Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'SOUTH STATE Corp | ' |
Entity Central Index Key | '0000764038 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 24,140,272 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Cash and cash equivalents: | ' | ' | ' |
Cash and due from banks | $269,480 | $184,611 | $292,625 |
Interest-bearing deposits with banks | 7,382 | 32,632 | 4,720 |
Federal funds sold and securities purchased under agreements to resell | 226,166 | 262,218 | 347,821 |
Total cash and cash equivalents | 503,028 | 479,461 | 645,166 |
Investment securities: | ' | ' | ' |
Securities held to maturity (fair value of $11,019, $12,891, and $12,992, respectively) | 10,389 | 12,426 | 12,426 |
Securities available for sale, at fair value | 805,114 | 786,791 | 626,798 |
Other investments | 10,518 | 13,386 | 13,386 |
Total investment securities | 826,021 | 812,603 | 652,610 |
Loans held for sale | 56,595 | 30,586 | 51,207 |
Loans: | ' | ' | ' |
Loans, net | 5,627,739 | 5,652,458 | 5,687,059 |
FDIC receivable for loss share agreements | 30,983 | 86,447 | 108,149 |
Other real estate owned (covered of $18,961, $27,520, and $40,543, respectively; non-covered of $32,289, $37,398, and $35,330, respectively) | 51,250 | 64,918 | 75,873 |
Premises and equipment, net | 173,425 | 188,114 | 184,959 |
Bank owned life insurance | 98,505 | 97,197 | 96,058 |
Deferred tax assets | 60,322 | 72,914 | 73,135 |
Mortgage servicing rights | 22,052 | 20,729 | 18,908 |
Core deposit and other intangibles | 51,291 | 59,908 | 62,195 |
Goodwill | 317,688 | 317,688 | 317,688 |
Other assets | 61,189 | 48,475 | 55,434 |
Total assets | 7,880,088 | 7,931,498 | 8,028,441 |
Deposits: | ' | ' | ' |
Noninterest-bearing | 1,654,308 | 1,487,798 | 1,477,793 |
Interest-bearing | 4,863,920 | 5,067,699 | 5,181,315 |
Total deposits | 6,518,228 | 6,555,497 | 6,659,108 |
Federal funds purchased and securities sold under agreements to repurchase | 231,229 | 211,401 | 233,792 |
Other borrowings | 101,127 | 102,060 | 101,347 |
Other liabilities | 62,509 | 81,071 | 64,168 |
Total liabilities | 6,913,093 | 6,950,029 | 7,058,415 |
Shareholders' equity : | ' | ' | ' |
Preferred stock - $.01 par value; authorized 10,000,000 shares; 0, 65,000, and 65,000 shares issued and outstanding, respectively | ' | 1 | 1 |
Common stock - $2.50 par value; authorized 40,000,000 shares; 24,135,220, 24,104,124, and 24,066,545 shares issued and outstanding, respectively | 60,338 | 60,260 | 60,166 |
Surplus | 700,579 | 762,354 | 760,507 |
Retained earnings | 207,219 | 168,577 | 159,980 |
Accumulated other comprehensive loss | -1,141 | -9,723 | -10,628 |
Total shareholders' equity | 966,995 | 981,469 | 970,026 |
Total liabilities and shareholders' equity | 7,880,088 | 7,931,498 | 8,028,441 |
Non-acquired loans | ' | ' | ' |
Loans: | ' | ' | ' |
Loans, allowance | -34,804 | -34,331 | -36,145 |
Loans, gross | 3,304,708 | 2,865,216 | 2,741,242 |
Credit impaired | Acquired loans | ' | ' | ' |
Loans: | ' | ' | ' |
Loans, net | 980,492 | 1,220,638 | 1,316,628 |
Non-credit impaired | Acquired loans | ' | ' | ' |
Loans: | ' | ' | ' |
Loans, gross | $1,377,343 | $1,600,935 | $1,665,334 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Investment securities: | ' | ' | ' |
Securities held to maturity, fair value (in dollars) | $11,019 | $12,891 | $12,992 |
Other real estate owned | ' | ' | ' |
Other real estate owned, covered (in dollars) | 18,961 | 27,520 | 40,543 |
Other real estate owned, non-covered (in dollars) | 32,289 | 37,398 | 35,330 |
Shareholders' equity : | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 65,000 | 65,000 |
Preferred stock, shares outstanding | 0 | 65,000 | 65,000 |
Common stock, par value (in dollars per share) | $2.50 | $2.50 | $2.50 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued | 24,135,220 | 24,104,124 | 24,066,545 |
Common stock, shares outstanding | 24,135,220 | 24,104,124 | 24,066,545 |
Credit impaired | Acquired loans | ' | ' | ' |
Loans: | ' | ' | ' |
Covered loans | 197,944 | 289,123 | 321,969 |
Non-covered | 782,548 | 931,515 | 994,659 |
Non-credit impaired | Acquired loans | ' | ' | ' |
Loans: | ' | ' | ' |
Covered loans | 9,459 | 7,824 | 8,430 |
Non-covered | $1,367,884 | $1,593,111 | $1,656,904 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Loans, including fees | $78,700 | $78,771 | $239,988 | $184,974 |
Investment securities: | ' | ' | ' | ' |
Taxable | 3,982 | 3,315 | 11,860 | 7,572 |
Tax-exempt | 1,236 | 1,202 | 3,463 | 3,582 |
Federal funds sold and securities purchased under agreements to resell | 430 | 505 | 1,331 | 1,366 |
Total interest income | 84,348 | 83,793 | 256,642 | 197,494 |
Interest expense: | ' | ' | ' | ' |
Deposits | 2,395 | 2,711 | 7,056 | 5,733 |
Federal funds purchased and securities sold under agreements to repurchase | 87 | 92 | 277 | 343 |
Other borrowings | 1,497 | 1,235 | 4,500 | 2,572 |
Total interest expense | 3,979 | 4,038 | 11,833 | 8,648 |
Net interest income | 80,369 | 79,755 | 244,809 | 188,846 |
Provision for loan losses | 2,091 | 659 | 5,109 | 1,898 |
Net interest income after provision for loan losses | 78,278 | 79,096 | 239,700 | 186,948 |
Noninterest income: | ' | ' | ' | ' |
Service charges on deposit accounts | 9,126 | 8,966 | 27,258 | 20,462 |
Bankcard services income | 7,489 | 6,476 | 22,314 | 14,614 |
Trust and investment services income | 4,490 | 3,593 | 13,845 | 8,345 |
Mortgage banking income | 4,124 | 1,342 | 12,098 | 6,629 |
Securities gains | -90 | ' | -2 | ' |
Amortization of FDIC indemnification assets, net | -4,825 | -7,625 | -17,718 | -22,106 |
Other | 4,139 | 2,418 | 11,602 | 5,229 |
Total noninterest income | 24,453 | 15,170 | 69,397 | 33,173 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and employee benefits | 40,029 | 34,463 | 119,398 | 81,461 |
Merger and branding related expense | 6,846 | 10,397 | 19,341 | 13,220 |
Net occupancy expense | 5,387 | 5,079 | 16,758 | 11,696 |
Information services expense | 3,417 | 3,905 | 12,154 | 10,088 |
Furniture and equipment expense | 3,166 | 3,513 | 10,171 | 8,296 |
Bankcard expense | 2,141 | 1,865 | 6,520 | 4,264 |
Amortization of intangibles | 2,080 | 1,738 | 6,268 | 3,794 |
OREO expense and loan related | 3,374 | 3,461 | 9,313 | 9,383 |
FDIC assessment and other regulatory charges | 1,268 | 1,521 | 4,111 | 3,841 |
Professional fees | 1,068 | 1,329 | 3,501 | 2,780 |
Advertising and marketing | 837 | 1,313 | 2,984 | 2,803 |
Other | 5,445 | 6,824 | 17,843 | 15,109 |
Total noninterest expense | 75,058 | 75,408 | 228,362 | 166,735 |
Earnings: | ' | ' | ' | ' |
Income before provision for income taxes | 27,673 | 18,858 | 80,735 | 53,386 |
Provision for income taxes | 8,346 | 6,804 | 26,546 | 18,151 |
Net income | 19,327 | 12,054 | 54,189 | 35,235 |
Preferred stock dividends | ' | 542 | 1,073 | 542 |
Net income available to common shareholders | $19,327 | $11,512 | $53,116 | $34,693 |
Earnings per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.81 | $0.53 | $2.22 | $1.87 |
Diluted (in dollars per share) | $0.80 | $0.52 | $2.20 | $1.85 |
Dividends per common share (in dollars per share) | $0.21 | $0.19 | $0.60 | $0.55 |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 23,899 | 21,894 | 23,890 | 18,518 |
Diluted (in shares) | 24,160 | 22,128 | 24,139 | 18,717 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | $19,327 | $12,054 | $54,189 | $35,235 |
Unrealized gains (losses) on securities: | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during period | -2,877 | -1,676 | 13,287 | -18,240 |
Tax effect | 1,097 | 639 | -5,066 | 6,955 |
Reclassification adjustment for losses included in net income | 90 | ' | 2 | ' |
Tax effect | -34 | ' | -1 | ' |
Net of tax amount | -1,724 | -1,037 | 8,222 | -11,285 |
Unrealized gains (losses) on derivative financial instruments qualifying as cash flow hedges: | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during period | 41 | -77 | -144 | 225 |
Tax effect | -16 | 29 | 55 | -86 |
Reclassification adjustment for losses included in interest expense | 78 | 77 | 232 | 229 |
Tax effect | -30 | -29 | -88 | -87 |
Net of tax amount | 73 | ' | 55 | 281 |
Changes in pension plan obligation: | ' | ' | ' | ' |
Reclassification adjustment for changes included in net income | 165 | ' | 495 | ' |
Tax effect | -63 | ' | -190 | ' |
Net of tax amount | 102 | ' | 305 | ' |
Net comprehensive income (loss) | -1,549 | -1,037 | 8,582 | -11,004 |
Comprehensive income | $17,778 | $11,017 | $62,771 | $24,231 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2012 | $507,549 | ' | $42,344 | $328,843 | $135,986 | $376 |
Balance (in shares) at Dec. 31, 2012 | ' | ' | 16,937,464 | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' |
Comprehensive income | 24,231 | ' | ' | ' | 35,235 | -11,004 |
Cash dividends on Series A preferred stock at annual dividend rate of 9% and 5% for the period ending September 30, 2014 and 2013, respectively | -542 | ' | ' | ' | -542 | ' |
Cash dividends declared on common stock at $0.60 and $0.55 per share for the period ending September 30, 2014 and 2013, respectively | -10,699 | ' | ' | ' | -10,699 | ' |
Employee stock purchases | 402 | ' | 23 | 379 | ' | ' |
Employee stock purchases (in shares) | ' | ' | 9,385 | ' | ' | ' |
Stock options exercised | 1,054 | ' | 92 | 962 | ' | ' |
Stock options exercised (in shares) | ' | ' | 37,021 | ' | ' | ' |
Restricted stock awards | ' | ' | 194 | -194 | ' | ' |
Restricted stock awards (in shares) | ' | ' | 77,354 | ' | ' | ' |
Common stock repurchased | -673 | ' | -32 | -641 | ' | ' |
Common stock repurchased (in shares) | ' | ' | -12,953 | ' | ' | ' |
Share-based compensation expense | 2,332 | ' | ' | 2,332 | ' | ' |
Common stock issued in First Financial Holdings, Inc. acquisition | 381,372 | ' | 17,545 | 363,827 | ' | ' |
Common stock issued in First Financial Holdings, Inc. acquisition (in shares) | ' | ' | 7,018,274 | ' | ' | ' |
Preferred stock assumed in First Financial Holdings, Inc. acquisition | 65,000 | 1 | ' | 64,999 | ' | ' |
Preferred stock assumed in First Financial Holdings, Inc. acquisition (in shares) | ' | 65,000 | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | 970,026 | 1 | 60,166 | 760,507 | 159,980 | -10,628 |
Balance (in shares) at Sep. 30, 2013 | 24,066,545 | 65,000 | 24,066,545 | ' | ' | ' |
Balance at Dec. 31, 2013 | 981,469 | 1 | 60,260 | 762,354 | 168,577 | -9,723 |
Balance (in shares) at Dec. 31, 2013 | 24,104,124 | 65,000 | 24,104,124 | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' |
Comprehensive income | 62,771 | ' | ' | ' | 54,189 | 8,582 |
Cash dividends on Series A preferred stock at annual dividend rate of 9% and 5% for the period ending September 30, 2014 and 2013, respectively | -1,073 | ' | ' | ' | -1,073 | ' |
Cash dividends declared on common stock at $0.60 and $0.55 per share for the period ending September 30, 2014 and 2013, respectively | -14,474 | ' | ' | ' | -14,474 | ' |
Employee stock purchases | 413 | ' | 18 | 395 | ' | ' |
Employee stock purchases (in shares) | ' | ' | 7,058 | ' | ' | ' |
Stock options exercised | 271 | ' | 23 | 248 | ' | ' |
Stock options exercised (in shares) | ' | ' | 9,122 | ' | ' | ' |
Restricted stock awards | ' | ' | 54 | -54 | ' | ' |
Restricted stock awards (in shares) | ' | ' | 21,560 | ' | ' | ' |
Repurchase of Series A preferred stock | -65,000 | -1 | ' | -64,999 | ' | ' |
Repurchase of Series A preferred stock (in shares) | ' | -65,000 | ' | ' | ' | ' |
Common stock repurchased | -404 | ' | -17 | -387 | ' | ' |
Common stock repurchased (in shares) | ' | ' | -6,644 | ' | ' | ' |
Share-based compensation expense | 3,022 | ' | ' | 3,022 | ' | ' |
Balance at Sep. 30, 2014 | $966,995 | ' | $60,338 | $700,579 | $207,219 | ($1,141) |
Balance (in shares) at Sep. 30, 2014 | 24,135,220 | ' | 24,135,220 | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Condensed Consolidated Statements of Changes in Shareholders' Equity | ' | ' | ' | ' |
Cash dividends declared, per share (in dollars per share) | $0.21 | $0.19 | $0.60 | $0.55 |
Annual dividend rate (as a percent) | ' | ' | 9.00% | 5.00% |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $54,189 | $35,235 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 15,846 | 11,811 |
Provision for loan losses | 5,109 | 1,898 |
Deferred income taxes | 7,301 | 11,712 |
Gain on sale of securities | 2 | ' |
Share-based compensation expense | 3,022 | 2,332 |
Amortization on FDIC indemnification assets | 17,718 | 22,106 |
Accretion of discount related to performing acquired loans | -7,580 | -3,505 |
Loss on sale of premises and equipment | 1,402 | 5 |
Gain on sale of OREO | -6,826 | -8,809 |
Net amortization of premium on investment securities | 3,057 | 3,014 |
OREO write downs | 8,673 | 5,180 |
Originations and purchases of mortgage loans for sale | -560,000 | -674,295 |
Proceeds from sales of mortgage loans for sale | 533,982 | 706,971 |
Net change in: | ' | ' |
Accrued interest receivable | -4,129 | -3,462 |
Prepaid assets | 4,845 | 4,166 |
FDIC Loss Share Receivable | 37,567 | 37,629 |
Accrued interest payable | -1,154 | -1,629 |
Accrued income taxes | -5,813 | 33,144 |
Miscellaneous assets and liabilities | -12,542 | -12,642 |
Net cash provided by operating activities | 94,669 | 170,861 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of investment securities available for sale | 9,315 | 177,468 |
Proceeds from maturities and calls of investment securities held to maturity | 1,535 | 3,014 |
Proceeds from maturities and calls of investment securities available for sale | 114,441 | 121,535 |
Proceeds from sales of investment securities held to maturity | 411 | ' |
Proceeds from sales of other investment securities | 2,868 | 17,019 |
Purchases of investment securities available for sale | -131,823 | -121,018 |
Purchases of other investments | -6,186 | ' |
Net decrease (increase) in loans | -21,877 | 113,143 |
Net cash received from acquisitions | ' | 173,502 |
Purchases of premises and equipment | -13,258 | -7,291 |
Proceeds from sale of credit card loans | 20,350 | ' |
Proceeds from sale of OREO | 48,102 | 44,578 |
Proceeds from sale of premises and equipment | 3,914 | 50 |
Net cash provided by investing activities | 27,792 | 522,000 |
Cash flows from financing activities: | ' | ' |
Net decrease in deposits | -37,269 | -157,066 |
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings | 19,828 | -4,829 |
Repayment of other borrowings | -1,186 | -256,072 |
Common stock issuance | 413 | 402 |
Preferred stock repurchase | -65,000 | ' |
Common stock repurchase | -404 | -673 |
Dividends paid on preferred stock | -1,073 | -542 |
Dividends paid on common stock | -14,474 | -10,699 |
Stock options exercised | 271 | 1,054 |
Net cash used in financing activities | -98,894 | -428,425 |
Net increase in cash and cash equivalents | 23,567 | 264,436 |
Cash and cash equivalents at beginning of period | 479,461 | 380,730 |
Cash and cash equivalents at end of period | 503,028 | 645,166 |
Cash paid for: | ' | ' |
Interest | 12,988 | 5,199 |
Income taxes | 22,239 | 8,408 |
Schedule of Noncash Investing Transactions: | ' | ' |
Real estate acquired in full or in partial settlement of loans (covered of $13,393 and $17,499, respectively; and non-covered of $22,888 and $22,106, respectively) | $36,281 | $39,605 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Consolidated Statements of Cash Flows | ' | ' |
Real estate acquired in full or in partial settlement of loans, covered | $13,393 | $17,499 |
Real estate acquired in full or in partial settlement of loans, non-covered | $22,888 | $22,106 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
Note 1 — Basis of Presentation | |
On June 30, 2014, First Financial Holdings, Inc. changed its name to South State Corporation, and SCBT, the wholly-owned bank subsidiary of South State Corporation, changed its name to South State Bank. Unless otherwise mentioned or unless the context requires otherwise, references herein to “South State,” the “Company” “we,” “us,” “our” or similar references mean South State Corporation and its consolidated subsidiaries. References to the “Bank” means South State Bank, a South Carolina banking corporation. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications had no impact on net income or equity as previously reported. Operating results for the nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by GAAP for complete financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
Note 2 — Summary of Significant Accounting Policies | |
The information contained in the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2014, should be referenced when reading these unaudited condensed consolidated financial statements. | |
Subsequent Events | |
The Company has evaluated subsequent events for accounting and disclosure purposes through the date the financial statements are issued. |
Recent_Accounting_and_Regulato
Recent Accounting and Regulatory Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Recent Accounting and Regulatory Pronouncements | ' |
Recent Accounting and Regulatory Pronouncements | ' |
Note 3 — Recent Accounting and Regulatory Pronouncements | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-14: Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)—Classification of Certain Government Guaranteed Mortgage Loans upon Foreclosure (“ASU 2014-14”). ASU 2014-14 provides clarifying guidance related to how creditors classify government-guaranteed loans upon foreclosure. ASU 2014-14 requires that a mortgage loan be derecognized and a separate receivable be recognized upon foreclosure if certain conditions are met. Upon foreclosure, the separate receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU 2014-14 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2014. The amendments can be applied using either a prospective transition method or a modified retrospective transition method. Early adoption is permitted. The adoption of ASU 2014-14 is not expected to have a material impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, a consensus of the FASB Emerging Issues Task Force (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. An entity may apply the standards (1) prospectively to all share-based payment awards that are granted or modified on or after the effective date, or (2) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. Earlier application is permitted. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”). ASU 2014-11 aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. ASU 2014-11 is effective for the first interim or annual period beginning after December 15, 2014. In addition the disclosure of certain transactions accounted for as a sale is effective for the first interim or annual period beginning after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is prohibited. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but does not expect it to have a material impact. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASU 2014-09”). The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this new guidance recognized at the date of initial application. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but the Company does not expect it to have a material impact. | |
In January 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, a consensus of the FASB Emerging Issues Task Force (“ASU 2014-04”). ASU 2014-04 clarifies that an in-substance foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or similar legal agreement. ASU 2014-04 also requires disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for public companies for interim and annual periods beginning after December 15, 2014, with early adoption permitted. Once adopted, an entity can elect either (i) a modified retrospective transition method or (ii) a prospective transition method. The modified retrospective transition method is applied by means of a cumulative-effect adjustment to residential mortgage loans and foreclosed residential real estate properties existing as of the beginning of the period for which the amendments of ASU 2014-04 are effective, with real estate reclassified to loans measured at the carrying value of the real estate at the date of adoption and loans reclassified to real estate measured at the lower of net carrying value of the loan or the fair value of the real estate less costs to sell at the date of adoption. The prospective transition method is applied by means of applying the amendments of ASU 2014-04 to all instances of receiving physical possession of residential real estate properties that occur after the date of adoption. The adoption of ASU 2014-04 is not expected to have a material impact on the Company’s financial statements. | |
In January 2014, the FASB issued ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects (“ASU 2014-01”). ASU 2014-01 amends FASB ASC 323, Investments — Equity Method and Joint Ventures, to permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). ASU 2014-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2014 and should be applied retrospectively. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but the Company does not expect it to have a material impact. | |
In July 2013, the FASB issued ASU No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2013-10”). The amendments in this update permit the Fed Funds Effective Swap Rate (OIS) to be used as a benchmark interest rate for hedge accounting in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. ASU 2013-10 is effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013 and did not have a significant impact on the Company’s financial statements. |
Mergers_and_Acquisitions
Mergers and Acquisitions | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Mergers and Acquisitions | ' | |||||||||||||
Mergers and Acquisitions | ' | |||||||||||||
Note 4 — Mergers and Acquisitions | ||||||||||||||
The following mergers and acquisitions are referenced throughout this Form 10-Q: | ||||||||||||||
· Community Bank & Trust (“CBT”) — January 29, 2010 — Federal Deposit Insurance Corporation (“FDIC”) purchase and assumption agreement | ||||||||||||||
· Habersham Bank (“Habersham”) — February 18, 2011 — FDIC purchase and assumption agreement | ||||||||||||||
· BankMeridian, N.A. (“BankMeridian”) — July 29, 2011 — FDIC purchase and assumption agreement | ||||||||||||||
· Peoples Bancorporation, Inc. (“Peoples”) — April 24, 2012 — Whole bank acquisition | ||||||||||||||
· The Savannah Bancorp, Inc. (“Savannah”) — December 13, 2012 — Whole bank acquisition | ||||||||||||||
· Former First Financial Holdings, Inc. (“FFHI”) — July 26, 2013 — Whole bank acquisition with FDIC purchase and assumption agreements of Cape Fear Bank (“Cape Fear”) — April 10, 2009 and Plantation Federal Bank (“Plantation”) — April 27, 2012 | ||||||||||||||
“FDIC purchase and assumption agreement” means that only certain assets and liabilities were acquired by the bank from the FDIC. A “whole bank acquisition” means that the two parties in the transaction agreed to the transaction, and there was no involvement of the FDIC. A “whole bank acquisition with FDIC purchase and assumption agreements” means that the two parties in the transaction agreed to the merger, and there were existing FDIC purchase and assumption agreements. | ||||||||||||||
First Financial Holdings, Inc. Merger | ||||||||||||||
On July 26, 2013, the Company acquired all of the outstanding common stock of FFHI, of Charleston, South Carolina, the bank holding company for First Federal Bank (“First Federal”), in a stock transaction. FFHI common shareholders received 0.4237 shares of the Company’s common stock in exchange for each share of FFHI common stock, resulting in the Company issuing 7,018,274 shares of its common stock. Each outstanding share of FFHI Fixed Rate Cumulative Perpetual Preferred Stock, Series A (“FFHI Preferred Stock”), was converted into the right to receive one share of preferred stock of the Company, designated Series A Fixed Rate Cumulative Perpetual Preferred Stock and having such rights, preferences and privileges as are not materially less favorable than the rights, preferences and privileges of the FFHI Preferred Stock. In total, the purchase price for the FFHI acquisition was $447.0 million including $65.0 million in preferred stock and the value of “in the money” outstanding stock options (i.e., stock options for which the exercise price of the stock option is below the market price of the underlying stock) totaling $530,000. On March 28, 2014, the Company redeemed all 65,000 outstanding shares of the Series A Fixed Rate Cumulative Perpetual Preferred Stock. The shares had a liquidation preference of $1,000 per share and dividends were accruing at 9% per annum. | ||||||||||||||
The FFHI transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date. | ||||||||||||||
The following table presents the assets acquired and liabilities assumed as of July 26, 2013, as recorded by FFHI on the acquisition date and initial and subsequent fair value adjustments. | ||||||||||||||
Initial | Subsequent | |||||||||||||
As Recorded by | Fair Value | Fair Value | As Recorded | |||||||||||
(Dollars in thousands) | FFHI | Adjustments | Adjustments | by the Company | ||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 174,082 | $ | — | $ | — | $ | 174,082 | ||||||
Investment securities | 313,200 | (1,388 | )(a) | — | 311,812 | |||||||||
Loans held for sale | 19,858 | 6 | (b) | — | 19,864 | |||||||||
Loans | 2,355,527 | (92,720 | )(b) | 12,875 | (b) | 2,275,682 | ||||||||
Premises and equipment | 82,399 | (5,435 | )(c) | (597 | )(c) | 76,367 | ||||||||
Intangible assets | 7,037 | 33,738 | (d) | (2,542 | )(d) | 38,233 | ||||||||
Mortgage servicing rights | 19,156 | — | — | 19,156 | ||||||||||
Other real estate owned | 13,271 | (2,065 | )(e) | 1,972 | (e) | 13,178 | ||||||||
FDIC receivable for loss sharing agreement | 47,459 | (18,122 | )(f), (k) | (7,624 | )(f) | 21,713 | ||||||||
Bank owned life insurance | 51,513 | — | (493 | )(m) | 51,020 | |||||||||
Deferred tax asset | (5,279 | ) | 42,741 | (g) | (4,585 | )(g) | 32,877 | |||||||
Other assets | 47,257 | (6,125 | )(h) | 4,248 | (l) | 45,380 | ||||||||
Total assets | $ | 3,125,480 | $ | (49,370 | ) | $ | 3,254 | $ | 3,079,364 | |||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 430,517 | $ | — | $ | — | $ | 430,517 | ||||||
Interest-bearing | 2,083,495 | 7,801 | (i) | — | 2,091,296 | |||||||||
Total deposits | 2,514,012 | 7,801 | — | 2,521,813 | ||||||||||
Other borrowings | 280,187 | 21,526 | (j) | — | 301,713 | |||||||||
Other liabilities | 25,584 | (2,059 | )(k) | (245 | )(k) | 23,280 | ||||||||
Total liabilities | 2,819,783 | 27,268 | (245 | ) | 2,846,806 | |||||||||
Net identifiable assets acquired over (under) liabilities assumed | 305,697 | (76,638 | ) | 3,499 | 232,558 | |||||||||
Goodwill | — | 217,894 | (3,499 | ) | 214,395 | |||||||||
Net assets acquired over liabilities assumed | $ | 305,697 | $ | 141,256 | $ | — | $ | 446,953 | ||||||
Consideration: | ||||||||||||||
Common shares issued | 7,018,274 | |||||||||||||
Purchase price per share of the Company’s common stock | $ | 54.34 | ||||||||||||
Company common stock issued and cash exchanged for fractional shares | 381,423 | |||||||||||||
Cash paid for stock options outstanding | 530 | |||||||||||||
Assumption of preferred stock | 65,000 | |||||||||||||
Fair value of total consideration transferred | $ | 446,953 | ||||||||||||
Explanation of fair value adjustments | ||||||||||||||
(a)—Adjustment reflects marking the securities portfolio to fair value as of the acquisition date. | ||||||||||||||
(b)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio and excludes the allowance for loan losses recorded by FFHI. | ||||||||||||||
(c)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. | ||||||||||||||
(d)—Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts and other intangibles for credit cards and customer lists. | ||||||||||||||
(e)—Adjustment reflects the fair value adjustments to OREO based on the Company’s evaluation of the acquired OREO portfolio. (f)—Adjustment reflects the fair value adjustments to the FDIC receivable for loss sharing agreements based on the Company’s evaluation of the losses on the acquired assets covered under loss share agreements with the FDIC net of any clawback. | ||||||||||||||
(g) —Adjustment to record deferred tax asset related to fair value adjustments. | ||||||||||||||
(h)—Adjustment reflects uncollectible portion of accrued interest receivable and loan fees receivable. | ||||||||||||||
(i)—Adjustment arises since the rates on interest-bearing deposits are higher than rates available on similar deposits as of the acquisition date. | ||||||||||||||
(j)— Adjustment reflects the fair value adjustment which was equal to the prepayment fee paid to fully pay off the Federal Home Loan Bank (the “FHLB”) advances on July 26, 2013. This fair value adjustment and the fair value adjustment of the junior subordinated debt were determined based upon interest rates. | ||||||||||||||
(k)— Adjustment reflects the reclassification of the clawback to net against the FDIC receivable, the incremental accrual for employee related benefits, lease liabilities, and adjustment of other miscellaneous accruals. | ||||||||||||||
(l)— Adjustment reflects the change in insurance-related receivable and increase in the current income tax receivable for the short-period income tax returns filed. | ||||||||||||||
(m)—Adjustment reflects the fair value adjustments to bank owned life insurance based on the Company’s evaluation of the policies. | ||||||||||||||
The operating results of the Company for the period ended September 30, 2014 include the operating results of the acquired assets and assumed liabilities since the acquisition date of July 26, 2013. Merger and branding related charges of $6.8 million and $19.3 million were recorded in the consolidated statements of income for the three and nine months ended September 30, 2014, respectively; and include incremental costs related to the closing of certain branch locations, employment related cost, professional cost (legal, accounting and audit related), travel, printing and supplies, and other related costs. | ||||||||||||||
The following table discloses the impact of the merger with FFHI (excluding the impact of merger and branding related expenses) for the three and nine months ended September 30, 2014. The table also presents comparative pro forma information as if FFHI had been acquired on January 1, 2013. These results combine the historical results of FFHI in the Company’s consolidated statements of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2013. | ||||||||||||||
Merger-related costs of $35,000 and $2.9 million from the acquisition of Savannah were included in the Company’s consolidated statements of income for the three and nine months ended September 30, 2013 and are not included in the pro forma information below. The Company expects to incur additional expenses related to systems conversions and other costs of integration during the remainder of 2014 related to the acquisition of FFHI. The Company also expects to achieve further operating cost savings and other business synergies as a result of the systems conversion and integration effort which are not reflected in the pro forma amounts below: | ||||||||||||||
Pro Forma | Pro Forma | |||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
(Dollars in thousands) | September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||
Total revenues (net interest income plus noninterest income) | $ | 104,822 | $ | 107,069 | $ | 314,206 | $ | 329,046 | ||||||
Net operating income available to common shareholders | $ | 24,108 | $ | 19,092 | $ | 66,098 | $ | 58,163 |
Investment_Securities
Investment Securities | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Investment Securities | ' | |||||||||||||
Investment Securities | ' | |||||||||||||
Note 5 — Investment Securities | ||||||||||||||
The following is the amortized cost and fair value of investment securities held to maturity: | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
State and municipal obligations | $ | 10,389 | $ | 630 | $ | — | $ | 11,019 | ||||||
December 31, 2013: | ||||||||||||||
State and municipal obligations | $ | 12,426 | $ | 480 | $ | (15 | ) | $ | 12,891 | |||||
September 30, 2013: | ||||||||||||||
State and municipal obligations | $ | 12,426 | $ | 579 | $ | (13 | ) | $ | 12,992 | |||||
The following is the amortized cost and fair value of investment securities available for sale: | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
Government-sponsored entities debt * | $ | 140,438 | $ | 127 | $ | (3,106 | ) | 137,459 | ||||||
State and municipal obligations | 137,733 | 3,834 | (309 | ) | 141,258 | |||||||||
Mortgage-backed securities ** | 519,569 | 5,608 | (2,168 | ) | 523,009 | |||||||||
Corporate stocks | 3,161 | 538 | (311 | ) | 3,388 | |||||||||
$ | 800,901 | $ | 10,107 | $ | (5,894 | ) | $ | 805,114 | ||||||
December 31, 2013: | ||||||||||||||
Government-sponsored entities debt * | $ | 149,708 | $ | 185 | $ | (6,899 | ) | $ | 142,994 | |||||
State and municipal obligations | 142,934 | 1,798 | (4,081 | ) | 140,651 | |||||||||
Mortgage-backed securities ** | 500,000 | 4,394 | (4,915 | ) | 499,479 | |||||||||
Corporate stocks | 3,161 | 638 | (132 | ) | 3,667 | |||||||||
$ | 795,803 | $ | 7,015 | $ | (16,027 | ) | $ | 786,791 | ||||||
September 30, 2013: | ||||||||||||||
Government-sponsored entities debt * | $ | 107,906 | $ | 282 | $ | (5,515 | ) | $ | 102,673 | |||||
State and municipal obligations | 144,359 | 2,161 | (3,942 | ) | 142,578 | |||||||||
Mortgage-backed securities ** | 376,030 | 5,027 | (2,431 | ) | 378,626 | |||||||||
Corporate stocks | 2,661 | 263 | (3 | ) | 2,921 | |||||||||
$ | 630,956 | $ | 7,733 | $ | (11,891 | ) | $ | 626,798 | ||||||
* - The Company’s government-sponsored entities holdings are comprised of debt securities offered by Federal Home Loan Mortgage Corporation (“FHLMC”) or Freddie Mac, Federal National Mortgage Association (“FNMA”) or Fannie Mae, FHLB, and Federal Farm Credit Banks (“FFCB”). Also included in the Company’s government-sponsored entities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government. | ||||||||||||||
** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings. | ||||||||||||||
The following is the amortized cost and fair value of other investment securities: | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
Federal Home Loan Bank stock | $ | 7,484 | $ | — | $ | — | $ | 7,484 | ||||||
Investment in unconsolidated subsidiaries | 3,034 | — | — | 3,034 | ||||||||||
$ | 10,518 | $ | — | $ | — | $ | 10,518 | |||||||
December 31, 2013: | ||||||||||||||
Federal Home Loan Bank stock | $ | 10,352 | $ | — | $ | — | $ | 10,352 | ||||||
Investment in unconsolidated subsidiaries | 3,034 | — | — | 3,034 | ||||||||||
$ | 13,386 | $ | — | $ | — | $ | 13,386 | |||||||
September 30, 2013: | ||||||||||||||
Federal Home Loan Bank stock | $ | 10,352 | $ | — | $ | — | $ | 10,352 | ||||||
Investment in unconsolidated subsidiaries | 3,034 | — | — | 3,034 | ||||||||||
$ | 13,386 | $ | — | $ | — | $ | 13,386 | |||||||
The Company has determined that the investment in FHLB stock is not other than temporarily impaired as of September 30, 2014 and ultimate recoverability of the par value of these investments is probable. | ||||||||||||||
The amortized cost and fair value of debt securities at September 30, 2014 by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. | ||||||||||||||
Securities | Securities | |||||||||||||
Held to Maturity | Available for Sale | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | ||||||||||
Due in one year or less | $ | 730 | $ | 735 | $ | 6,990 | $ | 7,078 | ||||||
Due after one year through five years | 986 | 1,019 | 23,994 | 24,262 | ||||||||||
Due after five years through ten years | 8,673 | 9,265 | 234,954 | 235,857 | ||||||||||
Due after ten years | — | — | 534,963 | 537,917 | ||||||||||
$ | 10,389 | $ | 11,019 | $ | 800,901 | $ | 805,114 | |||||||
Information pertaining to the Company’s securities with gross unrealized losses at September 30, 2014, December 31, 2013 and September 30, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows: | ||||||||||||||
Less Than Twelve Months | Twelve Months or More | |||||||||||||
Gross | Gross | |||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||
(Dollars in thousands) | Losses | Value | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
Securities Available for Sale | ||||||||||||||
Government-sponsored entities debt | $ | 71 | $ | 18,422 | $ | 3,035 | $ | 81,384 | ||||||
State and municipal obligations | 1 | 831 | 308 | 11,558 | ||||||||||
Mortgage-backed securities | 811 | 147,160 | 1,357 | 62,638 | ||||||||||
Corporate Stocks | 311 | 1,919 | — | — | ||||||||||
$ | 1,194 | $ | 168,332 | $ | 4,700 | $ | 155,580 | |||||||
December 31, 2013: | ||||||||||||||
Securities Held to Maturity | ||||||||||||||
State and municipal obligations | $ | 15 | $ | 486 | $ | — | $ | — | ||||||
Securities Available for Sale | ||||||||||||||
Government-sponsored entities debt | $ | 6,899 | $ | 112,085 | $ | — | $ | — | ||||||
State and municipal obligations | 3,901 | 87,060 | 180 | 3,900 | ||||||||||
Mortgage-backed securities | 4,874 | 263,383 | 41 | 2,125 | ||||||||||
Corporate stocks | 132 | 2,099 | — | — | ||||||||||
$ | 15,806 | $ | 464,627 | $ | 221 | $ | 6,025 | |||||||
September 30, 2013: | ||||||||||||||
Securities Held to Maturity | ||||||||||||||
State and municipal obligations | $ | 13 | $ | 488 | $ | — | $ | — | ||||||
Securities Available for Sale | ||||||||||||||
Government-sponsored entities debt | $ | 5,515 | $ | 85,500 | $ | — | $ | — | ||||||
State and municipal obligations | 3,942 | 88,497 | — | — | ||||||||||
Mortgage-backed securities | 2,404 | 112,833 | 27 | 2,225 | ||||||||||
Corporate stocks | 3 | 7 | — | — | ||||||||||
$ | 11,864 | $ | 286,837 | $ | 27 | $ | 2,225 | |||||||
Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the financial condition and near-term prospects of the issuer, (2) the outlook for receiving the contractual cash flows of the investments, (3) the length of time and the extent to which the fair value has been less than cost, (4) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that the Company will be required to sell the debt security prior to recovering its fair value, and (5) the anticipated outlook for changes in the general level of interest rates. All securities available for sale in an unrealized loss position as of September 30, 2014 continue to perform as scheduled. As part of the Company’s evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. The Company does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that the Company will be required to sell the debt securities; therefore, management does not consider these investments to be other-than-temporarily impaired at September 30, 2014. Management continues to monitor all of these securities with a high degree of scrutiny. There can be no assurance that the Company will not conclude in future periods that conditions existing at that time indicate some or all of these securities may be sold or are other than temporarily impaired, which would require a charge to earnings in such periods. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Note 6 — Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
The following is a summary of non-acquired loans: | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Non-acquired loans: | ||||||||||||||||||||||||||||||||
Commercial non-owner occupied real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 385,318 | $ | 299,951 | $ | 288,199 | ||||||||||||||||||||||||||
Commercial non-owner occupied | 318,470 | 291,171 | 282,678 | |||||||||||||||||||||||||||||
Total commercial non-owner occupied real estate | 703,788 | 591,122 | 570,877 | |||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 702,521 | 548,170 | 498,734 | |||||||||||||||||||||||||||||
Home equity loans | 276,341 | 257,139 | 255,291 | |||||||||||||||||||||||||||||
Total consumer real estate | 978,862 | 805,309 | 754,025 | |||||||||||||||||||||||||||||
Commercial owner occupied real estate | 881,403 | 833,513 | 814,259 | |||||||||||||||||||||||||||||
Commercial and industrial | 355,580 | 321,824 | 301,845 | |||||||||||||||||||||||||||||
Other income producing property | 154,822 | 143,204 | 140,024 | |||||||||||||||||||||||||||||
Consumer | 183,451 | 136,410 | 116,312 | |||||||||||||||||||||||||||||
Other loans | 46,802 | 33,834 | 43,900 | |||||||||||||||||||||||||||||
Total non-acquired loans | 3,304,708 | 2,865,216 | 2,741,242 | |||||||||||||||||||||||||||||
Less allowance for loan losses | (34,804 | ) | (34,331 | ) | (36,145 | ) | ||||||||||||||||||||||||||
Non-acquired loans, net | $ | 3,269,904 | $ | 2,830,885 | $ | 2,705,097 | ||||||||||||||||||||||||||
The following is a summary of acquired non-credit impaired loans accounted for under FASB ASC Topic 310-20, net of related discount: | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
FASB ASC Topic 310-20 acquired loans: | ||||||||||||||||||||||||||||||||
Commercial non-owner occupied real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 27,705 | $ | 58,396 | $ | 55,259 | ||||||||||||||||||||||||||
Commercial non-owner occupied | 50,307 | 58,598 | 65,181 | |||||||||||||||||||||||||||||
Total commercial non-owner occupied real estate | 78,012 | 116,994 | 120,440 | |||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 673,099 | 745,481 | 769,086 | |||||||||||||||||||||||||||||
Home equity loans | 242,720 | 264,150 | 274,893 | |||||||||||||||||||||||||||||
Total consumer real estate | 915,819 | 1,009,631 | 1,043,979 | |||||||||||||||||||||||||||||
Commercial owner occupied real estate | 65,420 | 73,714 | 83,133 | |||||||||||||||||||||||||||||
Commercial and industrial | 35,072 | 58,773 | 64,069 | |||||||||||||||||||||||||||||
Other income producing property | 68,557 | 74,566 | 78,344 | |||||||||||||||||||||||||||||
Consumer | 214,463 | 267,257 | 275,369 | |||||||||||||||||||||||||||||
Total FASB ASC Topic 310-20 acquired loans | $ | 1,377,343 | $ | 1,600,935 | $ | 1,665,334 | ||||||||||||||||||||||||||
In accordance with FASB ASC Topic 310-30, the Company aggregated acquired loans that have common risk characteristics into pools of loan categories as described in the table below. | ||||||||||||||||||||||||||||||||
The following is a summary of acquired credit impaired loans accounted for under FASB ASC Topic 310-30 (identified as credit impaired at the time of acquisition), net of related discount: | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
FASB ASC Topic 310-30 acquired loans: | ||||||||||||||||||||||||||||||||
Commercial loans greater than or equal to $1 million-CBT | $ | 17,097 | $ | 24,109 | $ | 25,934 | ||||||||||||||||||||||||||
Commercial real estate | 354,715 | 439,785 | 477,968 | |||||||||||||||||||||||||||||
Commercial real estate—construction and development | 73,322 | 114,126 | 130,967 | |||||||||||||||||||||||||||||
Residential real estate | 406,276 | 481,247 | 504,707 | |||||||||||||||||||||||||||||
Consumer | 90,038 | 103,998 | 108,420 | |||||||||||||||||||||||||||||
Commercial and industrial | 46,988 | 68,862 | 80,778 | |||||||||||||||||||||||||||||
Single pay | 88 | 129 | 114 | |||||||||||||||||||||||||||||
Total FASB ASC Topic 310-30 acquired loans | 988,524 | 1,232,256 | 1,328,888 | |||||||||||||||||||||||||||||
Less allowance for loan losses | (8,032 | ) | (11,618 | ) | (12,260 | ) | ||||||||||||||||||||||||||
FASB ASC Topic 310-30 acquired loans, net | $ | 980,492 | $ | 1,220,638 | $ | 1,316,628 | ||||||||||||||||||||||||||
The table below reflects refined contractual loan payments (principal and interest), estimates of the amounts not expected to be collected (non-accretable difference), accretable yield (interest income recognized over time), and the resulting fair values at the acquisition date for FFHI (July 26, 2013). These refinements did not materially change the carrying value of these pools of loans. The changes were the result of the conversion to one loan system and a better projection of the timing of cash flows for these acquired credit impaired loans. | ||||||||||||||||||||||||||||||||
July 26, 2013 | ||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||
Loans Impaired | Not Impaired | |||||||||||||||||||||||||||||||
(Dollars in thousands) | at Acquisition | at Acquisition | Total | |||||||||||||||||||||||||||||
Contractual principal and interest | $ | 662,273 | $ | 238,166 | $ | 900,439 | ||||||||||||||||||||||||||
Non-accretable difference | (110,069 | ) | (11,905 | ) | (121,974 | ) | ||||||||||||||||||||||||||
Cash flows expected to be collected | 552,204 | 226,261 | 778,465 | |||||||||||||||||||||||||||||
Accretable yield | (129,834 | ) | (52,122 | ) | (181,956 | ) | ||||||||||||||||||||||||||
Carrying value | $ | 422,370 | $ | 174,139 | $ | 596,509 | ||||||||||||||||||||||||||
The table above excludes $1.67 billion ($1.71 billion in contractual principal less a $40.6 million fair value adjustment) in acquired loans at fair value that were identified as either performing with no discount related to credit or as revolving lines of credit (commercial or consumer) as of the acquisition date and are accounted for under FASB ASC Topic 310-20. | ||||||||||||||||||||||||||||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting carrying values of acquired credit impaired loans as of September 30, 2014, December 31, 2013 and September 30, 2013 are as follows: | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Contractual principal and interest | $ | 1,416,207 | $ | 1,727,417 | $ | 1,871,569 | ||||||||||||||||||||||||||
Non-accretable difference | (161,465 | ) | (193,645 | ) | (231,865 | ) | ||||||||||||||||||||||||||
Cash flows expected to be collected | 1,254,742 | 1,533,772 | 1,639,704 | |||||||||||||||||||||||||||||
Accretable yield | (266,218 | ) | (301,516 | ) | (310,816 | ) | ||||||||||||||||||||||||||
Carrying value | $ | 988,524 | $ | 1,232,256 | $ | 1,328,888 | ||||||||||||||||||||||||||
Allowance for acquired loan losses | $ | (8,032 | ) | $ | (11,618 | ) | $ | (12,260 | ) | |||||||||||||||||||||||
Income on acquired credit impaired loans that are not impaired at the acquisition date is recognized in the same manner as loans impaired at the acquisition date. A portion of the fair value discount on acquired non-impaired loans has been ascribed as an accretable difference that is accreted into interest income over the estimated remaining life of the loans. The remaining nonaccretable difference represents cash flows not expected to be collected. | ||||||||||||||||||||||||||||||||
The following are changes in the carrying value of acquired credit impaired loans: | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,220,638 | $ | 969,395 | ||||||||||||||||||||||||||||
Fair value of acquired loans | — | 596,509 | ||||||||||||||||||||||||||||||
Net reductions for payments, foreclosures, and accretion | (243,732 | ) | (248,284 | ) | ||||||||||||||||||||||||||||
Change in the allowance for loan losses on acquired loans | 3,586 | (992 | ) | |||||||||||||||||||||||||||||
Balance at end of period, net of allowance for loan losses on acquired loans | $ | 980,492 | $ | 1,316,628 | ||||||||||||||||||||||||||||
The table below reflects refined accretable difference for acquired credit impaired loans for the nine months ended September 30, 2014 and 2013 (see the discussion on the previous page for more information): | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 301,516 | $ | 160,849 | ||||||||||||||||||||||||||||
Addition from the FFHI acquisition | — | 181,956 | ||||||||||||||||||||||||||||||
Accretion | (79,579 | ) | (72,004 | ) | ||||||||||||||||||||||||||||
Reclass of nonaccretable difference due to improvement in expected cash flows | 46,960 | 48,244 | ||||||||||||||||||||||||||||||
Other changes, net | (2,679 | ) | (8,229 | ) | ||||||||||||||||||||||||||||
Balance at end of period | $ | 266,218 | $ | 310,816 | ||||||||||||||||||||||||||||
Our loan loss policy adheres to generally accepted accounting principles in the United States as well as interagency guidance. The allowance for loan losses is based upon estimates made by management. We maintain an allowance for loan losses at a level that we believe is appropriate to cover estimated credit losses on individually evaluated loans that are determined to be impaired as well as estimated credit losses inherent in the remainder of our loan portfolio. Arriving at the allowance involves a high degree of management judgment and results in a range of estimated losses. We regularly evaluate the adequacy of the allowance through our internal risk rating system, outside credit review, and regulatory agency examinations to assess the quality of the loan portfolio and identify problem loans. The evaluation process also includes our analysis of current economic conditions, composition of the loan portfolio, past due and nonaccrual loans, concentrations of credit, lending policies and procedures, and historical loan loss experience. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on, among other factors, changes in economic conditions in our markets. In addition, regulatory agencies, as an integral part of their examination process, periodically review our allowances for losses on loans. These agencies may require management to recognize additions to the allowances based on their judgments about information available to them at the time of their examination. Because of these and other factors, it is possible that the allowances for losses on loans may change. The provision for loan losses is charged to expense in an amount necessary to maintain the allowance at an appropriate level. | ||||||||||||||||||||||||||||||||
The allowance for loan losses on non-acquired loans consists of general and specific reserves. The general reserves are determined by applying loss percentages to the portfolio that are based on historical loss experience for each class of loans and management’s evaluation and “risk grading” of the loan portfolio. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are included in this evaluation. Currently, these adjustments are applied to the non-acquired loan portfolio when estimating the level of reserve required. The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of our exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. These are loans classified by management as doubtful or substandard. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. Generally, the need for specific reserve is evaluated on impaired loans greater than $250,000, and once a specific reserve is established for a loan, a charge off of that amount occurs in the quarter subsequent to the establishment of the specific reserve. Loans that are determined to be impaired are provided a specific reserve, if necessary, and are excluded from the calculation of the general reserves. | ||||||||||||||||||||||||||||||||
With the FFHI acquisition, the Company segregated the loan portfolio into performing loans (“non-credit impaired”) and acquired credit impaired loans. The performing loans and revolving type loans are accounted for under FASB ASC 310-20, with each loan being accounted for individually. The allowance for loan losses on these loans will be measured and recorded consistent with non-acquired loans. The acquired credit impaired loans will follow the description in the next paragraph. | ||||||||||||||||||||||||||||||||
In determining the acquisition date fair value of acquired credit impaired loans, and in subsequent accounting, the Company generally aggregates purchased loans into pools of loans with common risk characteristics. Expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows of the pool is reasonably estimable. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date are reclassified from the non-accretable difference to accretable difference and recognized as interest income prospectively. Decreases in expected cash flows after the acquisition date are recognized by recording an allowance for loan losses. Management analyzes the acquired loan pools using various assessments of risk to determine an expected loss. The expected loss is derived based upon a loss given default based upon the collateral type and/or detailed review by loan officers and the probability of default that is determined based upon historical data at the loan level. Trends are reviewed in terms of accrual status, past due status, and weighted-average grade of the loans within each of the accounting pools. In addition, the relationship between the change in the unpaid principal balance and change in the mark is assessed to correlate the directional consistency of the expected loss for each pool. Offsetting the impact of the provision established for acquired loans covered under FDIC loss share agreements, the receivable from the FDIC is adjusted to reflect the indemnified portion of the post-acquisition exposure with a corresponding credit to the provision for loan losses. | ||||||||||||||||||||||||||||||||
An aggregated analysis of the changes in allowance for loan losses is as follows: | ||||||||||||||||||||||||||||||||
Acquired | Acquired | |||||||||||||||||||||||||||||||
Non-acquired | Non-credit | Credit Impaired | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Loans | Impaired Loans | Loans | Total | ||||||||||||||||||||||||||||
Three months ended September 30, 2014: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 35,422 | $ | — | $ | 9,159 | $ | 44,581 | ||||||||||||||||||||||||
Loans charged-off | (2,713 | ) | (879 | ) | — | (3,592 | ) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 575 | 441 | — | 1,016 | ||||||||||||||||||||||||||||
Net charge-offs | (2,138 | ) | (438 | ) | — | (2,576 | ) | |||||||||||||||||||||||||
Provision for loan losses | 1,520 | 438 | (658 | ) | 1,300 | |||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | — | 791 | 791 | ||||||||||||||||||||||||||||
Total provision for loan losses charged to operations | 1,520 | 438 | 133 | 2,091 | ||||||||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | — | — | (791 | ) | (791 | ) | ||||||||||||||||||||||||||
Reduction due to loan removals | — | — | (469 | ) | (469 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 34,804 | $ | — | $ | 8,032 | $ | 42,836 | ||||||||||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 38,625 | $ | — | $ | 14,461 | $ | 53,086 | ||||||||||||||||||||||||
Loans charged-off | (4,294 | ) | — | — | (4,294 | ) | ||||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,249 | — | — | 1,249 | ||||||||||||||||||||||||||||
Net charge-offs | (3,045 | ) | — | — | (3,045 | ) | ||||||||||||||||||||||||||
Provision for loan losses | 565 | — | (456 | ) | 109 | |||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | — | 550 | 550 | ||||||||||||||||||||||||||||
Total provision for loan losses charged to operations | 565 | — | 94 | 659 | ||||||||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | — | — | (550 | ) | (550 | ) | ||||||||||||||||||||||||||
Reduction due to loan removals | — | — | (1,745 | ) | (1,745 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 36,145 | $ | — | $ | 12,260 | $ | 48,405 | ||||||||||||||||||||||||
Acquired | Acquired | |||||||||||||||||||||||||||||||
Non-acquired | Non-credit | Credit Impaired | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Loans | Impaired Loans | Loans | Total | ||||||||||||||||||||||||||||
Nine months ended September 30, 2014: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,331 | $ | — | $ | 11,618 | $ | 45,949 | ||||||||||||||||||||||||
Loans charged-off | (5,972 | ) | (879 | ) | — | (6,851 | ) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,170 | 441 | — | 2,611 | ||||||||||||||||||||||||||||
Net charge-offs | (3,802 | ) | (438 | ) | — | (4,240 | ) | |||||||||||||||||||||||||
Provision for loan losses | 4,275 | 438 | (1,792 | ) | 2,921 | |||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | — | 2,188 | 2,188 | ||||||||||||||||||||||||||||
Total provision for loan losses charged to operations | 4,275 | 438 | 396 | 5,109 | ||||||||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | — | — | (2,188 | ) | (2,188 | ) | ||||||||||||||||||||||||||
Reduction due to loan removals | — | — | (1,794 | ) | (1,794 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 34,804 | $ | — | $ | 8,032 | $ | 42,836 | ||||||||||||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 44,378 | $ | — | $ | 17,218 | $ | 61,596 | ||||||||||||||||||||||||
Loans charged-off | (12,121 | ) | — | — | (12,121 | ) | ||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,870 | — | — | 2,870 | ||||||||||||||||||||||||||||
Net charge-offs | (9,251 | ) | — | — | (9,251 | ) | ||||||||||||||||||||||||||
Provision for loan losses | 1,018 | — | (991 | ) | 27 | |||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | — | 1,871 | 1,871 | ||||||||||||||||||||||||||||
Total provision for loan losses charged to operations | 1,018 | — | 880 | 1,898 | ||||||||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | — | — | (1,871 | ) | (1,871 | ) | ||||||||||||||||||||||||||
Reduction due to loan removals | — | — | (3,967 | ) | (3,967 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 36,145 | $ | — | $ | 12,260 | $ | 48,405 | ||||||||||||||||||||||||
The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for non-acquired loans: | ||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Consumer | Other Income | ||||||||||||||||||||||||||||
& Land | Non-owner | Owner | Owner | Home | Commercial | Producing | Other | |||||||||||||||||||||||||
(Dollars in thousands) | Development | Occupied | Occupied | Occupied | Equity | & Industrial | Property | Consumer | Loans | Total | ||||||||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2014 | $ | 6,652 | $ | 3,398 | $ | 7,958 | $ | 6,537 | $ | 2,975 | $ | 3,640 | $ | 2,588 | $ | 1,270 | $ | 404 | $ | 35,422 | ||||||||||||
Charge-offs | (825 | ) | — | (3 | ) | — | (501 | ) | (4 | ) | (83 | ) | (1,297 | ) | — | (2,713 | ) | |||||||||||||||
Recoveries | 120 | 5 | 68 | 20 | 18 | 93 | 13 | 238 | — | 575 | ||||||||||||||||||||||
Provision | 464 | (307 | ) | 123 | (83 | ) | 346 | (187 | ) | 70 | 1,120 | (26 | ) | 1,520 | ||||||||||||||||||
Balance, September 30, 2014 | $ | 6,411 | $ | 3,096 | $ | 8,146 | $ | 6,474 | $ | 2,838 | $ | 3,542 | $ | 2,588 | $ | 1,331 | $ | 378 | $ | 34,804 | ||||||||||||
Loans individually evaluated for impairment | $ | 402 | $ | 30 | $ | 100 | $ | 121 | $ | — | $ | 12 | $ | 711 | $ | 1 | $ | — | $ | 1,377 | ||||||||||||
Loans collectively evaluated for impairment | $ | 6,009 | $ | 3,066 | $ | 8,046 | $ | 6,353 | $ | 2,838 | $ | 3,530 | $ | 1,877 | $ | 1,330 | $ | 378 | $ | 33,427 | ||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,876 | $ | 3,784 | $ | 9,436 | $ | 2,427 | $ | — | $ | 1,110 | $ | 6,380 | $ | 50 | $ | — | $ | 28,063 | ||||||||||||
Loans collectively evaluated for impairment | 380,442 | 314,686 | 871,967 | 700,094 | 276,341 | 354,470 | 148,442 | 183,401 | 46,802 | 3,276,645 | ||||||||||||||||||||||
Total non-acquired loans | $ | 385,318 | $ | 318,470 | $ | 881,403 | $ | 702,521 | $ | 276,341 | $ | 355,580 | $ | 154,822 | $ | 183,451 | $ | 46,802 | $ | 3,304,708 | ||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 8,431 | $ | 4,866 | $ | 7,984 | $ | 6,438 | $ | 2,974 | $ | 4,039 | $ | 3,260 | $ | 426 | $ | 207 | $ | 38,625 | ||||||||||||
Charge-offs | (1,244 | ) | (652 | ) | (219 | ) | (888 | ) | (206 | ) | (154 | ) | (179 | ) | (751 | ) | — | (4,293 | ) | |||||||||||||
Recoveries | 650 | 18 | 1 | 104 | 75 | 187 | 12 | 201 | — | 1,248 | ||||||||||||||||||||||
Provision | (108 | ) | (462 | ) | (53 | ) | 448 | 91 | (301 | ) | (58 | ) | 955 | 53 | 565 | |||||||||||||||||
Balance, September 30, 2013 | $ | 7,729 | $ | 3,770 | $ | 7,713 | $ | 6,102 | $ | 2,934 | $ | 3,771 | $ | 3,035 | $ | 831 | $ | 260 | $ | 36,145 | ||||||||||||
Loans individually evaluated for impairment | $ | 558 | $ | — | $ | 19 | $ | 21 | $ | — | $ | — | $ | 703 | $ | — | $ | — | $ | 1,301 | ||||||||||||
Loans collectively evaluated for impairment | $ | 7,171 | $ | 3,770 | $ | 7,694 | $ | 6,081 | $ | 2,934 | $ | 3,771 | $ | 2,332 | $ | 831 | $ | 260 | $ | 34,844 | ||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 8,201 | $ | 2,804 | $ | 14,683 | $ | 575 | $ | — | $ | 707 | $ | 2,614 | $ | — | $ | — | $ | 29,584 | ||||||||||||
Loans collectively evaluated for impairment | 279,998 | 279,874 | 799,576 | 498,159 | 255,291 | 301,138 | 137,410 | 116,312 | 43,900 | 2,711,658 | ||||||||||||||||||||||
Total non-acquired loans | $ | 288,199 | $ | 282,678 | $ | 814,259 | $ | 498,734 | $ | 255,291 | $ | 301,845 | $ | 140,024 | $ | 116,312 | $ | 43,900 | $ | 2,741,242 | ||||||||||||
The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for non-acquired loans: | ||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Consumer | Other Income | ||||||||||||||||||||||||||||
& Land | Non-owner | Owner | Owner | Home | Commercial | Producing | Other | |||||||||||||||||||||||||
(Dollars in thousands) | Development | Occupied | Occupied | Occupied | Equity | & Industrial | Property | Consumer | Loans | Total | ||||||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 6,789 | $ | 3,677 | $ | 7,767 | $ | 6,069 | $ | 2,782 | $ | 3,592 | $ | 2,509 | $ | 937 | $ | 209 | $ | 34,331 | ||||||||||||
Charge-offs | 5 | (236 | ) | (531 | ) | (299 | ) | (917 | ) | (1,024 | ) | (251 | ) | (2,719 | ) | — | (5,972 | ) | ||||||||||||||
Recoveries | 362 | 352 | 85 | 262 | 58 | 221 | 172 | 658 | — | 2,170 | ||||||||||||||||||||||
Provision | (745 | ) | (697 | ) | 825 | 442 | 915 | 753 | 158 | 2,455 | 169 | 4,275 | ||||||||||||||||||||
Balance, September 30, 2014 | $ | 6,411 | $ | 3,096 | $ | 8,146 | $ | 6,474 | $ | 2,838 | $ | 3,542 | $ | 2,588 | $ | 1,331 | $ | 378 | $ | 34,804 | ||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 10,836 | $ | 4,921 | $ | 8,743 | $ | 6,568 | $ | 3,626 | $ | 4,939 | $ | 3,747 | $ | 781 | $ | 217 | $ | 44,378 | ||||||||||||
Charge-offs | (4,457 | ) | (652 | ) | (1,622 | ) | (1,276 | ) | (868 | ) | (781 | ) | (652 | ) | (1,813 | ) | — | (12,121 | ) | |||||||||||||
Recoveries | 1,043 | 345 | 16 | 234 | 174 | 324 | 123 | 611 | — | 2,870 | ||||||||||||||||||||||
Provision | 307 | (844 | ) | 576 | 576 | 2 | (711 | ) | (183 | ) | 1,252 | 43 | 1,018 | |||||||||||||||||||
Balance, September 30, 2013 | $ | 7,729 | $ | 3,770 | $ | 7,713 | $ | 6,102 | $ | 2,934 | $ | 3,771 | $ | 3,035 | $ | 831 | $ | 260 | $ | 36,145 | ||||||||||||
The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for acquired non-credit impaired loans: | ||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Consumer | Other Income | ||||||||||||||||||||||||||||
& Land | Non-owner | Owner | Owner | Home | Commercial | Producing | ||||||||||||||||||||||||||
(Dollars in thousands) | Development | Occupied | Occupied | Occupied | Equity | & Industrial | Property | Consumer | Total | |||||||||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Charge-offs | (60 | ) | — | — | (22 | ) | (363 | ) | (273 | ) | (14 | ) | (147 | ) | (879 | ) | ||||||||||||||||
Recoveries | — | — | — | 1 | 79 | 347 | — | 14 | 441 | |||||||||||||||||||||||
Provision | 60 | — | — | 21 | 284 | (74 | ) | 14 | 133 | 438 | ||||||||||||||||||||||
Balance, September 30, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Loans collectively evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 169 | $ | — | $ | — | $ | — | $ | — | $ | 55 | $ | — | $ | — | $ | 224 | ||||||||||||||
Loans collectively evaluated for impairment | 27,536 | 50,307 | 65,420 | 673,099 | 242,720 | 35,017 | 68,557 | 214,463 | 1,377,119 | |||||||||||||||||||||||
Total non-acquired loans | $ | 27,705 | $ | 50,307 | $ | 65,420 | $ | 673,099 | $ | 242,720 | $ | 35,072 | $ | 68,557 | $ | 214,463 | $ | 1,377,343 | ||||||||||||||
The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for acquired non-credit impaired loans: | ||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Consumer | Other Income | ||||||||||||||||||||||||||||
& Land | Non-owner | Owner | Owner | Home | Commercial | Producing | ||||||||||||||||||||||||||
(Dollars in thousands) | Development | Occupied | Occupied | Occupied | Equity | & Industrial | Property | Consumer | Total | |||||||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Charge-offs | (60 | ) | — | — | (22 | ) | (363 | ) | (273 | ) | (14 | ) | (147 | ) | (879 | ) | ||||||||||||||||
Recoveries | — | — | — | 1 | 79 | 347 | — | 14 | 441 | |||||||||||||||||||||||
Provision | 60 | — | — | 21 | 284 | (74 | ) | 14 | 133 | 438 | ||||||||||||||||||||||
Balance, September 30, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
As of September 30, 2013, the Company had not recorded an allowance for loan losses for acquired non-credit impaired loans. | ||||||||||||||||||||||||||||||||
The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for acquired credit impaired loans: | ||||||||||||||||||||||||||||||||
Commercial | Commercial | |||||||||||||||||||||||||||||||
Loans Greater | Real Estate- | |||||||||||||||||||||||||||||||
Than or Equal | Commercial | Construction and | Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | to $1 Million-CBT | Real Estate | Development | Real Estate | Consumer | and Industrial | Single Pay | Total | ||||||||||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2014 | $ | 201 | $ | 1,616 | $ | 815 | $ | 5,118 | $ | 385 | $ | 950 | $ | 74 | $ | 9,159 | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (6 | ) | (132 | ) | (9 | ) | (279 | ) | (39 | ) | (191 | ) | (2 | ) | (658 | ) | ||||||||||||||||
Benefit attributable to FDIC loss share agreements | 6 | 144 | 9 | 394 | 40 | 198 | — | 791 | ||||||||||||||||||||||||
Total provision for loan losses charged to operations | — | 12 | — | 115 | 1 | 7 | (2 | ) | 133 | |||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | (6 | ) | (144 | ) | (9 | ) | (394 | ) | (40 | ) | (198 | ) | — | (791 | ) | |||||||||||||||||
Reduction due to loan removals | — | — | (405 | ) | (32 | ) | (16 | ) | (16 | ) | — | (469 | ) | |||||||||||||||||||
Balance, September 30, 2014 | $ | 195 | $ | 1,484 | $ | 401 | $ | 4,807 | $ | 330 | $ | 743 | $ | 72 | $ | 8,032 | ||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loans collectively evaluated for impairment | $ | 195 | $ | 1,484 | $ | 401 | $ | 4,807 | $ | 330 | $ | 743 | $ | 72 | $ | 8,032 | ||||||||||||||||
Loans:* | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loans collectively evaluated for impairment | 17,097 | 354,715 | 73,322 | 406,276 | 90,038 | 46,988 | 88 | 988,524 | ||||||||||||||||||||||||
Total acquired loans | $ | 17,097 | $ | 354,715 | $ | 73,322 | $ | 406,276 | $ | 90,038 | $ | 46,988 | $ | 88 | $ | 988,524 | ||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 1,855 | $ | 821 | $ | 4,392 | $ | 4,727 | $ | 475 | $ | 2,100 | $ | 91 | $ | 14,461 | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (1,284 | ) | 331 | (39 | ) | 485 | 1 | (55 | ) | 105 | (456 | ) | ||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | 1,220 | (264 | ) | 31 | (390 | ) | (1 | ) | 53 | (99 | ) | 550 | ||||||||||||||||||||
Total provision for loan losses charged to operations | (64 | ) | 67 | (8 | ) | 95 | — | (2 | ) | 6 | 94 | |||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | (1,220 | ) | 264 | (31 | ) | 390 | 1 | (53 | ) | 99 | (550 | ) | ||||||||||||||||||||
Reduction due to loan removals | (436 | ) | — | (1,209 | ) | 2 | — | (102 | ) | — | (1,745 | ) | ||||||||||||||||||||
Balance, September 30, 2013 | $ | 135 | $ | 1,152 | $ | 3,144 | $ | 5,214 | $ | 476 | $ | 1,943 | $ | 196 | $ | 12,260 | ||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loans collectively evaluated for impairment | $ | 135 | $ | 1,152 | $ | 3,144 | $ | 5,214 | $ | 476 | $ | 1,943 | $ | 196 | $ | 12,260 | ||||||||||||||||
Loans:* | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loans collectively evaluated for impairment | 25,934 | 477,968 | 130,967 | 504,707 | 108,420 | 80,778 | 114 | 1,328,888 | ||||||||||||||||||||||||
Total acquired loans | $ | 25,934 | $ | 477,968 | $ | 130,967 | $ | 504,707 | $ | 108,420 | $ | 80,778 | $ | 114 | $ | 1,328,888 | ||||||||||||||||
*—The carrying value of acquired credit impaired loans includes a non-accretable difference which is primarily associated with the assessment of credit quality of acquired loans. | ||||||||||||||||||||||||||||||||
The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for acquired credit impaired loans: | ||||||||||||||||||||||||||||||||
Commercial | Commercial | |||||||||||||||||||||||||||||||
Loans Greater | Real Estate- | |||||||||||||||||||||||||||||||
Than or Equal | Commercial | Construction and | Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | to $1 Million-CBT | Real Estate | Development | Real Estate | Consumer | and Industrial | Single Pay | Total | ||||||||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 303 | $ | 1,816 | $ | 2,244 | $ | 5,132 | $ | 538 | $ | 1,481 | $ | 104 | $ | 11,618 | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (129 | ) | (328 | ) | (623 | ) | (205 | ) | (144 | ) | (366 | ) | 3 | (1,792 | ) | |||||||||||||||||
Benefit attributable to FDIC loss share agreements | 182 | 364 | 795 | 338 | 141 | 372 | (4 | ) | 2,188 | |||||||||||||||||||||||
Total provision for loan losses charged to operations | 53 | 36 | 172 | 133 | (3 | ) | 6 | (1 | ) | 396 | ||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | (182 | ) | (364 | ) | (795 | ) | (338 | ) | (141 | ) | (372 | ) | 4 | (2,188 | ) | |||||||||||||||||
Reduction due to loan removals | 21 | (4 | ) | (1,220 | ) | (120 | ) | (64 | ) | (372 | ) | (35 | ) | (1,794 | ) | |||||||||||||||||
Balance, September 30, 2014 | $ | 195 | $ | 1,484 | $ | 401 | $ | 4,807 | $ | 330 | $ | 743 | $ | 72 | $ | 8,032 | ||||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 5,337 | $ | 1,517 | $ | 1,628 | $ | 4,207 | $ | 96 | $ | 4,139 | $ | 294 | $ | 17,218 | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (3,263 | ) | (365 | ) | 2,725 | 1,018 | 380 | (1,408 | ) | (78 | ) | (991 | ) | |||||||||||||||||||
Benefit attributable to FDIC loss share agreements | 3,098 | 240 | (2,067 | ) | (494 | ) | (318 | ) | 1,337 | 75 | 1,871 | |||||||||||||||||||||
Total provision for loan losses charged to operations | (165 | ) | (125 | ) | 658 | 524 | 62 | (71 | ) | (3 | ) | 880 | ||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | (3,098 | ) | (240 | ) | 2,067 | 494 | 318 | (1,337 | ) | (75 | ) | (1,871 | ) | |||||||||||||||||||
Reduction due to loan removals | (1,939 | ) | — | (1,209 | ) | (11 | ) | — | (788 | ) | (20 | ) | (3,967 | ) | ||||||||||||||||||
Balance, September 30, 2013 | $ | 135 | $ | 1,152 | $ | 3,144 | $ | 5,214 | $ | 476 | $ | 1,943 | $ | 196 | $ | 12,260 | ||||||||||||||||
As part of the ongoing monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators, including trends related to (i) the level of classified loans, (ii) net charge-offs, (iii) non-performing loans (see details below), and (iv) the general economic conditions of the markets that we serve. | ||||||||||||||||||||||||||||||||
The Company utilizes a risk grading matrix to assign a risk grade to each of its loans. A description of the general characteristics of the risk grades is as follows: | ||||||||||||||||||||||||||||||||
· Pass—These loans range from minimal credit risk to average, however, still acceptable credit risk. | ||||||||||||||||||||||||||||||||
· Special mention—A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. | ||||||||||||||||||||||||||||||||
· Substandard—A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||||||
· Doubtful—A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable. | ||||||||||||||||||||||||||||||||
The following table presents the credit risk profile by risk grade of commercial loans for non-acquired loans: | ||||||||||||||||||||||||||||||||
Construction & Development | Commercial Non-owner Occupied | Commercial Owner Occupied | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 358,474 | $ | 263,698 | $ | 244,321 | $ | 292,231 | $ | 259,120 | $ | 238,940 | $ | 827,322 | $ | 785,406 | $ | 764,267 | ||||||||||||||
Special mention | 16,433 | 20,814 | 24,775 | 20,412 | 24,779 | 35,052 | 39,261 | 26,148 | 23,871 | |||||||||||||||||||||||
Substandard | 10,411 | 15,439 | 19,103 | 5,827 | 7,272 | 8,686 | 14,820 | 21,959 | 26,121 | |||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 385,318 | $ | 299,951 | $ | 288,199 | $ | 318,470 | $ | 291,171 | $ | 282,678 | $ | 881,403 | $ | 833,513 | $ | 814,259 | |||||||||||||||
Commercial & Industrial | Other Income Producing Property | Commercial Total | ||||||||||||||||||||||||||||||
September 30, | December 31, | September | September | December 31, | September | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
30, | 30, | 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | ||||||||||||||||||||||||
Pass | $ | 346,394 | $ | 309,360 | $ | 288,945 | $ | 139,946 | $ | 124,519 | $ | 121,565 | $ | 1,964,367 | $ | 1,742,103 | $ | 1,658,038 | ||||||||||||||
Special mention | 7,786 | 10,376 | 9,734 | 8,078 | 9,903 | 9,282 | 91,970 | 92,020 | 102,714 | |||||||||||||||||||||||
Substandard | 1,400 | 2,088 | 3,135 | 6,798 | 8,753 | 9,177 | 39,256 | 55,511 | 66,222 | |||||||||||||||||||||||
Doubtful | — | — | 31 | — | 29 | — | — | 29 | 31 | |||||||||||||||||||||||
$ | 355,580 | $ | 321,824 | $ | 301,845 | $ | 154,822 | $ | 143,204 | $ | 140,024 | $ | 2,095,593 | $ | 1,889,663 | $ | 1,827,005 | |||||||||||||||
The following table presents the credit risk profile by risk grade of consumer loans for non-acquired loans: | ||||||||||||||||||||||||||||||||
Consumer Owner Occupied | Home Equity | Consumer | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 660,578 | $ | 500,999 | $ | 454,368 | $ | 262,080 | $ | 243,615 | $ | 241,624 | $ | 182,489 | $ | 135,476 | $ | 115,163 | ||||||||||||||
Special mention | 24,144 | 25,317 | 21,444 | 9,097 | 8,437 | 8,218 | 636 | 646 | 849 | |||||||||||||||||||||||
Substandard | 16,899 | 21,854 | 22,922 | 5,142 | 5,064 | 5,426 | 326 | 288 | 300 | |||||||||||||||||||||||
Doubtful | 900 | — | — | 22 | 23 | 23 | — | — | — | |||||||||||||||||||||||
$ | 702,521 | $ | 548,170 | $ | 498,734 | $ | 276,341 | $ | 257,139 | $ | 255,291 | $ | 183,451 | $ | 136,410 | $ | 116,312 | |||||||||||||||
Other | Consumer Total | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||
Pass | $ | 46,802 | $ | 33,834 | $ | 43,900 | $ | 1,151,949 | $ | 913,924 | $ | 855,055 | ||||||||||||||||||||
Special mention | — | — | — | 33,877 | 34,400 | 30,511 | ||||||||||||||||||||||||||
Substandard | — | — | — | 22,367 | 27,206 | 28,648 | ||||||||||||||||||||||||||
Doubtful | — | — | — | 922 | 23 | 23 | ||||||||||||||||||||||||||
$ | 46,802 | $ | 33,834 | $ | 43,900 | $ | 1,209,115 | $ | 975,553 | $ | 914,237 | |||||||||||||||||||||
The following table presents the credit risk profile by risk grade of total non-acquired loans: | ||||||||||||||||||||||||||||||||
Total Non-acquired Loans | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Pass | $ | 3,116,316 | $ | 2,656,027 | $ | 2,513,093 | ||||||||||||||||||||||||||
Special mention | 125,847 | 126,420 | 133,225 | |||||||||||||||||||||||||||||
Substandard | 61,623 | 82,717 | 94,870 | |||||||||||||||||||||||||||||
Doubtful | 922 | 52 | 54 | |||||||||||||||||||||||||||||
$ | 3,304,708 | $ | 2,865,216 | $ | 2,741,242 | |||||||||||||||||||||||||||
The following table presents the credit risk profile by risk grade of commercial loans for acquired non-credit impaired loans: | ||||||||||||||||||||||||||||||||
Construction & Development | Commercial Non-owner Occupied | Commercial Owner Occupied | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 25,855 | $ | 57,389 | $ | 54,863 | $ | 42,087 | $ | 56,539 | $ | 63,362 | $ | 64,283 | $ | 71,984 | $ | 81,973 | ||||||||||||||
Special mention | 805 | 109 | — | 7,982 | 1,565 | 1,332 | 363 | 318 | 325 | |||||||||||||||||||||||
Substandard | 1,045 | 898 | 396 | 238 | 494 | 487 | 774 | 1,412 | 835 | |||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 27,705 | $ | 58,396 | $ | 55,259 | $ | 50,307 | $ | 58,598 | $ | 65,181 | $ | 65,420 | $ | 73,714 | $ | 83,133 | |||||||||||||||
Commercial & Industrial | Other Income Producing Property | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||
Pass | $ | 33,163 | $ | 56,777 | $ | 61,025 | $ | 66,202 | $ | 70,812 | $ | 75,624 | ||||||||||||||||||||
Special mention | 869 | 924 | 2,280 | 899 | 2,177 | 1,869 | ||||||||||||||||||||||||||
Substandard | 1,040 | 1,072 | 764 | 1,456 | 1,577 | 851 | ||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||||||
$ | 35,072 | $ | 58,773 | $ | 64,069 | $ | 68,557 | $ | 74,566 | $ | 78,344 | |||||||||||||||||||||
The following table presents the credit risk profile by risk grade of consumer loans for acquired non-credit impaired loans: | ||||||||||||||||||||||||||||||||
Consumer Owner Occupied | Home Equity | Consumer | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 666,517 | $ | 742,778 | $ | 767,359 | $ | 229,377 | $ | 246,274 | $ | 257,631 | $ | 211,709 | $ | 266,645 | $ | 270,728 | ||||||||||||||
Special mention | 2,200 | 417 | 425 | 5,490 | 6,733 | 6,517 | 600 | 127 | 1,899 | |||||||||||||||||||||||
Substandard | 4,382 | 2,286 | 1,302 | 7,853 | 11,143 | 10,745 | 2,154 | 485 | 2,741 | |||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 673,099 | $ | 745,481 | $ | 769,086 | $ | 242,720 | $ | 264,150 | $ | 274,893 | $ | 214,463 | $ | 267,257 | $ | 275,368 | |||||||||||||||
The following table presents the credit risk profile by risk grade of acquired credit impaired loans (identified as credit-impaired at the time of acquisition), net of the related discount (this table should be read in conjunction with the allowance for acquired credit impaired loan losses table found on page 21): | ||||||||||||||||||||||||||||||||
Commercial Loans Greater Than | Commercial Real Estate— | |||||||||||||||||||||||||||||||
or Equal to $1 million-CBT | Commercial Real Estate | Construction and Development | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 12,431 | $ | 12,047 | $ | 12,603 | $ | 218,900 | $ | 244,293 | $ | 220,307 | $ | 28,135 | $ | 38,748 | $ | 41,115 | ||||||||||||||
Special mention | 1,041 | 2,513 | 2,635 | 41,711 | 46,159 | 69,406 | 10,346 | 13,762 | 19,672 | |||||||||||||||||||||||
Substandard | 3,625 | 9,549 | 10,696 | 94,104 | 149,333 | 188,255 | 34,841 | 61,616 | 70,180 | |||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 17,097 | $ | 24,109 | $ | 25,934 | $ | 354,715 | $ | 439,785 | $ | 477,968 | $ | 73,322 | $ | 114,126 | $ | 130,967 | |||||||||||||||
Residential Real Estate | Consumer | Commercial & Industrial | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | ||||||||||||||||||||||||
Pass | $ | 185,636 | $ | 203,296 | $ | 208,086 | $ | 8,150 | $ | 8,804 | $ | 8,639 | $ | 27,211 | $ | 38,450 | $ | 41,031 | ||||||||||||||
Special mention | 78,683 | 91,468 | 93,537 | 30,616 | 38,322 | 40,038 | 2,853 | 3,968 | 4,173 | |||||||||||||||||||||||
Substandard | 141,957 | 186,405 | 203,084 | 51,272 | 56,872 | 59,743 | 16,924 | 26,444 | 35,458 | |||||||||||||||||||||||
Doubtful | — | 78 | — | — | — | — | — | — | 116 | |||||||||||||||||||||||
$ | 406,276 | $ | 481,247 | $ | 504,707 | $ | 90,038 | $ | 103,998 | $ | 108,420 | $ | 46,988 | $ | 68,862 | $ | 80,778 | |||||||||||||||
Single Pay | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||||||||||||||||||
Pass | $ | 60 | $ | 52 | $ | 46 | ||||||||||||||||||||||||||
Special mention | — | — | — | |||||||||||||||||||||||||||||
Substandard | 28 | 77 | 68 | |||||||||||||||||||||||||||||
Doubtful | — | — | — | |||||||||||||||||||||||||||||
$ | 88 | $ | 129 | $ | 114 | |||||||||||||||||||||||||||
The risk grading of acquired credit impaired loans is determined utilizing a loan’s contractual balance, while the amount recorded in the financial statements and reflected above is the carrying value. In an FDIC-assisted acquisition, covered acquired loans are initially recorded at their fair value, including a credit discount due to the high concentration of substandard and doubtful loans. In addition to the credit discount and the allowance for loan losses on covered acquired loans, the Company’s risk of loss is mitigated by the FDIC loss share arrangement. | ||||||||||||||||||||||||||||||||
The following table presents an aging analysis of past due loans, segregated by class for non-acquired loans: | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Past | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Due | Current | Loans | ||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 510 | $ | 195 | $ | 1,208 | $ | 1,913 | $ | 383,405 | $ | 385,318 | ||||||||||||||||||||
Commercial non-owner occupied | 878 | — | 2,819 | 3,697 | 314,773 | 318,470 | ||||||||||||||||||||||||||
Commercial owner occupied | 177 | 4,079 | 2,149 | 6,405 | 874,998 | 881,403 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 1,842 | 646 | 2,293 | 4,781 | 697,740 | 702,521 | ||||||||||||||||||||||||||
Home equity loans | 1,178 | 291 | 404 | 1,873 | 274,468 | 276,341 | ||||||||||||||||||||||||||
Commercial and industrial | 408 | 121 | 113 | 642 | 354,938 | 355,580 | ||||||||||||||||||||||||||
Other income producing property | 264 | 219 | 2,202 | 2,685 | 152,137 | 154,822 | ||||||||||||||||||||||||||
Consumer | 442 | 153 | 117 | 712 | 182,739 | 183,451 | ||||||||||||||||||||||||||
Other loans | 105 | 32 | 38 | 175 | 46,627 | 46,802 | ||||||||||||||||||||||||||
$ | 5,804 | $ | 5,736 | $ | 11,343 | $ | 22,883 | $ | 3,281,825 | $ | 3,304,708 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 557 | $ | 476 | $ | 2,707 | $ | 3,740 | $ | 296,211 | $ | 299,951 | ||||||||||||||||||||
Commercial non-owner occupied | 1,780 | 1 | 2,684 | 4,465 | 286,706 | 291,171 | ||||||||||||||||||||||||||
Commercial owner occupied | 457 | 650 | 3,601 | 4,708 | 828,805 | 833,513 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 1,526 | 1,107 | 2,621 | 5,254 | 542,916 | 548,170 | ||||||||||||||||||||||||||
Home equity loans | 780 | 214 | 422 | 1,416 | 255,723 | 257,139 | ||||||||||||||||||||||||||
Commercial and industrial | 390 | 105 | 370 | 865 | 320,959 | 321,824 | ||||||||||||||||||||||||||
Other income producing property | 950 | 19 | 2,634 | 3,603 | 139,601 | 143,204 | ||||||||||||||||||||||||||
Consumer | 337 | 142 | 28 | 507 | 135,903 | 136,410 | ||||||||||||||||||||||||||
Other loans | 33 | 36 | 30 | 99 | 33,735 | 33,834 | ||||||||||||||||||||||||||
$ | 6,810 | $ | 2,750 | $ | 15,097 | $ | 24,657 | $ | 2,840,559 | $ | 2,865,216 | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 2,239 | $ | 2,181 | $ | 4,834 | $ | 9,254 | $ | 278,945 | $ | 288,199 | ||||||||||||||||||||
Commercial non-owner occupied | 1,658 | 15 | 2,493 | 4,166 | 278,512 | 282,678 | ||||||||||||||||||||||||||
Commercial owner occupied | 1,009 | 334 | 5,924 | 7,267 | 806,992 | 814,259 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,806 | 1,449 | 2,755 | 7,010 | 491,724 | 498,734 | ||||||||||||||||||||||||||
Home equity loans | 767 | 168 | 503 | 1,438 | 253,853 | 255,291 | ||||||||||||||||||||||||||
Commercial and industrial | 139 | 103 | 672 | 914 | 300,931 | 301,845 | ||||||||||||||||||||||||||
Other income producing property | 818 | 218 | 2,395 | 3,431 | 136,593 | 140,024 | ||||||||||||||||||||||||||
Consumer | 300 | 201 | 61 | 562 | 115,750 | 116,312 | ||||||||||||||||||||||||||
Other loans | 53 | 24 | 32 | 109 | 43,791 | 43,900 | ||||||||||||||||||||||||||
$ | 9,789 | $ | 4,693 | $ | 19,669 | $ | 34,151 | $ | 2,707,091 | $ | 2,741,242 | |||||||||||||||||||||
The following table presents an aging analysis of past due loans, segregated by class for acquired non-credit impaired loans: | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Past | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Due | Current | Loans | ||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,216 | $ | — | $ | 41 | $ | 1,257 | $ | 26,448 | $ | 27,705 | ||||||||||||||||||||
Commercial non-owner occupied | 17 | — | — | 17 | 50,290 | 50,307 | ||||||||||||||||||||||||||
Commercial owner occupied | 1,054 | — | 37 | 1,091 | 64,329 | 65,420 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 7,429 | 664 | 2,338 | 10,431 | 662,668 | 673,099 | ||||||||||||||||||||||||||
Home equity loans | 1,124 | 403 | 945 | 2,472 | 240,248 | 242,720 | ||||||||||||||||||||||||||
Commercial and industrial | 218 | 56 | 240 | 514 | 34,558 | 35,072 | ||||||||||||||||||||||||||
Other income producing property | 276 | 75 | 85 | 436 | 68,121 | 68,557 | ||||||||||||||||||||||||||
Consumer | 1,488 | 283 | 637 | 2,408 | 212,055 | 214,463 | ||||||||||||||||||||||||||
$ | 12,822 | $ | 1,481 | $ | 4,323 | $ | 18,626 | $ | 1,358,717 | $ | 1,377,343 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 371 | $ | — | $ | 464 | $ | 835 | $ | 57,561 | $ | 58,396 | ||||||||||||||||||||
Commercial non-owner occupied | 105 | — | 17 | 122 | 58,476 | 58,598 | ||||||||||||||||||||||||||
Commercial owner occupied | — | 71 | 272 | 343 | 73,371 | 73,714 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 3,368 | 393 | 1,196 | 4,957 | 740,524 | 745,481 | ||||||||||||||||||||||||||
Home equity loans | 857 | 67 | 625 | 1,549 | 262,601 | 264,150 | ||||||||||||||||||||||||||
Commercial and industrial | 827 | 894 | 282 | 2,003 | 56,770 | 58,773 | ||||||||||||||||||||||||||
Other income producing property | 431 | — | — | 431 | 74,135 | 74,566 | ||||||||||||||||||||||||||
Consumer | 291 | 213 | 154 | 658 | 266,599 | 267,257 | ||||||||||||||||||||||||||
$ | 6,250 | $ | 1,638 | $ | 3,010 | $ | 10,898 | $ | 1,590,037 | $ | 1,600,935 | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | 78 | $ | 409 | $ | 487 | $ | 54,772 | $ | 55,259 | ||||||||||||||||||||
Commercial non-owner occupied | 17 | — | — | 17 | 65,164 | 65,181 | ||||||||||||||||||||||||||
Commercial owner occupied | 1,250 | — | 62 | 1,312 | 81,821 | 83,133 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 26 | 714 | — | 740 | 768,346 | 769,086 | ||||||||||||||||||||||||||
Home equity loans | 1,262 | 483 | 309 | 2,054 | 272,839 | 274,893 | ||||||||||||||||||||||||||
Commercial and industrial | 381 | — | 147 | 528 | 63,541 | 64,069 | ||||||||||||||||||||||||||
Other income producing property | 414 | — | — | 414 | 77,930 | 78,344 | ||||||||||||||||||||||||||
Consumer | 231 | 92 | 78 | 401 | 274,967 | 275,368 | ||||||||||||||||||||||||||
$ | 3,581 | $ | 1,367 | $ | 1,005 | $ | 5,953 | $ | 1,659,380 | $ | 1,665,333 | |||||||||||||||||||||
The following table presents an aging analysis of past due loans, segregated by class for acquired credit impaired loans: | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Past | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Due | Current | Loans | ||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Commercial loans greater than or equal to $1 million-CBT | $ | — | $ | — | $ | 3,625 | $ | 3,625 | $ | 13,472 | $ | 17,097 | ||||||||||||||||||||
Commercial real estate | 7,352 | 2,723 | 16,462 | 26,537 | 328,178 | 354,715 | ||||||||||||||||||||||||||
Commercial real estate—construction and development | 700 | 529 | 9,930 | 11,159 | 62,163 | 73,322 | ||||||||||||||||||||||||||
Residential real estate | 17,424 | 4,784 | 15,678 | 37,886 | 368,390 | 406,276 | ||||||||||||||||||||||||||
Consumer | 5,070 | 1,517 | 2,166 | 8,753 | 81,285 | 90,038 | ||||||||||||||||||||||||||
Commercial and industrial | 1,058 | 456 | 4,628 | 6,142 | 40,846 | 46,988 | ||||||||||||||||||||||||||
Single pay | — | — | — | — | 88 | 88 | ||||||||||||||||||||||||||
$ | 31,604 | $ | 10,009 | $ | 52,489 | $ | 94,102 | $ | 894,422 | $ | 988,524 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial loans greater than or equal to $1 million-CBT | $ | — | $ | — | $ | 7,217 | $ | 7,217 | $ | 16,892 | $ | 24,109 | ||||||||||||||||||||
Commercial real estate | 4,493 | 3,728 | 24,362 | 32,583 | 407,202 | 439,785 | ||||||||||||||||||||||||||
Commercial real estate—construction and development | 4,847 | 9,166 | 17,567 | 31,580 | 82,546 | 114,126 | ||||||||||||||||||||||||||
Residential real estate | 13,794 | 3,792 | 27,061 | 44,647 | 436,600 | 481,247 | ||||||||||||||||||||||||||
Consumer | 2,390 | 552 | 2,050 | 4,992 | 99,006 | 103,998 | ||||||||||||||||||||||||||
Commercial and industrial | 3,875 | 634 | 3,829 | 8,338 | 60,524 | 68,862 | ||||||||||||||||||||||||||
Single pay | — | — | 46 | 46 | 83 | 129 | ||||||||||||||||||||||||||
$ | 29,399 | $ | 17,872 | $ | 82,132 | $ | 129,403 | $ | 1,102,853 | $ | 1,232,256 | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Commercial loans greater than or equal to $1 million-CBT | $ | — | $ | 787 | $ | 6,761 | $ | 7,548 | $ | 18,386 | $ | 25,934 | ||||||||||||||||||||
Commercial real estate | 11,992 | 2,552 | 29,451 | 43,995 | 433,973 | 477,968 | ||||||||||||||||||||||||||
Commercial real estate—construction and development | 2,616 | 671 | 18,682 | 21,969 | 108,998 | 130,967 | ||||||||||||||||||||||||||
Residential real estate | 10,994 | 4,054 | 27,640 | 42,688 | 462,019 | 504,707 | ||||||||||||||||||||||||||
Consumer | 1,754 | 477 | 2,036 | 4,267 | 104,153 | 108,420 | ||||||||||||||||||||||||||
Commercial and industrial | 1,439 | 882 | 4,628 | 6,949 | 73,829 | 80,778 | ||||||||||||||||||||||||||
Single pay | — | 19 | 22 | 41 | 73 | 114 | ||||||||||||||||||||||||||
$ | 28,795 | $ | 9,442 | $ | 89,220 | $ | 127,457 | $ | 1,201,431 | $ | 1,328,888 | |||||||||||||||||||||
The following is a summary of information pertaining to impaired non-acquired and acquired loans accounted for under FASB ASC Topic 310-20: | ||||||||||||||||||||||||||||||||
Gross | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | ||||||||||||||||||||||||||||||
Contractual | Investment | Investment | Total | |||||||||||||||||||||||||||||
Principal | With No | With | Recorded | Related | ||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Allowance | Allowance | Investment | Allowance | |||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 7,386 | $ | 2,229 | $ | 2,647 | $ | 4,876 | $ | 402 | ||||||||||||||||||||||
Commercial non-owner occupied | 4,846 | 2,700 | 1,084 | 3,784 | 30 | |||||||||||||||||||||||||||
Commercial owner occupied | 13,097 | 5,576 | 3,860 | 9,436 | 100 | |||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,972 | — | 2,427 | 2,427 | 121 | |||||||||||||||||||||||||||
Home equity loans | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | 1,447 | 693 | 417 | 1,110 | 12 | |||||||||||||||||||||||||||
Other income producing property | 7,066 | 914 | 5,466 | 6,380 | 711 | |||||||||||||||||||||||||||
Consumer | 81 | — | 50 | 50 | 1 | |||||||||||||||||||||||||||
Other loans | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 36,895 | $ | 12,112 | $ | 15,951 | $ | 28,063 | $ | 1,377 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 7,341 | $ | 3,555 | $ | 2,184 | $ | 5,739 | $ | 704 | ||||||||||||||||||||||
Commercial non-owner occupied | 3,592 | 2,681 | — | 2,681 | — | |||||||||||||||||||||||||||
Commercial owner occupied | 14,017 | 10,441 | 1,119 | 11,560 | 10 | |||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 3,063 | — | 3,013 | 3,013 | 271 | |||||||||||||||||||||||||||
Home equity loans | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | 477 | 405 | — | 405 | — | |||||||||||||||||||||||||||
Other income producing property | 2,794 | 554 | 2,095 | 2,649 | 646 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Other loans | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 31,284 | $ | 17,636 | $ | 8,411 | $ | 26,047 | $ | 1,631 | ||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 15,447 | $ | 4,986 | $ | 3,215 | $ | 8,201 | $ | 558 | ||||||||||||||||||||||
Commercial non-owner occupied | 4,543 | 1,269 | 1,535 | 2,804 | — | |||||||||||||||||||||||||||
Commercial owner occupied | 17,826 | 12,166 | 2,517 | 14,683 | 19 | |||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 625 | — | 575 | 575 | 21 | |||||||||||||||||||||||||||
Home equity loans | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | 954 | 707 | — | 707 | — | |||||||||||||||||||||||||||
Other income producing property | 3,073 | 253 | 2,361 | 2,614 | 703 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Other loans | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 42,468 | $ | 19,381 | $ | 10,203 | $ | 29,584 | $ | 1,301 | ||||||||||||||||||||||
Acquired credit impaired loans are accounted for in pools as shown on page 21 rather than being individually evaluated for impairment; therefore, the table above excludes acquired credit impaired loans. | ||||||||||||||||||||||||||||||||
The following summarizes the average investment in impaired loans, non-acquired and acquired loans accounted for under FASB ASC Topic 310-20, and interest income recognized on these loans: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||||
Investment in | Interest Income | Investment in | Interest Income | |||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired Loans | Recognized | Impaired Loans | Recognized | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 5,277 | $ | 23 | $ | 9,028 | $ | 42 | ||||||||||||||||||||||||
Commercial non-owner occupied | 4,966 | 8 | 3,779 | — | ||||||||||||||||||||||||||||
Commercial owner occupied | 10,294 | 27 | 16,004 | 33 | ||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,480 | 30 | 1,066 | — | ||||||||||||||||||||||||||||
Home equity loans | — | — | — | — | ||||||||||||||||||||||||||||
Commercial and industrial | 929 | 2 | 1,253 | — | ||||||||||||||||||||||||||||
Other income producing property | 6,377 | 52 | 2,993 | 14 | ||||||||||||||||||||||||||||
Consumer | 68 | 1 | — | — | ||||||||||||||||||||||||||||
Other loans | — | — | — | — | ||||||||||||||||||||||||||||
Total Impaired Loans | $ | 30,391 | $ | 143 | $ | 34,123 | $ | 89 | ||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||||
Investment in | Interest Income | Investment in | Interest Income | |||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired Loans | Recognized | Impaired Loans | Recognized | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 5,308 | $ | 58 | $ | 11,151 | $ | 69 | ||||||||||||||||||||||||
Commercial non-owner occupied | 3,469 | 36 | 4,325 | 1 | ||||||||||||||||||||||||||||
Commercial owner occupied | 10,242 | 103 | 15,791 | 94 | ||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,720 | 63 | 1,093 | 7 | ||||||||||||||||||||||||||||
Home equity loans | — | — | — | — | ||||||||||||||||||||||||||||
Commercial and industrial | 757 | 15 | 1,329 | — | ||||||||||||||||||||||||||||
Other income producing property | 4,515 | 112 | 3,856 | 22 | ||||||||||||||||||||||||||||
Consumer | 25 | 4 | — | — | ||||||||||||||||||||||||||||
Other loans | — | — | — | — | ||||||||||||||||||||||||||||
Total Impaired Loans | $ | 27,036 | $ | 391 | $ | 37,545 | $ | 193 | ||||||||||||||||||||||||
The following is a summary of information pertaining to non-acquired nonaccrual loans by class, including restructured loans: | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Commercial non-owner occupied real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 2,851 | $ | 5,819 | $ | 8,058 | ||||||||||||||||||||||||||
Commercial non-owner occupied | 2,483 | 2,912 | 2,804 | |||||||||||||||||||||||||||||
Total commercial non-owner occupied real estate | 5,334 | 8,731 | 10,862 | |||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 1,481 | 8,382 | 10,579 | |||||||||||||||||||||||||||||
Home equity loans | 4,034 | 1,128 | 1,255 | |||||||||||||||||||||||||||||
Total consumer real estate | 5,515 | 9,510 | 11,834 | |||||||||||||||||||||||||||||
Commercial owner occupied real estate | 6,532 | 7,753 | 10,184 | |||||||||||||||||||||||||||||
Commercial and industrial | 648 | 586 | 987 | |||||||||||||||||||||||||||||
Other income producing property | 2,235 | 4,704 | 4,701 | |||||||||||||||||||||||||||||
Consumer | 155 | 49 | 63 | |||||||||||||||||||||||||||||
Other loans | — | — | — | |||||||||||||||||||||||||||||
Restructured loans | 9,633 | 10,690 | 10,837 | |||||||||||||||||||||||||||||
Total loans on nonaccrual status | $ | 30,052 | $ | 42,023 | $ | 49,468 | ||||||||||||||||||||||||||
The following is a summary of information pertaining to acquired non-credit impaired nonaccrual loans by class, including restructured loans: | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Commercial non-owner occupied real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Commercial non-owner occupied | 14 | — | — | |||||||||||||||||||||||||||||
Total commercial non-owner occupied real estate | 14 | — | — | |||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,733 | — | — | |||||||||||||||||||||||||||||
Home equity loans | 1,228 | — | — | |||||||||||||||||||||||||||||
Total consumer real estate | 3,961 | — | — | |||||||||||||||||||||||||||||
Commercial owner occupied real estate | 38 | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | 165 | — | — | |||||||||||||||||||||||||||||
Other income producing property | 318 | — | — | |||||||||||||||||||||||||||||
Consumer | 863 | — | — | |||||||||||||||||||||||||||||
Restructured loans | — | — | — | |||||||||||||||||||||||||||||
Total loans on nonaccrual status | $ | 5,359 | $ | — | $ | — | ||||||||||||||||||||||||||
In the course of resolving delinquent loans, the Bank may choose to restructure the contractual terms of certain loans. Any loans that are modified are reviewed by the Bank to determine if a troubled debt restructuring (“TDR” or “restructured loan”) has occurred. A TDR is a modification in which the Bank grants a concession to a borrower that it would not otherwise consider due to economic or legal reasons related to a borrower’s financial difficulties. The concessions granted on TDRs generally include terms to reduce the interest rate, extend the term of the debt obligation, or modify the payment structure on the debt obligation. | ||||||||||||||||||||||||||||||||
The Bank designates loan modifications as TDRs when it grants a concession to the borrower that it would not otherwise consider due to the borrower experiencing financial difficulty (FASB ASC Topic 310-40). Loans on nonaccrual status at the date of modification are initially classified as nonaccrual TDRs. Loans on accruing status at the date of concession are initially classified as accruing TDRs if the note is reasonably assured of repayment and performance is expected in accordance with its modified terms. Such loans may be designated as nonaccrual loans subsequent to the concession date if reasonable doubt exists as to the collection of interest or principal under the restructuring agreement. Nonaccrual TDRs are returned to accruing status when there is economic substance to the restructuring, there is documented credit evaluation of the borrower’s financial condition, the remaining balance is reasonably assured of repayment in accordance with its modified terms, and the borrower has demonstrated sustained repayment performance in accordance with the modified terms for a reasonable period of time (generally a minimum of six months). | ||||||||||||||||||||||||||||||||
The following table presents non-acquired and acquired non-credit impaired loans designated as TDRs segregated by class and type of concession that were restructured during the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | |||||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | |||||||||||||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||||||||
(Dollars in thousands) | of loans | Investment | Investment | of loans | Investment | Investment | ||||||||||||||||||||||||||
Interest rate modification | ||||||||||||||||||||||||||||||||
Construction and land development | 1 | $ | 170 | $ | 170 | — | $ | — | $ | — | ||||||||||||||||||||||
Consumer owner occupied | 1 | 121 | 121 | — | — | — | ||||||||||||||||||||||||||
Total interest rate modifications | 2 | 291 | 291 | — | — | — | ||||||||||||||||||||||||||
Term modification | ||||||||||||||||||||||||||||||||
Other income producing property | 1 | 1,243 | 1,232 | — | — | — | ||||||||||||||||||||||||||
Total term modifications | 1 | 1,243 | 1,232 | — | — | — | ||||||||||||||||||||||||||
3 | $ | 1,534 | $ | 1,523 | — | $ | — | $ | — | |||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | |||||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | |||||||||||||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||||||||
(Dollars in thousands) | of loans | Investment | Investment | of loans | Investment | Investment | ||||||||||||||||||||||||||
Interest rate modification | ||||||||||||||||||||||||||||||||
Construction and land development | 3 | $ | 773 | $ | 745 | — | $ | — | $ | — | ||||||||||||||||||||||
Commercial non-owner occupied | — | — | — | 1 | 247 | 247 | ||||||||||||||||||||||||||
Commercial owner occupied | — | — | — | 1 | 750 | 750 | ||||||||||||||||||||||||||
Consumer owner occupied | 3 | 407 | 398 | 1 | 124 | 122 | ||||||||||||||||||||||||||
Other income producing property | 1 | 147 | 136 | — | — | — | ||||||||||||||||||||||||||
Total interest rate modifications | 7 | 1,327 | 1,279 | 3 | 1,121 | 1,119 | ||||||||||||||||||||||||||
Term modification | ||||||||||||||||||||||||||||||||
Construction and land development | 1 | 99 | 97 | — | — | — | ||||||||||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 696 | 134 | ||||||||||||||||||||||||||
Other income producing property | 1 | 1,243 | 1,232 | — | — | — | ||||||||||||||||||||||||||
Total term modifications | 2 | 1,342 | 1,329 | 1 | 696 | 134 | ||||||||||||||||||||||||||
9 | $ | 2,669 | $ | 2,608 | 4 | $ | 1,817 | $ | 1,253 | |||||||||||||||||||||||
At September 30, 2014 and 2013, the balance of accruing TDRs was $6.8 million and $4.2 million, respectively. | ||||||||||||||||||||||||||||||||
The following table presents the changes in status of non-acquired loans restructured within the previous 12 months as of September 30, 2014 by type of concession: | ||||||||||||||||||||||||||||||||
Paying Under | ||||||||||||||||||||||||||||||||
Restructured Terms | Converted to Nonaccrual | Foreclosures and Defaults | ||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||
(Dollars in thousands) | of Loans | Investment | of Loans | Investment | of Loans | Investment | ||||||||||||||||||||||||||
Interest rate modification | 8 | $ | 1,394 | — | $ | — | — | $ | — | |||||||||||||||||||||||
Term modification | 3 | 3,288 | — | — | — | — | ||||||||||||||||||||||||||
11 | $ | 4,682 | — | $ | — | — | $ | — | ||||||||||||||||||||||||
The amount of specific reserve associated with non-acquired restructured loans was $1.2 million at September 30, 2014, none of which was related to the restructured loans that had subsequently defaulted. The Company had $12,000 remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2014. |
FDIC_Indemnification_Asset
FDIC Indemnification Asset | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
FDIC Indemnification Asset | ' | |||||||
FDIC Indemnification Asset | ' | |||||||
Note 7—FDIC Indemnification Asset | ||||||||
The following table provides changes in FDIC indemnification asset: | ||||||||
Nine Months Ended September 30, | ||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||
Balance at beginning of period | $ | 86,447 | $ | 146,171 | ||||
FDIC indemnification asset recorded for First Federal’s FDIC loss share agreements | — | 21,713 | ||||||
Decrease in expected losses on loans | (2,188 | ) | (1,871 | ) | ||||
Additional losses (recoveries) on OREO | (3,710 | ) | (547 | ) | ||||
Reimbursable expenses | 1,947 | 3,855 | ||||||
Amortization of discounts and premiums, net | (17,718 | ) | (22,106 | ) | ||||
Reimbursements from FDIC | (33,795 | ) | (39,066 | ) | ||||
Balance at end of period | $ | 30,983 | $ | 108,149 | ||||
The FDIC indemnification asset is measured separately from the related covered assets. At September 30, 2014, the projected cash flows related to the FDIC indemnification asset for losses on assets acquired were approximately $18.8 million less than the current carrying value. This amount is being recognized as amortization (in non-interest income) over the shorter of the underlying asset’s remaining life or remaining term of the loss share agreements. Subsequent to September 30, 2014, the Company expects to receive $5.0 million from loss share claims filed, including reimbursable expenses. | ||||||||
Included in the FDIC indemnification asset is an expected “true up” with the FDIC related to both the BankMeridian and Plantation acquisitions. This amount is determined each reporting period and at September 30, 2014 was estimated to be approximately $4.1 million related to the BankMeridian acquisition at the end of the loss share agreement (July 2021) and $3.1 million related to the Plantation acquisition at the end of the loss share agreement (April 2017). The actual payment to the FDIC will be determined at the end of the loss sharing agreement term for each of the five FDIC-assisted acquisitions and is based on the negative bid, expected losses, intrinsic loss estimate, and assets covered under loss share. There was no true up expected from the CBT, Cape Fear, or Habersham FDIC-assisted transactions as of September 30, 2014. | ||||||||
Effective June 30, 2014, the Commercial Shared-Loss Agreement with the FDIC expired for Cape Fear and losses on assets covered under this agreement are no longer claimable after filing the second quarter of 2014 commercial loss share certificate. The Commercial Shared-Loss Agreement for CBT will expire March 31, 2015 and losses on assets covered under this agreement will no longer be claimable after this date. |
Other_Real_Estate_Owned
Other Real Estate Owned | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Other Real Estate Owned | ' | ||||||||||
Other Real Estate Owned | ' | ||||||||||
Note 8—Other Real Estate Owned | |||||||||||
The following is a summary of information pertaining to OREO at September 30, 2014: | |||||||||||
(Dollars in thousands) | OREO | Covered | Total | ||||||||
OREO | |||||||||||
Balance, December 31, 2013 | $ | 37,398 | $ | 27,520 | $ | 64,918 | |||||
Additions | 22,888 | 13,393 | 36,281 | ||||||||
Write-downs | (4,375 | ) | (4,298 | ) | (8,673 | ) | |||||
Sold | (23,622 | ) | (17,654 | ) | (41,276 | ) | |||||
Balance, September 30, 2014 | $ | 32,289 | $ | 18,961 | $ | 51,250 | |||||
The following is a summary of information pertaining to OREO at September 30, 2013: | |||||||||||
(Dollars in thousands) | OREO | Covered | Total | ||||||||
OREO | |||||||||||
Balance, December 31, 2012 | $ | 32,248 | $ | 34,257 | $ | 66,505 | |||||
Acquired in FFHI acquisition | 4,801 | $ | 6,405 | 11,206 | |||||||
Additions | 22,106 | 17,499 | 39,605 | ||||||||
Write-downs | (5,446 | ) | (247 | ) | (5,693 | ) | |||||
Sold | (18,379 | ) | (17,371 | ) | (35,750 | ) | |||||
Balance, September 30, 2013 | $ | 35,330 | $ | 40,543 | $ | 75,873 | |||||
The covered OREO above is covered pursuant to the FDIC loss share agreements and is presented net of the related fair value discount. At September 30, 2014, there were 336 properties included in OREO, with 174 uncovered and 162 covered by loss share agreement with the FDIC. At September 30, 2013, there were 519 properties included in OREO, with 202 uncovered and 317 covered by loss share agreement with the FDIC. |
Deposits
Deposits | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Deposits | ' | ||||||||||
Deposits | ' | ||||||||||
Note 9 — Deposits | |||||||||||
The Company’s total deposits are comprised of the following: | |||||||||||
September 30, | December 31, | September 30, | |||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | ||||||||
Certificates of deposit | $ | 1,300,580 | $ | 1,525,567 | $ | 1,674,205 | |||||
Interest-bearing demand deposits | 2,900,140 | 2,893,646 | 2,851,575 | ||||||||
Non-interest bearing demand deposits | 1,654,308 | 1,487,798 | 1,477,793 | ||||||||
Savings deposits | 658,903 | 647,648 | 651,727 | ||||||||
Other time deposits | 4,297 | 838 | 3,808 | ||||||||
Total deposits | $ | 6,518,228 | $ | 6,555,497 | $ | 6,659,108 | |||||
At September 30, 2014, December 31, 2013, and September 30, 2013, the Company had $136.8 million, $166.1 million, and $108.9 million in certificates of deposits greater than $250,000, respectively. At September 30, 2014, December 31, 2013, and September 30, 2013, the Company had $24.7 million, $34.8 million and $42.9 million, in traditional, out-of-market brokered deposits, respectively. |
Retirement_Plans
Retirement Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Retirement Plans | ' | |||||||||||||
Retirement Plans | ' | |||||||||||||
Note 10 — Retirement Plans | ||||||||||||||
The Company and the Bank provide certain retirement benefits to their employees in the form of a non-contributory defined benefit pension plan and an employees’ savings plan. The non-contributory defined benefit pension plan covers all employees hired on or before December 31, 2005, who have attained age 21, and who have completed a year of eligible service. Employees hired on or after January 1, 2006 are not eligible to participate in the non-contributory defined benefit pension plan. On this date, a new benefit formula applies only to participants who have not attained age 45 or who do not have five years of service. | ||||||||||||||
Effective July 1, 2009, the Company suspended the accrual of benefits for pension plan participants under the non-contributory defined benefit plan. The pension plan remained suspended as of September 30, 2014. | ||||||||||||||
The components of net periodic pension expense recognized are as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Interest cost | $ | (277 | ) | $ | (250 | ) | $ | (833 | ) | $ | (750 | ) | ||
Expected return on plan assets | 487 | 430 | 1,463 | 1,291 | ||||||||||
Recognized net actuarial loss | (165 | ) | (301 | ) | (495 | ) | (903 | ) | ||||||
Net periodic pension benefit (expense) | $ | 45 | $ | (121 | ) | $ | 135 | $ | (362 | ) | ||||
The Company contributed $600,000 to the pension plan for the nine months ended September 30, 2014. The Company did not contribute to the pension plan for the three months ended September 30, 2014, and does not expect to make any additional contributions during the remainder of 2014. The plans assets currently exceed the projected benefit obligation of the plan, and no additional contributions are required for 2014. | ||||||||||||||
Electing employees are eligible to participate in the employees’ savings plan, under the provisions of Internal Revenue Code Section 401(k), after attaining age 21. Plan participants elect to contribute portions of their annual base compensation as a before tax contribution. Employer contributions may be made from current or accumulated net profits. Participants may elect to contribute 1% to 50% of annual base compensation as a before tax contribution. Effective September 1, 2012, employees participating in the plan receive a 100% matching of their 401(k) plan contribution, up to 5% of salary. Prior to September 1, 2012, participating employees received a 50% matching of their 401(k) plan contribution, up to 6% of salary. The Company expensed $1.2 million and $871,000 for the 401(k) plan during the three months ended September 30, 2014 and 2013, respectively. The Company expensed $3.6 million and $2.1 million for the 401(k) plan during the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||
Employees hired on January 1, 2006 or thereafter will not participate in the defined benefit pension plan, but are eligible to participate in the employees’ savings plan. | ||||||||||||||
Employees can enter the savings plan on or after the first day of each month. The employee may enter into a salary deferral agreement at any time to select an alternative deferral amount or to elect not to defer in the plan. If the employee does not elect an investment allocation, the plan administrator will select a retirement-based portfolio according to the employee’s number of years until normal retirement age. The plan’s investment valuations are generally provided on a daily basis. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
Note 11 — Earnings Per Share | ||||||||||||||
Basic earnings per share are calculated by dividing net income available to common shareholders by the weighted-average shares of common stock outstanding during each period, excluding non-vested shares. The Company’s diluted earnings per share are based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted shares. The weighted-average number of shares and equivalents are determined after giving retroactive effect to stock dividends and stock splits. | ||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(Dollars and shares in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Basic earnings per share: | ||||||||||||||
Net income available to common shareholders | $ | 19,327 | $ | 11,512 | $ | 53,116 | $ | 34,693 | ||||||
Weighted-average basic shares | 23,899 | 21,894 | 23,890 | 18,518 | ||||||||||
Basic earnings per share | $ | 0.81 | $ | 0.53 | $ | 2.22 | $ | 1.87 | ||||||
Diluted earnings per share: | ||||||||||||||
Net income available to common shareholders | $ | 19,327 | $ | 11,512 | $ | 53,116 | $ | 34,693 | ||||||
Weighted-average basic shares | 23,899 | 21,894 | 23,890 | 18,518 | ||||||||||
Effect of dilutive securities | 261 | 234 | 249 | 199 | ||||||||||
Weighted-average dilutive shares | 24,160 | 22,128 | 24,139 | 18,717 | ||||||||||
Diluted earnings per share | $ | 0.8 | $ | 0.52 | $ | 2.2 | $ | 1.85 | ||||||
The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(Shares in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Number of shares | 22,497 | — | 22,497 | 21,361 | ||||||||||
Range of exercise prices | $61.49-$66.32 | $ | — | $61.49-$66.32 | $41.45-$41.45 |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Note 12 — Share-Based Compensation | |||||||||||||
The Company’s 2004 and 2012 share-based compensation programs are long-term retention programs intended to attract, retain, and provide incentives for key employees and non-employee directors in the form of incentive and non-qualified stock options, restricted stock, and restricted stock units (“RSUs”). | |||||||||||||
Stock Options | |||||||||||||
With the exception of non-qualified stock options granted to directors under the 2004 and 2012 plans, which in some cases may be exercised at any time prior to expiration and in some other cases may be exercised at intervals less than a year following the grant date, incentive stock options granted under the plans may not be exercised in whole or in part within a year following the date of the grant, as these incentive stock options become exercisable in 25% increments pro ratably over the four-year period following the grant date. The options are granted at an exercise price at least equal to the fair value of the common stock at the date of grant and expire ten years from the date of grant. No options were granted under the 2004 plan after January 26, 2012, and the 2004 plan is closed other than for any options still unexercised and outstanding. The 2012 plan is the only plan from which new share-based compensation grants may be issued. It is the Company’s policy to grant options out of the 1,684,000 shares registered under the 2012 plan, of which no more than 817,476 shares can be granted as restricted stock or RSUs. | |||||||||||||
Activity in the Company’s stock option plans is summarized in the following table. All information has been retroactively adjusted for stock dividends and stock splits. | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Average | ||||||||||||
Average | Remaining | Aggregate | |||||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||||
Options | Shares | Price | Life (Yrs.) | Value (000’s) | |||||||||
Outstanding at January 1, 2014 | 295,916 | $ | 33.26 | ||||||||||
Granted | 22,497 | 65.59 | |||||||||||
Exercised | (9,122 | ) | 29.79 | ||||||||||
Expired/Forfeited | (13 | ) | 27.22 | ||||||||||
Outstanding at September 30, 2014 | 309,278 | 35.71 | 4.6 | $ | 6,467 | ||||||||
Exercisable at September 30, 2014 | 254,352 | 33.09 | 3.8 | $ | 5,816 | ||||||||
Weighted-average fair value of | |||||||||||||
options granted during the year | $ | 26.44 | |||||||||||
The fair value of options is estimated at the date of grant using the Black-Scholes option pricing model and expensed over the options’ vesting periods. The following weighted-average assumptions were used in valuing options issued: | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Dividend yield | 1.27% | 1.70% | |||||||||||
Expected life | 6 years | 6 years | |||||||||||
Expected volatility | 43.8%-44.7% | 42.00% | |||||||||||
Risk-free interest rate | 2.10% | 1.02% | |||||||||||
As of September 30, 2014, there was $756,000 of total unrecognized compensation cost related to nonvested stock option grants under the plans. The cost is expected to be recognized over a weighted-average period of 1.29 years as of September 30, 2014. The total fair value of shares vested during the nine months ended September 30, 2014 was $413,000. | |||||||||||||
Restricted Stock | |||||||||||||
The Company from time-to-time also grants shares of restricted stock to key employees and non-employee directors. These awards help align the interests of these employees and directors with the interests of the shareholders of the Company by providing economic value directly related to increases in the value of the Company’s stock. The value of the stock awarded is established as the fair market value of the stock at the time of the grant. The Company recognizes expenses, equal to the total value of such awards, ratably over the vesting period of the stock grants. Restricted stock grants to employees typically “cliff vest” after four years. Grants to non-employee directors typically vest within a 12-month period. | |||||||||||||
Nonvested restricted stock for the nine months ended September 30, 2014 is summarized in the following table. All information has been retroactively adjusted for stock dividends and stock splits. | |||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Restricted Stock | Shares | Fair Value | |||||||||||
Nonvested at January 1, 2014 | 232,547 | $ | 35.15 | ||||||||||
Granted | 26,014 | 60.4 | |||||||||||
Vested | (20,348 | ) | 41.82 | ||||||||||
Forfeited | (4,454 | ) | 41.45 | ||||||||||
Nonvested at September 30, 2014 | 233,759 | 37.26 | |||||||||||
As of September 30, 2014, there was $4.7 million of total unrecognized compensation cost related to nonvested restricted stock granted under the plans. This cost is expected to be recognized over a weighted-average period of 2.48 years as of September 30, 2014. The total fair value of shares vested during the nine months ended September 30, 2014 was $851,000. | |||||||||||||
Restricted Stock Units | |||||||||||||
The Company from time-to-time also grants performance RSUs to key employees. These awards help align the interests of these employees with the interests of the shareholders of the Company by providing economic value directly related to the performance of the Company. Performance RSU grants contain a three year performance period. The Company communicates threshold, target, and maximum performance RSU awards and performance targets to the applicable key employees at the beginning of a performance period. Dividends are not paid in respect to the awards during the performance period. The value of the RSUs awarded is established as the fair market value of the stock at the time of the grant. The Company recognizes expenses on a straight-line basis typically over three years based upon the probable performance target that will be met. For the nine months ended September 30, 2014, the Company accrued at the target RSU award level, or for 85% of the RSUs granted, based on Management’s expectations of performance. | |||||||||||||
Nonvested RSUs for the nine months ended September 30, 2014 is summarized in the following table. | |||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Restricted Stock Units | Shares | Fair Value | |||||||||||
Nonvested at January 1, 2014 | 43,820 | $ | 51.01 | ||||||||||
Granted | 37,802 | 61.49 | |||||||||||
Vested | (2,314 | ) | 54 | ||||||||||
Nonvested at September 30, 2014 | 79,308 | 55.92 | |||||||||||
As of September 30, 2014, there was $2.9 million of total unrecognized compensation cost related to nonvested RSUs granted under the plan. This cost is expected to be recognized over a weighted-average period of 1.73 years as of September 30, 2014. The total fair value of shares vested during the nine months ended September 30, 2014 was $125,000. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingent Liabilities | ' |
Commitments and Contingent Liabilities | ' |
Note 13 — Commitments and Contingent Liabilities | |
In the normal course of business, the Company makes various commitments and incurs certain contingent liabilities, which are not reflected in the accompanying financial statements. The commitments and contingent liabilities include guarantees, commitments to extend credit, and standby letters of credit. At September 30, 2014, commitments to extend credit and standby letters of credit totaled $1.3 billion. The Company does not anticipate any material losses as a result of these transactions. | |
The Company has been named as defendant in various legal actions, arising from its normal business activities, in which damages in various amounts are claimed. The Company is also exposed to litigation risk related to the prior business activities of banks acquired through whole bank acquisitions as well as banks from which assets were acquired and liabilities assumed in FDIC-assisted transactions. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of management, any such liability will not have a material effect on the Company’s consolidated financial statements. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
Note 14 — Fair Value | |||||||||||||||||
FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value under accounting principles generally accepted in the United States, and enhances disclosures about fair value measurements. FASB ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. | |||||||||||||||||
The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Available for sale securities, derivative contracts, and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, impaired loans, OREO, and certain other assets. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. | |||||||||||||||||
FASB ASC 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1 | Observable inputs such as quoted prices in active markets; | ||||||||||||||||
Level 2 | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||
Level 3 | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
The following is a description of valuation methodologies used for assets recorded at fair value. | |||||||||||||||||
Investment Securities | |||||||||||||||||
Securities available for sale are valued on a recurring basis at quoted market prices where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable securities. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange and The NASDAQ Stock Market, or U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities and debentures issued by government sponsored entities, municipal bonds and corporate debt securities. Securities held to maturity are valued at quoted market prices or dealer quotes similar to securities available for sale. The carrying value of FHLB stock approximates fair value based on the redemption provisions. | |||||||||||||||||
Mortgage Loans Held for Sale | |||||||||||||||||
Mortgage loans held for sale are carried at the lower of cost or market value. The fair values of mortgage loans held for sale are based on commitments on hand from investors within the secondary market for loans with similar characteristics. As such, the fair value adjustments for mortgage loans held for sale are nonrecurring Level 2. | |||||||||||||||||
Loans | |||||||||||||||||
The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan may be considered impaired and an allowance for loan losses may be established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment using estimated fair value methodologies. The fair value of impaired loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At September 30, 2014, substantially all of the impaired loans were evaluated based on the fair value of the collateral because such loans were considered collateral dependent. Impaired loans, where an allowance is established based on the fair value of collateral; require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company considers the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company considers the impaired loan as nonrecurring Level 3. | |||||||||||||||||
Other Real Estate Owned (“OREO”) | |||||||||||||||||
Typically non-covered OREO, consisting of properties obtained through foreclosure or in satisfaction of loans, is reported at fair value, determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources, adjusted for estimated selling costs (Level 2). However, both non-covered and covered OREO are considered Level 3 in the fair value hierarchy because management has qualitatively applied a discount due to the size, supply of inventory, and the incremental discounts applied to the appraisals. Management also considers other factors, including changes in absorption rates, length of time the property has been on the market and anticipated sales values, which have resulted in adjustments to the collateral value estimates indicated in certain appraisals. At the time of foreclosure, any excess of the loan balance over the fair value of the real estate held as collateral is treated as a charge against the allowance for loan losses. Gains or losses on sale and generally any subsequent adjustments to the value are recorded as a component of OREO expense, net of any FDIC indemnification proceeds in the case of covered OREO. | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
Fair value is estimated using pricing models of derivatives with similar characteristics; accordingly, the derivatives are classified within Level 2 of the fair value hierarchy (see Note 16—Derivative Financial Instruments for additional information). | |||||||||||||||||
Mortgage servicing rights(“MSRs”) | |||||||||||||||||
The estimated fair value of MSRs is obtained through an independent derivatives dealer analysis of future cash flows. The evaluation utilizes assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, as well as the market’s perception of future interest rate movements. MSRs are classified as Level 3. | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||||||
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis. | |||||||||||||||||
Quoted Prices | |||||||||||||||||
In Active | Significant | ||||||||||||||||
Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
September 30, 2014: | |||||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | 1,101 | $ | — | $ | 1,101 | $ | — | |||||||||
Securities available for sale: | |||||||||||||||||
Government-sponsored entities debt | 137,459 | — | 137,459 | — | |||||||||||||
State and municipal obligations | 141,258 | — | 141,258 | — | |||||||||||||
Mortgage-backed securities | 523,009 | — | 523,009 | — | |||||||||||||
Corporate stocks | 3,388 | 3,163 | 225 | — | |||||||||||||
Total securities available for sale | 805,114 | 3,163 | 801,951 | — | |||||||||||||
Mortgage servicing rights | 22,052 | — | — | 22,052 | |||||||||||||
$ | 828,267 | $ | 3,163 | $ | 803,052 | $ | 22,052 | ||||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | 986 | $ | — | $ | 986 | $ | — | |||||||||
December 31, 2013: | |||||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | 701 | $ | — | $ | 701 | $ | — | |||||||||
Securities available for sale: | |||||||||||||||||
Government-sponsored entities debt | 142,994 | — | 142,994 | — | |||||||||||||
State and municipal obligations | 140,651 | — | 140,651 | — | |||||||||||||
Mortgage-backed securities | 499,479 | — | 499,479 | — | |||||||||||||
Corporate stocks | 3,667 | 3,442 | 225 | — | |||||||||||||
Total securities available for sale | 786,791 | 3,442 | 783,349 | — | |||||||||||||
Mortgage servicing rights | 20,729 | — | — | 20,729 | |||||||||||||
$ | 808,221 | $ | 3,442 | $ | 784,050 | $ | 20,729 | ||||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | 1,857 | $ | — | $ | 1,857 | $ | — | |||||||||
September 30, 2013: | |||||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | 209 | $ | — | $ | 209 | $ | — | |||||||||
Securities available for sale: | |||||||||||||||||
Government-sponsored entities debt | 102,673 | — | 102,673 | — | |||||||||||||
State and municipal obligations | 142,578 | — | 142,578 | — | |||||||||||||
Mortgage-backed securities | 378,626 | — | 378,626 | — | |||||||||||||
Corporate stocks | 2,921 | 2,696 | 225 | — | |||||||||||||
Total securities available for sale | 626,798 | 2,696 | 624,102 | — | |||||||||||||
Mortgage servicing rights | 18,908 | — | — | 18,908 | |||||||||||||
$ | 645,915 | $ | 2,696 | $ | 624,311 | $ | 18,908 | ||||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | 1,259 | $ | — | $ | 1,259 | $ | — | |||||||||
Changes in Level 1, 2 and 3 Fair Value Measurements | |||||||||||||||||
When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since Level 3 financial instruments typically include, in addition to the unobservable or Level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources), the gains and losses below include changes in fair value due in part to observable factors that are part of the valuation methodology. | |||||||||||||||||
There were no changes in hierarchy classifications of Level 3 assets or liabilities for the nine months ended September 30, 2014. A reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis for the nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||
(Dollars in thousands) | Assets | Liabilities | |||||||||||||||
Fair value, January 1, 2014 | $ | 20,729 | $ | — | |||||||||||||
Mortgage and other loan income | (2,252 | ) | — | ||||||||||||||
Purchases and issuances | 3,575 | — | |||||||||||||||
Fair value, September 30, 2014 | $ | 22,052 | $ | — | |||||||||||||
Fair value, January 1, 2013 | $ | 3,851 | $ | — | |||||||||||||
Mortgage and other loan income | (771 | ) | |||||||||||||||
Acquired in the FFHI acquisition | 19,156 | ||||||||||||||||
Purchases, issuances and settlements, net | (3,851 | ) | — | ||||||||||||||
Transfers in and/or out of level 3 | 523 | — | |||||||||||||||
Fair value, September 30, 2013 | $ | 18,908 | $ | — | |||||||||||||
There were no unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities at September 30, 2014 or 2013. | |||||||||||||||||
See Note 19 — Loan Servicing, Mortgage Obligation, and Loans Held for Sale for information about recurring Level 3 fair value measurements of mortgage servicing rights. | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis | |||||||||||||||||
The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
In Active | Significant | ||||||||||||||||
Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
September 30, 2014: | |||||||||||||||||
OREO | $ | 51,250 | $ | — | $ | — | $ | 51,250 | |||||||||
Non-acquired impaired loans | 10,655 | — | — | 10,655 | |||||||||||||
December 31, 2013: | |||||||||||||||||
OREO | $ | 64,918 | $ | — | $ | — | $ | 64,918 | |||||||||
Non-acquired impaired loans | 13,129 | — | — | 13,129 | |||||||||||||
September 30, 2013: | |||||||||||||||||
OREO | $ | 75,873 | $ | — | $ | — | $ | 75,873 | |||||||||
Non-acquired impaired loans | 9,088 | — | — | 9,088 | |||||||||||||
Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2014 | |||||||||||||||||
General | Weighted | ||||||||||||||||
Valuation Technique | Unobservable Input | Range | Average | ||||||||||||||
Nonrecurring measurements: | |||||||||||||||||
Impaired loans | Discounted appraisals | Collateral discounts | 0-25 | % | 4.91 | % | |||||||||||
OREO | Discounted appraisals | Collateral discounts and estimated costs to sell | 0-50 | % | 27.46 | % | |||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those models are significantly affected by the assumptions used, including the discount rates and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The use of different methodologies may have a material effect on the estimated fair value amounts. The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2014, December 31, 2013 and September 30, 2013. Such amounts have not been revalued for purposes of these consolidated financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | |||||||||||||||||
Cash and Cash Equivalents — The carrying amount is a reasonable estimate of fair value. | |||||||||||||||||
Investment Securities — Securities held to maturity are valued at quoted market prices or dealer quotes. The carrying value of FHLB stock approximates fair value based on the redemption provisions. The carrying value of the Company’s investment in unconsolidated subsidiaries approximates fair value. See Note 5—Investment Securities for additional information, as well as page 39 regarding fair value. | |||||||||||||||||
Loans — For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for certain mortgage loans (e.g., one-to-four family residential) and other consumer loans are estimated using discounted cash flow analyses based on the Company’s current rates offered for new loans of the same type, structure and credit quality. Fair values for other loans (e.g., commercial real estate and investment property mortgage loans, commercial and industrial loans) are estimated using discounted cash flow analyses, using interest rates currently being offered by the Company for loans with similar terms to borrowers of similar credit quality. Fair values for non-performing loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. | |||||||||||||||||
FDIC Receivable for Loss Share Agreements — The fair value is estimated based on discounted future cash flows using current discount rates. | |||||||||||||||||
Deposit Liabilities — The fair values disclosed for demand deposits (e.g., interest and non-interest bearing checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts, and certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase — The carrying amount of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings maturing within ninety days approximate their fair values. | |||||||||||||||||
Other Borrowings — The fair value of other borrowings is estimated using discounted cash flow analysis on the Company’s current incremental borrowing rates for similar types of instruments. | |||||||||||||||||
Accrued Interest — The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||
Derivative Financial Instruments — The fair value of derivative financial instruments (including interest rate swaps) is estimated using pricing models of derivatives with similar characteristics. | |||||||||||||||||
Commitments to Extend Credit, Standby Letters of Credit and Financial Guarantees — The fair values of commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of guarantees and letters of credit are based on fees currently charged for similar agreements or on the estimated costs to terminate them or otherwise settle the obligations with the counterparties at the reporting date. | |||||||||||||||||
The estimated fair value, and related carrying amount, of the Company’s financial instruments are as follows: | |||||||||||||||||
Carrying | Fair | ||||||||||||||||
(Dollars in thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||
September 30, 2014 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 503,028 | $ | 503,028 | $ | 503,028 | $ | — | $ | — | |||||||
Investment securities | 826,021 | 826,651 | 13,681 | 812,970 | — | ||||||||||||
Loans, net of allowance for loan losses, and loans held for sale | 5,684,334 | 5,736,759 | — | 56,595 | 5,680,164 | ||||||||||||
FDIC receivable for loss share agreements | 30,983 | 13,873 | — | — | 13,873 | ||||||||||||
Accrued interest receivable | 17,134 | 17,134 | — | 3,708 | 13,426 | ||||||||||||
Mortgage servicing rights | 22,052 | 22,052 | — | — | 22,052 | ||||||||||||
Interest rate swap — non-designated hedge | 162 | 162 | — | 162 | — | ||||||||||||
Other derivative financial instruments (mortgage banking related) | 939 | 939 | — | 939 | — | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 6,518,228 | 6,224,652 | — | 6,224,652 | — | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 231,229 | 231,229 | — | 231,229 | — | ||||||||||||
Other borrowings | 101,127 | 101,627 | — | 101,627 | — | ||||||||||||
Accrued interest payable | 4,234 | 4,234 | — | 4,234 | — | ||||||||||||
Interest rate swap — cash flow hedge | 824 | 824 | — | 824 | — | ||||||||||||
Interest rate swap — non-designated hedge | 162 | 162 | — | 162 | — | ||||||||||||
Off balance sheet financial instruments: | |||||||||||||||||
Commitments to extend credit | — | 12,007 | — | 12,007 | — | ||||||||||||
Standby letters of credit and financial guarantees | — | — | — | — | — | ||||||||||||
December 31, 2013 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 479,461 | $ | 479,461 | $ | 479,461 | $ | — | $ | — | |||||||
Investment securities | 812,603 | 813,068 | 16,828 | 796,240 | — | ||||||||||||
Loans, net of allowance for loan losses, and loans held for sale | 5,683,044 | 5,742,078 | — | 30,586 | 5,711,492 | ||||||||||||
FDIC receivable for loss share agreements | 86,447 | 48,512 | — | — | 48,512 | ||||||||||||
Accrued interest receivable | 15,024 | 15,024 | — | 3,482 | 11,542 | ||||||||||||
Mortgage servicing rights | 20,729 | 20,729 | — | — | 20,729 | ||||||||||||
Interest rate swap — non-designated hedge | 178 | 178 | — | 178 | — | ||||||||||||
Other derivative financial instruments (mortgage banking related) | 523 | 523 | — | 523 | — | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 6,555,497 | 6,313,543 | — | 6,313,543 | — | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 211,401 | 211,401 | — | 211,401 | — | ||||||||||||
Other borrowings | 102,060 | 92,751 | — | 92,751 | — | ||||||||||||
Accrued interest payable | 5,388 | 5,388 | — | 5,388 | — | ||||||||||||
Interest rate swap — cash flow hedge | 914 | 914 | — | 914 | — | ||||||||||||
Interest rate swap — non-designated hedge | 178 | 178 | — | 178 | — | ||||||||||||
Other derivative financial instruments (mortgage banking related) | 765 | 765 | — | 765 | — | ||||||||||||
Off balance sheet financial instruments: | |||||||||||||||||
Commitments to extend credit | — | 15,555 | — | 15,555 | — | ||||||||||||
Standby letters of credit and financial guarantees | — | — | — | — | — | ||||||||||||
Carrying | Fair | ||||||||||||||||
(Dollars in thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||
September 30, 2013 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 645,166 | $ | 645,166 | $ | 645,166 | $ | — | $ | — | |||||||
Investment securities | 652,610 | 654,176 | 17,082 | 637,094 | — | ||||||||||||
Loans, net of allowance for loan losses, and loans held for sale | 5,738,266 | 5,763,726 | — | 52,467 | 5,711,259 | ||||||||||||
FDIC receivable for loss share agreements | 108,149 | 77,465 | — | — | 77,465 | ||||||||||||
Accrued interest receivable | 15,000 | 15,000 | — | 3,391 | 11,609 | ||||||||||||
Mortgage servicing rights | 18,908 | 18,908 | — | — | 18,908 | ||||||||||||
Interest rate swap — non-designated hedge | 209 | 209 | — | 209 | — | ||||||||||||
Other derivative financial instruments (mortgage banking related) | 1,101 | 1,101 | 1,101 | — | — | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 6,659,108 | 6,410,356 | — | 6,410,356 | — | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 233,792 | 233,792 | — | 233,792 | — | ||||||||||||
Other borrowings | 101,347 | 104,984 | — | 104,984 | — | ||||||||||||
Accrued interest payable | 5,489 | 5,489 | — | 5,489 | — | ||||||||||||
Interest rate swap — cash flow hedge | 1,050 | 1,050 | — | 1,050 | — | ||||||||||||
Interest rate swap — non-designated hedge | 209 | 209 | — | 209 | — | ||||||||||||
Off balance sheet financial instruments: | |||||||||||||||||
Commitments to extend credit | — | 6,298 | — | 6,298 | — | ||||||||||||
Standby letters of credit and financial guarantees | — | — | — | — | — | ||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
Note 15 — Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The changes in each components of accumulated other comprehensive income (loss), net of tax, were as follows: | ||||||||||||||||
Unrealized Gains | ||||||||||||||||
and Losses | Gains and | |||||||||||||||
on Securities | Losses on | |||||||||||||||
Benefit | Available | Cash Flow | ||||||||||||||
(Dollars in thousands) | Plans | for Sale | Hedges | Total | ||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Balance at June 30, 2014 | $ | (3,382 | ) | $ | 4,373 | $ | (583 | ) | $ | 408 | ||||||
Other comprehensive income (loss) before reclassifications | — | (1,780 | ) | 25 | (1,755 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 102 | 56 | 48 | 206 | ||||||||||||
Net comprehensive income (loss) | 102 | (1,724 | ) | 73 | (1,549 | ) | ||||||||||
Balance at September 30, 2014 | $ | (3,280 | ) | $ | 2,649 | $ | (510 | ) | $ | (1,141 | ) | |||||
Three months ended September 30, 2013 | ||||||||||||||||
Balance at June 30, 2013 | $ | (7,458 | ) | $ | (1,484 | ) | $ | (649 | ) | $ | (9,591 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | (1,037 | ) | — | (1,037 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | — | ||||||||||||
Net comprehensive income (loss) | — | (1,037 | ) | — | (1,037 | ) | ||||||||||
Balance at September 30, 2013 | $ | (7,458 | ) | $ | (2,521 | ) | $ | (649 | ) | $ | (10,628 | ) | ||||
Nine months ended September 30, 2014 | ||||||||||||||||
Balance at December 31, 2013 | $ | (3,585 | ) | $ | (5,573 | ) | $ | (565 | ) | $ | (9,723 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | 8,221 | (89 | ) | 8,132 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 305 | 1 | 144 | 450 | ||||||||||||
Net comprehensive income (loss) | 305 | 8,222 | 55 | 8,582 | ||||||||||||
Balance at September 30, 2014 | $ | (3,280 | ) | $ | 2,649 | $ | (510 | ) | $ | (1,141 | ) | |||||
Nine months ended September 30, 2013 | ||||||||||||||||
Balance at December 31, 2012 | $ | (7,458 | ) | $ | 8,764 | $ | (930 | ) | $ | 376 | ||||||
Other comprehensive income (loss) before reclassifications | — | (11,285 | ) | 139 | (11,146 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 142 | 142 | ||||||||||||
Net comprehensive income (loss) | — | (11,285 | ) | 281 | (11,004 | ) | ||||||||||
Balance at September 30, 2013 | $ | (7,458 | ) | $ | (2,521 | ) | $ | (649 | ) | $ | (10,628 | ) | ||||
The table below presents the reclassifications out of accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Accumulated Other Comprehensive | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
Income (Loss) Component | 2014 | 2013 | 2014 | 2013 | Income Statement Line Item Affected | |||||||||||
Gains and losses on cash flow hedges: | ||||||||||||||||
Interest rate contracts | $ | 78 | $ | 77 | $ | 232 | $ | 229 | Interest expense | |||||||
(30 | ) | (29 | ) | (88 | ) | (87 | ) | Provision for income taxes | ||||||||
48 | 48 | 144 | 142 | Net income | ||||||||||||
Losses on sales of available for sale securities: | ||||||||||||||||
$ | 90 | $ | — | $ | 2 | $ | — | Other noninterest income | ||||||||
(34 | ) | — | (1 | ) | — | Provision for income taxes | ||||||||||
56 | — | 1 | — | Net income | ||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||
Actuarial losses | $ | 165 | $ | — | $ | 495 | $ | — | Salaries and employee benefits | |||||||
(63 | ) | — | (190 | ) | — | Provision for income taxes | ||||||||||
102 | — | 305 | — | Net income | ||||||||||||
Total reclassifications for the period | $ | 206 | $ | 48 | $ | 450 | $ | 142 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Financial Instruments | ' | ||||||||||
Derivative Financial Instruments | ' | ||||||||||
Note 16 — Derivative Financial Instruments | |||||||||||
Cash Flow Hedge of Interest Rate Risk | |||||||||||
The Company utilizes this interest rate swap agreement to convert a portion of its variable-rate debt to a fixed rate (cash flow hedge). During 2009, the Company entered into a forward starting interest rate swap agreement with a notional amount of $8.0 million to manage interest rate risk due to periodic rate resets on its junior subordinated debt issued by SCBT Capital Trust II, an unconsolidated subsidiary of the Company established for the purpose of issuing trust preferred securities. The Company hedges the variable rate cash flows of subordinated debt against future interest rate increases by using an interest rate swap that effectively fixed the rate on the debt beginning on June 15, 2010, at which time the debt contractually converted from a fixed interest rate to a variable interest rate. This hedge expires on June 15, 2019. The notional amount on which the interest payments are based will not be exchanged. This derivatives contract calls for the Company to pay a fixed rate of 4.06% on $8.0 million notional amount and receive a variable rate of three-month LIBOR on the $8.0 million notional amount. | |||||||||||
The Company recognized an after-tax unrealized gain on its cash flow hedge in other comprehensive income of $73,000 and $55,000 for the three and nine months ended September 30, 2014, respectively, compared to an after-tax unrealized gain on its cash flow hedge in other comprehensive income of less than $1,000 and $281,000 for the three and nine months ended September 30, 2013, respectively. The Company recognized an $824,000 cash flow hedge liability in other liabilities on the balance sheet at September 30, 2014, compared to a $1.0 million liability recognized at September 30, 2013. There was no ineffectiveness in the cash flow hedge during the three and nine months ended September 30, 2014 and 2013. | |||||||||||
Credit risk related to the derivative arises when amounts receivable from the counterparty (derivatives dealer) exceed those payable. The Company controls the risk of loss by only transacting with derivatives dealers that are national market makers whose credit ratings are strong. Each party to the interest rate swap is required to provide collateral in the form of cash or securities to the counterparty when the counterparty’s exposure to a mark-to-market replacement value exceeds certain negotiated limits. These limits are typically based on current credit ratings and vary with ratings changes. As of September 30, 2014 and 2013, the Company was required to provide $950,000 and $1.1 million of collateral, respectively, which is included in cash and cash equivalents on the balance sheet as interest-bearing deposits with banks. Also, the Company has a netting agreement with the counterparty. | |||||||||||
Non-designated Hedges of Interest Rate Risk | |||||||||||
Customer Swap | |||||||||||
As of September 30, 2014, the Company has two interest rate swap contracts that were classified as non-designated hedges that were acquired through the merger transaction with Savannah. These derivatives are not designated as hedges and are not speculative in nature. One of the derivatives is an interest rate swap that was executed with a commercial borrower to facilitate a respective risk management strategy and allow the customer to pay a fixed rate of interest to the Company. This interest rate swap was simultaneously hedged by executing an offsetting interest rate swap that was entered into with a derivatives dealer to minimize the net risk exposure to the Company resulting from the transactions and allow the Company to receive a variable rate of interest. | |||||||||||
The interest rate swap contract with the commercial borrower requires the borrower to pay or receive from the Company an amount equal to and offsetting the value of the interest rate swap. If the commercial borrower fails to perform and the market value for the interest rate swap with the derivatives dealer is negative (net liability position), the Company would be obligated to pay the settlement amount for the financial derivative with the dealer. If the market value for the interest rate swap with the derivatives dealer is positive (net asset position), the Company would receive a payment for the settlement amount for the financial derivative with the dealer. The settlement amount is determined by the fluctuation of interest rates. | |||||||||||
As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of September 30, 2014, the interest rate swaps had an aggregate notional amount of approximately $4.1 million and the fair value of these two interest rate swap derivatives are recorded in other assets and in other liabilities for $162,000 on the balance sheet. The net effect of recording the derivatives at fair value through earnings was immaterial to the Company’s financial condition and results of operations during 2014. | |||||||||||
The Company also has an agreement with the derivatives dealer in this transaction that contains a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on this derivatives obligation. As of September 30, 2014, the fair value of the interest rate swap derivative with the derivatives dealer was in a net liability position of $162,000, which excludes any adjustment for nonperformance risk, related to these agreements. As of September 30, 2014, the Company provided $355,000 of collateral, which is included in cash and cash equivalents on the balance sheet as interest-bearing deposits with banks. If the Company had breached any of these provisions at September 30, 2014, it would have been required to settle its obligations under the agreement at the termination value, $162,000. | |||||||||||
Mortgage Banking | |||||||||||
The Company also has derivatives contracts that were classified as non-designated hedges that were acquired through the merger transaction with FFHI. These derivatives contracts are a part of the Company’s risk management strategy for its mortgage banking activities. These instruments may include financial forwards, futures contracts, and options written and purchased, which are used to hedge mortgage servicing rights; while when-issued securities are typically used to hedge the mortgage pipeline. Such instruments derive their cash flows, and therefore their values, by reference to an underlying instrument, index or referenced interest rate. The Company does not elect hedge accounting treatment for any of these derivative instruments acquired through the merger with FFHI and as a result, changes in fair value of the instruments (both gains and losses) are recorded in the Company’s consolidated statements of income in mortgage banking income. | |||||||||||
Mortgage Servicing Rights | |||||||||||
Derivatives contracts related to mortgage servicing rights are used to help offset changes in fair value and are written in amounts referred to as notional amounts. Notional amounts provide a basis for calculating payments between counterparties but do not represent amounts to be exchanged between the parties, and are not a measure of financial risk. On September 30, 2014, the Company had derivative financial instruments outstanding with notional amounts totaling $78.0 million related to mortgage servicing rights. The estimated net fair value of the open contracts related to the mortgage servicing rights was recorded as a liability of $150,000 at September 30, 2014. | |||||||||||
Mortgage Pipeline | |||||||||||
The following table presents the Company’s notional value of forward sale commitments and the fair value of those obligations along with the fair value of the mortgage pipeline. | |||||||||||
(Dollars in thousands) | September 30, 2014 | December 31, 2013 | September 30, 2013 | ||||||||
Mortgage loan pipeline* | $ | 55,759 | $ | 44,678 | $ | 33,894 | |||||
Expected closures | 41,842 | 33,508 | 25,421 | ||||||||
Fair Value of mortgage loan pipeline commitments | 1,061 | 112 | 714 | ||||||||
Forward commitments | 59,455 | 36,230 | 51,267 | ||||||||
Fair value of forward commitments | 475 | 296 | (569 | ) | |||||||
*Represents at risk mortgage pipeline generally sold servicing retained to the agencies. |
Capital_Ratios
Capital Ratios | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Capital Ratios | ' | |||||||
Capital Ratios | ' | |||||||
Note 17 — Capital Ratios | ||||||||
The Company is subject to certain risk-based capital guidelines. Certain ratios measure the relationship of capital to a combination of balance sheet and off-balance sheet risks. The values of both balance sheet and off-balance sheet items are adjusted to reflect credit risk. Under the guidelines promulgated by the Federal Reserve, which are substantially similar to those of the FDIC, Tier 1 risk-based capital must be at least 4% of risk-weighted assets, while total risk-based capital must be at least 8% of risk-weighted assets. | ||||||||
In conjunction with the risk-based capital ratios, the regulatory agencies have also prescribed a leverage capital ratio for assessing capital adequacy. | ||||||||
The Company’s capital adequacy ratios are reflected below: | ||||||||
September 30, | December 31, | September 30, | ||||||
2014 | 2013 | 2013 | ||||||
South State Corporation: | ||||||||
Tier 1 risk-based capital | 13.29 | % | 13.58 | % | 13.15 | % | ||
Total risk-based capital | 14.12 | % | 14.47 | % | 14.4 | % | ||
Tier 1 leverage | 9.16 | % | 9.3 | % | 10.09 | % | ||
South State Bank: | ||||||||
Tier 1 risk-based capital | 13.11 | % | 13.37 | % | 12.95 | % | ||
Total risk-based capital | 13.94 | % | 14.26 | % | 14.2 | % | ||
Tier 1 leverage | 9.03 | % | 9.16 | % | 9.95 | % |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||
Note 18—Goodwill and Other Intangible Assets | |||||||||||
The carrying amount of goodwill was $317.7 million at September 30, 2014. The Company’s other intangible assets, consisting of core deposit intangibles, noncompete intangibles, and client list intangibles are included on the face of the balance sheet. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets: | |||||||||||
September 30, | December 31, | September 30, | |||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | ||||||||
Gross carrying amount | $ | 75,354 | $ | 77,896 | $ | 77,963 | |||||
Accumulated amortization | (24,063 | ) | (17,988 | ) | (15,768 | ) | |||||
$ | 51,291 | $ | 59,908 | $ | 62,195 | ||||||
Amortization expense totaled $6.3 million and $3.8 million for the nine months ended September 30, 2014, and 2013, respectively. Other intangibles are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between two and 15 years. Estimated amortization expense for other intangibles for each of the next five quarters is as follows: | |||||||||||
(Dollars in thousands) | |||||||||||
Quarters ending: | |||||||||||
December 31, 2014 | 2,052 | ||||||||||
March 31, 2015 | 2,016 | ||||||||||
June 30, 2015 | 1,963 | ||||||||||
September 30, 2015 | 1,962 | ||||||||||
December 31, 2015 | 1,948 | ||||||||||
Thereafter | 41,350 | ||||||||||
$ | 51,291 | ||||||||||
Loan_Servicing_Mortgage_Origin
Loan Servicing, Mortgage Origination, and Loans Held for Sale | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Loan Servicing, Mortgage Origination, and Loans Held for Sale | ' | |||||||||||||
Loan Servicing, Mortgage Origination, and Loans Held for Sale | ' | |||||||||||||
Note 19 — Loan Servicing, Mortgage Origination, and Loans Held for Sale | ||||||||||||||
The portfolio of residential mortgages serviced for others, which are not included in the accompanying balance sheets, was $2.2 billion at September 30, 2014, and $2.1 billion at December 31, 2013, and September 30, 2013. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts and disbursing payments to investors. The amount of contractually specified servicing fees earned by the Company during the three and nine months ended September 30, 2014 was $1.2 million and $3.9 million, respectively. Servicing fees are recorded in mortgage banking income in the Company’s consolidated statements of income. | ||||||||||||||
At September 30, 2014, December 31, 2013, and September 30, 2013, mortgage servicing rights (“MSRs”) were $22.1 million, $20.7 million, and $18.9 million on the Company’s consolidated balance sheets, respectively. MSRs are recorded at fair value with changes in fair value recorded as a component of mortgage banking income in the Consolidated Statements of Income. The market value adjustments related to MSRs recorded in mortgage banking income for the three and nine months ended September 30, 2014 was a gain of $162,000 and a loss of $529,000, respectively. Since the merger with FFHI, the Company has used various free standing derivative instruments to mitigate the income statement effect of changes in fair value due to changes in market value adjustments and to changes in valuation inputs and assumptions related to MSRs. | ||||||||||||||
The following table presents the changes in the fair value of MSRs and the offsetting hedge. The Company acquired the MSRs and the offsetting hedge in the merger with FFHI on July 26, 2013; and therefore did not have any activity related to MSRs or the offsetting hedge prior to July 26, 2013. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(Dollars in thousands) | September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||
Increase (decrease) in fair value of MSRs | $ | 162 | $ | (582 | ) | $ | (529 | ) | $ | (582 | ) | |||
Decay of MSRs | (646 | ) | (417 | ) | (1,723 | ) | (417 | ) | ||||||
Gains (losses) related to derivatives | 183 | (670 | ) | 2,118 | (670 | ) | ||||||||
Net effect on consolidated statements of income | $ | (301 | ) | $ | (1,669 | ) | $ | (134 | ) | $ | (1,669 | ) | ||
The following table is an analysis of the activity in the MSRs. | ||||||||||||||
Nine Months Ended | ||||||||||||||
(Dollars in thousands) | September 30, 2014 | September 30, 2013 | ||||||||||||
Balance at beginning of the period | $ | 20,729 | $ | — | ||||||||||
Additions: | ||||||||||||||
MSRs acquired in the merger with FFHI | — | 19,156 | ||||||||||||
Servicing assets that resulted from transfers of financial assets | 3,575 | 751 | ||||||||||||
Increase in fair value due to change in valuation inputs or assumptions | (529 | ) | (582 | ) | ||||||||||
Decay in fair value: | ||||||||||||||
Due to increases in principal paydowns or runoff | (1,723 | ) | (417 | ) | ||||||||||
Carrying value at end of period | $ | 22,052 | $ | 18,908 | ||||||||||
The fair value of MSRs is highly sensitive to changes in assumptions and fair value is determined by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates and other assumptions validated through comparison to trade information, industry surveys and with the use of independent third party appraisals. Changes in prepayment speed assumptions have the most significant impact on the fair value of MSRs. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of the MSR. Measurement of fair value is limited to the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different time. | ||||||||||||||
The characteristics and sensitivity analysis of the MSR are included in the following table as of September 30, 2014, December 31, 2013, and September 30, 2013. | ||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||
Composition of residential loans serviced for others | ||||||||||||||
Fixed-rate mortgage loans | 99.2 | % | 99 | % | 98.9 | % | ||||||||
Adjustable-rate mortgage loans | 0.8 | % | 1 | % | 1.1 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||
Weighted average life | 6.22 years | 6.91 years | 6.26 years | |||||||||||
Constant Prepayment rate (CPR) | 11.5 | % | 10.2 | % | 12 | % | ||||||||
Weighted average discount rate | 9.5 | % | 10.1 | % | 10.1 | % | ||||||||
Effect on fair value due to change in interest rates | ||||||||||||||
25 basis point increase | $ | 1,499 | $ | 1,059 | $ | 1,244 | ||||||||
50 basis point increase | 2,803 | 1,964 | 2,387 | |||||||||||
25 basis point decrease | (1,688 | ) | (1,248 | ) | (1,382 | ) | ||||||||
50 basis point decrease | (3,229 | ) | (2,255 | ) | (2,405 | ) | ||||||||
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the changes in assumptions to fair value may not be linear. Also, in this table, the effects of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumptions, while in reality, changes in one factor may result in changing another, which may magnify or contract the effect of the change. | ||||||||||||||
Custodial escrow balances maintained in connection with the loan servicing were $18.6 million at September 30, 2014. | ||||||||||||||
Mandatory cash forwards and whole loan sales were $155.2 million and $425.5 million for the three and nine months ended September 30, 2014, respectively. For the three and nine months ended September 30, 2014, $136.4 million and $338.1 million, or 87.9% and 79.4%, respectively, were sold with the servicing rights retained by the Company. | ||||||||||||||
Loans held for sale have historically been comprised of residential mortgage loans awaiting sale in the secondary market, which generally settle in 15 to 45 days. Loans held for sale, which consists primarily of residential mortgage loans to be sold in the secondary market, were $56.6 million, $30.6 million, and $51.2 million at September 30, 2014, December 31, 2013, and September 30, 2013, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 20 — Subsequent Events | |
Line of Credit | |
On October 27, 2014, the Company entered into a Credit Agreement (the “Agreement”) with U.S. Bank National Association (the “Lender”). The Agreement provides for a $20 million unsecured line of credit by the Lender to the Company. The maturity date of the Agreement is October 26, 2015, provided that the Agreement may be extended subject to the approval of the Lender. Borrowings by the Company under the Agreement will bear interest at a rate per annum equal to one-month LIBOR plus 1.75%. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Summary of Significant Accounting Policies | ' |
Subsequent Events | ' |
Subsequent Events | |
The Company has evaluated subsequent events for accounting and disclosure purposes through the date the financial statements are issued. |
Mergers_and_Acquisitions_Table
Mergers and Acquisitions (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Mergers and Acquisitions | ' | |||||||||||||
Schedule of proforma information | ' | |||||||||||||
Pro Forma | Pro Forma | |||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
(Dollars in thousands) | September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||
Total revenues (net interest income plus noninterest income) | $ | 104,822 | $ | 107,069 | $ | 314,206 | $ | 329,046 | ||||||
Net operating income available to common shareholders | $ | 24,108 | $ | 19,092 | $ | 66,098 | $ | 58,163 | ||||||
FFHI | ' | |||||||||||||
Mergers and Acquisitions | ' | |||||||||||||
Schedule of assets acquired, liabilities assumed, and fair value of total consideration transferred | ' | |||||||||||||
The following table presents the assets acquired and liabilities assumed as of July 26, 2013, as recorded by FFHI on the acquisition date and initial and subsequent fair value adjustments. | ||||||||||||||
Initial | Subsequent | |||||||||||||
As Recorded by | Fair Value | Fair Value | As Recorded | |||||||||||
(Dollars in thousands) | FFHI | Adjustments | Adjustments | by the Company | ||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 174,082 | $ | — | $ | — | $ | 174,082 | ||||||
Investment securities | 313,200 | (1,388 | )(a) | — | 311,812 | |||||||||
Loans held for sale | 19,858 | 6 | (b) | — | 19,864 | |||||||||
Loans | 2,355,527 | (92,720 | )(b) | 12,875 | (b) | 2,275,682 | ||||||||
Premises and equipment | 82,399 | (5,435 | )(c) | (597 | )(c) | 76,367 | ||||||||
Intangible assets | 7,037 | 33,738 | (d) | (2,542 | )(d) | 38,233 | ||||||||
Mortgage servicing rights | 19,156 | — | — | 19,156 | ||||||||||
Other real estate owned | 13,271 | (2,065 | )(e) | 1,972 | (e) | 13,178 | ||||||||
FDIC receivable for loss sharing agreement | 47,459 | (18,122 | )(f), (k) | (7,624 | )(f) | 21,713 | ||||||||
Bank owned life insurance | 51,513 | — | (493 | )(m) | 51,020 | |||||||||
Deferred tax asset | (5,279 | ) | 42,741 | (g) | (4,585 | )(g) | 32,877 | |||||||
Other assets | 47,257 | (6,125 | )(h) | 4,248 | (l) | 45,380 | ||||||||
Total assets | $ | 3,125,480 | $ | (49,370 | ) | $ | 3,254 | $ | 3,079,364 | |||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 430,517 | $ | — | $ | — | $ | 430,517 | ||||||
Interest-bearing | 2,083,495 | 7,801 | (i) | — | 2,091,296 | |||||||||
Total deposits | 2,514,012 | 7,801 | — | 2,521,813 | ||||||||||
Other borrowings | 280,187 | 21,526 | (j) | — | 301,713 | |||||||||
Other liabilities | 25,584 | (2,059 | )(k) | (245 | )(k) | 23,280 | ||||||||
Total liabilities | 2,819,783 | 27,268 | (245 | ) | 2,846,806 | |||||||||
Net identifiable assets acquired over (under) liabilities assumed | 305,697 | (76,638 | ) | 3,499 | 232,558 | |||||||||
Goodwill | — | 217,894 | (3,499 | ) | 214,395 | |||||||||
Net assets acquired over liabilities assumed | $ | 305,697 | $ | 141,256 | $ | — | $ | 446,953 | ||||||
Consideration: | ||||||||||||||
Common shares issued | 7,018,274 | |||||||||||||
Purchase price per share of the Company’s common stock | $ | 54.34 | ||||||||||||
Company common stock issued and cash exchanged for fractional shares | 381,423 | |||||||||||||
Cash paid for stock options outstanding | 530 | |||||||||||||
Assumption of preferred stock | 65,000 | |||||||||||||
Fair value of total consideration transferred | $ | 446,953 | ||||||||||||
Explanation of fair value adjustments | ||||||||||||||
(a)—Adjustment reflects marking the securities portfolio to fair value as of the acquisition date. | ||||||||||||||
(b)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio and excludes the allowance for loan losses recorded by FFHI. | ||||||||||||||
(c)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. | ||||||||||||||
(d)—Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts and other intangibles for credit cards and customer lists. | ||||||||||||||
(e)—Adjustment reflects the fair value adjustments to OREO based on the Company’s evaluation of the acquired OREO portfolio. (f)—Adjustment reflects the fair value adjustments to the FDIC receivable for loss sharing agreements based on the Company’s evaluation of the losses on the acquired assets covered under loss share agreements with the FDIC net of any clawback. | ||||||||||||||
(g) —Adjustment to record deferred tax asset related to fair value adjustments. | ||||||||||||||
(h)—Adjustment reflects uncollectible portion of accrued interest receivable and loan fees receivable. | ||||||||||||||
(i)—Adjustment arises since the rates on interest-bearing deposits are higher than rates available on similar deposits as of the acquisition date. | ||||||||||||||
(j)— Adjustment reflects the fair value adjustment which was equal to the prepayment fee paid to fully pay off the Federal Home Loan Bank (the “FHLB”) advances on July 26, 2013. This fair value adjustment and the fair value adjustment of the junior subordinated debt were determined based upon interest rates. | ||||||||||||||
(k)— Adjustment reflects the reclassification of the clawback to net against the FDIC receivable, the incremental accrual for employee related benefits, lease liabilities, and adjustment of other miscellaneous accruals. | ||||||||||||||
(l)— Adjustment reflects the change in insurance-related receivable and increase in the current income tax receivable for the short-period income tax returns filed. | ||||||||||||||
(m)—Adjustment reflects the fair value adjustments to bank owned life insurance based on the Company’s evaluation of the policies. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Investment Securities | ' | |||||||||||||
Schedule of amortized cost and fair value of investment securities held to maturity | ' | |||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
State and municipal obligations | $ | 10,389 | $ | 630 | $ | — | $ | 11,019 | ||||||
December 31, 2013: | ||||||||||||||
State and municipal obligations | $ | 12,426 | $ | 480 | $ | (15 | ) | $ | 12,891 | |||||
September 30, 2013: | ||||||||||||||
State and municipal obligations | $ | 12,426 | $ | 579 | $ | (13 | ) | $ | 12,992 | |||||
Schedule of amortized cost and fair value of investment securities available for sale | ' | |||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
Government-sponsored entities debt * | $ | 140,438 | $ | 127 | $ | (3,106 | ) | 137,459 | ||||||
State and municipal obligations | 137,733 | 3,834 | (309 | ) | 141,258 | |||||||||
Mortgage-backed securities ** | 519,569 | 5,608 | (2,168 | ) | 523,009 | |||||||||
Corporate stocks | 3,161 | 538 | (311 | ) | 3,388 | |||||||||
$ | 800,901 | $ | 10,107 | $ | (5,894 | ) | $ | 805,114 | ||||||
December 31, 2013: | ||||||||||||||
Government-sponsored entities debt * | $ | 149,708 | $ | 185 | $ | (6,899 | ) | $ | 142,994 | |||||
State and municipal obligations | 142,934 | 1,798 | (4,081 | ) | 140,651 | |||||||||
Mortgage-backed securities ** | 500,000 | 4,394 | (4,915 | ) | 499,479 | |||||||||
Corporate stocks | 3,161 | 638 | (132 | ) | 3,667 | |||||||||
$ | 795,803 | $ | 7,015 | $ | (16,027 | ) | $ | 786,791 | ||||||
September 30, 2013: | ||||||||||||||
Government-sponsored entities debt * | $ | 107,906 | $ | 282 | $ | (5,515 | ) | $ | 102,673 | |||||
State and municipal obligations | 144,359 | 2,161 | (3,942 | ) | 142,578 | |||||||||
Mortgage-backed securities ** | 376,030 | 5,027 | (2,431 | ) | 378,626 | |||||||||
Corporate stocks | 2,661 | 263 | (3 | ) | 2,921 | |||||||||
$ | 630,956 | $ | 7,733 | $ | (11,891 | ) | $ | 626,798 | ||||||
* - The Company’s government-sponsored entities holdings are comprised of debt securities offered by Federal Home Loan Mortgage Corporation (“FHLMC”) or Freddie Mac, Federal National Mortgage Association (“FNMA”) or Fannie Mae, FHLB, and Federal Farm Credit Banks (“FFCB”). Also included in the Company’s government-sponsored entities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government. | ||||||||||||||
** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings. | ||||||||||||||
Schedule of amortized cost and fair value of other investment securities | ' | |||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
Federal Home Loan Bank stock | $ | 7,484 | $ | — | $ | — | $ | 7,484 | ||||||
Investment in unconsolidated subsidiaries | 3,034 | — | — | 3,034 | ||||||||||
$ | 10,518 | $ | — | $ | — | $ | 10,518 | |||||||
December 31, 2013: | ||||||||||||||
Federal Home Loan Bank stock | $ | 10,352 | $ | — | $ | — | $ | 10,352 | ||||||
Investment in unconsolidated subsidiaries | 3,034 | — | — | 3,034 | ||||||||||
$ | 13,386 | $ | — | $ | — | $ | 13,386 | |||||||
September 30, 2013: | ||||||||||||||
Federal Home Loan Bank stock | $ | 10,352 | $ | — | $ | — | $ | 10,352 | ||||||
Investment in unconsolidated subsidiaries | 3,034 | — | — | 3,034 | ||||||||||
$ | 13,386 | $ | — | $ | — | $ | 13,386 | |||||||
Schedule of amortized cost and fair value of debt securities by contractual maturity | ' | |||||||||||||
The amortized cost and fair value of debt securities at September 30, 2014 by contractual maturity are detailed below. | ||||||||||||||
Securities | Securities | |||||||||||||
Held to Maturity | Available for Sale | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | ||||||||||
Due in one year or less | $ | 730 | $ | 735 | $ | 6,990 | $ | 7,078 | ||||||
Due after one year through five years | 986 | 1,019 | 23,994 | 24,262 | ||||||||||
Due after five years through ten years | 8,673 | 9,265 | 234,954 | 235,857 | ||||||||||
Due after ten years | — | — | 534,963 | 537,917 | ||||||||||
$ | 10,389 | $ | 11,019 | $ | 800,901 | $ | 805,114 | |||||||
Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position | ' | |||||||||||||
Less Than Twelve Months | Twelve Months or More | |||||||||||||
Gross | Gross | |||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||
(Dollars in thousands) | Losses | Value | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
Securities Available for Sale | ||||||||||||||
Government-sponsored entities debt | $ | 71 | $ | 18,422 | $ | 3,035 | $ | 81,384 | ||||||
State and municipal obligations | 1 | 831 | 308 | 11,558 | ||||||||||
Mortgage-backed securities | 811 | 147,160 | 1,357 | 62,638 | ||||||||||
Corporate Stocks | 311 | 1,919 | — | — | ||||||||||
$ | 1,194 | $ | 168,332 | $ | 4,700 | $ | 155,580 | |||||||
December 31, 2013: | ||||||||||||||
Securities Held to Maturity | ||||||||||||||
State and municipal obligations | $ | 15 | $ | 486 | $ | — | $ | — | ||||||
Securities Available for Sale | ||||||||||||||
Government-sponsored entities debt | $ | 6,899 | $ | 112,085 | $ | — | $ | — | ||||||
State and municipal obligations | 3,901 | 87,060 | 180 | 3,900 | ||||||||||
Mortgage-backed securities | 4,874 | 263,383 | 41 | 2,125 | ||||||||||
Corporate stocks | 132 | 2,099 | — | — | ||||||||||
$ | 15,806 | $ | 464,627 | $ | 221 | $ | 6,025 | |||||||
September 30, 2013: | ||||||||||||||
Securities Held to Maturity | ||||||||||||||
State and municipal obligations | $ | 13 | $ | 488 | $ | — | $ | — | ||||||
Securities Available for Sale | ||||||||||||||
Government-sponsored entities debt | $ | 5,515 | $ | 85,500 | $ | — | $ | — | ||||||
State and municipal obligations | 3,942 | 88,497 | — | — | ||||||||||
Mortgage-backed securities | 2,404 | 112,833 | 27 | 2,225 | ||||||||||
Corporate stocks | 3 | 7 | — | — | ||||||||||
$ | 11,864 | $ | 286,837 | $ | 27 | $ | 2,225 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Schedule of changes in allowance for loan losses | ' | |||||||||||||||||||||||||||||||
Acquired | Acquired | |||||||||||||||||||||||||||||||
Non-acquired | Non-credit | Credit Impaired | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Loans | Impaired Loans | Loans | Total | ||||||||||||||||||||||||||||
Three months ended September 30, 2014: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 35,422 | $ | — | $ | 9,159 | $ | 44,581 | ||||||||||||||||||||||||
Loans charged-off | (2,713 | ) | (879 | ) | — | (3,592 | ) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 575 | 441 | — | 1,016 | ||||||||||||||||||||||||||||
Net charge-offs | (2,138 | ) | (438 | ) | — | (2,576 | ) | |||||||||||||||||||||||||
Provision for loan losses | 1,520 | 438 | (658 | ) | 1,300 | |||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | — | 791 | 791 | ||||||||||||||||||||||||||||
Total provision for loan losses charged to operations | 1,520 | 438 | 133 | 2,091 | ||||||||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | — | — | (791 | ) | (791 | ) | ||||||||||||||||||||||||||
Reduction due to loan removals | — | — | (469 | ) | (469 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 34,804 | $ | — | $ | 8,032 | $ | 42,836 | ||||||||||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 38,625 | $ | — | $ | 14,461 | $ | 53,086 | ||||||||||||||||||||||||
Loans charged-off | (4,294 | ) | — | — | (4,294 | ) | ||||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,249 | — | — | 1,249 | ||||||||||||||||||||||||||||
Net charge-offs | (3,045 | ) | — | — | (3,045 | ) | ||||||||||||||||||||||||||
Provision for loan losses | 565 | — | (456 | ) | 109 | |||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | — | 550 | 550 | ||||||||||||||||||||||||||||
Total provision for loan losses charged to operations | 565 | — | 94 | 659 | ||||||||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | — | — | (550 | ) | (550 | ) | ||||||||||||||||||||||||||
Reduction due to loan removals | — | — | (1,745 | ) | (1,745 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 36,145 | $ | — | $ | 12,260 | $ | 48,405 | ||||||||||||||||||||||||
Acquired | Acquired | |||||||||||||||||||||||||||||||
Non-acquired | Non-credit | Credit Impaired | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Loans | Impaired Loans | Loans | Total | ||||||||||||||||||||||||||||
Nine months ended September 30, 2014: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,331 | $ | — | $ | 11,618 | $ | 45,949 | ||||||||||||||||||||||||
Loans charged-off | (5,972 | ) | (879 | ) | — | (6,851 | ) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,170 | 441 | — | 2,611 | ||||||||||||||||||||||||||||
Net charge-offs | (3,802 | ) | (438 | ) | — | (4,240 | ) | |||||||||||||||||||||||||
Provision for loan losses | 4,275 | 438 | (1,792 | ) | 2,921 | |||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | — | 2,188 | 2,188 | ||||||||||||||||||||||||||||
Total provision for loan losses charged to operations | 4,275 | 438 | 396 | 5,109 | ||||||||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | — | — | (2,188 | ) | (2,188 | ) | ||||||||||||||||||||||||||
Reduction due to loan removals | — | — | (1,794 | ) | (1,794 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 34,804 | $ | — | $ | 8,032 | $ | 42,836 | ||||||||||||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 44,378 | $ | — | $ | 17,218 | $ | 61,596 | ||||||||||||||||||||||||
Loans charged-off | (12,121 | ) | — | — | (12,121 | ) | ||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,870 | — | — | 2,870 | ||||||||||||||||||||||||||||
Net charge-offs | (9,251 | ) | — | — | (9,251 | ) | ||||||||||||||||||||||||||
Provision for loan losses | 1,018 | — | (991 | ) | 27 | |||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | — | 1,871 | 1,871 | ||||||||||||||||||||||||||||
Total provision for loan losses charged to operations | 1,018 | — | 880 | 1,898 | ||||||||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | — | — | (1,871 | ) | (1,871 | ) | ||||||||||||||||||||||||||
Reduction due to loan removals | — | — | (3,967 | ) | (3,967 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 36,145 | $ | — | $ | 12,260 | $ | 48,405 | ||||||||||||||||||||||||
Schedule of restructured loans segregated by class and type of concession | ' | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | |||||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | |||||||||||||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||||||||
(Dollars in thousands) | of loans | Investment | Investment | of loans | Investment | Investment | ||||||||||||||||||||||||||
Interest rate modification | ||||||||||||||||||||||||||||||||
Construction and land development | 1 | $ | 170 | $ | 170 | — | $ | — | $ | — | ||||||||||||||||||||||
Consumer owner occupied | 1 | 121 | 121 | — | — | — | ||||||||||||||||||||||||||
Total interest rate modifications | 2 | 291 | 291 | — | — | — | ||||||||||||||||||||||||||
Term modification | ||||||||||||||||||||||||||||||||
Other income producing property | 1 | 1,243 | 1,232 | — | — | — | ||||||||||||||||||||||||||
Total term modifications | 1 | 1,243 | 1,232 | — | — | — | ||||||||||||||||||||||||||
3 | $ | 1,534 | $ | 1,523 | — | $ | — | $ | — | |||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | |||||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | |||||||||||||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||||||||
(Dollars in thousands) | of loans | Investment | Investment | of loans | Investment | Investment | ||||||||||||||||||||||||||
Interest rate modification | ||||||||||||||||||||||||||||||||
Construction and land development | 3 | $ | 773 | $ | 745 | — | $ | — | $ | — | ||||||||||||||||||||||
Commercial non-owner occupied | — | — | — | 1 | 247 | 247 | ||||||||||||||||||||||||||
Commercial owner occupied | — | — | — | 1 | 750 | 750 | ||||||||||||||||||||||||||
Consumer owner occupied | 3 | 407 | 398 | 1 | 124 | 122 | ||||||||||||||||||||||||||
Other income producing property | 1 | 147 | 136 | — | — | — | ||||||||||||||||||||||||||
Total interest rate modifications | 7 | 1,327 | 1,279 | 3 | 1,121 | 1,119 | ||||||||||||||||||||||||||
Term modification | ||||||||||||||||||||||||||||||||
Construction and land development | 1 | 99 | 97 | — | — | — | ||||||||||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 696 | 134 | ||||||||||||||||||||||||||
Other income producing property | 1 | 1,243 | 1,232 | — | — | — | ||||||||||||||||||||||||||
Total term modifications | 2 | 1,342 | 1,329 | 1 | 696 | 134 | ||||||||||||||||||||||||||
9 | $ | 2,669 | $ | 2,608 | 4 | $ | 1,817 | $ | 1,253 | |||||||||||||||||||||||
Non-credit impaired | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Summary of information pertaining to impaired loans | ' | |||||||||||||||||||||||||||||||
Gross | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | ||||||||||||||||||||||||||||||
Contractual | Investment | Investment | Total | |||||||||||||||||||||||||||||
Principal | With No | With | Recorded | Related | ||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Allowance | Allowance | Investment | Allowance | |||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 7,386 | $ | 2,229 | $ | 2,647 | $ | 4,876 | $ | 402 | ||||||||||||||||||||||
Commercial non-owner occupied | 4,846 | 2,700 | 1,084 | 3,784 | 30 | |||||||||||||||||||||||||||
Commercial owner occupied | 13,097 | 5,576 | 3,860 | 9,436 | 100 | |||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,972 | — | 2,427 | 2,427 | 121 | |||||||||||||||||||||||||||
Home equity loans | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | 1,447 | 693 | 417 | 1,110 | 12 | |||||||||||||||||||||||||||
Other income producing property | 7,066 | 914 | 5,466 | 6,380 | 711 | |||||||||||||||||||||||||||
Consumer | 81 | — | 50 | 50 | 1 | |||||||||||||||||||||||||||
Other loans | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 36,895 | $ | 12,112 | $ | 15,951 | $ | 28,063 | $ | 1,377 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 7,341 | $ | 3,555 | $ | 2,184 | $ | 5,739 | $ | 704 | ||||||||||||||||||||||
Commercial non-owner occupied | 3,592 | 2,681 | — | 2,681 | — | |||||||||||||||||||||||||||
Commercial owner occupied | 14,017 | 10,441 | 1,119 | 11,560 | 10 | |||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 3,063 | — | 3,013 | 3,013 | 271 | |||||||||||||||||||||||||||
Home equity loans | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | 477 | 405 | — | 405 | — | |||||||||||||||||||||||||||
Other income producing property | 2,794 | 554 | 2,095 | 2,649 | 646 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Other loans | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 31,284 | $ | 17,636 | $ | 8,411 | $ | 26,047 | $ | 1,631 | ||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 15,447 | $ | 4,986 | $ | 3,215 | $ | 8,201 | $ | 558 | ||||||||||||||||||||||
Commercial non-owner occupied | 4,543 | 1,269 | 1,535 | 2,804 | — | |||||||||||||||||||||||||||
Commercial owner occupied | 17,826 | 12,166 | 2,517 | 14,683 | 19 | |||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 625 | — | 575 | 575 | 21 | |||||||||||||||||||||||||||
Home equity loans | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | 954 | 707 | — | 707 | — | |||||||||||||||||||||||||||
Other income producing property | 3,073 | 253 | 2,361 | 2,614 | 703 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Other loans | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 42,468 | $ | 19,381 | $ | 10,203 | $ | 29,584 | $ | 1,301 | ||||||||||||||||||||||
Summary of average investment in impaired loans and interest income recognized on impaired loans | ' | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||||
Investment in | Interest Income | Investment in | Interest Income | |||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired Loans | Recognized | Impaired Loans | Recognized | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 5,277 | $ | 23 | $ | 9,028 | $ | 42 | ||||||||||||||||||||||||
Commercial non-owner occupied | 4,966 | 8 | 3,779 | — | ||||||||||||||||||||||||||||
Commercial owner occupied | 10,294 | 27 | 16,004 | 33 | ||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,480 | 30 | 1,066 | — | ||||||||||||||||||||||||||||
Home equity loans | — | — | — | — | ||||||||||||||||||||||||||||
Commercial and industrial | 929 | 2 | 1,253 | — | ||||||||||||||||||||||||||||
Other income producing property | 6,377 | 52 | 2,993 | 14 | ||||||||||||||||||||||||||||
Consumer | 68 | 1 | — | — | ||||||||||||||||||||||||||||
Other loans | — | — | — | — | ||||||||||||||||||||||||||||
Total Impaired Loans | $ | 30,391 | $ | 143 | $ | 34,123 | $ | 89 | ||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||||
Investment in | Interest Income | Investment in | Interest Income | |||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired Loans | Recognized | Impaired Loans | Recognized | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 5,308 | $ | 58 | $ | 11,151 | $ | 69 | ||||||||||||||||||||||||
Commercial non-owner occupied | 3,469 | 36 | 4,325 | 1 | ||||||||||||||||||||||||||||
Commercial owner occupied | 10,242 | 103 | 15,791 | 94 | ||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,720 | 63 | 1,093 | 7 | ||||||||||||||||||||||||||||
Home equity loans | — | — | — | — | ||||||||||||||||||||||||||||
Commercial and industrial | 757 | 15 | 1,329 | — | ||||||||||||||||||||||||||||
Other income producing property | 4,515 | 112 | 3,856 | 22 | ||||||||||||||||||||||||||||
Consumer | 25 | 4 | — | — | ||||||||||||||||||||||||||||
Other loans | — | — | — | — | ||||||||||||||||||||||||||||
Total Impaired Loans | $ | 27,036 | $ | 391 | $ | 37,545 | $ | 193 | ||||||||||||||||||||||||
Non-acquired loans | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Summary of loans | ' | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Non-acquired loans: | ||||||||||||||||||||||||||||||||
Commercial non-owner occupied real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 385,318 | $ | 299,951 | $ | 288,199 | ||||||||||||||||||||||||||
Commercial non-owner occupied | 318,470 | 291,171 | 282,678 | |||||||||||||||||||||||||||||
Total commercial non-owner occupied real estate | 703,788 | 591,122 | 570,877 | |||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 702,521 | 548,170 | 498,734 | |||||||||||||||||||||||||||||
Home equity loans | 276,341 | 257,139 | 255,291 | |||||||||||||||||||||||||||||
Total consumer real estate | 978,862 | 805,309 | 754,025 | |||||||||||||||||||||||||||||
Commercial owner occupied real estate | 881,403 | 833,513 | 814,259 | |||||||||||||||||||||||||||||
Commercial and industrial | 355,580 | 321,824 | 301,845 | |||||||||||||||||||||||||||||
Other income producing property | 154,822 | 143,204 | 140,024 | |||||||||||||||||||||||||||||
Consumer | 183,451 | 136,410 | 116,312 | |||||||||||||||||||||||||||||
Other loans | 46,802 | 33,834 | 43,900 | |||||||||||||||||||||||||||||
Total non-acquired loans | 3,304,708 | 2,865,216 | 2,741,242 | |||||||||||||||||||||||||||||
Less allowance for loan losses | (34,804 | ) | (34,331 | ) | (36,145 | ) | ||||||||||||||||||||||||||
Non-acquired loans, net | $ | 3,269,904 | $ | 2,830,885 | $ | 2,705,097 | ||||||||||||||||||||||||||
Schedule of changes in allowance for loan losses | ' | |||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Consumer | Other Income | ||||||||||||||||||||||||||||
& Land | Non-owner | Owner | Owner | Home | Commercial | Producing | Other | |||||||||||||||||||||||||
(Dollars in thousands) | Development | Occupied | Occupied | Occupied | Equity | & Industrial | Property | Consumer | Loans | Total | ||||||||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2014 | $ | 6,652 | $ | 3,398 | $ | 7,958 | $ | 6,537 | $ | 2,975 | $ | 3,640 | $ | 2,588 | $ | 1,270 | $ | 404 | $ | 35,422 | ||||||||||||
Charge-offs | (825 | ) | — | (3 | ) | — | (501 | ) | (4 | ) | (83 | ) | (1,297 | ) | — | (2,713 | ) | |||||||||||||||
Recoveries | 120 | 5 | 68 | 20 | 18 | 93 | 13 | 238 | — | 575 | ||||||||||||||||||||||
Provision | 464 | (307 | ) | 123 | (83 | ) | 346 | (187 | ) | 70 | 1,120 | (26 | ) | 1,520 | ||||||||||||||||||
Balance, September 30, 2014 | $ | 6,411 | $ | 3,096 | $ | 8,146 | $ | 6,474 | $ | 2,838 | $ | 3,542 | $ | 2,588 | $ | 1,331 | $ | 378 | $ | 34,804 | ||||||||||||
Loans individually evaluated for impairment | $ | 402 | $ | 30 | $ | 100 | $ | 121 | $ | — | $ | 12 | $ | 711 | $ | 1 | $ | — | $ | 1,377 | ||||||||||||
Loans collectively evaluated for impairment | $ | 6,009 | $ | 3,066 | $ | 8,046 | $ | 6,353 | $ | 2,838 | $ | 3,530 | $ | 1,877 | $ | 1,330 | $ | 378 | $ | 33,427 | ||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,876 | $ | 3,784 | $ | 9,436 | $ | 2,427 | $ | — | $ | 1,110 | $ | 6,380 | $ | 50 | $ | — | $ | 28,063 | ||||||||||||
Loans collectively evaluated for impairment | 380,442 | 314,686 | 871,967 | 700,094 | 276,341 | 354,470 | 148,442 | 183,401 | 46,802 | 3,276,645 | ||||||||||||||||||||||
Total non-acquired loans | $ | 385,318 | $ | 318,470 | $ | 881,403 | $ | 702,521 | $ | 276,341 | $ | 355,580 | $ | 154,822 | $ | 183,451 | $ | 46,802 | $ | 3,304,708 | ||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 8,431 | $ | 4,866 | $ | 7,984 | $ | 6,438 | $ | 2,974 | $ | 4,039 | $ | 3,260 | $ | 426 | $ | 207 | $ | 38,625 | ||||||||||||
Charge-offs | (1,244 | ) | (652 | ) | (219 | ) | (888 | ) | (206 | ) | (154 | ) | (179 | ) | (751 | ) | — | (4,293 | ) | |||||||||||||
Recoveries | 650 | 18 | 1 | 104 | 75 | 187 | 12 | 201 | — | 1,248 | ||||||||||||||||||||||
Provision | (108 | ) | (462 | ) | (53 | ) | 448 | 91 | (301 | ) | (58 | ) | 955 | 53 | 565 | |||||||||||||||||
Balance, September 30, 2013 | $ | 7,729 | $ | 3,770 | $ | 7,713 | $ | 6,102 | $ | 2,934 | $ | 3,771 | $ | 3,035 | $ | 831 | $ | 260 | $ | 36,145 | ||||||||||||
Loans individually evaluated for impairment | $ | 558 | $ | — | $ | 19 | $ | 21 | $ | — | $ | — | $ | 703 | $ | — | $ | — | $ | 1,301 | ||||||||||||
Loans collectively evaluated for impairment | $ | 7,171 | $ | 3,770 | $ | 7,694 | $ | 6,081 | $ | 2,934 | $ | 3,771 | $ | 2,332 | $ | 831 | $ | 260 | $ | 34,844 | ||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 8,201 | $ | 2,804 | $ | 14,683 | $ | 575 | $ | — | $ | 707 | $ | 2,614 | $ | — | $ | — | $ | 29,584 | ||||||||||||
Loans collectively evaluated for impairment | 279,998 | 279,874 | 799,576 | 498,159 | 255,291 | 301,138 | 137,410 | 116,312 | 43,900 | 2,711,658 | ||||||||||||||||||||||
Total non-acquired loans | $ | 288,199 | $ | 282,678 | $ | 814,259 | $ | 498,734 | $ | 255,291 | $ | 301,845 | $ | 140,024 | $ | 116,312 | $ | 43,900 | $ | 2,741,242 | ||||||||||||
Construction | Commercial | Commercial | Consumer | Other Income | ||||||||||||||||||||||||||||
& Land | Non-owner | Owner | Owner | Home | Commercial | Producing | Other | |||||||||||||||||||||||||
(Dollars in thousands) | Development | Occupied | Occupied | Occupied | Equity | & Industrial | Property | Consumer | Loans | Total | ||||||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 6,789 | $ | 3,677 | $ | 7,767 | $ | 6,069 | $ | 2,782 | $ | 3,592 | $ | 2,509 | $ | 937 | $ | 209 | $ | 34,331 | ||||||||||||
Charge-offs | 5 | (236 | ) | (531 | ) | (299 | ) | (917 | ) | (1,024 | ) | (251 | ) | (2,719 | ) | — | (5,972 | ) | ||||||||||||||
Recoveries | 362 | 352 | 85 | 262 | 58 | 221 | 172 | 658 | — | 2,170 | ||||||||||||||||||||||
Provision | (745 | ) | (697 | ) | 825 | 442 | 915 | 753 | 158 | 2,455 | 169 | 4,275 | ||||||||||||||||||||
Balance, September 30, 2014 | $ | 6,411 | $ | 3,096 | $ | 8,146 | $ | 6,474 | $ | 2,838 | $ | 3,542 | $ | 2,588 | $ | 1,331 | $ | 378 | $ | 34,804 | ||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 10,836 | $ | 4,921 | $ | 8,743 | $ | 6,568 | $ | 3,626 | $ | 4,939 | $ | 3,747 | $ | 781 | $ | 217 | $ | 44,378 | ||||||||||||
Charge-offs | (4,457 | ) | (652 | ) | (1,622 | ) | (1,276 | ) | (868 | ) | (781 | ) | (652 | ) | (1,813 | ) | — | (12,121 | ) | |||||||||||||
Recoveries | 1,043 | 345 | 16 | 234 | 174 | 324 | 123 | 611 | — | 2,870 | ||||||||||||||||||||||
Provision | 307 | (844 | ) | 576 | 576 | 2 | (711 | ) | (183 | ) | 1,252 | 43 | 1,018 | |||||||||||||||||||
Balance, September 30, 2013 | $ | 7,729 | $ | 3,770 | $ | 7,713 | $ | 6,102 | $ | 2,934 | $ | 3,771 | $ | 3,035 | $ | 831 | $ | 260 | $ | 36,145 | ||||||||||||
Schedule of credit risk profile by risk grade of loans | ' | |||||||||||||||||||||||||||||||
Total Non-acquired Loans | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Pass | $ | 3,116,316 | $ | 2,656,027 | $ | 2,513,093 | ||||||||||||||||||||||||||
Special mention | 125,847 | 126,420 | 133,225 | |||||||||||||||||||||||||||||
Substandard | 61,623 | 82,717 | 94,870 | |||||||||||||||||||||||||||||
Doubtful | 922 | 52 | 54 | |||||||||||||||||||||||||||||
$ | 3,304,708 | $ | 2,865,216 | $ | 2,741,242 | |||||||||||||||||||||||||||
Aging analysis of past due loans, segregated by class of loans | ' | |||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Past | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Due | Current | Loans | ||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 510 | $ | 195 | $ | 1,208 | $ | 1,913 | $ | 383,405 | $ | 385,318 | ||||||||||||||||||||
Commercial non-owner occupied | 878 | — | 2,819 | 3,697 | 314,773 | 318,470 | ||||||||||||||||||||||||||
Commercial owner occupied | 177 | 4,079 | 2,149 | 6,405 | 874,998 | 881,403 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 1,842 | 646 | 2,293 | 4,781 | 697,740 | 702,521 | ||||||||||||||||||||||||||
Home equity loans | 1,178 | 291 | 404 | 1,873 | 274,468 | 276,341 | ||||||||||||||||||||||||||
Commercial and industrial | 408 | 121 | 113 | 642 | 354,938 | 355,580 | ||||||||||||||||||||||||||
Other income producing property | 264 | 219 | 2,202 | 2,685 | 152,137 | 154,822 | ||||||||||||||||||||||||||
Consumer | 442 | 153 | 117 | 712 | 182,739 | 183,451 | ||||||||||||||||||||||||||
Other loans | 105 | 32 | 38 | 175 | 46,627 | 46,802 | ||||||||||||||||||||||||||
$ | 5,804 | $ | 5,736 | $ | 11,343 | $ | 22,883 | $ | 3,281,825 | $ | 3,304,708 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 557 | $ | 476 | $ | 2,707 | $ | 3,740 | $ | 296,211 | $ | 299,951 | ||||||||||||||||||||
Commercial non-owner occupied | 1,780 | 1 | 2,684 | 4,465 | 286,706 | 291,171 | ||||||||||||||||||||||||||
Commercial owner occupied | 457 | 650 | 3,601 | 4,708 | 828,805 | 833,513 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 1,526 | 1,107 | 2,621 | 5,254 | 542,916 | 548,170 | ||||||||||||||||||||||||||
Home equity loans | 780 | 214 | 422 | 1,416 | 255,723 | 257,139 | ||||||||||||||||||||||||||
Commercial and industrial | 390 | 105 | 370 | 865 | 320,959 | 321,824 | ||||||||||||||||||||||||||
Other income producing property | 950 | 19 | 2,634 | 3,603 | 139,601 | 143,204 | ||||||||||||||||||||||||||
Consumer | 337 | 142 | 28 | 507 | 135,903 | 136,410 | ||||||||||||||||||||||||||
Other loans | 33 | 36 | 30 | 99 | 33,735 | 33,834 | ||||||||||||||||||||||||||
$ | 6,810 | $ | 2,750 | $ | 15,097 | $ | 24,657 | $ | 2,840,559 | $ | 2,865,216 | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 2,239 | $ | 2,181 | $ | 4,834 | $ | 9,254 | $ | 278,945 | $ | 288,199 | ||||||||||||||||||||
Commercial non-owner occupied | 1,658 | 15 | 2,493 | 4,166 | 278,512 | 282,678 | ||||||||||||||||||||||||||
Commercial owner occupied | 1,009 | 334 | 5,924 | 7,267 | 806,992 | 814,259 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,806 | 1,449 | 2,755 | 7,010 | 491,724 | 498,734 | ||||||||||||||||||||||||||
Home equity loans | 767 | 168 | 503 | 1,438 | 253,853 | 255,291 | ||||||||||||||||||||||||||
Commercial and industrial | 139 | 103 | 672 | 914 | 300,931 | 301,845 | ||||||||||||||||||||||||||
Other income producing property | 818 | 218 | 2,395 | 3,431 | 136,593 | 140,024 | ||||||||||||||||||||||||||
Consumer | 300 | 201 | 61 | 562 | 115,750 | 116,312 | ||||||||||||||||||||||||||
Other loans | 53 | 24 | 32 | 109 | 43,791 | 43,900 | ||||||||||||||||||||||||||
$ | 9,789 | $ | 4,693 | $ | 19,669 | $ | 34,151 | $ | 2,707,091 | $ | 2,741,242 | |||||||||||||||||||||
Summary of information pertaining to nonaccrual loans by class | ' | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Commercial non-owner occupied real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 2,851 | $ | 5,819 | $ | 8,058 | ||||||||||||||||||||||||||
Commercial non-owner occupied | 2,483 | 2,912 | 2,804 | |||||||||||||||||||||||||||||
Total commercial non-owner occupied real estate | 5,334 | 8,731 | 10,862 | |||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 1,481 | 8,382 | 10,579 | |||||||||||||||||||||||||||||
Home equity loans | 4,034 | 1,128 | 1,255 | |||||||||||||||||||||||||||||
Total consumer real estate | 5,515 | 9,510 | 11,834 | |||||||||||||||||||||||||||||
Commercial owner occupied real estate | 6,532 | 7,753 | 10,184 | |||||||||||||||||||||||||||||
Commercial and industrial | 648 | 586 | 987 | |||||||||||||||||||||||||||||
Other income producing property | 2,235 | 4,704 | 4,701 | |||||||||||||||||||||||||||||
Consumer | 155 | 49 | 63 | |||||||||||||||||||||||||||||
Other loans | — | — | — | |||||||||||||||||||||||||||||
Restructured loans | 9,633 | 10,690 | 10,837 | |||||||||||||||||||||||||||||
Total loans on nonaccrual status | $ | 30,052 | $ | 42,023 | $ | 49,468 | ||||||||||||||||||||||||||
Schedule of changes in status of loans restructured within the previous 12 months | ' | |||||||||||||||||||||||||||||||
Paying Under | ||||||||||||||||||||||||||||||||
Restructured Terms | Converted to Nonaccrual | Foreclosures and Defaults | ||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||
(Dollars in thousands) | of Loans | Investment | of Loans | Investment | of Loans | Investment | ||||||||||||||||||||||||||
Interest rate modification | 8 | $ | 1,394 | — | $ | — | — | $ | — | |||||||||||||||||||||||
Term modification | 3 | 3,288 | — | — | — | — | ||||||||||||||||||||||||||
11 | $ | 4,682 | — | $ | — | — | $ | — | ||||||||||||||||||||||||
Non-acquired loans | Commercial loans | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Schedule of credit risk profile by risk grade of loans | ' | |||||||||||||||||||||||||||||||
Construction & Development | Commercial Non-owner Occupied | Commercial Owner Occupied | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 358,474 | $ | 263,698 | $ | 244,321 | $ | 292,231 | $ | 259,120 | $ | 238,940 | $ | 827,322 | $ | 785,406 | $ | 764,267 | ||||||||||||||
Special mention | 16,433 | 20,814 | 24,775 | 20,412 | 24,779 | 35,052 | 39,261 | 26,148 | 23,871 | |||||||||||||||||||||||
Substandard | 10,411 | 15,439 | 19,103 | 5,827 | 7,272 | 8,686 | 14,820 | 21,959 | 26,121 | |||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 385,318 | $ | 299,951 | $ | 288,199 | $ | 318,470 | $ | 291,171 | $ | 282,678 | $ | 881,403 | $ | 833,513 | $ | 814,259 | |||||||||||||||
Commercial & Industrial | Other Income Producing Property | Commercial Total | ||||||||||||||||||||||||||||||
September 30, | December 31, | September | September | December 31, | September | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
30, | 30, | 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | ||||||||||||||||||||||||
Pass | $ | 346,394 | $ | 309,360 | $ | 288,945 | $ | 139,946 | $ | 124,519 | $ | 121,565 | $ | 1,964,367 | $ | 1,742,103 | $ | 1,658,038 | ||||||||||||||
Special mention | 7,786 | 10,376 | 9,734 | 8,078 | 9,903 | 9,282 | 91,970 | 92,020 | 102,714 | |||||||||||||||||||||||
Substandard | 1,400 | 2,088 | 3,135 | 6,798 | 8,753 | 9,177 | 39,256 | 55,511 | 66,222 | |||||||||||||||||||||||
Doubtful | — | — | 31 | — | 29 | — | — | 29 | 31 | |||||||||||||||||||||||
$ | 355,580 | $ | 321,824 | $ | 301,845 | $ | 154,822 | $ | 143,204 | $ | 140,024 | $ | 2,095,593 | $ | 1,889,663 | $ | 1,827,005 | |||||||||||||||
Non-acquired loans | Consumer loans | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Schedule of credit risk profile by risk grade of loans | ' | |||||||||||||||||||||||||||||||
Consumer Owner Occupied | Home Equity | Consumer | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 660,578 | $ | 500,999 | $ | 454,368 | $ | 262,080 | $ | 243,615 | $ | 241,624 | $ | 182,489 | $ | 135,476 | $ | 115,163 | ||||||||||||||
Special mention | 24,144 | 25,317 | 21,444 | 9,097 | 8,437 | 8,218 | 636 | 646 | 849 | |||||||||||||||||||||||
Substandard | 16,899 | 21,854 | 22,922 | 5,142 | 5,064 | 5,426 | 326 | 288 | 300 | |||||||||||||||||||||||
Doubtful | 900 | — | — | 22 | 23 | 23 | — | — | — | |||||||||||||||||||||||
$ | 702,521 | $ | 548,170 | $ | 498,734 | $ | 276,341 | $ | 257,139 | $ | 255,291 | $ | 183,451 | $ | 136,410 | $ | 116,312 | |||||||||||||||
Other | Consumer Total | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||
Pass | $ | 46,802 | $ | 33,834 | $ | 43,900 | $ | 1,151,949 | $ | 913,924 | $ | 855,055 | ||||||||||||||||||||
Special mention | — | — | — | 33,877 | 34,400 | 30,511 | ||||||||||||||||||||||||||
Substandard | — | — | — | 22,367 | 27,206 | 28,648 | ||||||||||||||||||||||||||
Doubtful | — | — | — | 922 | 23 | 23 | ||||||||||||||||||||||||||
$ | 46,802 | $ | 33,834 | $ | 43,900 | $ | 1,209,115 | $ | 975,553 | $ | 914,237 | |||||||||||||||||||||
Acquired loans | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Schedule of contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans impaired and non-impaired at the acquisition date | ' | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Contractual principal and interest | $ | 1,416,207 | $ | 1,727,417 | $ | 1,871,569 | ||||||||||||||||||||||||||
Non-accretable difference | (161,465 | ) | (193,645 | ) | (231,865 | ) | ||||||||||||||||||||||||||
Cash flows expected to be collected | 1,254,742 | 1,533,772 | 1,639,704 | |||||||||||||||||||||||||||||
Accretable yield | (266,218 | ) | (301,516 | ) | (310,816 | ) | ||||||||||||||||||||||||||
Carrying value | $ | 988,524 | $ | 1,232,256 | $ | 1,328,888 | ||||||||||||||||||||||||||
Allowance for acquired loan losses | $ | (8,032 | ) | $ | (11,618 | ) | $ | (12,260 | ) | |||||||||||||||||||||||
Schedule of changes in the carrying value of FASB ASC Topic 310-30 | ' | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,220,638 | $ | 969,395 | ||||||||||||||||||||||||||||
Fair value of acquired loans | — | 596,509 | ||||||||||||||||||||||||||||||
Net reductions for payments, foreclosures, and accretion | (243,732 | ) | (248,284 | ) | ||||||||||||||||||||||||||||
Change in the allowance for loan losses on acquired loans | 3,586 | (992 | ) | |||||||||||||||||||||||||||||
Balance at end of period, net of allowance for loan losses on acquired loans | $ | 980,492 | $ | 1,316,628 | ||||||||||||||||||||||||||||
Schedule of refined of accretable yield for purchased impaired and non-impaired loans | ' | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 301,516 | $ | 160,849 | ||||||||||||||||||||||||||||
Addition from the FFHI acquisition | — | 181,956 | ||||||||||||||||||||||||||||||
Accretion | (79,579 | ) | (72,004 | ) | ||||||||||||||||||||||||||||
Reclass of nonaccretable difference due to improvement in expected cash flows | 46,960 | 48,244 | ||||||||||||||||||||||||||||||
Other changes, net | (2,679 | ) | (8,229 | ) | ||||||||||||||||||||||||||||
Balance at end of period | $ | 266,218 | $ | 310,816 | ||||||||||||||||||||||||||||
Schedule of changes in allowance for loan losses | ' | |||||||||||||||||||||||||||||||
Commercial | Commercial | |||||||||||||||||||||||||||||||
Loans Greater | Real Estate- | |||||||||||||||||||||||||||||||
Than or Equal | Commercial | Construction and | Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | to $1 Million-CBT | Real Estate | Development | Real Estate | Consumer | and Industrial | Single Pay | Total | ||||||||||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2014 | $ | 201 | $ | 1,616 | $ | 815 | $ | 5,118 | $ | 385 | $ | 950 | $ | 74 | $ | 9,159 | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (6 | ) | (132 | ) | (9 | ) | (279 | ) | (39 | ) | (191 | ) | (2 | ) | (658 | ) | ||||||||||||||||
Benefit attributable to FDIC loss share agreements | 6 | 144 | 9 | 394 | 40 | 198 | — | 791 | ||||||||||||||||||||||||
Total provision for loan losses charged to operations | — | 12 | — | 115 | 1 | 7 | (2 | ) | 133 | |||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | (6 | ) | (144 | ) | (9 | ) | (394 | ) | (40 | ) | (198 | ) | — | (791 | ) | |||||||||||||||||
Reduction due to loan removals | — | — | (405 | ) | (32 | ) | (16 | ) | (16 | ) | — | (469 | ) | |||||||||||||||||||
Balance, September 30, 2014 | $ | 195 | $ | 1,484 | $ | 401 | $ | 4,807 | $ | 330 | $ | 743 | $ | 72 | $ | 8,032 | ||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loans collectively evaluated for impairment | $ | 195 | $ | 1,484 | $ | 401 | $ | 4,807 | $ | 330 | $ | 743 | $ | 72 | $ | 8,032 | ||||||||||||||||
Loans:* | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loans collectively evaluated for impairment | 17,097 | 354,715 | 73,322 | 406,276 | 90,038 | 46,988 | 88 | 988,524 | ||||||||||||||||||||||||
Total acquired loans | $ | 17,097 | $ | 354,715 | $ | 73,322 | $ | 406,276 | $ | 90,038 | $ | 46,988 | $ | 88 | $ | 988,524 | ||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 1,855 | $ | 821 | $ | 4,392 | $ | 4,727 | $ | 475 | $ | 2,100 | $ | 91 | $ | 14,461 | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (1,284 | ) | 331 | (39 | ) | 485 | 1 | (55 | ) | 105 | (456 | ) | ||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | 1,220 | (264 | ) | 31 | (390 | ) | (1 | ) | 53 | (99 | ) | 550 | ||||||||||||||||||||
Total provision for loan losses charged to operations | (64 | ) | 67 | (8 | ) | 95 | — | (2 | ) | 6 | 94 | |||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | (1,220 | ) | 264 | (31 | ) | 390 | 1 | (53 | ) | 99 | (550 | ) | ||||||||||||||||||||
Reduction due to loan removals | (436 | ) | — | (1,209 | ) | 2 | — | (102 | ) | — | (1,745 | ) | ||||||||||||||||||||
Balance, September 30, 2013 | $ | 135 | $ | 1,152 | $ | 3,144 | $ | 5,214 | $ | 476 | $ | 1,943 | $ | 196 | $ | 12,260 | ||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loans collectively evaluated for impairment | $ | 135 | $ | 1,152 | $ | 3,144 | $ | 5,214 | $ | 476 | $ | 1,943 | $ | 196 | $ | 12,260 | ||||||||||||||||
Loans:* | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loans collectively evaluated for impairment | 25,934 | 477,968 | 130,967 | 504,707 | 108,420 | 80,778 | 114 | 1,328,888 | ||||||||||||||||||||||||
Total acquired loans | $ | 25,934 | $ | 477,968 | $ | 130,967 | $ | 504,707 | $ | 108,420 | $ | 80,778 | $ | 114 | $ | 1,328,888 | ||||||||||||||||
*—The carrying value of acquired credit impaired loans includes a non-accretable difference which is primarily associated with the assessment of credit quality of acquired loans. | ||||||||||||||||||||||||||||||||
Commercial | Commercial | |||||||||||||||||||||||||||||||
Loans Greater | Real Estate- | |||||||||||||||||||||||||||||||
Than or Equal | Commercial | Construction and | Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | to $1 Million-CBT | Real Estate | Development | Real Estate | Consumer | and Industrial | Single Pay | Total | ||||||||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 303 | $ | 1,816 | $ | 2,244 | $ | 5,132 | $ | 538 | $ | 1,481 | $ | 104 | $ | 11,618 | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (129 | ) | (328 | ) | (623 | ) | (205 | ) | (144 | ) | (366 | ) | 3 | (1,792 | ) | |||||||||||||||||
Benefit attributable to FDIC loss share agreements | 182 | 364 | 795 | 338 | 141 | 372 | (4 | ) | 2,188 | |||||||||||||||||||||||
Total provision for loan losses charged to operations | 53 | 36 | 172 | 133 | (3 | ) | 6 | (1 | ) | 396 | ||||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | (182 | ) | (364 | ) | (795 | ) | (338 | ) | (141 | ) | (372 | ) | 4 | (2,188 | ) | |||||||||||||||||
Reduction due to loan removals | 21 | (4 | ) | (1,220 | ) | (120 | ) | (64 | ) | (372 | ) | (35 | ) | (1,794 | ) | |||||||||||||||||
Balance, September 30, 2014 | $ | 195 | $ | 1,484 | $ | 401 | $ | 4,807 | $ | 330 | $ | 743 | $ | 72 | $ | 8,032 | ||||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 5,337 | $ | 1,517 | $ | 1,628 | $ | 4,207 | $ | 96 | $ | 4,139 | $ | 294 | $ | 17,218 | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (3,263 | ) | (365 | ) | 2,725 | 1,018 | 380 | (1,408 | ) | (78 | ) | (991 | ) | |||||||||||||||||||
Benefit attributable to FDIC loss share agreements | 3,098 | 240 | (2,067 | ) | (494 | ) | (318 | ) | 1,337 | 75 | 1,871 | |||||||||||||||||||||
Total provision for loan losses charged to operations | (165 | ) | (125 | ) | 658 | 524 | 62 | (71 | ) | (3 | ) | 880 | ||||||||||||||||||||
Provision for loan losses recorded through the FDIC loss share receivable | (3,098 | ) | (240 | ) | 2,067 | 494 | 318 | (1,337 | ) | (75 | ) | (1,871 | ) | |||||||||||||||||||
Reduction due to loan removals | (1,939 | ) | — | (1,209 | ) | (11 | ) | — | (788 | ) | (20 | ) | (3,967 | ) | ||||||||||||||||||
Balance, September 30, 2013 | $ | 135 | $ | 1,152 | $ | 3,144 | $ | 5,214 | $ | 476 | $ | 1,943 | $ | 196 | $ | 12,260 | ||||||||||||||||
Acquired loans | FFHI | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Schedule of contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans impaired and non-impaired at the acquisition date | ' | |||||||||||||||||||||||||||||||
July 26, 2013 | ||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||
Loans Impaired | Not Impaired | |||||||||||||||||||||||||||||||
(Dollars in thousands) | at Acquisition | at Acquisition | Total | |||||||||||||||||||||||||||||
Contractual principal and interest | $ | 662,273 | $ | 238,166 | $ | 900,439 | ||||||||||||||||||||||||||
Non-accretable difference | (110,069 | ) | (11,905 | ) | (121,974 | ) | ||||||||||||||||||||||||||
Cash flows expected to be collected | 552,204 | 226,261 | 778,465 | |||||||||||||||||||||||||||||
Accretable yield | (129,834 | ) | (52,122 | ) | (181,956 | ) | ||||||||||||||||||||||||||
Carrying value | $ | 422,370 | $ | 174,139 | $ | 596,509 | ||||||||||||||||||||||||||
Acquired loans | Non-credit impaired | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Summary of loans | ' | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
FASB ASC Topic 310-20 acquired loans: | ||||||||||||||||||||||||||||||||
Commercial non-owner occupied real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 27,705 | $ | 58,396 | $ | 55,259 | ||||||||||||||||||||||||||
Commercial non-owner occupied | 50,307 | 58,598 | 65,181 | |||||||||||||||||||||||||||||
Total commercial non-owner occupied real estate | 78,012 | 116,994 | 120,440 | |||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 673,099 | 745,481 | 769,086 | |||||||||||||||||||||||||||||
Home equity loans | 242,720 | 264,150 | 274,893 | |||||||||||||||||||||||||||||
Total consumer real estate | 915,819 | 1,009,631 | 1,043,979 | |||||||||||||||||||||||||||||
Commercial owner occupied real estate | 65,420 | 73,714 | 83,133 | |||||||||||||||||||||||||||||
Commercial and industrial | 35,072 | 58,773 | 64,069 | |||||||||||||||||||||||||||||
Other income producing property | 68,557 | 74,566 | 78,344 | |||||||||||||||||||||||||||||
Consumer | 214,463 | 267,257 | 275,369 | |||||||||||||||||||||||||||||
Total FASB ASC Topic 310-20 acquired loans | $ | 1,377,343 | $ | 1,600,935 | $ | 1,665,334 | ||||||||||||||||||||||||||
Schedule of changes in allowance for loan losses | ' | |||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Consumer | Other Income | ||||||||||||||||||||||||||||
& Land | Non-owner | Owner | Owner | Home | Commercial | Producing | ||||||||||||||||||||||||||
(Dollars in thousands) | Development | Occupied | Occupied | Occupied | Equity | & Industrial | Property | Consumer | Total | |||||||||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Charge-offs | (60 | ) | — | — | (22 | ) | (363 | ) | (273 | ) | (14 | ) | (147 | ) | (879 | ) | ||||||||||||||||
Recoveries | — | — | — | 1 | 79 | 347 | — | 14 | 441 | |||||||||||||||||||||||
Provision | 60 | — | — | 21 | 284 | (74 | ) | 14 | 133 | 438 | ||||||||||||||||||||||
Balance, September 30, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Loans collectively evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 169 | $ | — | $ | — | $ | — | $ | — | $ | 55 | $ | — | $ | — | $ | 224 | ||||||||||||||
Loans collectively evaluated for impairment | 27,536 | 50,307 | 65,420 | 673,099 | 242,720 | 35,017 | 68,557 | 214,463 | 1,377,119 | |||||||||||||||||||||||
Total non-acquired loans | $ | 27,705 | $ | 50,307 | $ | 65,420 | $ | 673,099 | $ | 242,720 | $ | 35,072 | $ | 68,557 | $ | 214,463 | $ | 1,377,343 | ||||||||||||||
Construction | Commercial | Commercial | Consumer | Other Income | ||||||||||||||||||||||||||||
& Land | Non-owner | Owner | Owner | Home | Commercial | Producing | ||||||||||||||||||||||||||
(Dollars in thousands) | Development | Occupied | Occupied | Occupied | Equity | & Industrial | Property | Consumer | Total | |||||||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Charge-offs | (60 | ) | — | — | (22 | ) | (363 | ) | (273 | ) | (14 | ) | (147 | ) | (879 | ) | ||||||||||||||||
Recoveries | — | — | — | 1 | 79 | 347 | — | 14 | 441 | |||||||||||||||||||||||
Provision | 60 | — | — | 21 | 284 | (74 | ) | 14 | 133 | 438 | ||||||||||||||||||||||
Balance, September 30, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Aging analysis of past due loans, segregated by class of loans | ' | |||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Past | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Due | Current | Loans | ||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,216 | $ | — | $ | 41 | $ | 1,257 | $ | 26,448 | $ | 27,705 | ||||||||||||||||||||
Commercial non-owner occupied | 17 | — | — | 17 | 50,290 | 50,307 | ||||||||||||||||||||||||||
Commercial owner occupied | 1,054 | — | 37 | 1,091 | 64,329 | 65,420 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 7,429 | 664 | 2,338 | 10,431 | 662,668 | 673,099 | ||||||||||||||||||||||||||
Home equity loans | 1,124 | 403 | 945 | 2,472 | 240,248 | 242,720 | ||||||||||||||||||||||||||
Commercial and industrial | 218 | 56 | 240 | 514 | 34,558 | 35,072 | ||||||||||||||||||||||||||
Other income producing property | 276 | 75 | 85 | 436 | 68,121 | 68,557 | ||||||||||||||||||||||||||
Consumer | 1,488 | 283 | 637 | 2,408 | 212,055 | 214,463 | ||||||||||||||||||||||||||
$ | 12,822 | $ | 1,481 | $ | 4,323 | $ | 18,626 | $ | 1,358,717 | $ | 1,377,343 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 371 | $ | — | $ | 464 | $ | 835 | $ | 57,561 | $ | 58,396 | ||||||||||||||||||||
Commercial non-owner occupied | 105 | — | 17 | 122 | 58,476 | 58,598 | ||||||||||||||||||||||||||
Commercial owner occupied | — | 71 | 272 | 343 | 73,371 | 73,714 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 3,368 | 393 | 1,196 | 4,957 | 740,524 | 745,481 | ||||||||||||||||||||||||||
Home equity loans | 857 | 67 | 625 | 1,549 | 262,601 | 264,150 | ||||||||||||||||||||||||||
Commercial and industrial | 827 | 894 | 282 | 2,003 | 56,770 | 58,773 | ||||||||||||||||||||||||||
Other income producing property | 431 | — | — | 431 | 74,135 | 74,566 | ||||||||||||||||||||||||||
Consumer | 291 | 213 | 154 | 658 | 266,599 | 267,257 | ||||||||||||||||||||||||||
$ | 6,250 | $ | 1,638 | $ | 3,010 | $ | 10,898 | $ | 1,590,037 | $ | 1,600,935 | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | 78 | $ | 409 | $ | 487 | $ | 54,772 | $ | 55,259 | ||||||||||||||||||||
Commercial non-owner occupied | 17 | — | — | 17 | 65,164 | 65,181 | ||||||||||||||||||||||||||
Commercial owner occupied | 1,250 | — | 62 | 1,312 | 81,821 | 83,133 | ||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 26 | 714 | — | 740 | 768,346 | 769,086 | ||||||||||||||||||||||||||
Home equity loans | 1,262 | 483 | 309 | 2,054 | 272,839 | 274,893 | ||||||||||||||||||||||||||
Commercial and industrial | 381 | — | 147 | 528 | 63,541 | 64,069 | ||||||||||||||||||||||||||
Other income producing property | 414 | — | — | 414 | 77,930 | 78,344 | ||||||||||||||||||||||||||
Consumer | 231 | 92 | 78 | 401 | 274,967 | 275,368 | ||||||||||||||||||||||||||
$ | 3,581 | $ | 1,367 | $ | 1,005 | $ | 5,953 | $ | 1,659,380 | $ | 1,665,333 | |||||||||||||||||||||
Summary of information pertaining to nonaccrual loans by class | ' | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Commercial non-owner occupied real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Commercial non-owner occupied | 14 | — | — | |||||||||||||||||||||||||||||
Total commercial non-owner occupied real estate | 14 | — | — | |||||||||||||||||||||||||||||
Consumer real estate: | ||||||||||||||||||||||||||||||||
Consumer owner occupied | 2,733 | — | — | |||||||||||||||||||||||||||||
Home equity loans | 1,228 | — | — | |||||||||||||||||||||||||||||
Total consumer real estate | 3,961 | — | — | |||||||||||||||||||||||||||||
Commercial owner occupied real estate | 38 | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | 165 | — | — | |||||||||||||||||||||||||||||
Other income producing property | 318 | — | — | |||||||||||||||||||||||||||||
Consumer | 863 | — | — | |||||||||||||||||||||||||||||
Restructured loans | — | — | — | |||||||||||||||||||||||||||||
Total loans on nonaccrual status | $ | 5,359 | $ | — | $ | — | ||||||||||||||||||||||||||
Acquired loans | Non-credit impaired | Commercial loans | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Schedule of credit risk profile by risk grade of loans | ' | |||||||||||||||||||||||||||||||
Construction & Development | Commercial Non-owner Occupied | Commercial Owner Occupied | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 25,855 | $ | 57,389 | $ | 54,863 | $ | 42,087 | $ | 56,539 | $ | 63,362 | $ | 64,283 | $ | 71,984 | $ | 81,973 | ||||||||||||||
Special mention | 805 | 109 | — | 7,982 | 1,565 | 1,332 | 363 | 318 | 325 | |||||||||||||||||||||||
Substandard | 1,045 | 898 | 396 | 238 | 494 | 487 | 774 | 1,412 | 835 | |||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 27,705 | $ | 58,396 | $ | 55,259 | $ | 50,307 | $ | 58,598 | $ | 65,181 | $ | 65,420 | $ | 73,714 | $ | 83,133 | |||||||||||||||
Commercial & Industrial | Other Income Producing Property | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||
Pass | $ | 33,163 | $ | 56,777 | $ | 61,025 | $ | 66,202 | $ | 70,812 | $ | 75,624 | ||||||||||||||||||||
Special mention | 869 | 924 | 2,280 | 899 | 2,177 | 1,869 | ||||||||||||||||||||||||||
Substandard | 1,040 | 1,072 | 764 | 1,456 | 1,577 | 851 | ||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||||||
$ | 35,072 | $ | 58,773 | $ | 64,069 | $ | 68,557 | $ | 74,566 | $ | 78,344 | |||||||||||||||||||||
Acquired loans | Non-credit impaired | Consumer loans | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Schedule of credit risk profile by risk grade of loans | ' | |||||||||||||||||||||||||||||||
Consumer Owner Occupied | Home Equity | Consumer | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 666,517 | $ | 742,778 | $ | 767,359 | $ | 229,377 | $ | 246,274 | $ | 257,631 | $ | 211,709 | $ | 266,645 | $ | 270,728 | ||||||||||||||
Special mention | 2,200 | 417 | 425 | 5,490 | 6,733 | 6,517 | 600 | 127 | 1,899 | |||||||||||||||||||||||
Substandard | 4,382 | 2,286 | 1,302 | 7,853 | 11,143 | 10,745 | 2,154 | 485 | 2,741 | |||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 673,099 | $ | 745,481 | $ | 769,086 | $ | 242,720 | $ | 264,150 | $ | 274,893 | $ | 214,463 | $ | 267,257 | $ | 275,368 | |||||||||||||||
Acquired loans | Total FASB ASC Topic 310-30 acquired loans | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Summary of loans | ' | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
FASB ASC Topic 310-30 acquired loans: | ||||||||||||||||||||||||||||||||
Commercial loans greater than or equal to $1 million-CBT | $ | 17,097 | $ | 24,109 | $ | 25,934 | ||||||||||||||||||||||||||
Commercial real estate | 354,715 | 439,785 | 477,968 | |||||||||||||||||||||||||||||
Commercial real estate—construction and development | 73,322 | 114,126 | 130,967 | |||||||||||||||||||||||||||||
Residential real estate | 406,276 | 481,247 | 504,707 | |||||||||||||||||||||||||||||
Consumer | 90,038 | 103,998 | 108,420 | |||||||||||||||||||||||||||||
Commercial and industrial | 46,988 | 68,862 | 80,778 | |||||||||||||||||||||||||||||
Single pay | 88 | 129 | 114 | |||||||||||||||||||||||||||||
Total FASB ASC Topic 310-30 acquired loans | 988,524 | 1,232,256 | 1,328,888 | |||||||||||||||||||||||||||||
Less allowance for loan losses | (8,032 | ) | (11,618 | ) | (12,260 | ) | ||||||||||||||||||||||||||
FASB ASC Topic 310-30 acquired loans, net | $ | 980,492 | $ | 1,220,638 | $ | 1,316,628 | ||||||||||||||||||||||||||
Schedule of credit risk profile by risk grade of loans | ' | |||||||||||||||||||||||||||||||
Commercial Loans Greater Than | Commercial Real Estate— | |||||||||||||||||||||||||||||||
or Equal to $1 million-CBT | Commercial Real Estate | Construction and Development | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Pass | $ | 12,431 | $ | 12,047 | $ | 12,603 | $ | 218,900 | $ | 244,293 | $ | 220,307 | $ | 28,135 | $ | 38,748 | $ | 41,115 | ||||||||||||||
Special mention | 1,041 | 2,513 | 2,635 | 41,711 | 46,159 | 69,406 | 10,346 | 13,762 | 19,672 | |||||||||||||||||||||||
Substandard | 3,625 | 9,549 | 10,696 | 94,104 | 149,333 | 188,255 | 34,841 | 61,616 | 70,180 | |||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 17,097 | $ | 24,109 | $ | 25,934 | $ | 354,715 | $ | 439,785 | $ | 477,968 | $ | 73,322 | $ | 114,126 | $ | 130,967 | |||||||||||||||
Residential Real Estate | Consumer | Commercial & Industrial | ||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | 2013 | ||||||||||||||||||||||||
Pass | $ | 185,636 | $ | 203,296 | $ | 208,086 | $ | 8,150 | $ | 8,804 | $ | 8,639 | $ | 27,211 | $ | 38,450 | $ | 41,031 | ||||||||||||||
Special mention | 78,683 | 91,468 | 93,537 | 30,616 | 38,322 | 40,038 | 2,853 | 3,968 | 4,173 | |||||||||||||||||||||||
Substandard | 141,957 | 186,405 | 203,084 | 51,272 | 56,872 | 59,743 | 16,924 | 26,444 | 35,458 | |||||||||||||||||||||||
Doubtful | — | 78 | — | — | — | — | — | — | 116 | |||||||||||||||||||||||
$ | 406,276 | $ | 481,247 | $ | 504,707 | $ | 90,038 | $ | 103,998 | $ | 108,420 | $ | 46,988 | $ | 68,862 | $ | 80,778 | |||||||||||||||
Single Pay | ||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||||||||||||||||||
Pass | $ | 60 | $ | 52 | $ | 46 | ||||||||||||||||||||||||||
Special mention | — | — | — | |||||||||||||||||||||||||||||
Substandard | 28 | 77 | 68 | |||||||||||||||||||||||||||||
Doubtful | — | — | — | |||||||||||||||||||||||||||||
$ | 88 | $ | 129 | $ | 114 | |||||||||||||||||||||||||||
Aging analysis of past due loans, segregated by class of loans | ' | |||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Past | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Due | Current | Loans | ||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Commercial loans greater than or equal to $1 million-CBT | $ | — | $ | — | $ | 3,625 | $ | 3,625 | $ | 13,472 | $ | 17,097 | ||||||||||||||||||||
Commercial real estate | 7,352 | 2,723 | 16,462 | 26,537 | 328,178 | 354,715 | ||||||||||||||||||||||||||
Commercial real estate—construction and development | 700 | 529 | 9,930 | 11,159 | 62,163 | 73,322 | ||||||||||||||||||||||||||
Residential real estate | 17,424 | 4,784 | 15,678 | 37,886 | 368,390 | 406,276 | ||||||||||||||||||||||||||
Consumer | 5,070 | 1,517 | 2,166 | 8,753 | 81,285 | 90,038 | ||||||||||||||||||||||||||
Commercial and industrial | 1,058 | 456 | 4,628 | 6,142 | 40,846 | 46,988 | ||||||||||||||||||||||||||
Single pay | — | — | — | — | 88 | 88 | ||||||||||||||||||||||||||
$ | 31,604 | $ | 10,009 | $ | 52,489 | $ | 94,102 | $ | 894,422 | $ | 988,524 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial loans greater than or equal to $1 million-CBT | $ | — | $ | — | $ | 7,217 | $ | 7,217 | $ | 16,892 | $ | 24,109 | ||||||||||||||||||||
Commercial real estate | 4,493 | 3,728 | 24,362 | 32,583 | 407,202 | 439,785 | ||||||||||||||||||||||||||
Commercial real estate—construction and development | 4,847 | 9,166 | 17,567 | 31,580 | 82,546 | 114,126 | ||||||||||||||||||||||||||
Residential real estate | 13,794 | 3,792 | 27,061 | 44,647 | 436,600 | 481,247 | ||||||||||||||||||||||||||
Consumer | 2,390 | 552 | 2,050 | 4,992 | 99,006 | 103,998 | ||||||||||||||||||||||||||
Commercial and industrial | 3,875 | 634 | 3,829 | 8,338 | 60,524 | 68,862 | ||||||||||||||||||||||||||
Single pay | — | — | 46 | 46 | 83 | 129 | ||||||||||||||||||||||||||
$ | 29,399 | $ | 17,872 | $ | 82,132 | $ | 129,403 | $ | 1,102,853 | $ | 1,232,256 | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Commercial loans greater than or equal to $1 million-CBT | $ | — | $ | 787 | $ | 6,761 | $ | 7,548 | $ | 18,386 | $ | 25,934 | ||||||||||||||||||||
Commercial real estate | 11,992 | 2,552 | 29,451 | 43,995 | 433,973 | 477,968 | ||||||||||||||||||||||||||
Commercial real estate—construction and development | 2,616 | 671 | 18,682 | 21,969 | 108,998 | 130,967 | ||||||||||||||||||||||||||
Residential real estate | 10,994 | 4,054 | 27,640 | 42,688 | 462,019 | 504,707 | ||||||||||||||||||||||||||
Consumer | 1,754 | 477 | 2,036 | 4,267 | 104,153 | 108,420 | ||||||||||||||||||||||||||
Commercial and industrial | 1,439 | 882 | 4,628 | 6,949 | 73,829 | 80,778 | ||||||||||||||||||||||||||
Single pay | — | 19 | 22 | 41 | 73 | 114 | ||||||||||||||||||||||||||
$ | 28,795 | $ | 9,442 | $ | 89,220 | $ | 127,457 | $ | 1,201,431 | $ | 1,328,888 |
FDIC_Indemnification_Asset_Tab
FDIC Indemnification Asset (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
FDIC Indemnification Asset | ' | |||||||
Schedule of changes in FDIC indemnification asset | ' | |||||||
Nine Months Ended September 30, | ||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||
Balance at beginning of period | $ | 86,447 | $ | 146,171 | ||||
FDIC indemnification asset recorded for First Federal’s FDIC loss share agreements | — | 21,713 | ||||||
Decrease in expected losses on loans | (2,188 | ) | (1,871 | ) | ||||
Additional losses (recoveries) on OREO | (3,710 | ) | (547 | ) | ||||
Reimbursable expenses | 1,947 | 3,855 | ||||||
Amortization of discounts and premiums, net | (17,718 | ) | (22,106 | ) | ||||
Reimbursements from FDIC | (33,795 | ) | (39,066 | ) | ||||
Balance at end of period | $ | 30,983 | $ | 108,149 |
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Other Real Estate Owned | ' | ||||||||||
Schedule of information pertaining to OREO | ' | ||||||||||
(Dollars in thousands) | OREO | Covered | Total | ||||||||
OREO | |||||||||||
Balance, December 31, 2013 | $ | 37,398 | $ | 27,520 | $ | 64,918 | |||||
Additions | 22,888 | 13,393 | 36,281 | ||||||||
Write-downs | (4,375 | ) | (4,298 | ) | (8,673 | ) | |||||
Sold | (23,622 | ) | (17,654 | ) | (41,276 | ) | |||||
Balance, September 30, 2014 | $ | 32,289 | $ | 18,961 | $ | 51,250 | |||||
(Dollars in thousands) | OREO | Covered | Total | ||||||||
OREO | |||||||||||
Balance, December 31, 2012 | $ | 32,248 | $ | 34,257 | $ | 66,505 | |||||
Acquired in FFHI acquisition | 4,801 | $ | 6,405 | 11,206 | |||||||
Additions | 22,106 | 17,499 | 39,605 | ||||||||
Write-downs | (5,446 | ) | (247 | ) | (5,693 | ) | |||||
Sold | (18,379 | ) | (17,371 | ) | (35,750 | ) | |||||
Balance, September 30, 2013 | $ | 35,330 | $ | 40,543 | $ | 75,873 |
Deposits_Tables
Deposits (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Deposits | ' | ||||||||||
Schedule of total deposits | ' | ||||||||||
September 30, | December 31, | September 30, | |||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | ||||||||
Certificates of deposit | $ | 1,300,580 | $ | 1,525,567 | $ | 1,674,205 | |||||
Interest-bearing demand deposits | 2,900,140 | 2,893,646 | 2,851,575 | ||||||||
Non-interest bearing demand deposits | 1,654,308 | 1,487,798 | 1,477,793 | ||||||||
Savings deposits | 658,903 | 647,648 | 651,727 | ||||||||
Other time deposits | 4,297 | 838 | 3,808 | ||||||||
Total deposits | $ | 6,518,228 | $ | 6,555,497 | $ | 6,659,108 |
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Retirement Plans | ' | |||||||||||||
Schedule of components of net periodic pension expense | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Interest cost | $ | (277 | ) | $ | (250 | ) | $ | (833 | ) | $ | (750 | ) | ||
Expected return on plan assets | 487 | 430 | 1,463 | 1,291 | ||||||||||
Recognized net actuarial loss | (165 | ) | (301 | ) | (495 | ) | (903 | ) | ||||||
Net periodic pension benefit (expense) | $ | 45 | $ | (121 | ) | $ | 135 | $ | (362 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Schedule of computation of basic and diluted earnings per share | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(Dollars and shares in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Basic earnings per share: | ||||||||||||||
Net income available to common shareholders | $ | 19,327 | $ | 11,512 | $ | 53,116 | $ | 34,693 | ||||||
Weighted-average basic shares | 23,899 | 21,894 | 23,890 | 18,518 | ||||||||||
Basic earnings per share | $ | 0.81 | $ | 0.53 | $ | 2.22 | $ | 1.87 | ||||||
Diluted earnings per share: | ||||||||||||||
Net income available to common shareholders | $ | 19,327 | $ | 11,512 | $ | 53,116 | $ | 34,693 | ||||||
Weighted-average basic shares | 23,899 | 21,894 | 23,890 | 18,518 | ||||||||||
Effect of dilutive securities | 261 | 234 | 249 | 199 | ||||||||||
Weighted-average dilutive shares | 24,160 | 22,128 | 24,139 | 18,717 | ||||||||||
Diluted earnings per share | $ | 0.8 | $ | 0.52 | $ | 2.2 | $ | 1.85 | ||||||
Schedule of anti-dilutive securities excluded from computation of diluted earnings per common share | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(Shares in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Number of shares | 22,497 | — | 22,497 | 21,361 | ||||||||||
Range of exercise prices | $61.49-$66.32 | $ | — | $61.49-$66.32 | $41.45-$41.45 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Share-Based Compensation | ' | ||||||||||||
Schedule of stock option activity | ' | ||||||||||||
Weighted- | |||||||||||||
Weighted- | Average | ||||||||||||
Average | Remaining | Aggregate | |||||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||||
Options | Shares | Price | Life (Yrs.) | Value (000’s) | |||||||||
Outstanding at January 1, 2014 | 295,916 | $ | 33.26 | ||||||||||
Granted | 22,497 | 65.59 | |||||||||||
Exercised | (9,122 | ) | 29.79 | ||||||||||
Expired/Forfeited | (13 | ) | 27.22 | ||||||||||
Outstanding at September 30, 2014 | 309,278 | 35.71 | 4.6 | $ | 6,467 | ||||||||
Exercisable at September 30, 2014 | 254,352 | 33.09 | 3.8 | $ | 5,816 | ||||||||
Weighted-average fair value of | |||||||||||||
options granted during the year | $ | 26.44 | |||||||||||
Schedule of weighted-average assumptions used in valuing options | ' | ||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Dividend yield | 1.27% | 1.70% | |||||||||||
Expected life | 6 years | 6 years | |||||||||||
Expected volatility | 43.8%-44.7% | 42.00% | |||||||||||
Risk-free interest rate | 2.10% | 1.02% | |||||||||||
Summary of nonvested restricted stock | ' | ||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Restricted Stock | Shares | Fair Value | |||||||||||
Nonvested at January 1, 2014 | 232,547 | $ | 35.15 | ||||||||||
Granted | 26,014 | 60.4 | |||||||||||
Vested | (20,348 | ) | 41.82 | ||||||||||
Forfeited | (4,454 | ) | 41.45 | ||||||||||
Nonvested at September 30, 2014 | 233,759 | 37.26 | |||||||||||
Summary of nonvested RSUs | ' | ||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Restricted Stock Units | Shares | Fair Value | |||||||||||
Nonvested at January 1, 2014 | 43,820 | $ | 51.01 | ||||||||||
Granted | 37,802 | 61.49 | |||||||||||
Vested | (2,314 | ) | 54 | ||||||||||
Nonvested at September 30, 2014 | 79,308 | 55.92 | |||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value | ' | ||||||||||||||||
Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
Quoted Prices | |||||||||||||||||
In Active | Significant | ||||||||||||||||
Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
September 30, 2014: | |||||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | 1,101 | $ | — | $ | 1,101 | $ | — | |||||||||
Securities available for sale: | |||||||||||||||||
Government-sponsored entities debt | 137,459 | — | 137,459 | — | |||||||||||||
State and municipal obligations | 141,258 | — | 141,258 | — | |||||||||||||
Mortgage-backed securities | 523,009 | — | 523,009 | — | |||||||||||||
Corporate stocks | 3,388 | 3,163 | 225 | — | |||||||||||||
Total securities available for sale | 805,114 | 3,163 | 801,951 | — | |||||||||||||
Mortgage servicing rights | 22,052 | — | — | 22,052 | |||||||||||||
$ | 828,267 | $ | 3,163 | $ | 803,052 | $ | 22,052 | ||||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | 986 | $ | — | $ | 986 | $ | — | |||||||||
December 31, 2013: | |||||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | 701 | $ | — | $ | 701 | $ | — | |||||||||
Securities available for sale: | |||||||||||||||||
Government-sponsored entities debt | 142,994 | — | 142,994 | — | |||||||||||||
State and municipal obligations | 140,651 | — | 140,651 | — | |||||||||||||
Mortgage-backed securities | 499,479 | — | 499,479 | — | |||||||||||||
Corporate stocks | 3,667 | 3,442 | 225 | — | |||||||||||||
Total securities available for sale | 786,791 | 3,442 | 783,349 | — | |||||||||||||
Mortgage servicing rights | 20,729 | — | — | 20,729 | |||||||||||||
$ | 808,221 | $ | 3,442 | $ | 784,050 | $ | 20,729 | ||||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | 1,857 | $ | — | $ | 1,857 | $ | — | |||||||||
September 30, 2013: | |||||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | 209 | $ | — | $ | 209 | $ | — | |||||||||
Securities available for sale: | |||||||||||||||||
Government-sponsored entities debt | 102,673 | — | 102,673 | — | |||||||||||||
State and municipal obligations | 142,578 | — | 142,578 | — | |||||||||||||
Mortgage-backed securities | 378,626 | — | 378,626 | — | |||||||||||||
Corporate stocks | 2,921 | 2,696 | 225 | — | |||||||||||||
Total securities available for sale | 626,798 | 2,696 | 624,102 | — | |||||||||||||
Mortgage servicing rights | 18,908 | — | — | 18,908 | |||||||||||||
$ | 645,915 | $ | 2,696 | $ | 624,311 | $ | 18,908 | ||||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | 1,259 | $ | — | $ | 1,259 | $ | — | |||||||||
Schedule of reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis | ' | ||||||||||||||||
(Dollars in thousands) | Assets | Liabilities | |||||||||||||||
Fair value, January 1, 2014 | $ | 20,729 | $ | — | |||||||||||||
Mortgage and other loan income | (2,252 | ) | — | ||||||||||||||
Purchases and issuances | 3,575 | — | |||||||||||||||
Fair value, September 30, 2014 | $ | 22,052 | $ | — | |||||||||||||
Fair value, January 1, 2013 | $ | 3,851 | $ | — | |||||||||||||
Mortgage and other loan income | (771 | ) | |||||||||||||||
Acquired in the FFHI acquisition | 19,156 | ||||||||||||||||
Purchases, issuances and settlements, net | (3,851 | ) | — | ||||||||||||||
Transfers in and/or out of level 3 | 523 | — | |||||||||||||||
Fair value, September 30, 2013 | $ | 18,908 | $ | — | |||||||||||||
Schedule of amounts of assets and liabilities measured at fair value on a nonrecurring basis | ' | ||||||||||||||||
Quoted Prices | |||||||||||||||||
In Active | Significant | ||||||||||||||||
Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
September 30, 2014: | |||||||||||||||||
OREO | $ | 51,250 | $ | — | $ | — | $ | 51,250 | |||||||||
Non-acquired impaired loans | 10,655 | — | — | 10,655 | |||||||||||||
December 31, 2013: | |||||||||||||||||
OREO | $ | 64,918 | $ | — | $ | — | $ | 64,918 | |||||||||
Non-acquired impaired loans | 13,129 | — | — | 13,129 | |||||||||||||
September 30, 2013: | |||||||||||||||||
OREO | $ | 75,873 | $ | — | $ | — | $ | 75,873 | |||||||||
Non-acquired impaired loans | 9,088 | — | — | 9,088 | |||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ' | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2014 | |||||||||||||||||
General | Weighted | ||||||||||||||||
Valuation Technique | Unobservable Input | Range | Average | ||||||||||||||
Nonrecurring measurements: | |||||||||||||||||
Impaired loans | Discounted appraisals | Collateral discounts | 0-25 | % | 4.91 | % | |||||||||||
OREO | Discounted appraisals | Collateral discounts and estimated costs to sell | 0-50 | % | 27.46 | % | |||||||||||
Schedule of estimated fair value, and related carrying amount, of the Company's financial instruments | ' | ||||||||||||||||
Carrying | Fair | ||||||||||||||||
(Dollars in thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||
September 30, 2014 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 503,028 | $ | 503,028 | $ | 503,028 | $ | — | $ | — | |||||||
Investment securities | 826,021 | 826,651 | 13,681 | 812,970 | — | ||||||||||||
Loans, net of allowance for loan losses, and loans held for sale | 5,684,334 | 5,736,759 | — | 56,595 | 5,680,164 | ||||||||||||
FDIC receivable for loss share agreements | 30,983 | 13,873 | — | — | 13,873 | ||||||||||||
Accrued interest receivable | 17,134 | 17,134 | — | 3,708 | 13,426 | ||||||||||||
Mortgage servicing rights | 22,052 | 22,052 | — | — | 22,052 | ||||||||||||
Interest rate swap — non-designated hedge | 162 | 162 | — | 162 | — | ||||||||||||
Other derivative financial instruments (mortgage banking related) | 939 | 939 | — | 939 | — | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 6,518,228 | 6,224,652 | — | 6,224,652 | — | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 231,229 | 231,229 | — | 231,229 | — | ||||||||||||
Other borrowings | 101,127 | 101,627 | — | 101,627 | — | ||||||||||||
Accrued interest payable | 4,234 | 4,234 | — | 4,234 | — | ||||||||||||
Interest rate swap — cash flow hedge | 824 | 824 | — | 824 | — | ||||||||||||
Interest rate swap — non-designated hedge | 162 | 162 | — | 162 | — | ||||||||||||
Off balance sheet financial instruments: | |||||||||||||||||
Commitments to extend credit | — | 12,007 | — | 12,007 | — | ||||||||||||
Standby letters of credit and financial guarantees | — | — | — | — | — | ||||||||||||
December 31, 2013 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 479,461 | $ | 479,461 | $ | 479,461 | $ | — | $ | — | |||||||
Investment securities | 812,603 | 813,068 | 16,828 | 796,240 | — | ||||||||||||
Loans, net of allowance for loan losses, and loans held for sale | 5,683,044 | 5,742,078 | — | 30,586 | 5,711,492 | ||||||||||||
FDIC receivable for loss share agreements | 86,447 | 48,512 | — | — | 48,512 | ||||||||||||
Accrued interest receivable | 15,024 | 15,024 | — | 3,482 | 11,542 | ||||||||||||
Mortgage servicing rights | 20,729 | 20,729 | — | — | 20,729 | ||||||||||||
Interest rate swap — non-designated hedge | 178 | 178 | — | 178 | — | ||||||||||||
Other derivative financial instruments (mortgage banking related) | 523 | 523 | — | 523 | — | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 6,555,497 | 6,313,543 | — | 6,313,543 | — | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 211,401 | 211,401 | — | 211,401 | — | ||||||||||||
Other borrowings | 102,060 | 92,751 | — | 92,751 | — | ||||||||||||
Accrued interest payable | 5,388 | 5,388 | — | 5,388 | — | ||||||||||||
Interest rate swap — cash flow hedge | 914 | 914 | — | 914 | — | ||||||||||||
Interest rate swap — non-designated hedge | 178 | 178 | — | 178 | — | ||||||||||||
Other derivative financial instruments (mortgage banking related) | 765 | 765 | — | 765 | — | ||||||||||||
Off balance sheet financial instruments: | |||||||||||||||||
Commitments to extend credit | — | 15,555 | — | 15,555 | — | ||||||||||||
Standby letters of credit and financial guarantees | — | — | — | — | — | ||||||||||||
Carrying | Fair | ||||||||||||||||
(Dollars in thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||
September 30, 2013 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 645,166 | $ | 645,166 | $ | 645,166 | $ | — | $ | — | |||||||
Investment securities | 652,610 | 654,176 | 17,082 | 637,094 | — | ||||||||||||
Loans, net of allowance for loan losses, and loans held for sale | 5,738,266 | 5,763,726 | — | 52,467 | 5,711,259 | ||||||||||||
FDIC receivable for loss share agreements | 108,149 | 77,465 | — | — | 77,465 | ||||||||||||
Accrued interest receivable | 15,000 | 15,000 | — | 3,391 | 11,609 | ||||||||||||
Mortgage servicing rights | 18,908 | 18,908 | — | — | 18,908 | ||||||||||||
Interest rate swap — non-designated hedge | 209 | 209 | — | 209 | — | ||||||||||||
Other derivative financial instruments (mortgage banking related) | 1,101 | 1,101 | 1,101 | — | — | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 6,659,108 | 6,410,356 | — | 6,410,356 | — | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 233,792 | 233,792 | — | 233,792 | — | ||||||||||||
Other borrowings | 101,347 | 104,984 | — | 104,984 | — | ||||||||||||
Accrued interest payable | 5,489 | 5,489 | — | 5,489 | — | ||||||||||||
Interest rate swap — cash flow hedge | 1,050 | 1,050 | — | 1,050 | — | ||||||||||||
Interest rate swap — non-designated hedge | 209 | 209 | — | 209 | — | ||||||||||||
Off balance sheet financial instruments: | |||||||||||||||||
Commitments to extend credit | — | 6,298 | — | 6,298 | — | ||||||||||||
Standby letters of credit and financial guarantees | — | — | — | — | — | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
Schedule of components of accumulated other comprehensive income (loss) | ' | |||||||||||||||
Unrealized Gains | ||||||||||||||||
and Losses | Gains and | |||||||||||||||
on Securities | Losses on | |||||||||||||||
Benefit | Available | Cash Flow | ||||||||||||||
(Dollars in thousands) | Plans | for Sale | Hedges | Total | ||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Balance at June 30, 2014 | $ | (3,382 | ) | $ | 4,373 | $ | (583 | ) | $ | 408 | ||||||
Other comprehensive income (loss) before reclassifications | — | (1,780 | ) | 25 | (1,755 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 102 | 56 | 48 | 206 | ||||||||||||
Net comprehensive income (loss) | 102 | (1,724 | ) | 73 | (1,549 | ) | ||||||||||
Balance at September 30, 2014 | $ | (3,280 | ) | $ | 2,649 | $ | (510 | ) | $ | (1,141 | ) | |||||
Three months ended September 30, 2013 | ||||||||||||||||
Balance at June 30, 2013 | $ | (7,458 | ) | $ | (1,484 | ) | $ | (649 | ) | $ | (9,591 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | (1,037 | ) | — | (1,037 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | — | ||||||||||||
Net comprehensive income (loss) | — | (1,037 | ) | — | (1,037 | ) | ||||||||||
Balance at September 30, 2013 | $ | (7,458 | ) | $ | (2,521 | ) | $ | (649 | ) | $ | (10,628 | ) | ||||
Nine months ended September 30, 2014 | ||||||||||||||||
Balance at December 31, 2013 | $ | (3,585 | ) | $ | (5,573 | ) | $ | (565 | ) | $ | (9,723 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | 8,221 | (89 | ) | 8,132 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 305 | 1 | 144 | 450 | ||||||||||||
Net comprehensive income (loss) | 305 | 8,222 | 55 | 8,582 | ||||||||||||
Balance at September 30, 2014 | $ | (3,280 | ) | $ | 2,649 | $ | (510 | ) | $ | (1,141 | ) | |||||
Nine months ended September 30, 2013 | ||||||||||||||||
Balance at December 31, 2012 | $ | (7,458 | ) | $ | 8,764 | $ | (930 | ) | $ | 376 | ||||||
Other comprehensive income (loss) before reclassifications | — | (11,285 | ) | 139 | (11,146 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 142 | 142 | ||||||||||||
Net comprehensive income (loss) | — | (11,285 | ) | 281 | (11,004 | ) | ||||||||||
Balance at September 30, 2013 | $ | (7,458 | ) | $ | (2,521 | ) | $ | (649 | ) | $ | (10,628 | ) | ||||
Schedule of reclassifications out of accumulated other comprehensive income (loss), net of tax | ' | |||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Accumulated Other Comprehensive | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
Income (Loss) Component | 2014 | 2013 | 2014 | 2013 | Income Statement Line Item Affected | |||||||||||
Gains and losses on cash flow hedges: | ||||||||||||||||
Interest rate contracts | $ | 78 | $ | 77 | $ | 232 | $ | 229 | Interest expense | |||||||
(30 | ) | (29 | ) | (88 | ) | (87 | ) | Provision for income taxes | ||||||||
48 | 48 | 144 | 142 | Net income | ||||||||||||
Losses on sales of available for sale securities: | ||||||||||||||||
$ | 90 | $ | — | $ | 2 | $ | — | Other noninterest income | ||||||||
(34 | ) | — | (1 | ) | — | Provision for income taxes | ||||||||||
56 | — | 1 | — | Net income | ||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||
Actuarial losses | $ | 165 | $ | — | $ | 495 | $ | — | Salaries and employee benefits | |||||||
(63 | ) | — | (190 | ) | — | Provision for income taxes | ||||||||||
102 | — | 305 | — | Net income | ||||||||||||
Total reclassifications for the period | $ | 206 | $ | 48 | $ | 450 | $ | 142 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Financial Instruments | ' | ||||||||||
Summary of obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | ' | ||||||||||
(Dollars in thousands) | September 30, 2014 | December 31, 2013 | September 30, 2013 | ||||||||
Mortgage loan pipeline* | $ | 55,759 | $ | 44,678 | $ | 33,894 | |||||
Expected closures | 41,842 | 33,508 | 25,421 | ||||||||
Fair Value of mortgage loan pipeline commitments | 1,061 | 112 | 714 | ||||||||
Forward commitments | 59,455 | 36,230 | 51,267 | ||||||||
Fair value of forward commitments | 475 | 296 | (569 | ) | |||||||
*Represents at risk mortgage pipeline generally sold servicing retained to the agencies. |
Capital_Ratios_Tables
Capital Ratios (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Capital Ratios | ' | |||||||
Schedule of actual capital amounts and ratios | ' | |||||||
September 30, | December 31, | September 30, | ||||||
2014 | 2013 | 2013 | ||||||
South State Corporation: | ||||||||
Tier 1 risk-based capital | 13.29 | % | 13.58 | % | 13.15 | % | ||
Total risk-based capital | 14.12 | % | 14.47 | % | 14.4 | % | ||
Tier 1 leverage | 9.16 | % | 9.3 | % | 10.09 | % | ||
South State Bank: | ||||||||
Tier 1 risk-based capital | 13.11 | % | 13.37 | % | 12.95 | % | ||
Total risk-based capital | 13.94 | % | 14.26 | % | 14.2 | % | ||
Tier 1 leverage | 9.03 | % | 9.16 | % | 9.95 | % |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||
Summary of gross carrying amounts and accumulated amortization of other intangible assets | ' | ||||||||||
September 30, | December 31, | September 30, | |||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | ||||||||
Gross carrying amount | $ | 75,354 | $ | 77,896 | $ | 77,963 | |||||
Accumulated amortization | (24,063 | ) | (17,988 | ) | (15,768 | ) | |||||
$ | 51,291 | $ | 59,908 | $ | 62,195 | ||||||
Schedule of estimated amortization expense for other intangibles for each of the next five quarters | ' | ||||||||||
(Dollars in thousands) | |||||||||||
Quarters ending: | |||||||||||
December 31, 2014 | 2,052 | ||||||||||
March 31, 2015 | 2,016 | ||||||||||
June 30, 2015 | 1,963 | ||||||||||
September 30, 2015 | 1,962 | ||||||||||
December 31, 2015 | 1,948 | ||||||||||
Thereafter | 41,350 | ||||||||||
$ | 51,291 | ||||||||||
Loan_Servicing_Mortgage_Origin1
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Loan Servicing, Mortgage Origination, and Loans Held for Sale | ' | |||||||||||||
Summary of changes in the fair value of MSRs and its offsetting hedge | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(Dollars in thousands) | September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||
Increase (decrease) in fair value of MSRs | $ | 162 | $ | (582 | ) | $ | (529 | ) | $ | (582 | ) | |||
Decay of MSRs | (646 | ) | (417 | ) | (1,723 | ) | (417 | ) | ||||||
Gains (losses) related to derivatives | 183 | (670 | ) | 2,118 | (670 | ) | ||||||||
Net effect on consolidated statements of income | $ | (301 | ) | $ | (1,669 | ) | $ | (134 | ) | $ | (1,669 | ) | ||
Schedule of analysis of the activity in the MSRs | ' | |||||||||||||
Nine Months Ended | ||||||||||||||
(Dollars in thousands) | September 30, 2014 | September 30, 2013 | ||||||||||||
Balance at beginning of the period | $ | 20,729 | $ | — | ||||||||||
Additions: | ||||||||||||||
MSRs acquired in the merger with FFHI | — | 19,156 | ||||||||||||
Servicing assets that resulted from transfers of financial assets | 3,575 | 751 | ||||||||||||
Increase in fair value due to change in valuation inputs or assumptions | (529 | ) | (582 | ) | ||||||||||
Decay in fair value: | ||||||||||||||
Due to increases in principal paydowns or runoff | (1,723 | ) | (417 | ) | ||||||||||
Carrying value at end of period | $ | 22,052 | $ | 18,908 | ||||||||||
Schedule of characteristics and sensitivity analysis of the MSR | ' | |||||||||||||
September 30, | December 31, | September 30, | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2013 | |||||||||||
Composition of residential loans serviced for others | ||||||||||||||
Fixed-rate mortgage loans | 99.2 | % | 99 | % | 98.9 | % | ||||||||
Adjustable-rate mortgage loans | 0.8 | % | 1 | % | 1.1 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||
Weighted average life | 6.22 years | 6.91 years | 6.26 years | |||||||||||
Constant Prepayment rate (CPR) | 11.5 | % | 10.2 | % | 12 | % | ||||||||
Weighted average discount rate | 9.5 | % | 10.1 | % | 10.1 | % | ||||||||
Effect on fair value due to change in interest rates | ||||||||||||||
25 basis point increase | $ | 1,499 | $ | 1,059 | $ | 1,244 | ||||||||
50 basis point increase | 2,803 | 1,964 | 2,387 | |||||||||||
25 basis point decrease | (1,688 | ) | (1,248 | ) | (1,382 | ) | ||||||||
50 basis point decrease | (3,229 | ) | (2,255 | ) | (2,405 | ) | ||||||||
Mergers_and_Acquisitions_Detai
Mergers and Acquisitions (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 28, 2014 | Jul. 26, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
FFHI Preferred Stock | FFHI | FFHI | FFHI | FFHI | FFHI | FFHI | FFHI | FFHI | FFHI | FFHI | Savannah | Savannah | ||||
Common Stock | FFHI Preferred Stock | As previously recorded by acquiree | Initial Fair Value Adjustments | Subsequent Fair Value Adjustments | ||||||||||||
Mergers and Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed exchange ratio for shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4237 | 1 | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | $174,082,000 | ' | ' | ' | ' | ' | ' | $174,082,000 | ' | ' | ' | ' |
Investment securities | ' | ' | ' | ' | 311,812,000 | ' | ' | ' | ' | ' | ' | 313,200,000 | -1,388,000 | ' | ' | ' |
Loans held for sale | ' | ' | ' | ' | 19,864,000 | ' | ' | ' | ' | ' | ' | 19,858,000 | 6,000 | ' | ' | ' |
Loans | ' | ' | ' | ' | 2,275,682,000 | ' | ' | ' | ' | ' | ' | 2,355,527,000 | -92,720,000 | 12,875,000 | ' | ' |
Premises and equipment | ' | ' | ' | ' | 76,367,000 | ' | ' | ' | ' | ' | ' | 82,399,000 | -5,435,000 | -597,000 | ' | ' |
Intangible assets | ' | ' | ' | ' | 38,233,000 | ' | ' | ' | ' | ' | ' | 7,037,000 | 33,738,000 | -2,542,000 | ' | ' |
Mortgage servicing rights | ' | ' | ' | ' | 19,156,000 | ' | ' | ' | ' | ' | ' | 19,156,000 | ' | ' | ' | ' |
Other real estate owned | ' | ' | ' | ' | 13,178,000 | ' | ' | ' | ' | ' | ' | 13,271,000 | -2,065,000 | 1,972,000 | ' | ' |
FDIC receivable for loss sharing agreement | ' | ' | ' | ' | 21,713,000 | ' | ' | ' | ' | ' | ' | 47,459,000 | -18,122,000 | -7,624,000 | ' | ' |
Bank owned life insurance | 98,505,000 | 96,058,000 | 97,197,000 | ' | 51,020,000 | ' | ' | ' | ' | ' | ' | 51,513,000 | ' | -493,000 | ' | ' |
Deferred tax asset | ' | ' | ' | ' | 32,877,000 | ' | ' | ' | ' | ' | ' | -5,279,000 | 42,741,000 | -4,585,000 | ' | ' |
Other assets | ' | ' | ' | ' | 45,380,000 | ' | ' | ' | ' | ' | ' | 47,257,000 | -6,125,000 | 4,248,000 | ' | ' |
Total assets | ' | ' | ' | ' | 3,079,364,000 | ' | ' | ' | ' | ' | ' | 3,125,480,000 | -49,370,000 | 3,254,000 | ' | ' |
Deposits: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noninterest-bearing | ' | ' | ' | ' | 430,517,000 | ' | ' | ' | ' | ' | ' | 430,517,000 | ' | ' | ' | ' |
Interest-bearing | ' | ' | ' | ' | 2,091,296,000 | ' | ' | ' | ' | ' | ' | 2,083,495,000 | 7,801,000 | ' | ' | ' |
Total deposits | ' | ' | ' | ' | 2,521,813,000 | ' | ' | ' | ' | ' | ' | 2,514,012,000 | 7,801,000 | ' | ' | ' |
Other borrowings | ' | ' | ' | ' | 301,713,000 | ' | ' | ' | ' | ' | ' | 280,187,000 | 21,526,000 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | 23,280,000 | ' | ' | ' | ' | ' | ' | 25,584,000 | -2,059,000 | -245,000 | ' | ' |
Total liabilities | ' | ' | ' | ' | 2,846,806,000 | ' | ' | ' | ' | ' | ' | 2,819,783,000 | 27,268,000 | -245,000 | ' | ' |
Net identifiable assets acquired over (under) liabilities assumed | ' | ' | ' | ' | 232,558,000 | ' | ' | ' | ' | ' | ' | 305,697,000 | -76,638,000 | 3,499,000 | ' | ' |
Goodwill | 317,700,000 | ' | ' | ' | 214,395,000 | ' | ' | ' | ' | ' | ' | ' | 217,894,000 | -3,499,000 | ' | ' |
Net assets acquired over liabilities assumed | ' | ' | ' | ' | 446,953,000 | ' | ' | ' | ' | ' | ' | 305,697,000 | 141,256,000 | ' | ' | ' |
Consideration: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued | ' | ' | ' | ' | 7,018,274 | ' | ' | ' | ' | 7,018,274 | ' | ' | ' | ' | ' | ' |
Purchase price per share of the Company's common stock (in dollars per share) | ' | ' | ' | ' | $54.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company common stock issued and cash exchanged for fractional shares | ' | ' | ' | ' | 381,423,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for stock options outstanding | ' | ' | ' | ' | 530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of preferred stock | ' | ' | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of total consideration transferred | ' | ' | ' | ' | 446,953,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock (in shares) | ' | ' | ' | 65,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference (per share) | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual dividend rate (as a percent) | 9.00% | 5.00% | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger-related expense | ' | ' | ' | ' | ' | 6,800,000 | ' | 19,300,000 | ' | ' | ' | ' | ' | ' | 35,000 | 2,900,000 |
Proforma amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues (net interest income plus noninterest income), Pro Forma | ' | ' | ' | ' | ' | 104,822,000 | 107,069,000 | 314,206,000 | 329,046,000 | ' | ' | ' | ' | ' | ' | ' |
Net operating income available to common shareholders, Pro Forma | ' | ' | ' | ' | ' | $24,108,000 | $19,092,000 | $66,098,000 | $58,163,000 | ' | ' | ' | ' | ' | ' | ' |
Investment_Securities_Details
Investment Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Investment securities held to maturity | ' | ' | ' |
Amortized Cost | $10,389 | $12,426 | $12,426 |
Fair Value | 11,019 | 12,891 | 12,992 |
State and municipal obligations | ' | ' | ' |
Investment securities held to maturity | ' | ' | ' |
Amortized Cost | 10,389 | 12,426 | 12,426 |
Gross Unrealized Gains | 630 | 480 | 579 |
Gross Unrealized Losses | ' | -15 | -13 |
Fair Value | $11,019 | $12,891 | $12,992 |
Investment_Securities_Details_
Investment Securities (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Investment securities available for sale | ' | ' | ' |
Amortized Cost | $800,901 | $795,803 | $630,956 |
Gross Unrealized Gains | 10,107 | 7,015 | 7,733 |
Gross Unrealized Losses | -5,894 | -16,027 | -11,891 |
Fair Value | 805,114 | 786,791 | 626,798 |
Government-sponsored entities debt | ' | ' | ' |
Investment securities available for sale | ' | ' | ' |
Amortized Cost | 140,438 | 149,708 | 107,906 |
Gross Unrealized Gains | 127 | 185 | 282 |
Gross Unrealized Losses | -3,106 | -6,899 | -5,515 |
Fair Value | 137,459 | 142,994 | 102,673 |
State and municipal obligations | ' | ' | ' |
Investment securities available for sale | ' | ' | ' |
Amortized Cost | 137,733 | 142,934 | 144,359 |
Gross Unrealized Gains | 3,834 | 1,798 | 2,161 |
Gross Unrealized Losses | -309 | -4,081 | -3,942 |
Fair Value | 141,258 | 140,651 | 142,578 |
Mortgage-backed securities | ' | ' | ' |
Investment securities available for sale | ' | ' | ' |
Amortized Cost | 519,569 | 500,000 | 376,030 |
Gross Unrealized Gains | 5,608 | 4,394 | 5,027 |
Gross Unrealized Losses | -2,168 | -4,915 | -2,431 |
Fair Value | 523,009 | 499,479 | 378,626 |
Corporate stocks | ' | ' | ' |
Investment securities available for sale | ' | ' | ' |
Amortized Cost | 3,161 | 3,161 | 2,661 |
Gross Unrealized Gains | 538 | 638 | 263 |
Gross Unrealized Losses | -311 | -132 | -3 |
Fair Value | $3,388 | $3,667 | $2,921 |
Investment_Securities_Details_1
Investment Securities (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Other investment securities | ' | ' | ' |
Amortized Cost | $10,518 | $13,386 | $13,386 |
Fair Value | 10,518 | 13,386 | 13,386 |
Amortized Cost | ' | ' | ' |
Due in one year or less | 730 | ' | ' |
Due after one year through five years | 986 | ' | ' |
Due after five years through ten years | 8,673 | ' | ' |
Total | 10,389 | 12,426 | 12,426 |
Fair Value | ' | ' | ' |
Due in one year or less | 735 | ' | ' |
Due after one year through five years | 1,019 | ' | ' |
Due after five years through ten years | 9,265 | ' | ' |
Fair Value | 11,019 | 12,891 | 12,992 |
Amortized Cost | ' | ' | ' |
Due in one year or less | 6,990 | ' | ' |
Due after one year through five years | 23,994 | ' | ' |
Due after five years through ten years | 234,954 | ' | ' |
Due after ten years | 534,963 | ' | ' |
Total | 800,901 | 795,803 | 630,956 |
Fair Value | ' | ' | ' |
Due in one year or less | 7,078 | ' | ' |
Due after one year through five years | 24,262 | ' | ' |
Due after five years through ten years | 235,857 | ' | ' |
Due after ten years | 537,917 | ' | ' |
Fair Value | 805,114 | 786,791 | 626,798 |
Federal Home Loan Bank stock | ' | ' | ' |
Other investment securities | ' | ' | ' |
Amortized Cost | 7,484 | 10,352 | 10,352 |
Fair Value | 7,484 | 10,352 | 10,352 |
Investment in unconsolidated subsidiaries | ' | ' | ' |
Other investment securities | ' | ' | ' |
Amortized Cost | 3,034 | 3,034 | 3,034 |
Fair Value | $3,034 | $3,034 | $3,034 |
Investment_Securities_Details_2
Investment Securities (Details 4) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Securities Available for Sale, Gross Unrealized Losses | ' | ' | ' |
Less Than Twelve Months | $1,194 | $15,806 | $11,864 |
Twelve Months or More | 4,700 | 221 | 27 |
Securities Available for Sale, Fair Value | ' | ' | ' |
Less Than Twelve Months | 168,332 | 464,627 | 286,837 |
Twelve Months or More | 155,580 | 6,025 | 2,225 |
Government-sponsored entities debt | ' | ' | ' |
Securities Available for Sale, Gross Unrealized Losses | ' | ' | ' |
Less Than Twelve Months | 71 | 6,899 | 5,515 |
Twelve Months or More | 3,035 | ' | ' |
Securities Available for Sale, Fair Value | ' | ' | ' |
Less Than Twelve Months | 18,422 | 112,085 | 85,500 |
Twelve Months or More | 81,384 | ' | ' |
State and municipal obligations | ' | ' | ' |
Securities Held to Maturity, Gross Unrealized Losses | ' | ' | ' |
Less Than Twelve Months | ' | 15 | 13 |
Securities Held to Maturity, Fair Value | ' | ' | ' |
Less Than Twelve Months | ' | 486 | 488 |
Securities Available for Sale, Gross Unrealized Losses | ' | ' | ' |
Less Than Twelve Months | 1 | 3,901 | 3,942 |
Twelve Months or More | 308 | 180 | ' |
Securities Available for Sale, Fair Value | ' | ' | ' |
Less Than Twelve Months | 831 | 87,060 | 88,497 |
Twelve Months or More | 11,558 | 3,900 | ' |
Mortgage-backed securities | ' | ' | ' |
Securities Available for Sale, Gross Unrealized Losses | ' | ' | ' |
Less Than Twelve Months | 811 | 4,874 | 2,404 |
Twelve Months or More | 1,357 | 41 | 27 |
Securities Available for Sale, Fair Value | ' | ' | ' |
Less Than Twelve Months | 147,160 | 263,383 | 112,833 |
Twelve Months or More | 62,638 | 2,125 | 2,225 |
Corporate stocks | ' | ' | ' |
Securities Available for Sale, Gross Unrealized Losses | ' | ' | ' |
Less Than Twelve Months | 311 | 132 | 3 |
Securities Available for Sale, Fair Value | ' | ' | ' |
Less Than Twelve Months | $1,919 | $2,099 | $7 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (Non-acquired loans, USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | $3,304,708 | ' | $2,865,216 | $2,741,242 | ' | ' |
Less allowance for loan losses | -34,804 | -35,422 | -34,331 | -36,145 | -38,625 | -44,378 |
Loans, net | 3,269,904 | ' | 2,830,885 | 2,705,097 | ' | ' |
Commercial non-owner occupied real estate | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 703,788 | ' | 591,122 | 570,877 | ' | ' |
Construction and land development | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 385,318 | ' | 299,951 | 288,199 | ' | ' |
Less allowance for loan losses | -6,411 | -6,652 | -6,789 | -7,729 | -8,431 | -10,836 |
Commercial non-owner occupied | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 318,470 | ' | 291,171 | 282,678 | ' | ' |
Less allowance for loan losses | -3,096 | -3,398 | -3,677 | -3,770 | -4,866 | -4,921 |
Consumer real estate | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 978,862 | ' | 805,309 | 754,025 | ' | ' |
Consumer owner occupied | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 702,521 | ' | 548,170 | 498,734 | ' | ' |
Less allowance for loan losses | -6,474 | -6,537 | -6,069 | -6,102 | -6,438 | -6,568 |
Home equity loans | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 276,341 | ' | 257,139 | 255,291 | ' | ' |
Less allowance for loan losses | -2,838 | -2,975 | -2,782 | -2,934 | -2,974 | -3,626 |
Commercial owner occupied real estate | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 881,403 | ' | 833,513 | 814,259 | ' | ' |
Less allowance for loan losses | -8,146 | -7,958 | -7,767 | -7,713 | -7,984 | -8,743 |
Commercial and industrial | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 355,580 | ' | 321,824 | 301,845 | ' | ' |
Less allowance for loan losses | -3,542 | -3,640 | -3,592 | -3,771 | -4,039 | -4,939 |
Other income producing property | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 154,822 | ' | 143,204 | 140,024 | ' | ' |
Less allowance for loan losses | -2,588 | -2,588 | -2,509 | -3,035 | -3,260 | -3,747 |
Consumer | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 183,451 | ' | 136,410 | 116,312 | ' | ' |
Less allowance for loan losses | -1,331 | -1,270 | -937 | -831 | -426 | -781 |
Other loans | ' | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' |
Total loans | 46,802 | ' | 33,834 | 43,900 | ' | ' |
Less allowance for loan losses | ($378) | ($404) | ($209) | ($260) | ($207) | ($217) |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans |
Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | Credit impaired | |||||
Commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Construction and land development | Construction and land development | Construction and land development | Commercial non-owner occupied | Commercial non-owner occupied | Commercial non-owner occupied | Consumer real estate | Consumer real estate | Consumer real estate | Consumer owner occupied | Consumer owner occupied | Consumer owner occupied | Home equity loans | Home equity loans | Home equity loans | Commercial owner occupied real estate | Commercial owner occupied real estate | Commercial owner occupied real estate | Commercial and industrial | Commercial and industrial | Commercial and industrial | Other income producing property | Other income producing property | Other income producing property | Consumer | Consumer | Consumer | Construction and land development | Construction and land development | Construction and land development | Commercial Loans Greater Than or Equal to $1 Million-CBT | Commercial Loans Greater Than or Equal to $1 Million-CBT | Commercial Loans Greater Than or Equal to $1 Million-CBT | Commercial real estate | Commercial real estate | Commercial real estate | Commercial and industrial | Commercial and industrial | Commercial and industrial | Residential real estate | Residential real estate | Residential real estate | Consumer | Consumer | Consumer | Single pay | Single pay | Single pay | ||||||||||||
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total acquired loans | ' | ' | ' | ' | $1,377,343 | $1,600,935 | $1,665,333 | $78,012 | $116,994 | $120,440 | $27,705 | $58,396 | $55,259 | $50,307 | $58,598 | $65,181 | $915,819 | $1,009,631 | $1,043,979 | $673,099 | $745,481 | $769,086 | $242,720 | $264,150 | $274,893 | $65,420 | $73,714 | $83,133 | $35,072 | $58,773 | $64,069 | $68,557 | $74,566 | $78,344 | $214,463 | $267,257 | $275,368 | $988,524 | $1,232,256 | $1,328,888 | ' | $73,322 | $114,126 | $130,967 | $17,097 | $24,109 | $25,934 | $354,715 | $439,785 | $477,968 | $46,988 | $68,862 | $80,778 | $406,276 | $481,247 | $504,707 | $90,038 | $103,998 | $108,420 | $88 | $129 | $114 |
Less allowance for loan losses | -9,159 | -11,618 | -14,461 | -17,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,032 | -11,618 | -12,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired loans, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $980,492 | $1,220,638 | $1,316,628 | $969,395 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jul. 26, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 |
Credit impaired | Credit impaired | Credit impaired | Credit impaired | FFHI | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | Acquired loans | |
Non-credit impaired | Credit impaired | Credit impaired | Credit impaired | Non-credit impaired | Non-credit impaired | Non-credit impaired | FFHI | Loans Impaired at Acquisition | Loans Not Impaired at Acquisition | |||||
FFHI | FFHI | |||||||||||||
Credit impaired | Credit impaired | |||||||||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual principal and interest | ' | ' | ' | ' | ' | $1,416,207,000 | $1,727,417,000 | $1,871,569,000 | ' | ' | ' | $900,439,000 | $662,273,000 | $238,166,000 |
Non-accretable difference | ' | ' | ' | ' | ' | -161,465,000 | -193,645,000 | -231,865,000 | ' | ' | ' | -121,974,000 | -110,069,000 | -11,905,000 |
Cash flows expected to be collected | ' | ' | ' | ' | ' | 1,254,742,000 | 1,533,772,000 | 1,639,704,000 | ' | ' | ' | 778,465,000 | 552,204,000 | 226,261,000 |
Accretable yield | ' | ' | ' | ' | ' | -266,218,000 | -301,516,000 | -310,816,000 | ' | ' | ' | -181,956,000 | -129,834,000 | -52,122,000 |
Total acquired loans | ' | ' | ' | ' | ' | 988,524,000 | 1,232,256,000 | 1,328,888,000 | 1,377,343,000 | 1,600,935,000 | 1,665,333,000 | 596,509,000 | 422,370,000 | 174,139,000 |
Allowance for loan losses on acquired loans | -9,159,000 | -11,618,000 | -14,461,000 | -17,218,000 | ' | -8,032,000 | -11,618,000 | -12,260,000 | ' | ' | ' | ' | ' | ' |
Unpaid principal balance for acquired loans | ' | ' | ' | ' | 1,670,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual principal | ' | ' | ' | ' | 1,710,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value adjustment | ' | ' | ' | ' | $40,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Details 4) (Acquired loans, Credit impaired, USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Acquired loans | Credit impaired | ' | ' |
Changes in the carrying value of acquired loans at the acquisition date | ' | ' |
Balance at the beginning of the period | $1,220,638,000 | $969,395,000 |
Fair value of acquired loans | ' | 596,509,000 |
Net reductions for payments, foreclosures, and accretion | -243,732,000 | -248,284,000 |
Change in the allowance for loan losses on acquired loans | -3,586,000 | -992,000 |
Balance at the end of the period | 980,492,000 | 1,316,628,000 |
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | ' | ' |
Balance at beginning of period | 301,516,000 | 160,849,000 |
Addition from the FFHI acquisition | ' | 181,956,000 |
Accretion | -79,579,000 | -72,004,000 |
Reclass of nonaccretable difference due to improvement in expected cash flows | 46,960,000 | 48,244,000 |
Other changes, net | -2,679,000 | -8,229,000 |
Balance at end of period | 266,218,000 | 310,816,000 |
Threshold limit for provision of specific reserve on impaired loan | $250,000 | ' |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | $44,581 | $53,086 | $45,949 | $61,596 |
Loans charged-off | -3,592 | -4,294 | -6,851 | -12,121 |
Recoveries of loans previously charged off | 1,016 | 1,249 | 2,611 | 2,870 |
Net charge-offs | -2,576 | -3,045 | -4,240 | -9,251 |
Provision for loan losses | 1,300 | 109 | 2,921 | 27 |
Benefit attributable to FDIC loss share agreements | 791 | 550 | 2,188 | 1,871 |
Total provision for loan losses charged to operations | 2,091 | 659 | 5,109 | 1,898 |
Provision for loan losses recorded through the FDIC loss share receivable | -791 | -550 | -2,188 | -1,871 |
Reduction due to loan removals | -469 | -1,745 | -1,794 | -3,967 |
Balance at end of period | 42,836 | 48,405 | 42,836 | 48,405 |
Non-acquired loans | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 35,422 | 38,625 | 34,331 | 44,378 |
Loans charged-off | -2,713 | -4,294 | -5,972 | -12,121 |
Recoveries of loans previously charged off | 575 | 1,249 | 2,170 | 2,870 |
Net charge-offs | -2,138 | -3,045 | -3,802 | -9,251 |
Provision for loan losses | 1,520 | 565 | 4,275 | 1,018 |
Total provision for loan losses charged to operations | 1,520 | 565 | 4,275 | 1,018 |
Balance at end of period | 34,804 | 36,145 | 34,804 | 36,145 |
Acquired loans | Non-credit impaired | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' |
Loans charged-off | -879 | ' | -879 | ' |
Recoveries of loans previously charged off | 441 | ' | 441 | ' |
Net charge-offs | -438 | ' | -438 | ' |
Provision for loan losses | 438 | ' | 438 | ' |
Total provision for loan losses charged to operations | 438 | ' | 438 | ' |
Acquired loans | Credit impaired | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 9,159 | 14,461 | 11,618 | 17,218 |
Provision for loan losses | -658 | -456 | -1,792 | -991 |
Benefit attributable to FDIC loss share agreements | 791 | 550 | 2,188 | 1,871 |
Total provision for loan losses charged to operations | 133 | 94 | 396 | 880 |
Provision for loan losses recorded through the FDIC loss share receivable | -791 | -550 | -2,188 | -1,871 |
Reduction due to loan removals | -469 | -1,745 | -1,794 | -3,967 |
Balance at end of period | $8,032 | $12,260 | $8,032 | $12,260 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Details 6) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Charge-offs | ($3,592) | ($4,294) | ($6,851) | ($12,121) | ' |
Recoveries | 1,016 | 1,249 | 2,611 | 2,870 | ' |
Provision | 2,091 | 659 | 5,109 | 1,898 | ' |
Non-acquired loans | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 35,422 | 38,625 | 34,331 | 44,378 | ' |
Charge-offs | -2,713 | -4,294 | -5,972 | -12,121 | ' |
Recoveries | 575 | 1,249 | 2,170 | 2,870 | ' |
Provision | 1,520 | 565 | 4,275 | 1,018 | ' |
Balance at the end of the period | 34,804 | 36,145 | 34,804 | 36,145 | ' |
Loans individually evaluated for impairment | 1,377 | 1,301 | 1,377 | 1,301 | ' |
Loans collectively evaluated for impairment | 33,427 | 34,844 | 33,427 | 34,844 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 28,063 | 29,584 | 28,063 | 29,584 | ' |
Loans collectively evaluated for impairment | 3,276,645 | 2,711,658 | 3,276,645 | 2,711,658 | ' |
Total loans | 3,304,708 | 2,741,242 | 3,304,708 | 2,741,242 | 2,865,216 |
Non-acquired loans | Construction and land development | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 6,652 | 8,431 | 6,789 | 10,836 | ' |
Charge-offs | -825 | -1,244 | -5 | -4,457 | ' |
Recoveries | 120 | 650 | 362 | 1,043 | ' |
Provision | 464 | -108 | -745 | 307 | ' |
Balance at the end of the period | 6,411 | 7,729 | 6,411 | 7,729 | ' |
Loans individually evaluated for impairment | 402 | 558 | 402 | 558 | ' |
Loans collectively evaluated for impairment | 6,009 | 7,171 | 6,009 | 7,171 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 4,876 | 8,201 | 4,876 | 8,201 | ' |
Loans collectively evaluated for impairment | 380,442 | 279,998 | 380,442 | 279,998 | ' |
Total loans | 385,318 | 288,199 | 385,318 | 288,199 | 299,951 |
Non-acquired loans | Commercial Non-owner Occupied | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 3,398 | 4,866 | 3,677 | 4,921 | ' |
Charge-offs | ' | -652 | -236 | -652 | ' |
Recoveries | 5 | 18 | 352 | 345 | ' |
Provision | -307 | -462 | -697 | -844 | ' |
Balance at the end of the period | 3,096 | 3,770 | 3,096 | 3,770 | ' |
Loans individually evaluated for impairment | 30 | ' | 30 | ' | ' |
Loans collectively evaluated for impairment | 3,066 | 3,770 | 3,066 | 3,770 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 3,784 | 2,804 | 3,784 | 2,804 | ' |
Loans collectively evaluated for impairment | 314,686 | 279,874 | 314,686 | 279,874 | ' |
Total loans | 318,470 | 282,678 | 318,470 | 282,678 | 291,171 |
Non-acquired loans | Commercial Owner Occupied | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 7,958 | 7,984 | 7,767 | 8,743 | ' |
Charge-offs | -3 | -219 | -531 | -1,622 | ' |
Recoveries | 68 | 1 | 85 | 16 | ' |
Provision | 123 | -53 | 825 | 576 | ' |
Balance at the end of the period | 8,146 | 7,713 | 8,146 | 7,713 | ' |
Loans individually evaluated for impairment | 100 | 19 | 100 | 19 | ' |
Loans collectively evaluated for impairment | 8,046 | 7,694 | 8,046 | 7,694 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 9,436 | 14,683 | 9,436 | 14,683 | ' |
Loans collectively evaluated for impairment | 871,967 | 799,576 | 871,967 | 799,576 | ' |
Total loans | 881,403 | 814,259 | 881,403 | 814,259 | 833,513 |
Non-acquired loans | Consumer Owner Occupied | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 6,537 | 6,438 | 6,069 | 6,568 | ' |
Charge-offs | ' | -888 | -299 | -1,276 | ' |
Recoveries | 20 | 104 | 262 | 234 | ' |
Provision | -83 | 448 | 442 | 576 | ' |
Balance at the end of the period | 6,474 | 6,102 | 6,474 | 6,102 | ' |
Loans individually evaluated for impairment | 121 | 21 | 121 | 21 | ' |
Loans collectively evaluated for impairment | 6,353 | 6,081 | 6,353 | 6,081 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 2,427 | 575 | 2,427 | 575 | ' |
Loans collectively evaluated for impairment | 700,094 | 498,159 | 700,094 | 498,159 | ' |
Total loans | 702,521 | 498,734 | 702,521 | 498,734 | 548,170 |
Non-acquired loans | Home Equity | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 2,975 | 2,974 | 2,782 | 3,626 | ' |
Charge-offs | -501 | -206 | -917 | -868 | ' |
Recoveries | 18 | 75 | 58 | 174 | ' |
Provision | 346 | 91 | 915 | 2 | ' |
Balance at the end of the period | 2,838 | 2,934 | 2,838 | 2,934 | ' |
Loans collectively evaluated for impairment | 2,838 | 2,934 | 2,838 | 2,934 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 276,341 | 255,291 | 276,341 | 255,291 | ' |
Total loans | 276,341 | 255,291 | 276,341 | 255,291 | 257,139 |
Non-acquired loans | Commercial & Industrial | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 3,640 | 4,039 | 3,592 | 4,939 | ' |
Charge-offs | -4 | -154 | -1,024 | -781 | ' |
Recoveries | 93 | 187 | 221 | 324 | ' |
Provision | -187 | -301 | 753 | -711 | ' |
Balance at the end of the period | 3,542 | 3,771 | 3,542 | 3,771 | ' |
Loans individually evaluated for impairment | 12 | ' | 12 | ' | ' |
Loans collectively evaluated for impairment | 3,530 | 3,771 | 3,530 | 3,771 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 1,110 | 707 | 1,110 | 707 | ' |
Loans collectively evaluated for impairment | 354,470 | 301,138 | 354,470 | 301,138 | ' |
Total loans | 355,580 | 301,845 | 355,580 | 301,845 | 321,824 |
Non-acquired loans | Other Income Producing Property | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 2,588 | 3,260 | 2,509 | 3,747 | ' |
Charge-offs | -83 | -179 | -251 | -652 | ' |
Recoveries | 13 | 12 | 172 | 123 | ' |
Provision | 70 | -58 | 158 | -183 | ' |
Balance at the end of the period | 2,588 | 3,035 | 2,588 | 3,035 | ' |
Loans individually evaluated for impairment | 711 | 703 | 711 | 703 | ' |
Loans collectively evaluated for impairment | 1,877 | 2,332 | 1,877 | 2,332 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 6,380 | 2,614 | 6,380 | 2,614 | ' |
Loans collectively evaluated for impairment | 148,442 | 137,410 | 148,442 | 137,410 | ' |
Total loans | 154,822 | 140,024 | 154,822 | 140,024 | 143,204 |
Non-acquired loans | Consumer | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 1,270 | 426 | 937 | 781 | ' |
Charge-offs | -1,297 | -751 | -2,719 | -1,813 | ' |
Recoveries | 238 | 201 | 658 | 611 | ' |
Provision | 1,120 | 955 | 2,455 | 1,252 | ' |
Balance at the end of the period | 1,331 | 831 | 1,331 | 831 | ' |
Loans individually evaluated for impairment | 1 | ' | 1 | ' | ' |
Loans collectively evaluated for impairment | 1,330 | 831 | 1,330 | 831 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 50 | ' | 50 | ' | ' |
Loans collectively evaluated for impairment | 183,401 | 116,312 | 183,401 | 116,312 | ' |
Total loans | 183,451 | 116,312 | 183,451 | 116,312 | 136,410 |
Non-acquired loans | Other Loans | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 404 | 207 | 209 | 217 | ' |
Provision | -26 | 53 | 169 | 43 | ' |
Balance at the end of the period | 378 | 260 | 378 | 260 | ' |
Loans collectively evaluated for impairment | 378 | 260 | 378 | 260 | ' |
Loans: | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 46,802 | 43,900 | 46,802 | 43,900 | ' |
Total loans | $46,802 | $43,900 | $46,802 | $43,900 | $33,834 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Details 7) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Allowance for loan losses: | ' | ' | ' | ' |
Charge-offs | ($3,592) | ($4,294) | ($6,851) | ($12,121) |
Recoveries | 1,016 | 1,249 | 2,611 | 2,870 |
Provision | 2,091 | 659 | 5,109 | 1,898 |
Acquired loans | Non-credit impaired | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Charge-offs | -879 | ' | -879 | ' |
Recoveries | 441 | ' | 441 | ' |
Provision | 438 | ' | 438 | ' |
Balance at the end of the period | 0 | ' | 0 | ' |
Loans: | ' | ' | ' | ' |
Loans individually evaluated for impairment | 224 | ' | 224 | ' |
Loans collectively evaluated for impairment | 1,377,119 | ' | 1,377,119 | ' |
Total loans | 1,377,343 | ' | 1,377,343 | ' |
Acquired loans | Non-credit impaired | Construction and land development | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Charge-offs | -60 | ' | -60 | ' |
Provision | 60 | ' | 60 | ' |
Loans: | ' | ' | ' | ' |
Loans individually evaluated for impairment | 169 | ' | 169 | ' |
Loans collectively evaluated for impairment | 27,536 | ' | 27,536 | ' |
Total loans | 27,705 | ' | 27,705 | ' |
Acquired loans | Non-credit impaired | Commercial Non-owner Occupied | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 50,307 | ' | 50,307 | ' |
Total loans | 50,307 | ' | 50,307 | ' |
Acquired loans | Non-credit impaired | Commercial Owner Occupied | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 65,420 | ' | 65,420 | ' |
Total loans | 65,420 | ' | 65,420 | ' |
Acquired loans | Non-credit impaired | Consumer Owner Occupied | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Charge-offs | -22 | ' | -22 | ' |
Recoveries | 1 | ' | 1 | ' |
Provision | 21 | ' | 21 | ' |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 673,099 | ' | 673,099 | ' |
Total loans | 673,099 | ' | 673,099 | ' |
Acquired loans | Non-credit impaired | Home Equity | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Charge-offs | -363 | ' | -363 | ' |
Recoveries | 79 | ' | 79 | ' |
Provision | 284 | ' | 284 | ' |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 242,720 | ' | 242,720 | ' |
Total loans | 242,720 | ' | 242,720 | ' |
Acquired loans | Non-credit impaired | Commercial & Industrial | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Charge-offs | -273 | ' | -273 | ' |
Recoveries | 347 | ' | 347 | ' |
Provision | -74 | ' | -74 | ' |
Loans: | ' | ' | ' | ' |
Loans individually evaluated for impairment | 55 | ' | 55 | ' |
Loans collectively evaluated for impairment | 35,017 | ' | 35,017 | ' |
Total loans | 35,072 | ' | 35,072 | ' |
Acquired loans | Non-credit impaired | Other Income Producing Property | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Charge-offs | -14 | ' | -14 | ' |
Provision | 14 | ' | 14 | ' |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 68,557 | ' | 68,557 | ' |
Total loans | 68,557 | ' | 68,557 | ' |
Acquired loans | Non-credit impaired | Consumer | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Charge-offs | -147 | ' | -147 | ' |
Recoveries | 14 | ' | 14 | ' |
Provision | 133 | ' | 133 | ' |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 214,463 | ' | 214,463 | ' |
Total loans | $214,463 | ' | $214,463 | ' |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Details 8) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Allowance for loan losses: | ' | ' | ' | ' |
Provision for loan losses before benefit attributable to FDIC loss share agreements | $1,300 | $109 | $2,921 | $27 |
Benefit attributable to FDIC loss share agreements | 791 | 550 | 2,188 | 1,871 |
Total provision for loan losses charged to operations | 2,091 | 659 | 5,109 | 1,898 |
Provision for loan losses recorded through the FDIC loss share receivable | -791 | -550 | -2,188 | -1,871 |
Reduction due to loan removals | -469 | -1,745 | -1,794 | -3,967 |
Credit impaired | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Balance at the beginning of the period | 9,159 | 14,461 | 11,618 | 17,218 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | -658 | -456 | -1,792 | -991 |
Benefit attributable to FDIC loss share agreements | 791 | 550 | 2,188 | 1,871 |
Total provision for loan losses charged to operations | 133 | 94 | 396 | 880 |
Provision for loan losses recorded through the FDIC loss share receivable | -791 | -550 | -2,188 | -1,871 |
Reduction due to loan removals | -469 | -1,745 | -1,794 | -3,967 |
Balance at the end of the period | 8,032 | 12,260 | 8,032 | 12,260 |
Loans collectively evaluated for impairment | 8,032 | 12,260 | 8,032 | 12,260 |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 988,524 | 1,328,888 | 988,524 | 1,328,888 |
Total acquired loans | 988,524 | 1,328,888 | 988,524 | 1,328,888 |
Credit impaired | Commercial Loans Greater Than or Equal to $1 Million-CBT | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Balance at the beginning of the period | 201 | 1,855 | 303 | 5,337 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | -6 | -1,284 | -129 | -3,263 |
Benefit attributable to FDIC loss share agreements | 6 | 1,220 | 182 | 3,098 |
Total provision for loan losses charged to operations | ' | -64 | 53 | -165 |
Provision for loan losses recorded through the FDIC loss share receivable | -6 | -1,220 | -182 | -3,098 |
Reduction due to loan removals | ' | -436 | 21 | -1,939 |
Balance at the end of the period | 195 | 135 | 195 | 135 |
Loans collectively evaluated for impairment | 195 | 135 | 195 | 135 |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 17,097 | 25,934 | 17,097 | 25,934 |
Total acquired loans | 17,097 | 25,934 | 17,097 | 25,934 |
Credit impaired | Commercial Real Estate | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Balance at the beginning of the period | 1,616 | 821 | 1,816 | 1,517 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | -132 | 331 | -328 | -365 |
Benefit attributable to FDIC loss share agreements | 144 | -264 | 364 | 240 |
Total provision for loan losses charged to operations | 12 | 67 | 36 | -125 |
Provision for loan losses recorded through the FDIC loss share receivable | -144 | 264 | -364 | -240 |
Reduction due to loan removals | ' | ' | -4 | ' |
Balance at the end of the period | 1,484 | 1,152 | 1,484 | 1,152 |
Loans collectively evaluated for impairment | 1,484 | 1,152 | 1,484 | 1,152 |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 354,715 | 477,968 | 354,715 | 477,968 |
Total acquired loans | 354,715 | 477,968 | 354,715 | 477,968 |
Credit impaired | Commercial Real Estate - Construction and Development | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Balance at the beginning of the period | 815 | 4,392 | 2,244 | 1,628 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | -9 | -39 | -623 | 2,725 |
Benefit attributable to FDIC loss share agreements | 9 | 31 | 795 | -2,067 |
Total provision for loan losses charged to operations | ' | -8 | 172 | 658 |
Provision for loan losses recorded through the FDIC loss share receivable | -9 | -31 | -795 | 2,067 |
Reduction due to loan removals | -405 | -1,209 | -1,220 | -1,209 |
Balance at the end of the period | 401 | 3,144 | 401 | 3,144 |
Loans collectively evaluated for impairment | 401 | 3,144 | 401 | 3,144 |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 73,322 | 130,967 | 73,322 | 130,967 |
Total acquired loans | 73,322 | 130,967 | 73,322 | 130,967 |
Credit impaired | Residential Real Estate | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Balance at the beginning of the period | 5,118 | 4,727 | 5,132 | 4,207 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | -279 | 485 | -205 | 1,018 |
Benefit attributable to FDIC loss share agreements | 394 | -390 | 338 | -494 |
Total provision for loan losses charged to operations | 115 | 95 | 133 | 524 |
Provision for loan losses recorded through the FDIC loss share receivable | -394 | 390 | -338 | 494 |
Reduction due to loan removals | -32 | 2 | -120 | -11 |
Balance at the end of the period | 4,807 | 5,214 | 4,807 | 5,214 |
Loans collectively evaluated for impairment | 4,807 | 5,214 | 4,807 | 5,214 |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 406,276 | 504,707 | 406,276 | 504,707 |
Total acquired loans | 406,276 | 504,707 | 406,276 | 504,707 |
Credit impaired | Consumer | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Balance at the beginning of the period | 385 | 475 | 538 | 96 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | -39 | 1 | -144 | 380 |
Benefit attributable to FDIC loss share agreements | 40 | -1 | 141 | -318 |
Total provision for loan losses charged to operations | 1 | ' | -3 | 62 |
Provision for loan losses recorded through the FDIC loss share receivable | -40 | 1 | -141 | 318 |
Reduction due to loan removals | -16 | ' | -64 | ' |
Balance at the end of the period | 330 | 476 | 330 | 476 |
Loans collectively evaluated for impairment | 330 | 476 | 330 | 476 |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 90,038 | 108,420 | 90,038 | 108,420 |
Total acquired loans | 90,038 | 108,420 | 90,038 | 108,420 |
Credit impaired | Commercial & Industrial | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Balance at the beginning of the period | 950 | 2,100 | 1,481 | 4,139 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | -191 | -55 | -366 | -1,408 |
Benefit attributable to FDIC loss share agreements | 198 | 53 | 372 | 1,337 |
Total provision for loan losses charged to operations | 7 | -2 | 6 | -71 |
Provision for loan losses recorded through the FDIC loss share receivable | -198 | -53 | -372 | -1,337 |
Reduction due to loan removals | -16 | -102 | -372 | -788 |
Balance at the end of the period | 743 | 1,943 | 743 | 1,943 |
Loans collectively evaluated for impairment | 743 | 1,943 | 743 | 1,943 |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 46,988 | 80,778 | 46,988 | 80,778 |
Total acquired loans | 46,988 | 80,778 | 46,988 | 80,778 |
Credit impaired | Single Pay | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Balance at the beginning of the period | 74 | 91 | 104 | 294 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | -2 | 105 | 3 | -78 |
Benefit attributable to FDIC loss share agreements | ' | -99 | -4 | 75 |
Total provision for loan losses charged to operations | -2 | 6 | -1 | -3 |
Provision for loan losses recorded through the FDIC loss share receivable | ' | 99 | 4 | -75 |
Reduction due to loan removals | ' | ' | -35 | -20 |
Balance at the end of the period | 72 | 196 | 72 | 196 |
Loans collectively evaluated for impairment | 72 | 196 | 72 | 196 |
Loans: | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 88 | 114 | 88 | 114 |
Total acquired loans | $88 | $114 | $88 | $114 |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Details 9) (Non-acquired loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | $3,304,708 | $2,865,216 | $2,741,242 |
Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 3,116,316 | 2,656,027 | 2,513,093 |
Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 125,847 | 126,420 | 133,225 |
Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 61,623 | 82,717 | 94,870 |
Doubtful | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 922 | 52 | 54 |
Commercial Total | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 2,095,593 | 1,889,663 | 1,827,005 |
Commercial Total | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 1,964,367 | 1,742,103 | 1,658,038 |
Commercial Total | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 91,970 | 92,020 | 102,714 |
Commercial Total | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 39,256 | 55,511 | 66,222 |
Commercial Total | Doubtful | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | ' | 29 | 31 |
Construction and land development | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 385,318 | 299,951 | 288,199 |
Construction and land development | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 358,474 | 263,698 | 244,321 |
Construction and land development | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 16,433 | 20,814 | 24,775 |
Construction and land development | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 10,411 | 15,439 | 19,103 |
Commercial Non-owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 318,470 | 291,171 | 282,678 |
Commercial Non-owner Occupied | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 292,231 | 259,120 | 238,940 |
Commercial Non-owner Occupied | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 20,412 | 24,779 | 35,052 |
Commercial Non-owner Occupied | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 5,827 | 7,272 | 8,686 |
Commercial Owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 881,403 | 833,513 | 814,259 |
Commercial Owner Occupied | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 827,322 | 758,406 | 764,267 |
Commercial Owner Occupied | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 39,261 | 26,148 | 23,871 |
Commercial Owner Occupied | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 14,820 | 21,959 | 26,121 |
Commercial & Industrial | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 355,580 | 321,824 | 301,845 |
Commercial & Industrial | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 346,394 | 309,360 | 288,945 |
Commercial & Industrial | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 7,786 | 10,376 | 9,734 |
Commercial & Industrial | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 1,400 | 2,088 | 3,135 |
Commercial & Industrial | Doubtful | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | ' | ' | 31 |
Other Income Producing Property | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 154,822 | 143,204 | 140,024 |
Other Income Producing Property | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 139,946 | 124,519 | 121,565 |
Other Income Producing Property | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 8,078 | 9,903 | 9,282 |
Other Income Producing Property | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 6,798 | 8,753 | 9,177 |
Other Income Producing Property | Doubtful | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | ' | 29 | ' |
Consumer Total | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 1,209,115 | 975,553 | 914,237 |
Consumer Total | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 1,151,949 | 913,924 | 855,055 |
Consumer Total | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 33,877 | 34,400 | 30,511 |
Consumer Total | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 22,367 | 27,206 | 28,648 |
Consumer Total | Doubtful | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 922 | 23 | 23 |
Consumer Owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 702,521 | 548,170 | 498,734 |
Consumer Owner Occupied | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 660,578 | 500,999 | 454,368 |
Consumer Owner Occupied | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 24,144 | 25,317 | 21,444 |
Consumer Owner Occupied | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 900 | 21,854 | 22,922 |
Home Equity | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 276,341 | 257,139 | 255,291 |
Home Equity | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 262,080 | 243,615 | 241,624 |
Home Equity | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 9,097 | 8,437 | 8,218 |
Home Equity | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 5,142 | 5,064 | 5,426 |
Home Equity | Doubtful | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 22 | 23 | 23 |
Consumer | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 183,451 | 136,410 | 116,312 |
Consumer | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 182,489 | 135,476 | 115,163 |
Consumer | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 636 | 646 | 849 |
Consumer | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 326 | 288 | 300 |
Other loans | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | 46,802 | 33,834 | 43,900 |
Other loans | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total loans | $46,802 | $33,834 | $43,900 |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Details 10) (Acquired loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Non-credit impaired | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | $1,377,343 | $1,600,935 | $1,665,333 |
Non-credit impaired | Construction and land development | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 27,705 | 58,396 | 55,259 |
Non-credit impaired | Construction and land development | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 25,855 | 57,389 | 54,863 |
Non-credit impaired | Construction and land development | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 805 | 109 | ' |
Non-credit impaired | Construction and land development | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 1,045 | 898 | 396 |
Non-credit impaired | Commercial Non-owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 50,307 | 58,598 | 65,181 |
Non-credit impaired | Commercial Non-owner Occupied | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 42,087 | 56,539 | 63,362 |
Non-credit impaired | Commercial Non-owner Occupied | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 7,982 | 1,565 | 1,332 |
Non-credit impaired | Commercial Non-owner Occupied | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 238 | 494 | 487 |
Non-credit impaired | Commercial Owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 65,420 | 73,714 | 83,133 |
Non-credit impaired | Commercial Owner Occupied | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 64,283 | 71,984 | 81,973 |
Non-credit impaired | Commercial Owner Occupied | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 363 | 318 | 325 |
Non-credit impaired | Commercial Owner Occupied | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 774 | 1,412 | 835 |
Non-credit impaired | Commercial & Industrial | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 35,072 | 58,773 | 64,069 |
Non-credit impaired | Commercial & Industrial | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 33,163 | 56,777 | 61,025 |
Non-credit impaired | Commercial & Industrial | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 869 | 924 | 2,280 |
Non-credit impaired | Commercial & Industrial | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 1,040 | 1,072 | 764 |
Non-credit impaired | Other Income Producing Property | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 68,557 | 74,566 | 78,344 |
Non-credit impaired | Other Income Producing Property | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 66,202 | 70,812 | 75,624 |
Non-credit impaired | Other Income Producing Property | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 899 | 2,177 | 1,869 |
Non-credit impaired | Other Income Producing Property | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 1,456 | 1,577 | 851 |
Non-credit impaired | Consumer Owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 673,099 | 745,481 | 769,086 |
Non-credit impaired | Consumer Owner Occupied | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 666,517 | 742,778 | 767,359 |
Non-credit impaired | Consumer Owner Occupied | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 2,200 | 417 | 425 |
Non-credit impaired | Consumer Owner Occupied | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 4,382 | 2,286 | 1,302 |
Non-credit impaired | Home Equity | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 242,720 | 264,150 | 274,893 |
Non-credit impaired | Home Equity | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 229,377 | 246,274 | 257,631 |
Non-credit impaired | Home Equity | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 5,490 | 6,733 | 6,517 |
Non-credit impaired | Home Equity | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 7,853 | 11,143 | 10,745 |
Non-credit impaired | Consumer | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 214,463 | 267,257 | 275,368 |
Non-credit impaired | Consumer | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 211,709 | 266,645 | 270,728 |
Non-credit impaired | Consumer | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 600 | 127 | 1,899 |
Non-credit impaired | Consumer | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 2,154 | 485 | 2,741 |
Credit impaired | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 988,524 | 1,232,256 | 1,328,888 |
Credit impaired | Construction and land development | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 73,322 | 114,126 | 130,967 |
Credit impaired | Construction and land development | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 28,135 | 38,748 | 41,115 |
Credit impaired | Construction and land development | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 10,346 | 13,762 | 19,672 |
Credit impaired | Construction and land development | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 34,841 | 61,616 | 70,180 |
Credit impaired | Commercial & Industrial | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 46,988 | 68,862 | 80,778 |
Credit impaired | Commercial & Industrial | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 27,211 | 38,450 | 41,031 |
Credit impaired | Commercial & Industrial | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 2,853 | 3,968 | 4,173 |
Credit impaired | Commercial & Industrial | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 16,924 | 26,444 | 35,458 |
Credit impaired | Commercial & Industrial | Doubtful | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | ' | ' | 116 |
Credit impaired | Consumer | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 90,038 | 103,998 | 108,420 |
Credit impaired | Consumer | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 8,150 | 8,804 | 8,639 |
Credit impaired | Consumer | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 30,616 | 38,322 | 40,038 |
Credit impaired | Consumer | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 51,272 | 56,872 | 59,743 |
Credit impaired | Commercial Loans Greater Than or Equal to $1 Million-CBT | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 17,097 | 24,109 | 25,934 |
Credit impaired | Commercial Loans Greater Than or Equal to $1 Million-CBT | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 12,431 | 12,047 | 12,603 |
Credit impaired | Commercial Loans Greater Than or Equal to $1 Million-CBT | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 1,041 | 2,513 | 2,635 |
Credit impaired | Commercial Loans Greater Than or Equal to $1 Million-CBT | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 3,625 | 9,549 | 10,696 |
Credit impaired | Commercial Real Estate | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 354,715 | 439,785 | 477,968 |
Credit impaired | Commercial Real Estate | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 218,900 | 244,293 | 220,307 |
Credit impaired | Commercial Real Estate | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 41,711 | 46,159 | 69,406 |
Credit impaired | Commercial Real Estate | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 94,104 | 149,333 | 188,255 |
Credit impaired | Residential real estate | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 406,276 | 481,247 | 504,707 |
Credit impaired | Residential real estate | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 185,636 | 203,296 | 208,086 |
Credit impaired | Residential real estate | Special mention | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 78,683 | 91,468 | 93,537 |
Credit impaired | Residential real estate | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 141,957 | 186,405 | 203,084 |
Credit impaired | Residential real estate | Doubtful | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | ' | 78 | ' |
Credit impaired | Single pay | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 88 | 129 | 114 |
Credit impaired | Single pay | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | 60 | 52 | 46 |
Credit impaired | Single pay | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Total acquired loans | $28 | $77 | $68 |
Recovered_Sheet3
Loans and Allowance for Loan Losses (Details 11) (Non-acquired loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | $5,804 | $6,810 | $9,789 |
60-89 Days Past Due | 5,736 | 2,750 | 4,693 |
90+ Days Past Due | 11,343 | 15,097 | 19,669 |
Total Past Due | 22,883 | 24,657 | 34,151 |
Current | 3,281,825 | 2,840,559 | 2,707,091 |
Total loans | 3,304,708 | 2,865,216 | 2,741,242 |
Construction and land development | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 510 | 557 | 2,239 |
60-89 Days Past Due | 195 | 476 | 2,181 |
90+ Days Past Due | 1,208 | 2,707 | 4,834 |
Total Past Due | 1,913 | 3,740 | 9,254 |
Current | 383,405 | 296,211 | 278,945 |
Total loans | 385,318 | 299,951 | 288,199 |
Commercial non-owner occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 878 | 1,780 | 1,658 |
60-89 Days Past Due | ' | 1 | 15 |
90+ Days Past Due | 2,819 | 2,684 | 2,493 |
Total Past Due | 3,697 | 4,465 | 4,166 |
Current | 314,773 | 286,706 | 278,512 |
Total loans | 318,470 | 291,171 | 282,678 |
Commercial Owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 177 | 457 | 1,009 |
60-89 Days Past Due | 4,079 | 650 | 334 |
90+ Days Past Due | 2,149 | 3,601 | 5,924 |
Total Past Due | 6,405 | 4,708 | 7,267 |
Current | 874,998 | 828,805 | 806,992 |
Total loans | 881,403 | 833,513 | 814,259 |
Consumer owner occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 1,842 | 1,526 | 2,806 |
60-89 Days Past Due | 646 | 1,107 | 1,449 |
90+ Days Past Due | 2,293 | 2,621 | 2,755 |
Total Past Due | 4,781 | 5,254 | 7,010 |
Current | 697,740 | 542,916 | 491,724 |
Total loans | 702,521 | 548,170 | 498,734 |
Home equity loans | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 1,178 | 780 | 767 |
60-89 Days Past Due | 291 | 214 | 168 |
90+ Days Past Due | 404 | 422 | 503 |
Total Past Due | 1,873 | 1,416 | 1,438 |
Current | 274,468 | 255,723 | 253,853 |
Total loans | 276,341 | 257,139 | 255,291 |
Commercial and industrial | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 408 | 390 | 139 |
60-89 Days Past Due | 121 | 105 | 103 |
90+ Days Past Due | 113 | 370 | 672 |
Total Past Due | 642 | 865 | 914 |
Current | 354,938 | 320,959 | 300,931 |
Total loans | 355,580 | 321,824 | 301,845 |
Other income producing property | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 264 | 950 | 818 |
60-89 Days Past Due | 219 | 19 | 218 |
90+ Days Past Due | 2,202 | 2,634 | 2,395 |
Total Past Due | 2,685 | 3,603 | 3,431 |
Current | 152,137 | 139,601 | 136,593 |
Total loans | 154,822 | 143,204 | 140,024 |
Consumer | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 442 | 337 | 300 |
60-89 Days Past Due | 153 | 142 | 201 |
90+ Days Past Due | 117 | 28 | 61 |
Total Past Due | 712 | 507 | 562 |
Current | 182,739 | 135,903 | 115,750 |
Total loans | 183,451 | 136,410 | 116,312 |
Other Loans | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 105 | 33 | 53 |
60-89 Days Past Due | 32 | 36 | 24 |
90+ Days Past Due | 38 | 30 | 32 |
Total Past Due | 175 | 99 | 109 |
Current | 46,627 | 33,735 | 43,791 |
Total loans | $46,802 | $33,834 | $43,900 |
Recovered_Sheet4
Loans and Allowance for Loan Losses (Details 12) (Acquired loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Non-credit impaired | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | $12,822 | $6,250 | $3,581 |
60-89 Days Past Due | 1,481 | 1,638 | 1,367 |
90+ Days Past Due | 4,323 | 3,010 | 1,005 |
Total Past Due | 18,626 | 10,898 | 5,953 |
Current | 1,358,717 | 1,590,037 | 1,659,380 |
Total acquired loans | 1,377,343 | 1,600,935 | 1,665,333 |
Non-credit impaired | Construction and land development | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 1,216 | 371 | ' |
60-89 Days Past Due | ' | ' | 78 |
90+ Days Past Due | 41 | 464 | 409 |
Total Past Due | 1,257 | 835 | 487 |
Current | 26,448 | 57,561 | 54,772 |
Total acquired loans | 27,705 | 58,396 | 55,259 |
Non-credit impaired | Commercial non-owner occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 17 | 105 | 17 |
90+ Days Past Due | ' | 17 | ' |
Total Past Due | 17 | 122 | 17 |
Current | 50,290 | 58,476 | 65,164 |
Total acquired loans | 50,307 | 58,598 | 65,181 |
Non-credit impaired | Commercial Owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 1,054 | ' | 1,250 |
60-89 Days Past Due | ' | 71 | ' |
90+ Days Past Due | 37 | 272 | 62 |
Total Past Due | 1,091 | 343 | 1,312 |
Current | 64,329 | 73,371 | 81,821 |
Total acquired loans | 65,420 | 73,714 | 83,133 |
Non-credit impaired | Consumer owner occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 7,429 | 3,368 | 26 |
60-89 Days Past Due | 664 | 393 | 714 |
90+ Days Past Due | 2,338 | 1,196 | ' |
Total Past Due | 10,431 | 4,957 | 740 |
Current | 662,668 | 740,524 | 768,346 |
Total acquired loans | 673,099 | 745,481 | 769,086 |
Non-credit impaired | Home equity loans | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 1,124 | 857 | 1,262 |
60-89 Days Past Due | 403 | 67 | 483 |
90+ Days Past Due | 945 | 625 | 309 |
Total Past Due | 2,472 | 1,549 | 2,054 |
Current | 240,248 | 262,601 | 272,839 |
Total acquired loans | 242,720 | 264,150 | 274,893 |
Non-credit impaired | Commercial and industrial | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 218 | 827 | 381 |
60-89 Days Past Due | 56 | 894 | ' |
90+ Days Past Due | 240 | 282 | 147 |
Total Past Due | 514 | 2,003 | 528 |
Current | 34,558 | 56,770 | 63,541 |
Total acquired loans | 35,072 | 58,773 | 64,069 |
Non-credit impaired | Other income producing property | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 276 | 431 | 414 |
60-89 Days Past Due | 75 | ' | ' |
90+ Days Past Due | 85 | ' | ' |
Total Past Due | 436 | 431 | 414 |
Current | 68,121 | 74,135 | 77,930 |
Total acquired loans | 68,557 | 74,566 | 78,344 |
Non-credit impaired | Consumer | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 1,488 | 291 | 231 |
60-89 Days Past Due | 283 | 213 | 92 |
90+ Days Past Due | 637 | 154 | 78 |
Total Past Due | 2,408 | 658 | 401 |
Current | 212,055 | 266,599 | 274,967 |
Total acquired loans | 214,463 | 267,257 | 275,368 |
Credit impaired | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 31,604 | 29,399 | 28,795 |
60-89 Days Past Due | 10,009 | 17,872 | 9,442 |
90+ Days Past Due | 52,489 | 82,132 | 89,220 |
Total Past Due | 94,102 | 129,403 | 127,457 |
Current | 894,422 | 1,102,853 | 1,201,431 |
Total acquired loans | 988,524 | 1,232,256 | 1,328,888 |
Credit impaired | Commercial real estate | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 7,352 | 4,493 | 11,992 |
60-89 Days Past Due | 2,723 | 3,728 | 2,552 |
90+ Days Past Due | 16,462 | 24,362 | 29,451 |
Total Past Due | 26,537 | 32,583 | 43,995 |
Current | 328,178 | 407,202 | 433,973 |
Total acquired loans | 354,715 | 439,785 | 477,968 |
Credit impaired | Construction and land development | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 700 | 4,847 | 2,616 |
60-89 Days Past Due | 529 | 9,166 | 671 |
90+ Days Past Due | 9,930 | 17,567 | 18,682 |
Total Past Due | 11,159 | 31,580 | 21,969 |
Current | 62,163 | 82,546 | 108,998 |
Total acquired loans | 73,322 | 114,126 | 130,967 |
Credit impaired | Commercial and industrial | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 1,058 | 3,875 | 1,439 |
60-89 Days Past Due | 456 | 634 | 882 |
90+ Days Past Due | 4,628 | 3,829 | 4,628 |
Total Past Due | 6,142 | 8,338 | 6,949 |
Current | 40,846 | 60,524 | 73,829 |
Total acquired loans | 46,988 | 68,862 | 80,778 |
Credit impaired | Consumer | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 5,070 | 2,390 | 1,754 |
60-89 Days Past Due | 1,517 | 552 | 477 |
90+ Days Past Due | 2,166 | 2,050 | 2,036 |
Total Past Due | 8,753 | 4,992 | 4,267 |
Current | 81,285 | 99,006 | 104,153 |
Total acquired loans | 90,038 | 103,998 | 108,420 |
Credit impaired | Commercial Loans Greater Than or Equal to $1 Million-CBT | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
60-89 Days Past Due | ' | ' | 787 |
90+ Days Past Due | 3,625 | 7,217 | 6,761 |
Total Past Due | 3,625 | 7,217 | 7,548 |
Current | 13,472 | 16,892 | 18,386 |
Total acquired loans | 17,097 | 24,109 | 25,934 |
Credit impaired | Residential real estate | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
30-59 Days Past Due | 17,424 | 13,794 | 10,994 |
60-89 Days Past Due | 4,784 | 3,792 | 4,054 |
90+ Days Past Due | 15,678 | 27,061 | 27,640 |
Total Past Due | 37,886 | 44,647 | 42,688 |
Current | 368,390 | 436,600 | 462,019 |
Total acquired loans | 406,276 | 481,247 | 504,707 |
Credit impaired | Single pay | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
60-89 Days Past Due | ' | ' | 19 |
90+ Days Past Due | ' | 46 | 22 |
Total Past Due | ' | 46 | 41 |
Current | 88 | 83 | 73 |
Total acquired loans | $88 | $129 | $114 |
Recovered_Sheet5
Loans and Allowance for Loan Losses (Details 13) (FASB ASC Topic 310-20, USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Unpaid Contractual Principal Balance | $36,895 | $42,468 | $36,895 | $42,468 | $31,284 |
Recorded Investment With No Allowance | 12,112 | 19,381 | 12,112 | 19,381 | 17,636 |
Gross Recorded Investment With Allowance | 15,951 | 10,203 | 15,951 | 10,203 | 8,411 |
Total Recorded Investment | 28,063 | 29,584 | 28,063 | 29,584 | 26,047 |
Related Allowance | 1,377 | 1,301 | 1,377 | 1,301 | 1,631 |
Average Investment In Impaired Loans | 30,391 | 34,123 | 27,036 | 37,545 | ' |
Interest Income Recognized | 143 | 89 | 391 | 193 | ' |
Non acquired nonaccrual loans | 30,052 | 49,468 | 30,052 | 49,468 | 42,023 |
Construction and land development | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Unpaid Contractual Principal Balance | 7,386 | 15,447 | 7,386 | 15,447 | 7,341 |
Recorded Investment With No Allowance | 2,229 | 4,986 | 2,229 | 4,986 | 3,555 |
Gross Recorded Investment With Allowance | 2,647 | 3,215 | 2,647 | 3,215 | 2,184 |
Total Recorded Investment | 4,876 | 8,201 | 4,876 | 8,201 | 5,739 |
Related Allowance | 402 | 558 | 402 | 558 | 704 |
Average Investment In Impaired Loans | 5,277 | 9,028 | 5,308 | 11,151 | ' |
Interest Income Recognized | 23 | 42 | 58 | 69 | ' |
Non acquired nonaccrual loans | 2,851 | 8,058 | 2,851 | 8,058 | 5,819 |
Commercial non-owner occupied | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Unpaid Contractual Principal Balance | 4,846 | 4,543 | 4,846 | 4,543 | 3,592 |
Recorded Investment With No Allowance | 2,700 | 1,269 | 2,700 | 1,269 | 2,681 |
Gross Recorded Investment With Allowance | 1,084 | 1,535 | 1,084 | 1,535 | ' |
Total Recorded Investment | 3,784 | 2,804 | 3,784 | 2,804 | 2,681 |
Related Allowance | 30 | ' | 30 | ' | ' |
Average Investment In Impaired Loans | 4,966 | 3,779 | 3,469 | 4,325 | ' |
Interest Income Recognized | 8 | ' | 36 | 1 | ' |
Non acquired nonaccrual loans | 2,483 | 2,804 | 2,483 | 2,804 | 2,912 |
Commercial non-owner occupied real estate | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Non acquired nonaccrual loans | 5,334 | 10,862 | 5,334 | 10,862 | 8,731 |
Commercial Owner Occupied | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Unpaid Contractual Principal Balance | 13,097 | 17,826 | 13,097 | 17,826 | 14,017 |
Recorded Investment With No Allowance | 5,576 | 12,166 | 5,576 | 12,166 | 10,441 |
Gross Recorded Investment With Allowance | 3,860 | 2,517 | 3,860 | 2,517 | 1,119 |
Total Recorded Investment | 9,436 | 14,683 | 9,436 | 14,683 | 11,560 |
Related Allowance | 100 | 19 | 100 | 19 | 10 |
Average Investment In Impaired Loans | 10,294 | 16,004 | 10,242 | 15,791 | ' |
Interest Income Recognized | 27 | 33 | 103 | 94 | ' |
Non acquired nonaccrual loans | 6,532 | 10,184 | 6,532 | 10,184 | 7,753 |
Consumer real estate | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Non acquired nonaccrual loans | 5,515 | 11,834 | 5,515 | 11,834 | 9,510 |
Consumer owner occupied | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Unpaid Contractual Principal Balance | 2,972 | 625 | 2,972 | 625 | 3,063 |
Gross Recorded Investment With Allowance | 2,427 | 575 | 2,427 | 575 | 3,013 |
Total Recorded Investment | 2,427 | 575 | 2,427 | 575 | 3,013 |
Related Allowance | 121 | 21 | 121 | 21 | 271 |
Average Investment In Impaired Loans | 2,480 | 1,066 | 2,720 | 1,093 | ' |
Interest Income Recognized | 30 | ' | 63 | 7 | ' |
Non acquired nonaccrual loans | 1,481 | 10,579 | 1,481 | 10,579 | 8,382 |
Home equity loans | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Non acquired nonaccrual loans | 4,034 | 1,255 | 4,034 | 1,255 | 1,128 |
Commercial and industrial | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Unpaid Contractual Principal Balance | 1,447 | 954 | 1,447 | 954 | 477 |
Recorded Investment With No Allowance | 693 | 707 | 693 | 707 | 405 |
Gross Recorded Investment With Allowance | 417 | ' | 417 | ' | ' |
Total Recorded Investment | 1,110 | 707 | 1,110 | 707 | 405 |
Related Allowance | 12 | ' | 12 | ' | ' |
Average Investment In Impaired Loans | 929 | 1,253 | 757 | 1,329 | ' |
Interest Income Recognized | 2 | ' | 15 | ' | ' |
Non acquired nonaccrual loans | 648 | 987 | 648 | 987 | 586 |
Other income producing property | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Unpaid Contractual Principal Balance | 7,066 | 3,073 | 7,066 | 3,073 | 2,794 |
Recorded Investment With No Allowance | 914 | 253 | 914 | 253 | 554 |
Gross Recorded Investment With Allowance | 5,466 | 2,361 | 5,466 | 2,361 | 2,095 |
Total Recorded Investment | 6,380 | 2,614 | 6,380 | 2,614 | 2,649 |
Related Allowance | 711 | 703 | 711 | 703 | 646 |
Average Investment In Impaired Loans | 6,377 | 2,993 | 4,515 | 3,856 | ' |
Interest Income Recognized | 52 | 14 | 112 | 22 | ' |
Non acquired nonaccrual loans | 2,235 | 4,701 | 2,235 | 4,701 | 4,704 |
Consumer | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Unpaid Contractual Principal Balance | 81 | ' | 81 | ' | ' |
Gross Recorded Investment With Allowance | 50 | ' | 50 | ' | ' |
Total Recorded Investment | 50 | ' | 50 | ' | ' |
Related Allowance | 1 | ' | 1 | ' | ' |
Average Investment In Impaired Loans | 68 | ' | 25 | ' | ' |
Interest Income Recognized | 1 | ' | 4 | ' | ' |
Non acquired nonaccrual loans | 155 | 63 | 155 | 63 | 49 |
Restructured loans | ' | ' | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' | ' | ' |
Non acquired nonaccrual loans | $9,633 | $10,837 | $9,633 | $10,837 | $10,690 |
Number of months generally required to return to accruing status | ' | ' | '6 months | ' | ' |
Recovered_Sheet6
Loans and Allowance for Loan Losses (Details 14) (Acquired loans, Non-credit impaired, USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | $5,359 |
Commercial non-owner occupied | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | 14 |
Commercial non-owner occupied real estate | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | 14 |
Commercial Owner Occupied | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | 38 |
Consumer real estate | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | 3,961 |
Consumer owner occupied | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | 2,733 |
Home equity loans | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | 1,228 |
Commercial and industrial | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | 165 |
Other income producing property | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | 318 |
Consumer | ' |
Loans and Allowance for Loan Losses | ' |
Total loans on nonaccrual status | $863 |
Recovered_Sheet7
Loans and Allowance for Loan Losses (Details 15) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
loan | loan | loan | |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | 3 | 9 | 4 |
Pre-Modification Outstanding Recorded Investment | $1,534,000 | $2,669,000 | $1,817,000 |
Post-Modification Outstanding Recorded Investment | 1,523,000 | 2,608,000 | 1,253,000 |
Balance of accruing TDRs | 6,800,000 | 6,800,000 | 4,200,000 |
FASB ASC Topic 310-20 | Other income producing property | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | 1 | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 1,243,000 | 1,243,000 | ' |
Post-Modification Outstanding Recorded Investment | 1,232,000 | 1,232,000 | ' |
FASB ASC Topic 310-20 | Interest rate modification | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | 2 | 7 | 3 |
Pre-Modification Outstanding Recorded Investment | 291,000 | 1,327,000 | 1,121,000 |
Post-Modification Outstanding Recorded Investment | 291,000 | 1,279,000 | 1,119,000 |
FASB ASC Topic 310-20 | Interest rate modification | Construction and land development | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | 1 | 3 | ' |
Pre-Modification Outstanding Recorded Investment | 170,000 | 773,000 | ' |
Post-Modification Outstanding Recorded Investment | 170,000 | 745,000 | ' |
FASB ASC Topic 310-20 | Interest rate modification | Commercial non-owner occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | ' | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 247,000 |
Post-Modification Outstanding Recorded Investment | ' | ' | 247,000 |
FASB ASC Topic 310-20 | Interest rate modification | Commercial Owner Occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | ' | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 750,000 |
Post-Modification Outstanding Recorded Investment | ' | ' | 750,000 |
FASB ASC Topic 310-20 | Interest rate modification | Consumer owner occupied | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | 1 | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | 121,000 | 407,000 | 124,000 |
Post-Modification Outstanding Recorded Investment | 121,000 | 398,000 | 122,000 |
FASB ASC Topic 310-20 | Interest rate modification | Other income producing property | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | ' | 1 | ' |
Pre-Modification Outstanding Recorded Investment | ' | 147,000 | ' |
Post-Modification Outstanding Recorded Investment | ' | 136,000 | ' |
FASB ASC Topic 310-20 | Term modification | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | 1 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | 1,243,000 | 1,342,000 | 696,000 |
Post-Modification Outstanding Recorded Investment | 1,232,000 | 1,329,000 | 134,000 |
FASB ASC Topic 310-20 | Term modification | Construction and land development | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | ' | 1 | ' |
Pre-Modification Outstanding Recorded Investment | ' | 99,000 | ' |
Post-Modification Outstanding Recorded Investment | 98,000 | ' | ' |
FASB ASC Topic 310-20 | Term modification | Commercial and industrial | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | ' | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 696,000 |
Post-Modification Outstanding Recorded Investment | ' | ' | $134,000 |
Recovered_Sheet8
Loans and Allowance for Loan Losses (Details 16) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
loan | loan | loan | |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | 3 | 9 | 4 |
Non-acquired loans | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Specific reserve associated with restructured loans | 1,200,000 | 1,200,000 | ' |
Specific reserve associated with restructured loans that subsequently defaulted | 0 | 0 | ' |
Remaining availability under commitments to lend additional funds on restructured loans | 12,000 | 12,000 | ' |
Non-acquired loans | Paying Under Restructured Loans | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | ' | 11 | ' |
Recorded Investment | 4,682,000 | 4,682,000 | ' |
Non-acquired loans | Interest rate modification | Paying Under Restructured Loans | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | ' | 8 | ' |
Recorded Investment | 1,394,000 | 1,394,000 | ' |
Non-acquired loans | Term modification | Paying Under Restructured Loans | ' | ' | ' |
Loans and Allowance for Loan Losses | ' | ' | ' |
Number of loans | ' | 3 | ' |
Recorded Investment | 3,288,000 | 3,288,000 | ' |
FDIC_Indemnification_Asset_Det
FDIC Indemnification Asset (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Receivable from FDIC for Loss Share Agreements | ' | ' |
Balance at the beginning of the period | $86,447,000 | $146,171,000 |
FDIC indemnification asset recorded for First Federal's FDIC loss share agreements | ' | 21,713,000 |
Decrease in expected losses on loans | -2,188,000 | -1,871,000 |
Additional losses (recoveries) on OREO | -3,710,000 | -547,000 |
Reimbursable expenses | 1,947,000 | 3,855,000 |
Amortization of discounts and premiums, net | -17,718,000 | -22,106,000 |
Reimbursements from FDIC | -33,795,000 | -39,066,000 |
Balance at the end of the period | 30,983,000 | 108,149,000 |
Reimbursements from FDIC | 18,800,000 | ' |
Subsequent event | ' | ' |
Receivable from FDIC for Loss Share Agreements | ' | ' |
Reimbursements from FDIC | 5,000,000 | ' |
BankMeridian | ' | ' |
Receivable from FDIC for Loss Share Agreements | ' | ' |
Estimated "true-up" payment to the FDIC at the end of the loss share agreement | 4,100,000 | ' |
Plantation | ' | ' |
Receivable from FDIC for Loss Share Agreements | ' | ' |
Estimated "true-up" payment to the FDIC at the end of the loss share agreement | 3,100,000 | ' |
CBT | ' | ' |
Receivable from FDIC for Loss Share Agreements | ' | ' |
Estimated "true-up" payment to the FDIC at the end of the loss share agreement | 0 | ' |
Cape Fear | ' | ' |
Receivable from FDIC for Loss Share Agreements | ' | ' |
Estimated "true-up" payment to the FDIC at the end of the loss share agreement | 0 | ' |
Habersham | ' | ' |
Receivable from FDIC for Loss Share Agreements | ' | ' |
Estimated "true-up" payment to the FDIC at the end of the loss share agreement | $0 | ' |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
property | property | |
OREO | ' | ' |
Balance at the beginning of the period | $37,398 | $32,248 |
Additions | 22,888 | 22,106 |
Write-downs | -4,375 | -5,446 |
Sold | -23,622 | -18,379 |
Balance at the end of the period | 32,289 | 35,330 |
Number of properties uncovered | 174 | 202 |
Covered OREO | ' | ' |
Balance at the beginning of the period | 27,520 | 34,257 |
Additions | 13,393 | 17,499 |
Write-downs | -4,298 | -247 |
Sold | -17,654 | -17,371 |
Balance at the end of the period | 18,961 | 40,543 |
Number of properties covered by loss share with the FDIC | 162 | 317 |
Total | ' | ' |
Balance at the beginning of the period | 64,918 | 66,505 |
Additions | 36,281 | 39,605 |
Write-downs | -8,673 | -5,693 |
Sold | -41,276 | -35,750 |
Balance at the end of the period | 51,250 | 75,873 |
Number of properties held | 336 | 519 |
First Financial Holdings, Inc. ("First Financial") | ' | ' |
OREO | ' | ' |
Additions | ' | 4,801 |
Covered OREO | ' | ' |
Additions | ' | 6,405 |
Total | ' | ' |
Additions | ' | $11,206 |
Deposits_Details
Deposits (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Deposits | ' | ' | ' |
Certificates of deposit | $1,300,580 | $1,525,567 | $1,674,205 |
Interest-bearing demand deposits | 2,900,140 | 2,893,646 | 2,851,575 |
Non-interest bearing demand deposits | 1,654,308 | 1,487,798 | 1,477,793 |
Savings deposits | 658,903 | 647,648 | 651,727 |
Other time deposits | 4,297 | 838 | 3,808 |
Total deposits | $6,518,228 | $6,555,497 | $6,659,108 |
Deposits_Details_2
Deposits (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2010 |
Deposits | ' | ' | ' | ' |
Increased insurance limit on deposit accounts | ' | ' | ' | $250,000 |
Aggregate amounts of certificates of deposits in denominations of $250,000 or more | 136,800,000 | 166,100,000 | 108,900,000 | ' |
Traditional, out-of-market brokered deposits | $24,700,000 | $34,800,000 | $42,900,000 | ' |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Components of net periodic pension expense | ' | ' | ' | ' |
Interest cost | ($277,000) | ($250,000) | ($833,000) | ($750,000) |
Expected return on plan assets | 487,000 | 430,000 | 1,463,000 | 1,291,000 |
Recognized net actuarial loss | -165,000 | -301,000 | -495,000 | -903,000 |
Net periodic pension benefit (expense) | 45,000 | -121,000 | 135,000 | -362,000 |
Contributions to the pension plan | ' | ' | $600,000 | ' |
Employee hired on or after January 1, 2006 | Maximum | ' | ' | ' | ' |
Retirement Plans | ' | ' | ' | ' |
Requisite age of employees for receiving retirement benefits under the new benefit formula | ' | ' | '45 years | ' |
Requisite service period for receiving retirement benefits under the new benefit formula | ' | ' | '5 years | ' |
Non-contributory defined benefit pension plan | Employees hired on or before December 31, 2005 | Minimum | ' | ' | ' | ' |
Retirement Plans | ' | ' | ' | ' |
Requisite age of employees for receiving retirement benefits under the plan | ' | ' | '21 years | ' |
Retirement_Plans_Details_2
Retirement Plans (Details 2) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 25 Months Ended | ||
Aug. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Employees' savings plan | ' | ' | ' | ' | ' | ' |
Matching contribution by the company (as a percent) | ' | ' | ' | ' | ' | 100.00% |
Matching contribution by the company prior to September 1, 2012 (as a percent) | 50.00% | ' | ' | ' | ' | ' |
Expenses recognized under 401(K) plan | ' | $1,200,000 | $871,000 | $3,600,000 | $2,100,000 | ' |
Minimum | ' | ' | ' | ' | ' | ' |
Employees' savings plan | ' | ' | ' | ' | ' | ' |
Age of employees to be eligible to participate in the defined contribution plan | ' | ' | ' | '21 years | ' | ' |
Percentage of annual base compensation that participants may elect to contribute | ' | ' | ' | 1.00% | ' | ' |
Maximum | ' | ' | ' | ' | ' | ' |
Employees' savings plan | ' | ' | ' | ' | ' | ' |
Percentage of annual base compensation that participants may elect to contribute | ' | ' | ' | 50.00% | ' | ' |
Percentage of employees salary for which the company contributes a matching contribution | ' | ' | ' | ' | ' | 5.00% |
Percentage of employees salary for which the company contributes a matching contribution, prior to September 1, 2012 | 6.00% | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic earnings per share: | ' | ' | ' | ' |
Net income available to common shareholders | $19,327 | $11,512 | $53,116 | $34,693 |
Weighted-average basic shares | 23,899 | 21,894 | 23,890 | 18,518 |
Basic earnings per share (in dollars per share) | $0.81 | $0.53 | $2.22 | $1.87 |
Diluted earnings per share: | ' | ' | ' | ' |
Net income available to common shareholders | $19,327 | $11,512 | $53,116 | $34,693 |
Weighted-average basic shares | 23,899 | 21,894 | 23,890 | 18,518 |
Effect of dilutive securities (in shares) | 261 | 234 | 249 | 199 |
Weighted-average dilutive shares | 24,160 | 22,128 | 24,139 | 18,717 |
Diluted earnings per share (in dollars per share) | $0.80 | $0.52 | $2.20 | $1.85 |
Earnings_Per_Share_Details_2
Earnings Per Share (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share | ' | ' | ' |
Number of shares | 22,497 | 22,497 | 21,361 |
Range of exercise prices, low end of range (in dollars per share) | $61.49 | $61.49 | $41.45 |
Range of exercise prices, high end of range (in dollars per share) | $66.32 | $66.32 | $41.45 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 26, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
Stock Options | Incentive stock options | Incentive stock options | 1999, 2004 and 2012 Plans | 2004 plan | 2012 plan | 2012 plan | |
Maximum | Incentive stock options | Restricted Stock | |||||
Maximum | |||||||
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | 25.00% | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' | ' | ' | ' |
Expiration period | ' | '10 years | ' | ' | ' | ' | ' |
Number of shares registered under the 2012 plan | ' | ' | ' | ' | ' | 1,684,000 | 817,476 |
Number of shares | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 295,916 | ' | ' | ' | ' | ' | ' |
Granted (in shares) | 22,497 | ' | ' | ' | 0 | ' | ' |
Exercised (in shares) | -9,122 | ' | ' | ' | ' | ' | ' |
Expired/Forfeited (in shares) | -13 | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | 309,278 | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in shares) | 254,352 | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $33.26 | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | $65.59 | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | $29.79 | ' | ' | ' | ' | ' | ' |
Expired/Forfeited (in dollars per share) | $27.22 | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | $35.71 | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars per share) | $33.09 | ' | ' | ' | ' | ' | ' |
Weighted-average fair value of options granted during the year (in dollars per share) | $26.44 | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | '4 years 7 months 6 days | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period | '3 years 9 months 18 days | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value (000's) | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | $6,467 | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period | $5,816 | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 2) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options | ' | ' |
Weighted-average assumptions | ' | ' |
Dividend yield (as a percent) | 1.27% | 1.70% |
Expected life | '6 years | '6 years |
Expected volatility (as a percent) | ' | 42.00% |
Risk-free interest rate (as a percent) | 2.10% | 1.02% |
Additional disclosures | ' | ' |
Total unrecognized compensation cost related to non vested stock option grants | $756,000 | ' |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '1 year 3 months 14 days | ' |
Total fair value of shares vested during the period | 413,000 | ' |
Stock Options | Minimum | ' | ' |
Weighted-average assumptions | ' | ' |
Expected volatility (as a percent) | 43.80% | ' |
Stock Options | Maximum | ' | ' |
Weighted-average assumptions | ' | ' |
Expected volatility (as a percent) | 44.70% | ' |
Restricted Stock | ' | ' |
Additional disclosures | ' | ' |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '2 years 5 months 23 days | ' |
Restricted Stock Activity and RSUs | ' | ' |
Nonvested at the beginning of the period (in shares) | 232,547 | ' |
Granted (in shares) | 26,014 | ' |
Vested (in shares) | -20,348 | ' |
Forfeited (in shares) | -4,454 | ' |
Nonvested at the end of the period (in shares) | 233,759 | ' |
Weighted-Average Grant-Date Fair Value | ' | ' |
Nonvested at the beginning of the period (in dollars per share) | $35.15 | ' |
Granted (in dollars per share) | $60.40 | ' |
Vested (in dollars per share) | $41.82 | ' |
Forfeited (in dollars per share) | $41.45 | ' |
Nonvested at the end of the period (in dollars per share) | $37.26 | ' |
Additional disclosures | ' | ' |
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | 4,700,000 | ' |
Total fair value of restricted shares vested during the period | 851,000 | ' |
Restricted Stock | Employees | Minimum | ' | ' |
Additional disclosures | ' | ' |
Vesting period | '4 years | ' |
Restricted Stock | Non-employee directors | Maximum | ' | ' |
Additional disclosures | ' | ' |
Vesting period | '12 months | ' |
Restricted Stock Units | ' | ' |
Additional disclosures | ' | ' |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '1 year 8 months 23 days | ' |
Restricted Stock Activity and RSUs | ' | ' |
Nonvested at the beginning of the period (in shares) | 43,820 | ' |
Granted (in shares) | 37,802 | ' |
Vested (in shares) | -2,314 | ' |
Nonvested at the end of the period (in shares) | 79,308 | ' |
Weighted-Average Grant-Date Fair Value | ' | ' |
Nonvested at the beginning of the period (in dollars per share) | $51.01 | ' |
Granted (in dollars per share) | $61.49 | ' |
Vested (in dollars per share) | $54 | ' |
Nonvested at the end of the period (in dollars per share) | $55.92 | ' |
Additional disclosures | ' | ' |
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | 2,900,000 | ' |
Total fair value of restricted shares vested during the period | $125,000 | ' |
Performance period | '3 years | ' |
Target RSU award level (as a percent) | 85.00% | ' |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | Sep. 30, 2014 |
In Billions, unless otherwise specified | |
Commitments and Contingent Liabilities | ' |
Commitments to extend credit and standby letters of credit | $1.30 |
Fair_Value_Details
Fair Value (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Assets | ' | ' | ' |
Securities available for sale | $805,114 | $626,798 | $786,791 |
Government-sponsored entities debt | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 137,459 | 102,673 | 142,994 |
State and municipal obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 141,258 | 142,578 | 140,651 |
Corporate stocks | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 3,388 | 2,921 | 3,667 |
Fair Value | ' | ' | ' |
Assets | ' | ' | ' |
Mortgage servicing rights | 22,052 | 18,908 | 20,729 |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Assets | ' | ' | ' |
Mortgage servicing rights | 22,052 | 18,908 | 20,729 |
Liabilities | ' | ' | ' |
Changes in hierarchy classifications of Level 3 liabilities | 0 | ' | ' |
Recurring basis | Fair Value | ' | ' | ' |
Assets | ' | ' | ' |
Derivative financial instruments | 1,101 | 209 | 701 |
Securities available for sale | 805,114 | 626,798 | 786,791 |
Mortgage servicing rights | 22,052 | 18,908 | 20,729 |
Fair value of Assets, Total | 828,267 | 645,915 | 808,221 |
Liabilities | ' | ' | ' |
Derivative financial instruments | 986 | 1,259 | 1,857 |
Recurring basis | Fair Value | Government-sponsored entities debt | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 137,459 | 102,673 | 142,994 |
Recurring basis | Fair Value | State and municipal obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 141,258 | 142,578 | 140,651 |
Recurring basis | Fair Value | Mortgage-backed securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 523,009 | 378,626 | 499,479 |
Recurring basis | Fair Value | Corporate stocks | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 3,388 | 2,921 | 3,667 |
Recurring basis | Quoted Prices In Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 3,163 | 2,696 | 3,442 |
Fair value of Assets, Total | 3,163 | 2,696 | 3,442 |
Recurring basis | Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate stocks | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 3,163 | 2,696 | 3,442 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Assets | ' | ' | ' |
Derivative financial instruments | 1,101 | 209 | 701 |
Securities available for sale | 801,951 | 624,102 | 783,349 |
Fair value of Assets, Total | 803,052 | 624,311 | 784,050 |
Liabilities | ' | ' | ' |
Derivative financial instruments | 986 | 1,259 | 1,857 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Government-sponsored entities debt | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 137,459 | 102,673 | 142,994 |
Recurring basis | Significant Other Observable Inputs (Level 2) | State and municipal obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 141,258 | 142,578 | 140,651 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 523,009 | 378,626 | 499,479 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate stocks | ' | ' | ' |
Assets | ' | ' | ' |
Securities available for sale | 225 | 225 | 225 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Assets | ' | ' | ' |
Mortgage servicing rights | 22,052 | 18,908 | 20,729 |
Fair value of Assets, Total | 22,052 | 18,908 | 20,729 |
Changes in fair value of assets | ' | ' | ' |
Fair value of assets at the beginning of the period | 20,729 | 3,851 | ' |
Mortgage and other loan income | -2,252 | -771 | ' |
Acquired in the FFHI acquisition | ' | 19,156 | ' |
Purchases, issuances and settlements, net | 3,575 | -3,851 | ' |
Transfers in and/or out of level 3 | ' | 523 | ' |
Fair value of assets at the end of the period | 22,052 | 18,908 | ' |
Unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities | $0 | $0 | ' |
Fair_Value_Details_2
Fair Value (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | ||||
Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | |||||
OREO | OREO | OREO | Non-acquired impaired loans | Non-acquired impaired loans | Non-acquired impaired loans | OREO | OREO | OREO | Non-acquired impaired loans | Non-acquired impaired loans | Non-acquired impaired loans | Discounted appraisals | Discounted appraisals | Discounted appraisals | Discounted appraisals | Discounted appraisals | Discounted appraisals | |||||
Impaired loans | Impaired loans | Impaired loans | OREO | OREO | OREO | |||||||||||||||||
Minimum | Maximum | Weighted average | Minimum | Maximum | Weighted average | |||||||||||||||||
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Real Estate | $51,250 | $64,918 | $75,873 | $66,505 | $51,250 | $64,918 | $75,873 | $10,655 | $13,129 | $9,088 | $51,250 | $64,918 | $75,873 | $10,655 | $13,129 | $9,088 | ' | ' | ' | ' | ' | ' |
Quantitative Information about Level 3 Fair Value Measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral discounts (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 25.00% | 4.91% | ' | ' | ' |
Collateral discounts and estimated costs to sell (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 50.00% | 27.46% |
Fair_Value_Details_3
Fair Value (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financial liabilities: | ' | ' | ' |
Federal funds purchased and securities sold under agreements to repurchase | $231,229 | $211,401 | $233,792 |
Other borrowings | 101,127 | 102,060 | 101,347 |
Fair Value | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and cash equivalents | 503,028 | 479,461 | 645,166 |
Investment securities | 826,651 | 813,068 | 654,176 |
Loans, net of allowance for loan losses, and loans held for sale | 5,736,759 | 5,742,078 | 5,739,526 |
FDIC receivable for loss share agreements | 13,873 | 48,512 | 77,465 |
Accrued interest receivable | 17,134 | 15,024 | 15,000 |
Mortgage servicing rights | 22,052 | 20,729 | 18,908 |
Interest rate swap - non-designated hedge | 162 | 178 | 209 |
Other derivative financial instruments (mortgage banking related) | 939 | 523 | 1,101 |
Financial liabilities: | ' | ' | ' |
Deposits | 6,224,652 | 6,313,543 | 6,410,356 |
Federal funds purchased and securities sold under agreements to repurchase | 231,229 | 211,401 | 233,792 |
Other borrowings | 101,627 | 92,751 | 104,984 |
Accrued interest payable | 4,234 | 5,388 | 5,489 |
Interest rate swap - cash flow hedge | 824 | 914 | 1,050 |
Interest rate swap - non-designated hedge | 162 | 178 | 209 |
Other derivative financial instruments (Mortgage - banking related) | ' | 765 | ' |
Fair Value | Commitments to extend credit | ' | ' | ' |
Financial liabilities: | ' | ' | ' |
Off balance sheet financial instruments | 12,007 | 15,555 | 6,298 |
Level 1 | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and cash equivalents | 503,028 | 479,461 | 645,166 |
Investment securities | 13,681 | 16,828 | 17,082 |
Other derivative financial instruments (mortgage banking related) | ' | ' | 1,101 |
Level 2 | ' | ' | ' |
Financial assets: | ' | ' | ' |
Investment securities | 812,970 | 796,240 | 637,094 |
Loans, net of allowance for loan losses, and loans held for sale | 56,595 | 30,586 | 52,467 |
Accrued interest receivable | 3,708 | 3,482 | 3,391 |
Interest rate swap - non-designated hedge | 162 | 178 | 209 |
Other derivative financial instruments (mortgage banking related) | 939 | 523 | ' |
Financial liabilities: | ' | ' | ' |
Deposits | 6,224,652 | 6,313,543 | 6,410,356 |
Federal funds purchased and securities sold under agreements to repurchase | 231,229 | 211,401 | 233,792 |
Other borrowings | 101,627 | 92,751 | 104,984 |
Accrued interest payable | 4,234 | 5,388 | 5,489 |
Interest rate swap - cash flow hedge | 824 | 914 | 1,050 |
Interest rate swap - non-designated hedge | 162 | 178 | 209 |
Other derivative financial instruments (Mortgage - banking related) | ' | 765 | ' |
Level 2 | Commitments to extend credit | ' | ' | ' |
Financial liabilities: | ' | ' | ' |
Off balance sheet financial instruments | 12,007 | 15,555 | 6,298 |
Level 3 | ' | ' | ' |
Financial assets: | ' | ' | ' |
Loans, net of allowance for loan losses, and loans held for sale | 5,680,164 | 5,711,492 | 5,711,259 |
FDIC receivable for loss share agreements | 13,873 | 48,512 | 77,465 |
Accrued interest receivable | 13,426 | 11,542 | 11,609 |
Mortgage servicing rights | 22,052 | 20,729 | 18,908 |
Carrying Amount | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and cash equivalents | 503,028 | 479,461 | 645,166 |
Investment securities | 826,021 | 812,603 | 652,610 |
Loans, net of allowance for loan losses, and loans held for sale | 5,684,334 | 5,683,044 | 5,738,266 |
FDIC receivable for loss share agreements | 30,983 | 86,447 | 108,149 |
Accrued interest receivable | 17,134 | 15,024 | 15,000 |
Mortgage servicing rights | 22,052 | 20,729 | 18,908 |
Interest rate swap - non-designated hedge | 162 | 178 | 209 |
Other derivative financial instruments (mortgage banking related) | 939 | 523 | 1,101 |
Financial liabilities: | ' | ' | ' |
Deposits | 6,518,228 | 6,555,497 | 6,659,108 |
Federal funds purchased and securities sold under agreements to repurchase | 231,229 | 211,401 | 233,792 |
Other borrowings | 101,127 | 102,060 | 101,347 |
Accrued interest payable | 4,234 | 5,388 | 5,489 |
Interest rate swap - cash flow hedge | 824 | 914 | 1,050 |
Interest rate swap - non-designated hedge | 162 | 178 | 209 |
Other derivative financial instruments (Mortgage - banking related) | ' | $765 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Benefit Plans | Benefit Plans | Benefit Plans | Benefit Plans | Benefit Plans | Unrealized Gains and Losses on Securities Available for Sale | Unrealized Gains and Losses on Securities Available for Sale | Unrealized Gains and Losses on Securities Available for Sale | Unrealized Gains and Losses on Securities Available for Sale | Gains and Losses on Cash Flow Hedges | Gains and Losses on Cash Flow Hedges | Gains and Losses on Cash Flow Hedges | Gains and Losses on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $408 | ($9,591) | ($9,723) | $376 | ($3,382) | ($3,585) | ($7,458) | ($7,458) | ($7,458) | $4,373 | ($1,484) | ($5,573) | $8,764 | ($583) | ($565) | ($930) | ($649) |
Other comprehensive income (loss) before reclassifications | -1,755 | -1,037 | 8,132 | -11,146 | ' | ' | ' | ' | ' | -1,780 | -1,037 | 8,221 | -11,285 | 25 | -89 | 139 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 206 | ' | 450 | 142 | 102 | 305 | ' | ' | ' | 56 | ' | 1 | ' | 48 | 144 | 142 | ' |
Net comprehensive income (loss) | -1,549 | -1,037 | 8,582 | -11,004 | 102 | 305 | ' | ' | ' | -1,724 | -1,037 | 8,222 | -11,285 | 73 | 55 | 281 | ' |
Balance at the end of the period | ($1,141) | ($10,628) | ($1,141) | ($10,628) | ($3,280) | ($3,280) | ($7,458) | ($7,458) | ($7,458) | $2,649 | ($2,521) | $2,649 | ($2,521) | ($510) | ($510) | ($649) | ($649) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassifications out of accumulated other comprehensive income, net of tax | ' | ' | ' | ' |
Interest expense | ($3,979) | ($4,038) | ($11,833) | ($8,648) |
Other noninterest income | 4,139 | 2,418 | 11,602 | 5,229 |
Salaries and employee benefits | -40,029 | -34,463 | -119,398 | -81,461 |
Provision for income taxes | -8,346 | -6,804 | -26,546 | -18,151 |
Net income available to common shareholders | 19,327 | 11,512 | 53,116 | 34,693 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income, net of tax | ' | ' | ' | ' |
Net income available to common shareholders | 206 | 48 | 450 | 142 |
Gains and losses on cash flow hedges | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Interest rate contracts | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income, net of tax | ' | ' | ' | ' |
Interest expense | 78 | 77 | 232 | 229 |
Provision for income taxes | -30 | -29 | -88 | -87 |
Net income available to common shareholders | 48 | 48 | 144 | 142 |
Losses on sales of available for sale securities | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income, net of tax | ' | ' | ' | ' |
Other noninterest income | 90 | ' | 2 | ' |
Provision for income taxes | -34 | ' | -1 | ' |
Net income available to common shareholders | 56 | ' | 1 | ' |
Amortization of defined benefit pension items | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income, net of tax | ' | ' | ' | ' |
Salaries and employee benefits | 165 | ' | 495 | ' |
Provision for income taxes | -63 | ' | -190 | ' |
Net income available to common shareholders | $102 | ' | $305 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2009 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
item | item | Mortgage loan pipeline | Mortgage loan pipeline | Mortgage loan pipeline | Expected closures | Expected closures | Expected closures | Mortgage loan pipeline commitments | Mortgage loan pipeline commitments | Mortgage loan pipeline commitments | Forward commitments | Forward commitments | Forward commitments | Non-designated hedges | Non-designated hedges | Interest rate contracts | Interest rate contracts | Savannah | Maximum | |||
Mortgage servicing rights hedging | Cash flow hedge | Non-designated hedges | item | |||||||||||||||||||
Derivative Financial Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate payable on notional amount (as a percent) | 4.06% | ' | 4.06% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis, variable rate receivable on notional amount | ' | ' | 'three-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $78,000,000 | ' | $8,000,000 | $4,100,000 | ' | ' |
After-tax unrealized gain (loss) on cash flow hedge in other comprehensive income | 73,000 | ' | 55,000 | 281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 |
Cash flow hedge liability | 824,000 | 1,000,000 | 824,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ineffectiveness in the cash flow hedge | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral required to be provided | 950,000 | 1,100,000 | 950,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swaps contracts that were classified as non-designated hedges acquired through merger | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swaps held to facilitate a risk management strategy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Fair value of non-designated interest rate swaps recorded in other assets and other liabilities | 162,000 | ' | 162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional collateral required relating to a default provision in the derivative relationship | 355,000 | ' | 355,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination value of obligations under agreement | 162,000 | ' | 162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation | ' | ' | ' | ' | 55,759,000 | 44,678,000 | 33,894,000 | 41,842,000 | 33,508,000 | 25,421,000 | ' | ' | ' | 59,455,000 | 36,230,000 | 51,267,000 | ' | ' | ' | ' | ' | ' |
Net fair value of the open contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,061,000 | $112,000 | $714,000 | $475,000 | $296,000 | ($569,000) | ' | $150,000 | ' | ' | ' | ' |
Capital_Ratios_Details
Capital Ratios (Details) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Actual capital amounts and ratios | ' | ' | ' |
Minimum Tier1 risk-based capital as a percent of risk-weighted assets (as a percent) | 4.00% | ' | ' |
Minimum total risk-based capital as a percent of risk-weighted assets (as a percent) | 8.00% | ' | ' |
Tier 1 risk-based capital (as a percent) | 13.29% | 13.58% | 13.15% |
Total risk-based capital (as a percent) | 14.12% | 14.47% | 14.40% |
Tier 1 leverage (as a percent) | 9.16% | 9.30% | 10.09% |
South State Bank | ' | ' | ' |
Actual capital amounts and ratios | ' | ' | ' |
Tier 1 risk-based capital (as a percent) | 13.11% | 13.37% | 12.95% |
Total risk-based capital (as a percent) | 13.94% | 14.26% | 14.20% |
Tier 1 leverage (as a percent) | 9.03% | 9.16% | 9.95% |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Goodwill | ' |
Carrying amount of goodwill | $317.70 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Other intangible assets | ' | ' | ' | ' | ' |
Gross carrying amount | $75,354 | $77,963 | $75,354 | $77,963 | $77,896 |
Accumulated amortization | -24,063 | -15,768 | -24,063 | -15,768 | -17,988 |
Net carrying amount | 51,291 | 62,195 | 51,291 | 62,195 | 59,908 |
Amortization expense | 2,080 | 1,738 | 6,268 | 3,794 | ' |
Estimated amortization expense for other intangibles for each of the next five quarters | ' | ' | ' | ' | ' |
31-Dec-14 | 2,052 | ' | 2,052 | ' | ' |
31-Mar-15 | 2,016 | ' | 2,016 | ' | ' |
30-Jun-15 | 1,963 | ' | 1,963 | ' | ' |
30-Sep-15 | 1,962 | ' | 1,962 | ' | ' |
31-Dec-15 | 1,948 | ' | 1,948 | ' | ' |
Thereafter | 41,350 | ' | 41,350 | ' | ' |
Net carrying amount | $51,291 | $62,195 | $51,291 | $62,195 | $59,908 |
Minimum | ' | ' | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | '2 years | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | '15 years | ' | ' |
Loan_Servicing_Mortgage_Origin2
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Characteristics and sensitivity analysis of the MSR | ' | ' | ' | ' | ' |
Composition of residential loans serviced for others (as a percent) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Effect on fair value due to change in interest rates | ' | ' | ' | ' | ' |
Custodial escrow balances maintained in connection with the loan servicing | $18,600,000 | ' | $18,600,000 | ' | ' |
MSR | ' | ' | ' | ' | ' |
Loans held for sale, loan servicing and mortgage origination | ' | ' | ' | ' | ' |
Mortgage servicing rights | 22,052,000 | 18,908,000 | 22,052,000 | 18,908,000 | 20,729,000 |
Changes in the fair value of MSRs and its offsetting hedge | ' | ' | ' | ' | ' |
Increase (decrease) in fair value of MSRs | 162,000 | -582,000 | -529,000 | -582,000 | ' |
Decay of MSRs | -646,000 | -417,000 | -1,723,000 | -417,000 | ' |
Gains (losses) related to derivatives | 183,000 | -670,000 | 2,118,000 | -670,000 | ' |
Net effect on consolidated statements of income | -301,000 | -1,669,000 | -134,000 | -1,669,000 | ' |
Analysis of the activity in the MSRs | ' | ' | ' | ' | ' |
Balance at beginning of the period | ' | ' | 20,729,000 | ' | ' |
Additions: | ' | ' | ' | ' | ' |
Servicing assets that resulted from transfers of financial assets | ' | ' | 3,575,000 | 751,000 | ' |
Increase in fair value due to change in valuation inputs or assumptions | ' | ' | -529,000 | -582,000 | ' |
Decay in fair value: | ' | ' | ' | ' | ' |
Due to increases in principal paydowns or runoff | -1,723,000 | -417,000 | -1,723,000 | -417,000 | ' |
Carrying value at end of period | 22,052,000 | 18,908,000 | 22,052,000 | 18,908,000 | 20,729,000 |
Characteristics and sensitivity analysis of the MSR | ' | ' | ' | ' | ' |
Weighted average life | ' | ' | '6 years 2 months 19 days | '6 years 3 months 4 days | '6 years 10 months 28 days |
Constant Prepayment rate (CPR) (as a percent) | ' | ' | 11.50% | 12.00% | 10.20% |
Weighted average discount rate (as a percent) | ' | ' | 9.50% | 10.10% | 10.10% |
Effect on fair value due to change in interest rates | ' | ' | ' | ' | ' |
25 basis point increase | 1,499,000 | 1,244,000 | 1,499,000 | 1,244,000 | 1,059,000 |
50 basis point increase | 2,803,000 | 2,387,000 | 2,803,000 | 2,387,000 | 1,964,000 |
25 basis point decrease | -1,688,000 | -1,382,000 | -1,688,000 | -1,382,000 | -1,248,000 |
50 basis point decrease | -3,229,000 | -2,405,000 | -3,229,000 | -2,405,000 | -2,255,000 |
Fixed-rate mortgage loans | ' | ' | ' | ' | ' |
Characteristics and sensitivity analysis of the MSR | ' | ' | ' | ' | ' |
Composition of residential loans serviced for others (as a percent) | 99.20% | 98.90% | 99.20% | 98.90% | 99.00% |
Adjustable-rate mortgage loans | ' | ' | ' | ' | ' |
Characteristics and sensitivity analysis of the MSR | ' | ' | ' | ' | ' |
Composition of residential loans serviced for others (as a percent) | 0.80% | 1.10% | 0.80% | 1.10% | 1.00% |
FFHI | ' | ' | ' | ' | ' |
Loans held for sale, loan servicing and mortgage origination | ' | ' | ' | ' | ' |
Increase in fair value of MSRs | 2,200,000,000 | 2,100,000,000 | 2,200,000,000 | 2,100,000,000 | 2,100,000,000 |
Contractually specified servicing fees earned | 1,200,000 | ' | 3,900,000 | ' | ' |
FFHI | MSR | ' | ' | ' | ' | ' |
Loans held for sale, loan servicing and mortgage origination | ' | ' | ' | ' | ' |
Mortgage servicing rights | 21,000,000 | ' | 21,000,000 | ' | 20,700,000 |
Additions: | ' | ' | ' | ' | ' |
MSRs acquired in the merger with FFHI | ' | ' | ' | 19,156,000 | ' |
Decay in fair value: | ' | ' | ' | ' | ' |
Carrying value at end of period | $21,000,000 | ' | $21,000,000 | ' | $20,700,000 |
Loan_Servicing_Mortgage_Origin3
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Residential mortgage loans to be sold in secondary market | Residential mortgage loans to be sold in secondary market | Residential mortgage loans to be sold in secondary market | Residential mortgage loans awaiting sale in secondary market | Residential mortgage loans awaiting sale in secondary market | |||
Minimum | Maximum | ||||||
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | ' | ' | ' | ' | ' | ' | ' |
Loan sales | $155.20 | $425.50 | ' | ' | ' | ' | ' |
Loan securitizations and loan sales | 136.4 | 338.1 | ' | ' | ' | ' | ' |
Percentage of loan securitizations and loan sales | 87.90% | 79.40% | ' | ' | ' | ' | ' |
Loans held for sale, settlement period | ' | ' | ' | ' | ' | '15 days | '45 days |
Residential mortgage loans held for sale | ' | ' | $56.60 | $30.60 | $51.20 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent events, Unsecured line of credit, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 27, 2014 |
Subsequent event | ' |
Maximum borrowing capacity | $20 |
Variable interest rate basis | 'LIBOR |
One-month LIBOR | ' |
Subsequent event | ' |
Spread on variable rate basis (as a percent) | 1.75% |