Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'SEACOAST BANKING CORP OF FLORIDA | ' | ' |
Entity Central Index Key | '0000730708 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,969,099 | ' |
Entity Public Float | ' | ' | $129,409,445 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest on securities | ' | ' | ' |
Taxable | $12,856 | $13,964 | $17,500 |
Nontaxable | 68 | 80 | 140 |
Interest and fees on loans | 56,971 | 58,290 | 62,355 |
Interest on federal funds sold and interest bearing deposits | 868 | 953 | 797 |
Total interest income | 70,763 | 73,287 | 80,792 |
INTEREST EXPENSE | ' | ' | ' |
Interest on savings deposits | 782 | 1,522 | 2,371 |
Interest on time certificates | 1,947 | 3,969 | 8,615 |
Interest on short term borrowings | 286 | 340 | 276 |
Interest on subordinated debt | 934 | 1,035 | 1,084 |
Interest on other borrowings | 1,608 | 1,612 | 1,607 |
Total interest expense | 5,557 | 8,478 | 13,953 |
NET INTEREST INCOME | 65,206 | 64,809 | 66,839 |
Provision for loan losses | 3,188 | 10,796 | 1,974 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 62,018 | 54,013 | 64,865 |
NONINTEREST INCOME | ' | ' | ' |
Loss on sale of commercial loan | 0 | -1,238 | 0 |
Securities gains, net (includes net gains of $149 in other comprehensive income reclassifications) | 419 | 7,619 | 1,220 |
Other | 24,319 | 21,444 | 18,345 |
Total noninterest income | 24,738 | 27,825 | 19,565 |
NONINTEREST EXPENSE | 75,152 | 82,548 | 77,763 |
INCOME (LOSS) BEFORE INCOME TAXES | 11,604 | -710 | 6,667 |
Income taxes benefit | -40,385 | 0 | 0 |
NET INCOME (LOSS) | 51,989 | -710 | 6,667 |
Preferred stock dividends and accretion on preferred stock discount | 4,073 | 3,748 | 3,748 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $47,916 | ($4,458) | $2,919 |
Net income (loss) per share of common stock | ' | ' | ' |
Diluted | $2.44 | ($0.24) | $0.16 |
Basic | $2.46 | ($0.24) | $0.16 |
Average common shares outstanding | ' | ' | ' |
Diluted | 19,650,005 | 18,748,757 | 18,760,215 |
Basic | 19,449,560 | 18,748,757 | 18,702,397 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Reclassification adjustment for securities gains included in net income | $149 | $6,632 | $354 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
NET INCOME (LOSS) | $51,989 | ($710) | $6,667 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gains (losses) on securities available for sale | -22,532 | 3,227 | 5,884 |
Unrealized gains on transfer of securities held for investment into securities available for sale | 724 | 0 | 0 |
Reclassification adjustment for gains included in net income | -149 | -6,632 | -354 |
Benefit (provision) for income taxes | 8,475 | 1,315 | -2,135 |
Total other comprehensive income (loss) | -13,482 | -2,090 | 3,395 |
COMPREHENSIVE INCOME (LOSS) | $38,507 | ($2,800) | $10,062 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $48,561 | $45,620 |
Interest bearing deposits with other banks | 143,063 | 129,367 |
Total cash and cash equivalents | 191,624 | 174,987 |
Securities available for sale (at fair value) | 641,611 | 643,050 |
Securities held for investment (fair value: $14,542 in 2012) | 0 | 13,818 |
Total securities | 641,611 | 656,868 |
Loans available for sale | 13,832 | 36,021 |
Loans, including deferred costs of $2,618 in 2013 and $1,530 in 2012 | 1,304,207 | 1,226,081 |
Less: Allowance for loan losses | -20,068 | -22,104 |
Net loans | 1,284,139 | 1,203,977 |
Bank premises and equipment, net | 34,505 | 34,465 |
Other real estate owned | 6,860 | 11,887 |
Other intangible assets | 718 | 1,501 |
Other assets | 95,651 | 54,223 |
TOTAL ASSETS | 2,268,940 | 2,173,929 |
LIABILITIES | ' | ' |
Demand deposits (noninterest bearing) | 464,006 | 422,833 |
NOW | 540,288 | 509,371 |
Savings deposits | 192,491 | 164,956 |
Money market accounts | 331,184 | 343,915 |
Other time deposits | 154,743 | 182,495 |
Brokered time certificates | 9,776 | 8,203 |
Time certificates of $100,000 or more | 113,557 | 127,188 |
Total deposits | 1,806,045 | 1,758,961 |
Federal funds purchased and securities sold under agreement to repurchase, maturing within 30 days | 151,310 | 136,803 |
Borrowed funds | 50,000 | 50,000 |
Subordinated debt | 53,610 | 53,610 |
Other liabilities | 9,371 | 9,009 |
Total liabilities | 2,070,336 | 2,008,383 |
Commitments and Contingencies (Notes K and P) | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Series A preferred stock, par value $0.10 per share-authorized 4,000,000 shares, 2,000 shares of Series A issued and outstanding in 2012 | 0 | 48,746 |
Common stock, par value $0.10 per share authorized 60,000,000 shares, issued 23,638,373 and outstanding 23,637,434 shares in 2013 and authorized 60,000,000 shares, issued 18,975,129 and outstanding 18,967,434 shares in 2012 | 2,364 | 1,897 |
Additional paid-in capital | 277,290 | 230,438 |
Accumulated deficit | -70,695 | -118,611 |
Less: Treasury stock (939 shares in 2013 and 7,695 shares in 2012), at cost | -11 | -62 |
Total shareholders' equity before accumulated other comprehensive income, net | 208,948 | 162,408 |
Accumulated other comprehensive income, net | -10,344 | 3,138 |
TOTAL SHAREHOLDERS' EQUITY | 198,604 | 165,546 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,268,940 | $2,173,929 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Held for investment fair value | ' | $14,542 |
Deferred costs of loans | $2,618 | $1,530 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 23,638,373 | 18,975,129 |
Common stock, shares outstanding | 23,637,434 | 18,967,434 |
Treasury Stock | 939 | 7,695 |
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 |
Preferred stock, shares outstanding | ' | 2,000 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Interest received | $73,849 | $78,119 | $81,904 |
Fees and commissions received | 24,168 | 20,814 | 18,453 |
Interest paid | -5,584 | -9,003 | -16,211 |
Cash paid to suppliers and employees | -65,405 | -71,016 | -66,705 |
Income taxes received (paid) | -157 | 2 | -9 |
Origination of loans designated held for sale | -208,998 | -188,064 | -137,295 |
Sale of loans designated held for sale | 231,187 | 167,921 | 143,019 |
Net change in other assets | 792 | -835 | 585 |
Net cash provided (used) by operating activities | 49,852 | -2,062 | 23,741 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Maturities of securities available for sale | 155,627 | 133,651 | 115,287 |
Maturities of securities held for investment | 0 | 6,395 | 7,733 |
Proceeds from sale of securities available for sale | 67,330 | 256,102 | 52,689 |
Purchases of securities available for sale | -230,118 | -384,120 | -379,262 |
Purchases of securities held for investment | 0 | -500 | -1,526 |
Net new loans and principal payments | -88,039 | -54,633 | -15,248 |
Proceeds from sale of loans | 379 | 0 | 1,450 |
Proceeds from the sale of other real estate owned | 8,843 | 18,369 | 38,075 |
Proceeds from sale of Federal Home Loan Bank and Federal Reserve Bank Stock | 943 | 296 | 1,363 |
Purchase of Federal Home Loan Bank and Federal Reserve Bank Stock | -1,303 | -142 | -360 |
Additions to bank premises and equipment | -2,817 | -3,839 | -1,070 |
Net cash (used) by investing activities | -89,155 | -28,421 | -180,869 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net increase in deposits | 47,085 | 40,223 | 81,517 |
Net increase in federal funds purchased and repurchase agreements | 14,507 | 551 | 38,039 |
Issuance of common stock, net of related expense | 46,977 | 0 | 0 |
Repurchase of stock warrants, including related expense | 0 | -81 | 0 |
Stock based employee benefit plans | 190 | 196 | 123 |
Redemption of preferred stock | -50,000 | 0 | 0 |
Dividends paid on preferred shares | -2,819 | -2,500 | -6,875 |
Net cash provided by financing activities | 55,940 | 38,389 | 112,804 |
Net increase (decrease) in cash and cash equivalents | 16,637 | 7,906 | -44,324 |
Cash and cash equivalents at beginning of year | 174,987 | 167,081 | 211,405 |
Cash and cash equivalents at end of year | $191,624 | $174,987 | $167,081 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Paid-in Capital/ Warrants [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] | Accumulated Comprehensive Income (Loss), Net [Member] |
Share data in Thousands | |||||||
Beginning Balance at Dec. 31, 2010 | $166,299,000 | $1,870,000 | $46,248,000 | $229,001,000 | ($112,652,000) | ($1,000) | $1,833,000 |
Beginning Balance, shares at Dec. 31, 2010 | ' | 18,697 | 2 | ' | ' | ' | ' |
Comprehensive income/loss | 10,062,000 | 0 | 0 | 0 | 6,667,000 | 0 | 3,395,000 |
Cash dividends on preferred shares | -6,875,000 | 0 | 0 | 0 | -6,875,000 | 0 | 0 |
Stock based compensation expense | 273,000 | 0 | 0 | 273,000 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | 318,000 | 24,000 | 0 | 349,000 | -43,000 | -12,000 | 0 |
Common stock issued for stock based employee benefit plans, shares | ' | 240 | 0 | ' | ' | ' | ' |
Accretion on preferred stock discount | 0 | 0 | 1,249,000 | 0 | -1,249,000 | 0 | 0 |
Ending Balance at Dec. 31, 2011 | 170,077,000 | 1,894,000 | 47,497,000 | 229,623,000 | -114,152,000 | -13,000 | 5,228,000 |
Ending Balance, shares at Dec. 31, 2011 | ' | 18,937 | 2 | ' | ' | ' | ' |
Comprehensive income/loss | -2,800,000 | 0 | 0 | 0 | -710,000 | 0 | -2,090,000 |
Cash dividends on preferred shares | -2,500,000 | 0 | 0 | 0 | -2,500,000 | 0 | 0 |
Stock based compensation expense | 796,000 | 0 | 0 | 796,000 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | 54,000 | 3,000 | 0 | 100,000 | 0 | -49,000 | 0 |
Common stock issued for stock based employee benefit plans, shares | ' | 30 | 0 | ' | ' | ' | ' |
Purchase of stock warrant | -81,000 | 0 | 0 | -81,000 | 0 | 0 | 0 |
Accretion on preferred stock discount | 0 | 0 | 1,249,000 | 0 | -1,249,000 | 0 | 0 |
Ending Balance at Dec. 31, 2012 | 165,546,000 | 1,897,000 | 48,746,000 | 230,438,000 | -118,611,000 | -62,000 | 3,138,000 |
Ending Balance, shares at Dec. 31, 2012 | ' | 18,967 | 2 | ' | ' | ' | ' |
Comprehensive income/loss | 38,507,000 | 0 | 0 | 0 | 51,989,000 | 0 | -13,482,000 |
Cash dividends on preferred shares | -2,819,000 | 0 | 0 | 0 | -2,819,000 | 0 | 0 |
Stock based compensation expense | 246,000 | 0 | 0 | 246,000 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | 148,000 | 2,000 | 0 | 95,000 | 0 | 51,000 | 0 |
Common stock issued for stock based employee benefit plans, shares | ' | 19 | 0 | ' | ' | ' | ' |
Issuance of common stock | 46,976,000 | 465,000 | 0 | 46,511,000 | 0 | 0 | 0 |
Issuance of common stock, shares | ' | 4,652 | 0 | ' | ' | ' | ' |
Redemption of preferred stock | -50,000,000 | 0 | -50,000,000 | 0 | 0 | 0 | 0 |
Redemption of preferred stock, shares | ' | 0 | -2 | ' | ' | ' | ' |
Accretion on preferred stock discount | 0 | 0 | 1,254,000 | 0 | -1,254,000 | 0 | 0 |
Ending Balance at Dec. 31, 2013 | $198,604,000 | $2,364,000 | $0 | $277,290,000 | ($70,695,000) | ($11,000) | ($10,344,000) |
Ending Balance, shares at Dec. 31, 2013 | ' | 23,638 | 0 | ' | ' | ' | ' |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note A | |
Significant Accounting Policies | |
General: Seacoast Banking Corporation of Florida (“Company”) is a single segment bank holding company with one operating subsidiary bank, Seacoast National Bank (“Seacoast National”, together the “Company”). Seacoast National’s service area includes Okeechobee, Highlands, Hendry, Glades, DeSoto, Palm Beach, Martin, St. Lucie, Brevard, Indian River, Broward, Orange and Seminole counties, which are located in central and southeast Florida. The bank operates full service branches within its markets, and during 2013 opened five new loan production offices in Orlando, Fort Lauderdale and Boca Raton. | |
The consolidated financial statements include the accounts of Seacoast and all its majority-owned subsidiaries but exclude five trusts created for the issuance of trust preferred securities. In consolidation, all significant intercompany accounts and transactions are eliminated. | |
The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America, and they conform to general practices within the applicable industries. | |
Cash and Cash Equivalents: Cash and cash equivalents include cash and due from banks, interest-bearing bank balances and federal funds sold and securities purchased under resale agreements. Cash and cash equivalents have original maturities of three months or less, and accordingly, the carrying amount of these instruments is deemed to be a reasonable estimate of fair value. | |
Securities Purchased and Sold Agreements: Securities purchased under resale agreements and securities sold under repurchase agreements are generally accounted for as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. It is the Company’s policy to take possession of securities purchased under resale agreements, which are primarily U.S. Government and Government agency securities. The fair value of securities purchased and sold is monitored and collateral is obtained from or returned to the counterparty when appropriate. | |
Use of Estimates: The preparation of these financial statements requires the use of certain estimates by management in determining the Company’s assets, liabilities, revenues and expenses, and contingent liabilities. 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, other real estate owned, and valuation of deferred tax valuation allowance. Actual results could differ from those estimates. | |
Securities: Securities are classified at date of purchase as trading, available for sale or held to maturity. Securities that may be sold as part of the Company’s asset/liability management or in response to, or in anticipation of changes in interest rates and resulting prepayment risk, or for other factors are stated at fair value with unrealized gains or losses reflected as a component of shareholders’ equity net of tax or included in noninterest income as appropriate. 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 flow analyses, using observable market data where available. Debt securities that the Company has the ability and intent to hold to maturity are carried at amortized cost. | |
Realized gains and losses, including other than temporary impairments, are included in noninterest income as investment securities gains (losses). Interest and dividends on securities, including amortization of premiums and accretion of discounts, is recognized in interest income on an accrual basis using the interest method. The Company anticipates prepayments of principal in the calculation of the effective yield for collateralized mortgage obligations and mortgage backed securities by obtaining estimates of prepayments from independent third parties. The adjusted cost of each specific security sold is used to compute realized gains or losses on the sale of securities on a trade date basis. | |
On a quarterly basis, the Company makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security is impaired on an other-than-temporary basis. Management considers many factors including the length of time the security has had a fair value less than the cost basis; our intent and ability to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be other-than temporary are written down to fair value with the write-down recorded as a realized loss. | |
For securities which are transferred into held to maturity from available for sale the unrealized gain or loss at the date of transfer is reported as a component of shareholders’ equity and is amortized over the remaining life as an adjustment of yield using the interest method. | |
Seacoast National is a member of the Federal Home Loan Bank system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Loans: Loans are recognized at the principal amount outstanding, net of unearned income and amounts charged off. Unearned income includes discounts, premiums and deferred loan origination fees reduced by loan origination costs. Unearned income on loans is amortized to interest income over the life of the related loan using the effective interest rate method. Interest income is recognized on an accrual basis. | |
Fees received for providing loan commitments and letters of credit that may result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to noninterest income as banking fees and commissions on a straight-line basis over the commitment period when funding is not expected. | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered held for investment. | |
The Company accounts for loans in accordance with ASC topics 310 and 470, when due to a deterioration in a borrower’s financial position, the Company grants concessions that would not otherwise be considered. Troubled debt restructured (TDR) loans are tested for impairment and placed in nonaccrual status. If borrowers perform pursuant to the modified loan terms for at least six months and the remaining loan balances are considered collectible, the loans are returned to accrual status. When the Company modifies the terms of an existing loan that is not considered a troubled debt restructuring, the Company follows the provisions of ASC 310 “Creditor’s Accounting for a Modification or Exchange of Debt Instruments.” | |
A loan is considered to be impaired when based on current information, it is probable the Company will not receive all amounts due in accordance with the contractual terms of a loan agreement. The fair value is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is also considered impaired if its terms are modified in a troubled debt restructuring. When the ultimate collectibility of the principal balance of an impaired loan is in doubt, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been forgone, and then they are recorded as recoveries of any amounts previously charged off. | |
The accrual of interest is generally discontinued on loans and leases, except consumer loans, that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. Generally, loans past due 90 days or more are placed on nonaccrual status regardless of security. When interest accruals are discontinued, unpaid interest is reversed against interest income. Consumer loans that become 120 days past due are generally charged off. When borrowers demonstrate over an extended period the ability to repay a loan in accordance with the contractual terms of a loan classified as nonaccrual, the loan is returned to accrual status. Interest income on nonaccrual loans is either recorded using the cash basis method of accounting or recognized after the principal has been reduced to zero, depending on the type of loan. | |
Derivatives Used for Risk Management: The Company may designate a derivative as either a hedge of the fair value of a recognized fixed rate asset or liability or an unrecognized firm commitment (“fair value” hedge), a hedge of a forecasted transaction or of the variability of future cash flows of a floating rate asset or liability (“cash flow” hedge). All derivatives are recorded as other assets or other liabilities on the balance sheet at their respective fair values with unrealized gains and losses recorded either in other comprehensive income or in the results of operations, depending on the purpose for which the derivative is held. Derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are carried at fair value with unrealized gains and losses recorded in the results of operations. | |
To the extent of the effectiveness of a cash flow hedge, changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in other comprehensive income. The net periodic interest settlement on derivatives is treated as an adjustment to the interest income or interest expense of the hedged assets or liabilities. | |
At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective and strategy for undertaking the hedge. This process includes identification of the hedging instrument, hedged item, risk being hedged and the methodology for measuring ineffectiveness. In addition, the Company assesses both at the inception of the hedge and on an ongoing quarterly basis, whether the derivative used in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item, and whether the derivative as a hedging instrument is no longer appropriate. | |
The Company discontinues hedge accounting prospectively when either it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative expires or is sold, terminated or exercised; the derivative is de-designated because it is unlikely that a forecasted transaction will occur; or management determines that designation of the derivative as a hedging instrument is no longer appropriate. | |
When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted as an adjustment to yield over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction are still expected to occur, unrealized gains and losses that are accumulated in other comprehensive income are included in the results of operations in the same period when the results of operations are also affected by the hedged cash flow. They are recognized in the results of operations immediately if the cash flow hedge was discontinued because a forecasted transaction is not expected to occur. | |
Certain commitments to sell loans are derivatives. These commitments are recorded as a freestanding derivative and classified as an other asset or liability. | |
Loans Held for Sale: Loans are classified as held for sale based on management’s intent to sell the loans, either as part of a core business strategy or related to a risk mitigation strategy. Loans held for sale and any related unfunded lending commitments are recorded at fair value, if elected or the lower of cost (which is the carrying amount net of deferred fees and costs and applicable allowance for loan losses and reserve for unfunded lending commitments) or fair market value less costs to sell. Adjustments to reflect unrealized gains and losses resulting from changes in fair value and realized gains and losses upon ultimate sale of the loans are classified as noninterest income in the Consolidated Statements of Income. At the time of the transfer to loans held for sale, if the fair market value is less than cost, the difference is recorded as additional provision for credit losses in the results of operations. Fair market value is determined based on quoted market prices for the same or similar loans, outstanding investor commitments or discounted cash flow analyses using market assumptions. | |
At December 31, 2013 fair market value for substantially all the loans in loans held for sale were obtained by reference to prices for the same or similar loans from recent transactions. For a relationship that includes an unfunded lending commitment, the cost basis is the outstanding balance of the loan net of the allowance for loan losses and net of any reserve for unfunded lending commitments. This cost basis is compared to the fair market value of the entire relationship including the unfunded lending commitment. | |
Individual loans or pools of loans are transferred from the loan portfolio to loans held for sale when the intent to hold the loans has changed and there is a plan to sell the loans within a reasonable period of time. Loans held for sale are reviewed quarterly. Subsequent declines or recoveries of previous declines in the fair market value of loans held for sale are recorded in other fee income in the results of operations. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. If an unfunded lending commitment expires before a sale occurs, the reserve associated with the unfunded lending commitment is recognized as a credit to other fee income in the results of operations. | |
Fair Value Measurements: The Company measures or monitors many of its assets and liabilities on a fair value basis. Certain assets and liabilities are measured on a recurring basis. Examples of these include derivative instruments, available for sale and trading securities, loans held for sale and long-term debt. Additionally, fair value is used on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. Examples of these non-recurring uses of fair value include certain loans held for sale accounted for on a lower of cost or fair value, mortgage servicing rights, goodwill, and long-lived assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. | |
The Company applied the following fair value hierarchy: | |
Level 1 – Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments or futures contracts. | |
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |
Level 3 – Assets and liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. | |
When determining the fair value measurements for assets and liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets and the Company must use alternative valuation techniques to derive a fair value measurement. | |
Other Real Estate Owned: Other real estate owned (“OREO”) consists of real estate acquired in lieu of unpaid loan balances. These assets are carried at an amount equal to the loan balance prior to foreclosure plus costs incurred for improvements to the property, but no more than the estimated fair value of the property less estimated selling costs. Any valuation adjustments required at the date of transfer are charged to the allowance for loan losses. Subsequently, unrealized losses and realized gains and losses are included in other noninterest expense. Operating results from OREO are recorded in other noninterest expense. | |
Bank Premises and Equipment: Bank premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment include certain costs associated with the acquisition of leasehold improvements. Depreciation and amortization are recognized principally by the straight-line method, over the estimated useful lives as follows: buildings—25-40 years, leasehold improvements—5-25 years, furniture and equipment—3-12 years. Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Other Intangible Assets: Intangible assets with indefinite lives are not subject to amortization. Rather they are subject to impairment tests at least annually, or more often if events or circumstances indicate there may be impairment. Intangible assets with finite lives continue to be amortized over the period the Company expects to benefit from such assets and are periodically reviewed to determine whether there have been any events or circumstances to indicate the recorded amount is not recoverable from projected undiscounted net operating cash flows. A loss is recognized to reduce the carrying amount to fair value, where appropriate. | |
Revenue Recognition: Revenue is recognized when the earnings process is complete and collectibility is assured. Brokerage fees and commissions are recognized on a trade date basis. Asset management fees, measured by assets at a particular date, are accrued as earned. Commission expenses are recorded when the related revenue is recognized. | |
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments: The Company has developed policies and procedures for assessing the adequacy of the allowance for loan losses and reserve for unfunded lending commitments that reflect the evaluation of credit risk after careful consideration of all available information. Where appropriate this assessment includes monitoring qualitative and quantitative trends including changes in levels of past due, criticized and nonperforming loans. In developing this assessment, the Company must necessarily rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown such as economic factors, developments affecting companies in specific industries and issues with respect to single borrowers. Depending on changes in circumstances, future assessments of credit risk may yield materially different results, which may result in an increase or a decrease in the allowance for loan losses. | |
The allowance for loan losses and reserve for unfunded lending commitments is maintained at a level the Company believes is adequate to absorb probable losses inherent in the loan portfolio and unfunded lending commitments as of the date of the consolidated financial statements. The Company employs a variety of modeling and estimation tools in developing the appropriate allowance for loan losses and reserve for unfunded lending commitments. The allowance for loan losses and reserve for unfunded lending commitments consists of formula-based components for both commercial and consumer loans, allowance for impaired commercial loans and allowance related to additional factors that are believed indicative of current trends and business cycle issues. | |
If necessary, a specific allowance is established for individually evaluated impaired loans. The specific allowance established for these loans is based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated market value, or the estimated fair value of the underlying collateral depending on the most likely source of repayment. General allowances are established for loans grouped into pools based on similar characteristics. In this process, general allowance factors are based on an analysis of historical charge-off experience, portfolio trends, regional and national economic conditions, and expected loss given default derived from the Company’s internal risk rating process. | |
The Company monitors qualitative and quantitative trends in the loan portfolio, including changes in the levels of past due, criticized and nonperforming loans. The distribution of the allowance for loan losses and reserve for unfunded lending commitments between the various components does not diminish the fact that the entire allowance for loan losses and reserve for unfunded lending commitments is available to absorb credit losses in the loan portfolio. The principal focus is, therefore, on the adequacy of the total allowance for loan losses and reserve for unfunded lending commitments. | |
In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s bank subsidiary’s allowance for loan losses and reserve for unfunded lending commitments. These agencies may require such subsidiaries to recognize changes to the allowance for loan losses and reserve for unfunded lending commitments based on their judgments about information available to them at the time of their examination. | |
Income Taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their related tax bases and are measured using the enacted tax rates and laws that are in effect. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The effect on deferred tax assets and liabilities of a change in rates is recognized as income or expense in the period in which the change occurs. See Note L, Income Taxes for related disclosures. | |
Earnings per Share: Basic earnings per share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents calculated for stock options and performance restricted stock outstanding using the treasury stock method. | |
Stock-Based Compensation: The four stock option plans are accounted for under ASC Topic 718 and the fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with market assumptions. This amount is amortized on a straight-line basis over the vesting period, generally five years. (See Note J) | |
For restricted stock awards, which generally vest based on continued service with the Company, the deferred compensation is measured as the fair value of the shares on the date of grant, and the deferred compensation is amortized as salaries and employee benefits in accordance with the applicable vesting schedule, generally straight-line over five years. Some shares vest based upon the Company achieving certain performance goals and salary amortization expense is based on an estimate of the most likely results on a straight line basis. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards, Not Adopted as of December 31, 2013 | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Issued Accounting Standards, Not Adopted as of December 31, 2013 | ' |
Note B | |
Recently Issued Accounting Standards, Not Adopted as of December 31, 2013 | |
In July of 2013, the Financial Accounting Standards Board (“FASB”) issued amended guidance that resolves the diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This new accounting guidance requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. Under the new standard, UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The new standard requires prospective adoption but allows retrospective adoption for all periods presented. We will adopt the FASB’s amended guidance for our annual reporting period beginning January 1, 2014. We do not expect the adoption of the guidance to have a significant impact on our financial position, results of operations or cash flows. | |
In March of 2013, the FASB issued amended guidance that resolves the diversity in practice for the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity. The amended guidance requires that when a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the parent is required to release any related cumulative translation adjustment into net income in instances when a sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, the amended guidance clarifies that the sale of an investment in a foreign entity includes both (1) events that result in the loss of a controlling financial interest in a foreign entity and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. In these instances, an entity is required to release the cumulative translation adjustment into net income. We will adopt the FASB’s amended guidance during the three months ended March 31, 2014. We do not expect the adoption of the guidance to have a significant impact on our financial position, results of operations or cash flows. |
Cash_Dividend_and_Loan_Restric
Cash, Dividend and Loan Restrictions | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Cash, Dividend and Loan Restrictions | ' |
Note C Cash, Dividend and Loan Restrictions | |
In the normal course of business, the Company and Seacoast National enter into agreements, or are subject to regulatory agreements that result in cash, debt and dividend restrictions. A summary of the most restrictive items follows: | |
Seacoast National is required to maintain average reserve balances with the Federal Reserve Bank. The average amount of those reserve balances was $75.4 million for 2013 and $67.5 million for 2012. | |
Under Federal Reserve regulation, Seacoast National is limited as to the amount it may loan to their affiliates, including the Company, unless such loans are collateralized by specified obligations. At December 31, 2013, the maximum amount available for transfer from Seacoast National to the Company in the form of loans approximated $34.0 million. | |
The approval of the Office of the Comptroller of the Currency (“OCC”) is required if the total of all dividends declared by a national bank in any calendar year exceeds the bank’s profits, as defined, for that year combined with its retained net profits for the preceding two calendar years. Under this restriction Seacoast National can distribute dividends to the Company as of December 31, 2013, without prior approval of the OCC, approximately $60.1 million. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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 December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 100 | $ | 0 | $ | 0 | $ | 100 | |||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 129,468 | 1,456 | (4,189 | ) | 126,735 | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 383,392 | 776 | (14,747 | ) | 369,421 | ||||||||||||||||||||
Private mortgage-backed securities | 29,800 | 0 | (226 | ) | 29,574 | ||||||||||||||||||||
Private collateralized mortgage obligations | 76,520 | 731 | (413 | ) | 76,838 | ||||||||||||||||||||
Collateralized loan obligations | 32,592 | 0 | (413 | ) | 32,179 | ||||||||||||||||||||
Obligations of state and political subdivisions | 6,586 | 193 | (15 | ) | 6,764 | ||||||||||||||||||||
$ | 658,458 | $ | 3,156 | $ | (20,003 | ) | $ | 641,611 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 2013 were $67,330,000 with gross gains of $792,000 and gross losses of $373,000. Proceeds from sales of securities during 2012 were $256,102,000 with gross gains of $7,833,000 and gross losses of $214,000. Proceeds from sales of securities during 2011 were $52,689,000 with gross gains of $1,239,000 and gross losses of $19,000. | |||||||||||||||||||||||||
Securities with a carrying and fair value of $105,655,000 at December 31, 2013, were pledged as collateral for United States Treasury deposits, other public deposits and trust deposits. Securities with a carrying and fair value of $195,200,000 were pledged as collateral for repurchase agreements. | |||||||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 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 Value | ||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Due in less than one year | $ | 100 | $ | 100 | |||||||||||||||||||||
Due after one year through five years | 817 | 832 | |||||||||||||||||||||||
Due after five years through ten years | 8,438 | 8,349 | |||||||||||||||||||||||
Due after ten years | 29,923 | 29,762 | |||||||||||||||||||||||
39,278 | 39,043 | ||||||||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 129,468 | 126,735 | |||||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 383,392 | 369,421 | |||||||||||||||||||||||
Private mortgage-backed securities | 29,800 | 29,574 | |||||||||||||||||||||||
Private collateralized mortgage obligations | 76,520 | 76,838 | |||||||||||||||||||||||
$ | 658,458 | $ | 641,611 | ||||||||||||||||||||||
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 December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | $ | 33,425 | $ | (2,045 | ) | $ | 35,043 | $ | (2,144 | ) | $ | 68,468 | $ | (4,189 | ) | ||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 287,312 | (12,450 | ) | 45,657 | (2,297 | ) | 332,969 | (14,747 | ) | ||||||||||||||||
Private mortgage-backed securities | 29,574 | (226 | ) | 0 | 0 | 29,574 | (226 | ) | |||||||||||||||||
Private collateralized mortgage obligations | 47,653 | (413 | ) | 0 | 0 | 47,653 | (413 | ) | |||||||||||||||||
Collateralized loan obligations | 32,179 | (413 | ) | 0 | 0 | 32,179 | (413 | ) | |||||||||||||||||
Obligations of state and political subdivisions | 502 | (14 | ) | 125 | (1 | ) | 627 | (15 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 430,645 | $ | (15,561 | ) | $ | 80,825 | $ | (4,442 | ) | $ | 511,470 | $ | (20,003 | ) | ||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 December 31, 2013, approximately $0.6 million of the unrealized losses pertain to private label securities secured by collateral originated in 2005 and prior. Their fair value is $77.2 million and is attributable to a combination of factors, including relative changes in interest rates since the time of purchase and decreased liquidity for these investment securities in general. The collateral underlying these mortgage investments are 30- and 15-year fixed and 10/1 adjustable rate mortgage loans with low loan to values, subordination and historically have had minimal foreclosures and losses. Based on its assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||
At December 31, 2013, the Company also had $18.9 million of unrealized losses on collateralized mortgage obligations and mortgage backed securities of government sponsored entities having a fair value of $401.4 million that were 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 contractual cash flows for these securities are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Based on its assessment of these factors , management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||
At December 31, 2013, the Company also had $0.4 million of unrealized losses on collateralized loan obligations having a fair value of $32.2 million that were attributable to a combination of factors, including relative changes in interest rates since the time of purchase and decreased liquidity for investment securities in general. 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 December 31, 2013, management does not intend to sell securities that are in unrealized loss positions and it is not more likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis. Therefore, management does not consider any investment to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
Included in other assets is $12.3 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. At December 31, 2013, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $12.3 million of cost method investment securities. |
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
Note E | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
Information relating to loans at December 31 is summarized as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Construction and land development | $ | 67,450 | $ | 60,736 | |||||||||||||||||||||
Commercial real estate | 520,382 | 486,828 | |||||||||||||||||||||||
Residential real estate | 592,746 | 569,331 | |||||||||||||||||||||||
Commercial and financial | 78,636 | 61,903 | |||||||||||||||||||||||
Consumer | 44,713 | 46,930 | |||||||||||||||||||||||
Other | 280 | 353 | |||||||||||||||||||||||
NET LOAN BALANCES | $ | 1,304,207 | $ | 1,226,081 | |||||||||||||||||||||
-1 | Net loan balances at December 31, 2013 and 2012 include deferred costs of $2,618,000 and $1,530,000, respectively. | ||||||||||||||||||||||||
One of the sources of the Company’s business is loans to directors and executive officers. The aggregate dollar amount of these loans was approximately $4,771,000 and $4,891,000 at December 31, 2013 and 2012, respectively. During 2013 new loans totaling $2,194,000 were made and reductions totaled $2,314,000. | |||||||||||||||||||||||||
At December 31, 2013 and 2012 loans pledged as collateral for borrowings totaled $50.0 million. | |||||||||||||||||||||||||
Loans are made to individuals, as well as, commercial and tax exempt entities. Specific loan terms vary as to interest rate, repayment, and collateral requirements based on the type of loan requested and the credit worthiness of the prospective borrower. | |||||||||||||||||||||||||
Concentrations of Credit All of the Company’s lending activity occurs within the State of Florida, including Orlando in Central Florida and Southeast coastal counties from Brevard County in the north to Palm Beach County in the south, as well as, all of the counties surrounding Lake Okeechobee in the center of the state. The Company’s loan portfolio consists of approximately one half commercial and commercial real estate loans and one half consumer and residential real estate loans. | |||||||||||||||||||||||||
The Company’s extension of credit is governed by the Credit Risk Policy which was established to control the quality of the Company’s loans. These policies and procedures are reviewed and approved by the Board of Directors on a regular basis. | |||||||||||||||||||||||||
Construction and Land Development Loans The Company defines construction and land development loans as exposures secured by land development and construction (including 1-4 family residential construction), multi-family property, and non-farm nonresidential property where the primary or significant source of repayment is from rental income associated with that property (that is, loans for which 50 percent or more of the source of repayment comes from third party, non-affiliated rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. | |||||||||||||||||||||||||
Commercial Real Estate Loans The Company’s goal is to create and maintain a high quality portfolio of commercial real estate loans with customers who meet the quality and relationship profitability objectives of the Company. Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. These loans are viewed primarily as cash flow loans and the repayment of these loans is largely dependent on the successful operation of the property. Loan performance may be adversely affected by factors impacting the general economy or conditions specific to the real estate market such as geographic location and/or property type. | |||||||||||||||||||||||||
Residential Real Estate Loans The Company selectively adds residential mortgage loans to its portfolio, primarily loans with adjustable rates, home equity mortgages and home equity lines. Substantially all residential originations have been underwritten to conventional loan agency standards, including loans having balances that exceed agency value limitations. The Company has never offered sub-prime, Alt A, Option ARM or any negative amortizing residential loans, programs or products, although we have originated and hold residential mortgage loans from borrowers with original or current FICO credit scores that are less than “prime.” | |||||||||||||||||||||||||
Commercial and Financial Loans Commercial credit is extended primarily to small to medium sized professional firms, retail and wholesale operators and light industrial and manufacturing concerns. Such credits typically comprise working capital loans, loans for physical asset expansion, asset acquisition and other business loans. Loans to closely held businesses will generally be guaranteed in full or for a meaningful amount by the businesses’ major owners. Commercial loans are made based primarily on the historical and projected cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not behave as forecasted and collateral securing loans may fluctuate in value due to economic or individual performance factors. Minimum standards and underwriting guidelines have been established for all commercial loan types. | |||||||||||||||||||||||||
Consumer Loans The Company originates consumer loans including installment loans, loans for automobiles, boats, and other personal, family and household purposes, and indirect loans through dealers to finance automobiles. For each loan type several factors including debt to income, type of collateral and loan to collateral value, credit history and Company relationship with the borrower is considered during the underwriting process. | |||||||||||||||||||||||||
The following tables present the contractual aging of the recorded investment in past due loans by class of loans as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
December 31, 2013 | Accruing | Accruing | Accruing | Nonaccrual | Current | Total | |||||||||||||||||||
30-59 | 60-89 | Greater | Financing | ||||||||||||||||||||||
Days | Days | Than 90 | Receivables | ||||||||||||||||||||||
Past Due | Past Due | Days | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Construction and land development | $ | 3 | $ | 0 | $ | 0 | $ | 1,302 | $ | 66,145 | $ | 67,450 | |||||||||||||
Commercial real estate | 684 | 345 | 0 | 5,111 | 514,242 | 520,382 | |||||||||||||||||||
Residential real estate | 974 | 909 | 160 | 20,705 | 569,998 | 592,746 | |||||||||||||||||||
Commercial and financial | 353 | 0 | 0 | 13 | 78,270 | 78,636 | |||||||||||||||||||
Consumer | 33 | 27 | 0 | 541 | 44,112 | 44,713 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 280 | 280 | |||||||||||||||||||
Total | $ | 2,047 | $ | 1,281 | $ | 160 | $ | 27,672 | $ | 1,273,047 | $ | 1,304,207 | |||||||||||||
December 31, 2012 | Accruing | Accruing | Accruing | Nonaccrual | Current | Total | |||||||||||||||||||
30-59 | 60-89 | Greater | Financing | ||||||||||||||||||||||
Days | Days | Than 90 | Receivables | ||||||||||||||||||||||
Past Due | Past Due | Days | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Construction and 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 | |||||||||||||
Nonaccrual loans and loans past due ninety days or more were $27.8 million and $41.0 million at December 31, 2013 and 2012, respectively. The reduction in interest income associated with loans on nonaccrual status was approximately $1.0 million, $1.9 million, and $1.2 million, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||
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 December 31, 2013 and 2012: | |||||||||||||||||||||||||
December 31, 2013 | Construction | Commercial | Residential | Commercial | Consumer | Total | |||||||||||||||||||
& Land | Real Estate | Real | and | ||||||||||||||||||||||
Development | Estate | Financial | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Pass | $ | 63,186 | $ | 485,268 | $ | 554,681 | $ | 77,840 | $ | 43,267 | $ | 1,224,242 | |||||||||||||
Special mention | 583 | 6,810 | 824 | 382 | 300 | 8,899 | |||||||||||||||||||
Substandard | 0 | 15,886 | 1,670 | 248 | 453 | 18,257 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,302 | 5,111 | 20,705 | 13 | 541 | 27,672 | |||||||||||||||||||
Pass-Troubled debt restructures | 1,838 | 5,584 | 30 | 0 | 0 | 7,452 | |||||||||||||||||||
Troubled debt restructures | 541 | 1,723 | 14,836 | 153 | 432 | 17,685 | |||||||||||||||||||
$ | 67,450 | $ | 520,382 | $ | 592,746 | $ | 78,636 | $ | 44,993 | $ | 1,304,207 | ||||||||||||||
December 31, 2012 | Construction | Commercial | Residential | Commercial | Consumer | Total | |||||||||||||||||||
& Land | Real Estate | Real | and | ||||||||||||||||||||||
Development | Estate | Financial | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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_Allowance_f
Impaired Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Impaired Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||
Note F Impaired Loans and Allowance for Loan Losses | |||||||||||||||||||||||||
During the first, second, third and fourth quarters of 2013, newly identified TDRs totaled $4.4 million, $4.1 million, $1.7 million and $0.5 million, respectively, summing to $10.7 million, of which $3.4 million were accruing commercial real estate loans, $1.4 million were accruing residential real estate mortgage loans, $0.2 million were accruing commercial and financial loans 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 the Company’s policy as disclosed in Note A. | |||||||||||||||||||||||||
The following table presents loans that were modified within the twelve months ending December 31, 2013: | |||||||||||||||||||||||||
Number | Pre- | Post- | Specific | Valuation | |||||||||||||||||||||
of | Modification | Modification | Reserve | Allowance | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | Recorded | Recorded | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Construction and land development | 1 | $ | 14 | $ | 13 | $ | 0 | $ | 1 | ||||||||||||||||
Residential real estate | 11 | 1,422 | 1,254 | 0 | 168 | ||||||||||||||||||||
Commercial real estate | 7 | 3,421 | 3,059 | 0 | 362 | ||||||||||||||||||||
Commercial and financial | 2 | 154 | 154 | 0 | 0 | ||||||||||||||||||||
Consumer | 1 | 92 | 74 | 0 | 18 | ||||||||||||||||||||
22 | $ | 5,103 | $ | 4,554 | $ | 0 | $ | 549 | |||||||||||||||||
Accruing loans that were restructured within the twelve months ending December 31, 2013, 2012 and 2011 and defaulted during the twelve months ended December 31, 2013, 2012 and 2011 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 as disclosed in Note A. | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Residential real estate | 1 | $ | 328 | ||||||||||||||||||||||
Commercial real estate | 1 | 1,620 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Residential real estate | 7 | $ | 913 | ||||||||||||||||||||||
December 31, 2011: | |||||||||||||||||||||||||
Construction and land development | 1 | $ | 37 | ||||||||||||||||||||||
Residential real estate | 1 | 220 | |||||||||||||||||||||||
Commercial and financial | 1 | 8 | |||||||||||||||||||||||
At December 31, 2013 and 2012, the Company’s recorded investment in impaired loans and related valuation allowance was as follows: | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
for the Year Ended December 31, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Valuation | Recorded | Income | |||||||||||||||||||||
Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||
( In thousands ) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 2,561 | $ | 3,180 | $ | 0 | $ | 2,446 | $ | 102 | |||||||||||||||
Commercial real estate | 4,481 | 6,577 | 0 | 7,382 | 28 | ||||||||||||||||||||
Residential real estate | 12,366 | 17,372 | 0 | 14,512 | 81 | ||||||||||||||||||||
Commercial and financial | 153 | 153 | 0 | 19 | 9 | ||||||||||||||||||||
Consumer | 425 | 569 | 0 | 162 | 19 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction and land development | 1,120 | 1,197 | 149 | 1,347 | 36 | ||||||||||||||||||||
Commercial real estate | 7,937 | 8,046 | 638 | 17,264 | 395 | ||||||||||||||||||||
Residential real estate | 23,365 | 24,766 | 4,528 | 22,899 | 566 | ||||||||||||||||||||
Commercial and financial | 13 | 13 | 13 | 1 | 1 | ||||||||||||||||||||
Consumer | 548 | 573 | 118 | 571 | 23 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 3,681 | 4,377 | 149 | 3,793 | 138 | ||||||||||||||||||||
Commercial real estate | 12,418 | 14,623 | 638 | 24,646 | 423 | ||||||||||||||||||||
Residential real estate | 35,731 | 42,138 | 4,528 | 37,411 | 647 | ||||||||||||||||||||
Commercial and financial | 166 | 166 | 13 | 20 | 10 | ||||||||||||||||||||
Consumer | 973 | 1,142 | 118 | 733 | 42 | ||||||||||||||||||||
$ | 52,969 | $ | 62,446 | $ | 5,446 | $ | 66,603 | $ | 1,260 | ||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
for the Year Ended December 31, 2012 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Valuation | Recorded | Income | |||||||||||||||||||||
Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||
( In thousands ) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 1,128 | $ | 1,608 | $ | 0 | $ | 1,399 | $ | 5 | |||||||||||||||
Commercial real estate | 12,357 | 14,337 | 0 | 12,103 | 433 | ||||||||||||||||||||
Residential real estate | 15,463 | 22,022 | 0 | 12,019 | 455 | ||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 7 | 0 | ||||||||||||||||||||
Consumer | 223 | 255 | 0 | 431 | 12 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction and land development | 2,897 | 2,941 | 230 | 3,539 | 127 | ||||||||||||||||||||
Commercial real estate | 26,130 | 26,648 | 2,264 | 39,527 | 1,304 | ||||||||||||||||||||
Residential real estate | 24,256 | 24,752 | 4,700 | 26,795 | 696 | ||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 34 | 0 | ||||||||||||||||||||
Consumer | 447 | 460 | 75 | 585 | 22 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 4,025 | 4,549 | 230 | 4,938 | 132 | ||||||||||||||||||||
Commercial real estate | 38,487 | 40,985 | 2,264 | 51,630 | 1,737 | ||||||||||||||||||||
Residential real estate | 39,719 | 46,774 | 4,700 | 38,814 | 1,151 | ||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 41 | 0 | ||||||||||||||||||||
Consumer | 670 | 715 | 75 | 1,016 | 34 | ||||||||||||||||||||
$ | 82,901 | $ | 93,023 | $ | 7,269 | $ | 96,439 | $ | 3,054 | ||||||||||||||||
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 December 31, 2013 and 2012, accruing TDRs totaled $25.1 million and $41.9 million, respectively. | |||||||||||||||||||||||||
The average recorded investment in impaired loans for the years ended December 31, 2013, 2012 and 2011 was $66,603,000, $96,439,000 and $119,528,000, respectively. The impaired loans were measured or impairment based on the value of underlying collateral for the present value of expected future cash flows discounted at the loan’s effective interest rate. The valuation allowance is included in the allowance for loan losses. | |||||||||||||||||||||||||
Interest payments received on impaired loans are recorded as interest income unless collection of the remaining recorded investment is doubtful at which time payments received are recorded as reductions to principal. For the years ended December 31, 2013, 2012 and 2011, the Company recorded $1,260,000, $3,054,000 and $3,541,000, 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 $1.1 million, $1.0 million and $1.1 million, respectively, for 2013, 2012 and 2011 was included in interest income and represents the change in present value attributable to the passage of time. | |||||||||||||||||||||||||
The nonaccrual loans and accruing loans past due 90 days or more were $27,672,000 and $160,000, respectively, at December 31, 2013, $40,955,000 and $1,000, respectively at the end of 2012, and were $28,526,000 and $0, respectively, at year-end 2011. | |||||||||||||||||||||||||
Activity in the allowance for loans losses for the three years ended December 31, 2013, 2012 and 2011 are summarized as follows: | |||||||||||||||||||||||||
Beginning | Provision | Charge- | Recoveries | Net | Ending | ||||||||||||||||||||
Balance | for Loan | Offs | Charge- | Balance | |||||||||||||||||||||
Losses | Offs | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31 , 2013 | |||||||||||||||||||||||||
Construction and land development | $ | 1,134 | $ | 66 | $ | (604 | ) | $ | 212 | $ | (392 | ) | $ | 808 | |||||||||||
Commercial real estate | 8,849 | (522 | ) | (2,714 | ) | 547 | (2,167 | ) | 6,160 | ||||||||||||||||
Residential real estate | 11,090 | 3,273 | (3,153 | ) | 449 | (2,704 | ) | 11,659 | |||||||||||||||||
Commercial and financial | 468 | (24 | ) | (60 | ) | 326 | 266 | 710 | |||||||||||||||||
Consumer | 563 | 395 | (253 | ) | 26 | (227 | ) | 731 | |||||||||||||||||
$ | 22,104 | $ | 3,188 | $ | (6,784 | ) | $ | 1,560 | $ | (5,224 | ) | $ | 20,068 | ||||||||||||
December 31 , 2012 | |||||||||||||||||||||||||
Construction and land development | $ | 1,883 | $ | (478 | ) | $ | (612 | ) | $ | 341 | $ | (271 | ) | $ | 1,134 | ||||||||||
Commercial real estate | 11,477 | 3,209 | (8,539 | ) | 2,702 | (5,837 | ) | 8,849 | |||||||||||||||||
Residential real estate | 10,966 | 7,767 | (8,381 | ) | 738 | (7,643 | ) | 11,090 | |||||||||||||||||
Commercial and financial | 402 | 283 | (346 | ) | 129 | (217 | ) | 468 | |||||||||||||||||
Consumer | 837 | 15 | (410 | ) | 121 | (289 | ) | 563 | |||||||||||||||||
$ | 25,565 | $ | 10,796 | $ | (18,288 | ) | $ | 4,031 | $ | (14,257 | ) | $ | 22,104 | ||||||||||||
December 31, 2011 | |||||||||||||||||||||||||
Construction and land development | $ | 7,214 | $ | (1,645 | ) | $ | (4,739 | ) | $ | 1,053 | $ | (3,686 | ) | $ | 1,883 | ||||||||||
Commercial real estate | 18,563 | (3,777 | ) | (3,663 | ) | 354 | (3,309 | ) | 11,477 | ||||||||||||||||
Residential real estate | 10,102 | 7,833 | (7,482 | ) | 513 | (6,969 | ) | 10,966 | |||||||||||||||||
Commercial and financial | 480 | (379 | ) | 0 | 301 | 301 | 402 | ||||||||||||||||||
Consumer | 1,385 | (58 | ) | (562 | ) | 72 | (490 | ) | 837 | ||||||||||||||||
$ | 37,744 | $ | 1,974 | $ | (16,446 | ) | $ | 2,293 | $ | (14,153 | ) | $ | 25,565 | ||||||||||||
As discussed in Note A, “Significant Accounting Policies,” 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 December 31, 2013 and 2012 is shown in the following tables. | |||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated for | Total | |||||||||||||||||||||||
for Impairment | Impairment | ||||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
Value | Allowance | Value | Allowance | Value | Allowance | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Construction and land development | $ | 3,681 | $ | 149 | $ | 63,769 | $ | 659 | $ | 67,450 | $ | 808 | |||||||||||||
Commercial real estate | 12,418 | 638 | 507,964 | 5,522 | 520,382 | 6,160 | |||||||||||||||||||
Residential real estate | 35,731 | 4,528 | 557,015 | 7,131 | 592,746 | 11,659 | |||||||||||||||||||
Commercial and financial | 166 | 13 | 78,470 | 697 | 78,636 | 710 | |||||||||||||||||||
Consumer | 973 | 118 | 44,020 | 613 | 44,993 | 731 | |||||||||||||||||||
$ | 52,969 | $ | 5,446 | $ | 1,251,238 | $ | 14,622 | $ | 1,304,207 | $ | 20,068 | ||||||||||||||
Individually Evaluated | Collectively Evaluated for | Total | |||||||||||||||||||||||
for Impairment | Impairment | ||||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
Value | Allowance | Value | Allowance | Value | Allowance | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Construction and land development | $ | 4,025 | $ | 230 | $ | 56,711 | $ | 904 | $ | 60,736 | $ | 1,134 | |||||||||||||
Commercial real estate | 38,487 | 2,264 | 448,341 | 6,585 | 486,828 | 8,849 | |||||||||||||||||||
Residential real estate | 39,719 | 4,700 | 529,612 | 6,390 | 569,331 | 11,090 | |||||||||||||||||||
Commercial and financial | 0 | 0 | 61,903 | 468 | 61,903 | 468 | |||||||||||||||||||
Consumer | 670 | 75 | 46,613 | 488 | 47,283 | 563 | |||||||||||||||||||
$ | 82,901 | $ | 7,269 | $ | 1,143,180 | $ | 14,835 | $ | 1,226,081 | $ | 22,104 | ||||||||||||||
Bank_Premises_and_Equipment
Bank Premises and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Bank Premises and Equipment | ' | ||||||||||||
Note G Bank Premises and Equipment | |||||||||||||
Bank premises and equipment are summarized as follows: | |||||||||||||
Cost | Accumulated | Net | |||||||||||
Depreciation & | Carrying | ||||||||||||
Amortization | Value | ||||||||||||
(In thousands) | |||||||||||||
December 31, 2013 | |||||||||||||
Premises (including land of $8,978) | $ | 49,647 | $ | (20,518 | ) | $ | 29,129 | ||||||
Furniture and equipment | 22,138 | (16,762 | ) | 5,376 | |||||||||
$ | 71,785 | $ | (37,280 | ) | $ | 34,505 | |||||||
December 31, 2012 | |||||||||||||
Premises (including land of $8,978) | $ | 48,064 | $ | (19,051 | ) | $ | 29,013 | ||||||
Furniture and equipment | 21,311 | (15,859 | ) | 5,452 | |||||||||
$ | 69,375 | $ | (34,910 | ) | $ | 34,465 | |||||||
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Other Intangible Assets | ' | ||||||||||||||||
Note H Other Intangible Assets | |||||||||||||||||
The gross carrying amount and accumulated amortization of the Company’s intangible asset subject to amortization at December 31 is presented below. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Deposit base | $ | 9,494 | $ | (8,776 | ) | $ | 9,494 | $ | (7,993 | ) | |||||||
$ | 9,494 | $ | (8,776 | ) | $ | 9,494 | $ | (7,993 | ) | ||||||||
Intangible amortization expense related to the deposit base intangible for each of the years in the three-year period ended December 31, 2013, is presented below. | |||||||||||||||||
Year Ended December 31 | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Intangible Amortization | |||||||||||||||||
Identified intangible assets Deposit base | $ | 783 | $ | 788 | $ | 847 | |||||||||||
The estimated annual amortization expense for the deposit base intangible determined using the straight line method in each of the five years subsequent to December 31, 2013, is as follows (in thousands): 2014, $718; and zero thereafter. |
Borrowings
Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Borrowings | ' | ||||||||||||
Note I Borrowings | |||||||||||||
All of the Company’s short-term borrowings were comprised of federal funds purchased and securities sold under agreements to repurchase with maturities primarily from overnight to seven days: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Maximum amount outstanding at any month end | $ | 165,770 | $ | 149,316 | $ | 154,440 | |||||||
Weighted average interest rate at end of year | 0.17 | % | 0.21 | % | 0.22 | % | |||||||
Average amount outstanding | $ | 155,222 | $ | 141,592 | $ | 106,495 | |||||||
Weighted average interest rate during the year | 0.18 | % | 0.24 | % | 0.26 | % | |||||||
During 2007, the Company obtained advances from the Federal Home Loan Bank (FHLB) of $25,000,000 each on September 25, 2007 and November 27, 2007. The advances mature on September 15, 2017 and November 27, 2017, respectively, and have fixed rates of 3.64 percent and 2.70 percent at December 31, 2013, respectively, payable quarterly; the FHLB has a perpetual three-month option to convert the interest rate on either advance to an adjustable rate and the Company has the option to prepay the advance should the FHLB convert the interest rate. | |||||||||||||
Seacoast National has unused secured lines of credit of $894,106,000 at December 31, 2013. | |||||||||||||
The Company issued $20,619,000 in junior subordinated debentures on March 31 and December 16, 2005, an aggregate of $41,238,000. These debentures were issued in conjunction with the formation of a Delaware and Connecticut trust subsidiary, SBCF Capital Trust I, and SBCF Statutory Trust II (“Trusts I and II”) which each completed a private sale of $20.0 million of floating rate preferred securities. On June 29, 2007, the Company issued an additional $12,372,000 in junior subordinated debentures which was issued in conjunction with the formation of a Delaware trust subsidiary, SBCF Statutory Trust III (“Trust III”), which completed a private sale of $12.0 million of floating rate trust preferred securities. The rates on the trust preferred securities are the 3-month LIBOR rate plus 175 basis points, the 3-month LIBOR rate plus 133 basis points, and the 3-month LIBOR rate plus 135 basis points, respectively. The rates, which adjust every three months, are currently 2.00 percent, 1.57 percent, and 1.59 percent, respectively, per annum. The trust preferred securities have original maturities of thirty years, and may be redeemed without penalty on or after June 10, 2010, March 15, 2011, and September 15, 2012, respectively, upon approval of the Federal Reserve or upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly in March, June, September and December of each year. The Trusts also issued $619,000, $619,000 and $372,000, respectively, of common equity securities to the Company. The proceeds of the offering of trust preferred securities and common equity securities were used by Trusts I and II to purchase the $41.2 million junior subordinated deferrable interest notes issued by the Company, and by Trust III to purchase the $12.4 million junior subordinated deferrable interest notes issued by the Company, all of which have terms substantially similar to the trust preferred securities. | |||||||||||||
The Company has the right to defer payments of interest on the notes at any time or from time to time for a period of up to twenty consecutive quarterly interest payment periods. Under the terms of the notes, in the event that under certain circumstances there is an event of default under the notes or the Company has elected to defer interest on the notes, the Company may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. As of December 31, 2013, 2012 and 2011, all interest payments on trust preferred securities were current. | |||||||||||||
The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the Trusts other than those arising under the trust preferred securities. The obligations of the Company under the junior subordinated notes, the trust agreement establishing the Trusts, the guarantees and agreements as to expenses and liabilities, in aggregate, constitute a full and conditional guarantee by the Company of the Trusts’ obligations under the trust preferred securities. | |||||||||||||
Despite the fact that the accounts of the Trusts are not included in the Company’s consolidated financial statements, $52.0 million in trust preferred securities issued by the Trusts are included in the Tier 1 capital of the Company at December 31, 2013 and 2012, respectively, as allowed by Federal Reserve guidelines. |
Employee_Benefits_and_Stock_Co
Employee Benefits and Stock Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefits and Stock Compensation | ' | ||||||||||||||||
Note J Employee Benefits and Stock Compensation | |||||||||||||||||
The Company’s profit sharing and retirement plan covers substantially all employees after one year of service and includes a matching benefit feature for employees electing to defer the elective portion of their profit sharing compensation. In addition, amounts of compensation contributed by employees are matched on a percentage basis under the plan. The profit sharing and retirement contributions charged to operations were $807,000 in 2013, $771,000 in 2012, and $361,000 in 2011. | |||||||||||||||||
The Company’s stock option and stock appreciation rights plans were approved by the Company’s shareholders on April 25, 1991, April 25, 1996, April 20, 2000, May 8, 2008 and May 23, 2013. The number of shares of common stock that may be granted pursuant to the 1991 and 1996 plans shall not exceed 198,000 shares for each plan, pursuant to the 2000 plan shall not exceed 264,000 shares, pursuant to the 2008 plan shall not exceed 300,000 shares, and pursuant to the 2013 plan shall not exceed 1,300,000 shares. The Company has granted options and stock appreciation rights (“SSARs”) on 166,000, 187,000, 158,000 shares for the 1991, 1996, and 2000 plans, respectively, through December 31, 2013; no options or SSARs have been granted under the 2008 and 49,000 shares have been granted under the 2013 plan. Under the 2008 plan the Company issued 229,000 of restricted stock awards at $7.10 per share during 2011 and 15,000 of restricted stock awards at $8.10 per share during 2012. Under the 2013 plan, the Company issued 195,000 of restricted stock units at $11.00 per share during 2013. The restricted stock units allow the grantee to earn 0-160 percent of the target award as determined by two criteria, the Company’s after-tax earnings and its classified assets ratio. Any restricted stock units meeting performance requirements at December 31, 2015 will vest by one-third on each of the first, second and third anniversaries of the last day of the performance period, December 31, 2016, 2017 and 2018, respectively. If the Company does not achieve the target performance goal for both criteria by December 31, 2015, then non of the restricted stock units will vest and they will be forfeited. Under the plans, the options, stock awards, SSARs restricted stock units exercise price equals the common stock’s market price on the date of the grant. All options or SSARs issued after December 31, 2002 have a vesting period of five years and a contractual life of ten years. All stock awards and restricted stock units have a contractual life of three or five years. To the extent the Company has treasury shares available, stock options exercised or stock grants awarded may be issued from treasury shares or, if treasury shares are insufficient, the Company can issue new shares. The Company has a single share repurchase program in place, approved on September 18, 2001, authorizing the repurchase of up to 165,000 shares; the maximum number of shares that may yet be purchased under this program is 12,000. | |||||||||||||||||
The Company granted stock options totaling 49,000 shares in 2013, but did not grant any stock options or SSARS in 2012 or 2011. Stock option fair value is measured on the date of grant using the Black-Scholes option pricing model with market assumptions. Option pricing models require the use of highly subjective assumptions, including expected price volatility, which when changed can materially affect fair value estimates. Accordingly, the model does not necessarily provide a reliable single measure of the fair value of the Company’s stock options or SSARs. The more significant assumptions used in estimating the fair value of stock options granted in 2013 include: risk-free interest rate of 2.5 percent; no dividends; weighted average expected life of 5 years; and volatility of the Company’s common stock of 26.5 percent. Additionally, the estimated fair value of stock options is reduced, by an estimate of forfeiture experience of 22 percent. | |||||||||||||||||
The following table presents a summary of stock option and SSARs activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Number | Option or | Weighted | Aggregate | ||||||||||||||
of | SSAR Exercise | Average | Intrinsic | ||||||||||||||
Shares | Price | Exercise | Value | ||||||||||||||
Per Share | Price | ||||||||||||||||
Dec. 31, 2010 | 109,000 | $85.40 –136.80 | $ | 106.05 | $ | 0 | |||||||||||
Granted | 0 | 0 | 0 | ||||||||||||||
Exercised | 0 | 0 | 0 | ||||||||||||||
Expired | 0 | 0 | 0 | ||||||||||||||
Cancelled | (2,000 | ) | 85.40 –136.80 | 100.7 | |||||||||||||
Dec. 31, 2011 | 107,000 | 85.40 –136.80 | 107.1 | 0 | |||||||||||||
Granted | 0 | 0 | 0 | ||||||||||||||
Exercised | 0 | 0 | 0 | ||||||||||||||
Expired | 0 | 0 | 0 | ||||||||||||||
Cancelled | (20,000 | ) | 85.40 –133.60 | 113.3 | |||||||||||||
Dec. 31, 2012 | 87,000 | 85.40 –136.80 | 105.6 | 0 | |||||||||||||
Granted | 49,000 | 11 | 11 | ||||||||||||||
Exercised | 0 | 0 | 0 | ||||||||||||||
Expired | (28,000 | ) | 85.4 | 85.4 | |||||||||||||
Cancelled | (6,000 | ) | 111.10 –136.80 | 113.57 | |||||||||||||
Dec. 31, 2013 | 102,000 | 11.00 – 133.60 | 65.1 | 0 | |||||||||||||
No stock options were exercised during 2013. No windfall tax benefits were realized from the exercise of stock options and no cash was utilized to settle equity instruments granted under stock option awards. | |||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||
Options / SSARs Outstanding | Options / SSARs Exercisable (Vested) | ||||||||||||||||
Number of | Weighted Average | Number of | Weighted | Weighted Average | Aggregate | ||||||||||||
Shares | Remaining | Shares | Average | Remaining | Intrinsic | ||||||||||||
Outstanding | Contractual Life | Exercisable | Exercise | Contractual Life | Value | ||||||||||||
in Years | Price | in Years | |||||||||||||||
102,000 | 5.91 | 53,000 | $115.48 | 2.58 | $0 | ||||||||||||
At December 31, 2013, all stock options and SSARs were fully vested with no remaining unrecognized compensation cost, except for stock options issued during 2013. Adjusting for potential forfeiture experience, non-vested stock options for 49,000 shares were outstanding at December 31, 2013, and are as follows: | |||||||||||||||||
Number of | Weighted Average | Weighted | Remaining | Weighted Average | |||||||||||||
Non-Vested | Remaining Contractual | Average | Unrecognized | Remaining Recognition | |||||||||||||
Stock Options | Life in Years | Fair Value | Compensation Cost | Period in Years | |||||||||||||
49,000 | 9.5 | $3.10 | $107,000 | 4.5 | |||||||||||||
Since December 31, 2012, restricted stock awards of 9,000 shares were issued, 15,000 awards have vested and 6,000 awards were cancelled. Non-vested restricted stock awards totaling 168,000 shares were outstanding at December 31, 2013, 12,000 less than at December 31, 2012, and are as follows: | |||||||||||||||||
Number of | Remaining | Weighted Average | |||||||||||||||
Non-Vested | Unrecognized | Remaining Recognition | |||||||||||||||
Restricted Stock | Compensation Cost | Period in Years | |||||||||||||||
Award Shares | |||||||||||||||||
168,000 | $559,000 | 2.64 | |||||||||||||||
During 2013, restricted stock units totaling 195,000 were issued, of which none were vested and 18,000 units were cancelled. Non-vested restricted units totaling 177,000 were outstanding at December 31, 2013, and are as follows: | |||||||||||||||||
Number of | Remaining | Weighted Average | |||||||||||||||
Non-Vested | Unrecognized | Remaining Recognition | |||||||||||||||
Restricted Stock | Compensation Cost | Period in Years | |||||||||||||||
Units | |||||||||||||||||
177,000 | $1,520,000 | 5 | |||||||||||||||
In 2013, 2012 and 2011 the Company recognized $246,000 ($151,000 after tax), $796,000 ($489,000 after tax) and $588,000 ($361,000 after tax), respectively of non-cash compensation expense. | |||||||||||||||||
No cash was utilized to settle equity instruments granted under restricted stock awards. No compensation cost has been capitalized and no significant modifications have occurred with regard to the contractual terms for stock options, SSARs or restricted stock awards. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Lease Commitments | ' | ||||
Note K Lease Commitments | |||||
The Company is obligated under various noncancellable operating leases for buildings, and land. Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease. At December 31, 2013, future minimum lease payments under leases with initial or remaining terms in excess of one year are as follows: | |||||
(In thousands) | |||||
2014 | $ | 3,304 | |||
2015 | 2,657 | ||||
2016 | 2,552 | ||||
2017 | 2,320 | ||||
2018 | 1,032 | ||||
Thereafter | 11,332 | ||||
$ | 23,197 | ||||
Rent expense charged to operations was $3,878,000 for 2013, $3,881,000 for 2012, and $4,010,000 for 2011. Certain leases contain provisions for renewal and change with the consumer price index. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note L Income Taxes | |||||||||||||
The benefit for income taxes is as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current | |||||||||||||
Federal | $ | 160 | $ | 0 | $ | 0 | |||||||
State | 7 | 7 | 10 | ||||||||||
Deferred | |||||||||||||
Federal | (30,540 | ) | 0 | 0 | |||||||||
State | (10,012 | ) | (7 | ) | (10 | ) | |||||||
$ | (40,385 | ) | $ | 0 | $ | 0 | |||||||
The difference between the total expected tax benefit (computed by applying the U.S. Federal tax rate of 35% to pretax income in 2013, 2012 and 2011) and the reported income tax benefit relating to loss before income taxes is as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Tax rate applied to income (loss) before income taxes | $ | 4,061 | $ | (249 | ) | $ | 2,333 | ||||||
Increase (decrease) resulting from the effects of: | |||||||||||||
Tax exempt interest on obligations of states and political subdivisions | (148 | ) | (118 | ) | (143 | ) | |||||||
State income taxes | (259 | ) | (27 | ) | (173 | ) | |||||||
Stock compensation | 4 | 28 | 132 | ||||||||||
Expiration of capital loss carryforward | 0 | 354 | 0 | ||||||||||
Other | 38 | 53 | 281 | ||||||||||
Federal tax provision before valuation allowance | 3,696 | 41 | 2,430 | ||||||||||
State tax provision before valuation allowance | 740 | 76 | 494 | ||||||||||
Total income tax provision | 4,436 | 117 | 2,924 | ||||||||||
Change in valuation allowance | (44,821 | ) | (117 | ) | (2,924 | ) | |||||||
Income tax provision (benefit) | $ | (40,385 | ) | $ | 0 | $ | 0 | ||||||
The net deferred tax assets (liabilities) are comprised of the following: | |||||||||||||
December 31 | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Allowance for loan losses | $ | 8,139 | $ | 8,964 | |||||||||
Other real estate owned | 899 | 1,521 | |||||||||||
Capital losses | 0 | 26 | |||||||||||
Accrued stock compensation | 528 | 492 | |||||||||||
Federal tax loss carryforward | 42,776 | 44,755 | |||||||||||
State tax loss carryforward | 7,925 | 8,202 | |||||||||||
Alternative minimum tax carryforward | 1,304 | 1,304 | |||||||||||
Net unrealized securities losses | 6,503 | 0 | |||||||||||
Deferred compensation | 1,169 | 1,162 | |||||||||||
Other | 273 | 990 | |||||||||||
Gross deferred tax assets | 69,516 | 67,416 | |||||||||||
Less: Valuation allowance | 0 | (44,821 | ) | ||||||||||
Deferred tax assets net of valuation allowance | 69,516 | 22,595 | |||||||||||
Depreciation | (1,365 | ) | (1,514 | ) | |||||||||
Deposit base intangible | (233 | ) | (538 | ) | |||||||||
Net unrealized securities gains | 0 | (1,972 | ) | ||||||||||
Accrued interest and fee income | (1,060 | ) | (620 | ) | |||||||||
Gross deferred tax liabilities | (2,658 | ) | (4,644 | ) | |||||||||
Net deferred tax assets | $ | 66,858 | $ | 17,951 | |||||||||
At December 31, 2013, the Company’s deferred tax assets of $66.9 million consists of approximately $52.6 million of net U.S. federal deferred tas assets and $14.3 million of net state deferred tax assets. | |||||||||||||
Management assesses the valuation allowance recorded against deferred tax assets at each reporting period. The determination of whether a valuation allowance for net deferred tax assets is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. During 2008, the Company established a valuation allowance for its net deferred tax assets, primarily due to the realization of significant losses, significant credit deterioration, negative trending in asset quality and uncertainty regarding the amount of future taxable income that the Company could forecast. At December 31, 2012, based on the assessment of all the positive and negative evidence, management concluded that there was not sufficient evidence to conclude that it was more likely than not that the Company would realize the benefits associated with its net deferred tax assets; accordingly, the Company continued to maintain a valuation allowance of $44.8 million for the net deferred tax assets. | |||||||||||||
At September 30, 2013, the Company is no longer in a three-year cumulative loss position, which represented significant negative evidence. Therefore, based on the assessment of all the positive and other negative evidence, management concluded that it was more likely than not that its net deferred tax assets of $66.9 million will be realized based upon future taxable income, and therefore reversed the valuation allowance. | |||||||||||||
The deferred tax asset valuation allowance was reversed after the achievement of operating results for the third quarter and nine months of 2013 which demonstrated the continuation of increasing income before taxes results marking the fifth consecutive quarter of profitable operating results. This supports a steady state annual income before taxes of $13 to $16 million. The fourth quarter of 2013 results also provided further validation of the positive credit quality trending improvements marking the sixteenth consecutive quarter of such improvements. At December 31, 2013, the classified asset ratio as a percentage of Tier 1 Capital and the allowance for loan losses improved to 23.0 percent compared to 54.1 percent at December 31, 2008. | |||||||||||||
In addition, the achievement of operating results for the third and fourth quarters and full year of 2013 consistent with management’s forecast for these periods, provided further evidence of the Company’s ability to produce reliable forecasts, and strengthened the weight of the positive evidence provided by forecasted future taxable income. The Company’s forecast of taxable income at December 31, 2013 demonstrates that there will be sufficient future taxable income to realize the $66.9 million net deferred tax asset at December 31, 2013. The positive evidence related to the forecasted future taxable income assists in overcoming the weight of the negative evidence related to the significant operating losses recognized as a result of the recent financial crisis and adds to the overall weight of positive evidence that the December 31, 2013 deferred tax asset is more likely than not realizable. Prior to the third quarter of 2013, the Company was unable to conclude that there was sufficient evidence to support that the deferred tax asset was more likely than not realizable and to support the reversal of the deferred tax asset valuation allowance. | |||||||||||||
The positive evidence at December 31, 2013 included: (1) the Company’s significantly improved credit risk profile, (2) continued improving trends in credit quality, (3) continued profitability in recent quarters, (4) policy enhancements which reduce exposure to credit risk through concentration limits by loan type, exposure limits to single borrowers, among others, (5) record of long-term positive earnings prior to the recent economic downturn, (6) strong capital position, as well as, (7) sufficient amounts of estimated future taxable income, of the appropriate character, to support the realization of the Company’s net deferred tax asset at September 30, 2013. Management’s confidence in the realization of projected future taxable income is based on an analysis of the Company’s risk profile and recent trends in financial performance, including credit quality trends. In determining whether management’s projections of future taxable income are reliable, management considered objective evidence supporting the forecast assumptions as well as recent experience which demonstrates the Company’s ability to reasonably project future results of operations. The analysis showed that credit losses will be at pre-crisis levels and will continue to trend downward, and that credit quality indicators will continue to improve. Further, while the banking environment is expected to remain challenging due to economic and other uncertainties, the Company believes that it can confidently forecast future taxable income at sufficient levels over the future period of time that the Company has available to realize its net deferred tax asset, which is discussed further below. | |||||||||||||
Management expects to realize the $66.9 million in net deferred tax assets well in advance of the statutory carryforward period. At December 31, 2013, approximately $14.9 million of existing deferred tax assets are not related to net operating losses or credits and therefore, have no expiration date. Approximately $42.8 million of the remaining deferred tax assets relate to federal net operating losses which will expire in annual installments beginning in 2029 through 2032. Additionally, approximately $7.9 million of the deferred tax assets relate to state net operating losses which will expire in annual installments beginning in 2027 through 2032. Tax credit carryforwards at December 31, 2013 include federal alternative minimum tax credits totaling $1.3 million which have an unlimited carryforward period. | |||||||||||||
A valuation allowance could be required in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at December 31, 2013 that it is more likely than not that the net deferred tax assets of $66.9 million will be realized is based upon management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal projections which consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, a valuation allowance may need to be recorded for some or all of the Company’s deferred tax asset. Such an increase to the deferred tax asset valuation allowance could have a material adverse effect on the Company’s financial condition and results of operations. | |||||||||||||
The Company recognizes interest and penalties, as appropriate, as part of the provisioning for income taxes. No interest or penalties were accrued at December 31, 2013. | |||||||||||||
The Company has no unrecognized income tax benefits or provisions due to uncertain income tax positions. The Internal Revenue Service (IRS) examined the federal income tax returns for the years 2006, 2007, 2008 and 2009. The IRS did not propose any adjustments related to this examination. The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination: | |||||||||||||
Jurisdiction | Tax Year | ||||||||||||
United States of America | 2010 | ||||||||||||
Florida | 2008 | ||||||||||||
Income taxes related to securities transactions were $162,000, $2,939,000 and $471,000 in 2013, 2012 and 2011, respectively. |
Noninterest_Income_and_Expense
Noninterest Income and Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Noninterest Income and Expenses | ' | ||||||||||||
Note M Noninterest Income and Expenses | |||||||||||||
Details of noninterest income and expense follow: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Noninterest income | |||||||||||||
Service charges on deposit accounts | $ | 6,711 | $ | 6,245 | $ | 6,262 | |||||||
Trust fees | 2,711 | 2,279 | 2,111 | ||||||||||
Mortgage banking fees | 4,173 | 3,710 | 2,140 | ||||||||||
Brokerage commissions and fees | 1,631 | 1,071 | 1,122 | ||||||||||
Marine finance fees | 1,189 | 1,111 | 1,209 | ||||||||||
Interchange income | 5,404 | 4,501 | 3,808 | ||||||||||
Other deposit based EFT fees | 342 | 336 | 318 | ||||||||||
Other | 2,158 | 2,191 | 1,375 | ||||||||||
24,319 | 21,444 | 18,345 | |||||||||||
Loss on sale of commercial loan | 0 | (1,238 | ) | 0 | |||||||||
Securities gains, net | 419 | 7,619 | 1,220 | ||||||||||
TOTAL | $ | 24,738 | $ | 27,825 | $ | 19,565 | |||||||
Noninterest expense | |||||||||||||
Salaries and wages | $ | 31,006 | $ | 29,935 | $ | 27,288 | |||||||
Employee benefits | 7,327 | 7,710 | 5,875 | ||||||||||
Outsourced data processing costs | 6,372 | 7,382 | 6,583 | ||||||||||
Telephone / data lines | 1,253 | 1,178 | 1,179 | ||||||||||
Occupancy | 7,178 | 8,146 | 7,627 | ||||||||||
Furniture and equipment | 2,334 | 2,319 | 2,291 | ||||||||||
Marketing | 2,339 | 3,095 | 2,917 | ||||||||||
Legal and professional fees | 2,458 | 5,241 | 6,137 | ||||||||||
FDIC assessments | 2,601 | 2,805 | 3,013 | ||||||||||
Amortization of intangibles | 783 | 788 | 847 | ||||||||||
Asset dispositions expense | 740 | 1,459 | 2,281 | ||||||||||
Net loss on other real estate owned and repossessed assets | 1,289 | 3,467 | 3,751 | ||||||||||
Other | 9,472 | 9,023 | 7,974 | ||||||||||
TOTAL | $ | 75,152 | $ | 82,548 | $ | 77,763 | |||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||||||
Note N Shareholders’ Equity | |||||||||||||||||||||||||
A 1 for 5 reverse stock split was effective as of December 13, 2013. Each five shares of the Company’s common stock was automatically converted to one share of the Company’s common stock. Any fractional post-split shares as a result of the reverse split were rounded up to the nearest whole post-split share. Shareholders of the Company previously authorized the Board of Directors to approve a reverse stock split at the annual meeting in May 2013. All share amounts have been restated for all years presented. | |||||||||||||||||||||||||
The Company has reserved 300,000 common shares for issuance in connection with an employee stock purchase plan and 148,500 common shares for issuance in connection with an employee profit sharing plan. At December 31, 2013, an aggregate of 170,066 shares and 34,590 shares, respectively, have been issued as a result of employee participation in these plans. | |||||||||||||||||||||||||
In December 2008, in connection with the Troubled Asset Relief Program (TARP) Capital Purchase Program, established as part of the Emergency Economic Stabilization Act of 2008, the Company issued to the U.S. Treasury Department (U.S. Treasury) 2,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”) with a par value of $0.10 per share and a 10-year warrant to purchase approximately 117,925 shares of common stock at an exercise price of $31.80 per share. The proceeds received were allocated to the preferred stock and additional paid-in-capital based on their relative fair values. The Series A Preferred Stock initially paid quarterly dividends at a five percent annual rate that increased to nine percent after five years on a liquidation preference of $25,000 per share. Upon the request of the U.S. Treasury, at any time, the Company agreed to enter into a deposit arrangement pursuant to which the Series A Preferred Stock may be deposited and depository shares may be issued. The Corporation registered the Series A Preferred Stock, the warrant, the shares of common stock underlying the warrant and the depository shares, if any, for resale under the Securities Act of 1933. On March 28, 2012, the U.S. Treasury publicly offered through an auction process their investment in the Series A Preferred Stock. The auction concluded on April 3, 2012, thereby transferring all of the U.S. Treasury’s ownership in the Series A Preferred Stock to third party investors. The warrant to purchase shares of common stock was acquired by the Company on May 30, 2012 for $81,000, including related expenses. On December 31, 2013, the full amount of the Series A Preferred Stock was redeemed at par for $50 million plus accrued dividends through the date of redemption of $319,000 . | |||||||||||||||||||||||||
A common stock offering was completed during November 2013 adding $75 million to capital, with approximately $47 million (net of issuance costs) received during November 2013, and $25 million received in January 2014 from a single investor that was required to obtain approval of the Federal Reserve Bank for its investment. Of the funds received, $50 million was utilized to redeem the Series A Preferred Stock at December 31, 2013, with the remainder available for future growth and general corporate purposes. | |||||||||||||||||||||||||
Holders of common stock are entitled to one vote per share on all matters presented to shareholders as provided in the Company’s Articles of Incorporation. The Company implemented a dividend reinvestment plan during 2007, issuing no shares from treasury stock during 2013 and 2012. | |||||||||||||||||||||||||
The Company was subject to certain standards for executive compensation while its preferred shares were owned by the U.S. Treasury that included (a) prohibiting “golden parachute” payments as defined in the Emergency Economic Stabilization Act of 2008 (EESA) to senior executive officers; (b) requiring recovery of any compensation paid to senior executive officers based on criteria that is later proven to be materially inaccurate; (c) prohibiting incentive compensation that encourages unnecessary and excessive risks that threaten the value of the financial institution, and (d) accepting restrictions on the payment of dividends and the repurchase of common stock. Seacoast believes it complied with all TARP standards and restrictions during the time the Company was a participant. | |||||||||||||||||||||||||
Required Regulatory Capital | |||||||||||||||||||||||||
Minimum for Capital | Minimum To Be Well | ||||||||||||||||||||||||
Adequacy Purpose | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
SEACOAST BANKING CORP | |||||||||||||||||||||||||
(CONSOLIDATED) | |||||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 227,310 | 16.88 | % | $ | 107,757 | >8.00 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 210,433 | 15.62 | 53,878 | >4.00 | % | N/A | N/A | ||||||||||||||||||
Tier 1 Capital (to adjusted average assets) | 210,433 | 9.59 | 92,234 | >4.00 | % | N/A | N/A | ||||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 227,428 | 18.33 | % | $ | 99,247 | >8.00 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 211,839 | 17.08 | 49,624 | >4.00 | % | N/A | N/A | ||||||||||||||||||
Tier 1 Capital (to adjusted average assets) | 211,839 | 10.04 | 84,377 | >4.00 | % | N/A | N/A | ||||||||||||||||||
SEACOAST NATIONAL BANK | |||||||||||||||||||||||||
(A WHOLLY OWNED BANK SUBSIDIARY) | |||||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 225,102 | 16.74 | % | $ | 107,571 | >8.00 | % | $ | 134,463 | >10.00 | % | |||||||||||||
Tier 1 Capital (to risk-weighted assets) | 208,253 | 15.49 | 53,785 | >4.00 | % | 80,678 | > 6.00 | % | |||||||||||||||||
Tier 1 Capital (to adjusted average assets) | 208,253 | 9.51 | 87,636 | >4.00 | % | 109,545 | > 5.00 | % | |||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 220,433 | 17.79 | % | $ | 99,116 | >8.00 | % | $ | 123,895 | >10.00 | % | |||||||||||||
Tier 1 Capital (to risk-weighted assets) | 204,864 | 16.54 | 49,558 | >4.00 | % | 74,337 | > 6.00 | % | |||||||||||||||||
Tier 1 Capital (to adjusted average assets) | 204,864 | 9.72 | 84,312 | >4.00 | % | 105,389 | > 5.00 | % | |||||||||||||||||
N/A—Not Applicable | |||||||||||||||||||||||||
The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital to average assets (as defined). Management believes, as of December 31, 2013, that the Company meets all capital adequacy requirements to which it is subject. | |||||||||||||||||||||||||
The Company is well capitalized under the regulatory framework for prompt corrective action. 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 above. At December 31, 2013, the Company’s deposit-taking bank subsidiary met the capital and leverage ratio requirements for well capitalized banks. |
Parent_Company_Only_Financial_
Parent Company Only Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company Only Financial Information | ' | ||||||||||||
Note O | |||||||||||||
Seacoast Banking Corporation of Florida | |||||||||||||
(Parent Company Only) Financial Information | |||||||||||||
Balance Sheets | |||||||||||||
December 31 | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash | $ | 919 | $ | 4,067 | |||||||||
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days | 792 | 2,922 | |||||||||||
Investment in subsidiaries | 250,033 | 212,182 | |||||||||||
Other assets | 493 | 13 | |||||||||||
$ | 252,237 | $ | 219,184 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Subordinated debt | $ | 53,610 | $ | 53,610 | |||||||||
Other liabilities | 23 | 28 | |||||||||||
Shareholders’ equity | 198,604 | 165,546 | |||||||||||
$ | 252,237 | $ | 219,184 | ||||||||||
Statements of Income (Loss) | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Income | |||||||||||||
Dividends from subsidiary Bank | $ | 0 | $ | 0 | $ | 0 | |||||||
Interest/other | 28 | 29 | 79 | ||||||||||
28 | 29 | 79 | |||||||||||
Interest expense | 958 | 1,057 | 1,152 | ||||||||||
Other expenses | 450 | 575 | 405 | ||||||||||
Loss before income tax benefit and equity in undistributed income of subsidiaries | (1,380 | ) | (1,603 | ) | (1,478 | ) | |||||||
Income tax benefit | (2,281 | ) | 0 | 0 | |||||||||
Income (loss) before equity in undistributed income of subsidiaries | 901 | (1,603 | ) | (1,478 | ) | ||||||||
Equity in undistributed income of subsidiaries | 51,088 | 893 | 8,145 | ||||||||||
Net income (loss) | $ | 51,989 | $ | (710 | ) | $ | 6,667 | ||||||
Statement of Cash Flows | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Cash flows from operating activities | |||||||||||||
Interest received | $ | 5 | $ | 7 | $ | 9 | |||||||
Interest paid | (957 | ) | (1,045 | ) | (3,288 | ) | |||||||
Dividends received | 23 | 22 | 70 | ||||||||||
Income taxes received (paid) | 1,797 | (32 | ) | (67 | ) | ||||||||
Other | (494 | ) | (703 | ) | (420 | ) | |||||||
Net cash provided by (used in) operating activities | 374 | (1,751 | ) | (3,696 | ) | ||||||||
Cash flows from investing activities | |||||||||||||
Decrease in securities purchased under agreement to resell, maturing within 30 days, net | 2,130 | 422 | 285 | ||||||||||
Net cash provided by investment activities | 2,130 | 422 | 285 | ||||||||||
Cash flows from financing activities | |||||||||||||
Issuance of common stock, net of related expense | 46,977 | 0 | 0 | ||||||||||
Repurchase of stock warrants, including related expense | 0 | (81 | ) | 0 | |||||||||
Stock based employment plans | 190 | 196 | 123 | ||||||||||
Redemption of preferred stock | (50,000 | ) | 0 | 0 | |||||||||
Dividends paid on preferred shares | (2,819 | ) | (2,500 | ) | (6,875 | ) | |||||||
Net cash used in financing activities | (5,652 | ) | (2,385 | ) | (6,752 | ) | |||||||
Net change in cash | (3,148 | ) | (3,714 | ) | (10,163 | ) | |||||||
Cash at beginning of year | 4,067 | 7,781 | 17,944 | ||||||||||
Cash at end of year | $ | 919 | $ | 4,067 | $ | 7,781 | |||||||
RECONCILIATION OF INCOME (LOSS) TO CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||||||||||||
Net income (loss) | $ | 51,989 | $ | (710 | ) | $ | 6,667 | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in undistributed income of subsidiaries | (51,088 | ) | (893 | ) | (8,145 | ) | |||||||
Other, net | (527 | ) | (148 | ) | (2,218 | ) | |||||||
Net cash provided by (used in) operating activities | $ | 374 | $ | (1,751 | ) | $ | (3,696 | ) | |||||
Contingent_Liabilities_and_Com
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | ' | ||||||||
Note P | |||||||||
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | |||||||||
The Company and its subsidiaries, because of the nature of their business, 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, or operating results or cash flows. | |||||||||
The Company’s subsidiary bank is party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and limited partner equity commitments. | |||||||||
The subsidiary bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contract or notional amount of those instruments. The subsidiary bank uses the same credit policies in making commitments and standby letters of credit as they do for on balance sheet instruments. | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The subsidiary bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, equipment, and commercial and residential real estate. Of the $135,056,000 in commitments to extend credit outstanding at December 31, 2013, $77,565,000 is secured by 1-4 family residential properties for individuals with approximately $9,454,000 at fixed interest rates ranging from 3.50 to 5.875%. | |||||||||
Standby letters of credit are conditional commitments issued by the subsidiary bank to guarantee the performance of a customer to a third party. These instruments have fixed termination dates and most end without being drawn; therefore, they do not represent a significant liquidity risk. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The subsidiary bank holds collateral supporting these commitments for which collateral is deemed necessary. The extent of collateral held for secured standby letters of credit at December 31, 2013 and 2012 amounted to $3,187,000 and $3,629,000 respectively. | |||||||||
Unfunded limited partner equity commitments at December 31, 2013 totaled $3,746,000 that the Company has committed to a small business investment company under the SBIC Act to be used to provide capital to small businesses. | |||||||||
December 31 | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Contract or Notional Amount Financial instruments whose contract amounts represent credit risk: | |||||||||
Commitments to extend credit | $ | 135,056 | $ | 118,887 | |||||
Standby letters of credit and financial guarantees written: | |||||||||
Secured | 2,722 | 2,509 | |||||||
Unsecured | 8 | 8 | |||||||
Unfunded limited partner equity commitment | 3,746 | 4,000 | |||||||
The Company’s subsidiary bank renewed its contract for outsourced data services on December 31, 2012 for a period of five years and six months which requires a minimum payment for early termination without cause as follows: | |||||||||
Year Ended | (In thousands) | ||||||||
2013 | $ | 11,016 | |||||||
2014 | 8,568 | ||||||||
2015 | 6,120 | ||||||||
2016 | 3,672 |
Supplemental_Disclosures_for_C
Supplemental Disclosures for Consolidated Statements of Cash Flows | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Disclosures for Consolidated Statements of Cash Flows | ' | ||||||||||||
Note Q Supplemental Disclosures for Consolidated Statements of Cash Flows | |||||||||||||
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities for the three years ended: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net income (loss) | $ | 51,989 | $ | (710 | ) | $ | 6,667 | ||||||
Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities | |||||||||||||
Depreciation | 2,776 | 2,827 | 2,830 | ||||||||||
Net amortization of premiums and discounts on securities | 3,882 | 4,740 | 2,555 | ||||||||||
Other amortization and accretion | (172 | ) | 20 | (35 | ) | ||||||||
Change in loans available for sale, net | 22,189 | (20,143 | ) | 5,724 | |||||||||
Provision for loan losses, net | 3,188 | 10,796 | 1,974 | ||||||||||
Deferred tax benefit | (40,552 | ) | (7 | ) | (10 | ) | |||||||
Gain on sale of securities | (419 | ) | (7,619 | ) | (1,220 | ) | |||||||
Gain on sale of loans | (455 | ) | (816 | ) | (143 | ) | |||||||
Loss on sale or write down of foreclosed assets | 1,295 | 3,548 | 3,812 | ||||||||||
Writedown on loan available for sale | 0 | 1,238 | 0 | ||||||||||
Loss on disposition of equipment | 1 | 774 | 58 | ||||||||||
Stock based employee benefit expense | 246 | 796 | 587 | ||||||||||
Change in interest receivable | 160 | 861 | (561 | ) | |||||||||
Change in interest payable | (27 | ) | (524 | ) | (2,258 | ) | |||||||
Change in prepaid expenses | 4,562 | 2,601 | 2,748 | ||||||||||
Change in accrued taxes | (102 | ) | (190 | ) | (145 | ) | |||||||
Change in other assets | 792 | (835 | ) | 585 | |||||||||
Change in other liabilities | 499 | 581 | 573 | ||||||||||
Net cash provided (used) by operating activities | $ | 49,852 | $ | (2,062 | ) | $ | 23,741 | ||||||
Supplemental disclosure of non cash investing activities | |||||||||||||
Fair value adjustment to securities | $ | (21,957 | ) | $ | (3,405 | ) | $ | 5,530 | |||||
Transfers from loans to other real estate owned | 5,087 | 14,067 | 35,500 | ||||||||||
Transfers from loans to loans available for sale | 379 | 10,321 | 0 | ||||||||||
Matured securities recorded as a receivable | 0 | 3,100 | 3,630 | ||||||||||
Securities principal receivable recorded in other assets | 159 | 0 | 0 | ||||||||||
Transfer from securities held for investment to available for sale | 13,818 | 0 | 0 |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
Note R | |||||||||||||||||
Fair Value | |||||||||||||||||
Fair Value Instruments Measured at 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 December 31, 2013 and 2012 included: | |||||||||||||||||
(Dollars in thousands) | Fair Value | Quoted Prices in | Significant Other | Significant Other | |||||||||||||
Measurements | Active Markets for | Observable | Unobservable | ||||||||||||||
December 31, 2013 | Identical Assets | Inputs | Inputs | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Available for sale securities (3) | $ | 641,611 | $ | 100 | $ | 641,511 | $ | 0 | |||||||||
Loans available for sale (4) | 13,832 | 0 | 13,832 | 0 | |||||||||||||
Loans (1) | 17,323 | 0 | 10,325 | 6,998 | |||||||||||||
OREO (2) | 6,860 | 0 | 1,301 | 5,559 | |||||||||||||
(Dollars in thousands) | Fair Value | Quoted Prices in | Significant Other | Significant Other | |||||||||||||
Measurements | Active Markets for | Observable | Unobservable | ||||||||||||||
December 31, 2012 | Identical Assets | Inputs | Inputs | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Available for sale securities (3) | $ | 643,050 | $ | 1,707 | $ | 641,343 | $ | 0 | |||||||||
Loans available for sale (4) | 36,021 | 0 | 36,021 | 0 | |||||||||||||
Loans (1) | 24,510 | 0 | 12,778 | 11,732 | |||||||||||||
OREO (2) | 11,887 | 0 | 3,457 | 8,430 | |||||||||||||
-1 | See Note E. 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 recurring fair value basis 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 December 31, 2013 the range of capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 8.5%. 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 A. | |||||||||||||||||
When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of OREO is classified as level 2. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as Level 3. | |||||||||||||||||
Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarter valuation process. | |||||||||||||||||
During 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 consisting of loans that became impaired during 2013. Transfers out consisted of charge offs of $1.3 million, and loan foreclosures migrating to OREO and other reductions (including principal payments) totaling $5.6 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 2013 transfers out totaled $5.0 million consisting of valuation write-downs of $0.5 million and sales of $4.5 million, and transfers in consisted of foreclosed loans totaling $2.2 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 December 31 is as follows: | |||||||||||||||||
Carrying Amount | Quoted Prices in | Significant Other | Significant Other | ||||||||||||||
December 31, 2013 | Active Markets for | observable | Unobservable Inputs | ||||||||||||||
Identical Assets | Inputs | Level 3 | |||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Securities held to maturity | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Loans, net | 1,266,816 | 0 | 0 | 1,272,893 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 1,806,045 | 0 | 0 | 1,807,183 | |||||||||||||
Borrowings | 50,000 | 0 | 53,856 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 42,888 | 0 | |||||||||||||
Carrying Amount | Quoted Prices in | Significant Other | Significant Other | ||||||||||||||
31-Dec-12 | Active Markets for | Observable | Unobservable Inputs | ||||||||||||||
Identical Assets | Inputs | Level 3 | |||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Securities held to maturity | $ | 13,818 | $ | 0 | $ | 14,542 | $ | 0 | |||||||||
Loans, net | 1,179,467 | 0 | 0 | 1,201,178 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 1,758,961 | 0 | 0 | 1,761,119 | |||||||||||||
Borrowings | 50,000 | 0 | 55,604 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 37,527 | 0 | |||||||||||||
The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and cash equivalents, interest bearing deposits with other banks, federal funds purchased and securities sold under agreement to repurchase, maturing within 30 days. | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at December 31, 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, estimates of the Company’s current incremental borrowing rate for similar instruments and dealer quotes for similar debt. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Note S Earnings Per Share | |||||||||||||
Basic earnings per common share were computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the year. | |||||||||||||
The number of shares utilized to compute earnings per share for the years ended December 31, 2013, 2012 and 2011, have been restated to reflect a 1 for 5 reverse stock split effective December 13, 2013. | |||||||||||||
In 2013, 2012, and 2011, options and warrants to purchase 102,000, 87,000, and 225,000 shares , respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share. | |||||||||||||
Year Ended December 31 | |||||||||||||
Net | Shares | Per | |||||||||||
Income | Share | ||||||||||||
(Loss) | Amount | ||||||||||||
(Dollars in thousands, | |||||||||||||
except per share data) | |||||||||||||
2013 | |||||||||||||
Basic Earnings Per Share | |||||||||||||
Income available to common shareholders | $ | 47,916 | 19,449,560 | $ | 2.46 | ||||||||
Diluted Earnings Per Share | |||||||||||||
Employee restricted stock (See Note J) | 200,445 | ||||||||||||
Income available to common shareholders plus assumed conversions | $ | 47,916 | 19,650,005 | $ | 2.44 | ||||||||
2012 | |||||||||||||
Basic and diluted Earnings Per Share | |||||||||||||
Loss available to common shareholders | $ | (4,458 | ) | 18,748,757 | $ | (0.24 | ) | ||||||
2011 | |||||||||||||
Basic Earnings Per Share | |||||||||||||
Income available to common shareholders | $ | 2,919 | 18,702,397 | $ | 0.16 | ||||||||
Diluted Earnings Per Share | |||||||||||||
Employee restricted stock (See Note J) | 57,818 | ||||||||||||
Income available to common shareholders plus assumed conversions | $ | 2,919 | 18,760,215 | $ | 0.16 | ||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
General | ' |
General: Seacoast Banking Corporation of Florida (“Company”) is a single segment bank holding company with one operating subsidiary bank, Seacoast National Bank (“Seacoast National”, together the “Company”). Seacoast National’s service area includes Okeechobee, Highlands, Hendry, Glades, DeSoto, Palm Beach, Martin, St. Lucie, Brevard, Indian River, Broward, Orange and Seminole counties, which are located in central and southeast Florida. The bank operates full service branches within its markets, and during 2013 opened five new loan production offices in Orlando, Fort Lauderdale and Boca Raton. | |
The consolidated financial statements include the accounts of Seacoast and all its majority-owned subsidiaries but exclude five trusts created for the issuance of trust preferred securities. In consolidation, all significant intercompany accounts and transactions are eliminated. | |
The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America, and they conform to general practices within the applicable industries. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: Cash and cash equivalents include cash and due from banks, interest-bearing bank balances and federal funds sold and securities purchased under resale agreements. Cash and cash equivalents have original maturities of three months or less, and accordingly, the carrying amount of these instruments is deemed to be a reasonable estimate of fair value. | |
Securities Purchased and Sold Agreements | ' |
Securities Purchased and Sold Agreements: Securities purchased under resale agreements and securities sold under repurchase agreements are generally accounted for as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. It is the Company’s policy to take possession of securities purchased under resale agreements, which are primarily U.S. Government and Government agency securities. The fair value of securities purchased and sold is monitored and collateral is obtained from or returned to the counterparty when appropriate. | |
Use of Estimates | ' |
Use of Estimates: The preparation of these financial statements requires the use of certain estimates by management in determining the Company’s assets, liabilities, revenues and expenses, and contingent liabilities. 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, other real estate owned, and valuation of deferred tax valuation allowance. Actual results could differ from those estimates. | |
Securities | ' |
Securities: Securities are classified at date of purchase as trading, available for sale or held to maturity. Securities that may be sold as part of the Company’s asset/liability management or in response to, or in anticipation of changes in interest rates and resulting prepayment risk, or for other factors are stated at fair value with unrealized gains or losses reflected as a component of shareholders’ equity net of tax or included in noninterest income as appropriate. 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 flow analyses, using observable market data where available. Debt securities that the Company has the ability and intent to hold to maturity are carried at amortized cost. | |
Realized gains and losses, including other than temporary impairments, are included in noninterest income as investment securities gains (losses). Interest and dividends on securities, including amortization of premiums and accretion of discounts, is recognized in interest income on an accrual basis using the interest method. The Company anticipates prepayments of principal in the calculation of the effective yield for collateralized mortgage obligations and mortgage backed securities by obtaining estimates of prepayments from independent third parties. The adjusted cost of each specific security sold is used to compute realized gains or losses on the sale of securities on a trade date basis. | |
On a quarterly basis, the Company makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security is impaired on an other-than-temporary basis. Management considers many factors including the length of time the security has had a fair value less than the cost basis; our intent and ability to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be other-than temporary are written down to fair value with the write-down recorded as a realized loss. | |
For securities which are transferred into held to maturity from available for sale the unrealized gain or loss at the date of transfer is reported as a component of shareholders’ equity and is amortized over the remaining life as an adjustment of yield using the interest method. | |
Seacoast National is a member of the Federal Home Loan Bank system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Loans | ' |
Loans: Loans are recognized at the principal amount outstanding, net of unearned income and amounts charged off. Unearned income includes discounts, premiums and deferred loan origination fees reduced by loan origination costs. Unearned income on loans is amortized to interest income over the life of the related loan using the effective interest rate method. Interest income is recognized on an accrual basis. | |
Fees received for providing loan commitments and letters of credit that may result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to noninterest income as banking fees and commissions on a straight-line basis over the commitment period when funding is not expected. | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered held for investment. | |
The Company accounts for loans in accordance with ASC topics 310 and 470, when due to a deterioration in a borrower’s financial position, the Company grants concessions that would not otherwise be considered. Troubled debt restructured (TDR) loans are tested for impairment and placed in nonaccrual status. If borrowers perform pursuant to the modified loan terms for at least six months and the remaining loan balances are considered collectible, the loans are returned to accrual status. When the Company modifies the terms of an existing loan that is not considered a troubled debt restructuring, the Company follows the provisions of ASC 310 “Creditor’s Accounting for a Modification or Exchange of Debt Instruments.” | |
A loan is considered to be impaired when based on current information, it is probable the Company will not receive all amounts due in accordance with the contractual terms of a loan agreement. The fair value is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is also considered impaired if its terms are modified in a troubled debt restructuring. When the ultimate collectibility of the principal balance of an impaired loan is in doubt, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been forgone, and then they are recorded as recoveries of any amounts previously charged off. | |
The accrual of interest is generally discontinued on loans and leases, except consumer loans, that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. Generally, loans past due 90 days or more are placed on nonaccrual status regardless of security. When interest accruals are discontinued, unpaid interest is reversed against interest income. Consumer loans that become 120 days past due are generally charged off. When borrowers demonstrate over an extended period the ability to repay a loan in accordance with the contractual terms of a loan classified as nonaccrual, the loan is returned to accrual status. Interest income on nonaccrual loans is either recorded using the cash basis method of accounting or recognized after the principal has been reduced to zero, depending on the type of loan. | |
Derivatives Used for Risk Management | ' |
Derivatives Used for Risk Management: The Company may designate a derivative as either a hedge of the fair value of a recognized fixed rate asset or liability or an unrecognized firm commitment (“fair value” hedge), a hedge of a forecasted transaction or of the variability of future cash flows of a floating rate asset or liability (“cash flow” hedge). All derivatives are recorded as other assets or other liabilities on the balance sheet at their respective fair values with unrealized gains and losses recorded either in other comprehensive income or in the results of operations, depending on the purpose for which the derivative is held. Derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are carried at fair value with unrealized gains and losses recorded in the results of operations. | |
To the extent of the effectiveness of a cash flow hedge, changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in other comprehensive income. The net periodic interest settlement on derivatives is treated as an adjustment to the interest income or interest expense of the hedged assets or liabilities. | |
At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective and strategy for undertaking the hedge. This process includes identification of the hedging instrument, hedged item, risk being hedged and the methodology for measuring ineffectiveness. In addition, the Company assesses both at the inception of the hedge and on an ongoing quarterly basis, whether the derivative used in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item, and whether the derivative as a hedging instrument is no longer appropriate. | |
The Company discontinues hedge accounting prospectively when either it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative expires or is sold, terminated or exercised; the derivative is de-designated because it is unlikely that a forecasted transaction will occur; or management determines that designation of the derivative as a hedging instrument is no longer appropriate. | |
When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted as an adjustment to yield over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction are still expected to occur, unrealized gains and losses that are accumulated in other comprehensive income are included in the results of operations in the same period when the results of operations are also affected by the hedged cash flow. They are recognized in the results of operations immediately if the cash flow hedge was discontinued because a forecasted transaction is not expected to occur. | |
Certain commitments to sell loans are derivatives. These commitments are recorded as a freestanding derivative and classified as an other asset or liability. | |
Loans Held for Sale | ' |
Loans Held for Sale: Loans are classified as held for sale based on management’s intent to sell the loans, either as part of a core business strategy or related to a risk mitigation strategy. Loans held for sale and any related unfunded lending commitments are recorded at fair value, if elected or the lower of cost (which is the carrying amount net of deferred fees and costs and applicable allowance for loan losses and reserve for unfunded lending commitments) or fair market value less costs to sell. Adjustments to reflect unrealized gains and losses resulting from changes in fair value and realized gains and losses upon ultimate sale of the loans are classified as noninterest income in the Consolidated Statements of Income. At the time of the transfer to loans held for sale, if the fair market value is less than cost, the difference is recorded as additional provision for credit losses in the results of operations. Fair market value is determined based on quoted market prices for the same or similar loans, outstanding investor commitments or discounted cash flow analyses using market assumptions. | |
At December 31, 2013 fair market value for substantially all the loans in loans held for sale were obtained by reference to prices for the same or similar loans from recent transactions. For a relationship that includes an unfunded lending commitment, the cost basis is the outstanding balance of the loan net of the allowance for loan losses and net of any reserve for unfunded lending commitments. This cost basis is compared to the fair market value of the entire relationship including the unfunded lending commitment. | |
Individual loans or pools of loans are transferred from the loan portfolio to loans held for sale when the intent to hold the loans has changed and there is a plan to sell the loans within a reasonable period of time. Loans held for sale are reviewed quarterly. Subsequent declines or recoveries of previous declines in the fair market value of loans held for sale are recorded in other fee income in the results of operations. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. If an unfunded lending commitment expires before a sale occurs, the reserve associated with the unfunded lending commitment is recognized as a credit to other fee income in the results of operations. | |
Fair Value Measurements | ' |
Fair Value Measurements: The Company measures or monitors many of its assets and liabilities on a fair value basis. Certain assets and liabilities are measured on a recurring basis. Examples of these include derivative instruments, available for sale and trading securities, loans held for sale and long-term debt. Additionally, fair value is used on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. Examples of these non-recurring uses of fair value include certain loans held for sale accounted for on a lower of cost or fair value, mortgage servicing rights, goodwill, and long-lived assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. | |
The Company applied the following fair value hierarchy: | |
Level 1 – Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments or futures contracts. | |
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |
Level 3 – Assets and liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. | |
When determining the fair value measurements for assets and liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets and the Company must use alternative valuation techniques to derive a fair value measurement. | |
Other Real Estate Owned | ' |
Other Real Estate Owned: Other real estate owned (“OREO”) consists of real estate acquired in lieu of unpaid loan balances. These assets are carried at an amount equal to the loan balance prior to foreclosure plus costs incurred for improvements to the property, but no more than the estimated fair value of the property less estimated selling costs. Any valuation adjustments required at the date of transfer are charged to the allowance for loan losses. Subsequently, unrealized losses and realized gains and losses are included in other noninterest expense. Operating results from OREO are recorded in other noninterest expense. | |
Bank Premises and Equipment | ' |
Bank Premises and Equipment: Bank premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment include certain costs associated with the acquisition of leasehold improvements. Depreciation and amortization are recognized principally by the straight-line method, over the estimated useful lives as follows: buildings—25-40 years, leasehold improvements—5-25 years, furniture and equipment—3-12 years. Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Other Intangible Assets | ' |
Other Intangible Assets: Intangible assets with indefinite lives are not subject to amortization. Rather they are subject to impairment tests at least annually, or more often if events or circumstances indicate there may be impairment. Intangible assets with finite lives continue to be amortized over the period the Company expects to benefit from such assets and are periodically reviewed to determine whether there have been any events or circumstances to indicate the recorded amount is not recoverable from projected undiscounted net operating cash flows. A loss is recognized to reduce the carrying amount to fair value, where appropriate. | |
Revenue Recognition | ' |
Revenue Recognition: Revenue is recognized when the earnings process is complete and collectibility is assured. Brokerage fees and commissions are recognized on a trade date basis. Asset management fees, measured by assets at a particular date, are accrued as earned. Commission expenses are recorded when the related revenue is recognized. | |
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | ' |
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments: The Company has developed policies and procedures for assessing the adequacy of the allowance for loan losses and reserve for unfunded lending commitments that reflect the evaluation of credit risk after careful consideration of all available information. Where appropriate this assessment includes monitoring qualitative and quantitative trends including changes in levels of past due, criticized and nonperforming loans. In developing this assessment, the Company must necessarily rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown such as economic factors, developments affecting companies in specific industries and issues with respect to single borrowers. Depending on changes in circumstances, future assessments of credit risk may yield materially different results, which may result in an increase or a decrease in the allowance for loan losses. | |
The allowance for loan losses and reserve for unfunded lending commitments is maintained at a level the Company believes is adequate to absorb probable losses inherent in the loan portfolio and unfunded lending commitments as of the date of the consolidated financial statements. The Company employs a variety of modeling and estimation tools in developing the appropriate allowance for loan losses and reserve for unfunded lending commitments. The allowance for loan losses and reserve for unfunded lending commitments consists of formula-based components for both commercial and consumer loans, allowance for impaired commercial loans and allowance related to additional factors that are believed indicative of current trends and business cycle issues. | |
If necessary, a specific allowance is established for individually evaluated impaired loans. The specific allowance established for these loans is based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated market value, or the estimated fair value of the underlying collateral depending on the most likely source of repayment. General allowances are established for loans grouped into pools based on similar characteristics. In this process, general allowance factors are based on an analysis of historical charge-off experience, portfolio trends, regional and national economic conditions, and expected loss given default derived from the Company’s internal risk rating process. | |
The Company monitors qualitative and quantitative trends in the loan portfolio, including changes in the levels of past due, criticized and nonperforming loans. The distribution of the allowance for loan losses and reserve for unfunded lending commitments between the various components does not diminish the fact that the entire allowance for loan losses and reserve for unfunded lending commitments is available to absorb credit losses in the loan portfolio. The principal focus is, therefore, on the adequacy of the total allowance for loan losses and reserve for unfunded lending commitments. | |
In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s bank subsidiary’s allowance for loan losses and reserve for unfunded lending commitments. These agencies may require such subsidiaries to recognize changes to the allowance for loan losses and reserve for unfunded lending commitments based on their judgments about information available to them at the time of their examination. | |
Income Taxes | ' |
Income Taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their related tax bases and are measured using the enacted tax rates and laws that are in effect. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The effect on deferred tax assets and liabilities of a change in rates is recognized as income or expense in the period in which the change occurs. See Note L, Income Taxes for related disclosures. | |
Earnings Per Share | ' |
Earnings per Share: Basic earnings per share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents calculated for stock options and performance restricted stock outstanding using the treasury stock method. | |
Stock-Based Compensation | ' |
Stock-Based Compensation: The four stock option plans are accounted for under ASC Topic 718 and the fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with market assumptions. This amount is amortized on a straight-line basis over the vesting period, generally five years. (See Note J) | |
For restricted stock awards, which generally vest based on continued service with the Company, the deferred compensation is measured as the fair value of the shares on the date of grant, and the deferred compensation is amortized as salaries and employee benefits in accordance with the applicable vesting schedule, generally straight-line over five years. Some shares vest based upon the Company achieving certain performance goals and salary amortization expense is based on an estimate of the most likely results on a straight line basis. | |
Recently Issued Accounting Standards, Not Adopted | ' |
Recently Issued Accounting Standards, Not Adopted as of December 31, 2013 | |
In July of 2013, the Financial Accounting Standards Board (“FASB”) issued amended guidance that resolves the diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This new accounting guidance requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. Under the new standard, UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The new standard requires prospective adoption but allows retrospective adoption for all periods presented. We will adopt the FASB’s amended guidance for our annual reporting period beginning January 1, 2014. We do not expect the adoption of the guidance to have a significant impact on our financial position, results of operations or cash flows. | |
In March of 2013, the FASB issued amended guidance that resolves the diversity in practice for the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity. The amended guidance requires that when a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the parent is required to release any related cumulative translation adjustment into net income in instances when a sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, the amended guidance clarifies that the sale of an investment in a foreign entity includes both (1) events that result in the loss of a controlling financial interest in a foreign entity and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. In these instances, an entity is required to release the cumulative translation adjustment into net income. We will adopt the FASB’s amended guidance during the three months ended March 31, 2014. We do not expect the adoption of the guidance to have a significant impact on our financial position, results of operations or cash flows. |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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 December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 100 | $ | 0 | $ | 0 | $ | 100 | |||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 129,468 | 1,456 | (4,189 | ) | 126,735 | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 383,392 | 776 | (14,747 | ) | 369,421 | ||||||||||||||||||||
Private mortgage-backed securities | 29,800 | 0 | (226 | ) | 29,574 | ||||||||||||||||||||
Private collateralized mortgage obligations | 76,520 | 731 | (413 | ) | 76,838 | ||||||||||||||||||||
Collateralized loan obligations | 32,592 | 0 | (413 | ) | 32,179 | ||||||||||||||||||||
Obligations of state and political subdivisions | 6,586 | 193 | (15 | ) | 6,764 | ||||||||||||||||||||
$ | 658,458 | $ | 3,156 | $ | (20,003 | ) | $ | 641,611 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 December 31, 2013, by contractual maturity, are shown below. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Due in less than one year | $ | 100 | $ | 100 | |||||||||||||||||||||
Due after one year through five years | 817 | 832 | |||||||||||||||||||||||
Due after five years through ten years | 8,438 | 8,349 | |||||||||||||||||||||||
Due after ten years | 29,923 | 29,762 | |||||||||||||||||||||||
39,278 | 39,043 | ||||||||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 129,468 | 126,735 | |||||||||||||||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 383,392 | 369,421 | |||||||||||||||||||||||
Private mortgage-backed securities | 29,800 | 29,574 | |||||||||||||||||||||||
Private collateralized mortgage obligations | 76,520 | 76,838 | |||||||||||||||||||||||
$ | 658,458 | $ | 641,611 | ||||||||||||||||||||||
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 December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | $ | 33,425 | $ | (2,045 | ) | $ | 35,043 | $ | (2,144 | ) | $ | 68,468 | $ | (4,189 | ) | ||||||||||
Collateralized mortgage obligations of U.S. Government Sponsored Entities | 287,312 | (12,450 | ) | 45,657 | (2,297 | ) | 332,969 | (14,747 | ) | ||||||||||||||||
Private mortgage-backed securities | 29,574 | (226 | ) | 0 | 0 | 29,574 | (226 | ) | |||||||||||||||||
Private collateralized mortgage obligations | 47,653 | (413 | ) | 0 | 0 | 47,653 | (413 | ) | |||||||||||||||||
Collateralized loan obligations | 32,179 | (413 | ) | 0 | 0 | 32,179 | (413 | ) | |||||||||||||||||
Obligations of state and political subdivisions | 502 | (14 | ) | 125 | (1 | ) | 627 | (15 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 430,645 | $ | (15,561 | ) | $ | 80,825 | $ | (4,442 | ) | $ | 511,470 | $ | (20,003 | ) | ||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Information Relating to Loans | ' | ||||||||||||||||||||||||
Information relating to loans at December 31 is summarized as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Construction and land development | $ | 67,450 | $ | 60,736 | |||||||||||||||||||||
Commercial real estate | 520,382 | 486,828 | |||||||||||||||||||||||
Residential real estate | 592,746 | 569,331 | |||||||||||||||||||||||
Commercial and financial | 78,636 | 61,903 | |||||||||||||||||||||||
Consumer | 44,713 | 46,930 | |||||||||||||||||||||||
Other | 280 | 353 | |||||||||||||||||||||||
NET LOAN BALANCES | $ | 1,304,207 | $ | 1,226,081 | |||||||||||||||||||||
-1 | Net loan balances at December 31, 2013 and 2012 include deferred costs of $2,618,000 and $1,530,000, respectively. | ||||||||||||||||||||||||
Contractual Aging of Recorded Investment in Past Due Loans | ' | ||||||||||||||||||||||||
The following tables present the contractual aging of the recorded investment in past due loans by class of loans as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
December 31, 2013 | Accruing | Accruing | Accruing | Nonaccrual | Current | Total | |||||||||||||||||||
30-59 | 60-89 | Greater | Financing | ||||||||||||||||||||||
Days | Days | Than 90 | Receivables | ||||||||||||||||||||||
Past Due | Past Due | Days | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Construction and land development | $ | 3 | $ | 0 | $ | 0 | $ | 1,302 | $ | 66,145 | $ | 67,450 | |||||||||||||
Commercial real estate | 684 | 345 | 0 | 5,111 | 514,242 | 520,382 | |||||||||||||||||||
Residential real estate | 974 | 909 | 160 | 20,705 | 569,998 | 592,746 | |||||||||||||||||||
Commercial and financial | 353 | 0 | 0 | 13 | 78,270 | 78,636 | |||||||||||||||||||
Consumer | 33 | 27 | 0 | 541 | 44,112 | 44,713 | |||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 280 | 280 | |||||||||||||||||||
Total | $ | 2,047 | $ | 1,281 | $ | 160 | $ | 27,672 | $ | 1,273,047 | $ | 1,304,207 | |||||||||||||
December 31, 2012 | Accruing | Accruing | Accruing | Nonaccrual | Current | Total | |||||||||||||||||||
30-59 | 60-89 | Greater | Financing | ||||||||||||||||||||||
Days | Days | Than 90 | Receivables | ||||||||||||||||||||||
Past Due | Past Due | Days | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Construction and 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 December 31, 2013 and 2012: | |||||||||||||||||||||||||
December 31, 2013 | Construction | Commercial | Residential | Commercial | Consumer | Total | |||||||||||||||||||
& Land | Real Estate | Real | and | ||||||||||||||||||||||
Development | Estate | Financial | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Pass | $ | 63,186 | $ | 485,268 | $ | 554,681 | $ | 77,840 | $ | 43,267 | $ | 1,224,242 | |||||||||||||
Special mention | 583 | 6,810 | 824 | 382 | 300 | 8,899 | |||||||||||||||||||
Substandard | 0 | 15,886 | 1,670 | 248 | 453 | 18,257 | |||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Nonaccrual | 1,302 | 5,111 | 20,705 | 13 | 541 | 27,672 | |||||||||||||||||||
Pass-Troubled debt restructures | 1,838 | 5,584 | 30 | 0 | 0 | 7,452 | |||||||||||||||||||
Troubled debt restructures | 541 | 1,723 | 14,836 | 153 | 432 | 17,685 | |||||||||||||||||||
$ | 67,450 | $ | 520,382 | $ | 592,746 | $ | 78,636 | $ | 44,993 | $ | 1,304,207 | ||||||||||||||
December 31, 2012 | Construction | Commercial | Residential | Commercial | Consumer | Total | |||||||||||||||||||
& Land | Real Estate | Real | and | ||||||||||||||||||||||
Development | Estate | Financial | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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_Allowance_f1
Impaired Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Modified Loans | ' | ||||||||||||||||||||||||
The following table presents loans that were modified within the twelve months ending December 31, 2013: | |||||||||||||||||||||||||
Number | Pre- | Post- | Specific | Valuation | |||||||||||||||||||||
of | Modification | Modification | Reserve | Allowance | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | Recorded | Recorded | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Construction and land development | 1 | $ | 14 | $ | 13 | $ | 0 | $ | 1 | ||||||||||||||||
Residential real estate | 11 | 1,422 | 1,254 | 0 | 168 | ||||||||||||||||||||
Commercial real estate | 7 | 3,421 | 3,059 | 0 | 362 | ||||||||||||||||||||
Commercial and financial | 2 | 154 | 154 | 0 | 0 | ||||||||||||||||||||
Consumer | 1 | 92 | 74 | 0 | 18 | ||||||||||||||||||||
22 | $ | 5,103 | $ | 4,554 | $ | 0 | $ | 549 | |||||||||||||||||
Troubled Debt Restructurings Defaulted | ' | ||||||||||||||||||||||||
Accruing loans that were restructured within the twelve months ending December 31, 2013, 2012 and 2011 and defaulted during the twelve months ended December 31, 2013, 2012 and 2011 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 as disclosed in Note A. | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Residential real estate | 1 | $ | 328 | ||||||||||||||||||||||
Commercial real estate | 1 | 1,620 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Residential real estate | 7 | $ | 913 | ||||||||||||||||||||||
December 31, 2011: | |||||||||||||||||||||||||
Construction and land development | 1 | $ | 37 | ||||||||||||||||||||||
Residential real estate | 1 | 220 | |||||||||||||||||||||||
Commercial and financial | 1 | 8 | |||||||||||||||||||||||
Company's Recorded Investment in Impaired Loans and Related Valuation Allowance | ' | ||||||||||||||||||||||||
At December 31, 2013 and 2012, the Company’s recorded investment in impaired loans and related valuation allowance was as follows: | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
for the Year Ended December 31, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Valuation | Recorded | Income | |||||||||||||||||||||
Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||
( In thousands ) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 2,561 | $ | 3,180 | $ | 0 | $ | 2,446 | $ | 102 | |||||||||||||||
Commercial real estate | 4,481 | 6,577 | 0 | 7,382 | 28 | ||||||||||||||||||||
Residential real estate | 12,366 | 17,372 | 0 | 14,512 | 81 | ||||||||||||||||||||
Commercial and financial | 153 | 153 | 0 | 19 | 9 | ||||||||||||||||||||
Consumer | 425 | 569 | 0 | 162 | 19 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction and land development | 1,120 | 1,197 | 149 | 1,347 | 36 | ||||||||||||||||||||
Commercial real estate | 7,937 | 8,046 | 638 | 17,264 | 395 | ||||||||||||||||||||
Residential real estate | 23,365 | 24,766 | 4,528 | 22,899 | 566 | ||||||||||||||||||||
Commercial and financial | 13 | 13 | 13 | 1 | 1 | ||||||||||||||||||||
Consumer | 548 | 573 | 118 | 571 | 23 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 3,681 | 4,377 | 149 | 3,793 | 138 | ||||||||||||||||||||
Commercial real estate | 12,418 | 14,623 | 638 | 24,646 | 423 | ||||||||||||||||||||
Residential real estate | 35,731 | 42,138 | 4,528 | 37,411 | 647 | ||||||||||||||||||||
Commercial and financial | 166 | 166 | 13 | 20 | 10 | ||||||||||||||||||||
Consumer | 973 | 1,142 | 118 | 733 | 42 | ||||||||||||||||||||
$ | 52,969 | $ | 62,446 | $ | 5,446 | $ | 66,603 | $ | 1,260 | ||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
for the Year Ended December 31, 2012 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Valuation | Recorded | Income | |||||||||||||||||||||
Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||
( In thousands ) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction and land development | $ | 1,128 | $ | 1,608 | $ | 0 | $ | 1,399 | $ | 5 | |||||||||||||||
Commercial real estate | 12,357 | 14,337 | 0 | 12,103 | 433 | ||||||||||||||||||||
Residential real estate | 15,463 | 22,022 | 0 | 12,019 | 455 | ||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 7 | 0 | ||||||||||||||||||||
Consumer | 223 | 255 | 0 | 431 | 12 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction and land development | 2,897 | 2,941 | 230 | 3,539 | 127 | ||||||||||||||||||||
Commercial real estate | 26,130 | 26,648 | 2,264 | 39,527 | 1,304 | ||||||||||||||||||||
Residential real estate | 24,256 | 24,752 | 4,700 | 26,795 | 696 | ||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 34 | 0 | ||||||||||||||||||||
Consumer | 447 | 460 | 75 | 585 | 22 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Construction and land development | 4,025 | 4,549 | 230 | 4,938 | 132 | ||||||||||||||||||||
Commercial real estate | 38,487 | 40,985 | 2,264 | 51,630 | 1,737 | ||||||||||||||||||||
Residential real estate | 39,719 | 46,774 | 4,700 | 38,814 | 1,151 | ||||||||||||||||||||
Commercial and financial | 0 | 0 | 0 | 41 | 0 | ||||||||||||||||||||
Consumer | 670 | 715 | 75 | 1,016 | 34 | ||||||||||||||||||||
$ | 82,901 | $ | 93,023 | $ | 7,269 | $ | 96,439 | $ | 3,054 | ||||||||||||||||
Activity in Allowance for Loan Losses | ' | ||||||||||||||||||||||||
Activity in the allowance for loans losses for the three years ended December 31, 2013, 2012 and 2011 are summarized as follows: | |||||||||||||||||||||||||
Beginning | Provision | Charge- | Recoveries | Net Charge- | Ending | ||||||||||||||||||||
Balance | for Loan | Offs | Offs | Balance | |||||||||||||||||||||
Losses | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31 , 2013 | |||||||||||||||||||||||||
Construction and land development | $ | 1,134 | $ | 66 | $ | (604 | ) | $ | 212 | $ | (392 | ) | $ | 808 | |||||||||||
Commercial real estate | 8,849 | (522 | ) | (2,714 | ) | 547 | (2,167 | ) | 6,160 | ||||||||||||||||
Residential real estate | 11,090 | 3,273 | (3,153 | ) | 449 | (2,704 | ) | 11,659 | |||||||||||||||||
Commercial and financial | 468 | (24 | ) | (60 | ) | 326 | 266 | 710 | |||||||||||||||||
Consumer | 563 | 395 | (253 | ) | 26 | (227 | ) | 731 | |||||||||||||||||
$ | 22,104 | $ | 3,188 | $ | (6,784 | ) | $ | 1,560 | $ | (5,224 | ) | $ | 20,068 | ||||||||||||
December 31 , 2012 | |||||||||||||||||||||||||
Construction and land development | $ | 1,883 | $ | (478 | ) | $ | (612 | ) | $ | 341 | $ | (271 | ) | $ | 1,134 | ||||||||||
Commercial real estate | 11,477 | 3,209 | (8,539 | ) | 2,702 | (5,837 | ) | 8,849 | |||||||||||||||||
Residential real estate | 10,966 | 7,767 | (8,381 | ) | 738 | (7,643 | ) | 11,090 | |||||||||||||||||
Commercial and financial | 402 | 283 | (346 | ) | 129 | (217 | ) | 468 | |||||||||||||||||
Consumer | 837 | 15 | (410 | ) | 121 | (289 | ) | 563 | |||||||||||||||||
$ | 25,565 | $ | 10,796 | $ | (18,288 | ) | $ | 4,031 | $ | (14,257 | ) | $ | 22,104 | ||||||||||||
December 31, 2011 | |||||||||||||||||||||||||
Construction and land development | $ | 7,214 | $ | (1,645 | ) | $ | (4,739 | ) | $ | 1,053 | $ | (3,686 | ) | $ | 1,883 | ||||||||||
Commercial real estate | 18,563 | (3,777 | ) | (3,663 | ) | 354 | (3,309 | ) | 11,477 | ||||||||||||||||
Residential real estate | 10,102 | 7,833 | (7,482 | ) | 513 | (6,969 | ) | 10,966 | |||||||||||||||||
Commercial and financial | 480 | (379 | ) | 0 | 301 | 301 | 402 | ||||||||||||||||||
Consumer | 1,385 | (58 | ) | (562 | ) | 72 | (490 | ) | 837 | ||||||||||||||||
$ | 37,744 | $ | 1,974 | $ | (16,446 | ) | $ | 2,293 | $ | (14,153 | ) | $ | 25,565 | ||||||||||||
Loan Portfolio and Related Allowance | ' | ||||||||||||||||||||||||
The Company’s loan portfolio and related allowance at December 31, 2013 and 2012 is shown in the following tables. | |||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated for | Total | |||||||||||||||||||||||
for Impairment | Impairment | ||||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
Value | Allowance | Value | Allowance | Value | Allowance | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Construction and land development | $ | 3,681 | $ | 149 | $ | 63,769 | $ | 659 | $ | 67,450 | $ | 808 | |||||||||||||
Commercial real estate | 12,418 | 638 | 507,964 | 5,522 | 520,382 | 6,160 | |||||||||||||||||||
Residential real estate | 35,731 | 4,528 | 557,015 | 7,131 | 592,746 | 11,659 | |||||||||||||||||||
Commercial and financial | 166 | 13 | 78,470 | 697 | 78,636 | 710 | |||||||||||||||||||
Consumer | 973 | 118 | 44,020 | 613 | 44,993 | 731 | |||||||||||||||||||
$ | 52,969 | $ | 5,446 | $ | 1,251,238 | $ | 14,622 | $ | 1,304,207 | $ | 20,068 | ||||||||||||||
Individually Evaluated | Collectively Evaluated for | Total | |||||||||||||||||||||||
for Impairment | Impairment | ||||||||||||||||||||||||
Carrying | Associated | Carrying | Associated | Carrying | Associated | ||||||||||||||||||||
Value | Allowance | Value | Allowance | Value | Allowance | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Construction and land development | $ | 4,025 | $ | 230 | $ | 56,711 | $ | 904 | $ | 60,736 | $ | 1,134 | |||||||||||||
Commercial real estate | 38,487 | 2,264 | 448,341 | 6,585 | 486,828 | 8,849 | |||||||||||||||||||
Residential real estate | 39,719 | 4,700 | 529,612 | 6,390 | 569,331 | 11,090 | |||||||||||||||||||
Commercial and financial | 0 | 0 | 61,903 | 468 | 61,903 | 468 | |||||||||||||||||||
Consumer | 670 | 75 | 46,613 | 488 | 47,283 | 563 | |||||||||||||||||||
$ | 82,901 | $ | 7,269 | $ | 1,143,180 | $ | 14,835 | $ | 1,226,081 | $ | 22,104 | ||||||||||||||
Bank_Premises_and_Equipment_Ta
Bank Premises and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Summary of Bank Premises and Equipment | ' | ||||||||||||
Bank premises and equipment are summarized as follows: | |||||||||||||
Cost | Accumulated | Net | |||||||||||
Depreciation & | Carrying | ||||||||||||
Amortization | Value | ||||||||||||
(In thousands) | |||||||||||||
December 31, 2013 | |||||||||||||
Premises (including land of $8,978) | $ | 49,647 | $ | (20,518 | ) | $ | 29,129 | ||||||
Furniture and equipment | 22,138 | (16,762 | ) | 5,376 | |||||||||
$ | 71,785 | $ | (37,280 | ) | $ | 34,505 | |||||||
December 31, 2012 | |||||||||||||
Premises (including land of $8,978) | $ | 48,064 | $ | (19,051 | ) | $ | 29,013 | ||||||
Furniture and equipment | 21,311 | (15,859 | ) | 5,452 | |||||||||
$ | 69,375 | $ | (34,910 | ) | $ | 34,465 | |||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Gross Carrying Amount and Accumulated Amortization of Intangible Asset | ' | ||||||||||||||||
The gross carrying amount and accumulated amortization of the Company’s intangible asset subject to amortization at December 31 is presented below. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Deposit base | $ | 9,494 | $ | (8,776 | ) | $ | 9,494 | $ | (7,993 | ) | |||||||
$ | 9,494 | $ | (8,776 | ) | $ | 9,494 | $ | (7,993 | ) | ||||||||
Intangible Amortization Expense | ' | ||||||||||||||||
Intangible amortization expense related to the deposit base intangible for each of the years in the three-year period ended December 31, 2013, is presented below. | |||||||||||||||||
Year Ended December 31 | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Intangible Amortization | |||||||||||||||||
Identified intangible assets Deposit base | $ | 783 | $ | 788 | $ | 847 |
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | ' | ||||||||||||
All of the Company’s short-term borrowings were comprised of federal funds purchased and securities sold under agreements to repurchase with maturities primarily from overnight to seven days: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Maximum amount outstanding at any month end | $ | 165,770 | $ | 149,316 | $ | 154,440 | |||||||
Weighted average interest rate at end of year | 0.17 | % | 0.21 | % | 0.22 | % | |||||||
Average amount outstanding | $ | 155,222 | $ | 141,592 | $ | 106,495 | |||||||
Weighted average interest rate during the year | 0.18 | % | 0.24 | % | 0.26 | % |
Employee_Benefits_and_Stock_Co1
Employee Benefits and Stock Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Non-Vested Restricted Stock Awards and Units | ' | ||||||||||||||||
Non-vested restricted units totaling 177,000 were outstanding at December 31, 2013, and are as follows: | |||||||||||||||||
Number of | Remaining | Weighted Average | |||||||||||||||
Non-Vested | Unrecognized | Remaining Recognition | |||||||||||||||
Restricted Stock | Compensation Cost | Period in Years | |||||||||||||||
Units | |||||||||||||||||
177,000 | $1,520,000 | 5 | |||||||||||||||
Summary of Stock Option and SSARs Activity | ' | ||||||||||||||||
The following table presents a summary of stock option and SSARs activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Number | Option or | Weighted | Aggregate | ||||||||||||||
of | SSAR Exercise | Average | Intrinsic | ||||||||||||||
Shares | Price | Exercise | Value | ||||||||||||||
Per Share | Price | ||||||||||||||||
Dec. 31, 2010 | 109,000 | $85.40 –136.80 | $ | 106.05 | $ | 0 | |||||||||||
Granted | 0 | 0 | 0 | ||||||||||||||
Exercised | 0 | 0 | 0 | ||||||||||||||
Expired | 0 | 0 | 0 | ||||||||||||||
Cancelled | (2,000 | ) | 85.40 –136.80 | 100.7 | |||||||||||||
Dec. 31, 2011 | 107,000 | 85.40 –136.80 | 107.1 | 0 | |||||||||||||
Granted | 0 | 0 | 0 | ||||||||||||||
Exercised | 0 | 0 | 0 | ||||||||||||||
Expired | 0 | 0 | 0 | ||||||||||||||
Cancelled | (20,000 | ) | 85.40 –133.60 | 113.3 | |||||||||||||
Dec. 31, 2012 | 87,000 | 85.40 –136.80 | 105.6 | 0 | |||||||||||||
Granted | 49,000 | 11 | 11 | ||||||||||||||
Exercised | 0 | 0 | 0 | ||||||||||||||
Expired | (28,000 | ) | 85.4 | 85.4 | |||||||||||||
Cancelled | (6,000 | ) | 111.10 –136.80 | 113.57 | |||||||||||||
Dec. 31, 2013 | 102,000 | 11.00 – 133.60 | 65.1 | 0 | |||||||||||||
Summary of Stock Options Outstanding and Exercisable | ' | ||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||
Options / SSARs Outstanding | Options / SSARs Exercisable (Vested) | ||||||||||||||||
Number of | Weighted Average | Number of | Weighted | Weighted Average | Aggregate | ||||||||||||
Shares | Remaining | Shares | Average | Remaining | Intrinsic | ||||||||||||
Outstanding | Contractual Life | Exercisable | Exercise | Contractual Life | Value | ||||||||||||
in Years | Price | in Years | |||||||||||||||
102,000 | 5.91 | 53,000 | $115.48 | 2.58 | $0 | ||||||||||||
Restricted Stock [Member] | ' | ||||||||||||||||
Summary of Non-Vested Restricted Stock Awards and Units | ' | ||||||||||||||||
Non-vested restricted stock awards totaling 168,000 shares were outstanding at December 31, 2013, 12,000 less than at December 31, 2012, and are as follows: | |||||||||||||||||
Number of | Remaining | Weighted Average | |||||||||||||||
Non-Vested | Unrecognized | Remaining Recognition | |||||||||||||||
Restricted Stock | Compensation Cost | Period in Years | |||||||||||||||
Award Shares | |||||||||||||||||
168,000 | $2,079,000 | 4.37 | |||||||||||||||
Equity Option [Member] | ' | ||||||||||||||||
Summary of Non-Vested Stock Activity | ' | ||||||||||||||||
Adjusting for potential forfeiture experience, non-vested stock options for 49,000 shares were outstanding at December 31, 2013, and are as follows: | |||||||||||||||||
Number of | Weighted Average | Weighted | Remaining | Weighted Average | |||||||||||||
Non-Vested | Remaining Contractual | Average | Unrecognized | Remaining Recognition | |||||||||||||
Stock Options | Life in Years | Fair Value | Compensation Cost | Period in Years | |||||||||||||
49,000 | 9.5 | $3.10 | $107,000 | 4.5 |
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Future Minimum Lease Payments under Operating Leases | ' | ||||
At December 31, 2013, future minimum lease payments under leases with initial or remaining terms in excess of one year are as follows: | |||||
(In thousands) | |||||
2014 | $ | 3,304 | |||
2015 | 2,657 | ||||
2016 | 2,552 | ||||
2017 | 2,320 | ||||
2018 | 1,032 | ||||
Thereafter | 11,332 | ||||
$ | 23,197 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of Income Tax Expense Benefit | ' | ||||||||||||
The benefit for income taxes is as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current | |||||||||||||
Federal | $ | 160 | $ | 0 | $ | 0 | |||||||
State | 7 | 7 | 10 | ||||||||||
Deferred | |||||||||||||
Federal | (30,540 | ) | 0 | 0 | |||||||||
State | (10,012 | ) | (7 | ) | (10 | ) | |||||||
$ | (40,385 | ) | $ | 0 | $ | 0 | |||||||
Reconciliation of Expected Tax Benefit with Income Tax Benefit Relating to Loss before Income Taxes | ' | ||||||||||||
The difference between the total expected tax benefit (computed by applying the U.S. Federal tax rate of 35% to pretax income in 2013, 2012 and 2011) and the reported income tax benefit relating to loss before income taxes is as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Tax rate applied to income (loss) before income taxes | $ | 4,061 | $ | (249 | ) | $ | 2,333 | ||||||
Increase (decrease) resulting from the effects of: | |||||||||||||
Tax exempt interest on obligations of states and political subdivisions | (148 | ) | (118 | ) | (143 | ) | |||||||
State income taxes | (259 | ) | (27 | ) | (173 | ) | |||||||
Stock compensation | 4 | 28 | 132 | ||||||||||
Expiration of capital loss carryforward | 0 | 354 | 0 | ||||||||||
Other | 38 | 53 | 281 | ||||||||||
Federal tax provision before valuation allowance | 3,696 | 41 | 2,430 | ||||||||||
State tax provision before valuation allowance | 740 | 76 | 494 | ||||||||||
Total income tax provision | 4,436 | 117 | 2,924 | ||||||||||
Change in valuation allowance | (44,821 | ) | (117 | ) | (2,924 | ) | |||||||
Income tax provision (benefit) | $ | (40,385 | ) | $ | 0 | $ | 0 | ||||||
Summary of Net Deferred Tax Assets (Liabilities) | ' | ||||||||||||
The net deferred tax assets (liabilities) are comprised of the following: | |||||||||||||
December 31 | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Allowance for loan losses | $ | 8,139 | $ | 8,964 | |||||||||
Other real estate owned | 899 | 1,521 | |||||||||||
Capital losses | 0 | 26 | |||||||||||
Accrued stock compensation | 528 | 492 | |||||||||||
Federal tax loss carryforward | 42,776 | 44,755 | |||||||||||
State tax loss carryforward | 7,925 | 8,202 | |||||||||||
Alternative minimum tax carryforward | 1,304 | 1,304 | |||||||||||
Net unrealized securities losses | 6,503 | 0 | |||||||||||
Deferred compensation | 1,169 | 1,162 | |||||||||||
Other | 273 | 990 | |||||||||||
Gross deferred tax assets | 69,516 | 67,416 | |||||||||||
Less: Valuation allowance | 0 | (44,821 | ) | ||||||||||
Deferred tax assets net of valuation allowance | 69,516 | 22,595 | |||||||||||
Depreciation | (1,365 | ) | (1,514 | ) | |||||||||
Deposit base intangible | (233 | ) | (538 | ) | |||||||||
Net unrealized securities gains | 0 | (1,972 | ) | ||||||||||
Accrued interest and fee income | (1,060 | ) | (620 | ) | |||||||||
Gross deferred tax liabilities | (2,658 | ) | (4,644 | ) | |||||||||
Net deferred tax assets | $ | 66,858 | $ | 17,951 | |||||||||
Summary of Income Tax Examination Major Tax Jurisdictions along with Tax Year | ' | ||||||||||||
The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination: | |||||||||||||
Jurisdiction | Tax Year | ||||||||||||
United States of America | 2010 | ||||||||||||
Florida | 2008 |
Noninterest_Income_and_Expense1
Noninterest Income and Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Noninterest Income and Expense | ' | ||||||||||||
Details of noninterest income and expense follow: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Noninterest income | |||||||||||||
Service charges on deposit accounts | $ | 6,711 | $ | 6,245 | $ | 6,262 | |||||||
Trust fees | 2,711 | 2,279 | 2,111 | ||||||||||
Mortgage banking fees | 4,173 | 3,710 | 2,140 | ||||||||||
Brokerage commissions and fees | 1,631 | 1,071 | 1,122 | ||||||||||
Marine finance fees | 1,189 | 1,111 | 1,209 | ||||||||||
Interchange income | 5,404 | 4,501 | 3,808 | ||||||||||
Other deposit based EFT fees | 342 | 336 | 318 | ||||||||||
Other | 2,158 | 2,191 | 1,375 | ||||||||||
24,319 | 21,444 | 18,345 | |||||||||||
Loss on sale of commercial loan | 0 | (1,238 | ) | 0 | |||||||||
Securities gains, net | 419 | 7,619 | 1,220 | ||||||||||
TOTAL | $ | 24,738 | $ | 27,825 | $ | 19,565 | |||||||
Noninterest expense | |||||||||||||
Salaries and wages | $ | 31,006 | $ | 29,935 | $ | 27,288 | |||||||
Employee benefits | 7,327 | 7,710 | 5,875 | ||||||||||
Outsourced data processing costs | 6,372 | 7,382 | 6,583 | ||||||||||
Telephone / data lines | 1,253 | 1,178 | 1,179 | ||||||||||
Occupancy | 7,178 | 8,146 | 7,627 | ||||||||||
Furniture and equipment | 2,334 | 2,319 | 2,291 | ||||||||||
Marketing | 2,339 | 3,095 | 2,917 | ||||||||||
Legal and professional fees | 2,458 | 5,241 | 6,137 | ||||||||||
FDIC assessments | 2,601 | 2,805 | 3,013 | ||||||||||
Amortization of intangibles | 783 | 788 | 847 | ||||||||||
Asset dispositions expense | 740 | 1,459 | 2,281 | ||||||||||
Net loss on other real estate owned and repossessed assets | 1,289 | 3,467 | 3,751 | ||||||||||
Other | 9,472 | 9,023 | 7,974 | ||||||||||
TOTAL | $ | 75,152 | $ | 82,548 | $ | 77,763 | |||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Required Regulatory Capital | ' | ||||||||||||||||||||||||
Required Regulatory Capital | |||||||||||||||||||||||||
Minimum for Capital | Minimum To Be Well | ||||||||||||||||||||||||
Adequacy Purpose | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
SEACOAST BANKING CORP | |||||||||||||||||||||||||
(CONSOLIDATED) | |||||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 227,310 | 16.88 | % | $ | 107,757 | >8.00 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 210,433 | 15.62 | 53,878 | >4.00 | % | N/A | N/A | ||||||||||||||||||
Tier 1 Capital (to adjusted average assets) | 210,433 | 9.59 | 92,234 | >4.00 | % | N/A | N/A | ||||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 227,428 | 18.33 | % | $ | 99,247 | >8.00 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 211,839 | 17.08 | 49,624 | >4.00 | % | N/A | N/A | ||||||||||||||||||
Tier 1 Capital (to adjusted average assets) | 211,839 | 10.04 | 84,377 | >4.00 | % | N/A | N/A | ||||||||||||||||||
SEACOAST NATIONAL BANK | |||||||||||||||||||||||||
(A WHOLLY OWNED BANK SUBSIDIARY) | |||||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 225,102 | 16.74 | % | $ | 107,571 | >8.00 | % | $ | 134,463 | >10.00 | % | |||||||||||||
Tier 1 Capital (to risk-weighted assets) | 208,253 | 15.49 | 53,785 | >4.00 | % | 80,678 | > 6.00 | % | |||||||||||||||||
Tier 1 Capital (to adjusted average assets) | 208,253 | 9.51 | 87,636 | >4.00 | % | 109,545 | > 5.00 | % | |||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 220,433 | 17.79 | % | $ | 99,116 | >8.00 | % | $ | 123,895 | >10.00 | % | |||||||||||||
Tier 1 Capital (to risk-weighted assets) | 204,864 | 16.54 | 49,558 | >4.00 | % | 74,337 | > 6.00 | % | |||||||||||||||||
Tier 1 Capital (to adjusted average assets) | 204,864 | 9.72 | 84,312 | >4.00 | % | 105,389 | > 5.00 | % | |||||||||||||||||
N/A—Not Applicable |
Parent_Company_Only_Financial_1
Parent Company Only Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Summary of Balance Sheet | ' | ||||||||||||
Balance Sheets | |||||||||||||
December 31 | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash | $ | 919 | $ | 4,067 | |||||||||
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days | 792 | 2,922 | |||||||||||
Investment in subsidiaries | 250,033 | 212,182 | |||||||||||
Other assets | 493 | 13 | |||||||||||
$ | 252,237 | $ | 219,184 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Subordinated debt | $ | 53,610 | $ | 53,610 | |||||||||
Other liabilities | 23 | 28 | |||||||||||
Shareholders’ equity | 198,604 | 165,546 | |||||||||||
$ | 252,237 | $ | 219,184 | ||||||||||
Summary of Statements of Income (Loss) | ' | ||||||||||||
Statements of Income (Loss) | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Income | |||||||||||||
Dividends from subsidiary Bank | $ | 0 | $ | 0 | $ | 0 | |||||||
Interest/other | 28 | 29 | 79 | ||||||||||
28 | 29 | 79 | |||||||||||
Interest expense | 958 | 1,057 | 1,152 | ||||||||||
Other expenses | 450 | 575 | 405 | ||||||||||
Loss before income tax benefit and equity in undistributed income of subsidiaries | (1,380 | ) | (1,603 | ) | (1,478 | ) | |||||||
Income tax benefit | (2,281 | ) | 0 | 0 | |||||||||
Income (loss) before equity in undistributed income of subsidiaries | 901 | (1,603 | ) | (1,478 | ) | ||||||||
Equity in undistributed income of subsidiaries | 51,088 | 893 | 8,145 | ||||||||||
Net income (loss) | $ | 51,989 | $ | (710 | ) | $ | 6,667 | ||||||
Summary of Statement of Cash Flows | ' | ||||||||||||
Statement of Cash Flows | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Cash flows from operating activities | |||||||||||||
Interest received | $ | 5 | $ | 7 | $ | 9 | |||||||
Interest paid | (957 | ) | (1,045 | ) | (3,288 | ) | |||||||
Dividends received | 23 | 22 | 70 | ||||||||||
Income taxes received (paid) | 1,797 | (32 | ) | (67 | ) | ||||||||
Other | (494 | ) | (703 | ) | (420 | ) | |||||||
Net cash provided by (used in) operating activities | 374 | (1,751 | ) | (3,696 | ) | ||||||||
Cash flows from investing activities | |||||||||||||
Decrease in securities purchased under agreement to resell, maturing within 30 days, net | 2,130 | 422 | 285 | ||||||||||
Net cash provided by investment activities | 2,130 | 422 | 285 | ||||||||||
Cash flows from financing activities | |||||||||||||
Issuance of common stock, net of related expense | 46,977 | 0 | 0 | ||||||||||
Repurchase of stock warrants, including related expense | 0 | (81 | ) | 0 | |||||||||
Stock based employment plans | 190 | 196 | 123 | ||||||||||
Redemption of preferred stock | (50,000 | ) | 0 | 0 | |||||||||
Dividends paid on preferred shares | (2,819 | ) | (2,500 | ) | (6,875 | ) | |||||||
Net cash used in financing activities | (5,652 | ) | (2,385 | ) | (6,752 | ) | |||||||
Net change in cash | (3,148 | ) | (3,714 | ) | (10,163 | ) | |||||||
Cash at beginning of year | 4,067 | 7,781 | 17,944 | ||||||||||
Cash at end of year | $ | 919 | $ | 4,067 | $ | 7,781 | |||||||
RECONCILIATION OF INCOME (LOSS) TO CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||||||||||||
Net income (loss) | $ | 51,989 | $ | (710 | ) | $ | 6,667 | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in undistributed income of subsidiaries | (51,088 | ) | (893 | ) | (8,145 | ) | |||||||
Other, net | (527 | ) | (148 | ) | (2,218 | ) | |||||||
Net cash provided by (used in) operating activities | $ | 374 | $ | (1,751 | ) | $ | (3,696 | ) | |||||
Contingent_Liabilities_and_Com1
Contingent Liabilities and Commitments with Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Summary of Financial Instruments with Off-Balance-Sheet Risk | ' | ||||||||
December 31 | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Contract or Notional Amount Financial instruments whose contract amounts represent credit risk: | |||||||||
Commitments to extend credit | $ | 135,056 | $ | 118,887 | |||||
Standby letters of credit and financial guarantees written: | |||||||||
Secured | 2,722 | 2,509 | |||||||
Unsecured | 8 | 8 | |||||||
Unfunded limited partner equity commitment | 3,746 | 4,000 | |||||||
Summary of Minimum Future Contractual Obligation Under Renewal of Contract | ' | ||||||||
The Company’s subsidiary bank renewed its contract for outsourced data services on December 31, 2012 for a period of five years and six months which requires a minimum payment for early termination without cause as follows: | |||||||||
Year Ended | (In thousands) | ||||||||
2013 | $ | 11,016 | |||||||
2014 | 8,568 | ||||||||
2015 | 6,120 | ||||||||
2016 | 3,672 |
Supplemental_Disclosures_for_C1
Supplemental Disclosures for Consolidated Statements of Cash Flows (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities | ' | ||||||||||||
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities for the three years ended: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net income (loss) | $ | 51,989 | $ | (710 | ) | $ | 6,667 | ||||||
Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities | |||||||||||||
Depreciation | 2,776 | 2,827 | 2,830 | ||||||||||
Net amortization of premiums and discounts on securities | 3,882 | 4,740 | 2,555 | ||||||||||
Other amortization and accretion | (172 | ) | 20 | (35 | ) | ||||||||
Change in loans available for sale, net | 22,189 | (20,143 | ) | 5,724 | |||||||||
Provision for loan losses, net | 3,188 | 10,796 | 1,974 | ||||||||||
Deferred tax benefit | (40,552 | ) | (7 | ) | (10 | ) | |||||||
Gain on sale of securities | (419 | ) | (7,619 | ) | (1,220 | ) | |||||||
Gain on sale of loans | (455 | ) | (816 | ) | (143 | ) | |||||||
Loss on sale or write down of foreclosed assets | 1,295 | 3,548 | 3,812 | ||||||||||
Writedown on loan available for sale | 0 | 1,238 | 0 | ||||||||||
Loss on disposition of equipment | 1 | 774 | 58 | ||||||||||
Stock based employee benefit expense | 246 | 796 | 587 | ||||||||||
Change in interest receivable | 160 | 861 | (561 | ) | |||||||||
Change in interest payable | (27 | ) | (524 | ) | (2,258 | ) | |||||||
Change in prepaid expenses | 4,562 | 2,601 | 2,748 | ||||||||||
Change in accrued taxes | (102 | ) | (190 | ) | (145 | ) | |||||||
Change in other assets | 792 | (835 | ) | 585 | |||||||||
Change in other liabilities | 499 | 581 | 573 | ||||||||||
Net cash provided (used) by operating activities | $ | 49,852 | $ | (2,062 | ) | $ | 23,741 | ||||||
Supplemental disclosure of non cash investing activities | |||||||||||||
Fair value adjustment to securities | $ | (21,957 | ) | $ | (3,405 | ) | $ | 5,530 | |||||
Transfers from loans to other real estate owned | 5,087 | 14,067 | 35,500 | ||||||||||
Transfers from loans to loans available for sale | 379 | 10,321 | 0 | ||||||||||
Matured securities recorded as a receivable | 0 | 3,100 | 3,630 | ||||||||||
Securities principal receivable recorded in other assets | 159 | 0 | 0 | ||||||||||
Transfer from securities held for investment to available for sale | 13,818 | 0 | 0 |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements for Items Measured at Fair Value | ' | ||||||||||||||||
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 December 31, 2013 and 2012 included: | |||||||||||||||||
(Dollars in thousands) | Fair Value | Quoted Prices in | Significant Other | Significant Other | |||||||||||||
Measurements | Active Markets for | Observable | Unobservable | ||||||||||||||
December 31, 2013 | Identical Assets | Inputs | Inputs | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Available for sale securities (3) | $ | 641,611 | $ | 100 | $ | 641,511 | $ | 0 | |||||||||
Loans available for sale (4) | 13,832 | 0 | 13,832 | 0 | |||||||||||||
Loans (1) | 17,323 | 0 | 10,325 | 6,998 | |||||||||||||
OREO (2) | 6,860 | 0 | 1,301 | 5,559 | |||||||||||||
(Dollars in thousands) | Fair Value | Quoted Prices in | Significant Other | Significant Other | |||||||||||||
Measurements | Active Markets for | Observable | Unobservable | ||||||||||||||
December 31, 2012 | Identical Assets | Inputs | Inputs | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Available for sale securities (3) | $ | 643,050 | $ | 1,707 | $ | 641,343 | $ | 0 | |||||||||
Loans available for sale (4) | 36,021 | 0 | 36,021 | 0 | |||||||||||||
Loans (1) | 24,510 | 0 | 12,778 | 11,732 | |||||||||||||
OREO (2) | 11,887 | 0 | 3,457 | 8,430 | |||||||||||||
-1 | See Note E. 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 measure on a nonrecurring basis in accordance with ASC 360. | ||||||||||||||||
-3 | See Note D for further detail of recurring fair value basis 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 December 31 is as follows: | |||||||||||||||||
Carrying Amount | Quoted Prices in | Significant Other | Significant Other | ||||||||||||||
December 31, 2013 | Active Markets for | observable | Unobservable Inputs | ||||||||||||||
Identical Assets | Inputs | Level 3 | |||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Securities held to maturity | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Loans, net | 1,266,816 | 0 | 0 | 1,272,893 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 1,806,045 | 0 | 0 | 1,807,183 | |||||||||||||
Borrowings | 50,000 | 0 | 53,856 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 42,888 | 0 | |||||||||||||
Carrying Amount | Quoted Prices in | Significant Other | Significant Other | ||||||||||||||
31-Dec-12 | Active Markets for | Observable | Unobservable Inputs | ||||||||||||||
Identical Assets | Inputs | Level 3 | |||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Securities held to maturity | $ | 13,818 | $ | 0 | $ | 14,542 | $ | 0 | |||||||||
Loans, net | 1,179,467 | 0 | 0 | 1,201,178 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 1,758,961 | 0 | 0 | 1,761,119 | |||||||||||||
Borrowings | 50,000 | 0 | 55,604 | 0 | |||||||||||||
Subordinated debt | 53,610 | 0 | 37,527 | 0 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||
In 2013, 2012, and 2011, options and warrants to purchase 102,000, 87,000, and 225,000 shares , respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share. | |||||||||||||
Year Ended December 31 | |||||||||||||
Net | Shares | Per | |||||||||||
Income | Share | ||||||||||||
(Loss) | Amount | ||||||||||||
(Dollars in thousands, | |||||||||||||
except per share data) | |||||||||||||
2013 | |||||||||||||
Basic Earnings Per Share | |||||||||||||
Income available to common shareholders | $ | 47,916 | 19,449,560 | $ | 2.46 | ||||||||
Diluted Earnings Per Share | |||||||||||||
Employee restricted stock (See Note J) | 200,445 | ||||||||||||
Income available to common shareholders plus assumed conversions | $ | 47,916 | 19,650,005 | $ | 2.44 | ||||||||
2012 | |||||||||||||
Basic and diluted Earnings Per Share | |||||||||||||
Loss available to common shareholders | $ | (4,458 | ) | 18,748,757 | $ | (0.24 | ) | ||||||
2011 | |||||||||||||
Basic Earnings Per Share | |||||||||||||
Income available to common shareholders | $ | 2,919 | 18,702,397 | $ | 0.16 | ||||||||
Diluted Earnings Per Share | |||||||||||||
Employee restricted stock (See Note J) | 57,818 | ||||||||||||
Income available to common shareholders plus assumed conversions | $ | 2,919 | 18,760,215 | $ | 0.16 | ||||||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
SecurityLoan | |
Segment | |
Plan | |
Trust | |
Accounting Policies [Line Items] | ' |
Number of operating segment | 1 |
Number of new loan production offices | 5 |
Number of trusts excluded for issuance of trust preferred securities | 5 |
Modified loan terms | '6 months |
Loan and leases due period for discontinuation of interest accrual | '90 days |
Consumer loans charge off period | '120 days |
Number of stock option plans | 4 |
Stock based compensation award vesting period for amortization | '5 years |
Stock Options [Member] | ' |
Accounting Policies [Line Items] | ' |
Stock based compensation award vesting period for amortization | '5 years |
Restricted Stock [Member] | ' |
Accounting Policies [Line Items] | ' |
Stock based compensation award vesting period for amortization | '5 years |
Building [Member] | Maximum [Member] | ' |
Accounting Policies [Line Items] | ' |
Estimated useful lives of assets | '40 years |
Building [Member] | Minimum [Member] | ' |
Accounting Policies [Line Items] | ' |
Estimated useful lives of assets | '25 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Accounting Policies [Line Items] | ' |
Estimated useful lives of assets | '25 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Accounting Policies [Line Items] | ' |
Estimated useful lives of assets | '5 years |
Furniture and Equipment [Member] | Maximum [Member] | ' |
Accounting Policies [Line Items] | ' |
Estimated useful lives of assets | '12 years |
Furniture and Equipment [Member] | Minimum [Member] | ' |
Accounting Policies [Line Items] | ' |
Estimated useful lives of assets | '3 years |
Cash_Dividend_and_Loan_Restric1
Cash, Dividend and Loan Restrictions - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
Average reserve balance maintained with Federal Reserve Bank | $75.40 | $67.50 |
Maximum amount available for transfer in form of loans | 34 | ' |
Dividend distribution by Seacoast National | $60.10 | ' |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Detail) (USD $) | Dec. 31, 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 | $658,458 | $637,940 |
Gross Unrealized Gains, Securities Available for Sale | 3,156 | 7,011 |
Gross Unrealized Losses, Securities Available for Sale | -20,003 | -1,901 |
Fair Value, Securities Available for Sale | 641,611 | 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 | 100 | 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 | 100 | 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 | 129,468 | 186,404 |
Gross Unrealized Gains, Securities Available for Sale | 1,456 | 3,320 |
Gross Unrealized Losses, Securities Available for Sale | -4,189 | -469 |
Fair Value, Securities Available for Sale | 126,735 | 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 | 383,392 | 352,731 |
Gross Unrealized Gains, Securities Available for Sale | 776 | 2,430 |
Gross Unrealized Losses, Securities Available for Sale | -14,747 | -902 |
Fair Value, Securities Available for Sale | 369,421 | 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 |
Private Mortgage-Backed Securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 29,800 | ' |
Gross Unrealized Gains, Securities Available for Sale | 0 | ' |
Gross Unrealized Losses, Securities Available for Sale | -226 | ' |
Fair Value, Securities Available for Sale | 29,574 | ' |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 76,520 | 96,258 |
Gross Unrealized Gains, Securities Available for Sale | 731 | 1,203 |
Gross Unrealized Losses, Securities Available for Sale | -413 | -530 |
Fair Value, Securities Available for Sale | 76,838 | 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 | 32,592 | ' |
Gross Unrealized Gains, Securities Available for Sale | 0 | ' |
Gross Unrealized Losses, Securities Available for Sale | -413 | ' |
Fair Value, Securities Available for Sale | 32,179 | ' |
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 | 193 | 51 |
Gross Unrealized Losses, Securities Available for Sale | -15 | 0 |
Fair Value, Securities Available for Sale | 6,764 | 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 $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Proceeds from sale of securities | $67,330,000 | $256,102,000 | $52,689,000 |
Gains from sale of securities | 792,000 | 7,833,000 | 1,239,000 |
Gross losses | 373,000 | 214,000 | 19,000 |
Collateral underlying mortgage investments terms | '30- and 15-year fixed and 10/1 adjustable rate mortgage | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock | 12,300,000 | ' | ' |
Fair value of cost method investment securities | 12,300,000 | ' | ' |
Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Aggregate losses | 14,747,000 | 994,000 | ' |
Fair value of collateralized loan obligations | 332,969,000 | 154,650,000 | ' |
Private Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Aggregate losses | 413,000 | 530,000 | ' |
Fair value of collateralized loan obligations | 47,653,000 | 39,190,000 | ' |
Mortgage Backed Securities and Collateralized Mortgage Obligations of US Government Sponsored Entities [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Aggregate losses | 18,900,000 | ' | ' |
Fair value of collateralized loan obligations | 401,400,000 | ' | ' |
Collateral Backed Securities Issued by Private Enterprises [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Aggregate losses | 77,200,000 | ' | ' |
Fair value of collateralized loan obligations | 0 | ' | ' |
Collateralized Loan Obligations [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Aggregate losses | 413,000 | ' | ' |
Fair value of collateralized loan obligations | 32,179,000 | ' | ' |
Carrying Amount [Member] | Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Securities | 105,655,000 | ' | ' |
Carrying Amount [Member] | Private Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Securities | 195,200,000 | ' | ' |
Fair Value [Member] | Collateralized Mortgage Obligations of U.S. Government Sponsored Entities [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Securities | 105,655,000 | ' | ' |
Fair Value [Member] | Private Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ' |
Securities | $195,200,000 | ' | ' |
Securities_Amortized_Cost_and_1
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 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 | $100 | ' |
Available for Sale, Amortized Cost, Due after one year through five years | 817 | ' |
Available for Sale, Amortized Cost, Due after five years through ten years | 8,438 | ' |
Available for Sale, Amortized Cost, Due after ten years | 29,923 | ' |
Available for Sale, Amortized Cost, Total | 39,278 | ' |
Available for Sale, Fair Value, Due in less than one year | 100 | ' |
Available for Sale, Fair Value, Due after one year through five years | 832 | ' |
Available for Sale, Fair Value, Due after five years through ten years | 8,349 | ' |
Available for Sale, Fair Value, Due after ten years | 29,762 | ' |
Available for Sale, Fair Value, Total | 39,043 | ' |
Gross Amortized Cost, Securities Available for Sale | 658,458 | 637,940 |
Fair Value, Available for Sale | 641,611 | 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 | 129,468 | 186,404 |
Fair Value, Available for Sale | 126,735 | 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 | 383,392 | 352,731 |
Fair Value, Available for Sale | 369,421 | 354,259 |
Private Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 29,800 | ' |
Fair Value, Available for Sale | 29,574 | ' |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Amortized Cost, Securities Available for Sale | 76,520 | 96,258 |
Fair Value, Available for Sale | $76,838 | $96,931 |
Securities_Schedule_of_Unreali
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Detail) (USD $) | Dec. 31, 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 | $430,645 | $234,315 |
Total temporarily impaired securities, Less than 12 months, Unrealized Losses | -15,561 | -1,811 |
Total temporarily impaired securities,12 months or longer, Fair Value | 80,825 | 13,939 |
Total temporarily impaired securities, 12 months or longer, Unrealized Losses | -4,442 | -185 |
Total temporarily impaired securities, Fair Value | 511,470 | 248,254 |
Total temporarily impaired securities, Unrealized Losses | -20,003 | -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 | 33,425 | 54,289 |
Less than 12 months, Unrealized Losses | -2,045 | -469 |
12 months or longer, Fair Value | 35,043 | 0 |
12 months or longer, Unrealized Losses | -2,144 | 0 |
Fair Value, Total | 68,468 | 54,289 |
Unrealized Losses, Total | -4,189 | -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 | 287,312 | 150,057 |
Less than 12 months, Unrealized Losses | -12,450 | -901 |
12 months or longer, Fair Value | 45,657 | 4,593 |
12 months or longer, Unrealized Losses | -2,297 | -93 |
Fair Value, Total | 332,969 | 154,650 |
Unrealized Losses, Total | -14,747 | -994 |
Private Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 29,574 | ' |
Less than 12 months, Unrealized Losses | -226 | ' |
12 months or longer, Fair Value | 0 | ' |
12 months or longer, Unrealized Losses | 0 | ' |
Fair Value, Total | 29,574 | ' |
Unrealized Losses, Total | -226 | ' |
Private Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 47,653 | 29,969 |
Less than 12 months, Unrealized Losses | -413 | -441 |
12 months or longer, Fair Value | 0 | 9,221 |
12 months or longer, Unrealized Losses | 0 | -89 |
Fair Value, Total | 47,653 | 39,190 |
Unrealized Losses, Total | -413 | -530 |
Collateralized Loan Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 32,179 | ' |
Less than 12 months, Unrealized Losses | -413 | ' |
12 months or longer, Fair Value | 0 | ' |
12 months or longer, Unrealized Losses | 0 | ' |
Fair Value, Total | 32,179 | ' |
Unrealized Losses, Total | -413 | ' |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 502 | 0 |
Less than 12 months, Unrealized Losses | -14 | 0 |
12 months or longer, Fair Value | 125 | 125 |
12 months or longer, Unrealized Losses | -1 | -3 |
Fair Value, Total | 627 | 125 |
Unrealized Losses, Total | ($15) | ($3) |
Loans_Information_Relating_to_
Loans - Information Relating to Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | $1,304,207 | $1,226,081 |
Construction and Land Development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 67,450 | 60,736 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 520,382 | 486,828 |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 592,746 | 569,331 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 280 | 353 |
Commercial and Financial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | 78,636 | 61,903 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
NET LOAN BALANCES | $44,713 | $46,930 |
Loans_Information_Relating_to_1
Loans - Information Relating to Loans (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Deferred costs of loans | $2,618 | $1,530 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans to directors and executive officers | $4,771,000 | $4,891,000 | ' |
New loans to directors and executive officers | 2,194,000 | ' | ' |
Reduction in loans receivable from directors and executive officers | 2,314,000 | ' | ' |
Loans pledged as collateral | 50,000,000 | 50,000,000 | ' |
Loan Portfolio consist of commercial loan and Commercial Real Estate Loans | 50.00% | ' | ' |
Loan Portfolio consist of Consumer and residential real estate loans | 50.00% | ' | ' |
Minimum source of repayment from third party | 50.00% | ' | ' |
Nonaccrual loans and loans past due ninety days | 27,672,000 | 40,955,000 | 28,526,000 |
Reduction in interest income | $1,000,000 | $1,900,000 | $1,200,000 |
Maximum [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Specific allowance on substandard loans, maximum percentage | 30.00% | ' | ' |
Loans_Contractual_Aging_of_Rec
Loans - Contractual Aging of Recorded Investment in Past Due Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Accruing 30-59 Days Past Due | $2,047,000 | $2,168,000 | ' |
Accruing 60-89 Days Past Due | 1,281,000 | 1,382,000 | ' |
Accruing Greater Than 90 Days | 160,000 | 1,000 | ' |
Nonaccrual | 27,672,000 | 40,955,000 | 28,526,000 |
Current | 1,273,047,000 | 1,181,575,000 | ' |
Total Financing Receivables | 1,304,207,000 | 1,226,081,000 | ' |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Accruing 30-59 Days Past Due | 3,000 | 7,000 | ' |
Accruing 60-89 Days Past Due | 0 | 0 | ' |
Accruing Greater Than 90 Days | 0 | 0 | ' |
Nonaccrual | 1,302,000 | 1,342,000 | ' |
Current | 66,145,000 | 59,387,000 | ' |
Total Financing Receivables | 67,450,000 | 60,736,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Accruing 30-59 Days Past Due | 684,000 | 832,000 | ' |
Accruing 60-89 Days Past Due | 345,000 | 5,000 | ' |
Accruing Greater Than 90 Days | 0 | 0 | ' |
Nonaccrual | 5,111,000 | 17,234,000 | ' |
Current | 514,242,000 | 468,757,000 | ' |
Total Financing Receivables | 520,382,000 | 486,828,000 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Accruing 30-59 Days Past Due | 974,000 | 1,179,000 | ' |
Accruing 60-89 Days Past Due | 909,000 | 1,377,000 | ' |
Accruing Greater Than 90 Days | 160,000 | 1,000 | ' |
Nonaccrual | 20,705,000 | 22,099,000 | ' |
Current | 569,998,000 | 544,675,000 | ' |
Total Financing Receivables | 592,746,000 | 569,331,000 | ' |
Other [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 | 280,000 | 353,000 | ' |
Total Financing Receivables | 280,000 | 353,000 | ' |
Commercial and Financial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Accruing 30-59 Days Past Due | 353,000 | 41,000 | ' |
Accruing 60-89 Days Past Due | 0 | 0 | ' |
Accruing Greater Than 90 Days | 0 | 0 | ' |
Nonaccrual | 13,000 | 0 | ' |
Current | 78,270,000 | 61,862,000 | ' |
Total Financing Receivables | 78,636,000 | 61,903,000 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Accruing 30-59 Days Past Due | 33,000 | 109,000 | ' |
Accruing 60-89 Days Past Due | 27,000 | 0 | ' |
Accruing Greater Than 90 Days | 0 | 0 | ' |
Nonaccrual | 541,000 | 280,000 | ' |
Current | 44,112,000 | 46,541,000 | ' |
Total Financing Receivables | $44,713,000 | $46,930,000 | ' |
Loans_Risk_Category_Class_of_L
Loans - Risk Category, Class of Loans and Recorded Investment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | $1,304,207 | $1,226,081 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 67,450 | 60,736 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 520,382 | 486,828 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 592,746 | 569,331 |
Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 78,636 | 61,903 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 44,993 | 47,283 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,224,242 | 1,103,938 |
Pass [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 63,186 | 54,994 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 485,268 | 414,023 |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 554,681 | 527,891 |
Pass [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 77,840 | 61,123 |
Pass [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 43,267 | 45,907 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 8,899 | 16,577 |
Special Mention [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 583 | 1,717 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 6,810 | 12,137 |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 824 | 1,686 |
Special Mention [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 382 | 587 |
Special Mention [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 300 | 450 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 18,257 | 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 | 15,886 | 22,180 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,670 | 36 |
Substandard [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 248 | 193 |
Substandard [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 453 | 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 [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 | 27,672 | 40,955 |
Nonaccrual [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,302 | 1,342 |
Nonaccrual [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 5,111 | 17,234 |
Nonaccrual [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 20,705 | 22,099 |
Nonaccrual [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 13 | 0 |
Nonaccrual [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 541 | 280 |
Pass-Troubled Debt Restructures [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 7,452 | 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 | 5,584 | 6,513 |
Pass-Troubled Debt Restructures [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 30 | 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 [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 | 17,685 | 33,330 |
Troubled Debt Restructures [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 541 | 580 |
Troubled Debt Restructures [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,723 | 14,741 |
Troubled Debt Restructures [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 14,836 | 17,619 |
Troubled Debt Restructures [Member] | Commercial and Financial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 153 | 0 |
Troubled Debt Restructures [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | $432 | $390 |
Impaired_Loans_and_Allowance_f2
Impaired Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | $500,000 | $1,700,000 | $4,100,000 | $4,400,000 | $10,700,000 | ' | ' |
Loan default period | ' | ' | ' | ' | '60 days | ' | ' |
Accruing TDRs | 25,100,000 | ' | ' | ' | 25,100,000 | 41,900,000 | ' |
Average recorded investment in impaired loans | ' | ' | ' | ' | 66,603,000 | 96,439,000 | 119,528,000 |
Interest income on impaired loans | ' | ' | ' | ' | 1,260,000 | 3,054,000 | 3,541,000 |
Expected future cash flows of impaired loans | ' | ' | ' | ' | 1,100,000 | 1,000,000 | 1,100,000 |
Nonaccrual loans and loans past due ninety days | 27,672,000 | ' | ' | ' | 27,672,000 | 40,955,000 | 28,526,000 |
Accrual Loans | 160,000 | ' | ' | ' | 160,000 | 1,000 | 0 |
Commercial and Financial Loan [Member] | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | ' | ' | ' | ' | 200,000 | ' | ' |
Consumer [Member] | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | ' | ' | ' | ' | 100,000 | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | ' | ' | ' | ' | 3,400,000 | ' | ' |
Average recorded investment in impaired loans | ' | ' | ' | ' | 24,646,000 | 51,630,000 | ' |
Interest income on impaired loans | ' | ' | ' | ' | 423,000 | 1,737,000 | ' |
Nonaccrual loans and loans past due ninety days | 5,111,000 | ' | ' | ' | 5,111,000 | 17,234,000 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Newly identified TDRs | ' | ' | ' | ' | 1,400,000 | ' | ' |
Average recorded investment in impaired loans | ' | ' | ' | ' | 37,411,000 | 38,814,000 | ' |
Interest income on impaired loans | ' | ' | ' | ' | 647,000 | 1,151,000 | ' |
Nonaccrual loans and loans past due ninety days | $20,705,000 | ' | ' | ' | $20,705,000 | $22,099,000 | ' |
Impaired_Loans_and_Allowance_f3
Impaired Loans and Allowance for Loan Losses - Modified Loans (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Contract | |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 22 |
Pre-Modification Outstanding Recorded Investment | $5,103 |
Post-Modification Outstanding Recorded Investment | 4,554 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 549 |
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 | 13 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 1 |
Residential Real Estate [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 11 |
Pre-Modification Outstanding Recorded Investment | 1,422 |
Post-Modification Outstanding Recorded Investment | 1,254 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 168 |
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 | 2 |
Pre-Modification Outstanding Recorded Investment | 154 |
Post-Modification Outstanding Recorded Investment | 154 |
Specific Reserve Recorded | 0 |
Valuation Allowance Recorded | 0 |
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_Allowance_f4
Impaired Loans and Allowance for Loan Losses - Troubled Debt Restructurings Defaulted (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contract | Contract | Contract | |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 1 | 7 | 1 |
Recorded Investment | $328 | $913 | $220 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 1 | ' | ' |
Recorded Investment | 1,620 | ' | ' |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | ' | ' | 1 |
Recorded Investment | ' | ' | 37 |
Commercial and Financial [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | ' | ' | 1 |
Recorded Investment | ' | ' | $8 |
Impaired_Loans_and_Valuation_A
Impaired Loans and Valuation Allowance for Loan Losses - Company's Recorded Investments in Impaired Loans and the Related Valuation Allowances (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, Total | $52,969,000 | $82,901,000 | ' |
Unpaid Principal Balance, Total | 62,446,000 | 93,023,000 | ' |
Related Valuation Allowance, Total | 5,446,000 | 7,269,000 | ' |
Average Recorded Investment, Total | 66,603,000 | 96,439,000 | 119,528,000 |
Interest Income Recognized, Total | 1,260,000 | 3,054,000 | 3,541,000 |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related allowance, Recorded Investment | 2,561,000 | 1,128,000 | ' |
Recorded Investment, Total | 3,681,000 | 4,025,000 | ' |
With no related allowance, Unpaid Principal Balance | 3,180,000 | 1,608,000 | ' |
Unpaid Principal Balance, Total | 4,377,000 | 4,549,000 | ' |
With no related allowance, Related Valuation Allowance | 0 | 0 | ' |
With no related allowance, Average Recorded Investment | 2,446,000 | 1,399,000 | ' |
With no related allowance, Interest Income Recognized | 102,000 | 5,000 | ' |
With related allowance, Recorded Investment | 1,120,000 | 2,897,000 | ' |
With related allowance, Unpaid Principal Balance | 1,197,000 | 2,941,000 | ' |
Related Valuation Allowance, Total | 149,000 | 230,000 | ' |
With related allowance, Average Recorded Investment | 1,347,000 | 3,539,000 | ' |
Average Recorded Investment, Total | 3,793,000 | 4,938,000 | ' |
With related allowance, Interest Income Recognized | 36,000 | 127,000 | ' |
Interest Income Recognized, Total | 138,000 | 132,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related allowance, Recorded Investment | 4,481,000 | 12,357,000 | ' |
Recorded Investment, Total | 12,418,000 | 38,487,000 | ' |
With no related allowance, Unpaid Principal Balance | 6,577,000 | 14,337,000 | ' |
Unpaid Principal Balance, Total | 14,623,000 | 40,985,000 | ' |
With no related allowance, Related Valuation Allowance | 0 | 0 | ' |
With no related allowance, Average Recorded Investment | 7,382,000 | 12,103,000 | ' |
With no related allowance, Interest Income Recognized | 28,000 | 433,000 | ' |
With related allowance, Recorded Investment | 7,937,000 | 26,130,000 | ' |
With related allowance, Unpaid Principal Balance | 8,046,000 | 26,648,000 | ' |
Related Valuation Allowance, Total | 638,000 | 2,264,000 | ' |
With related allowance, Average Recorded Investment | 17,264,000 | 39,527,000 | ' |
Average Recorded Investment, Total | 24,646,000 | 51,630,000 | ' |
With related allowance, Interest Income Recognized | 395,000 | 1,304,000 | ' |
Interest Income Recognized, Total | 423,000 | 1,737,000 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related allowance, Recorded Investment | 12,366,000 | 15,463,000 | ' |
Recorded Investment, Total | 35,731,000 | 39,719,000 | ' |
With no related allowance, Unpaid Principal Balance | 17,372,000 | 22,022,000 | ' |
Unpaid Principal Balance, Total | 42,138,000 | 46,774,000 | ' |
With no related allowance, Related Valuation Allowance | 0 | 0 | ' |
With no related allowance, Average Recorded Investment | 14,512,000 | 12,019,000 | ' |
With no related allowance, Interest Income Recognized | 81,000 | 455,000 | ' |
With related allowance, Recorded Investment | 23,365,000 | 24,256,000 | ' |
With related allowance, Unpaid Principal Balance | 24,766,000 | 24,752,000 | ' |
Related Valuation Allowance, Total | 4,528,000 | 4,700,000 | ' |
With related allowance, Average Recorded Investment | 22,899,000 | 26,795,000 | ' |
Average Recorded Investment, Total | 37,411,000 | 38,814,000 | ' |
With related allowance, Interest Income Recognized | 566,000 | 696,000 | ' |
Interest Income Recognized, Total | 647,000 | 1,151,000 | ' |
Commercial and Financial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related allowance, Recorded Investment | 153,000 | 0 | ' |
Recorded Investment, Total | 166,000 | 0 | ' |
With no related allowance, Unpaid Principal Balance | 153,000 | 0 | ' |
Unpaid Principal Balance, Total | 166,000 | 0 | ' |
With no related allowance, Related Valuation Allowance | 0 | 0 | ' |
With no related allowance, Average Recorded Investment | 19,000 | 7,000 | ' |
With no related allowance, Interest Income Recognized | 9,000 | 0 | ' |
With related allowance, Recorded Investment | 13,000 | 0 | ' |
With related allowance, Unpaid Principal Balance | 13,000 | 0 | ' |
Related Valuation Allowance, Total | 13,000 | 0 | ' |
With related allowance, Average Recorded Investment | 1,000 | 34,000 | ' |
Average Recorded Investment, Total | 20,000 | 41,000 | ' |
With related allowance, Interest Income Recognized | 1,000 | 0 | ' |
Interest Income Recognized, Total | 10,000 | 0 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related allowance, Recorded Investment | 425,000 | 223,000 | ' |
Recorded Investment, Total | 973,000 | 670,000 | ' |
With no related allowance, Unpaid Principal Balance | 569,000 | 255,000 | ' |
Unpaid Principal Balance, Total | 1,142,000 | 715,000 | ' |
With no related allowance, Related Valuation Allowance | 0 | 0 | ' |
With no related allowance, Average Recorded Investment | 162,000 | 431,000 | ' |
With no related allowance, Interest Income Recognized | 19,000 | 12,000 | ' |
With related allowance, Recorded Investment | 548,000 | 447,000 | ' |
With related allowance, Unpaid Principal Balance | 573,000 | 460,000 | ' |
Related Valuation Allowance, Total | 118,000 | 75,000 | ' |
With related allowance, Average Recorded Investment | 571,000 | 585,000 | ' |
Average Recorded Investment, Total | 733,000 | 1,016,000 | ' |
With related allowance, Interest Income Recognized | 23,000 | 22,000 | ' |
Interest Income Recognized, Total | $42,000 | $34,000 | ' |
Impaired_Loans_and_Valuation_A1
Impaired Loans and Valuation Allowance for Loan Losses - Activity in Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance, Beginning Balance | $22,104 | $25,565 | $37,744 |
Provision for Loan Losses | 3,188 | 10,796 | 1,974 |
Charge-Offs | -6,784 | -18,288 | -16,446 |
Recoveries | 1,560 | 4,031 | 2,293 |
Net Charge-Offs | -5,224 | -14,257 | -14,153 |
Allowance, Ending Balance | 20,068 | 22,104 | 25,565 |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance, Beginning Balance | 1,134 | 1,883 | 7,214 |
Provision for Loan Losses | 66 | -478 | -1,645 |
Charge-Offs | -604 | -612 | -4,739 |
Recoveries | 212 | 341 | 1,053 |
Net Charge-Offs | -392 | -271 | -3,686 |
Allowance, Ending Balance | 808 | 1,134 | 1,883 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance, Beginning Balance | 8,849 | 11,477 | 18,563 |
Provision for Loan Losses | -522 | 3,209 | -3,777 |
Charge-Offs | -2,714 | -8,539 | -3,663 |
Recoveries | 547 | 2,702 | 354 |
Net Charge-Offs | -2,167 | -5,837 | -3,309 |
Allowance, Ending Balance | 6,160 | 8,849 | 11,477 |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance, Beginning Balance | 11,090 | 10,966 | 10,102 |
Provision for Loan Losses | 3,273 | 7,767 | 7,833 |
Charge-Offs | -3,153 | -8,381 | -7,482 |
Recoveries | 449 | 738 | 513 |
Net Charge-Offs | -2,704 | -7,643 | -6,969 |
Allowance, Ending Balance | 11,659 | 11,090 | 10,966 |
Commercial and Financial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance, Beginning Balance | 468 | 402 | 480 |
Provision for Loan Losses | -24 | 283 | -379 |
Charge-Offs | -60 | -346 | 0 |
Recoveries | 326 | 129 | 301 |
Net Charge-Offs | 266 | -217 | 301 |
Allowance, Ending Balance | 710 | 468 | 402 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance, Beginning Balance | 563 | 837 | 1,385 |
Provision for Loan Losses | 395 | 15 | -58 |
Charge-Offs | -253 | -410 | -562 |
Recoveries | 26 | 121 | 72 |
Net Charge-Offs | -227 | -289 | -490 |
Allowance, Ending Balance | $731 | $563 | $837 |
Impaired_Loans_and_Valuation_A2
Impaired Loans and Valuation Allowance for Loan Losses - Loan Portfolio and Related Allowance (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Individually Evaluated for Impairment, Carrying Value | $52,969 | $82,901 | ' | ' |
Individually Evaluated for Impairment, Associated Allowance | 5,446 | 7,269 | ' | ' |
Collectively Evaluated for Impairment, Carrying Value | 1,251,238 | 1,143,180 | ' | ' |
Collectively Evaluated for Impairment, Associated Allowance | 14,622 | 14,835 | ' | ' |
Carrying Value, Total | 1,304,207 | 1,226,081 | ' | ' |
Associated Allowance, Total | 20,068 | 22,104 | 25,565 | 37,744 |
Construction and Land Development [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 3,681 | 4,025 | ' | ' |
Individually Evaluated for Impairment, Associated Allowance | 149 | 230 | ' | ' |
Collectively Evaluated for Impairment, Carrying Value | 63,769 | 56,711 | ' | ' |
Collectively Evaluated for Impairment, Associated Allowance | 659 | 904 | ' | ' |
Carrying Value, Total | 67,450 | 60,736 | ' | ' |
Associated Allowance, Total | 808 | 1,134 | 1,883 | 7,214 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 12,418 | 38,487 | ' | ' |
Individually Evaluated for Impairment, Associated Allowance | 638 | 2,264 | ' | ' |
Collectively Evaluated for Impairment, Carrying Value | 507,964 | 448,341 | ' | ' |
Collectively Evaluated for Impairment, Associated Allowance | 5,522 | 6,585 | ' | ' |
Carrying Value, Total | 520,382 | 486,828 | ' | ' |
Associated Allowance, Total | 6,160 | 8,849 | 11,477 | 18,563 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 35,731 | 39,719 | ' | ' |
Individually Evaluated for Impairment, Associated Allowance | 4,528 | 4,700 | ' | ' |
Collectively Evaluated for Impairment, Carrying Value | 557,015 | 529,612 | ' | ' |
Collectively Evaluated for Impairment, Associated Allowance | 7,131 | 6,390 | ' | ' |
Carrying Value, Total | 592,746 | 569,331 | ' | ' |
Associated Allowance, Total | 11,659 | 11,090 | 10,966 | 10,102 |
Commercial and Financial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 166 | 0 | ' | ' |
Individually Evaluated for Impairment, Associated Allowance | 13 | 0 | ' | ' |
Collectively Evaluated for Impairment, Carrying Value | 78,470 | 61,903 | ' | ' |
Collectively Evaluated for Impairment, Associated Allowance | 697 | 468 | ' | ' |
Carrying Value, Total | 78,636 | 61,903 | ' | ' |
Associated Allowance, Total | 710 | 468 | 402 | 480 |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Individually Evaluated for Impairment, Carrying Value | 973 | 670 | ' | ' |
Individually Evaluated for Impairment, Associated Allowance | 118 | 75 | ' | ' |
Collectively Evaluated for Impairment, Carrying Value | 44,020 | 46,613 | ' | ' |
Collectively Evaluated for Impairment, Associated Allowance | 613 | 488 | ' | ' |
Carrying Value, Total | 44,993 | 47,283 | ' | ' |
Associated Allowance, Total | $731 | $563 | $837 | $1,385 |
Bank_Premises_and_Equipment_Su
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $71,785 | $69,375 |
Accumulated Depreciation & Amortization | -37,280 | -34,910 |
Net Carrying Value | 34,505 | 34,465 |
Premises [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 49,647 | 48,064 |
Accumulated Depreciation & Amortization | -20,518 | -19,051 |
Net Carrying Value | 29,129 | 29,013 |
Furniture and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 22,138 | 21,311 |
Accumulated Depreciation & Amortization | -16,762 | -15,859 |
Net Carrying Value | $5,376 | $5,452 |
Bank_Premises_and_Equipment_Su1
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Land | $8,978 | $8,978 |
Other_Intangible_Assets_Gross_
Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Asset (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $9,494 | $9,494 |
Accumulated Amortization | -8,776 | -7,993 |
Deposit Base [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 9,494 | 9,494 |
Accumulated Amortization | ($8,776) | ($7,993) |
Other_Intangible_Assets_Intang
Other Intangible Assets - Intangible Amortization Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intangible amortization expense | ' | ' | ' |
Identified intangible assets Deposit base | $783 | $788 | $847 |
Deposit Base [Member] | ' | ' | ' |
Intangible amortization expense | ' | ' | ' |
Identified intangible assets Deposit base | $783 | $788 | $847 |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Amortization expense, deposit base intangible for 2014 | $718 |
Amortization expense, deposit base intangible for 2015 | 0 |
Amortization expense, deposit base intangible for 2016 | 0 |
Amortization expense, deposit base intangible for 2017 | 0 |
Amortization expense, deposit base intangible for 2018 | 0 |
Amortization expense, deposit base intangible thereafter | $0 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 27, 2007 | Sep. 25, 2007 | Dec. 31, 2013 | Jun. 29, 2007 | Dec. 16, 2005 | Mar. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 27, 2007 | Sep. 25, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Quarters | Trust I [Member] | Trust II [Member] | Trust III [Member] | Trust I & II [Member] | Federal Home Loan Bank [Member] | Federal Home Loan Bank [Member] | Federal Home Loan Bank [Member] | Federal Reserve Bank Advances [Member] | Federal Reserve Bank Advances [Member] | Libor Rate [Member] | Libor Rate [Member] | Libor Rate [Member] | September 15, 2017 [Member] | November 27, 2017 [Member] | ||||||
Trust I [Member] | Trust II [Member] | Trust III [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold under agreements to repurchase with maturities period | ' | ' | 'Overnight to seven days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity date | 27-Nov-17 | 15-Sep-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rates advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.64% | 2.70% |
Period of perpetual option conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' |
Secured lines of credit | ' | ' | 894,106,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated debentures | ' | ' | ' | ' | 20,619,000 | 20,619,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate subordinated debentures | ' | ' | ' | ' | 41,238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated debentures private sales | ' | ' | ' | ' | ' | ' | 20,000,000 | 20,000,000 | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Junior subordinated debentures | ' | ' | ' | 12,372,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points on variable rate, percentage | ' | ' | ' | ' | ' | ' | 1.75% | 1.33% | 1.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjust basis points on variable rate, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.57% | 1.59% | ' | ' |
Trust Preferred securities redemption details | ' | ' | 'The trust preferred securities have original maturities of thirty years, and may be redeemed without penalty on or after June 10, 2010, March 15, 2011, and September 15, 2012, respectively, upon approval of the Federal Reserve or upon occurrence of certain events affecting their tax or regulatory capital treatment. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued of common equity securities | ' | ' | ' | ' | ' | ' | 619,000 | 619,000 | 372,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original debt maturity, period | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated deferrable interest notes issued | ' | ' | ' | ' | ' | ' | ' | ' | 12,400,000 | 41,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly interest payment period for notes | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trust preferred securities issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52,000,000 | $52,000,000 | ' | ' | ' | ' | ' |
Borrowings_Federal_Funds_Purch
Borrowings - Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Maximum amount outstanding at any month end | $165,770 | $149,316 | $154,440 |
Weighted average interest rate at end of year | 0.17% | 0.21% | 0.22% |
Average amount outstanding | $155,222 | $141,592 | $106,495 |
Weighted average interest rate during the year | 0.18% | 0.24% | 0.26% |
Employee_Benefits_and_Stock_Co2
Employee Benefits and Stock Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 18, 2001 | |
Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Profit sharing and retirement plan service period | '1 year | ' | ' | ' |
Profit sharing and retirement contributions charged to operations | $807,000 | $771,000 | $361,000 | ' |
Granted options and stock appreciation rights, Shares | 50,000 | ' | ' | ' |
Stock options vesting period | '5 years | ' | ' | ' |
Stock options or stock appreciation rights contractual life | '10 years | ' | ' | ' |
Repurchase program approval date | 18-Sep-01 | ' | ' | ' |
Share repurchase program, shares authorized | 165,000 | ' | ' | ' |
Maximum remaining number of repurchase Shares under repurchase plan | 12,000 | ' | ' | ' |
Number of repurchase program | ' | ' | ' | 1 |
Grant of stock options or SSARS | 49,000 | 0 | 0 | ' |
Risk free interest rate | 2.50% | ' | ' | ' |
Dividends | 0 | ' | ' | ' |
Weighted average expected lives of stock options | '5 years | ' | ' | ' |
Volatility of common stock | 26.50% | ' | ' | ' |
Forfeiture experience | 22.00% | ' | ' | ' |
Windfall tax benefits realized from the exercise of stock options | 0 | ' | ' | ' |
Stock options exercised | 0 | ' | ' | ' |
Unrecognized compensation cost of stock options and SAR's | 0 | ' | ' | ' |
Recognized non-cash compensation expense before tax | 246,000 | 796,000 | 588,000 | ' |
Recognized non-cash compensation expense after tax | 151,000 | 489,000 | 361,000 | ' |
Compensation cost capitalized | 0 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock awards contractual life period | '5 years | ' | ' | ' |
Proportion of restricted stock unit | 160.00% | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock awards contractual life period | '3 years | ' | ' | ' |
Proportion of restricted stock unit | 0.00% | ' | ' | ' |
1991 Plan [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized under stock plan | 198,000 | ' | ' | ' |
1996 Plan [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized under stock plan | 198,000 | ' | ' | ' |
2000 Plan [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized under stock plan | 264,000 | ' | ' | ' |
2008 Plan [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized under stock plan | 300,000 | ' | ' | ' |
2013 Plan [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized under stock plan | 1,300,000 | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options vesting period | '5 years | ' | ' | ' |
Cash utilized for settle equity instruments granted under stock option awards | 0 | ' | ' | ' |
Stock Appreciation Rights (SARs) [Member] | 1991 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted options and stock appreciation rights, Shares | 166,000 | ' | ' | ' |
Stock Appreciation Rights (SARs) [Member] | 1996 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted options and stock appreciation rights, Shares | 187,000 | ' | ' | ' |
Stock Appreciation Rights (SARs) [Member] | 2000 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted options and stock appreciation rights, Shares | 158,000 | ' | ' | ' |
Stock Appreciation Rights (SARs) [Member] | 2008 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted options and stock appreciation rights, Shares | 0 | ' | ' | ' |
Stock Appreciation Rights (SARs) [Member] | 2013 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted options and stock appreciation rights, Shares | 49,000 | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Issue of shares of restricted awards | 9,000 | ' | ' | ' |
Stock options vesting period | '5 years | ' | ' | ' |
Restricted stock awards vested | 15,000 | ' | ' | ' |
Restricted stock awards cancelled | 6,000 | ' | ' | ' |
Number of non-vested restricted stock award shares | 168,000 | ' | ' | ' |
Increase in non-vested restricted stock awards outstanding | 0 | ' | ' | ' |
Number of restricted stock awards cancelled in that period | 12,000 | ' | ' | ' |
Number of Non-Vested Stock Options | 49,000 | ' | ' | ' |
Cash utilized to settle equity instruments under stock awards | $0 | ' | ' | ' |
Restricted Stock [Member] | 2008 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Issue of shares of restricted awards | ' | 15,000 | 229,000 | ' |
Issue of shares of restricted awards, price per share | ' | $8.10 | $7.10 | ' |
Restricted Stock [Member] | 2013 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Issue of shares of restricted awards | 195,000 | ' | ' | ' |
Issue of shares of restricted awards, price per share | $11 | ' | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Issue of shares of restricted awards | 195,000 | ' | ' | ' |
Restricted stock awards vested | 0 | ' | ' | ' |
Restricted stock awards cancelled | 18,000 | ' | ' | ' |
Number of non-vested restricted stock award shares | 177,000 | ' | ' | ' |
Employee_Benefits_and_Stock_Co3
Employee Benefits and Stock Compensation - Summary of Non-Vested Restricted Stock Awards and Units (Detail) (USD $) | 12 Months Ended | 3 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of non-vested restricted stock award shares | 168,000 | 177,000 |
Remaining Unrecognized Compensation Cost | $559,000 | $1,520,000 |
Weighted Average Remaining Recognition Period in Years | '2 years 7 months 21 days | '5 years |
Employee_Benefits_and_Stock_Co4
Employee Benefits and Stock Compensation - Summary of Stock Option and SSARs Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Beginning Balance | 87,000 | 107,000 | 109,000 |
Number of Shares, Granted | 49,000 | 0 | 0 |
Number of Shares, Exercised | 0 | 0 | 0 |
Number of Shares, Expired | -28,000 | 0 | 0 |
Number of Shares, Cancelled | -6,000 | -20,000 | -2,000 |
Number of Shares, Ending Balance | 102,000 | 87,000 | 107,000 |
Weighted Average Exercise Price, Beginning Balance | $105.60 | $107.10 | $106.05 |
Weighted Average Exercise Price, Granted | $11 | $0 | $0 |
Weighted Average Exercise Price, Exercised | $0 | $0 | $0 |
Weighted Average Exercise Price, Expired | $85.40 | $0 | $0 |
Weighted Average Exercise Price, Cancelled | $113.57 | $113.30 | $100.70 |
Weighted Average Exercise Price, Ending Balance | $65.10 | $105.60 | $107.10 |
Aggregate Intrinsic Value, Beginning Balance | $0 | $0 | $0 |
Aggregate Intrinsic Value, Ending Balance | $0 | $0 | $0 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option or SSAR Exercise Price Per Share, Beginning Balance | $85.40 | $85.40 | $85.40 |
Option or SSAR Exercise Price Per Share, Cancelled | $111.10 | $85.40 | $85.40 |
Option or SSAR Exercise Price Per Share, Ending Balance | $11 | $85.40 | $85.40 |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option or SSAR Exercise Price Per Share, Beginning Balance | $136.80 | $136.80 | $136.80 |
Option or SSAR Exercise Price Per Share, Granted | $11 | $0 | $0 |
Option or SSAR Exercise Price Per Share, Exercised | $0 | $0 | $0 |
Option or SSAR Exercise Price Per Share, Expired | $85.40 | $0 | $0 |
Option or SSAR Exercise Price Per Share, Cancelled | $136.80 | $133.60 | $136.80 |
Option or SSAR Exercise Price Per Share, Ending Balance | $133.60 | $136.80 | $136.80 |
Employee_Benefits_and_Stock_Co5
Employee Benefits and Stock Compensation - Summary of Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Options / SSARs Outstanding, Number of Shares Outstanding | 102,000 | 87,000 | 107,000 | 109,000 |
Options / SSARs Outstanding, Weighted Average Remaining Contractual Life in Years | '5 years 10 months 28 days | ' | ' | ' |
Options / SSARs Exercisable (Vested), Number of Shares Exercisable | 53,000 | ' | ' | ' |
Options / SSARs Exercisable (Vested), Weighted Average Exercise Price | $115.48 | ' | ' | ' |
Options / SSARs Exercisable (Vested), Weighted Average Remaining Contractual Life in Years | '2 years 6 months 29 days | ' | ' | ' |
Options / SSARs Exercisable (Vested), Aggregate Intrinsic Value | $0 | ' | ' | ' |
Employee_Benefits_and_Stock_Co6
Employee Benefits and Stock Compensation - Summary of Non-Vested Stock Activity (Detail) (Equity Option [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Equity Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Non-Vested Stock Options | 49,000 |
Weighted Average Remaining Contractual Life in Years | '9 years 6 months |
Weighted Average Fair Value | $3.10 |
Remaining Unrecognized Compensation Cost | $107,000 |
Weighted Average Remaining Recognition Period in Years | '4 years 6 months 0 days |
Lease_Commitments_Future_Minim
Lease Commitments - Future Minimum Lease Payments under Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $3,304 |
2015 | 2,657 |
2016 | 2,552 |
2017 | 2,320 |
2018 | 1,032 |
Thereafter | 11,332 |
Total | $23,197 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
Rent expense charged to operations | $3,878,000 | $3,881,000 | $4,010,000 |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Expense Benefit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | $160 | $0 | $0 |
State | 7 | 7 | 10 |
Deferred | ' | ' | ' |
Federal | -30,540 | 0 | 0 |
State | -10,012 | -7 | -10 |
Income tax provision (benefit) | ($40,385) | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Examination [Line Items] | ' | ' | ' |
U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Net deferred tax assets | $66,858,000 | $17,951,000 | ' |
Valuation allowance | 0 | 44,821,000 | ' |
Period of cumulative loss position | '3 years | ' | ' |
Improved classified asset ratio as a percentage of Tier 1 Capital and the allowance for loan losses | 23.00% | ' | ' |
Classified asset ratio as a percentage of Tier 1 Capital and the allowance for loan losses | 54.10% | ' | ' |
Federal tax loss carryforward | 42,776,000 | 44,755,000 | ' |
Deferred tax assets not related to net operating losses or credits | 14,900,000 | ' | ' |
Alternative minimum tax credits | 1,304,000 | 1,304,000 | ' |
State tax loss carryforward | 7,925,000 | 8,202,000 | ' |
Accrued interest and penalties | 0 | ' | ' |
Unrecognized income tax benefit or provision | 0 | ' | ' |
Income taxes related to securities transactions | 162,000 | 2,939,000 | 471,000 |
Minimum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Annual income before taxes | 13,000,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Annual income before taxes | 16,000,000 | ' | ' |
U.S. Federal [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Net deferred tax assets | 52,600,000 | ' | ' |
Alternative minimum tax credits | 1,300,000 | ' | ' |
U.S. Federal [Member] | Minimum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Net operating loss carryforwards expiration | '2029 | ' | ' |
U.S. Federal [Member] | Maximum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Net operating loss carryforwards expiration | '2032 | ' | ' |
State [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Net deferred tax assets | $14,300,000 | ' | ' |
State [Member] | Minimum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Net operating loss carryforwards expiration | '2027 | ' | ' |
State [Member] | Maximum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Net operating loss carryforwards expiration | '2032 | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Expected Tax Benefit with Income Tax Benefit Relating to Loss before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax rate applied to income (loss) before income taxes | $4,061 | ($249) | $2,333 |
Increase (decrease) resulting from the effects of: | ' | ' | ' |
Tax exempt interest on obligations of states and political subdivisions | -148 | -118 | -143 |
State income taxes | -259 | -27 | -173 |
Stock compensation | 4 | 28 | 132 |
Expiration of capital loss carryforward | 0 | 354 | 0 |
Other | 38 | 53 | 281 |
Federal tax provision before valuation allowance | 3,696 | 41 | 2,430 |
State tax provision before valuation allowance | 740 | 76 | 494 |
Total income tax provision | 4,436 | 117 | 2,924 |
Change in valuation allowance | -44,821 | -117 | -2,924 |
Income tax provision (benefit) | ($40,385) | $0 | $0 |
Income_Taxes_Summary_of_Net_De
Income Taxes - Summary of Net Deferred Tax Assets (Liabilities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Allowance for loan losses | $8,139 | $8,964 |
Other real estate owned | 899 | 1,521 |
Capital losses | 0 | 26 |
Accrued stock compensation | 528 | 492 |
Federal tax loss carryforward | 42,776 | 44,755 |
State tax loss carryforward | 7,925 | 8,202 |
Alternative minimum tax carryforward | 1,304 | 1,304 |
Net unrealized securities losses | 6,503 | 0 |
Deferred compensation | 1,169 | 1,162 |
Other | 273 | 990 |
Gross deferred tax assets | 69,516 | 67,416 |
Less: Valuation allowance | 0 | -44,821 |
Deferred tax assets net of valuation allowance | 69,516 | 22,595 |
Depreciation | -1,365 | -1,514 |
Deposit base intangible | -233 | -538 |
Net unrealized securities gains | 0 | -1,972 |
Accrued interest and fee income | -1,060 | -620 |
Gross deferred tax liabilities | -2,658 | -4,644 |
Net deferred tax assets | $66,858 | $17,951 |
Income_Taxes_Summary_of_Income1
Income Taxes - Summary of Income Tax Examination Major Tax Jurisdictions along with Tax Year (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
United States of America [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax examination year under examination | '2010 |
Florida [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax examination year under examination | '2008 |
Noninterest_Income_and_Expense2
Noninterest Income and Expenses - Summary of Noninterest Income and Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NONINTEREST INCOME | ' | ' | ' |
Service charges on deposit accounts | $6,711 | $6,245 | $6,262 |
Trust fees | 2,711 | 2,279 | 2,111 |
Mortgage banking fees | 4,173 | 3,710 | 2,140 |
Brokerage commissions and fees | 1,631 | 1,071 | 1,122 |
Marine finance fees | 1,189 | 1,111 | 1,209 |
Interchange income | 5,404 | 4,501 | 3,808 |
Other deposit based EFT fees | 342 | 336 | 318 |
Other | 2,158 | 2,191 | 1,375 |
Noninterest Income | 24,319 | 21,444 | 18,345 |
Loss on sale of commercial loan | 0 | -1,238 | 0 |
Securities gains, net | 419 | 7,619 | 1,220 |
Total noninterest income | 24,738 | 27,825 | 19,565 |
Noninterest expense | ' | ' | ' |
Salaries and wages | 31,006 | 29,935 | 27,288 |
Employee benefits | 7,327 | 7,710 | 5,875 |
Outsourced data processing costs | 6,372 | 7,382 | 6,583 |
Telephone / data lines | 1,253 | 1,178 | 1,179 |
Occupancy | 7,178 | 8,146 | 7,627 |
Furniture and equipment | 2,334 | 2,319 | 2,291 |
Marketing | 2,339 | 3,095 | 2,917 |
Legal and professional fees | 2,458 | 5,241 | 6,137 |
FDIC assessments | 2,601 | 2,805 | 3,013 |
Amortization of intangibles | 783 | 788 | 847 |
Asset disposition expense | 740 | 1,459 | 2,281 |
Net loss on other real estate owned and repossessed assets | 1,289 | 3,467 | 3,751 |
Other | 9,472 | 9,023 | 7,974 |
Total noninterest expense | $75,152 | $82,548 | $77,763 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Dec. 13, 2013 | 30-May-12 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Vote | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Stock Purchase Plan [Member] | Profit Sharing Plan [Member] | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split | '1 for 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares converted to one share common stock | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserved common shares for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 148,500 |
Common shares issued as a result of employee participation, aggregate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,066 | 34,590 |
Fixed rate cumulative perpetual preferred stock issued | ' | ' | ' | ' | ' | ' | 2,000 | ' | 2,000 | ' | ' |
Preferred stock par value per share | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | $0.10 | ' | ' |
Warrant expiry period | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Warrant to purchase shares of common stock | ' | ' | ' | ' | ' | ' | 117,925 | ' | ' | ' | ' |
Common stock exercise price per share | ' | ' | ' | ' | ' | ' | $31.80 | ' | ' | ' | ' |
Preferred stock quarterly dividends rate | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' |
Increase in dividend after five years | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' |
Preferred stock, liquidation preference | ' | ' | ' | ' | ' | ' | $25,000 | ' | ' | ' | ' |
Duration after which, preferred stock dividend rate increases | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Preferred stock redemption value | ' | ' | ' | 50,000,000 | ' | ' | ' | 50,000,000 | ' | ' | ' |
Accrued dividends | ' | ' | ' | ' | ' | ' | ' | 319,000 | ' | ' | ' |
Purchase of stock warrant | ' | 81,000 | ' | ' | 81,000 | ' | ' | ' | ' | ' | ' |
Stock offering | ' | ' | 75,000,000 | 46,976,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock net issuance costs | ' | ' | 47,000,000 | 46,977,000 | 0 | 0 | ' | ' | ' | ' | ' |
Capital received from investor to get approval from Federal Reserve Bank | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, number of voting rights per share | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares issued | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Summary_of
Shareholders' Equity - Summary of Required Regulatory Capital (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Parent Company [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to risk-weighted assets), Amount | $227,310 | $227,428 |
Total Capital (to risk-weighted assets), Ratio | 16.88% | 18.33% |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | 107,757 | 99,247 |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), Amount | 210,433 | 211,839 |
Tier 1 Capital (to risk-weighted assets), Ratio | 15.62% | 17.08% |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | 53,878 | 49,624 |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to adjusted average assets), Amount | 210,433 | 211,839 |
Tier 1 Capital (to adjusted average assets), Ratio | 9.59% | 10.04% |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Amount | 92,234 | 84,377 |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Seacoast National Bank (A Wholly Owned Bank Subsidiary) [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to risk-weighted assets), Amount | 225,102 | 220,433 |
Total Capital (to risk-weighted assets), Ratio | 16.74% | 17.79% |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | 107,571 | 99,116 |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 8.00% | 8.00% |
Total Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 134,463 | 123,895 |
Total Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets), Amount | 208,253 | 204,864 |
Tier 1 Capital (to risk-weighted assets), Ratio | 15.49% | 16.54% |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | 53,785 | 49,558 |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 80,678 | 74,337 |
Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to adjusted average assets), Amount | 208,253 | 204,864 |
Tier 1 Capital (to adjusted average assets), Ratio | 9.51% | 9.72% |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Amount | 87,636 | 84,312 |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to adjusted average assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $109,545 | $105,389 |
Tier 1 Capital (to adjusted average assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Parent_Company_Only_Financial_2
Parent Company Only Financial Information - Summary of Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash | $48,561 | $45,620 | ' | ' |
Other assets | 95,651 | 54,223 | ' | ' |
TOTAL ASSETS | 2,268,940 | 2,173,929 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Subordinated debt | 53,610 | 53,610 | ' | ' |
Other liabilities | 9,371 | 9,009 | ' | ' |
Shareholders' equity | 198,604 | 165,546 | 170,077 | 166,299 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,268,940 | 2,173,929 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash | 919 | 4,067 | ' | ' |
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days | 792 | 2,922 | ' | ' |
Investment in subsidiaries | 250,033 | 212,182 | ' | ' |
Other assets | 493 | 13 | ' | ' |
TOTAL ASSETS | 252,237 | 219,184 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Subordinated debt | 53,610 | 53,610 | ' | ' |
Other liabilities | 23 | 28 | ' | ' |
Shareholders' equity | 198,604 | 165,546 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $252,237 | $219,184 | ' | ' |
Parent_Company_Only_Financial_3
Parent Company Only Financial Information - Summary of Statements of Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income | ' | ' | ' |
Total interest income | $70,763 | $73,287 | $80,792 |
Interest expense | 5,557 | 8,478 | 13,953 |
Other expenses | 9,472 | 9,023 | 7,974 |
Income tax benefit | -40,385 | 0 | 0 |
NET INCOME (LOSS) | 51,989 | -710 | 6,667 |
Parent Company [Member] | ' | ' | ' |
Income | ' | ' | ' |
Dividends from subsidiary Bank | 0 | 0 | 0 |
Interest/other | 28 | 29 | 79 |
Total interest income | 28 | 29 | 79 |
Interest expense | 958 | 1,057 | 1,152 |
Other expenses | 450 | 575 | 405 |
Loss before income tax benefit and equity in undistributed income of subsidiaries | -1,380 | -1,603 | -1,478 |
Income tax benefit | -2,281 | 0 | 0 |
Income (loss) before equity in undistributed income of subsidiaries | 901 | -1,603 | -1,478 |
Equity in undistributed income of subsidiaries | 51,088 | 893 | 8,145 |
NET INCOME (LOSS) | $51,989 | ($710) | $6,667 |
Parent_Company_Only_Financial_4
Parent Company Only Financial Information - Summary of Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Interest received | $73,849 | $78,119 | $81,904 |
Interest paid | -5,584 | -9,003 | -16,211 |
Income taxes received (paid) | -157 | 2 | -9 |
Net cash provided (used) by operating activities | 49,852 | -2,062 | 23,741 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Net cash (used) by investing activities | -89,155 | -28,421 | -180,869 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Issuance of common stock, net of related expense | 46,977 | 0 | 0 |
Repurchase of stock warrants, including related expense | 0 | -81 | 0 |
Stock based employment plans | 190 | 196 | 123 |
Redemption of preferred stock | -50,000 | 0 | 0 |
Dividends paid on preferred shares | -2,819 | -2,500 | -6,875 |
Net cash provided by financing activities | 55,940 | 38,389 | 112,804 |
Net change in cash | 16,637 | 7,906 | -44,324 |
Cash and cash equivalents at beginning of year | 174,987 | 167,081 | 211,405 |
Cash and cash equivalents at end of year | 191,624 | 174,987 | 167,081 |
RECONCILIATION OF INCOME (LOSS) TO CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ' | ' | ' |
NET INCOME (LOSS) | 51,989 | -710 | 6,667 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Net change in other assets | 792 | -835 | 585 |
Net cash provided (used) by operating activities | 49,852 | -2,062 | 23,741 |
Parent Company [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Interest received | 5 | 7 | 9 |
Interest paid | -957 | -1,045 | -3,288 |
Dividends received | 23 | 22 | 70 |
Income taxes received (paid) | 1,797 | -32 | -67 |
Other | -494 | -703 | -420 |
Net cash provided (used) by operating activities | 374 | -1,751 | -3,696 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Decrease in securities purchased under agreement to resell, maturing within 30 days, net | 2,130 | 422 | 285 |
Net cash (used) by investing activities | 2,130 | 422 | 285 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Issuance of common stock, net of related expense | 46,977 | 0 | 0 |
Repurchase of stock warrants, including related expense | 0 | -81 | 0 |
Stock based employment plans | 190 | 196 | 123 |
Redemption of preferred stock | -50,000 | 0 | 0 |
Dividends paid on preferred shares | -2,819 | -2,500 | -6,875 |
Net cash provided by financing activities | -5,652 | -2,385 | -6,752 |
Net change in cash | -3,148 | -3,714 | -10,163 |
Cash and cash equivalents at beginning of year | 4,067 | 7,781 | 17,944 |
Cash and cash equivalents at end of year | 919 | 4,067 | 7,781 |
RECONCILIATION OF INCOME (LOSS) TO CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ' | ' | ' |
NET INCOME (LOSS) | 51,989 | -710 | 6,667 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Equity in undistributed income of subsidiaries | -51,088 | -893 | -8,145 |
Net change in other assets | -527 | -148 | -2,218 |
Net cash provided (used) by operating activities | $374 | ($1,751) | ($3,696) |
Contingent_Liabilities_and_Com2
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitment to extend credit amount | $135,056,000 | $118,887,000 |
Unfunded limited partner equity commitment | 3,746,000 | 4,000,000 |
Renewal period of contract for outsourced data services | ' | '5 years 6 months |
Minimum [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitment to extend credit fixed interest rate | 3.50% | ' |
Maximum [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitment to extend credit fixed interest rate | 5.88% | ' |
Secured Credit Risk [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Secured amount of commitment to extend credit | 77,565,000 | ' |
Secured [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to extend credit | 3,187,000 | 3,629,000 |
Commitments to Extend Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitment to extend credit amount | 135,056,000 | ' |
Fixed Interest Rate Credit Risk [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to extend credit fixed interest rate | $9,454,000 | ' |
Contingent_Liabilities_and_Com3
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Summary of Financial Instruments with Off-Balance-Sheet Risk (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | ' | ' |
Commitments to extend credit | $135,056,000 | $118,887,000 |
Unfunded limited partner equity commitment | 3,746,000 | 4,000,000 |
Secured [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Standby letters of credit and financial guarantees written | 2,722,000 | 2,509,000 |
Unsecured [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Standby letters of credit and financial guarantees written | $8,000 | $8,000 |
Contingent_Liabilities_and_Com4
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Summary of Minimum Future Contractual Obligation Under Renewal of Contract (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2013 | $11,016 |
2014 | 8,568 |
2015 | 6,120 |
2016 | $3,672 |
Supplemental_Disclosures_for_C2
Supplemental Disclosures for Consolidated Statements of Cash Flows - Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Cash Flows [Abstract] | ' | ' | ' |
NET INCOME (LOSS) | $51,989 | ($710) | $6,667 |
Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities | ' | ' | ' |
Depreciation | 2,776 | 2,827 | 2,830 |
Net amortization of premiums and discounts on securities | 3,882 | 4,740 | 2,555 |
Other amortization and accretion | -172 | 20 | -35 |
Change in loans available for sale, net | 22,189 | -20,143 | 5,724 |
Provision for loan losses, net | 3,188 | 10,796 | 1,974 |
Deferred tax benefit | -40,552 | -7 | -10 |
Gain on sale of securities | -419 | -7,619 | -1,220 |
Gain on sale of loans | -455 | -816 | -143 |
Loss on sale or write down of foreclosed assets | 1,295 | 3,548 | 3,812 |
Writedown on loan available for sale | 0 | 1,238 | 0 |
Loss on disposition of equipment | 1 | 774 | 58 |
Stock based employee benefit expense | 190 | 196 | 123 |
Change in interest receivable | 160 | 861 | -561 |
Change in interest payable | -27 | -524 | -2,258 |
Change in prepaid expenses | 4,562 | 2,601 | 2,748 |
Change in accrued taxes | -102 | -190 | -145 |
Net change in other assets | 792 | -835 | 585 |
Change in other liabilities | 499 | 581 | 573 |
Net cash provided (used) by operating activities | 49,852 | -2,062 | 23,741 |
Supplemental disclosure of non cash investing activities | ' | ' | ' |
Fair value adjustment to securities | -21,957 | -3,405 | 5,530 |
Transfers from loans to other real estate owned | 5,087 | 14,067 | 35,500 |
Transfers from loans to loans available for sale | 379 | 10,321 | 0 |
Matured securities recorded as a receivable | 0 | 3,100 | 3,630 |
Securities principal receivable recorded in other assets | 159 | 0 | 0 |
Transfer from securities held for investment to available for sale | $13,818 | $0 | $0 |
Fair_Value_Fair_Value_Measurem
Fair Value - Fair Value Measurements for Items Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
OREO | $6,860 | $11,887 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 641,611 | 643,050 |
Loans available for sale | 13,832 | 36,021 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 17,323 | 24,510 |
OREO | 6,860 | 11,887 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 100 | 1,707 |
Loans available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
OREO | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 641,511 | 641,343 |
Loans available for sale | 13,832 | 36,021 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 10,325 | 12,778 |
OREO | 1,301 | 3,457 |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 0 | 0 |
Loans available for sale | 0 | 0 |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 6,998 | 11,732 |
OREO | $5,559 | $8,430 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of capitalization rates utilized to determine fair value | 8.50% |
Transfers between level 1 and level 2 | $0 |
Transfers out consisted of charge-offs | 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 |
Loans classified as level 3 transfers out | 0 |
Other real estate owned and other reductions | 5,600,000 |
Other real estate owned and other reductions classified as level 3 transfers out | 5,000,000 |
Valuation write-downs | 500,000 |
Other real estate revenue | 4,500,000 |
Other real estate owned and other reductions classified as level three transfers in | $2,200,000 |
Fair_Value_Summary_of_Carrying
Fair Value - Summary of Carrying Value and Fair Value of Company's Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets | ' | ' |
Securities held to maturity | ' | $14,542 |
Loans, net | 1,284,139 | 1,203,977 |
Carrying Amount [Member] | ' | ' |
Financial Assets | ' | ' |
Securities held to maturity | 0 | 13,818 |
Loans, net | 1,266,816 | 1,179,467 |
Financial Liabilities | ' | ' |
Deposits | 1,806,045 | 1,758,961 |
Borrowings | 50,000 | 50,000 |
Subordinated debt | 53,610 | 53,610 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' |
Financial Assets | ' | ' |
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ' | ' |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Financial Assets | ' | ' |
Securities held to maturity | 0 | 14,542 |
Loans, net | 0 | 0 |
Financial Liabilities | ' | ' |
Deposits | 0 | 0 |
Borrowings | 53,856 | 55,604 |
Subordinated debt | 42,888 | 37,527 |
Significant Other Unobservable Inputs Level 3 [Member] | ' | ' |
Financial Assets | ' | ' |
Securities held to maturity | 0 | 0 |
Loans, net | 1,272,893 | 1,201,178 |
Financial Liabilities | ' | ' |
Deposits | 1,807,183 | 1,761,119 |
Borrowings | 0 | 0 |
Subordinated debt | $0 | $0 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Reverse stock split | '1 for 5 | '1 for 5 | '1 for 5 |
Shares excluded from computation of diluted EPS | 102,000 | 87,000 | 225,000 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Income available to common shareholders | $47,916 | ($4,458) | $2,919 |
Income available to common shareholders plus assumed conversions | 47,916 | ' | 2,919 |
Loss available to common shareholders | ' | ($4,458) | ' |
Income available to common shareholders, Shares | 19,449,560 | 18,748,757 | 18,702,397 |
Employee restricted stock (See Note J), Shares | 200,445 | ' | 57,818 |
Income available to common shareholders plus assumed conversions, Shares | 19,650,005 | 18,748,757 | 18,760,215 |
Loss available to common shareholders, Shares | ' | 18,748,757 | ' |
Income available to common shareholders, Per Share | $2.46 | ($0.24) | $0.16 |
Income available to common shareholders plus assumed conversions, Per Share | $2.44 | ($0.24) | $0.16 |
Loss available to common shareholders, Per Share | ' | ($0.24) | ' |