47,231 | 46,930 | |||||||||||||||||||||||
Other loans | 490 | 353 | |||||||||||||||||||||||
NET LOAN BALANCES | $ | 1,262,912 | $ | 1,226,081 | |||||||||||||||||||||
-1 | Net loan balances as of September 30, 2013 and December 31, 2012 are net of deferred costs of $2,113,000 and $1,530,000, respectively. | ||||||||||||||||||||||||
Contractual Aging of Recorded Investment in Past Due Loans | ' | ||||||||||||||||||||||||
The following table presents the contractual aging of the recorded investment in past due loans by class of loans as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | Accruing | Accruing | Accruing | Nonaccrual | Current | Total | |||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Financing | ||||||||||||||||||||||
Past Due | Past Due | Than | Receivables | ||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||
Construction & land development | $ | 86 | $ | 0 | $ | 0 | $ | 1,454 | $ | 61,226 | $ | 62,766 | |||||||||||||
Commercial real estate | 21 | 0 | 0 | 6,339 | 492,710 | 499,070 | |||||||||||||||||||
Residential real estate | 1,575 | 194 | 0 | 20,696 | 560,111 | 582,576 | |||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 0 | 70,779 | 70,779 | |||||||||||||||||||
Consumer | 77 | 0 | 0 | 235 | 46,919 | 47,231 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 490 | 490 | |||||||||||||||||||
Total | $ | 1,759 | $ | 194 | $ | 0 | $ | 28,724 | $ | 1,232,235 | $ | 1,262,912 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | Accruing | Accruing | Accruing | Nonaccrual | Current | Total | |||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Financing | ||||||||||||||||||||||
Past Due | Past Due | Than | Receivables | ||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||
Construction & land development | $ | 7 | $ | 0 | $ | 0 | $ | 1,342 | $ | 59,387 | $ | 60,736 | |||||||||||||
Commercial real estate | 832 | 5 | 0 | 17,234 | 468,757 | 486,828 | |||||||||||||||||||
Residential real estate | 1,179 | 1,377 | 1 | 22,099 | 544,675 | 569,331 | |||||||||||||||||||
Commercial and financial | 41 | 0 | 0 | 0 | 61,862 | 61,903 | |||||||||||||||||||
Consumer | 109 | 0 | 0 | 280 | 46,541 | 46,930 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 353 | 353 | |||||||||||||||||||
Total | $ | 2,168 | $ | 1,382 | $ | 1 | $ | 40,955 | $ | 1,181,575 | $ | 1,226,081 | |||||||||||||
Risk Category, Class of Loans and Recorded Investment | ' | ||||||||||||||||||||||||
The following tables present the risk category of loans by class of loans based on the most recent analysis performed as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Construction | Commercial | ||||||||||||||||||||||||
& Land | Commercial | Residential | and | Consumer | |||||||||||||||||||||
(Dollars in thousands) | Development | Real Estate | Real Estate | Financial | Loans | Total | |||||||||||||||||||
Pass | $ | 58,318 | $ | 460,210 | $ | 544,711 | $ | 70,156 | $ | 46,098 | $ | 1,179,493 | |||||||||||||
Special mention | 593 | 8,702 | 622 | 336 | 498 | 10,751 | |||||||||||||||||||
Substandard | 0 | 16,435 | 1,290 | 263 | 447 | 18,435 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,454 | 6,339 | 20,696 | 0 | 235 | 28,724 | |||||||||||||||||||
Pass-Troubled debt restructures | 1,838 | 5,167 | 33 | 0 | 0 | 7,038 | |||||||||||||||||||
Troubled debt restructures | 563 | 2,217 | 15,224 | 24 | 443 | 18,471 | |||||||||||||||||||
$ | 62,766 | $ | 499,070 | $ | 582,576 | $ | 70,779 | $ | 47,721 | $ | 1,262,912 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Construction | Commercial | ||||||||||||||||||||||||
& Land | Commercial | Residential | and | Consumer | |||||||||||||||||||||
(Dollars in thousands) | Development | Real Estate | Real Estate | Financial | Loans | Total | |||||||||||||||||||
Pass | $ | 54,994 | $ | 414,023 | $ | 527,891 | $ | 61,123 | $ | 45,907 | $ | 1,103,938 | |||||||||||||
Special mention | 1,717 | 12,137 | 1,686 | 587 | 450 | 16,577 | |||||||||||||||||||
Substandard | 0 | 22,180 | 36 | 193 | 256 | 22,665 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,342 | 17,234 | 22,099 | 0 | 280 | 40,955 | |||||||||||||||||||
Pass-Troubled debt restructures | 2,103 | 6,513 | 0 | 0 | 0 | 8,616 | |||||||||||||||||||
Troubled debt restructures | 580 | 14,741 | 17,619 | 0 | 390 | 33,330 | |||||||||||||||||||
$ | 60,736 | $ | 486,828 | $ | 569,331 | $ | 61,903 | $ | 47,283 | $ | 1,226,081 | ||||||||||||||
Impaired_Loans_and_Valuation_A1
Impaired Loans and Valuation Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Modified Loans | ' | ||||||||||||||||||||||||
The following table presents loans that were modified within the nine months ending September 30, 2013: | |||||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||
Number | Outstanding | Outstanding | Specific | Valuation | |||||||||||||||||||||
(Dollars in thousands) | of | Recorded | Recorded | Reserve | Allowance | ||||||||||||||||||||
Troubled Debt Restructurings Modified | Contracts | Investment | Investment | Recorded | Recorded | ||||||||||||||||||||
Construction and land development | 1 | $ | 14 | $ | 14 | $ | 0 | $ | 0 | ||||||||||||||||
Residential real estate | 8 | 990 | 865 | 0 | 125 | ||||||||||||||||||||
Commercial real estate | 7 | 3,421 | 3,059 | 0 | 362 | ||||||||||||||||||||
Commercial and financial | 1 | 25 | 24 | 0 | 1 | ||||||||||||||||||||
Consumer | 1 | 92 | 74 | 0 | 18 | ||||||||||||||||||||
18 | $ | 4,542 | $ | 4,036 | $ | 0 | $ | 506 | |||||||||||||||||
Troubled Debt Restructurings Defaulted | ' | ||||||||||||||||||||||||
Accruing loans that were restructured within the twelve months preceding September 30, 2013 and defaulted during the nine months ended September 30, 2013 are presented in the table below. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded | |||||||||||||||||||||||
Troubled Debt Restructurings Defaulted | Contracts | Investment | |||||||||||||||||||||||
Construction and land development | 0 | $ | 0 | ||||||||||||||||||||||
Residential real estate | 2 | 397 | |||||||||||||||||||||||
Commercial real estate | 1 | 1,620 | |||||||||||||||||||||||
Commercial and financial | 0 | 0 | |||||||||||||||||||||||
Consumer | 0 | 0 | |||||||||||||||||||||||
3 | $ | 2,017 | |||||||||||||||||||||||
Company's Recorded Investments in Impaired Loans and the Related Valuation Allowances | ' | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company’s recorded investment in impaired loans and the related valuation allowance were as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Unpaid | Related | ||||||||||||||||||||||||
Recorded | Principal | Valuation | |||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | ||||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 2,674 | $ | 3,301 | $ | 0 | |||||||||||||||||||
Commercial real estate | 4,755 | 6,836 | 0 | ||||||||||||||||||||||
Residential real estate | 14,212 | 20,224 | 0 | ||||||||||||||||||||||
Commercial and financial | 24 | 24 | 0 | ||||||||||||||||||||||
Consumer | 127 | 166 | 0 | ||||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | 1,181 | 1,261 | 173 | ||||||||||||||||||||||
Commercial real estate | 8,968 | 9,495 | 684 | ||||||||||||||||||||||
Residential real estate | 21,741 | 22,295 | 4,202 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 551 | 573 | 118 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 3,855 | 4,562 | 173 | ||||||||||||||||||||||
Commercial real estate | 13,723 | 16,331 | 684 | ||||||||||||||||||||||
Residential real estate | 35,953 | 42,519 | 4,202 | ||||||||||||||||||||||
Commercial and financial | 24 | 24 | 0 | ||||||||||||||||||||||
Consumer | 678 | 739 | 118 | ||||||||||||||||||||||
$ | 54,233 | $ | 64,175 | $ | 5,177 | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Unpaid | Related | ||||||||||||||||||||||||
Recorded | Principal | Valuation | |||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | ||||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 1,128 | $ | 1,608 | $ | 0 | |||||||||||||||||||
Commercial real estate | 12,357 | 14,337 | 0 | ||||||||||||||||||||||
Residential real estate | 15,463 | 22,022 | 0 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 223 | 255 | 0 | ||||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction and land development | 2,897 | 2,941 | 230 | ||||||||||||||||||||||
Commercial real estate | 26,130 | 26,648 | 2,264 | ||||||||||||||||||||||
Residential real estate | 24,256 | 24,752 | 4,700 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 447 | 460 | 75 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 4,025 | 4,549 | 230 | ||||||||||||||||||||||
Commercial real estate | 38,487 | 40,985 | 2,264 | ||||||||||||||||||||||
Residential real estate | 39,719 | 46,774 | 4,700 | ||||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 670 | 715 | 75 | ||||||||||||||||||||||
$ | 82,901 | $ | 93,023 | $ | 7,269 | ||||||||||||||||||||
Company's Average Recorded Investments in Impaired Loans and Related Interest Income | ' | ||||||||||||||||||||||||
For the nine months ended September 30, 2013 and 2012, the Company’s average recorded investments in impaired loans and related interest income were as follows: | |||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||||||||||||||||
Construction & land development | $ | 2,382 | $ | 79 | $ | 1,495 | $ | 1 | |||||||||||||||||
Commercial real estate | 8,288 | 14 | 11,831 | 326 | |||||||||||||||||||||
Residential real estate | 14,816 | 40 | 11,608 | 129 | |||||||||||||||||||||
Commercial and financial | 3 | 1 | 9 | 0 | |||||||||||||||||||||
Consumer | 140 | 3 | 463 | 0 | |||||||||||||||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||||||||||||||||
Construction & land development | 1,410 | 30 | 3,637 | 98 | |||||||||||||||||||||
Commercial real estate | 20,144 | 319 | 42,769 | 1,204 | |||||||||||||||||||||
Residential real estate | 23,105 | 406 | 27,223 | 617 | |||||||||||||||||||||
Commercial and financial | 0 | 0 | 38 | 8 | |||||||||||||||||||||
Consumer | 579 | 18 | 605 | 17 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction & land development | 3,792 | 109 | 5,132 | 99 | |||||||||||||||||||||
Commercial real estate | 28,432 | 333 | 54,600 | 1,530 | |||||||||||||||||||||
Residential real estate | 37,921 | 446 | 38,831 | 746 | |||||||||||||||||||||
Commercial and financial | 3 | 1 | 47 | 8 | |||||||||||||||||||||
Consumer | 719 | 21 | 1,068 | 17 | |||||||||||||||||||||
$ | 70,867 | $ | 910 | $ | 99,678 | $ | 2,400 | ||||||||||||||||||
Activity in Allowance for Loan Losses | ' | ||||||||||||||||||||||||
Activity in the allowance for loan losses for the three and nine-month periods ended September 30, 2013 is summarized as follows: | |||||||||||||||||||||||||
Allowance for Loan Losses for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 877 | $ | (46 | ) | $ | (25 | ) | $ | 41 | $ | 16 | $ | 847 | |||||||||||
Commercial real estate | 6,725 | 377 | (500 | ) | 239 | (261 | ) | 6,841 | |||||||||||||||||
Residential real estate | 11,153 | 750 | (677 | ) | 83 | (594 | ) | 11,309 | |||||||||||||||||
Commercial and financial | 563 | 72 | 0 | 24 | 24 | 659 | |||||||||||||||||||
Consumer | 760 | 27 | (33 | ) | 6 | (27 | ) | 760 | |||||||||||||||||
$ | 20,078 | $ | 1,180 | $ | (1,235 | ) | $ | 393 | $ | (842 | ) | $ | 20,416 | ||||||||||||
Allowance for Loan Losses for the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 1,134 | $ | 121 | $ | (582 | ) | $ | 174 | $ | (408 | ) | $ | 847 | |||||||||||
Commercial real estate | 8,849 | (1 | ) | (2,546 | ) | 539 | (2,007 | ) | 6,841 | ||||||||||||||||
Residential real estate | 11,090 | 2,388 | (2,449 | ) | 330 | (2,119 | ) | 11,309 | |||||||||||||||||
Commercial and financial | 468 | (51 | ) | (60 | ) | 302 | 242 | 659 | |||||||||||||||||
Consumer | 563 | 291 | (112 | ) | 18 | (94 | ) | 760 | |||||||||||||||||
$ | 22,104 | $ | 2,698 | $ | (5,749 | ) | $ | 1,363 | $ | (4,386 | ) | $ | 20,416 | ||||||||||||
Allowance for Loan Losses for the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 1,355 | $ | (194 | ) | $ | (92 | ) | $ | 210 | $ | 118 | $ | 1,279 | |||||||||||
Commercial real estate | 11,977 | 225 | (1,906 | ) | 117 | (1,789 | ) | 10,413 | |||||||||||||||||
Residential real estate | 10,312 | 950 | (995 | ) | 234 | (761 | ) | 10,501 | |||||||||||||||||
Commercial and financial | 329 | (34 | ) | 0 | 40 | 40 | 335 | ||||||||||||||||||
Consumer | 662 | (47 | ) | (34 | ) | 10 | (24 | ) | 591 | ||||||||||||||||
$ | 24,635 | $ | 900 | $ | (3,027 | ) | $ | 611 | $ | (2,416 | ) | $ | 23,119 | ||||||||||||
Allowance for Loan Losses for the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
Provision | Net | ||||||||||||||||||||||||
Beginning | for Loan | Charge- | Charge- | Ending | |||||||||||||||||||||
(Dollars in thousands) | Balance | Losses | Offs | Recoveries | Offs | Balance | |||||||||||||||||||
Construction & land development | $ | 1,883 | $ | (329 | ) | $ | (571 | ) | $ | 296 | $ | (275 | ) | $ | 1,279 | ||||||||||
Commercial real estate | 11,477 | 6,285 | (7,637 | ) | 288 | (7,349 | ) | 10,413 | |||||||||||||||||
Residential real estate | 10,966 | 3,856 | (4,819 | ) | 498 | (4,321 | ) | 10,501 | |||||||||||||||||
Commercial and financial | 402 | 116 | (291 | ) | 108 | (183 | ) | 335 | |||||||||||||||||
Consumer | 837 | (268 | ) | (88 | ) | 110 | 22 | 591 | |||||||||||||||||
$ | 25,565 | $ | 9,660 | $ | (13,406 | ) | $ | 1,300 | $ | (12,106 | ) | $ | 23,119 | ||||||||||||
Loan Portfolio and Related Allowance | ' | ||||||||||||||||||||||||
The Company’s loan portfolio and related allowance at September 30, 2013 and 2012 is shown in the following tables. | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | Total | |||||||||||||||||||||||
Impairment | Impairment | ||||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
(Dollars in thousands) | Value | Allowance | Value | Allowance | Value | Allowance | |||||||||||||||||||
Construction & land development | $ | 3,855 | $ | 173 | $ | 58,911 | $ | 674 | $ | 62,766 | $ | 847 | |||||||||||||
Commercial real estate | 13,723 | 684 | 485,347 | 6,157 | 499,070 | 6,841 | |||||||||||||||||||
Residential real estate | 35,953 | 4,202 | 546,623 | 7,107 | 582,576 | 11,309 | |||||||||||||||||||
Commercial and financial | 24 | 0 | 70,755 | 659 | 70,779 | 659 | |||||||||||||||||||
Consumer | 678 | 118 | 47,043 | 642 | 47,721 | 760 | |||||||||||||||||||
$ | 54,233 | $ | 5,177 | $ | 1,208,679 | $ | 15,239 | $ | 1,262,912 | $ | 20,416 | ||||||||||||||
At September 30, 2012 | |||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | Total | |||||||||||||||||||||||
Impairment | Impairment | ||||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
(Dollars in thousands) | Value | Allowance | Value | Allowance | Value | Allowance | |||||||||||||||||||
Construction & land development | $ | 4,525 | $ | 444 | $ | 51,688 | $ | 835 | $ | 56,213 | $ | 1,279 | |||||||||||||
Commercial real estate | 44,833 | 3,533 | 428,970 | 6,880 | 473,803 | 10,413 | |||||||||||||||||||
Residential real estate | 38,281 | 4,440 | 524,140 | 6,061 | 562,421 | 10,501 | |||||||||||||||||||
Commercial and financial | 37 | 1 | 58,185 | 334 | 58,222 | 335 | |||||||||||||||||||
Consumer | 953 | 100 | 50,866 | 491 | 51,819 | 591 | |||||||||||||||||||
$ | 88,629 | $ | 8,518 | $ | 1,113,849 | $ | 14,601 | $ | 1,202,478 | $ | 23,119 | ||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements for Items Measured at Fair Value | ' | ||||||||||||||||
Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2013 and 2012 included: | |||||||||||||||||
(Dollars in thousands) | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||
Measurements | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Available for sale securities (3) | $ | 650,445 | $ | 101 | $ | 650,344 | $ | 0 | |||||||||
Loans available for sale (4) | 14,322 | 0 | 14,322 | 0 | |||||||||||||
Loans (1) | 18,784 | 0 | 10,817 | 7,967 | |||||||||||||
Other real estate owned (2) | 5,589 | 0 | 1,046 | 4,543 | |||||||||||||
September 30, 2012 | |||||||||||||||||
Available for sale securities (3) | $ | 588,248 | $ | 1,711 | $ | 586,537 | $ | 0 | |||||||||
Loans available for sale (4) | 28,042 | 0 | 28,042 | 0 | |||||||||||||
Loans (1) | 22,380 | 0 | 10,351 | 12,029 | |||||||||||||
Other real estate owned (2) | 8,888 | 0 | 3,746 | 5,142 | |||||||||||||
-1 | See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. | ||||||||||||||||
-2 | Fair value is measured on a nonrecurring basis in accordance with ASC 360. | ||||||||||||||||
-3 | See Note D for further detail of fair value of individual investment categories. | ||||||||||||||||
-4 | Recurring fair value basis determined using observable market data. | ||||||||||||||||
Summary of Carrying Value and Fair Value of Company's Financial Instruments | ' | ||||||||||||||||
The carrying amount and fair value of the Company’s other significant financial instruments that are not measured at fair value on a recurring basis in the balance sheet as of September 30, 2013 and 2012 is as follows: | |||||||||||||||||
(Dollars in thousands) | Carrying | Quoted Prices | Significant | Significant | |||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Financial Assets | |||||||||||||||||
Loans, net | $ | 1,223,712 | $ | 0 | $ | 0 | $ | 1,245,373 | |||||||||
Financial Liabilities | |||||||||||||||||
Deposit liabilities | 1,698,910 | 0 | 0 | 1,700,289 | |||||||||||||
Borrowings | 50,000 | 0 | 54,223 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 37,527 | 0 | |||||||||||||
At September 30, 2012 | |||||||||||||||||
Financial Assets | |||||||||||||||||
Securities held to maturity | $ | 15,556 | $ | 0 | $ | 16,334 | $ | 0 | |||||||||
Loans, net | 1,156,979 | 0 | 0 | 1,178,911 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposit liabilities | 1,679,466 | 0 | 0 | 1,681,968 | |||||||||||||
Borrowings | 50,000 | 0 | 55,947 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 32,166 | 0 |
Basic_and_Diluted_Earnings_Los2
Basic and Diluted Earnings (Loss) Per Common Share - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Shares stock options | 682,000 | 527,000 |
Basic_and_Diluted_Earnings_Los3
Basic and Diluted Earnings (Loss) Per Common Share - Schedule of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic: | ' | ' | ' | ' |
Net income available to common shareholders | $44,204 | ($490) | $47,328 | ($3,761) |
Average basic shares outstanding | 94,029,583 | 93,777,662 | 93,983,629 | 93,688,003 |
Basic earnings per share | $0.47 | ($0.01) | $0.50 | ($0.04) |
Diluted: | ' | ' | ' | ' |
Net income available to common shareholders | $44,204 | ($490) | $47,328 | ($3,761) |
Average basic shares outstanding | 94,029,583 | 93,777,662 | 93,983,629 | 93,688,003 |
Employee restricted stock | 1,460,570 | 704,335 | 952,413 | 755,212 |
Average diluted shares outstanding | 95,490,153 | 94,481,997 | 94,936,042 | 94,443,215 |
Diluted earnings per share | $0.46 | ($0.01) | $0.50 | ($0.04) |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | $661,862 | $637,940 |
Gross Unrealized Gains, Securities Available for Sale | 3,576 | 7,011 |
Gross Unrealized Losses, Securities Available for Sale | -14,993 | -1,901 |
Fair Value, Securities Available for Sale | 650,445 | 643,050 |
Gross Amortized Cost, Securities Held for Investment | ' | 13,818 |
Gross Unrealized Gains, Securities Held for Investment | ' | 819 |
Gross Unrealized Losses, Securities Held for Investment | ' | -95 |
Fair value, Securities Held for Investment | ' | 14,542 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 101 | 1,700 |
Gross Unrealized Gains, Securities Available for Sale | 0 | 7 |
Gross Unrealized Losses, Securities Available for Sale | 0 | 0 |
Fair Value, Securities Available for Sale | 101 | 1,707 |
Mortgage-Backed Securities of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 136,184 | 186,404 |
Gross Unrealized Gains, Securities Available for Sale | 1,534 | 3,320 |
Gross Unrealized Losses, Securities Available for Sale | -3,676 | -469 |
Fair Value, Securities Available for Sale | 134,042 | 189,255 |
Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 385,832 | 352,731 |
Gross Unrealized Gains, Securities Available for Sale | 835 | 2,430 |
Gross Unrealized Losses, Securities Available for Sale | -10,144 | -902 |
Fair Value, Securities Available for Sale | 376,523 | 354,259 |
Gross Amortized Cost, Securities Held for Investment | ' | 4,687 |
Gross Unrealized Gains, Securities Held for Investment | ' | 0 |
Gross Unrealized Losses, Securities Held for Investment | ' | -92 |
Fair value, Securities Held for Investment | ' | 4,595 |
Privately Mortgage Backed Securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 29,754 | ' |
Gross Unrealized Gains, Securities Available for Sale | 0 | ' |
Gross Unrealized Losses, Securities Available for Sale | -642 | ' |
Fair Value, Securities Available for Sale | 29,112 | ' |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 70,845 | 96,258 |
Gross Unrealized Gains, Securities Available for Sale | 903 | 1,203 |
Gross Unrealized Losses, Securities Available for Sale | -297 | -530 |
Fair Value, Securities Available for Sale | 71,451 | 96,931 |
Gross Amortized Cost, Securities Held for Investment | ' | 1,278 |
Gross Unrealized Gains, Securities Held for Investment | ' | 33 |
Gross Unrealized Losses, Securities Held for Investment | ' | 0 |
Fair value, Securities Held for Investment | ' | 1,311 |
Collateralized Loan Obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 32,560 | ' |
Gross Unrealized Gains, Securities Available for Sale | 0 | ' |
Gross Unrealized Losses, Securities Available for Sale | -226 | ' |
Fair Value, Securities Available for Sale | 32,334 | ' |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 6,586 | 847 |
Gross Unrealized Gains, Securities Available for Sale | 304 | 51 |
Gross Unrealized Losses, Securities Available for Sale | -8 | 0 |
Fair Value, Securities Available for Sale | 6,882 | 898 |
Gross Amortized Cost, Securities Held for Investment | ' | 6,353 |
Gross Unrealized Gains, Securities Held for Investment | ' | 737 |
Gross Unrealized Losses, Securities Held for Investment | ' | -3 |
Fair value, Securities Held for Investment | ' | 7,087 |
Other [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Held for Investment | ' | 1,500 |
Gross Unrealized Gains, Securities Held for Investment | ' | 49 |
Gross Unrealized Losses, Securities Held for Investment | ' | 0 |
Fair value, Securities Held for Investment | ' | $1,549 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Collateral Backed Securities Issued by Private Enterprises [Member] | Mortgage Backed Securities and Collateralized Mortgage Obligations of US Government Sponsored Entities [Member] | Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | Private Collateralized Mortgage Obligations [Member] | Private Collateralized Mortgage Obligations [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | |||
Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | Private Collateralized Mortgage Obligations [Member] | Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | Private Collateralized Mortgage Obligations [Member] | |||||||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of securities | $67,330,000 | $248,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains from sale of securities | 792,000 | 7,251,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross losses | 373,000 | 214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities | ' | ' | ' | ' | ' | ' | ' | ' | 71,680,000 | 160,751,000 | 71,680,000 | 160,751,000 |
Aggregate losses | ' | ' | 900,000 | 13,800,000 | 10,144,000 | 994,000 | 297,000 | 530,000 | ' | ' | ' | ' |
Fair Value, Total | ' | ' | 71,500,000 | 410,600,000 | 328,619,000 | 154,650,000 | 42,432,000 | 39,190,000 | ' | ' | ' | ' |
Collateral underlying mortgage investments terms | '30- and 15-year fixed and adjustable rate mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of cost method investment securities | $11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities_Amortized_Cost_and_1
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for Sale, Amortized Cost, Due in less than one year | $101 | ' |
Available for Sale, Amortized Cost, Due after one year through five years | 818 | ' |
Available for Sale, Amortized Cost, Due after five years through ten years | 743 | ' |
Available for Sale, Amortized Cost, Due after ten years | 5,025 | ' |
Available for Sale, Amortized Cost, Total | 6,687 | ' |
Available for Sale, Fair Value, Due in less than one year | 101 | ' |
Available for Sale, Fair Value, Due after one year through five years | 833 | ' |
Available for Sale, Fair Value, Due after five years through ten years | 762 | ' |
Available for Sale, Fair Value, Due after ten years | 5,287 | ' |
Available for Sale, Fair Value, Total | 6,983 | ' |
Gross Amortized Cost, Securities Available for Sale | 661,862 | 637,940 |
Fair Value, Available for Sale | 650,445 | 643,050 |
Mortgage-Backed Securities of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 136,184 | 186,404 |
Fair Value, Available for Sale | 134,042 | 189,255 |
Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 385,832 | 352,731 |
Fair Value, Available for Sale | 376,523 | 354,259 |
Privately Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 29,754 | ' |
Fair Value, Available for Sale | 29,112 | ' |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 70,845 | 96,258 |
Fair Value, Available for Sale | 71,451 | 96,931 |
Collateralized Loan Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 32,560 | ' |
Fair Value, Available for Sale | 32,334 | ' |
No Contractual Maturity [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 0 | ' |
Fair Value, Available for Sale | $0 | ' |
Securities_Schedule_of_Unreali
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired securities, Less than 12 months, Fair Value | $458,059 | $234,315 |
Total temporarily impaired securities, Less than 12 months, Unrealized Losses | -14,212 | -1,811 |
Total temporarily impaired securities,12 months or longer, Fair Value | 52,035 | 13,939 |
Total temporarily impaired securities, 12 months or longer, Unrealized Losses | -781 | -185 |
Total temporarily impaired securities, Fair Value | 510,094 | 248,254 |
Total temporarily impaired securities, Unrealized Losses | -14,993 | -1,996 |
Mortgage-Backed Securities of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 67,243 | 54,289 |
Less than 12 months, Unrealized Losses | -3,451 | -469 |
12 months or longer, Fair Value | 14,719 | 0 |
12 months or longer, Unrealized Losses | -225 | 0 |
Fair Value, Total | 81,962 | 54,289 |
Unrealized Losses, Total | -3,676 | -469 |
Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 291,428 | 150,057 |
Less than 12 months, Unrealized Losses | -9,590 | -901 |
12 months or longer, Fair Value | 37,191 | 4,593 |
12 months or longer, Unrealized Losses | -554 | -93 |
Fair Value, Total | 328,619 | 154,650 |
Unrealized Losses, Total | -10,144 | -994 |
Privately Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 29,112 | ' |
Less than 12 months, Unrealized Losses | -642 | ' |
12 months or longer, Fair Value | 0 | ' |
12 months or longer, Unrealized Losses | 0 | ' |
Fair Value, Total | 29,112 | ' |
Unrealized Losses, Total | -642 | ' |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 42,432 | 29,969 |
Less than 12 months, Unrealized Losses | -297 | -441 |
12 months or longer, Fair Value | 0 | 9,221 |
12 months or longer, Unrealized Losses | 0 | -89 |
Fair Value, Total | 42,432 | 39,190 |
Unrealized Losses, Total | -297 | -530 |
Collateralized Loan Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 27,334 | ' |
Less than 12 months, Unrealized Losses | -226 | ' |
12 months or longer, Fair Value | 0 | ' |
12 months or longer, Unrealized Losses | 0 | ' |
Fair Value, Total | 27,334 | ' |
Unrealized Losses, Total | -226 | ' |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 510 | 0 |
Less than 12 months, Unrealized Losses | -6 | 0 |
12 months or longer, Fair Value | 125 | 125 |
12 months or longer, Unrealized Losses | -2 | -3 |
Fair Value, Total | 635 | 125 |
Unrealized Losses, Total | ($8) | ($3) |
Loans_Information_Relating_to_
Loans - Information Relating to Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | $1,262,912 | $1,226,081 |
Construction and Land Development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 62,766 | 60,736 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 499,070 | 486,828 |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 582,576 | 569,331 |
Commercial and Financial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 70,779 | 61,903 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 47,231 | 46,930 |
Other Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | $490 | $353 |
Loans_Information_Relating_to_1
Loans - Information Relating to Loans (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Net loan balances, include deferred costs | $2,113,000 | $1,530,000 |
Loans_Contractual_Aging_of_Rec
Loans - Contractual Aging of Recorded Investment in Past Due Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | $1,759 | $2,168 |
Accruing 60-89 Days Past Due | 194 | 1,382 |
Accruing Greater Than 90 Days | 0 | 1 |
Nonaccrual | 28,724 | 40,955 |
Current | 1,232,235 | 1,181,575 |
Total Financing Receivables | 1,262,912 | 1,226,081 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 86 | 7 |
Accruing 60-89 Days Past Due | 0 | 0 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 1,454 | 1,342 |
Current | 61,226 | 59,387 |
Total Financing Receivables | 62,766 | 60,736 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 21 | 832 |
Accruing 60-89 Days Past Due | 0 | 5 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 6,339 | 17,234 |
Current | 492,710 | 468,757 |
Total Financing Receivables | 499,070 | 486,828 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 1,575 | 1,179 |
Accruing 60-89 Days Past Due | 194 | 1,377 |
Accruing Greater Than 90 Days | 0 | 1 |
Nonaccrual | 20,696 | 22,099 |
Current | 560,111 | 544,675 |
Total Financing Receivables | 582,576 | 569,331 |
Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 0 | 41 |
Accruing 60-89 Days Past Due | 0 | 0 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 70,779 | 61,862 |
Total Financing Receivables | 70,779 | 61,903 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 77 | 109 |
Accruing 60-89 Days Past Due | 0 | 0 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 235 | 280 |
Current | 46,919 | 46,541 |
Total Financing Receivables | 47,231 | 46,930 |
Other Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Accruing 30-59 Days Past Due | 0 | 0 |
Accruing 60-89 Days Past Due | 0 | 0 |
Accruing Greater Than 90 Days | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 490 | 353 |
Total Financing Receivables | $490 | $353 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (Maximum [Member], Substandard [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Maximum [Member] | Substandard [Member] | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
Specific allowance on substandard loans, maximum percentage | 30.00% |
Loans_Risk_Category_Class_of_L
Loans - Risk Category, Class of Loans and Recorded Investment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | $1,262,912 | $1,226,081 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 62,766 | 60,736 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 499,070 | 486,828 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 582,576 | 569,331 |
Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 70,779 | 61,903 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 47,721 | 47,283 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,179,493 | 1,103,938 |
Pass [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 58,318 | 54,994 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 460,210 | 414,023 |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 544,711 | 527,891 |
Pass [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 70,156 | 61,123 |
Pass [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 46,098 | 45,907 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 10,751 | 16,577 |
Special Mention [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 593 | 1,717 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 8,702 | 12,137 |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 622 | 1,686 |
Special Mention [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 336 | 587 |
Special Mention [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 498 | 450 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 18,435 | 22,665 |
Substandard [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 16,435 | 22,180 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,290 | 36 |
Substandard [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 263 | 193 |
Substandard [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 447 | 256 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Doubtful [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Doubtful [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Doubtful [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Doubtful [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Nonaccrual [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 28,724 | 40,955 |
Nonaccrual [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,454 | 1,342 |
Nonaccrual [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 6,339 | 17,234 |
Nonaccrual [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 20,696 | 22,099 |
Nonaccrual [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Nonaccrual [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 235 | 280 |
Pass-Troubled Debt Restructures [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 7,038 | 8,616 |
Pass-Troubled Debt Restructures [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,838 | 2,103 |
Pass-Troubled Debt Restructures [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 5,167 | 6,513 |
Pass-Troubled Debt Restructures [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 33 | 0 |
Pass-Troubled Debt Restructures [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Pass-Troubled Debt Restructures [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 0 | 0 |
Troubled Debt Restructures [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 18,471 | 33,330 |
Troubled Debt Restructures [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 563 | 580 |
Troubled Debt Restructures [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 2,217 | 14,741 |
Troubled Debt Restructures [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 15,224 | 17,619 |
Troubled Debt Restructures [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 24 | 0 |
Troubled Debt Restructures [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | $443 | $390 |
Impaired_Loans_and_Valuation_A2
Impaired Loans and Valuation Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | $1,700,000 | $4,100,000 | $4,400,000 | $10,200,000 | ' | ' |
Loan default period | ' | ' | ' | '60 days | ' | ' |
Accruing TDRs | 25,500,000 | ' | ' | 25,500,000 | ' | 41,900,000 |
Interest income on impaired loans | ' | ' | ' | 910,000 | 2,400,000 | ' |
Expected future cash flows of impaired loans | ' | ' | ' | 1,069,000 | 759,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | ' | ' | ' | 3,400,000 | ' | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | ' | ' | ' | 1,000,000 | ' | ' |
Consumer [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | ' | ' | ' | $100,000 | ' | ' |
Impaired_Loans_and_Valuation_A3
Impaired Loans and Valuation Allowance for Loan Losses - Modified Loans (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Contract | |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 18 |
Pre-Modification Outstanding Recorded Investment | $4,542 |
Post-Modification Outstanding Recorded Investment | 4,036 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 506 |
Construction and Land Development [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 1 |
Pre-Modification Outstanding Recorded Investment | 14 |
Post-Modification Outstanding Recorded Investment | 14 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 0 |
Residential Real Estate [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 8 |
Pre-Modification Outstanding Recorded Investment | 990 |
Post-Modification Outstanding Recorded Investment | 865 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 125 |
Commercial Real Estate [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 7 |
Pre-Modification Outstanding Recorded Investment | 3,421 |
Post-Modification Outstanding Recorded Investment | 3,059 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 362 |
Commercial and Financial [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 1 |
Pre-Modification Outstanding Recorded Investment | 25 |
Post-Modification Outstanding Recorded Investment | 24 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 1 |
Consumer [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 1 |
Pre-Modification Outstanding Recorded Investment | 92 |
Post-Modification Outstanding Recorded Investment | 74 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | $18 |
Impaired_Loans_and_Valuation_A4
Impaired Loans and Valuation Allowance for Loan Losses - Troubled Debt Restructurings Defaulted (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Contract | |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 3 |
Recorded Investment | $2,017 |
Construction and Land Development [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 0 |
Recorded Investment | 0 |
Residential Real Estate [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 2 |
Recorded Investment | 397 |
Commercial Real Estate [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 1 |
Recorded Investment | 1,620 |
Commercial and Financial [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 0 |
Recorded Investment | 0 |
Consumer [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 0 |
Recorded Investment | $0 |
Impaired_Loans_and_Valuation_A5
Impaired Loans and Valuation Allowance for Loan Losses - Company's Recorded Investments in Impaired Loans and the Related Valuation Allowances (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Total | $54,233 | $82,901 |
Unpaid Principal Balance, Total | 64,175 | 93,023 |
Related Valuation Allowance, Total | 5,177 | 7,269 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Recorded Investment | 2,674 | 1,128 |
With No Related Allowance, Unpaid Principal Balance | 3,301 | 1,608 |
With No Related Allowance, Related Valuation Allowance | 0 | 0 |
With Related Allowance, Recorded Investment | 1,181 | 2,897 |
With Related Allowance, Unpaid Principal Balance | 1,261 | 2,941 |
With Related Allowance, Related Valuation Allowance | 173 | 230 |
Recorded Investment, Total | 3,855 | 4,025 |
Unpaid Principal Balance, Total | 4,562 | 4,549 |
Related Valuation Allowance, Total | 173 | 230 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Recorded Investment | 4,755 | 12,357 |
With No Related Allowance, Unpaid Principal Balance | 6,836 | 14,337 |
With No Related Allowance, Related Valuation Allowance | 0 | 0 |
With Related Allowance, Recorded Investment | 8,968 | 26,130 |
With Related Allowance, Unpaid Principal Balance | 9,495 | 26,648 |
With Related Allowance, Related Valuation Allowance | 684 | 2,264 |
Recorded Investment, Total | 13,723 | 38,487 |
Unpaid Principal Balance, Total | 16,331 | 40,985 |
Related Valuation Allowance, Total | 684 | 2,264 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Recorded Investment | 14,212 | 15,463 |
With No Related Allowance, Unpaid Principal Balance | 20,224 | 22,022 |
With No Related Allowance, Related Valuation Allowance | 0 | 0 |
With Related Allowance, Recorded Investment | 21,741 | 24,256 |
With Related Allowance, Unpaid Principal Balance | 22,295 | 24,752 |
With Related Allowance, Related Valuation Allowance | 4,202 | 4,700 |
Recorded Investment, Total | 35,953 | 39,719 |
Unpaid Principal Balance, Total | 42,519 | 46,774 |
Related Valuation Allowance, Total | 4,202 | 4,700 |
Commercial and Financial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Recorded Investment | 24 | 0 |
With No Related Allowance, Unpaid Principal Balance | 24 | 0 |
With No Related Allowance, Related Valuation Allowance | 0 | 0 |
With Related Allowance, Recorded Investment | 0 | 0 |
With Related Allowance, Unpaid Principal Balance | 0 | 0 |
With Related Allowance, Related Valuation Allowance | 0 | 0 |
Recorded Investment, Total | 24 | 0 |
Unpaid Principal Balance, Total | 24 | 0 |
Related Valuation Allowance, Total | 0 | 0 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Recorded Investment | 127 | 223 |
With No Related Allowance, Unpaid Principal Balance | 166 | 255 |
With No Related Allowance, Related Valuation Allowance | 0 | 0 |
With Related Allowance, Recorded Investment | 551 | 447 |
With Related Allowance, Unpaid Principal Balance | 573 | 460 |
With Related Allowance, Related Valuation Allowance | 118 | 75 |
Recorded Investment, Total | 678 | 670 |
Unpaid Principal Balance, Total | 739 | 715 |
Related Valuation Allowance, Total | $118 | $75 |
Impaired_Loans_and_Valuation_A6
Impaired Loans and Valuation Allowance for Loan Losses - Company's Average Recorded Investments in Impaired Loans and Related Interest Income (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment, Total | $70,867 | $99,678 |
Interest Income Recognized, Total | 910 | 2,400 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Average Recorded Investment | 2,382 | 1,495 |
With No Related Allowance, Interest Income Recognized | 79 | 1 |
With Related Allowance, Average Recorded Investment | 1,410 | 3,637 |
With Related Allowance, Interest Income Recognized | 30 | 98 |
Average Recorded Investment, Total | 3,792 | 5,132 |
Interest Income Recognized, Total | 109 | 99 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Average Recorded Investment | 8,288 | 11,831 |
With No Related Allowance, Interest Income Recognized | 14 | 326 |
With Related Allowance, Average Recorded Investment | 20,144 | 42,769 |
With Related Allowance, Interest Income Recognized | 319 | 1,204 |
Average Recorded Investment, Total | 28,432 | 54,600 |
Interest Income Recognized, Total | 333 | 1,530 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Average Recorded Investment | 14,816 | 11,608 |
With No Related Allowance, Interest Income Recognized | 40 | 129 |
With Related Allowance, Average Recorded Investment | 23,105 | 27,223 |
With Related Allowance, Interest Income Recognized | 406 | 617 |
Average Recorded Investment, Total | 37,921 | 38,831 |
Interest Income Recognized, Total | 446 | 746 |
Commercial and Financial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Average Recorded Investment | 3 | 9 |
With No Related Allowance, Interest Income Recognized | 1 | 0 |
With Related Allowance, Average Recorded Investment | 0 | 38 |
With Related Allowance, Interest Income Recognized | 0 | 8 |
Average Recorded Investment, Total | 3 | 47 |
Interest Income Recognized, Total | 1 | 8 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With No Related Allowance, Average Recorded Investment | 140 | 463 |
With No Related Allowance, Interest Income Recognized | 3 | 0 |
With Related Allowance, Average Recorded Investment | 579 | 605 |
With Related Allowance, Interest Income Recognized | 18 | 17 |
Average Recorded Investment, Total | 719 | 1,068 |
Interest Income Recognized, Total | $21 | $17 |
Impaired_Loans_and_Valuation_A7
Impaired Loans and Valuation Allowance for Loan Losses - Activity in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance, Beginning Balance | $20,078 | $24,635 | $22,104 | $25,565 |
Provision for Loan Losses | 1,180 | 900 | 2,698 | 9,660 |
Charge-Offs | -1,235 | -3,027 | -5,749 | -13,406 |
Recoveries | 393 | 611 | 1,363 | 1,300 |
Net Charge-Offs | -842 | -2,416 | -4,386 | -12,106 |
Allowance, Ending Balance | 20,416 | 23,119 | 20,416 | 23,119 |
Construction and Land Development [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance, Beginning Balance | 877 | 1,355 | 1,134 | 1,883 |
Provision for Loan Losses | -46 | -194 | 121 | -329 |
Charge-Offs | -25 | -92 | -582 | -571 |
Recoveries | 41 | 210 | 174 | 296 |
Net Charge-Offs | 16 | 118 | -408 | -275 |
Allowance, Ending Balance | 847 | 1,279 | 847 | 1,279 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance, Beginning Balance | 6,725 | 11,977 | 8,849 | 11,477 |
Provision for Loan Losses | 377 | 225 | -1 | 6,285 |
Charge-Offs | -500 | -1,906 | -2,546 | -7,637 |
Recoveries | 239 | 117 | 539 | 288 |
Net Charge-Offs | -261 | -1,789 | -2,007 | -7,349 |
Allowance, Ending Balance | 6,841 | 10,413 | 6,841 | 10,413 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance, Beginning Balance | 11,153 | 10,312 | 11,090 | 10,966 |
Provision for Loan Losses | 750 | 950 | 2,388 | 3,856 |
Charge-Offs | -677 | -995 | -2,449 | -4,819 |
Recoveries | 83 | 234 | 330 | 498 |
Net Charge-Offs | -594 | -761 | -2,119 | -4,321 |
Allowance, Ending Balance | 11,309 | 10,501 | 11,309 | 10,501 |
Commercial and Financial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance, Beginning Balance | 563 | 329 | 468 | 402 |
Provision for Loan Losses | 72 | -34 | -51 | 116 |
Charge-Offs | 0 | 0 | -60 | -291 |
Recoveries | 24 | 40 | 302 | 108 |
Net Charge-Offs | 24 | 40 | 242 | -183 |
Allowance, Ending Balance | 659 | 335 | 659 | 335 |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance, Beginning Balance | 760 | 662 | 563 | 837 |
Provision for Loan Losses | 27 | -47 | 291 | -268 |
Charge-Offs | -33 | -34 | -112 | -88 |
Recoveries | 6 | 10 | 18 | 110 |
Net Charge-Offs | -27 | -24 | -94 | 22 |
Allowance, Ending Balance | $760 | $591 | $760 | $591 |
Impaired_Loans_and_Valuation_A8
Impaired Loans and Valuation Allowance for Loan Losses - Loan Portfolio and Related Allowance (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually Evaluated for Impairment, Carrying Value | $54,233 | $88,629 |
Individually Evaluated for Impairment, Associated Allowance | 5,177 | 8,518 |
Collectively Evaluated for Impairment, Carrying Value | 1,208,679 | 1,113,849 |
Collectively Evaluated for Impairment, Associated Allowance | 15,239 | 14,601 |
Carrying Value, Total | 1,262,912 | 1,202,478 |
Associated Allowance, Total | 20,416 | 23,119 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 3,855 | 4,525 |
Individually Evaluated for Impairment, Associated Allowance | 173 | 444 |
Collectively Evaluated for Impairment, Carrying Value | 58,911 | 51,688 |
Collectively Evaluated for Impairment, Associated Allowance | 674 | 835 |
Carrying Value, Total | 62,766 | 56,213 |
Associated Allowance, Total | 847 | 1,279 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 13,723 | 44,833 |
Individually Evaluated for Impairment, Associated Allowance | 684 | 3,533 |
Collectively Evaluated for Impairment, Carrying Value | 485,347 | 428,970 |
Collectively Evaluated for Impairment, Associated Allowance | 6,157 | 6,880 |
Carrying Value, Total | 499,070 | 473,803 |
Associated Allowance, Total | 6,841 | 10,413 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 35,953 | 38,281 |
Individually Evaluated for Impairment, Associated Allowance | 4,202 | 4,440 |
Collectively Evaluated for Impairment, Carrying Value | 546,623 | 524,140 |
Collectively Evaluated for Impairment, Associated Allowance | 7,107 | 6,061 |
Carrying Value, Total | 582,576 | 562,421 |
Associated Allowance, Total | 11,309 | 10,501 |
Commercial and Financial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 24 | 37 |
Individually Evaluated for Impairment, Associated Allowance | 0 | 1 |
Collectively Evaluated for Impairment, Carrying Value | 70,755 | 58,185 |
Collectively Evaluated for Impairment, Associated Allowance | 659 | 334 |
Carrying Value, Total | 70,779 | 58,222 |
Associated Allowance, Total | 659 | 335 |
Consumer [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 678 | 953 |
Individually Evaluated for Impairment, Associated Allowance | 118 | 100 |
Collectively Evaluated for Impairment, Carrying Value | 47,043 | 50,866 |
Collectively Evaluated for Impairment, Associated Allowance | 642 | 491 |
Carrying Value, Total | 47,721 | 51,819 |
Associated Allowance, Total | $760 | $591 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Minimum [Member] | Maximum [Member] | ||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | ' | ' | ' |
Net deferred tax assets | $65.90 | ' | ' |
Benefit from reversal of deferred tax valuation allowance | $44.80 | ' | ' |
Net operating loss carryforwards expiration | ' | '2029 | '2032 |
Equity_Capital_Additional_Info
Equity Capital - Additional Information (Detail) (Series A Preferred Stock [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Stockholders' Equity [Line Items] | ' | ' |
Preferred stock par value per share | $0.10 | $0.10 |
Preferred stock quarterly dividends, amount | $625,000 | ' |
Preferred stock quarterly dividends rate | 5.00% | ' |
Increase in dividend after five years | 9.00% | ' |
Scenario, Forecast [Member] | ' | ' |
Stockholders' Equity [Line Items] | ' | ' |
Preferred stock quarterly dividends, amount | $1,125,000 | ' |
Period from date of issuance of stock for increase in dividends | '5 years | ' |
Fair_Value_Fair_Value_Measurem
Fair Value - Fair Value Measurements for Items Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for sale securities | ' | ' | $650,445 | $588,248 | ' | ' | $101 | $1,711 | ' | ' | $650,344 | $586,537 | ' | ' | $0 | $0 | ' | ' |
Loans available for sale | ' | ' | 14,322 | 28,042 | ' | ' | 0 | 0 | ' | ' | 14,322 | 28,042 | ' | ' | 0 | 0 | ' | ' |
Loans | ' | ' | ' | ' | 18,784 | 22,380 | ' | ' | 0 | 0 | ' | ' | 10,817 | 10,351 | ' | ' | 7,967 | 12,029 |
Other real estate owned | $5,589 | $11,887 | ' | ' | $5,589 | $8,888 | ' | ' | $0 | $0 | ' | ' | $1,046 | $3,746 | ' | ' | $4,543 | $5,142 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of capitalization rates utilized to determine fair value | 9.00% |
Transfers between level 1 and level 2 | $0 |
Transfers out consisted of charge-offs | 1,200,000 |
Loans classified as level 3 transfers out | 0 |
Loans classified as level 3 migrating to OREO | 1,300,000 |
Recorded sales | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Loans classified as level 3 transfers in | 2,200,000 |
Other real estate owned and other reductions | 3,400,000 |
Valuation write-downs | 500,000 |
Other real estate revenue | 4,700,000 |
Other real estate owned and other reductions classified as level 3 transfers out | 5,200,000 |
Other Real Estate Owned [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Loans classified as level 3 transfers in | $1,300,000 |
Fair_Value_Summary_of_Carrying
Fair Value - Summary of Carrying Value and Fair Value of Company's Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Carrying Amount [Member] | Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities held to maturity | ' | $14,542 | ' | $15,556 | ' | $0 | ' | $16,334 | ' | $0 |
Loans, net | 1,242,496 | 1,203,977 | 1,223,712 | 1,156,979 | 0 | 0 | 0 | 0 | 1,245,373 | 1,178,911 |
Financial Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposit liabilities | ' | ' | 1,698,910 | 1,679,466 | 0 | 0 | 0 | 0 | 1,700,289 | 1,681,968 |
Borrowings | ' | ' | 50,000 | 50,000 | 0 | 0 | 54,223 | 55,947 | 0 | 0 |
Subordinated debt | ' | ' | $53,610 | $53,610 | $0 | $0 | $37,527 | $32,166 | $0 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Nov. 05, 2013 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Common stock public offering, shares | 34,883,721 |
Common stock public offering, per share | $2.15 |
Common stock public offering, net proceeds | $72 |