Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | SOUTH STATE Corp | |
Entity Central Index Key | 764,038 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
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 | 29,263,537 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Cash and cash equivalents: | |||
Cash and due from banks | $ 225,259 | $ 201,966 | $ 182,875 |
Interest-bearing deposits with banks | 185,472 | 36,241 | 8,055 |
Federal funds sold and securities purchased under agreements to resell | 21,159 | 136,241 | 290,982 |
Total cash and cash equivalents | 431,890 | 374,448 | 481,912 |
Investment securities: | |||
Securities held to maturity (fair value of $4,248, $6,250 and $8,231, respectively) | 4,166 | 6,094 | 7,921 |
Securities available for sale, at fair value | 1,341,652 | 999,405 | 989,610 |
Other investments | 13,076 | 9,482 | 9,529 |
Total investment securities | 1,358,894 | 1,014,981 | 1,007,060 |
Loans held for sale | 65,995 | 50,572 | 48,926 |
Loans: | |||
Loans, net | 8,140,706 | 6,643,326 | 6,380,657 |
Other real estate owned (covered of $0, $0 and $4,222, respectively; non-covered of $20,007, $18,316 and $21,731, respectively) | 14,430 | 18,316 | 22,427 |
Premises and equipment, net | 201,539 | 183,510 | 177,950 |
Bank owned life insurance | 150,476 | 104,148 | 102,815 |
Deferred tax assets | 39,921 | 31,123 | 25,915 |
Mortgage servicing rights | 29,930 | 29,037 | 22,350 |
Core deposit and other intangibles | 52,966 | 39,848 | 43,629 |
Goodwill | 595,817 | 338,340 | 338,340 |
Other assets | 71,877 | 72,943 | 72,012 |
Total assets | 11,154,441 | 8,900,592 | 8,723,993 |
Deposits: | |||
Noninterest-bearing | 2,635,147 | 2,199,046 | 2,117,246 |
Interest-bearing | 6,396,507 | 5,135,377 | 5,046,680 |
Total deposits | 9,031,654 | 7,334,423 | 7,163,926 |
Federal funds purchased and securities sold under agreements to repurchase | 334,018 | 313,773 | 341,064 |
Other borrowings | 98,147 | 55,358 | 55,254 |
Other liabilities | 85,137 | 62,450 | 59,406 |
Total liabilities | 9,548,956 | 7,766,004 | 7,619,650 |
Shareholders' equity: | |||
Preferred stock - $.01 par value; authorized 10,000,000 shares; no shares issued and outstanding | |||
Common stock - $2.50 par value; authorized 40,000,000 shares; 29,259,264, 24,230,392 and 24,195,226 shares issued and outstanding, respectively | 73,148 | 60,576 | 60,488 |
Surplus | 1,134,328 | 711,307 | 703,445 |
Retained earnings | 401,706 | 370,916 | 333,900 |
Accumulated other comprehensive income (loss) | (3,697) | (8,211) | 6,510 |
Total shareholders' equity | 1,605,485 | 1,134,588 | 1,104,343 |
Total liabilities and shareholders' equity | 11,154,441 | 8,900,592 | 8,723,993 |
Acquired credit impaired loans | |||
Loans: | |||
Loans, net | 602,481 | 602,546 | 658,835 |
Total loans | 606,222 | 662,587 | |
Non-acquired loans | |||
Loans: | |||
Total loans | 5,992,393 | 5,241,041 | 4,816,875 |
Less allowance for non-acquired loan losses | (40,149) | (36,960) | (36,939) |
Loans, net | 5,952,244 | 5,204,081 | 4,779,936 |
Acquired non-credit impaired loans | |||
Loans: | |||
Loans, net | 1,585,981 | $ 836,699 | 941,886 |
Total loans | $ 1,585,981 | $ 941,886 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
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 | 29,259,264 | 24,230,392 | 24,195,226 |
Common stock, shares outstanding | 24,259,264 | 24,230,392 | 24,195,226 |
Investment securities: | |||
Securities held to maturity, fair value (in dollars) | $ 4,248 | $ 6,250 | $ 8,231 |
Loans: | |||
Non-covered | 8,140,706 | 6,643,326 | 6,380,657 |
Other real estate owned | |||
Other real estate owned, non-covered (in dollars) | $ 14,430 | $ 18,316 | $ 22,427 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income: | ||||
Loans, including fees | $ 93,600 | $ 77,154 | $ 185,352 | $ 154,408 |
Investment securities: | ||||
Taxable | 7,020 | 4,477 | 14,251 | 9,270 |
Tax-exempt | 1,397 | 992 | 2,827 | 2,008 |
Federal funds sold and securities purchased under agreements to resell | 762 | 756 | 1,335 | 1,508 |
Total interest income | 102,779 | 83,379 | 203,765 | 167,194 |
Interest expense: | ||||
Deposits | 2,661 | 1,368 | 5,158 | 2,969 |
Federal funds purchased and securities sold under agreements to repurchase | 240 | 137 | 480 | 281 |
Other borrowings | 847 | 475 | 1,734 | 944 |
Total interest expense | 3,748 | 1,980 | 7,372 | 4,194 |
Net interest income | 99,031 | 81,399 | 196,393 | 163,000 |
Provision for loan losses | 2,313 | 2,727 | 6,020 | 5,286 |
Net interest income after provision for loan losses | 96,718 | 78,672 | 190,373 | 157,714 |
Noninterest income: | ||||
Fees on deposit accounts | 22,155 | 21,539 | 43,874 | 41,663 |
Mortgage banking income | 5,195 | 5,620 | 10,764 | 9,818 |
Trust and investment services income | 6,452 | 4,911 | 12,393 | 9,697 |
Securities gains, net | 110 | 110 | 122 | |
Recoveries on acquired loans | 2,171 | 2,002 | 3,703 | 2,923 |
Amortization of FDIC indemnification asset, net | (4,427) | (5,901) | ||
Other | 1,491 | 2,473 | 3,165 | 3,838 |
Total noninterest income | 37,574 | 32,118 | 74,009 | 62,160 |
Noninterest expense: | ||||
Salaries and employee benefits | 47,580 | 40,537 | 96,466 | 81,969 |
Net occupancy expense | 6,048 | 5,541 | 12,436 | 10,900 |
Information services expense | 6,413 | 5,083 | 12,773 | 10,117 |
Furniture and equipment expense | 3,877 | 3,072 | 7,671 | 5,923 |
OREO expense and loan related | 1,753 | 874 | 3,895 | 2,648 |
Bankcard expense | 2,886 | 3,040 | 5,656 | 5,919 |
Amortization of intangibles | 2,495 | 1,892 | 5,002 | 3,795 |
Supplies, printing and postage expense | 1,570 | 1,757 | 3,224 | 3,565 |
Professional fees | 1,599 | 1,576 | 3,372 | 2,906 |
FDIC assessment and other regulatory charges | 989 | 1,017 | 2,111 | 2,161 |
Advertising and marketing | 989 | 858 | 1,548 | 1,502 |
Merger and branch consolidation related expenses | 4,307 | 1,573 | 25,331 | 2,531 |
Other | 6,033 | 7,034 | 11,777 | 11,947 |
Total noninterest expense | 86,539 | 73,854 | 191,262 | 145,883 |
Earnings: | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 47,753 | 36,936 | 73,120 | 73,991 |
Provision for income taxes | 15,930 | 12,420 | 23,033 | 24,981 |
Net income | 31,823 | 24,516 | 50,087 | 49,010 |
Net income | $ 31,823 | $ 24,516 | $ 50,087 | $ 49,010 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.09 | $ 1.02 | $ 1.73 | $ 2.04 |
Diluted (in dollars per share) | 1.08 | 1.01 | 1.71 | 2.02 |
Dividends per common share (in dollars per share) | $ 0.33 | $ 0.30 | $ 0.66 | $ 0.58 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 29,095 | 23,995 | 28,985 | 23,977 |
Diluted (in shares) | 29,365 | 24,237 | 29,252 | 24,205 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Consolidated Statements of Comprehensive Income | ||||
Net income | $ 31,823 | $ 24,516 | $ 50,087 | $ 49,010 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during period | 1,803 | 4,631 | 6,920 | 16,551 |
Tax effect | (688) | (1,766) | (2,638) | (6,311) |
Reclassification adjustment for (gains) losses included in net income | (110) | (110) | (122) | |
Tax effect | 43 | 42 | 46 | |
Net of tax amount | 1,048 | 2,865 | 4,214 | 10,164 |
Unrealized losses on derivative financial instruments qualifying as cash flow hedges: | ||||
Unrealized holding losses arising during period | 18 | (46) | (60) | (198) |
Tax effect | (7) | 18 | 23 | 75 |
Reclassification adjustment for losses included in interest expense | 19 | 68 | 168 | 142 |
Tax effect | (7) | (26) | (64) | (54) |
Net of tax amount | 23 | 14 | 67 | (35) |
Change in pension plan obligation: | ||||
Reclassification adjustment for changes included in net income | 187 | 204 | 376 | 408 |
Tax effect | (71) | (78) | (143) | (156) |
Net of tax amount | 116 | 126 | 233 | 252 |
Other comprehensive income (loss), net of tax | 1,187 | 3,005 | 4,514 | 10,381 |
Comprehensive income | $ 33,010 | $ 27,521 | $ 54,601 | $ 59,391 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss). | Total |
Balance at Dec. 31, 2015 | $ 60,407 | $ 703,929 | $ 298,919 | $ (3,871) | $ 1,059,384 |
Balance (in shares) at Dec. 31, 2015 | 24,162,657 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Comprehensive income | 49,010 | 10,381 | 59,391 | ||
Cash divideends declared on common stock per share | (14,029) | (14,029) | |||
Employee stock purchases | $ 9 | 218 | 227 | ||
Employee stock purchases (in shares) | 3,729 | ||||
Stock options exercised | $ 60 | 748 | 808 | ||
Stock options exercised (in shares) | 24,073 | ||||
Restricted stock awards | $ 99 | (99) | |||
Restricted stock awards (in shares) | 39,556 | ||||
Stock issued pursuant to restricted stock units. | $ 90 | (90) | |||
Stock issued pursuant to restricted stock units (in shares) | 35,903 | ||||
Value of common stock repurchased buyback plan | $ (82) | (2,048) | (2,130) | ||
Common stock repurchased buyback plan (in shares) | (32,900) | ||||
Common stock repurchased | $ (95) | (2,377) | (2,472) | ||
Common stock repurchased (in shares) | (37,792) | ||||
Share-based compensation expense | 3,164 | 3,164 | |||
Balance at Jun. 30, 2016 | $ 60,488 | 703,445 | 333,900 | 6,510 | $ 1,104,343 |
Balance (in shares) at Jun. 30, 2016 | 24,195,226 | 24,195,226 | |||
Balance (in shares) Preferred Stock at Jun. 30, 2016 | 0 | ||||
Balance at Dec. 31, 2016 | $ 60,576 | 711,307 | 370,916 | (8,211) | $ 1,134,588 |
Balance (in shares) at Dec. 31, 2016 | 24,230,392 | 24,230,392 | |||
Balance (in shares) Preferred Stock at Dec. 31, 2016 | 0 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Comprehensive income | 50,087 | 4,514 | $ 54,601 | ||
Cash divideends declared on common stock per share | (19,297) | (19,297) | |||
Employee stock purchases | $ 8 | 259 | 267 | ||
Employee stock purchases (in shares) | 3,226 | ||||
Stock options exercised | $ 84 | 1,050 | 1,134 | ||
Stock options exercised (in shares) | 33,896 | ||||
Common stock issued for Southeastern Bank Financial Corp. acquisition | $ 12,446 | 422,163 | 434,609 | ||
Common stock issued for Southeastern Bank Financial Corp. acquisition (in shares) | 4,978,338 | ||||
Restricted stock awards | $ 39 | (39) | |||
Restricted stock awards (in shares) | 15,851 | ||||
Stock issued pursuant to restricted stock units. | $ 95 | (95) | |||
Stock issued pursuant to restricted stock units (in shares) | 37,802 | ||||
Common stock repurchased | $ (100) | (3,505) | (3,605) | ||
Common stock repurchased (in shares) | (40,241) | ||||
Share-based compensation expense | 3,188 | 3,188 | |||
Balance at Jun. 30, 2017 | $ 73,148 | $ 1,134,328 | $ 401,706 | $ (3,697) | $ 1,605,485 |
Balance (in shares) at Jun. 30, 2017 | 29,259,264 | 24,259,264 | |||
Balance (in shares) Preferred Stock at Jun. 30, 2017 | 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Consolidated Statements of Changes in Shareholders' Equity | ||||
Cash dividends declared, per share (in dollars per share) | $ 0.33 | $ 0.30 | $ 0.66 | $ 0.58 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 50,087 | $ 49,010 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,064 | 10,565 |
Provision for loan losses | 6,020 | 5,286 |
Deferred income taxes | 4,040 | 5,515 |
(Gain) loss on sale of securities, net | (110) | (122) |
Share-based compensation expense | 3,188 | 3,164 |
Amortization on FDIC indemnification asset | 3,566 | |
Accretion of discount related to performing acquired loans | (7,543) | (2,795) |
(Gain) Loss on disposals of premises and equipment | (15) | (33) |
Gain on sale of OREO | (188) | (1,483) |
Net amortization of premium on investment securities | 3,338 | 2,707 |
OREO Write downs | 1,729 | 2,943 |
Fair Value adjustment for loans held for sale | 1,332 | (665) |
Originations and purchases of mortgage loans for sale | (367,673) | (328,899) |
Proceeds from mortgage loans sales | 364,570 | 322,286 |
Net change in: | ||
Accrued interest receivable | 558 | (1,108) |
Prepaid assets | 387 | (1,248) |
FDIC indemnification asset | 3,177 | |
Miscellaneous other assets | (914) | (7,797) |
Accrued interest payable | (469) | (541) |
Accrued income taxes | 5,798 | 3,187 |
Miscellaneous other liabilities | (3,004) | 6,138 |
Net cash provided by operating activities | 75,195 | 72,853 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available for sale | 215,987 | 137 |
Proceeds from maturities and calls of investment securities held to maturity | 1,930 | 1,395 |
Proceeds from maturities and calls of investment securities available for sale | 131,250 | 234,765 |
Proceeds from sales of other investment securities | 2,807 | 24 |
Purchases of investment securities available for sale | (101,925) | (201,130) |
Purchases of other investment securities | (303) | (660) |
Net increase in loans | (449,052) | (421,134) |
Payment to terminate FDIC Loss Share Agreements | (2,342) | |
Recoveries of loans previously charged off | 1,340 | 1,646 |
Net cash received from acquisitions | 71,607 | |
Purchases of premises and equipment | (6,095) | (12,381) |
Proceeds from sale of OREO | 7,677 | 14,209 |
Proceeds from sale of premises and equipment | 15 | |
Net cash provided by (used in) investing activities | (124,762) | (385,471) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 176,311 | 63,510 |
Net increase in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings | 19,231 | 52,833 |
Repayment of other borrowings | (67,032) | (11) |
Common stock issuance | 267 | 227 |
Common stock repurchase | (3,605) | (4,602) |
Dividends paid on common stock | (19,297) | (14,029) |
Stock options exercised | 1,134 | 808 |
Net cash provided by financing activities | 107,009 | 98,736 |
Net increase (decrease) in cash and cash equivalents | 57,442 | (213,882) |
Cash and cash equivalents at beginning of period | 374,448 | 695,794 |
Cash and cash equivalents at end of period | 431,890 | 481,912 |
Cash paid for: | ||
Interest | 7,841 | 4,735 |
Income taxes | 11,850 | 16,676 |
Schedule of Noncash Investing Transactions: | ||
Real estate acquired in full or in partial settlement of loans (covered of $0 and $2,151, respectively; and non-covered of $0 and $2,124, respectively) | $ 4,947 | $ 7,542 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Basis of Presentation | |
Basis of Presentation | Note 1 — Basis of Presentation 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 three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The condensed consolidated balance sheet at December 31, 2016 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 Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016, as filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2017, should be referenced when reading these unaudited condensed consolidated financial statements. 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 Corporation’s wholly owned subsidiary, South State Bank, a South Carolina banking corporation. |
Recent Accounting and Regulator
Recent Accounting and Regulatory Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Recent Accounting and Regulatory Pronouncements | |
Recent Accounting and Regulatory Pronouncements | Note 3 — Recent Accounting and Regulatory Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting ; (“ASU 2017-09”). ASU 2017-09 provides clarity by offering guidance on the scope of modification accounting for share-based payment awards and gives direction on which changes to the terms or conditions of these awards require an entity to apply modification accounting. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The guidance is effective prospectively for all companies for annual periods beginning on or after December 15, 2017. Early adoption is permitted. The Company has determined that this guidance will not have a material impact on the Company’s consolidated financial statements. In March 2017, FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Cost (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities; (“ASU 2017-08”). ASU 2017-08 shortens the amortization period of the premium for certain callable debt securities, from the contractual maturity date to the earliest call date. The amendments do not require an accounting change for securities held at a discount; an entity will continue to amortize to the contractual maturity date the discount related to callable debt securities. The amendments apply to the amortization of premiums on callable debt securities with explicit, noncontingent call features that are callable at fixed prices on preset dates. For public business entities, ASU 2017-08 is effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For entities other than public business entities, the amendments are effective in fiscal years beginning after December 15, 2019 and in interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including in an interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the amendments are adopted. The Company has determined that this guidance will not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost; (“ASU 2017-07”). ASU 2017-07 applies to any employer that sponsors a defined benefit pension plan, other postretirement benefit plan, or other types of benefits accounted for under Topic 715. The amendments require that an employer disaggregate the service cost component from the other components of net benefit cost, as follows (1) service cost must be presented in the same line item(s) as other employee compensation costs. These costs are generally included within income from continuing operations, but in some cases may be eligible for capitalization, (2) all other components of net benefit cost must be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented, (3) the amendments permit capitalizing only the service cost component of net benefit cost, assuming such costs meet the criteria required for capitalization by other U.S. GAAP , rather than total net benefit cost which has been permitted under prior GAAP. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. The amendments should be adopted prospectively and allows a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior periods to apply the retrospective presentation requirements. The Company has determined that this guidance will not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangible-Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment; (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment for all entities by requiring impairment charges to be based on the first step in today’s two-step impairment test under Accounting Standards Codification (ASC) 350 and eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test will consist of one step comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The guidance is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those years. The amendments should be adopted prospectively and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. At this point in time, the Company does not expect that this guidance will have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323); (“ASU 2017-03”). ASU 2017-03 amends the Codification for SEC staff announcements made at two Emerging Issues Task Force (EITF) meetings. At the September 2016 meeting, the SEC staff expressed its expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance (including any amendments issued prior to adoption) on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. That Topic requires registrants to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. ASU 2017-03 incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The ASU also conforms ASC 323-740-S99-2, which describes the SEC staff’s views on accounting for investments in qualified affordable housing projects, to the guidance issued in ASU 2014-01. The Company adopted this standard in the fourth quarter of 2016 and will continue to refine its disclosures around the standard. The Company determined that this guidance did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business; (“ASU 2017-01”). ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company has determined that this guidance will not have a material impact on the Company’s consolidated financial statements. In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ; (“ASU 2016-20”). ASU 2016-20 updates the new revenue standard by clarifying issues that had arisen from ASU 2014-09, but does not change the core principle of the new standard. The issues addressed in this ASU include: 1) Loan guarantee fees, 2) Impairment testing of contract costs, 3) Interaction of impairment testing with guidance in other topics, 4) Provisions for losses on construction-type and production-type contracts, 5) Scope of topic 606, 6) Disclosure of remaining performance obligations, 7) Disclosure of prior-period performance obligations, 8) Contract modifications, 9) Contract asset vs. receivable, 10) Refund liability, 11) Advertising costs, 12) Fixed-odds wagering contracts in the casino industry, 13) Cost capitalization for advisors to private funds and public funds. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017. 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. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. ASU 2016-20 and 2014-09 could require us to change how we recognize certain revenue streams within non-interest income, however, we do not expect these changes to have a significant impact on our financial statements. We continue to evaluate the impact of ASU 2016-20 and 2014-09 on our Company and expect to adopt the standard in the first quarter of 2018 with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant. In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments: (“ASU 2016-15”). ASU 2016-15 addresses eight classification issues related to the statement of cash flows: Debt prepayment or debt extinguishment costs; Settlement of zero-coupon bonds; Contingent consideration payments made after a business combination; Proceeds from the settlement of insurance claims; Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; Distributions received from equity method investees; Beneficial interests in securitization transactions; and Separately identifiable cash flows and application of the predominance principle. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Entities will apply the standard's provisions using a retrospective transition method to each period presented. The Company does not believe that this guidance will have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB ASU No. 2016-13 , Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments: (“ASU 2016-13”). ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in earlier recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We have dedicated staff and resources in place evaluating the Company’s options including evaluating the appropriate model options and collecting and reviewing loan data for use in these models. The Company is currently still assessing the impact that this new guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share – Based Payment Accounting; (“ASU 2016-09”). ASU 2016-09 introduces targeted amendments intended to simplify the accounting for stock compensation. Specifically, ASU 2016-09 requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefit reduces taxes payable in the current period. That is, off balance sheet accounting for net operating losses stemming from excess tax benefits would no longer be required and instead such net operating losses would be recognized when they arise. Existing net operating losses that are currently tracked off balance sheet would be recognized, net of a valuation allowance if required, through an adjustment to opening retained earnings in the period of adoption. Entities will no longer need to maintain and track an “APIC pool.” For public business entities, ASU 2016-09 became effective for interim and annual periods beginning after December 15, 2016 which made this ASU effective for the Company starting On January 1, 2017. For the three and six months ended June 30, 2017, excess tax benefits of $104,000 and $839,000, respectively, were recorded against income tax expense in the income statement which previously would have been recorded against surplus on the balance sheet. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent considerations (Reporting Revenue Gross versus Net); (“ASU 2016-08”). ASU 2016-08 updates the new revenue standard by clarifying the principal versus agent implementation guidance, but does not change the core principle of the new standard. The updates to the principal versus agent guidance: (i) require an entity to determine whether it is a principal or an agent for each distinct good or service (or a distinct bundle of goods or services) to be provided to the customer; (ii) illustrate how an entity that is a principal might apply the control principle to goods, services, or rights to services, when another party is involved in providing goods or services to a customer and (iii) Clarify that the purpose of certain specific control indicators is to support or assist in the assessment of whether an entity controls a good or service before it is transferred to the customer, provide more specific guidance on how the indicators should be considered, and clarify that their relevance will vary depending on the facts and circumstances. For public business entities, the effective date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09 which is effective for interim and annual periods beginning after December 15, 2017. 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. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. ASU 2016-08 and 2014-09 could require us to change how we recognize certain revenue streams within non-interest income, however, we do not expect these changes to have a significant impact on our financial statements. We continue to evaluate the impact of ASU 2016-08 and 2014-09 on our Company and expect to adopt the standard in the first quarter of 2018 with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant. In March 2016, the FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting; (“ASU 2016-07”). ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. The ASU eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held, but did not qualify for the equity method of accounting. For public business entities, the amendments in ASU 2016-05 are effective for interim and annual periods beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. ASU 2016-07 became effective for the Company on January 1, 2017 and did not have a significant impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”). ASU 2016-05 requires an entity to discontinue a designated hedging relationship in certain circumstances, including termination of the derivative hedging instrument or if the entity wishes to change any of the critical terms of the hedging relationship. ASU 2016-05 amends Topic 815 to clarify that novation of a derivative (replacing one of the parties to a derivative instrument with a new party) designated as the hedging instrument would not, in and of itself, be considered a termination of the derivative instrument or a change in critical terms requiring discontinuation of the designated hedging relationship. For public business entities, the amendments in ASU 2016-05 are effective for interim and annual periods beginning after December 15, 2016. An entity has an option to apply the amendments in ASU 2016-05 on either a prospective basis or a modified retrospective basis. ASU 2016-05 became effective for the Company on January 1, 2017 and did not have a significant impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 applies a right-of-use (ROU) model that requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. For leases with a term of 12 months or less, a practical expedient is available whereby a lessee may elect, by class of underlying asset, not to recognize an ROU asset or lease liability. At inception, lessees must classify all leases as either finance or operating based on five criteria. Balance sheet recognition of finance and operating leases is similar, but the pattern of expense recognition in the income statement, as well as the effect on the statement of cash flows, differs depending on the lease classification. For public business entities, the amendments in ASU 2016-02 are effective for interim and annual periods beginning after December 15, 2018. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach which includes a number of optional practical expedients that entities may elect to apply. The Company has reviewed its outstanding lease agreements and has centrally documented the terms of its leases. The Company is currently evaluating the provisions of ASU 2016-02 in relation to its outstanding leases to determine the potential impact the new standard will have to the Company’s consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This update is intended to improve the recognition and measurement of financial instruments and it requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 also provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes and requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. For public business entities, the amendments in ASU 2016-01 are effective for interim and annual periods beginning after December 15, 2017. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption of the ASU 2016-01. The Company is currently evaluating the provisions of ASU 2016-01 to determine the potential impact the new standard will have to the Company’s consolidated financial statements. In September 2015, FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). The update simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. For public companies, this update became effective for interim and annual periods beginning after December 15, 2015, and is to be applied prospectively. ASU 2015-16 became effective for the Company on January 1, 2016 and did not have a significant impact on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. ASU 2014-15 became effective for the Company on December 31, 2016 and did not have an impact on the consolidated financial statements. 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. In August of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Topic 606: Deferral of the Effective Date, deferring the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, 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. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. ASU 2014-09 could require us to change how we recognize certain revenue streams within non-interest income, however, we do not expect these changes to have a significant impact on our financial statements. We continue to evaluate the impact of ASU 2014-09 on our Company and expect to adopt the standard in the first quarter of 2018 with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant. |
Mergers and Acquisitions
Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Mergers and Acquisitions | |
Mergers and Acquisitions | Note 4 — Mergers and Acquisitions The following are business combinations which have occurred over the past two years: · Bank of America, N.A. (“BOA”) – August 21, 2015 – Branch acquisition which resulted in the purchase of 12 South Carolina branch locations and one Georgia branch location from BOA · Southeastern Bank Financial Corporation (“SBFC”) – January 3, 2017 Park Sterling Corporation Proposed Acquisition On April 26, 2017, South State Corporation, (“SSB”) entered into an Agreement and Plan of Merger with Park Sterling Corporation, a North Carolina corporation ("PSTB) , and a bank holding company headquartered in Charlotte, North Carolina. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, PSTB will merge with and into SSB, with SSB as the surviving corporation in the Merger. Immediately following the Merger, PSTB's wholly owned bank subsidiary, Park Sterling Bank ("PSB"), will merge with and into the Bank, with the Bank as the surviving entity in the bank merger. At June 30, 2017, PSTB reported $3.3 billion in total assets, $2.5 billion in loans and $2.5 billion in deposits. PSTB has over 50 full service branches in North Carolina, South Carolina, Georgia and Virginia that serve individuals and businesses. Under the terms of the merger agreement, PSTB common shareholders will receive aggregate consideration of approximately 7,459,199 shares of SSB common stock, plus cash for the value of “in the money” outstanding stock options. The common stock consideration is based upon a fixed exchange ratio of 0.14 shares of SSB common stock for each outstanding share of SBFC common stock. The proposed merger is subject to regulatory approvals, the affirmative vote of both SSB’s and PSTB’s shareholders, and other customary closing conditions. The transaction is expected to close during the fourth quarter of 2017. Southeastern Bank Financial Corporation Acquisition On January 3, 2017, SSB acquired all of the outstanding common stock of SBFC, of Augusta, Georgia, the bank holding company for Georgia Bank & Trust Company of Augusta (“GB&T”), in a stock transaction. SBFC common shareholders received 0.7307 shares of the Company’s common stock in exchange for each share of SBFC stock resulting in the Company issuing 4,978,338 shares of its common stock. In total, the purchase price for SBFC was $435.1 million including the value of “in the money” outstanding stock options totaling $490,000. The SBFC 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 January 3, 2017 and their initial and subsequent fair value estimates, as recorded by the Company. The Company has up to one year after the acquisition date to make subsequent fair value adjustments. Intial Subsequent As Recorded Fair Value Fair Value As Recorded by (Dollars in thousands) by SBFC Adjustments Adjustments the Company Assets Cash and cash equivalents $ 72,043 $ — $ — $ 72,043 Investment securities 591,824 (1,770) (a) — 590,054 Loans held for sale 13,652 — — 13,652 Loans, net of allowance and mark 1,060,618 (10,668) (b) — 1,049,950 Premises and equipment 25,419 (2,212) (c) — 23,207 Intangible assets 140 17,980 (d) — 18,120 Other real estate owned and repossessed assets 580 (30) (e) (165) (e) 385 Bank owned life insurance 44,513 — — 44,513 Deferred tax asset 16,247 (687) (f) 59 (f) 15,619 Other assets 7,545 (482) (g) — 7,063 Total assets $ 1,832,581 $ 2,131 $ (106) $ 1,834,606 Liabilities Deposits: Noninterest-bearing $ 262,967 $ — $ — $ 262,967 Interest-bearing 1,257,953 — — 1,257,953 Total deposits 1,520,920 — — 1,520,920 Federal funds purchased and securities sold under agreements to repurchase 1,014 — — 1,014 Other borrowings 110,620 (1,120) (h) — 109,500 Other liabilities 19,980 5,553 (i) — 25,533 Total liabilities 1,652,534 4,433 — 1,656,967 Net identifiable assets acquired over (under) liabilities assumed 180,047 (2,302) (106) 177,639 Goodwill — 257,370 106 257,476 Net assets acquired over liabilities assumed $ 180,047 $ 255,068 $ — $ 435,115 Consideration: South State Corporation common shares issued 4,978,338 Purchase price per share of the Company's common stock $ 87.30 Company common stock issued ($434,609) and cash exchanged for fractional shares ($16) $ 434,625 Cash paid for stock option redemptions 490 Fair value of total consideration transferred $ 435,115 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 of $30,749 based on the Company’s evaluation of the acquired loan portfolio and excludes the allowance for loan losses of $20,081 recorded by SBFC. (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 that totaled $18,120. (e)—Adjustment reflects the fair value adjustments to OREO and repossessed assets based on the Company’s evaluation of the acquired OREO and repossessed assets portfolio. (f)—Adjustment to record deferred tax asset related to the fair value adjustments. (g)—Adjustment reflects uncollectible portion of accrued interest receivable and loan fees receivable along with the write-off of certain prepaid expenses. (h)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of other borrowings of Trust Preferred Securities with a discount of $2,149, netted with premium on certain Federal Home Loan Bank (“FHLB “) advances of $1,029. (i)—Adjustment reflects the fair value adjustments to employee benefit plans of $6,049 netted against an adjustment of other miscellaneous liabilities of $496. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017: State and municipal obligations $ 4,166 $ 82 $ — $ 4,248 December 31, 2016: State and municipal obligations $ 6,094 $ 156 $ — $ 6,250 June 30, 2016: State and municipal obligations $ 7,921 $ 310 $ — $ 8,231 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 June 30, 2017: Government-sponsored entities debt* $ 76,508 $ 52 $ (608) $ 75,952 State and municipal obligations 188,720 4,680 (106) 193,294 Mortgage-backed securities** 1,068,718 5,195 (5,316) 1,068,597 Corporate stocks 3,658 550 (399) 3,809 $ 1,337,604 $ 10,477 $ (6,429) $ 1,341,652 December 31, 2016: Government-sponsored entities debt* $ 85,488 $ — $ (846) $ 84,642 State and municipal obligations 105,303 2,289 (190) 107,402 Mortgage-backed securities** 807,717 3,085 (7,225) 803,577 Corporate stocks 3,658 473 (347) 3,784 $ 1,002,166 $ 5,847 $ (8,608) $ 999,405 June 30, 2016: Government-sponsored entities debt* $ 102,985 $ 107 $ — $ 103,092 State and municipal obligations 118,400 5,498 (4) 123,894 Mortgage-backed securities** 743,956 14,956 (31) 758,881 Corporate stocks 3,658 356 (271) 3,743 $ 968,999 $ 20,917 $ (306) $ 989,610 * - 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 June 30, 2017: Federal Home Loan Bank stock $ 10,814 $ — $ — $ 10,814 Investment in unconsolidated subsidiaries 2,262 — — 2,262 $ 13,076 $ — $ — $ 13,076 December 31, 2016: Federal Home Loan Bank stock $ 7,840 $ — $ — $ 7,840 Investment in unconsolidated subsidiaries 1,642 — — 1,642 $ 9,482 $ — $ — $ 9,482 June 30, 2016: Federal Home Loan Bank stock $ 7,887 $ — $ — $ 7,887 Investment in unconsolidated subsidiaries 1,642 — — 1,642 $ 9,529 $ — $ — $ 9,529 The amortized cost and fair value of debt securities at June 30, 2017 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. Corporate Stocks including equity and preferred stocks with no stated maturity are included in the due after ten years category. 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 $ 2,226 $ 2,269 $ 13,005 $ 13,107 Due after one year through five years 1,152 1,186 110,358 110,976 Due after five years through ten years 788 793 272,409 274,466 Due after ten years — — 941,832 943,103 $ 4,166 $ 4,248 $ 1,337,604 $ 1,341,652 Information pertaining to the Company’s securities with gross unrealized losses at June 30, 2017, December 31, 2016 and June 30, 2016, 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 June 30, 2017: Securities Available for Sale Government-sponsored entities debt $ 608 $ 70,226 $ — $ — State and municipal obligations 106 9,171 — — Mortgage-backed securities 5,207 570,625 109 13,854 Corporate stocks — — 399 1,333 $ 5,921 $ 650,022 $ 508 $ 15,187 December 31, 2016: Securities Available for Sale Government-sponsored entities debt $ 846 $ 84,642 $ — $ — State and municipal obligations 190 11,506 — — Mortgage-backed securities 7,148 592,228 77 2,058 Corporate stocks — — 347 1,395 $ 8,184 $ 688,376 $ 424 $ 3,453 June 30, 2016: Securities Available for Sale Government-sponsored entities debt $ — $ — $ — $ — State and municipal obligations 4 1,356 — — Mortgage-backed securities 3 15,786 28 2,447 Corporate stocks — — 271 1,471 $ 7 $ 17,142 $ 299 $ 3,918 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 debt securities available for sale in an unrealized loss position as of June 30, 2017 continue to perform as scheduled. All equity securities available for sale in an unrealized loss position as of June 30, 2017 continue to pay dividends. 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 June 30, 2017. 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 Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2017 | |
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: June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Non-acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 712,242 $ 580,464 $ 533,219 Commercial non-owner occupied 952,911 714,715 586,828 Total commercial non-owner occupied real estate 1,665,153 1,295,179 1,120,047 Consumer real estate: Consumer owner occupied 1,382,922 1,197,621 1,109,667 Home equity loans 411,532 383,218 345,957 Total consumer real estate 1,794,454 1,580,839 1,455,624 Commercial owner occupied real estate 1,204,953 1,177,745 1,083,051 Commercial and industrial 762,583 671,398 611,901 Other income producing property 189,326 178,238 181,703 Consumer 357,761 324,238 272,957 Other loans 18,163 13,404 91,592 Total non-acquired loans 5,992,393 5,241,041 4,816,875 Less allowance for loan losses (40,149) (36,960) (36,939) Non-acquired loans, net $ 5,952,244 $ 5,204,081 $ 4,779,936 The following is a summary of acquired non-credit impaired loans accounted for under FASB ASC Topic 310-20, net of related discount: June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 FASB ASC Topic 310-20 acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 112,855 $ 10,090 $ 12,516 Commercial non-owner occupied 209,560 34,628 36,904 Total commercial non-owner occupied real estate 322,415 44,718 49,420 Consumer real estate: Consumer owner occupied 520,106 408,270 466,479 Home equity loans 177,129 160,879 177,946 Total consumer real estate 697,235 569,149 644,425 Commercial owner occupied real estate 221,566 27,195 32,267 Commercial and industrial 117,884 13,641 15,598 Other income producing property 83,403 39,342 44,873 Consumer 143,478 142,654 155,303 Total FASB ASC Topic 310-20 acquired loans $ 1,585,981 $ 836,699 $ 941,886 The unamortized discount related to the acquired non-credit impaired loans totaled $22.9 million, $11.6 million, and $14.0 million at June 30, 2017, December 31, 2016, and June 30, 2016, respectively. 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: June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 FASB ASC Topic 310-30 acquired loans: Commercial loans greater than or equal to $1 million-Community Bank & Trust ("CBT") $ 8,524 $ 8,617 $ 11,260 Commercial real estate 206,271 210,204 225,460 Commercial real estate—construction and development 52,977 44,373 48,274 Residential real estate 256,602 258,100 285,518 Consumer 56,362 59,300 64,114 Commercial and industrial 25,486 25,347 27,961 Total FASB ASC Topic 310-30 acquired loans 606,222 605,941 662,587 Less allowance for loan losses (3,741) (3,395) (3,752) FASB ASC Topic 310-30 acquired loans, net $ 602,481 $ 602,546 $ 658,835 Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of FASB ASC Topic 310-30 acquired loans impaired and non-impaired at the acquisition date for SBFC (January 3, 2017) are as follows: January 3, 2017 Loans Impaired (Dollars in thousands) at Acquisition Contractual principal and interest $ 73,365 Non-accretable difference (12,912) Cash flows expected to be collected 60,453 Accretable difference (4,603) Carrying value $ 55,850 The table above excludes $991.5 million ($1.01 billion in contractual principal less a $18.8 million fair value adjustment) in acquired loans at fair value that were identified as either performing with no discount related to the credit or as revolving lines of credit (commercial or consumer) as of the acquisition date and will be 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 June 30, 2017, December 31, 2016 and June 30, 2016 are as follows: June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Contractual principal and interest $ 774,471 $ 778,822 $ 861,401 Non-accretable difference (28,966) (17,502) (23,294) Cash flows expected to be collected 745,505 761,320 838,107 Accretable yield (139,283) (155,379) (175,520) Carrying value $ 606,222 $ 605,941 $ 662,587 Allowance for acquired loan losses $ (3,741) $ (3,395) $ (3,752) 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: Six Months Ended June 30, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 602,546 $ 733,870 Fair value of acquired loans 55,850 — Net reductions for payments, foreclosures, and accretion (55,569) (74,989) Change in the allowance for loan losses on acquired loans (346) (46) Balance at end of period, net of allowance for loan losses on acquired loans $ 602,481 $ 658,835 The table below reflects refined accretable yield balance for acquired credit impaired loans: Six Months Ended June 30, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 155,379 $ 201,538 Addition from the SBFC acquisition 4,603 — Accretion (29,511) (39,522) Reclass of nonaccretable difference due to improvement in expected cash flows 9,016 13,146 Other changes, net (204) 358 Balance at end of period $ 139,283 $ 175,520 In the second quarter of 2017, the accretable yield balance declined by $14.3 million as loan accretion (income) was recognized. This was partially offset by improved expected cash flows of $4.0 million during the second quarter of 2017. Our loan loss policy adheres to GAAP 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, as noted above, 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, 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. Beginning with the First Financial Holdings, Inc. (“FFHI”) acquisition in 2013, the Company segregates the acquired loan portfolio into performing loans (“non‑credit impaired) and purchased 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 purchased 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 yield 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. All acquired loans managed by Special Asset Management are reviewed quarterly and assigned a loss given default. Acquired loans not managed by Special Asset Management are reviewed twice a year in a similar method to the Company’s originated portfolio of loans which follow review thresholds based on risk rating categories. In the fourth quarter of 2015, the Company modified its methodology to a more granular approach in determining loss given default on substandard loans with a net book balance between $100,000 and $500,000 by adjusting the loss given default to 90% of the most current collateral valuation based on appraised value. Substandard loans greater than $500,000 were individually assigned loss given defaults each quarter. 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. Prior to the termination of our loss share agreements in June 2016, as discussed below, which offset the impact of the provision established for acquired loans covered under FDIC loss share agreements, the receivable from the FDIC was adjusted to reflect the indemnified portion of the post‑acquisition exposure with a corresponding credit to the provision for loan losses. On June 23, 2016, the Bank entered into an early termination agreement with the FDIC with respect to all of its outstanding loss share agreements. The loss share agreements were entered into with the FDIC in 2009, 2010, 2011 and 2012 either by the Bank or by First Federal Bank, which was acquired by the Bank in July of 2013. As a result of the termination agreement, all assets previously classified as covered became uncovered effective June 23, 2016, and as a result the Bank will now recognize the full amount of future charge-offs, recoveries, gains, losses, and expenses related to these previously covered assets, as the FDIC will no longer share in these amounts. An aggregated analysis of the changes in allowance for loan losses is as follows: Non-acquired Acquired Non-Credit Acquired Credit (Dollars in thousands) Loans Impaired Loans Impaired Loans Total Three Months Ended June 30, 2017: Balance at beginning of period $ 38,449 $ — $ 4,556 $ 43,005 Loans charged-off (1,292) (501) — (1,793) Recoveries of loans previously charged off (1) 536 72 — 608 Net charge-offs (756) (429) — (1,185) Provision for loan losses charged to operations 2,456 429 (572) 2,313 Provision for loan losses recorded through the FDIC loss share receivable — — — — Reduction due to loan removals — — (243) (243) Balance at end of period $ 40,149 $ — $ 3,741 $ 43,890 Three Months Ended June 30, 2016: Balance at beginning of period $ 35,115 $ — $ 3,877 $ 38,992 Loans charged-off (1,557) (232) — (1,789) Recoveries of loans previously charged off (1) 881 51 — 932 Net charge-offs (676) (181) — (857) Provision 2,500 181 47 2,728 Benefit attributable to FDIC loss share agreements — — — — Provision for loan losses charged to operations 2,500 181 47 2,728 Provision for loan losses recorded through the FDIC loss share receivable — — — — Reduction due to loan removals — — (172) (172) Balance at end of period $ 36,939 $ — $ 3,752 $ 40,691 Non-acquired Acquired Non-Credit Acquired Credit (Dollars in thousands) Loans Impaired Loans Impaired Loans Total Six Months Ended June 30, 2017: Balance at beginning of period $ 36,960 $ — $ 3,395 $ 40,355 Loans charged-off (2,589) (890) — (3,479) Recoveries of loans previously charged off (1) 1,205 135 — 1,340 Net charge-offs (1,384) (755) — (2,139) Provision 4,573 755 692 6,020 Benefit attributable to FDIC loss share agreements — — — — Total provision for loan losses charged to operations 4,573 755 692 6,020 Provision for loan losses recorded through the FDIC loss share receivable — — — — Reduction due to loan removals — — (346) (346) Balance at end of period $ 40,149 $ — $ 3,741 $ 43,890 Six Months Ended June 30, 2016: Balance at beginning of period $ 34,090 $ — $ 3,706 $ 37,796 Loans charged-off (3,276) (529) — (3,805) Recoveries of loans previously charged off (1) 1,645 141 — 1,786 Net charge-offs (1,631) (388) — (2,019) Provision 4,480 388 395 5,263 Benefit attributable to FDIC loss share agreements — — 23 23 Total provision for loan losses charged to operations 4,480 388 418 5,286 Provision for loan losses recorded through the FDIC loss share receivable — — (23) (23) Reduction due to loan removals — — (349) (349) Balance at end of period $ 36,939 $ — $ 3,752 $ 40,691 (1) – Recoveries related to acquired credit impaired loans are recorded through other noninterest income on the consolidated statement of income and do not run through the allowance for loan losses. 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 June 30, 2017 Allowance for loan losses: Balance, March 31, 2017 $ 4,649 $ 5,464 $ 7,894 $ 8,108 $ 3,456 $ 5,124 $ 1,345 $ 2,443 $ (34) $ 38,449 Charge-offs (69) — — (62) (190) (167) (7) (797) — (1,292) Recoveries 68 7 98 27 21 143 5 167 — 536 Provision (benefit) 1,098 693 (453) 496 (40) 43 36 719 (136) 2,456 Balance, June 30, 2017 $ 5,746 $ 6,164 $ 7,539 $ 8,569 $ 3,247 $ 5,143 $ 1,379 $ 2,532 $ (170) $ 40,149 Loans individually evaluated for impairment $ 1,310 $ 146 $ 62 $ 57 $ 119 $ 362 $ 238 $ 6 $ — $ 2,300 Loans collectively evaluated for impairment $ 4,436 $ 6,018 $ 7,477 $ 8,512 $ 3,128 $ 4,781 $ 1,141 $ 2,526 $ (170) $ 37,849 Loans: Loans individually evaluated for impairment $ 30,037 $ 754 $ 6,054 $ 4,575 $ 2,626 $ 1,198 $ 3,641 $ 235 $ — $ 49,120 Loans collectively evaluated for impairment 682,205 952,157 1,198,899 1,378,347 408,906 761,385 185,685 357,526 18,163 5,943,273 Total non-acquired loans $ 712,242 $ 952,911 $ 1,204,953 $ 1,382,922 $ 411,532 $ 762,583 $ 189,326 $ 357,761 $ 18,163 $ 5,992,393 Three Months Ended June 30, 2016 Allowance for loan losses: Balance , March 31, 2016 $ 4,482 $ 3,923 $ 8,179 $ 7,345 $ 3,097 $ 3,951 $ 1,802 $ 1,785 $ 551 $ 35,115 Charge-offs (159) — (59) (129) (324) (20) (7) (859) — (1,557) Recoveries 442 15 14 17 87 55 35 216 — 881 Provision (benefit) (100) 718 (131) 297 288 283 (18) 872 291 2,500 Balance, June 30, 2016 $ 4,665 $ 4,656 $ 8,003 $ 7,530 $ 3,148 $ 4,269 $ 1,812 $ 2,014 $ 842 $ 36,939 Loans individually evaluated for impairment $ 751 $ 202 $ 67 $ 55 $ 38 $ 14 $ 376 $ 4 $ — $ 1,507 Loans collectively evaluated for impairment $ 3,914 $ 4,454 $ 7,936 $ 7,475 $ 3,110 $ 4,255 $ 1,436 $ 2,010 $ 842 $ 35,432 Loans: Loans individually evaluated for impairment $ 4,093 $ 1,219 $ 6,972 $ 3,967 $ 2,177 $ 767 $ 5,000 $ 128 $ — $ 24,323 Loans collectively evaluated for impairment 529,126 585,609 1,076,079 1,105,700 343,780 611,134 176,703 272,829 91,592 4,792,552 Total non-acquired loans $ 533,219 $ 586,828 $ 1,083,051 $ 1,109,667 $ 345,957 $ 611,901 $ 181,703 $ 272,957 $ 91,592 $ 4,816,875 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 Six Months Ended June 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ 4,091 $ 4,980 $ 8,022 $ 7,820 $ 3,211 $ 4,842 $ 1,542 $ 2,350 $ 102 $ 36,960 Charge-offs (474) — — (185) (224) (189) (7) (1,510) — (2,589) Recoveries 222 48 105 76 95 233 48 378 — 1,205 Provision (benefit) 1,907 1,136 (588) 858 165 257 (204) 1,314 (272) 4,573 Balance, June 30, 2017 $ 5,746 $ 6,164 $ 7,539 $ 8,569 $ 3,247 $ 5,143 $ 1,379 $ 2,532 $ (170) $ 40,149 Six Months Ended June 30, 2016 Allowance for loan losses: Balance, December 31, 2015 $ 4,116 $ 3,568 $ 8,341 $ 7,212 $ 2,929 $ 3,974 $ 1,963 $ 1,694 $ 293 $ 34,090 Charge-offs (159) — (101) (129) (767) (327) (7) (1,786) — (3,276) Recoveries 607 31 21 98 175 103 39 571 — 1,645 Provision (benefit) 101 1,057 (258) 349 811 519 (183) 1,535 549 4,480 Balance, June 30, 2016 $ 4,665 $ 4,656 $ 8,003 $ 7,530 $ 3,148 $ 4,269 $ 1,812 $ 2,014 $ 842 $ 36,939 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 June 30, 2017 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — 303 (664) — — (140) (501) Recoveries 1 — — 2 60 1 1 7 72 Provision (benefit) (1) — — (305) 604 (1) (1) 133 429 Balance, June 30, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 112,855 209,560 221,566 520,106 177,129 117,884 83,403 143,478 1,585,981 Total acquired non-credit impaired loans $ 112,855 $ 209,560 $ 221,566 $ 520,106 $ 177,129 $ 117,884 $ 83,403 $ 143,478 $ 1,585,981 Three Months Ended June 30, 2016 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — — (42) (4) — (186) (232) Recoveries 1 — — 3 24 — — 23 51 Provision (benefit) (1) — — (3) 18 4 — 163 181 Balance, June 30, 2016 $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 12,516 36,904 32,267 466,479 177,946 15,598 44,873 155,303 941,886 Total acquired non-credit impaired loans $ 12,516 $ 36,904 $ 32,267 $ 466,479 $ 177,946 $ 15,598 $ 44,873 $ 155,303 $ 941,886 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 Six Months Ended June 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — (10) (664) (2) — (214) (890) Recoveries 2 — — 42 69 2 1 19 135 Provision (benefit) (2) — — (32) 595 — (1) 195 755 Balance, June 30, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — Six Months Ended June 30, 2016 Allowance for loan losses: Balance, December 31, 2015 $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — — (186) (7) — (336) (529) Recoveries 2 — — 6 108 2 1 22 141 Provision (benefit) (2) — — (6) 78 5 (1) 314 388 Balance, June 30, 2016 $ — $ — $ — $ — $ — $ — $ — $ — $ — 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 June 30, 2017 Allowance for loan losses: Balance, March 31, 2017 $ — $ $ $ $ $ $ — $ Provision (benefit) for loan losses before benefit attributable to FDIC loss share agreements — (292) — (51) — (572) Benefit attributable to FDIC loss share agreements — — — — — — — — Total provision (benefit) for loan losses charged to operations — (292) — (51) — (572) Provision for loan losses recorded through the FDIC loss share receivable — — — — — — — — Reduction due to loan removals — — Balance, June 30, 2017 $ — $ $ $ $ $ $ — $ Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ $ $ $ $ $ — $ Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment — Total acquired credit impaired loans $ $ $ $ $ $ $ — $ Three Months Ended June 30, 2016 Allowance for loan losses: Balance , March 31, 2016 $ — $ 46 $ 154 $ 2,863 $ 606 $ 208 $ — $ 3,877 Provision (benefit) for loan losses before benefit attributable to FDIC loss share agreements — — — (165) 217 (5) — 47 Benefit attributable to FDIC loss share agreements — — — — — — — — Total provision (benefit) for loan losses charged to operations — — — (165) 217 (5) — 47 Provision for loan losses recorded through the FDIC loss share receivable — — — — — — — — Reduction due to loan removals — (11) (3) (106) (45) (7) — (172) Balance, June 30, 2016 $ — $ 35 $ 151 $ 2,592 $ 778 $ 196 $ — $ 3,752 Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ 35 $ 151 $ 2,592 $ 778 $ 196 $ — $ 3,752 Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 11,260 225,460 48,274 285,518 64,114 27,961 — 662,587 Total acquired credit impaired loans $ 11,260 $ 225,460 $ 48,274 $ 285,518 $ 64,114 $ 27,961 $ — $ 662,587 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 Six Months Ended June 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ — $ 41 $ 139 $ 2,419 $ 558 $ 238 $ — $ 3,395 Provision (benefit) for loan losses before benefit attributable to FDIC loss share agreements — — (3) 559 — 136 — 692 Benefit attributable to FDIC loss share agreements — — — — — — — — Total provision (benefit) for loan losses charged to operations — — (3) 559 — 136 — 692 Provision (benefit) for loan losses recorded through the FDIC loss share receivable — — — — — — — — Reduction due to loan removals — (1) (44) (237) (10) (54) — (346) Balance, June 30, 2017 $ — $ 40 $ 92 $ 2,741 $ 548 $ 320 $ — $ 3,741 Six Months Ended June 30, 2016 Allowance for loan losses: Balance, December 31, 2015 $ — $ 56 $ 177 $ 2,986 $ 313 $ 174 $ — $ 3,706 Provision (benefit) for loan losses before benefit attributable to FDIC loss share agreements — 1 — (180) 534 40 — 395 Benefit attributable to FDIC loss share agreements — — — 23 — — — 23 Total provision (benefit) for loan losses charged to operations — 1 — (157) 534 40 — 418 Provision for loan losses recorded through the FDIC loss share receivable — — — (23) — — — (23) Reduction due to loan removals — (22) (26) (214) (69) (18) — (349) Balance, June 30, 2016 $ — $ 35 $ 151 $ 2,592 $ 778 $ 196 $ — $ 3,752 *— 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. 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 June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 700,200 $ 567,398 $ 518,537 $ 939,254 $ 701,150 $ 569,815 $ 1,177,687 $ 1,149,417 $ 1,041,512 Special mention 8,133 8,421 9,230 11,437 11,434 14,859 15,004 22,133 31,631 Substandard 3,909 4,645 5,452 2,220 2,131 2,154 12,262 6,195 9,908 Doubtful — — — — — — — — — $ 712,242 $ 580,464 $ 533,219 $ 952,911 $ 714,715 $ 586,828 $ 1,204,953 $ 1,177,745 $ 1,083,051 Commercial & Industrial Other Income Producing Property Commercial Total June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 741,605 $ 655,157 $ 596,879 $ 180,830 $ 167,025 $ 167,122 $ 3,739,576 $ 3,240,147 $ 2,893,865 Special mention 15,916 14,325 13,441 6,636 9,280 12,039 57,126 65,593 81,200 Substandard 5,062 1,916 1,581 1,860 1,933 2,542 25,313 16,820 21,637 Doubtful — — — — — — — — — $ 762,583 $ 671,398 $ 611,901 $ 189,326 $ 178,238 $ 181,703 $ 3,822,015 $ 3,322,560 $ 2,996,702 The following table presents the credit risk profile by risk grade of consumer loans for non-acquired loans: Consumer Owner Occupied Home Equity Consumer June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 1,356,469 $ 1,167,768 $ 1,078,749 $ 397,857 $ 368,655 $ 330,270 $ 356,244 $ 322,654 $ 271,253 Special mention 13,653 15,283 17,814 7,207 8,145 8,341 348 468 752 Substandard 12,800 14,570 13,104 6,468 6,418 7,346 1,169 1,116 952 Doubtful — — — — — — — — — $ 1,382,922 $ 1,197,621 $ 1,109,667 $ 411,532 $ 383,218 $ 345,957 $ 357,761 $ 324,238 $ 272,957 Other Consumer Total June 30, 2017 December 31, 2016 June 30, 2016 June 30, 2017 December 31, 2016 June 30, 2016 Pass $ 18,163 $ 13,404 $ 91,592 $ 2,128,733 $ 1,872,481 $ 1,771,864 Special mention — — — 21,208 23,896 26,907 Substandard — — — 20,437 22,104 21,402 Doubtful — — — — — — $ 18,163 $ 13,404 $ 91,592 $ 2,170,378 $ 1,918,481 $ 1,820,173 The following table presents the credit risk profile by risk grade of total non-acquired loans: Total Non-acquired Loans June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Pass $ 5,868,309 $ 5,112,628 $ 4,665,729 Special mention 78,334 89,489 108,107 Substandard 45,750 38,924 43,039 Doubtful — — — $ 5,992,393 $ 5,241,041 $ 4,816,875 The following table presents the credit risk profile by risk grade of commercial loans for acquired non-credit impaired loans: Commercial Non-owner Construction & Development Occupied Commercial Owner Occupied June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 110,776 $ 8,997 $ 11,432 $ 205,623 $ 28,368 $ 30,621 $ 217,392 $ 26,920 $ 31,739 Special mention 1,290 253 230 3,856 6,171 371 4,130 — 222 Substandard 789 840 854 81 89 5,912 44 275 306 Doubtful — — — — — — — — — $ 112,855 $ 10,090 $ 12,516 $ 209,560 $ 34,628 $ 36,904 $ 221,566 $ 27,195 $ 32,267 Other Income Producing Commercial & Industrial Property Commercial Total June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 112,046 $ 13,475 $ 14,645 $ 81,161 $ 38,361 $ 43,869 $ 726,998 $ 116,121 $ 132,306 Special mention 4,642 117 129 1,542 273 279 15,460 6,814 1,231 Substandard 1,196 49 824 700 708 725 2,810 1,961 8,621 Doubtful — — — — — — — — — $ 117,884 $ 13,641 $ 15,598 $ 83,403 $ 39,342 $ 44,873 $ 745,268 $ 124,896 $ 142,158 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 June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 514,294 $ 404,761 $ 463,107 $ 167,786 $ 151,752 $ 168,079 $ 140,426 $ 139,686 $ 152,399 Special mention 2,697 1,326 744 4,906 4,113 5,330 1,172 1,102 600 Substandard 3,115 2,183 2,628 4,437 5, |
FDIC Indemnification Asset
FDIC Indemnification Asset | 6 Months Ended |
Jun. 30, 2017 | |
FDIC Indemnification Asset | |
FDIC Indemnification Asset | Note 7—FDIC Indemnification Asset The following table provides changes in FDIC indemnification asset: Six Months Ended June 30, (Dollars in thousands) 2017 2016 Balance at beginning of period $ — $ 4,401 Decrease in expected losses on loans — (23) Additional recoveries on OREO — (1,736) Reimbursable expenses — 71 Amortization of discounts and premiums, net — (1,475) Payments to (from) FDIC — 853 Termination of Loss Share Agreements — (2,091) Balance at end of period $ — $ — As noted above, on June 23, 2016, the Bank entered into an early termination agreement with the FDIC with respect to all of its outstanding loss share agreements. The Bank recorded a pre-tax charge of $4.4 million, which resulted from a $2.3 million payment to the FDIC as consideration for the early termination, plus the amortization of the remaining FDIC indemnification asset of $2.1 million, net of the clawback, as of March 31, 2016. The entire pre-tax charge was recorded in noninterest income through “Amortization of the FDIC indemnification asset” on the consolidated statements of income. During 2016, the Bank paid a net $853,000 to the FDIC, prior to the termination of the agreements. The indemnification asset was amortized through March 31, 2016. All assets previously classified as covered became uncovered effective June 23, 2016, and as a result the Bank recognizes the full amount of future charge-offs, recoveries, gains, losses, and expenses related to these previously covered assets, as the FDIC will no longer share in these amounts. As of the termination date, covered loans totaled $87.4 million and covered other real estate owned (“OREO”) totaled $3.0 million. |
Other Real Estate Owned
Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2017 | |
Other Real Estate Owned | |
Other Real Estate Owned | Note 8—Other Real Estate Owned The following is a summary of information pertaining to OREO: Six Months Ended June 30, 2017 2016 Covered Covered (Dollars in thousands) OREO OREO Total OREO OREO Total Beginning balance $ 18,316 $ — $ 18,316 $ 24,803 $ 5,751 $ 30,554 Acquired in SBFC acquisition 385 — 385 — — — Additions 4,947 — 4,947 5,391 2,151 7,542 Transfers — — — 4,222 (4,222) — Writedowns (1,729) — (1,729) (812) (2,131) (2,943) Sold (7,489) — (7,489) (11,177) (1,549) (12,726) Ending Balance $ 14,430 $ — $ 14,430 $ 22,427 $ — $ 22,427 OREO previously classified as covered, which consisted of 17 properties with a carrying value of $4.2 million as of March 31, 2016, became uncovered during the second quarter of 2016 in connection with the Bank’s early termination agreement with the FDIC with respect to all of its outstanding loss share agreements At June 30, 2017, there were a total of 75 uncovered properties included in OREO. This compares to 103 uncovered properties included in OREO, at June 30, 2016. At June 30, 2017, the Company had $1.7 million in residential real estate included in OREO and $7.4 million in residential real estate consumer mortgage loans in the process of foreclosure. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2017 | |
Deposits Disclosure Abstract | |
Deposits | Note 9 — Deposits The Company’s total deposits are comprised of the following: June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Certificates of deposit $ 1,026,753 $ 872,773 $ 962,759 Interest-bearing demand deposits 3,984,163 3,461,004 3,307,292 Non-interest bearing demand deposits 2,635,147 2,199,046 2,117,246 Savings deposits 1,380,231 799,615 772,463 Other time deposits 5,360 1,985 4,166 Total deposits $ 9,031,654 $ 7,334,423 $ 7,163,926 At June 30, 2017, December 31, 2016, and June 30, 2016, the Company had $183.1 million, $83.7 million, and $95.5 million in certificates of deposits of $250,000 and greater, respectively. At June 30, 2017, December 31, 2016, and June 30, 2016, the Company had $42.5 million, $2.9 million and $5.5 million, in traditional, out-of-market brokered deposits, respectively. The increase in certificates of deposits of $250,000 and greater and in out-of-market brokered deposits was primarily the result of deposits acquired through the merger with SBFC. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2017 | |
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, but are eligible to participate in the employees’ savings 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 June 30, 2017. The components of net periodic pension expense recognized are as follows: Three Months Ended Six Months Ended (Dollars in thousands) 2017 2016 2017 2016 Interest cost $ $ $ (562) $ (566) Expected return on plan assets 1,107 1,068 Recognized net actuarial loss (376) (408) Net periodic pension benefit $ $ $ 169 $ 94 The Company did not contribute to the pension plan for the three and six months ended June 30, 2017, and does not expect to make any additional contributions during the remainder of 2017. The Company reserves the right to contribute between the minimum required and maximum deductible amounts as determined under applicable federal laws. Under the provisions of Internal Revenue Code Section 401(k), electing employees are eligible to participate in the employees’ savings plan 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. Employees participating in the plan receive a 100% matching of their 401(k) plan contribution, up to 5% of their salary. Employees are eligible for an additional 1% discretionary matching contribution contingent upon achievement of the Company’s annual financial goals and paid in the first quarter of the following year. The Company is offering the additional 1% discretionary matching contribution again in 2017 upon achievement of the Company’s 2017 financial goals. The Company expensed $1.8 million and $3.4 million for the 401(k) plan during the three and six months ended June 30, 2017, respectively, compared to $1.4 million and $2.8 million for the three and six months ended June 30, 2016, respectively. 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 Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share | |
Earnings Per Share | Note 11 — Earnings Per Share Basic earnings per share are calculated by dividing net income 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 Six Months Ended June 30, June 30, (Dollars and shares in thousands, except for per share amounts) 2017 2016 2017 2016 Basic earnings per common share: Net income $ 31,823 $ 24,516 $ 50,087 $ 49,010 Weighted-average basic common shares 29,095 23,995 28,985 23,977 Basic earnings per common share $ $ $ $ Diluted earnings per share: Net income $ 31,823 $ 24,516 $ 50,087 $ 49,010 Weighted-average basic common shares 29,095 23,995 28,985 23,977 Effect of dilutive securities 270 242 267 228 Weighted-average dilutive shares 29,365 24,237 29,252 24,205 Diluted earnings per common share $ 1.08 $ 1.01 $ 1.71 $ 2.02 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 June 30, Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Number of shares Range of exercise prices $ to $ $ to $ $ to $ $ to $ |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Share-Based Compensation | |
Share-Based Compensation | Note 12 — Share-Based Compensation The Company’s 2004 and 2012 share-based compensation plans are long-term retention plans 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 Aggregate Average Remaining Intrinsic Shares Price (Yrs.) (000's) Outstanding at January 1 246,535 $ 42.53 Granted 33,634 91.23 Exercised (29,030) 34.09 Outstanding at June 30 251,139 50.02 5.40 $ 9,298 Exercisable at June 30 181,152 39.84 4.12 $ 8,436 Weighted-average fair value of options granted during the year $ 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: Six months ended June 30, Dividend yield % % Expected life years years Expected volatility % % Risk-free interest rate % % As of June 30, 2017, there was $1.7 million 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 1.63 years as of June 30, 2017. The total fair value of shares vested during the six months ended June 30, 2017 was $578,000. 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. All restricted stock agreements are conditioned upon continued employment. Termination of employment prior to a vesting date, as described below, would terminate any interest in non-vested shares. Prior to vesting of the shares, as long as employed by the Company, the key employees and non-employee directors will have the right to vote such shares and to receive dividends paid with respect to such shares. All restricted shares will fully vest in the event of change in control of the Company or upon the death of the recipient. Nonvested restricted stock for the six months ended June 30, 2017 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, 2017 183,014 $ 51.88 Granted 16,351 90.20 Vested (47,663) 45.36 Forfeited (500) 91.35 Nonvested at June 30, 2017 151,202 57.95 As of June 30, 2017, there was $5.1 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 2.40 years as of June 30, 2017. The total fair value of shares vested during the six months ended June 30, 2017 was $2.3 million. Restricted Stock Units The Company from time-to-time also grants performance and discretionary 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. Some performance RSU grants contain a three-year performance period while others contain a one-year performance period and a time vested requirement (generally four years from grant date). 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. Discretionary RSUs are based upon prior performance and typically cliff-vest over four years from the grant date. Dividends are not paid in respect to the awards during the performance or the vesting 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 the performance and vesting periods based upon the probable performance target that will be met. For the six months ended June 30, 2017, the Company accrued for 86% of the RSUs granted, based on Management’s expectations of performance. Nonvested RSUs for the six months ended June 30, 2017 is summarized in the following table. Weighted- Average Grant-Date Restricted Stock Units Shares Fair Value Nonvested at January 1, 2017 107,876 $ 66.37 Granted 61,657 89.39 LTIP Adjustment (3,951) 63.93 Nonvested at June 30, 2017 165,582 75.00 As of June 30, 2017, there was $5.5 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 two years as of June 30, 2017. The total fair value of RSUs vested during the six months ended June 30, 2017 was $2.3 million. During the six months ended June 30, 2017, 57,455 vested restricted stock units were issued to the participants in the 2014 Long-Term Incentive Plan. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017, commitments to extend credit and standby letters of credit totaled $2.0 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 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 fair 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 recurring 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 June 30, 2017, 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 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, OREO is 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. 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) June 30, 2017: Assets Derivative financial instruments $ 1,956 $ — $ 1,956 $ — Loans held for sale 65,995 — 65,995 — Securities available for sale: Government-sponsored entities debt 75,952 — 75,952 — State and municipal obligations 193,294 — 193,294 — Mortgage-backed securities 1,068,597 — 1,068,597 — Corporate stocks 3,809 2,584 1,225 — Total securities available for sale 1,341,652 2,584 1,339,068 — Mortgage servicing rights 29,930 — — 29,930 $ 1,439,533 $ 2,584 $ 1,407,019 $ 29,930 Liabilities Derivative financial instruments $ 592 $ — $ 592 $ — December 31, 2016: Assets Derivative financial instruments $ 2,606 $ — $ 2,606 $ — Loans held for sale 50,572 — 50,572 — Securities available for sale: Government-sponsored entities debt 84,642 — 84,642 — State and municipal obligations 107,402 — 107,402 — Mortgage-backed securities 803,577 — 803,577 — Corporate stocks 3,784 2,559 1,225 — Total securities available for sale 999,405 2,559 996,846 — Mortgage servicing rights 29,037 — — 29,037 $ 1,081,620 $ 2,559 $ 1,050,024 $ 29,037 Liabilities Derivative financial instruments $ 730 $ — $ 730 $ — June 30, 2016: Assets Derivative financial instruments $ 3,257 $ — $ 3,257 $ — Loans held for sale 48,926 — 48,926 — Securities available for sale: Government-sponsored entities debt $ 103,092 $ — $ 103,092 $ — State and municipal obligations 123,894 — 123,894 — Mortgage-backed securities 758,881 — 758,881 — Corporate stocks 3,743 2,518 1,225 — Total securities available for sale 989,610 2,518 987,092 — Mortgage servicing rights 22,350 — — 22,350 $ 1,064,143 $ 2,518 $ 1,039,275 $ 22,350 Liabilities Derivative financial instruments $ 2,213 $ — $ 2,213 $ — 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 six months ended June 30, 2017. A reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis for the three months ended June 30, 2017 and 2016 is as follows: (Dollars in thousands) Assets Liabilities Fair value, January 1, 2017 $ 29,037 $ — Servicing assets that resulted from transfers of financial assets 3,096 — Changes in fair value due to valuation inputs or assumptions (371) — Changes in fair value due to decay (1,832) — Fair value , June 30, 2017 $ 29,930 $ — Fair value, January 1, 2016 $ 26,202 $ — Servicing assets that resulted from transfers of financial assets 2,393 — Changes in fair value due to valuation inputs or assumptions (4,476) — Changes in fair value due to decay (1,769) — Fair value, June 30, 2016 $ 22,350 $ — There were no unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities at June 30, 2017 or 2016. 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) June 30, 2017: OREO $ $ — $ — $ Non-acquired impaired loans — — December 31, 2016: OREO $ 18,316 $ — $ — $ 18,316 Non-acquired impaired loans 6,611 — — 6,611 June 30, 2016: OREO $ 22,427 $ — $ — $ 22,427 Non-acquired impaired loans 3,515 — — 3,515 Quantitative Information about Level 3 Fair Value Measurement Weighted Average June 30, December 31, June 30, Valuation Technique Unobservable Input 2017 2016 2016 Nonrecurring measurements: Non-acquired impaired loans Discounted appraisals Collateral discounts 5 % 6 % 6 % OREO Discounted appraisals Collateral discounts and estimated costs to sell 25 % 18 % 17 % 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 June 30, 2017, December 31, 2016 and June 30, 2016. 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 40 regarding fair value. Loans held for sale — The fair values disclosed for loans held for sale are based on commitments from investors for loans with similar characteristics. 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. 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 June 30, 2017 Financial assets: Cash and cash equivalents $ 431,890 $ 431,890 $ 431,890 $ — $ — Investment securities 1,358,894 1,358,976 15,660 1,343,316 — Loans held for sale 65,995 65,995 — 65,995 — Loans, net of allowance for loan losses 8,140,706 8,216,793 — — 8,216,793 Accrued interest receivable 23,469 23,469 — 5,454 18,015 Mortgage servicing rights 29,930 29,930 — — 29,930 Interest rate swap - non-designated hedge 208 208 — 208 — Other derivative financial instruments (mortgage banking related) 1,748 1,748 — 1,748 — Financial liabilities: Deposits 9,031,654 8,481,700 — 8,481,700 — Federal funds purchased and securities sold under agreements to repurchase 334,018 334,018 — 334,018 — Other borrowings 98,147 100,723 — 100,723 — Accrued interest payable 1,502 1,502 — 1,502 — Interest rate swap - non-designated hedge 203 203 — 203 — Interest rate swap - cash flow hedge 389 389 — 389 — Off balance sheet financial instruments: Commitments to extend credit — 17,200 — 17,200 — December 31, 2016 Financial assets: Cash and cash equivalents $ 374,448 $ 374,448 $ 374,448 $ — $ — Investment securities 1,014,981 1,015,137 12,041 1,003,096 — Loans held for sale 50,572 50,572 — 50,572 — Loans, net of allowance for loan losses 6,643,326 6,649,575 — — 6,649,575 Accrued interest receivable 18,618 18,618 — 3,642 14,976 Mortgage servicing rights 29,037 29,037 — — 29,037 Interest rate swap - non-designated hedge 203 203 — 203 — Other derivative financial instruments (mortgage banking related) 2,403 2,403 — 2,403 — Financial liabilities: Deposits 7,334,423 6,935,867 — 6,935,867 — Federal funds purchased and securities sold under agreements to repurchase 313,773 313,773 — 313,773 — Other borrowings 55,358 54,379 — 54,379 — Accrued interest payable 1,359 1,359 — 1,359 — Interest rate swap - non-designated hedge 181 181 — 181 — Interest rate swap - cash flow hedge — — Other derivative financial instruments (mortgage banking related) 51 51 — 51 — Off balance sheet financial instruments: Commitments to extend credit — 1,587 — 1,587 — June 30, 2016 Financial assets: Cash and cash equivalents $ 481,912 $ 481,912 $ 481,912 $ — $ — Investment securities 1,007,060 1,007,370 12,047 995,323 — Loans held for sale 48,926 48,926 — 48,926 — Loans, net of allowance for loan losses 6,380,657 6,591,596 — — 6,591,596 Accrued interest receivable 18,191 18,191 — 3,941 14,250 Mortgage servicing rights 22,350 22,350 — — 22,350 Other derivative financial instruments (mortgage banking related) 3,257 3,257 — 3,257 — Financial liabilities: Deposits 7,163,926 6,980,410 — 6,980,410 — Federal funds purchased and securities sold under agreements to repurchase 341,064 341,064 — 341,064 — Other borrowings 55,254 49,499 — 49,499 — Accrued interest payable 1,649 1,649 — 1,649 — Interest rate swap - cash flow hedge — — Other derivative financial instruments (mortgage banking related) 1,437 1,437 — 1,437 — Off balance sheet financial instruments: Commitments to extend credit — 53,838 — 53,838 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Inocme (Loss) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Balance at March 31, 2017 $ (6,078) $ 1,458 $ (264) $ (4,884) Other comprehensive income before reclassifications — 1,115 11 1,126 Amounts reclassified from accumulated other comprehensive income (loss) 116 (67) 12 61 Net comprehensive income 116 1,048 23 1,187 Balance at June 30, 2017 $ (5,962) $ 2,506 $ (241) $ (3,697) Three Months Ended June 30, 2016 Balance at March 31, 2016 $ (5,889) $ 9,887 $ (493) $ 3,505 Other comprehensive income (loss) before reclassifications — 2,865 (28) 2,837 Amounts reclassified from accumulated other comprehensive income 126 — 42 168 Net comprehensive income 126 2,865 14 3,005 Balance at June 30, 2016 $ (5,763) $ 12,752 $ (479) $ 6,510 Six Months Ended June 30, 2017 Balance at December 31, 2016 $ (6,195) $ (1,708) $ (308) $ (8,211) Other comprehensive income (loss) before reclassifications — 4,282 (37) 4,245 Amounts reclassified from accumulated other comprehensive income (loss) 233 (68) 104 269 Net comprehensive income 233 4,214 67 4,514 Balance at June 30, 2017 $ (5,962) $ 2,506 $ (241) $ (3,697) Six Months Ended June 30, 2016 Balance at December 31, 2015 $ (6,015) $ 2,588 $ (444) $ (3,871) Other comprehensive income (loss) before reclassifications — 10,240 (123) 10,117 Amounts reclassified from accumulated other comprehensive income (loss) 252 (76) 88 264 Net comprehensive income (loss) 252 10,164 (35) 10,381 Balance at June 30, 2016 $ (5,763) $ 12,752 $ (479) $ 6,510 The table below presents the reclassifications out of accumulated other comprehensive income (loss), net of tax: Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, Accumulated Other Comprehensive Income (Loss) Component 2017 2016 2017 2016 Income Statement Line Item Affected Losses on cash flow hedges: Interest rate contracts $ 19 $ 68 $ 168 $ 142 Interest expense (7) (26) (64) (54) Provision for income taxes 12 42 104 88 Net income Gains on sales of available for sale securities: $ (110) $ — $ (110) $ (122) Other noninterest income 43 — 42 46 Provision for income taxes (67) — (68) (76) Net income Amortization of defined benefit pension: Actuarial losses $ 187 $ 204 $ 376 $ 408 Salaries and employee benefits (71) (78) (143) (156) Provision for income taxes 116 126 233 252 Net income Total reclassifications for the period $ 61 $ 168 $ 269 $ 264 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | Note 16 — Derivative Financial Instruments Cash Flow Hedge of Interest Rate Risk The Company utilizes an interest rate swap agreement to essentially convert a portion of its variable-rate debt to a fixed rate (cash flow hedge). For derivatives designated as hedging exposure to variable cash flows of a forecasted transaction (cash flow hedge), the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. For derivatives that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. When applying hedge accounting for derivatives, the Company establishes a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the 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 $23,000 and $67,000 for the three and six months ended June 30, 2017, respectively. This compares to an unrealized gain of $14,000 for the three months ended June 30, 2016 and an unrealized loss of $35,000 for the six months ended June 30, 2016. The Company recognized a $389,000 cash flow hedge liability in other liabilities on the balance sheet at June 30, 2017, compared to a $776,000 liability at June 30, 2016. There was no ineffectiveness in the cash flow hedge during the three and six months ended June 30, 2017 and 2016. On January 3, 2017, the Company, through its merger with SBFC, acquired two forward starting interest rate swaps with a total notational amount of $10.0 million which was used to manage interest rate risk by SBFC on its $20.6 million in junior subordinated debt issued by capital trusts. Like the Company, SBFC was using the swaps to hedge 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. The subordinated debt was paying interest at three month LIBOR plus 1.40% (2.36% at the time of the merger) while the interest rate swaps were providing a fixed rate of approximately 5.35% on $10.0 million of the junior subordinated debt. During the first quarter of 2017, the Company decided to terminate the interest rate swaps acquired through the merger with SBFC with an immaterial effect to net income. 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 June 30, 2017 and 2016, the Company provided $450,000 and $850,000 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 On December 28, 2016, the Company entered into two interest rate swap contracts that were classified as non-designated 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. 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 June 30, 2017, the interest rate swaps had an aggregate notional amount of approximately $27.3 million and the fair value of the interest rate swap derivatives are recorded in other assets at $208,000 and in other liabilities at $203,000 for a net asset carrying value of $5,000, which was recorded through earnings. The fair value of the interest rate swap derivative with the derivatives dealer was in a net liability position of $203,000 at June 30, 2017 and the Company was required to provide $300,000 of collateral, which is included in cash and cash equivalents on the balance sheet as interest-bearing deposits with banks. Mortgage Banking The Company also has derivatives contracts that are classified as non-designated hedges. 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 forward sales commitments 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 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 June 30, 2017, the Company had derivative financial instruments outstanding with notional amounts totaling $102.5 million related to mortgage servicing rights, compared to $120.0 million on June 30, 2016. The estimated net fair value of the open contracts related to the mortgage servicing rights was recorded as a gain of $9,000 at June 30, 2017, compared to $1.8 million at June 30, 2016. 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) June 30, 2017 December 31, 2016 June 30, 2016 Mortgage loan pipeline $ $ $ 129,570 Expected closures 97,177 Fair Value of mortgage loan pipeline commitments 3,257 Forward sales commitments 120,000 Fair value of forward commitments (1,437) |
Capital Ratios
Capital Ratios | 6 Months Ended |
Jun. 30, 2017 | |
Capital Ratios | |
Capital Ratios | Note 17 — Capital Ratios The Company is subject to regulations with respect to certain risk-based capital ratios. These risk-based capital 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 based on the rules to reflect categorical credit risk. In addition to the risk-based capital ratios, the regulatory agencies have also established a leverage ratio for assessing capital adequacy. The leverage ratio is equal to Tier 1 capital divided by total consolidated on-balance sheet assets (minus amounts deducted from Tier 1 capital). The leverage ratio does not involve assigning risk weights to assets. In July 2013, the Federal Reserve announced its approval of a final rule to implement the regulatory capital reforms developed by the Basel Committee on Banking Supervision (“Basel III”), among other changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rules became effective January 1, 2015, subject to a phase-in period for certain aspects of the new rules. As applied to the Company and the Bank, the new rules include a new minimum ratio of common equity Tier 1 capital ("CET1") to risk-weighted assets of 4.5%. The new rules also raised the minimum required ratio of Tier 1 capital to risk-weighted assets from 4% to 6%. The minimum required leverage ratio under the new rules is 4%. The minimum required total capital to risk-weighted assets ratio remains at 8% under the new rules. In order to avoid restrictions on capital distributions and discretionary bonus payments to executives, under the new rules a covered banking organization is also required to maintain a “capital conservation buffer” in addition to its minimum risk-based capital requirements. This buffer is required to consist solely of common equity Tier 1, and the buffer applies to all three risk-based measurements (CET1, Tier 1 capital and total capital). The capital conservation buffer will be phased in incrementally over time, beginning January 1, 2016 and becoming fully effective on January 1, 2019, and will ultimately consist of an additional amount of Tier 1 common equity equal to 2.5% of risk-weighted assets. The Bank is also subject to the regulatory framework for prompt corrective action, which identifies five capital categories for insured depository institutions (well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized) and is based on specified thresholds for each of the three risk-based regulatory capital ratios (CET1, Tier 1 capital and total capital) and for the leverage ratio. The following table presents actual and required capital ratios as of June 30, 2017, December 31, 2016 and June 30, 2016 for the Company and the Bank under the Basel III capital rules. The minimum required capital amounts presented include the minimum required capital levels as of June 30, 2017 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Minimum Capital Minimum Capital Required to be Required - Basel III Required - Basel III Considered Well Actual Phase-In Schedule Fully Phased In Capitalized (Dollars in thousands) Amount Ratio Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio June 30, 2017 Common equity Tier 1 to risk-weighted assets: Consolidated $ 985,586 11.96 % $ 473,967 5.75 % $ 577,003 7.00 % $ 535,789 6.50 % South State Bank (the Bank) 1,023,298 12.41 % 473,954 5.75 % 576,988 7.00 % 535,774 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,056,506 12.82 % 597,610 7.25 % 700,647 8.50 % 659,432 8.00 % South State Bank (the Bank) 1,023,298 12.41 % 597,594 7.25 % 700,628 8.50 % 659,414 8.00 % Total capital to risk-weighted assets: Consolidated 1,100,757 13.35 % 762,468 9.25 % 865,505 10.50 % 824,290 10.00 % South State Bank (the Bank) 1,067,398 12.95 % 762,448 9.25 % 865,481 10.50 % 824,268 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,056,506 10.12 % 417,671 4.00 % 417,671 4.00 % 522,088 5.00 % South State Bank (the Bank) 1,023,298 9.80 % 417,537 4.00 % 417,537 4.00 % 521,921 5.00 % December 31, 2016: Common equity Tier 1 to risk-weighted assets: Consolidated $ 788,544 11.66 % $ 346,730 5.125 % $ 473,582 7.00 % $ 439,755 6.50 % South State Bank (the Bank) 815,823 12.06 % 346,629 5.125 % 473,444 7.00 % 439,627 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 841,266 12.43 % 448,212 6.625 % 575,064 8.50 % 541,237 8.00 % South State Bank (the Bank) 815,823 12.06 % 448,081 6.625 % 574,896 8.50 % 541,079 8.00 % Total capital to risk-weighted assets: Consolidated 881,957 13.04 % 583,521 8.625 % 710,374 10.50 % 676,546 10.00 % South State Bank (the Bank) 856,388 12.66 % 583,351 8.625 % 710,166 10.50 % 676,349 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 841,266 9.88 % 340,612 4.00 % 340,612 4.00 % 425,765 5.00 % South State Bank (the Bank) 815,823 9.58 % 340,483 4.00 % 340,483 4.00 % 425,604 5.00 % June 30, 2016: Common equity Tier 1 to risk-weighted assets: Consolidated $ 741,000 11.23 % $ 338,086 5.125 % $ 461,776 7.00 % $ 428,792 6.50 % South State Bank (the Bank) 766,183 11.62 % 337,972 5.125 % 461,620 7.00 % 428,647 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 793,116 12.02 % 437,038 6.625 % 560,728 8.50 % 527,744 8.00 % South State Bank (the Bank) 766,183 11.62 % 436,890 6.625 % 560,539 8.50 % 527,566 8.00 % Total capital to risk-weighted assets: Consolidated 834,102 12.64 % 568,974 8.625 % 692,665 10.50 % 659,681 10.00 % South State Bank (the Bank) 807,084 12.24 % 568,782 8.625 % 692,430 10.50 % 659,457 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 793,116 9.51 % 333,587 4.00 % 333,587 4.00 % 416,984 5.00 % South State Bank (the Bank) 766,183 9.19 % 333,433 4.00 % 333,433 4.00 % 416,791 5.00 % As of June 30, 2017, December 31, 2016, and June 30, 2016, the capital ratios of the Company and the Bank were well in excess of the minimum regulatory requirements and exceeded the thresholds for the “well capitalized” regulatory classification. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Other Intangible Assets | |
Goodwill and Other Intangible Assets | Note 18—Goodwill and Other Intangible Assets The carrying amount of goodwill was $595.8 million at June 30, 2017. The Company added $257.5 million in goodwill related to the SBFC merger during 2017. 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 Company added $18.1 million in core deposit intangible related to the SBFC merger. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets: June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Gross carrying amount $ 100,274 $ 82,154 $ 82,154 Accumulated amortization (47,308) (42,306) (38,525) $ 52,966 $ 39,848 $ 43,629 Amortization expense totaled $2.5 million and $5.0 million for the three and six months ended June 30, 2017, respectively, compared to $1.9 million and $3.8 million for the three and six months ended June 30, 2016, 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) Quarter ending: September 30, 2017 $ 2,494 December 31, 2017 2,494 March 31, 2018 2,331 June 30, 2018 2,319 September 30, 2018 2,318 Thereafter 41,010 $ 52,966 |
Loan Servicing, Mortgage Origin
Loan Servicing, Mortgage Origination, and Loans Held for Sale | 6 Months Ended |
Jun. 30, 2017 | |
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 As of June 30, 2017, December 31, 2016, and June 30, 2016, the portfolio of residential mortgages serviced for others, which is not included in the accompanying balance sheets, was $2.8 billion, $2.7 billion, and $2.6 billion, respectively. 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 six months ended June 30, 2017 and June 30, 2016 was $1.8 million and $3.6 million, and $1.8 million and $3.4 million, respectively. Servicing fees are recorded in mortgage banking income in the Company’s consolidated statements of income. At June 30, 2017, December 31, 2016, and June 31, 2016, mortgage servicing rights (“MSRs”) were $30.0 million, $29.0 million, and $22.3 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 six months ended June 30, 2017 and June 30, 2016 were losses of $815,000 and $370,000, respectively, compared with losses of $1.9 million and $4.5 million, respectively. 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. See Note 14 — Fair Value for the changes in fair value of MSRs. The following table presents the changes in the fair value of the offsetting hedge. Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Increase (decrease) in fair value of MSRs $ $ (1,870) $ $ (4,476) Decay of MSRs (990) (1,769) Gains related to derivatives $ $ 1,968 $ $ 5,013 Net effect on statements of income $ $ (892) $ $ (1,232) 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. See Note 14 — Fair Value for additional information regarding fair value. The characteristics and sensitivity analysis of the MSR are included in the following table. June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Composition of residential loans serviced for others Fixed-rate mortgage loans 99.7 % 99.6 % 99.5 % Adjustable-rate mortgage loans 0.3 % 0.4 % 0.5 % Total 100.0 % 100.0 % 100.0 % Weighted average life years years 5.60 years Constant Prepayment rate (CPR) 8.1 % 7.7 % 12.7 % Weighted average discount rate 9.6 % 9.8 % 9.8 % Effect on fair value due to change in interest rates 25 basis point increase $ 1,457 $ 1,399 $ 2,106 50 basis point increase 2,651 2,557 3,977 25 basis point decrease (1,783) (1,713) (2,334) 50 basis point decrease (3,914) (3,670) (4,492) The sensitivity calculations in the previous table 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, 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 $23.5 million and $19.2 million at June 30, 2017 and June 30, 2016, respectively. Mandatory cash forwards and whole loan sales were $193.9 million and $358.3 million for the three and six months ended June 30, 2017, respectively, compared to $179.5 million and $315.4 million for the three and six months ended June 30, 2016, respectively. For the three and six months ended June 30, 2017, $153.6 million and $274.2 million, or 79.2% and 76.5%, respectively, were sold with the servicing rights retained by the company, compared to $150.2 million and $243.5 million, or 83.7% and 77.2%, for the three and six months ended June 30, 2016, respectively . 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 $66.0 million, $50.6 million, and $48.9 million at June 30, 2017, December 31, 2016, and June 30, 2016, respectively. |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 6 Months Ended |
Jun. 30, 2017 | |
Investment In Qualified Affordable Housing Projects. | |
Investment in Qualified Affordable Housing Projects | Note 20 – Investments in Qualified Affordable Housing Projects The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period. The tax credits and the operating loss tax benefits that are generated by each of the properties are expected to exceed the total value of the investment made by the Company. For the six months ended June 30, 2017, tax credits and other tax benefits of $1.5 million and amortization of $1.2 million were recorded. For the six months ended June 30, 2016, the Company recorded tax credits and other tax benefits of $1.2 million and amortization of $729,000. At June 30, 2017 and 2016, the Company’s carrying value of QAHPs was $25.6 million and $27.6 million, respectively, with an original investment of $33.8 million. The Company has $8.7 million and $15.5 million in remaining funding obligations related to these QAHPs recorded in liabilities at June 30, 2017 and 2016, respectively. None of the original investment will be repaid. The investment in QAHPs is being accounted for using the equity method. |
Repurchase Agreements
Repurchase Agreements | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Repurchase Agreements [Abstract] | |
Repurchase Agreements | Note 21 – Repurchase Agreements Securities sold under agreements to repurchase ("repurchase agreements") represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Company and the client and are accounted for as secured borrowings. Repurchase agreements are included in federal funds purchased and securities sold under agreements to repurchase on the condensed consolidated balance sheets. At June 30, 2017, December 31, 2016 and June 30, 2016, the Company's repurchase agreements totaled $279.3 million, $238.3 million, and $272.6 million, respectively. All of the Company’s repurchase agreements were overnight or continuous (until-further-notice) agreements at June 30, 2017, December 31, 2016 and June 30, 2016. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of $279.3 million, $238.3 million and $272.6 million at June 30, 2017, December 31, 2016 and June 30, 2016, respectively. Declines in the value of the collateral would require the Company to increase the amounts of securities pledged. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events | |
Subsequent Events | Note 22 – Subsequent Events The Company has evaluated subsequent events for accounting and disclosure purposes through the date the financial statements are issued and has determined that there is no disclosure necessary. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | 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. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
SBFC | |
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 January 3, 2017 and their initial and subsequent fair value estimates, as recorded by the Company. The Company has up to one year after the acquisition date to make subsequent fair value adjustments. Intial Subsequent As Recorded Fair Value Fair Value As Recorded by (Dollars in thousands) by SBFC Adjustments Adjustments the Company Assets Cash and cash equivalents $ 72,043 $ — $ — $ 72,043 Investment securities 591,824 (1,770) (a) — 590,054 Loans held for sale 13,652 — — 13,652 Loans, net of allowance and mark 1,060,618 (10,668) (b) — 1,049,950 Premises and equipment 25,419 (2,212) (c) — 23,207 Intangible assets 140 17,980 (d) — 18,120 Other real estate owned and repossessed assets 580 (30) (e) (165) (e) 385 Bank owned life insurance 44,513 — — 44,513 Deferred tax asset 16,247 (687) (f) 59 (f) 15,619 Other assets 7,545 (482) (g) — 7,063 Total assets $ 1,832,581 $ 2,131 $ (106) $ 1,834,606 Liabilities Deposits: Noninterest-bearing $ 262,967 $ — $ — $ 262,967 Interest-bearing 1,257,953 — — 1,257,953 Total deposits 1,520,920 — — 1,520,920 Federal funds purchased and securities sold under agreements to repurchase 1,014 — — 1,014 Other borrowings 110,620 (1,120) (h) — 109,500 Other liabilities 19,980 5,553 (i) — 25,533 Total liabilities 1,652,534 4,433 — 1,656,967 Net identifiable assets acquired over (under) liabilities assumed 180,047 (2,302) (106) 177,639 Goodwill — 257,370 106 257,476 Net assets acquired over liabilities assumed $ 180,047 $ 255,068 $ — $ 435,115 Consideration: South State Corporation common shares issued 4,978,338 Purchase price per share of the Company's common stock $ 87.30 Company common stock issued ($434,609) and cash exchanged for fractional shares ($16) $ 434,625 Cash paid for stock option redemptions 490 Fair value of total consideration transferred $ 435,115 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 of $30,749 based on the Company’s evaluation of the acquired loan portfolio and excludes the allowance for loan losses of $20,081 recorded by SBFC. (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 that totaled $18,120. (e)—Adjustment reflects the fair value adjustments to OREO and repossessed assets based on the Company’s evaluation of the acquired OREO and repossessed assets portfolio. (f)—Adjustment to record deferred tax asset related to the fair value adjustments. (g)—Adjustment reflects uncollectible portion of accrued interest receivable and loan fees receivable along with the write-off of certain prepaid expenses. (h)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of other borrowings of Trust Preferred Securities with a discount of $2,149, netted with premium on certain Federal Home Loan Bank (“FHLB “) advances of $1,029. (i)—Adjustment reflects the fair value adjustments to employee benefit plans of $6,049 netted against an adjustment of other miscellaneous liabilities of $496. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017: State and municipal obligations $ 4,166 $ 82 $ — $ 4,248 December 31, 2016: State and municipal obligations $ 6,094 $ 156 $ — $ 6,250 June 30, 2016: State and municipal obligations $ 7,921 $ 310 $ — $ 8,231 |
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 June 30, 2017: Government-sponsored entities debt* $ 76,508 $ 52 $ (608) $ 75,952 State and municipal obligations 188,720 4,680 (106) 193,294 Mortgage-backed securities** 1,068,718 5,195 (5,316) 1,068,597 Corporate stocks 3,658 550 (399) 3,809 $ 1,337,604 $ 10,477 $ (6,429) $ 1,341,652 December 31, 2016: Government-sponsored entities debt* $ 85,488 $ — $ (846) $ 84,642 State and municipal obligations 105,303 2,289 (190) 107,402 Mortgage-backed securities** 807,717 3,085 (7,225) 803,577 Corporate stocks 3,658 473 (347) 3,784 $ 1,002,166 $ 5,847 $ (8,608) $ 999,405 June 30, 2016: Government-sponsored entities debt* $ 102,985 $ 107 $ — $ 103,092 State and municipal obligations 118,400 5,498 (4) 123,894 Mortgage-backed securities** 743,956 14,956 (31) 758,881 Corporate stocks 3,658 356 (271) 3,743 $ 968,999 $ 20,917 $ (306) $ 989,610 * - 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 June 30, 2017: Federal Home Loan Bank stock $ 10,814 $ — $ — $ 10,814 Investment in unconsolidated subsidiaries 2,262 — — 2,262 $ 13,076 $ — $ — $ 13,076 December 31, 2016: Federal Home Loan Bank stock $ 7,840 $ — $ — $ 7,840 Investment in unconsolidated subsidiaries 1,642 — — 1,642 $ 9,482 $ — $ — $ 9,482 June 30, 2016: Federal Home Loan Bank stock $ 7,887 $ — $ — $ 7,887 Investment in unconsolidated subsidiaries 1,642 — — 1,642 $ 9,529 $ — $ — $ 9,529 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | 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 $ 2,226 $ 2,269 $ 13,005 $ 13,107 Due after one year through five years 1,152 1,186 110,358 110,976 Due after five years through ten years 788 793 272,409 274,466 Due after ten years — — 941,832 943,103 $ 4,166 $ 4,248 $ 1,337,604 $ 1,341,652 |
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 June 30, 2017: Securities Available for Sale Government-sponsored entities debt $ 608 $ 70,226 $ — $ — State and municipal obligations 106 9,171 — — Mortgage-backed securities 5,207 570,625 109 13,854 Corporate stocks — — 399 1,333 $ 5,921 $ 650,022 $ 508 $ 15,187 December 31, 2016: Securities Available for Sale Government-sponsored entities debt $ 846 $ 84,642 $ — $ — State and municipal obligations 190 11,506 — — Mortgage-backed securities 7,148 592,228 77 2,058 Corporate stocks — — 347 1,395 $ 8,184 $ 688,376 $ 424 $ 3,453 June 30, 2016: Securities Available for Sale Government-sponsored entities debt $ — $ — $ — $ — State and municipal obligations 4 1,356 — — Mortgage-backed securities 3 15,786 28 2,447 Corporate stocks — — 271 1,471 $ 7 $ 17,142 $ 299 $ 3,918 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Loans and Allowance for Loan Losses | |
Schedule of changes in the carrying value | The following are changes in the carrying value of acquired credit impaired loans: Six Months Ended June 30, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 602,546 $ 733,870 Fair value of acquired loans 55,850 — Net reductions for payments, foreclosures, and accretion (55,569) (74,989) Change in the allowance for loan losses on acquired loans (346) (46) Balance at end of period, net of allowance for loan losses on acquired loans $ 602,481 $ 658,835 |
Schedule of changes in allowance for loan losses | Non-acquired Acquired Non-Credit Acquired Credit (Dollars in thousands) Loans Impaired Loans Impaired Loans Total Three Months Ended June 30, 2017: Balance at beginning of period $ 38,449 $ — $ 4,556 $ 43,005 Loans charged-off (1,292) (501) — (1,793) Recoveries of loans previously charged off (1) 536 72 — 608 Net charge-offs (756) (429) — (1,185) Provision for loan losses charged to operations 2,456 429 (572) 2,313 Provision for loan losses recorded through the FDIC loss share receivable — — — — Reduction due to loan removals — — (243) (243) Balance at end of period $ 40,149 $ — $ 3,741 $ 43,890 Three Months Ended June 30, 2016: Balance at beginning of period $ 35,115 $ — $ 3,877 $ 38,992 Loans charged-off (1,557) (232) — (1,789) Recoveries of loans previously charged off (1) 881 51 — 932 Net charge-offs (676) (181) — (857) Provision 2,500 181 47 2,728 Benefit attributable to FDIC loss share agreements — — — — Provision for loan losses charged to operations 2,500 181 47 2,728 Provision for loan losses recorded through the FDIC loss share receivable — — — — Reduction due to loan removals — — (172) (172) Balance at end of period $ 36,939 $ — $ 3,752 $ 40,691 Non-acquired Acquired Non-Credit Acquired Credit (Dollars in thousands) Loans Impaired Loans Impaired Loans Total Six Months Ended June 30, 2017: Balance at beginning of period $ 36,960 $ — $ 3,395 $ 40,355 Loans charged-off (2,589) (890) — (3,479) Recoveries of loans previously charged off (1) 1,205 135 — 1,340 Net charge-offs (1,384) (755) — (2,139) Provision 4,573 755 692 6,020 Benefit attributable to FDIC loss share agreements — — — — Total provision for loan losses charged to operations 4,573 755 692 6,020 Provision for loan losses recorded through the FDIC loss share receivable — — — — Reduction due to loan removals — — (346) (346) Balance at end of period $ 40,149 $ — $ 3,741 $ 43,890 Six Months Ended June 30, 2016: Balance at beginning of period $ 34,090 $ — $ 3,706 $ 37,796 Loans charged-off (3,276) (529) — (3,805) Recoveries of loans previously charged off (1) 1,645 141 — 1,786 Net charge-offs (1,631) (388) — (2,019) Provision 4,480 388 395 5,263 Benefit attributable to FDIC loss share agreements — — 23 23 Total provision for loan losses charged to operations 4,480 388 418 5,286 Provision for loan losses recorded through the FDIC loss share receivable — — (23) (23) Reduction due to loan removals — — (349) (349) Balance at end of period $ 36,939 $ — $ 3,752 $ 40,691 (1) – Recoveries related to acquired credit impaired loans are recorded through other noninterest income on the consolidated statement of income and do not run through the allowance for loan losses. |
Summary of information pertaining to impaired loans | Unpaid Recorded Gross Contractual Investment Recorded Total Principal With No Investment Recorded Related (Dollars in thousands) Balance Allowance With Allowance Investment Allowance June 30, 2017 Commercial real estate: Construction and land development $ 34,757 $ 1,289 $ 28,748 $ 30,037 $ 1,310 Commercial non-owner occupied 2,376 212 542 754 146 Commercial owner occupied 9,882 4,075 1,979 6,054 62 Consumer real estate: Consumer owner occupied 6,093 1,451 3,124 4,575 57 Home equity loans 3,311 688 1,938 2,626 119 Commercial and industrial 2,244 — 1,198 1,198 362 Other income producing property 4,382 95 3,546 3,641 238 Consumer 556 — 235 235 6 Other loans — — — — — Total $ 63,601 $ 7,810 $ 41,310 $ 49,120 $ 2,300 December 31, 2016 Commercial real estate: Construction and land development $ 7,394 $ 1,074 $ 1,959 $ 3,033 $ 348 Commercial non-owner occupied 2,417 223 583 806 170 Commercial owner occupied 10,118 3,976 2,269 6,245 67 Consumer real estate: Consumer owner occupied 7,090 2,120 3,553 5,673 80 Home equity loans 2,165 244 1,430 1,674 40 Commercial and industrial 2,335 — 1,263 1,263 386 Other income producing property 3,166 99 2,273 2,372 242 Consumer 394 — 145 145 4 Other loans — — — — — Total $ 35,079 $ 7,736 $ 13,475 $ 21,211 $ 1,337 June 30, 2016 Commercial real estate: Construction and land development $ 8,286 $ 798 $ 3,295 $ 4,093 $ 752 Commercial non-owner occupied 1,669 337 882 1,219 202 Commercial owner occupied 10,784 4,988 1,984 6,972 67 Consumer real estate: Consumer owner occupied 5,420 2,333 1,634 3,967 55 Home equity loans 3,024 812 1,365 2,177 38 Commercial and industrial 1,891 259 508 767 14 Other income producing property 5,838 492 4,508 5,000 375 Consumer 334 — 128 128 4 Other — — — — — Total $ 37,246 $ 10,019 $ 14,304 $ 24,323 $ 1,507 |
Summary of average investment in impaired loans and interest income recognized on impaired loans | Three Months Ended June 30, 2017 2016 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 $ 19,662 $ 267 $ 5,182 $ 8 Commercial non-owner occupied 764 6 1,177 11 Commercial owner occupied 6,153 69 7,337 6 Consumer real estate: Consumer owner occupied 4,644 35 5,805 — Home equity loans 2,529 26 2,680 4 Commercial and industrial 1,234 4 822 6 Other income producing property 3,024 68 5,197 23 Consumer 211 3 135 — Other loans — — 423 — Total Impaired Loans $ 38,221 $ 478 $ 28,758 $ 58 Six Months Ended June 30, 2017 2016 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 $ 16,535 $ 314 $ 5,187 $ 57 Commercial non-owner occupied 780 12 1,335 26 Commercial owner occupied 6,150 145 7,348 80 Consumer real estate: Consumer owner occupied 5,124 74 5,758 46 Home equity loans 2,150 46 1,243 12 Commercial and industrial 1,230 22 1,127 85 Other income producing property 3,007 103 4,946 30 Consumer 189 3 115 1 Other loans — — 211 2 Total Impaired Loans $ 35,165 $ 719 $ 27,270 $ 339 |
SBFC | |
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 carrying values | Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of FASB ASC Topic 310-30 acquired loans impaired and non-impaired at the acquisition date for SBFC (January 3, 2017) are as follows: January 3, 2017 Loans Impaired (Dollars in thousands) at Acquisition Contractual principal and interest $ 73,365 Non-accretable difference (12,912) Cash flows expected to be collected 60,453 Accretable difference (4,603) Carrying value $ 55,850 |
Non-acquired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Non-acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 712,242 $ 580,464 $ 533,219 Commercial non-owner occupied 952,911 714,715 586,828 Total commercial non-owner occupied real estate 1,665,153 1,295,179 1,120,047 Consumer real estate: Consumer owner occupied 1,382,922 1,197,621 1,109,667 Home equity loans 411,532 383,218 345,957 Total consumer real estate 1,794,454 1,580,839 1,455,624 Commercial owner occupied real estate 1,204,953 1,177,745 1,083,051 Commercial and industrial 762,583 671,398 611,901 Other income producing property 189,326 178,238 181,703 Consumer 357,761 324,238 272,957 Other loans 18,163 13,404 91,592 Total non-acquired loans 5,992,393 5,241,041 4,816,875 Less allowance for loan losses (40,149) (36,960) (36,939) Non-acquired loans, net $ 5,952,244 $ 5,204,081 $ 4,779,936 |
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 June 30, 2017 Allowance for loan losses: Balance, March 31, 2017 $ 4,649 $ 5,464 $ 7,894 $ 8,108 $ 3,456 $ 5,124 $ 1,345 $ 2,443 $ (34) $ 38,449 Charge-offs (69) — — (62) (190) (167) (7) (797) — (1,292) Recoveries 68 7 98 27 21 143 5 167 — 536 Provision (benefit) 1,098 693 (453) 496 (40) 43 36 719 (136) 2,456 Balance, June 30, 2017 $ 5,746 $ 6,164 $ 7,539 $ 8,569 $ 3,247 $ 5,143 $ 1,379 $ 2,532 $ (170) $ 40,149 Loans individually evaluated for impairment $ 1,310 $ 146 $ 62 $ 57 $ 119 $ 362 $ 238 $ 6 $ — $ 2,300 Loans collectively evaluated for impairment $ 4,436 $ 6,018 $ 7,477 $ 8,512 $ 3,128 $ 4,781 $ 1,141 $ 2,526 $ (170) $ 37,849 Loans: Loans individually evaluated for impairment $ 30,037 $ 754 $ 6,054 $ 4,575 $ 2,626 $ 1,198 $ 3,641 $ 235 $ — $ 49,120 Loans collectively evaluated for impairment 682,205 952,157 1,198,899 1,378,347 408,906 761,385 185,685 357,526 18,163 5,943,273 Total non-acquired loans $ 712,242 $ 952,911 $ 1,204,953 $ 1,382,922 $ 411,532 $ 762,583 $ 189,326 $ 357,761 $ 18,163 $ 5,992,393 Three Months Ended June 30, 2016 Allowance for loan losses: Balance , March 31, 2016 $ 4,482 $ 3,923 $ 8,179 $ 7,345 $ 3,097 $ 3,951 $ 1,802 $ 1,785 $ 551 $ 35,115 Charge-offs (159) — (59) (129) (324) (20) (7) (859) — (1,557) Recoveries 442 15 14 17 87 55 35 216 — 881 Provision (benefit) (100) 718 (131) 297 288 283 (18) 872 291 2,500 Balance, June 30, 2016 $ 4,665 $ 4,656 $ 8,003 $ 7,530 $ 3,148 $ 4,269 $ 1,812 $ 2,014 $ 842 $ 36,939 Loans individually evaluated for impairment $ 751 $ 202 $ 67 $ 55 $ 38 $ 14 $ 376 $ 4 $ — $ 1,507 Loans collectively evaluated for impairment $ 3,914 $ 4,454 $ 7,936 $ 7,475 $ 3,110 $ 4,255 $ 1,436 $ 2,010 $ 842 $ 35,432 Loans: Loans individually evaluated for impairment $ 4,093 $ 1,219 $ 6,972 $ 3,967 $ 2,177 $ 767 $ 5,000 $ 128 $ — $ 24,323 Loans collectively evaluated for impairment 529,126 585,609 1,076,079 1,105,700 343,780 611,134 176,703 272,829 91,592 4,792,552 Total non-acquired loans $ 533,219 $ 586,828 $ 1,083,051 $ 1,109,667 $ 345,957 $ 611,901 $ 181,703 $ 272,957 $ 91,592 $ 4,816,875 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 Six Months Ended June 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ 4,091 $ 4,980 $ 8,022 $ 7,820 $ 3,211 $ 4,842 $ 1,542 $ 2,350 $ 102 $ 36,960 Charge-offs (474) — — (185) (224) (189) (7) (1,510) — (2,589) Recoveries 222 48 105 76 95 233 48 378 — 1,205 Provision (benefit) 1,907 1,136 (588) 858 165 257 (204) 1,314 (272) 4,573 Balance, June 30, 2017 $ 5,746 $ 6,164 $ 7,539 $ 8,569 $ 3,247 $ 5,143 $ 1,379 $ 2,532 $ (170) $ 40,149 Six Months Ended June 30, 2016 Allowance for loan losses: Balance, December 31, 2015 $ 4,116 $ 3,568 $ 8,341 $ 7,212 $ 2,929 $ 3,974 $ 1,963 $ 1,694 $ 293 $ 34,090 Charge-offs (159) — (101) (129) (767) (327) (7) (1,786) — (3,276) Recoveries 607 31 21 98 175 103 39 571 — 1,645 Provision (benefit) 101 1,057 (258) 349 811 519 (183) 1,535 549 4,480 Balance, June 30, 2016 $ 4,665 $ 4,656 $ 8,003 $ 7,530 $ 3,148 $ 4,269 $ 1,812 $ 2,014 $ 842 $ 36,939 |
Schedule of credit risk profile by risk grade of loans | Total Non-acquired Loans June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Pass $ 5,868,309 $ 5,112,628 $ 4,665,729 Special mention 78,334 89,489 108,107 Substandard 45,750 38,924 43,039 Doubtful — — — $ 5,992,393 $ 5,241,041 $ 4,816,875 |
Aging analysis of past due loans, segregated by class of loans | 30 - 59 Days 60 - 89 Days 90+ Days Total Total (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans June 30, 2017 Commercial real estate: Construction and land development $ 102 $ — $ 505 $ 607 $ 711,635 $ 712,242 Commercial non-owner occupied 123 150 255 528 952,383 952,911 Commercial owner occupied 1,041 799 1,562 3,402 1,201,551 1,204,953 Consumer real estate: Consumer owner occupied 1,168 1,112 766 3,046 1,379,876 1,382,922 Home equity loans 779 311 1,370 2,460 409,072 411,532 Commercial and industrial 608 156 97 861 761,722 762,583 Other income producing property 480 104 257 841 188,485 189,326 Consumer 359 188 347 894 356,867 357,761 Other loans — — — — 18,163 18,163 $ 4,660 $ 2,820 $ 5,159 $ 12,639 $ 5,979,754 $ 5,992,393 December 31, 2016 Commercial real estate: Construction and land development $ 256 $ 313 $ 1,026 $ 1,595 $ 578,869 $ 580,464 Commercial non-owner occupied 647 232 137 1,016 713,699 714,715 Commercial owner occupied 1,272 957 1,478 3,707 1,174,038 1,177,745 Consumer real estate: Consumer owner occupied 1,473 246 1,454 3,173 1,194,448 1,197,621 Home equity loans 566 889 838 2,293 380,925 383,218 Commercial and industrial 1,033 216 345 1,594 669,804 671,398 Other income producing property 310 94 147 551 177,687 178,238 Consumer 666 355 395 1,416 322,822 324,238 Other loans — — — — 13,404 13,404 $ 6,223 $ 3,302 $ 5,820 $ 15,345 $ 5,225,696 $ 5,241,041 June 30, 2016 Commercial real estate: Construction and land development $ 332 $ 192 $ 1,063 $ 1,587 $ 531,632 $ 533,219 Commercial non-owner occupied 2,511 — 137 2,648 584,180 586,828 Commercial owner occupied 1,897 164 1,563 3,624 1,079,427 1,083,051 Consumer real estate: Consumer owner occupied 1,338 968 2,584 4,890 1,104,777 1,109,667 Home equity loans 1,113 443 1,154 2,710 343,247 345,957 Commercial and industrial 473 48 544 1,065 610,836 611,901 Other income producing property 517 614 176 1,307 180,396 181,703 Consumer 527 57 240 824 272,133 272,957 Other loans — — — — 91,592 91,592 $ 8,708 $ 2,486 $ 7,461 $ 18,655 $ 4,798,220 $ 4,816,875 |
Non-acquired loans | Consumer | |
Loans and Allowance for Loan Losses | |
Schedule of credit risk profile by risk grade of loans | Consumer Owner Occupied Home Equity Consumer June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 1,356,469 $ 1,167,768 $ 1,078,749 $ 397,857 $ 368,655 $ 330,270 $ 356,244 $ 322,654 $ 271,253 Special mention 13,653 15,283 17,814 7,207 8,145 8,341 348 468 752 Substandard 12,800 14,570 13,104 6,468 6,418 7,346 1,169 1,116 952 Doubtful — — — — — — — — — $ 1,382,922 $ 1,197,621 $ 1,109,667 $ 411,532 $ 383,218 $ 345,957 $ 357,761 $ 324,238 $ 272,957 Other Consumer Total June 30, 2017 December 31, 2016 June 30, 2016 June 30, 2017 December 31, 2016 June 30, 2016 Pass $ 18,163 $ 13,404 $ 91,592 $ 2,128,733 $ 1,872,481 $ 1,771,864 Special mention — — — 21,208 23,896 26,907 Substandard — — — 20,437 22,104 21,402 Doubtful — — — — — — $ 18,163 $ 13,404 $ 91,592 $ 2,170,378 $ 1,918,481 $ 1,820,173 |
Non-acquired loans | Commercial | |
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 June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 700,200 $ 567,398 $ 518,537 $ 939,254 $ 701,150 $ 569,815 $ 1,177,687 $ 1,149,417 $ 1,041,512 Special mention 8,133 8,421 9,230 11,437 11,434 14,859 15,004 22,133 31,631 Substandard 3,909 4,645 5,452 2,220 2,131 2,154 12,262 6,195 9,908 Doubtful — — — — — — — — — $ 712,242 $ 580,464 $ 533,219 $ 952,911 $ 714,715 $ 586,828 $ 1,204,953 $ 1,177,745 $ 1,083,051 Commercial & Industrial Other Income Producing Property Commercial Total June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 741,605 $ 655,157 $ 596,879 $ 180,830 $ 167,025 $ 167,122 $ 3,739,576 $ 3,240,147 $ 2,893,865 Special mention 15,916 14,325 13,441 6,636 9,280 12,039 57,126 65,593 81,200 Substandard 5,062 1,916 1,581 1,860 1,933 2,542 25,313 16,820 21,637 Doubtful — — — — — — — — — $ 762,583 $ 671,398 $ 611,901 $ 189,326 $ 178,238 $ 181,703 $ 3,822,015 $ 3,322,560 $ 2,996,702 |
Acquired credit impaired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 FASB ASC Topic 310-30 acquired loans: Commercial loans greater than or equal to $1 million-Community Bank & Trust ("CBT") $ 8,524 $ 8,617 $ 11,260 Commercial real estate 206,271 210,204 225,460 Commercial real estate—construction and development 52,977 44,373 48,274 Residential real estate 256,602 258,100 285,518 Consumer 56,362 59,300 64,114 Commercial and industrial 25,486 25,347 27,961 Total FASB ASC Topic 310-30 acquired loans 606,222 605,941 662,587 Less allowance for loan losses (3,741) (3,395) (3,752) FASB ASC Topic 310-30 acquired loans, net $ 602,481 $ 602,546 $ 658,835 |
Schedule of contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting carrying values | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Contractual principal and interest $ 774,471 $ 778,822 $ 861,401 Non-accretable difference (28,966) (17,502) (23,294) Cash flows expected to be collected 745,505 761,320 838,107 Accretable yield (139,283) (155,379) (175,520) Carrying value $ 606,222 $ 605,941 $ 662,587 Allowance for acquired loan losses $ (3,741) $ (3,395) $ (3,752) |
Schedule of refined accretable yield balance | Six Months Ended June 30, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 155,379 $ 201,538 Addition from the SBFC acquisition 4,603 — Accretion (29,511) (39,522) Reclass of nonaccretable difference due to improvement in expected cash flows 9,016 13,146 Other changes, net (204) 358 Balance at end of period $ 139,283 $ 175,520 |
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 June 30, 2017 Allowance for loan losses: Balance, March 31, 2017 $ — $ $ $ $ $ $ — $ Provision (benefit) for loan losses before benefit attributable to FDIC loss share agreements — (292) — (51) — (572) Benefit attributable to FDIC loss share agreements — — — — — — — — Total provision (benefit) for loan losses charged to operations — (292) — (51) — (572) Provision for loan losses recorded through the FDIC loss share receivable — — — — — — — — Reduction due to loan removals — — Balance, June 30, 2017 $ — $ $ $ $ $ $ — $ Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ $ $ $ $ $ — $ Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment — Total acquired credit impaired loans $ $ $ $ $ $ $ — $ Three Months Ended June 30, 2016 Allowance for loan losses: Balance , March 31, 2016 $ — $ 46 $ 154 $ 2,863 $ 606 $ 208 $ — $ 3,877 Provision (benefit) for loan losses before benefit attributable to FDIC loss share agreements — — — (165) 217 (5) — 47 Benefit attributable to FDIC loss share agreements — — — — — — — — Total provision (benefit) for loan losses charged to operations — — — (165) 217 (5) — 47 Provision for loan losses recorded through the FDIC loss share receivable — — — — — — — — Reduction due to loan removals — (11) (3) (106) (45) (7) — (172) Balance, June 30, 2016 $ — $ 35 $ 151 $ 2,592 $ 778 $ 196 $ — $ 3,752 Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ 35 $ 151 $ 2,592 $ 778 $ 196 $ — $ 3,752 Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 11,260 225,460 48,274 285,518 64,114 27,961 — 662,587 Total acquired credit impaired loans $ 11,260 $ 225,460 $ 48,274 $ 285,518 $ 64,114 $ 27,961 $ — $ 662,587 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 Six Months Ended June 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ — $ 41 $ 139 $ 2,419 $ 558 $ 238 $ — $ 3,395 Provision (benefit) for loan losses before benefit attributable to FDIC loss share agreements — — (3) 559 — 136 — 692 Benefit attributable to FDIC loss share agreements — — — — — — — — Total provision (benefit) for loan losses charged to operations — — (3) 559 — 136 — 692 Provision (benefit) for loan losses recorded through the FDIC loss share receivable — — — — — — — — Reduction due to loan removals — (1) (44) (237) (10) (54) — (346) Balance, June 30, 2017 $ — $ 40 $ 92 $ 2,741 $ 548 $ 320 $ — $ 3,741 Six Months Ended June 30, 2016 Allowance for loan losses: Balance, December 31, 2015 $ — $ 56 $ 177 $ 2,986 $ 313 $ 174 $ — $ 3,706 Provision (benefit) for loan losses before benefit attributable to FDIC loss share agreements — 1 — (180) 534 40 — 395 Benefit attributable to FDIC loss share agreements — — — 23 — — — 23 Total provision (benefit) for loan losses charged to operations — 1 — (157) 534 40 — 418 Provision for loan losses recorded through the FDIC loss share receivable — — — (23) — — — (23) Reduction due to loan removals — (22) (26) (214) (69) (18) — (349) Balance, June 30, 2016 $ — $ 35 $ 151 $ 2,592 $ 778 $ 196 $ — $ 3,752 *— 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. |
Schedule of credit risk profile by risk grade of loans | Commercial Loans Greater Commercial Real Estate— Than or Equal to Construction and $1 million-CBT Commercial Real Estate Development June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 8,206 $ 8,297 $ 9,891 $ 158,755 $ 162,870 $ 168,431 $ 31,656 $ 21,150 $ 21,729 Special mention — — 1,014 23,162 26,238 32,446 7,851 12,643 14,194 Substandard 318 320 355 24,354 21,096 24,583 13,470 10,580 12,351 Doubtful — — — — — — — — — $ 8,524 $ 8,617 $ 11,260 $ 206,271 $ 210,204 $ 225,460 $ 52,977 $ 44,373 $ 48,274 Residential Real Estate Consumer Commercial & Industrial June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 137,735 $ 138,343 $ 152,575 $ 9,178 $ 8,513 $ 9,379 $ 16,534 $ 17,371 $ 19,296 Special mention 52,250 52,546 56,845 18,536 19,685 21,401 4,188 4,614 4,598 Substandard 66,617 67,211 76,098 28,648 31,102 33,334 4,764 3,362 4,067 Doubtful — — — — — — — — — $ 256,602 $ 258,100 $ 285,518 $ 56,362 $ 59,300 $ 64,114 $ 25,486 $ 25,347 $ 27,961 Total Acquired Credit Impaired Loans June 30, December 31, June 30, 2017 2016 2016 Pass $ 362,064 $ 356,544 $ 381,301 Special mention 105,987 115,726 130,498 Substandard 138,171 133,671 150,788 Doubtful — — — $ 606,222 $ 605,941 $ 662,587 |
Aging analysis of past due loans, segregated by class of loans | 30 - 59 Days 60 - 89 Days 90+ Days Total Total (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans June 30, 2017 Commercial loans greater than or equal to $1 million-CBT $ — $ — $ — $ — $ 8,524 $ 8,524 Commercial real estate 961 91 2,717 3,769 202,502 206,271 Commercial real estate—construction and development 262 252 4,255 4,769 48,208 52,977 Residential real estate 4,581 1,593 8,138 14,312 242,290 256,602 Consumer 518 178 1,203 1,899 54,463 56,362 Commercial and industrial 426 — 2,693 3,119 22,367 25,486 $ 6,748 $ 2,114 $ 19,006 $ 27,868 $ 578,354 $ 606,222 December 31, 2016 Commercial loans greater than or equal to $1 million-CBT $ — $ — $ — $ — $ 8,617 $ 8,617 Commercial real estate 573 357 2,667 3,597 206,607 210,204 Commercial real estate—construction and development 168 489 3,612 4,269 40,104 44,373 Residential real estate 4,688 1,105 6,777 12,570 245,530 258,100 Consumer 1,412 381 1,231 3,024 56,276 59,300 Commercial and industrial 46 24 536 606 24,741 25,347 $ 6,887 $ 2,356 $ 14,823 $ 24,066 $ 581,875 $ 605,941 June 30, 2016 Commercial loans greater than or equal to $1 million-CBT $ — $ — $ — $ — $ 11,260 $ 11,260 Commercial real estate 357 279 4,018 4,654 220,806 225,460 Commercial real estate—construction and development 507 43 1,976 2,526 45,748 48,274 Residential real estate 4,585 1,695 6,199 12,479 273,039 285,518 Consumer 926 222 1,676 2,824 61,290 64,114 Commercial and industrial 26 90 648 764 27,197 27,961 $ 6,401 $ 2,329 $ 14,517 $ 23,247 $ 639,340 $ 662,587 |
Non acquired non-accrual loans | |
Loans and Allowance for Loan Losses | |
Summary of information pertaining to nonaccrual loans by class | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Commercial non-owner occupied real estate: Construction and land development $ 62 $ 672 $ 1,080 Commercial non-owner occupied 2,575 578 528 Total commercial non-owner occupied real estate 2,637 1,250 1,608 Consumer real estate: Consumer owner occupied 4,156 5,711 6,705 Home equity loans 10 1,629 2,386 Total consumer real estate 4,166 7,340 9,091 Commercial owner occupied real estate 2,641 2,189 2,242 Commercial and industrial 596 420 360 Other income producing property 1,162 356 1,007 Consumer 898 930 763 Restructured loans 967 1,979 2,851 Total loans on nonaccrual status $ 13,067 $ 14,464 $ 17,922 |
Acquired non-credit impaired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 FASB ASC Topic 310-20 acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 112,855 $ 10,090 $ 12,516 Commercial non-owner occupied 209,560 34,628 36,904 Total commercial non-owner occupied real estate 322,415 44,718 49,420 Consumer real estate: Consumer owner occupied 520,106 408,270 466,479 Home equity loans 177,129 160,879 177,946 Total consumer real estate 697,235 569,149 644,425 Commercial owner occupied real estate 221,566 27,195 32,267 Commercial and industrial 117,884 13,641 15,598 Other income producing property 83,403 39,342 44,873 Consumer 143,478 142,654 155,303 Total FASB ASC Topic 310-20 acquired loans $ 1,585,981 $ 836,699 $ 941,886 |
Schedule of changes in allowance for loan losses | 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 June 30, 2017 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — 303 (664) — — (140) (501) Recoveries 1 — — 2 60 1 1 7 72 Provision (benefit) (1) — — (305) 604 (1) (1) 133 429 Balance, June 30, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 112,855 209,560 221,566 520,106 177,129 117,884 83,403 143,478 1,585,981 Total acquired non-credit impaired loans $ 112,855 $ 209,560 $ 221,566 $ 520,106 $ 177,129 $ 117,884 $ 83,403 $ 143,478 $ 1,585,981 Three Months Ended June 30, 2016 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — — (42) (4) — (186) (232) Recoveries 1 — — 3 24 — — 23 51 Provision (benefit) (1) — — (3) 18 4 — 163 181 Balance, June 30, 2016 $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 12,516 36,904 32,267 466,479 177,946 15,598 44,873 155,303 941,886 Total acquired non-credit impaired loans $ 12,516 $ 36,904 $ 32,267 $ 466,479 $ 177,946 $ 15,598 $ 44,873 $ 155,303 $ 941,886 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 Six Months Ended June 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — (10) (664) (2) — (214) (890) Recoveries 2 — — 42 69 2 1 19 135 Provision (benefit) (2) — — (32) 595 — (1) 195 755 Balance, June 30, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — Six Months Ended June 30, 2016 Allowance for loan losses: Balance, December 31, 2015 $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — — (186) (7) — (336) (529) Recoveries 2 — — 6 108 2 1 22 141 Provision (benefit) (2) — — (6) 78 5 (1) 314 388 Balance, June 30, 2016 $ — $ — $ — $ — $ — $ — $ — $ — $ — |
Schedule of credit risk profile by risk grade of loans | Total Acquired Non-credit Impaired Loans June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Pass $ 1,549,504 $ 812,320 $ 915,891 Special mention 24,235 13,355 7,905 Substandard 12,242 11,024 18,090 Doubtful — — — $ 1,585,981 $ 836,699 $ 941,886 |
Aging analysis of past due loans, segregated by class of loans | 30 - 59 Days 60 - 89 Days 90+ Days Total Total (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans June 30, 2017 Commercial real estate: Construction and land development $ 3,784 $ 2 $ 192 $ 3,978 $ 108,877 $ 112,855 Commercial non-owner occupied 519 — — 519 209,041 209,560 Commercial owner occupied 1,844 143 236 2,223 219,343 221,566 Consumer real estate: Consumer owner occupied 499 801 1,282 2,582 517,524 520,106 Home equity loans 1,109 321 722 2,152 174,977 177,129 Commercial and industrial 710 1,508 98 2,316 115,568 117,884 Other income producing property 336 138 56 530 82,873 83,403 Consumer 540 67 570 1,177 142,301 143,478 $ $ $ $ $ $ December 31, 2016 Commercial real estate: Construction and land development $ 4 $ — $ 160 $ 164 $ 9,926 $ 10,090 Commercial non-owner occupied — — — — 34,628 34,628 Commercial owner occupied — — 106 106 27,089 27,195 Consumer real estate: Consumer owner occupied 330 113 256 699 407,571 408,270 Home equity loans 476 941 741 2,158 158,721 160,879 Commercial and industrial 2 — — 2 13,639 13,641 Other income producing property 131 1 — 132 39,210 39,342 Consumer 437 210 576 1,223 141,431 142,654 $ 1,380 $ 1,265 $ 1,839 $ 4,484 $ 832,215 $ 836,699 June 30, 2016 Commercial real estate: Construction and land development $ — $ 181 $ 21 $ 202 $ 12,314 $ 12,516 Commercial non-owner occupied — — — — 36,904 36,904 Commercial owner occupied — 306 306 31,961 32,267 Consumer real estate: Consumer owner occupied 487 210 200 897 465,582 466,479 Home equity loans 234 98 1,132 1,464 176,482 177,946 Commercial and industrial 8 9 — 17 15,581 15,598 Other income producing property — — — — 44,873 44,873 Consumer 508 116 552 1,176 154,127 155,303 $ 1,237 $ 614 $ 2,211 $ 4,062 $ 937,824 $ 941,886 |
Summary of information pertaining to nonaccrual loans by class | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Commercial non-owner occupied real estate: Construction and land development $ $ $ 99 Commercial non-owner occupied — — — Total commercial non-owner occupied real estate 99 Consumer real estate: Consumer owner occupied 1,056 Home equity loans 1,607 Total consumer real estate 2,663 Commercial owner occupied real estate 306 Commercial and industrial 1 Other income producing property 153 Consumer 1,216 Total loans on nonaccrual status $ $ $ 4,438 |
Acquired non-credit impaired loans | Commercial | |
Loans and Allowance for Loan Losses | |
Schedule of credit risk profile by risk grade of loans | Commercial Non-owner Construction & Development Occupied Commercial Owner Occupied June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 110,776 $ 8,997 $ 11,432 $ 205,623 $ 28,368 $ 30,621 $ 217,392 $ 26,920 $ 31,739 Special mention 1,290 253 230 3,856 6,171 371 4,130 — 222 Substandard 789 840 854 81 89 5,912 44 275 306 Doubtful — — — — — — — — — $ 112,855 $ 10,090 $ 12,516 $ 209,560 $ 34,628 $ 36,904 $ 221,566 $ 27,195 $ 32,267 Other Income Producing Commercial & Industrial Property Commercial Total June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 112,046 $ 13,475 $ 14,645 $ 81,161 $ 38,361 $ 43,869 $ 726,998 $ 116,121 $ 132,306 Special mention 4,642 117 129 1,542 273 279 15,460 6,814 1,231 Substandard 1,196 49 824 700 708 725 2,810 1,961 8,621 Doubtful — — — — — — — — — $ 117,884 $ 13,641 $ 15,598 $ 83,403 $ 39,342 $ 44,873 $ 745,268 $ 124,896 $ 142,158 |
Acquired non-credit impaired loans | Consumer | |
Loans and Allowance for Loan Losses | |
Schedule of credit risk profile by risk grade of loans | Consumer Owner Occupied Home Equity Consumer June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 2017 2016 2016 2017 2016 2016 Pass $ 514,294 $ 404,761 $ 463,107 $ 167,786 $ 151,752 $ 168,079 $ 140,426 $ 139,686 $ 152,399 Special mention 2,697 1,326 744 4,906 4,113 5,330 1,172 1,102 600 Substandard 3,115 2,183 2,628 4,437 5,014 4,537 1,880 1,866 2,304 Doubtful — — — — — — — — — $ 520,106 $ 408,270 $ 466,479 $ 177,129 $ 160,879 $ 177,946 $ 143,478 $ 142,654 $ 155,303 Consumer Total June 30, December 31, June 30, 2017 2016 2016 Pass $ 822,506 $ 696,199 $ 783,585 Special mention 8,775 6,541 6,674 Substandard 9,432 9,063 9,469 Doubtful — — — $ 840,713 $ 711,803 $ 799,728 |
FDIC Indemnification Asset (Tab
FDIC Indemnification Asset (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
FDIC Indemnification Asset | |
Schedule of changes in FDIC indemnification asset | Six Months Ended June 30, (Dollars in thousands) 2017 2016 Balance at beginning of period $ — $ 4,401 Decrease in expected losses on loans — (23) Additional recoveries on OREO — (1,736) Reimbursable expenses — 71 Amortization of discounts and premiums, net — (1,475) Payments to (from) FDIC — 853 Termination of Loss Share Agreements — (2,091) Balance at end of period $ — $ — |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Real Estate Owned | |
Schedule of information pertaining to OREO | The following is a summary of information pertaining to OREO: Six Months Ended June 30, 2017 2016 Covered Covered (Dollars in thousands) OREO OREO Total OREO OREO Total Beginning balance $ 18,316 $ — $ 18,316 $ 24,803 $ 5,751 $ 30,554 Acquired in SBFC acquisition 385 — 385 — — — Additions 4,947 — 4,947 5,391 2,151 7,542 Transfers — — — 4,222 (4,222) — Writedowns (1,729) — (1,729) (812) (2,131) (2,943) Sold (7,489) — (7,489) (11,177) (1,549) (12,726) Ending Balance $ 14,430 $ — $ 14,430 $ 22,427 $ — $ 22,427 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deposits Disclosure Abstract | |
Schedule of total deposits | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Certificates of deposit $ 1,026,753 $ 872,773 $ 962,759 Interest-bearing demand deposits 3,984,163 3,461,004 3,307,292 Non-interest bearing demand deposits 2,635,147 2,199,046 2,117,246 Savings deposits 1,380,231 799,615 772,463 Other time deposits 5,360 1,985 4,166 Total deposits $ 9,031,654 $ 7,334,423 $ 7,163,926 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Plans | |
Schedule of components of net periodic pension expense | Three Months Ended Six Months Ended (Dollars in thousands) 2017 2016 2017 2016 Interest cost $ $ $ (562) $ (566) Expected return on plan assets 1,107 1,068 Recognized net actuarial loss (376) (408) Net periodic pension benefit $ $ $ 169 $ 94 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended Six Months Ended June 30, June 30, (Dollars and shares in thousands, except for per share amounts) 2017 2016 2017 2016 Basic earnings per common share: Net income $ 31,823 $ 24,516 $ 50,087 $ 49,010 Weighted-average basic common shares 29,095 23,995 28,985 23,977 Basic earnings per common share $ $ $ $ Diluted earnings per share: Net income $ 31,823 $ 24,516 $ 50,087 $ 49,010 Weighted-average basic common shares 29,095 23,995 28,985 23,977 Effect of dilutive securities 270 242 267 228 Weighted-average dilutive shares 29,365 24,237 29,252 24,205 Diluted earnings per common share $ 1.08 $ 1.01 $ 1.71 $ 2.02 |
Schedule of anti-dilutive securities excluded from computation of diluted earnings per common share | Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Number of shares Range of exercise prices $ to $ $ to $ $ to $ $ to $ |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Share-Based Compensation | |
Schedule of stock option activity | Weighted Weighted Average Aggregate Average Remaining Intrinsic Shares Price (Yrs.) (000's) Outstanding at January 1 246,535 $ 42.53 Granted 33,634 91.23 Exercised (29,030) 34.09 Outstanding at June 30 251,139 50.02 5.40 $ 9,298 Exercisable at June 30 181,152 39.84 4.12 $ 8,436 Weighted-average fair value of options granted during the year $ |
Schedule of weighted-average assumptions used in valuing options | Six months ended June 30, Dividend yield % % Expected life years years Expected volatility % % Risk-free interest rate % % |
Summary of nonvested restricted stock | Nonvested restricted stock for the six months ended June 30, 2017 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, 2017 183,014 $ 51.88 Granted 16,351 90.20 Vested (47,663) 45.36 Forfeited (500) 91.35 Nonvested at June 30, 2017 151,202 57.95 |
Summary of nonvested RSUs | Nonvested RSUs for the six months ended June 30, 2017 is summarized in the following table. Weighted- Average Grant-Date Restricted Stock Units Shares Fair Value Nonvested at January 1, 2017 107,876 $ 66.37 Granted 61,657 89.39 LTIP Adjustment (3,951) 63.93 Nonvested at June 30, 2017 165,582 75.00 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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) June 30, 2017: Assets Derivative financial instruments $ 1,956 $ — $ 1,956 $ — Loans held for sale 65,995 — 65,995 — Securities available for sale: Government-sponsored entities debt 75,952 — 75,952 — State and municipal obligations 193,294 — 193,294 — Mortgage-backed securities 1,068,597 — 1,068,597 — Corporate stocks 3,809 2,584 1,225 — Total securities available for sale 1,341,652 2,584 1,339,068 — Mortgage servicing rights 29,930 — — 29,930 $ 1,439,533 $ 2,584 $ 1,407,019 $ 29,930 Liabilities Derivative financial instruments $ 592 $ — $ 592 $ — December 31, 2016: Assets Derivative financial instruments $ 2,606 $ — $ 2,606 $ — Loans held for sale 50,572 — 50,572 — Securities available for sale: Government-sponsored entities debt 84,642 — 84,642 — State and municipal obligations 107,402 — 107,402 — Mortgage-backed securities 803,577 — 803,577 — Corporate stocks 3,784 2,559 1,225 — Total securities available for sale 999,405 2,559 996,846 — Mortgage servicing rights 29,037 — — 29,037 $ 1,081,620 $ 2,559 $ 1,050,024 $ 29,037 Liabilities Derivative financial instruments $ 730 $ — $ 730 $ — June 30, 2016: Assets Derivative financial instruments $ 3,257 $ — $ 3,257 $ — Loans held for sale 48,926 — 48,926 — Securities available for sale: Government-sponsored entities debt $ 103,092 $ — $ 103,092 $ — State and municipal obligations 123,894 — 123,894 — Mortgage-backed securities 758,881 — 758,881 — Corporate stocks 3,743 2,518 1,225 — Total securities available for sale 989,610 2,518 987,092 — Mortgage servicing rights 22,350 — — 22,350 $ 1,064,143 $ 2,518 $ 1,039,275 $ 22,350 Liabilities Derivative financial instruments $ 2,213 $ — $ 2,213 $ — |
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, 2017 $ 29,037 $ — Servicing assets that resulted from transfers of financial assets 3,096 — Changes in fair value due to valuation inputs or assumptions (371) — Changes in fair value due to decay (1,832) — Fair value , June 30, 2017 $ 29,930 $ — Fair value, January 1, 2016 $ 26,202 $ — Servicing assets that resulted from transfers of financial assets 2,393 — Changes in fair value due to valuation inputs or assumptions (4,476) — Changes in fair value due to decay (1,769) — Fair value, June 30, 2016 $ 22,350 $ — |
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) June 30, 2017: OREO $ $ — $ — $ Non-acquired impaired loans — — December 31, 2016: OREO $ 18,316 $ — $ — $ 18,316 Non-acquired impaired loans 6,611 — — 6,611 June 30, 2016: OREO $ 22,427 $ — $ — $ 22,427 Non-acquired impaired loans 3,515 — — 3,515 |
Quantitative Information about Level 3 Fair Value Measurements | Weighted Average June 30, December 31, June 30, Valuation Technique Unobservable Input 2017 2016 2016 Nonrecurring measurements: Non-acquired impaired loans Discounted appraisals Collateral discounts 5 % 6 % 6 % OREO Discounted appraisals Collateral discounts and estimated costs to sell 25 % 18 % 17 % |
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 June 30, 2017 Financial assets: Cash and cash equivalents $ 431,890 $ 431,890 $ 431,890 $ — $ — Investment securities 1,358,894 1,358,976 15,660 1,343,316 — Loans held for sale 65,995 65,995 — 65,995 — Loans, net of allowance for loan losses 8,140,706 8,216,793 — — 8,216,793 Accrued interest receivable 23,469 23,469 — 5,454 18,015 Mortgage servicing rights 29,930 29,930 — — 29,930 Interest rate swap - non-designated hedge 208 208 — 208 — Other derivative financial instruments (mortgage banking related) 1,748 1,748 — 1,748 — Financial liabilities: Deposits 9,031,654 8,481,700 — 8,481,700 — Federal funds purchased and securities sold under agreements to repurchase 334,018 334,018 — 334,018 — Other borrowings 98,147 100,723 — 100,723 — Accrued interest payable 1,502 1,502 — 1,502 — Interest rate swap - non-designated hedge 203 203 — 203 — Interest rate swap - cash flow hedge 389 389 — 389 — Off balance sheet financial instruments: Commitments to extend credit — 17,200 — 17,200 — December 31, 2016 Financial assets: Cash and cash equivalents $ 374,448 $ 374,448 $ 374,448 $ — $ — Investment securities 1,014,981 1,015,137 12,041 1,003,096 — Loans held for sale 50,572 50,572 — 50,572 — Loans, net of allowance for loan losses 6,643,326 6,649,575 — — 6,649,575 Accrued interest receivable 18,618 18,618 — 3,642 14,976 Mortgage servicing rights 29,037 29,037 — — 29,037 Interest rate swap - non-designated hedge 203 203 — 203 — Other derivative financial instruments (mortgage banking related) 2,403 2,403 — 2,403 — Financial liabilities: Deposits 7,334,423 6,935,867 — 6,935,867 — Federal funds purchased and securities sold under agreements to repurchase 313,773 313,773 — 313,773 — Other borrowings 55,358 54,379 — 54,379 — Accrued interest payable 1,359 1,359 — 1,359 — Interest rate swap - non-designated hedge 181 181 — 181 — Interest rate swap - cash flow hedge — — Other derivative financial instruments (mortgage banking related) 51 51 — 51 — Off balance sheet financial instruments: Commitments to extend credit — 1,587 — 1,587 — June 30, 2016 Financial assets: Cash and cash equivalents $ 481,912 $ 481,912 $ 481,912 $ — $ — Investment securities 1,007,060 1,007,370 12,047 995,323 — Loans held for sale 48,926 48,926 — 48,926 — Loans, net of allowance for loan losses 6,380,657 6,591,596 — — 6,591,596 Accrued interest receivable 18,191 18,191 — 3,941 14,250 Mortgage servicing rights 22,350 22,350 — — 22,350 Other derivative financial instruments (mortgage banking related) 3,257 3,257 — 3,257 — Financial liabilities: Deposits 7,163,926 6,980,410 — 6,980,410 — Federal funds purchased and securities sold under agreements to repurchase 341,064 341,064 — 341,064 — Other borrowings 55,254 49,499 — 49,499 — Accrued interest payable 1,649 1,649 — 1,649 — Interest rate swap - cash flow hedge — — Other derivative financial instruments (mortgage banking related) 1,437 1,437 — 1,437 — Off balance sheet financial instruments: Commitments to extend credit — 53,838 — 53,838 — |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Balance at March 31, 2017 $ (6,078) $ 1,458 $ (264) $ (4,884) Other comprehensive income before reclassifications — 1,115 11 1,126 Amounts reclassified from accumulated other comprehensive income (loss) 116 (67) 12 61 Net comprehensive income 116 1,048 23 1,187 Balance at June 30, 2017 $ (5,962) $ 2,506 $ (241) $ (3,697) Three Months Ended June 30, 2016 Balance at March 31, 2016 $ (5,889) $ 9,887 $ (493) $ 3,505 Other comprehensive income (loss) before reclassifications — 2,865 (28) 2,837 Amounts reclassified from accumulated other comprehensive income 126 — 42 168 Net comprehensive income 126 2,865 14 3,005 Balance at June 30, 2016 $ (5,763) $ 12,752 $ (479) $ 6,510 Six Months Ended June 30, 2017 Balance at December 31, 2016 $ (6,195) $ (1,708) $ (308) $ (8,211) Other comprehensive income (loss) before reclassifications — 4,282 (37) 4,245 Amounts reclassified from accumulated other comprehensive income (loss) 233 (68) 104 269 Net comprehensive income 233 4,214 67 4,514 Balance at June 30, 2017 $ (5,962) $ 2,506 $ (241) $ (3,697) Six Months Ended June 30, 2016 Balance at December 31, 2015 $ (6,015) $ 2,588 $ (444) $ (3,871) Other comprehensive income (loss) before reclassifications — 10,240 (123) 10,117 Amounts reclassified from accumulated other comprehensive income (loss) 252 (76) 88 264 Net comprehensive income (loss) 252 10,164 (35) 10,381 Balance at June 30, 2016 $ (5,763) $ 12,752 $ (479) $ 6,510 |
Schedule of reclassifications out of accumulated other comprehensive income (loss), net of tax | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, Accumulated Other Comprehensive Income (Loss) Component 2017 2016 2017 2016 Income Statement Line Item Affected Losses on cash flow hedges: Interest rate contracts $ 19 $ 68 $ 168 $ 142 Interest expense (7) (26) (64) (54) Provision for income taxes 12 42 104 88 Net income Gains on sales of available for sale securities: $ (110) $ — $ (110) $ (122) Other noninterest income 43 — 42 46 Provision for income taxes (67) — (68) (76) Net income Amortization of defined benefit pension: Actuarial losses $ 187 $ 204 $ 376 $ 408 Salaries and employee benefits (71) (78) (143) (156) Provision for income taxes 116 126 233 252 Net income Total reclassifications for the period $ 61 $ 168 $ 269 $ 264 |
Derivative Financial Instrume43
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Financial Instruments | |
Schedule of 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) June 30, 2017 December 31, 2016 June 30, 2016 Mortgage loan pipeline $ $ $ 129,570 Expected closures 97,177 Fair Value of mortgage loan pipeline commitments 3,257 Forward sales commitments 120,000 Fair value of forward commitments (1,437) |
Capital Ratios (Tables)
Capital Ratios (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Capital Ratios | |
Schedule of actual and required capital ratios | Minimum Capital Minimum Capital Required to be Required - Basel III Required - Basel III Considered Well Actual Phase-In Schedule Fully Phased In Capitalized (Dollars in thousands) Amount Ratio Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio June 30, 2017 Common equity Tier 1 to risk-weighted assets: Consolidated $ 985,586 11.96 % $ 473,967 5.75 % $ 577,003 7.00 % $ 535,789 6.50 % South State Bank (the Bank) 1,023,298 12.41 % 473,954 5.75 % 576,988 7.00 % 535,774 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,056,506 12.82 % 597,610 7.25 % 700,647 8.50 % 659,432 8.00 % South State Bank (the Bank) 1,023,298 12.41 % 597,594 7.25 % 700,628 8.50 % 659,414 8.00 % Total capital to risk-weighted assets: Consolidated 1,100,757 13.35 % 762,468 9.25 % 865,505 10.50 % 824,290 10.00 % South State Bank (the Bank) 1,067,398 12.95 % 762,448 9.25 % 865,481 10.50 % 824,268 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,056,506 10.12 % 417,671 4.00 % 417,671 4.00 % 522,088 5.00 % South State Bank (the Bank) 1,023,298 9.80 % 417,537 4.00 % 417,537 4.00 % 521,921 5.00 % December 31, 2016: Common equity Tier 1 to risk-weighted assets: Consolidated $ 788,544 11.66 % $ 346,730 5.125 % $ 473,582 7.00 % $ 439,755 6.50 % South State Bank (the Bank) 815,823 12.06 % 346,629 5.125 % 473,444 7.00 % 439,627 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 841,266 12.43 % 448,212 6.625 % 575,064 8.50 % 541,237 8.00 % South State Bank (the Bank) 815,823 12.06 % 448,081 6.625 % 574,896 8.50 % 541,079 8.00 % Total capital to risk-weighted assets: Consolidated 881,957 13.04 % 583,521 8.625 % 710,374 10.50 % 676,546 10.00 % South State Bank (the Bank) 856,388 12.66 % 583,351 8.625 % 710,166 10.50 % 676,349 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 841,266 9.88 % 340,612 4.00 % 340,612 4.00 % 425,765 5.00 % South State Bank (the Bank) 815,823 9.58 % 340,483 4.00 % 340,483 4.00 % 425,604 5.00 % June 30, 2016: Common equity Tier 1 to risk-weighted assets: Consolidated $ 741,000 11.23 % $ 338,086 5.125 % $ 461,776 7.00 % $ 428,792 6.50 % South State Bank (the Bank) 766,183 11.62 % 337,972 5.125 % 461,620 7.00 % 428,647 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 793,116 12.02 % 437,038 6.625 % 560,728 8.50 % 527,744 8.00 % South State Bank (the Bank) 766,183 11.62 % 436,890 6.625 % 560,539 8.50 % 527,566 8.00 % Total capital to risk-weighted assets: Consolidated 834,102 12.64 % 568,974 8.625 % 692,665 10.50 % 659,681 10.00 % South State Bank (the Bank) 807,084 12.24 % 568,782 8.625 % 692,430 10.50 % 659,457 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 793,116 9.51 % 333,587 4.00 % 333,587 4.00 % 416,984 5.00 % South State Bank (the Bank) 766,183 9.19 % 333,433 4.00 % 333,433 4.00 % 416,791 5.00 % |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Other Intangible Assets | |
Summary of gross carrying amounts and accumulated amortization of other intangible assets | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Gross carrying amount $ 100,274 $ 82,154 $ 82,154 Accumulated amortization (47,308) (42,306) (38,525) $ 52,966 $ 39,848 $ 43,629 |
Schedule of estimated amortization expense for other intangibles for each of the next five quarters | (Dollars in thousands) Quarter ending: September 30, 2017 $ 2,494 December 31, 2017 2,494 March 31, 2018 2,331 June 30, 2018 2,319 September 30, 2018 2,318 Thereafter 41,010 $ 52,966 |
Loan Servicing, Mortgage Orig46
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended (Dollars in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Increase (decrease) in fair value of MSRs $ $ (1,870) $ $ (4,476) Decay of MSRs (990) (1,769) Gains related to derivatives $ $ 1,968 $ $ 5,013 Net effect on statements of income $ $ (892) $ $ (1,232) |
Schedule of characteristics and sensitivity analysis of the MSR | June 30, December 31, June 30, (Dollars in thousands) 2017 2016 2016 Composition of residential loans serviced for others Fixed-rate mortgage loans 99.7 % 99.6 % 99.5 % Adjustable-rate mortgage loans 0.3 % 0.4 % 0.5 % Total 100.0 % 100.0 % 100.0 % Weighted average life years years 5.60 years Constant Prepayment rate (CPR) 8.1 % 7.7 % 12.7 % Weighted average discount rate 9.6 % 9.8 % 9.8 % Effect on fair value due to change in interest rates 25 basis point increase $ 1,457 $ 1,399 $ 2,106 50 basis point increase 2,651 2,557 3,977 25 basis point decrease (1,783) (1,713) (2,334) 50 basis point decrease (3,914) (3,670) (4,492) |
Recent Accounting and Regulat47
Recent Accounting and Regulatory Pronouncements (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Recent Accounting and Regulatory Pronouncements | ||
Amount adjusted against income tax expense | $ 104,000 | $ 839,000 |
Mergers and Acquisitions - (Det
Mergers and Acquisitions - (Details) $ / shares in Units, $ in Thousands | Apr. 26, 2017$ / sharesshares | Jan. 03, 2017USD ($)shares | Jun. 30, 2017USD ($)locationshares | Dec. 31, 2016USD ($)shares | Jun. 30, 2016USD ($)shares | Aug. 21, 2015location |
Mergers and Acquisitions | ||||||
Total assets | $ 11,154,441 | $ 8,900,592 | $ 8,723,993 | |||
Deposits | 9,031,654 | 7,334,423 | 7,163,926 | |||
Loans | $ 8,140,706 | $ 6,643,326 | $ 6,380,657 | |||
Common Stock, Shares, Outstanding | shares | 24,259,264 | 24,230,392 | 24,195,226 | |||
Bank of America | Georgia Branch | ||||||
Mergers and Acquisitions | ||||||
Number of branches operated by acquired entity | location | 1 | |||||
Bank of America | South Carolina Branch | ||||||
Mergers and Acquisitions | ||||||
Number of branches operated by acquired entity | location | 12 | |||||
SBFC | ||||||
Mergers and Acquisitions | ||||||
Common stock shares issued | shares | 4,978,338 | |||||
Total purchase price | $ 435,115 | |||||
Fixed stock exchange ratio | 0.7307 | |||||
Aggregate consideration | $ 434,609 | |||||
Value of stock options | $ 490 | |||||
PSTB | ||||||
Mergers and Acquisitions | ||||||
Common stock shares issued | shares | 7,459,199 | |||||
Fixed exchange ratio for shares issued (in shares) | $ / shares | $ 0.14 | |||||
Total assets | $ 3,300,000 | |||||
Deposits | 2,500,000 | |||||
Loans | $ 2,500,000 | |||||
Number of full service branches | location | 50 |
Mergers and Acquisitions-SBFC -
Mergers and Acquisitions-SBFC - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 03, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||
Cash and cash equivalents | $ 72,043 | |||
Investment securities | 590,054 | |||
Loans held for sale | 13,652 | |||
Loans | 1,049,950 | |||
Premises and equipment | 23,207 | |||
Bank owned life insurance | 44,513 | |||
Intangible assets | 18,120 | |||
Other real estate owned and repossessed assets | 385 | |||
Deferred tax asset. | 15,619 | |||
Other assets | 7,063 | |||
Total assets | 1,834,606 | |||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||
Total deposits | 1,520,920 | |||
Other liabilities (acquired) | 25,533 | |||
Total liabilities | 1,656,967 | |||
Net identifiable assets acquired over (under) liabilities assumed | 177,639 | |||
Goodwill | 257,476 | $ 595,817 | $ 338,340 | $ 338,340 |
Net assets acquired over liabilities assumed | 435,115 | |||
Federal funds purchased and securities sold under agreements to repurchase | 1,014 | 334,018 | $ 313,773 | $ 341,064 |
Other borrowings | 109,500 | |||
Consideration: | ||||
Fair value adjustments to employee benefit plans | 6,049 | |||
Adjustment of other miscellaneous liabilities | $ 496 | |||
Subsequent Fair Value Adjustments | ||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||
Other real estate owned and repossessed assets | (165) | |||
Deferred tax asset. | 59 | |||
Total assets | (106) | |||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||
Net identifiable assets acquired over (under) liabilities assumed | (106) | |||
Goodwill | 106 | |||
Initial Fair Value Adjustments | ||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||
Investment securities | (1,770) | |||
Loans | (10,668) | |||
Premises and equipment | (2,212) | |||
Intangible assets | 17,980 | |||
Other real estate owned and repossessed assets | (30) | |||
Deferred tax asset. | (687) | |||
Other assets | (482) | |||
Total assets | 2,131 | |||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||
Other liabilities (acquired) | 5,553 | |||
Total liabilities | 4,433 | |||
Net identifiable assets acquired over (under) liabilities assumed | (2,302) | |||
Goodwill | 257,370 | |||
Net assets acquired over liabilities assumed | 255,068 | |||
Other borrowings | (1,120) | |||
Interest-bearing Deposits | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||
Total deposits | 1,257,953 | |||
Non interest-bearing deposits | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||
Total deposits | $ 262,967 | |||
SBFC | ||||
Consideration: | ||||
Common stock shares issued | 4,978,338 | |||
Company common stock issued and cash exchanged for fractional shares. | $ 434,609 | |||
Cash paid for stock options outstanding | 490 | |||
Fair value of total consideration transferred | 435,115 | |||
Cash paid for fractional shares | 16 | |||
Company common stock issued ($434,609) and cash exchanged for fractional shares ($16) | $ 434,625 | |||
Purchase price per share of the Company's common stock (in dollars per share) | $ 87.30 | |||
Adjustment to acquired loans portfolio | $ 30,749 | |||
Allowance for loan losses recorded | 20,081 | |||
Discount on trust preferred securities | 2,149 | |||
Federal Home Loan Bank, Advances, Premium | 1,029 | |||
SBFC | As previously recorded by acquiree | ||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||
Cash and cash equivalents | 72,043 | |||
Investment securities | 591,824 | |||
Loans held for sale | 13,652 | |||
Loans | 1,060,618 | |||
Premises and equipment | 25,419 | |||
Bank owned life insurance | 44,513 | |||
Intangible assets | 140 | |||
Other real estate owned and repossessed assets | 580 | |||
Deferred tax asset. | 16,247 | |||
Other assets | 7,545 | |||
Total assets | 1,832,581 | |||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||
Total deposits | 1,520,920 | |||
Other liabilities (acquired) | 19,980 | |||
Total liabilities | 1,652,534 | |||
Net identifiable assets acquired over (under) liabilities assumed | 180,047 | |||
Net assets acquired over liabilities assumed | 180,047 | |||
Federal funds purchased and securities sold under agreements to repurchase | 1,014 | |||
Other borrowings | 110,620 | |||
SBFC | Interest-bearing Deposits | As previously recorded by acquiree | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||
Total deposits | 1,257,953 | |||
SBFC | Non interest-bearing deposits | As previously recorded by acquiree | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||
Total deposits | $ 262,967 |
Investment Securities - Amortiz
Investment Securities - Amortized cost and fair value for held to maturity securities - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Investment securities held to maturity | |||
Amortized Cost | $ 4,166 | $ 6,094 | $ 7,921 |
Fair Value | 4,248 | 6,250 | 8,231 |
State and municipal obligations | |||
Investment securities held to maturity | |||
Amortized Cost | 4,166 | 6,094 | 7,921 |
Gross Unrealized Gains | 82 | 156 | 310 |
Fair Value | $ 4,248 | $ 6,250 | $ 8,231 |
Investment Securities - Amort51
Investment Securities - Amortized cost and fair value for available for sale securities - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Investment securities available for sale | |||
Amortized Cost | $ 1,337,604 | $ 1,002,166 | $ 968,999 |
Gross Unrealized Gains | 10,477 | 5,847 | 20,917 |
Gross Unrealized Losses | (6,429) | (8,608) | (306) |
Fair Value | 1,341,652 | 999,405 | 989,610 |
Government-sponsored entities debt | |||
Investment securities available for sale | |||
Amortized Cost | 76,508 | 85,488 | 102,985 |
Gross Unrealized Gains | 52 | 107 | |
Gross Unrealized Losses | (608) | (846) | |
Fair Value | 75,952 | 84,642 | 103,092 |
State and municipal obligations | |||
Investment securities available for sale | |||
Amortized Cost | 188,720 | 105,303 | 118,400 |
Gross Unrealized Gains | 4,680 | 2,289 | 5,498 |
Gross Unrealized Losses | (106) | (190) | (4) |
Fair Value | 193,294 | 107,402 | 123,894 |
Mortgage-backed securities. issued by Goverment sponsored entities | |||
Investment securities available for sale | |||
Amortized Cost | 1,068,718 | 807,717 | 743,956 |
Gross Unrealized Gains | 5,195 | 3,085 | 14,956 |
Gross Unrealized Losses | (5,316) | (7,225) | (31) |
Fair Value | 1,068,597 | 803,577 | 758,881 |
Common Stock | |||
Investment securities available for sale | |||
Amortized Cost | 3,658 | 3,658 | 3,658 |
Gross Unrealized Gains | 550 | 473 | 356 |
Gross Unrealized Losses | (399) | (347) | (271) |
Fair Value | 3,809 | 3,784 | 3,743 |
Mortgage-backed securities issued by private label holdings | |||
Investment securities available for sale | |||
Fair Value | $ 0 | $ 0 | $ 0 |
Investment Securities - Amort52
Investment Securities - Amortized cost and fair value of other investment securities - (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Information with respect to sales of available-for-sale securities | |||
Proceeds from Sale of Available-for-sale Securities | $ 215,987 | $ 137 | |
Amortized Cost | |||
Due in one year or less | 13,005 | ||
Due after one year through five years | 110,358 | ||
Due after five years through ten years | 272,409 | ||
Due after ten years | 941,832 | ||
Total | 1,337,604 | 968,999 | $ 1,002,166 |
Fair Value | |||
Due in one year or less | 13,107 | ||
Due after one year through five years | 110,976 | ||
Due after five years through ten years | 274,466 | ||
Due after ten years | 943,103 | ||
Fair Value | 1,341,652 | 989,610 | 999,405 |
Amortized Cost | |||
Due in one year or less | 2,226 | ||
Due after one year through five years | 1,152 | ||
Due after five years through ten years | 788 | ||
Total | 4,166 | 7,921 | 6,094 |
Fair Value | |||
Due in one year or less | 2,269 | ||
Due after one year through five years | 1,186 | ||
Due after five years through ten years | 793 | ||
Fair Value | 4,248 | 8,231 | 6,250 |
Amortized Cost | 13,076 | 9,529 | 9,482 |
Fair Value | 13,076 | 9,529 | 9,482 |
Federal Home Loan Bank stock | |||
Fair Value | |||
Amortized Cost | 10,814 | 7,887 | 7,840 |
Fair Value | 10,814 | 7,887 | 7,840 |
Investment in unconsolidated subsidiaries | |||
Fair Value | |||
Amortized Cost | 2,262 | 1,642 | 1,642 |
Fair Value | $ 2,262 | $ 1,642 | $ 1,642 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | $ 5,921 | $ 8,184 | $ 7 |
Twelve Months or More | 508 | 424 | 299 |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 650,022 | 688,376 | 17,142 |
Twelve Months or More | 15,187 | 3,453 | 3,918 |
State and municipal obligations | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 106 | 190 | 4 |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 9,171 | 11,506 | 1,356 |
Government-sponsored entities debt | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 608 | 846 | |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 70,226 | 84,642 | |
Mortgage-backed securities. issued by Goverment sponsored entities | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 5,207 | 7,148 | 3 |
Twelve Months or More | 109 | 77 | 28 |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 570,625 | 592,228 | 15,786 |
Twelve Months or More | 13,854 | 2,058 | 2,447 |
Common Stock | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Twelve Months or More | 399 | 347 | 271 |
Securities Available for Sale, Fair Value | |||
Twelve Months or More | $ 1,333 | $ 1,395 | $ 1,471 |
Loans and Allowance for Loan 54
Loans and Allowance for Loan Losses - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans and Allowance for Loan Losses | ||||||
Loans, net | $ 8,140,706 | $ 6,643,326 | $ 6,380,657 | |||
Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 5,992,393 | 5,241,041 | 4,816,875 | |||
Less allowance for non-acquired loan losses | (40,149) | $ (38,449) | (36,960) | (36,939) | $ (35,115) | $ (34,090) |
Loans, net | 5,952,244 | 5,204,081 | 4,779,936 | |||
Non-acquired loans | Other commercial non-owner occupied real estate | ||||||
Loans and Allowance for Loan Losses | ||||||
Less allowance for non-acquired loan losses | (6,164) | (4,980) | (4,656) | (3,568) | ||
Non-acquired loans | Consumer Owner Occupied Loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Less allowance for non-acquired loan losses | (7,539) | (8,022) | (8,003) | (8,341) | ||
Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 606,222 | 662,587 | ||||
Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 1,585,981 | 941,886 | ||||
Residential real estate | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 256,602 | 285,518 | ||||
Commercial non-owner occupied real estate | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 1,665,153 | 1,295,179 | 1,120,047 | |||
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 712,242 | 580,464 | 533,219 | |||
Less allowance for non-acquired loan losses | (5,746) | (4,649) | (4,665) | (4,482) | ||
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 952,911 | 714,715 | 586,828 | |||
Less allowance for non-acquired loan losses | (6,164) | (5,464) | (4,656) | (3,923) | ||
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 52,977 | 48,274 | ||||
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 206,271 | 225,460 | ||||
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 209,560 | 36,904 | ||||
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 112,855 | 12,516 | ||||
Commercial owner occupied real estate loan | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 1,204,953 | 1,177,745 | 1,083,051 | |||
Less allowance for non-acquired loan losses | (7,539) | (7,894) | (8,003) | (8,179) | ||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 221,566 | 32,267 | ||||
Consumer real estate | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 1,794,454 | 1,580,839 | 1,455,624 | |||
Consumer real estate | Non-acquired loans | Home equity loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 411,532 | 383,218 | 345,957 | |||
Less allowance for non-acquired loan losses | (3,247) | (3,456) | (3,148) | (3,097) | ||
Consumer real estate | Non-acquired loans | Consumer | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 2,170,378 | 1,918,481 | 1,820,173 | |||
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 1,382,922 | 1,197,621 | 1,109,667 | |||
Less allowance for non-acquired loan losses | (8,569) | (8,108) | (7,530) | (7,345) | ||
Consumer real estate | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 56,362 | 64,114 | ||||
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 177,129 | 177,946 | ||||
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 520,106 | 466,479 | ||||
Commercial and industrial | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 762,583 | 671,398 | 611,901 | |||
Less allowance for non-acquired loan losses | (5,143) | (5,124) | (4,842) | (4,269) | (3,951) | (3,974) |
Commercial and industrial | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 25,486 | 27,961 | ||||
Commercial and industrial | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 117,884 | 15,598 | ||||
Other income producing property | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 189,326 | 178,238 | 181,703 | |||
Less allowance for non-acquired loan losses | (1,379) | (1,345) | (1,542) | (1,812) | (1,802) | (1,963) |
Other income producing property | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 83,403 | 44,873 | ||||
Consumer | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 357,761 | 324,238 | 272,957 | |||
Less allowance for non-acquired loan losses | (2,532) | (2,443) | (2,014) | (1,785) | ||
Consumer | Non-acquired loans | Home equity loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Less allowance for non-acquired loan losses | (3,247) | (3,211) | (3,148) | (2,929) | ||
Consumer | Non-acquired loans | Consumer | ||||||
Loans and Allowance for Loan Losses | ||||||
Less allowance for non-acquired loan losses | (2,532) | (2,350) | (2,014) | (1,694) | ||
Consumer | Non-acquired loans | Other Consumer | ||||||
Loans and Allowance for Loan Losses | ||||||
Less allowance for non-acquired loan losses | 170 | (102) | (842) | (293) | ||
Consumer | Non-acquired loans | Consumer Owner Occupied Loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Less allowance for non-acquired loan losses | (8,569) | (7,820) | (7,530) | (7,212) | ||
Consumer | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 143,478 | 155,303 | ||||
Commercial | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 3,822,015 | 3,322,560 | 2,996,702 | |||
Commercial | Non-acquired loans | Construction and land development | ||||||
Loans and Allowance for Loan Losses | ||||||
Less allowance for non-acquired loan losses | (5,746) | (4,091) | (4,665) | $ (4,116) | ||
Other loans | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 18,163 | $ 13,404 | 91,592 | |||
Less allowance for non-acquired loan losses | 170 | $ 34 | (842) | $ (551) | ||
Commercial loans 1000000 or more | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | $ 8,524 | $ 11,260 |
Loans and Allowance for Loan 55
Loans and Allowance for Loan Losses - Summary of acquired non credit impaired loans - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Jan. 03, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | $ 606,222 | $ 605,941 | $ 662,587 | ||||
Less allowance for loan losses | (3,741) | $ (4,556) | (3,395) | (3,752) | $ (3,877) | $ (3,706) | |
Acquired loans, net | 602,481 | 602,546 | 658,835 | 733,870 | |||
Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | $ 991,500 | ||||||
Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 1,585,981 | 836,699 | 941,886 | ||||
Unamortized Discounts | 22,900 | 11,600 | 14,000 | ||||
Residential real estate | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 256,602 | 258,100 | 285,518 | ||||
Less allowance for loan losses | (2,741) | (3,108) | (2,419) | (2,592) | (2,863) | (2,986) | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 322,415 | 44,718 | 49,420 | ||||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 221,566 | 27,195 | 32,267 | ||||
Consumer real estate | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 56,362 | 59,300 | 64,114 | ||||
Less allowance for loan losses | (548) | (589) | (778) | (606) | |||
Consumer real estate | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 697,235 | 569,149 | 644,425 | ||||
Commercial and industrial | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 25,486 | 25,347 | 27,961 | ||||
Less allowance for loan losses | (320) | (394) | (238) | (196) | (208) | (174) | |
Commercial and industrial | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 117,884 | 13,641 | 15,598 | ||||
Other income producing property | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 83,403 | 39,342 | 44,873 | ||||
Consumer | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 56,362 | 59,300 | 64,114 | ||||
Less allowance for loan losses | (548) | (558) | (778) | (313) | |||
Consumer | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 143,478 | 142,654 | 155,303 | ||||
Commercial | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Less allowance for loan losses | (40) | (41) | (35) | (56) | |||
Commercial | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 745,268 | 124,896 | 142,158 | ||||
Commercial loans 1000000 or more | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 8,524 | 8,617 | 11,260 | ||||
Construction and land development | Commercial non-owner occupied real estate | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 52,977 | 44,373 | 48,274 | ||||
Less allowance for loan losses | (92) | (130) | (151) | (154) | |||
Construction and land development | Commercial non-owner occupied real estate | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 112,855 | 10,090 | 12,516 | ||||
Construction and land development | Commercial | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Less allowance for loan losses | (92) | (139) | (151) | $ (177) | |||
Other commercial non-owner occupied real estate | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 210,204 | ||||||
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 206,271 | 210,204 | 225,460 | ||||
Less allowance for loan losses | (40) | $ (335) | (35) | $ (46) | |||
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 209,560 | 34,628 | 36,904 | ||||
Home equity loans | Consumer real estate | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 177,129 | 160,879 | 177,946 | ||||
Consumer | Consumer real estate | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 143,478 | 142,654 | 155,303 | ||||
Other Consumer | Consumer real estate | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | 840,713 | 711,803 | 799,728 | ||||
Consumer Owner Occupied Loans | Consumer real estate | Acquired non-credit impaired loans | |||||||
Loans and Allowance for Loan Losses | |||||||
Carrying value | $ 520,106 | $ 408,270 | $ 466,479 |
Loans and Allowance for Loan 56
Loans and Allowance for Loan Losses - Table of loan payment estimates - (Details) - USD ($) $ in Thousands | Jan. 03, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Acquired credit impaired loans | |||||||
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 | $ 774,471 | $ 778,822 | $ 861,401 | ||||
Non-accretable difference | (28,966) | (17,502) | (23,294) | ||||
Cash flows expected to be collected | 745,505 | 761,320 | 838,107 | ||||
Accretable Yield | (139,283) | (155,379) | (175,520) | ||||
Carrying value | 606,222 | 605,941 | 662,587 | ||||
Allowance for loan losses on acquired loans | (3,741) | $ (4,556) | (3,395) | (3,752) | $ (3,877) | $ (3,706) | |
Acquired credit impaired loans | SBFC | |||||||
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 | $ 73,365 | ||||||
Non-accretable difference | (12,912) | ||||||
Cash flows expected to be collected | 60,453 | ||||||
Accretable difference | (4,603) | ||||||
Carrying value | 55,850 | ||||||
Impaired non-acquired and acquired loans accounted 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 fair values of acquired loans | |||||||
Contractual principal and interest | 1,010,000 | ||||||
Carrying value | 991,500 | ||||||
Fair value adjustment | $ 18,800 | ||||||
Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 1,585,981 | 836,699 | 941,886 | ||||
Residential real estate | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 256,602 | 258,100 | 285,518 | ||||
Allowance for loan losses on acquired loans | (2,741) | (3,108) | (2,419) | (2,592) | (2,863) | (2,986) | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 322,415 | 44,718 | 49,420 | ||||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 221,566 | 27,195 | 32,267 | ||||
Consumer real estate | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 56,362 | 59,300 | 64,114 | ||||
Allowance for loan losses on acquired loans | (548) | (589) | (778) | (606) | |||
Consumer real estate | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 697,235 | 569,149 | 644,425 | ||||
Commercial and industrial | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 25,486 | 25,347 | 27,961 | ||||
Allowance for loan losses on acquired loans | (320) | (394) | (238) | (196) | (208) | (174) | |
Commercial and industrial | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 117,884 | 13,641 | 15,598 | ||||
Other income producing property | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 83,403 | 39,342 | 44,873 | ||||
Consumer | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 56,362 | 59,300 | 64,114 | ||||
Allowance for loan losses on acquired loans | (548) | (558) | (778) | (313) | |||
Consumer | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 143,478 | 142,654 | 155,303 | ||||
Commercial | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Allowance for loan losses on acquired loans | (40) | (41) | (35) | (56) | |||
Commercial | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 745,268 | 124,896 | 142,158 | ||||
Commercial loans 1000000 or more | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 8,524 | 8,617 | 11,260 | ||||
Construction and land development | Commercial non-owner occupied real estate | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 52,977 | 44,373 | 48,274 | ||||
Allowance for loan losses on acquired loans | (92) | (130) | (151) | (154) | |||
Construction and land development | Commercial non-owner occupied real estate | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 112,855 | 10,090 | 12,516 | ||||
Construction and land development | Commercial | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Allowance for loan losses on acquired loans | (92) | (139) | (151) | $ (177) | |||
Other commercial non-owner occupied real estate | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 210,204 | ||||||
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 206,271 | 210,204 | 225,460 | ||||
Allowance for loan losses on acquired loans | (40) | $ (335) | (35) | $ (46) | |||
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 209,560 | 34,628 | 36,904 | ||||
Home equity loans | Consumer real estate | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 177,129 | 160,879 | 177,946 | ||||
Consumer | Consumer real estate | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 143,478 | 142,654 | 155,303 | ||||
Other Consumer | Consumer real estate | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | 840,713 | 711,803 | 799,728 | ||||
Consumer Owner Occupied Loans | Consumer real estate | Acquired non-credit impaired loans | |||||||
Contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting fair values of acquired loans | |||||||
Carrying value | $ 520,106 | $ 408,270 | $ 466,479 |
Loans and Allowance for Loan 57
Loans and Allowance for Loan Losses - Changes in the carrying value of acquired credit impaired loans - (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | ||
Improved expected cash flows | $ 4,000 | |
Acquired credit impaired loans | ||
Changes in the carrying value of acquired loans at the acquisition date | ||
Balance at the beginning of the period | 602,546 | $ 733,870 |
Fair value of acquired loans | 55,850 | |
Net reductions for payments, foreclosures, and accretion | (55,569) | (74,989) |
Change in the allowance for loan losses on acquired loans | (346) | (46) |
Balance at the end of the period | 602,481 | 658,835 |
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | ||
Balance at beginning of period | 155,379 | 201,538 |
Addition from the Southeastern acquisition | 4,603 | |
Accretion | (29,511) | (39,522) |
Reclass of nonaccretable difference due to improvement in expected cash flows | 9,016 | 13,146 |
Other changes, net | (204) | 358 |
Balance at end of period | $ 139,283 | 175,520 |
Decline in accretable yield balance | $ 14,300 |
Loans and Allowance for Loan 58
Loans and Allowance for Loan Losses - Aggregated analysis of the changes in allowance for loan losses - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Changes in allowance for loan losses | ||||
Balance at beginning of period | $ 43,005 | $ 38,992 | $ 40,355 | $ 37,796 |
Loans charged-off | (1,793) | (1,789) | (3,479) | (3,805) |
Recoveries of loans previously charged off | 608 | 932 | 1,340 | 1,786 |
Net charge-offs | (1,185) | (857) | (2,139) | (2,019) |
Provision (benefit) | 2,728 | 6,020 | 5,263 | |
Benefits attributable to FDIC loss share agreements net | 23 | |||
Total provision for loan losses charged to operations | 2,313 | 2,728 | 6,020 | 5,286 |
Provision for loan losses recorded through the FDIC loss share receivable | (23) | |||
Reduction due to loan removals | (243) | (172) | (346) | (349) |
Balance at end of period | 43,890 | 40,691 | 43,890 | 40,691 |
Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Balance at beginning of period | 38,449 | 35,115 | 36,960 | 34,090 |
Loans charged-off | (1,292) | (1,557) | (2,589) | (3,276) |
Recoveries of loans previously charged off | 536 | 881 | 1,205 | 1,645 |
Net charge-offs | (756) | (676) | (1,384) | (1,631) |
Provision (benefit) | 2,500 | 4,573 | 4,480 | |
Total provision for loan losses charged to operations | 2,456 | 2,500 | 4,573 | 4,480 |
Balance at end of period | 40,149 | 36,939 | 40,149 | 36,939 |
Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (501) | (232) | (890) | (529) |
Recoveries of loans previously charged off | 72 | 51 | 135 | 141 |
Net charge-offs | (429) | (181) | (755) | (388) |
Provision (benefit) | 181 | 755 | 388 | |
Total provision for loan losses charged to operations | 429 | 181 | 755 | 388 |
Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Balance at beginning of period | 4,556 | 3,877 | 3,395 | 3,706 |
Provision (benefit) | (572) | 47 | 692 | 395 |
Benefits attributable to FDIC loss share agreements net | 23 | |||
Benefits attributable to FDIC loss share agreements | 23 | |||
Total provision for loan losses charged to operations | (572) | 47 | 692 | 418 |
Provision for loan losses recorded through the FDIC loss share receivable | (23) | |||
Reduction due to loan removals | (243) | (172) | (346) | (349) |
Balance at end of period | 3,741 | 3,752 | 3,741 | 3,752 |
Residential real estate | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Provision (benefit) | (192) | (165) | 559 | (180) |
Benefits attributable to FDIC loss share agreements | 23 | |||
Total provision for loan losses charged to operations | (192) | (165) | 559 | (157) |
Provision for loan losses recorded through the FDIC loss share receivable | (23) | |||
Reduction due to loan removals | (175) | (106) | (237) | (214) |
Commercial owner occupied real estate loan | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (59) | |||
Recoveries of loans previously charged off | 98 | 14 | ||
Total provision for loan losses charged to operations | (453) | (131) | ||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (10) | |||
Recoveries of loans previously charged off | 42 | 6 | ||
Total provision for loan losses charged to operations | (32) | (6) | ||
Consumer real estate | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Provision (benefit) | (37) | 217 | ||
Total provision for loan losses charged to operations | (37) | 217 | ||
Reduction due to loan removals | (4) | (45) | ||
Commercial and industrial | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (167) | (20) | (189) | (327) |
Recoveries of loans previously charged off | 143 | 55 | 233 | 103 |
Total provision for loan losses charged to operations | 43 | 283 | 257 | 519 |
Commercial and industrial | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (4) | (2) | (7) | |
Recoveries of loans previously charged off | 1 | 2 | 2 | |
Total provision for loan losses charged to operations | (1) | 4 | 5 | |
Commercial and industrial | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Provision (benefit) | (51) | (5) | 136 | 40 |
Total provision for loan losses charged to operations | (51) | (5) | 136 | 40 |
Reduction due to loan removals | (23) | (7) | (54) | (18) |
Other income producing property | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (7) | (7) | (7) | (7) |
Recoveries of loans previously charged off | 5 | 35 | 48 | 39 |
Total provision for loan losses charged to operations | 36 | (18) | (204) | (183) |
Other income producing property | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Recoveries of loans previously charged off | 1 | 1 | 1 | |
Total provision for loan losses charged to operations | (1) | (1) | (1) | |
Consumer | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (797) | (859) | ||
Recoveries of loans previously charged off | 167 | 216 | ||
Total provision for loan losses charged to operations | 719 | 872 | ||
Consumer | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (140) | (186) | (214) | (336) |
Recoveries of loans previously charged off | 7 | 23 | 19 | 22 |
Total provision for loan losses charged to operations | 133 | 163 | 195 | 314 |
Consumer | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Provision (benefit) | 534 | |||
Total provision for loan losses charged to operations | 534 | |||
Reduction due to loan removals | (10) | (69) | ||
Commercial | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Provision (benefit) | 1 | |||
Total provision for loan losses charged to operations | 1 | |||
Reduction due to loan removals | (1) | (22) | ||
Other loans | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Total provision for loan losses charged to operations | (136) | 291 | ||
Construction and land development | Commercial non-owner occupied real estate | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (69) | (159) | ||
Recoveries of loans previously charged off | 68 | 442 | ||
Total provision for loan losses charged to operations | 1,098 | (100) | ||
Construction and land development | Commercial non-owner occupied real estate | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Recoveries of loans previously charged off | 1 | 1 | ||
Total provision for loan losses charged to operations | (1) | (1) | ||
Construction and land development | Commercial non-owner occupied real estate | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Reduction due to loan removals | (38) | (3) | ||
Construction and land development | Commercial | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (474) | (159) | ||
Recoveries of loans previously charged off | 222 | 607 | ||
Total provision for loan losses charged to operations | 1,907 | 101 | ||
Construction and land development | Commercial | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Recoveries of loans previously charged off | 2 | 2 | ||
Total provision for loan losses charged to operations | (2) | (2) | ||
Construction and land development | Commercial | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Provision (benefit) | (3) | |||
Total provision for loan losses charged to operations | (3) | |||
Reduction due to loan removals | (44) | (26) | ||
Other commercial non-owner occupied real estate | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Recoveries of loans previously charged off | 48 | 31 | ||
Total provision for loan losses charged to operations | 1,136 | 1,057 | ||
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Recoveries of loans previously charged off | 7 | 15 | ||
Total provision for loan losses charged to operations | 693 | 718 | ||
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Provision (benefit) | (292) | |||
Total provision for loan losses charged to operations | (292) | |||
Reduction due to loan removals | (3) | (11) | ||
Home equity loans | Consumer real estate | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (190) | (324) | ||
Recoveries of loans previously charged off | 21 | 87 | ||
Total provision for loan losses charged to operations | (40) | 288 | ||
Home equity loans | Consumer real estate | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (664) | (42) | ||
Recoveries of loans previously charged off | 60 | 24 | ||
Total provision for loan losses charged to operations | 604 | 18 | ||
Home equity loans | Consumer | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (224) | (767) | ||
Recoveries of loans previously charged off | 95 | 175 | ||
Total provision for loan losses charged to operations | 165 | 811 | ||
Home equity loans | Consumer | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (664) | (186) | ||
Recoveries of loans previously charged off | 69 | 108 | ||
Total provision for loan losses charged to operations | 595 | 78 | ||
Consumer | Consumer | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (1,510) | (1,786) | ||
Recoveries of loans previously charged off | 378 | 571 | ||
Total provision for loan losses charged to operations | 1,314 | 1,535 | ||
Other Consumer | Consumer | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Total provision for loan losses charged to operations | (272) | 549 | ||
Consumer Owner Occupied Loans | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (101) | |||
Recoveries of loans previously charged off | 105 | 21 | ||
Total provision for loan losses charged to operations | (588) | (258) | ||
Consumer Owner Occupied Loans | Consumer real estate | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (62) | (129) | ||
Recoveries of loans previously charged off | 27 | 17 | ||
Total provision for loan losses charged to operations | 496 | 297 | ||
Consumer Owner Occupied Loans | Consumer real estate | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Recoveries of loans previously charged off | 2 | 3 | ||
Total provision for loan losses charged to operations | $ (305) | $ (3) | ||
Consumer Owner Occupied Loans | Consumer | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (185) | (129) | ||
Recoveries of loans previously charged off | 76 | 98 | ||
Total provision for loan losses charged to operations | $ 858 | $ 349 |
Loans and Allowance for Loan 59
Loans and Allowance for Loan Losses - Disaggregated analysis of activity in for allowances for non acquired loans - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Allowance for loan losses: | |||||
Charge-offs | $ (1,793) | $ (1,789) | $ (3,479) | $ (3,805) | |
Recoveries | 608 | 932 | 1,340 | 1,786 | |
Provision (benefit) | 2,313 | 2,728 | 6,020 | 5,286 | |
Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 38,449 | 35,115 | 36,960 | 34,090 | |
Charge-offs | (1,292) | (1,557) | (2,589) | (3,276) | |
Recoveries | 536 | 881 | 1,205 | 1,645 | |
Provision (benefit) | 2,456 | 2,500 | 4,573 | 4,480 | |
Balance at end of period | 40,149 | 36,939 | 40,149 | 36,939 | |
Loans individually evaluated for impairment | 2,300 | 1,507 | 2,300 | 1,507 | |
Loans collectively evaluated for impairment | 37,849 | 35,432 | 37,849 | 35,432 | |
Loans: | |||||
Loans individually evaluated for impairment | 49,120 | 24,323 | 49,120 | 24,323 | |
Loans collectively evaluated for impairment | 5,943,273 | 4,792,552 | 5,943,273 | 4,792,552 | |
Total loans | 5,992,393 | 4,816,875 | 5,992,393 | 4,816,875 | $ 5,241,041 |
Non-acquired loans | Other commercial non-owner occupied real estate | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 4,980 | 3,568 | |||
Recoveries | 48 | 31 | |||
Provision (benefit) | 1,136 | 1,057 | |||
Balance at end of period | 6,164 | 4,656 | 6,164 | 4,656 | |
Non-acquired loans | Consumer Owner Occupied Loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 8,022 | 8,341 | |||
Charge-offs | (101) | ||||
Recoveries | 105 | 21 | |||
Provision (benefit) | (588) | (258) | |||
Balance at end of period | 7,539 | 8,003 | 7,539 | 8,003 | |
Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (501) | (232) | (890) | (529) | |
Recoveries | 72 | 51 | 135 | 141 | |
Provision (benefit) | 429 | 181 | 755 | 388 | |
Loans: | |||||
Loans collectively evaluated for impairment | 1,585,981 | 941,886 | 1,585,981 | 941,886 | |
Total loans | 1,585,981 | 941,886 | 1,585,981 | 941,886 | |
Commercial non-owner occupied real estate | Non-acquired loans | |||||
Loans: | |||||
Total loans | 1,665,153 | 1,120,047 | 1,665,153 | 1,120,047 | 1,295,179 |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 4,649 | 4,482 | |||
Charge-offs | (69) | (159) | |||
Recoveries | 68 | 442 | |||
Provision (benefit) | 1,098 | (100) | |||
Balance at end of period | 5,746 | 4,665 | 5,746 | 4,665 | |
Loans individually evaluated for impairment | 1,310 | 751 | 1,310 | 751 | |
Loans collectively evaluated for impairment | 4,436 | 3,914 | 4,436 | 3,914 | |
Loans: | |||||
Loans individually evaluated for impairment | 30,037 | 4,093 | 30,037 | 4,093 | |
Loans collectively evaluated for impairment | 682,205 | 529,126 | 682,205 | 529,126 | |
Total loans | 712,242 | 533,219 | 712,242 | 533,219 | 580,464 |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 5,464 | 3,923 | |||
Recoveries | 7 | 15 | |||
Provision (benefit) | 693 | 718 | |||
Balance at end of period | 6,164 | 4,656 | 6,164 | 4,656 | |
Loans individually evaluated for impairment | 146 | 202 | 146 | 202 | |
Loans collectively evaluated for impairment | 6,018 | 4,454 | 6,018 | 4,454 | |
Loans: | |||||
Loans individually evaluated for impairment | 754 | 1,219 | 754 | 1,219 | |
Loans collectively evaluated for impairment | 952,157 | 585,609 | 952,157 | 585,609 | |
Total loans | 952,911 | 586,828 | 952,911 | 586,828 | 714,715 |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | |||||
Loans: | |||||
Loans collectively evaluated for impairment | 209,560 | 36,904 | 209,560 | 36,904 | |
Total loans | 209,560 | 36,904 | 209,560 | 36,904 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | |||||
Allowance for loan losses: | |||||
Recoveries | 1 | 1 | |||
Provision (benefit) | (1) | (1) | |||
Loans: | |||||
Loans collectively evaluated for impairment | 112,855 | 12,516 | 112,855 | 12,516 | |
Total loans | 112,855 | 12,516 | 112,855 | 12,516 | |
Commercial owner occupied real estate loan | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 7,894 | 8,179 | |||
Charge-offs | (59) | ||||
Recoveries | 98 | 14 | |||
Provision (benefit) | (453) | (131) | |||
Balance at end of period | 7,539 | 8,003 | 7,539 | 8,003 | |
Loans individually evaluated for impairment | 62 | 67 | 62 | 67 | |
Loans collectively evaluated for impairment | 7,477 | 7,936 | 7,477 | 7,936 | |
Loans: | |||||
Loans individually evaluated for impairment | 6,054 | 6,972 | 6,054 | 6,972 | |
Loans collectively evaluated for impairment | 1,198,899 | 1,076,079 | 1,198,899 | 1,076,079 | |
Total loans | 1,204,953 | 1,083,051 | 1,204,953 | 1,083,051 | 1,177,745 |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (10) | ||||
Recoveries | 42 | 6 | |||
Provision (benefit) | (32) | (6) | |||
Loans: | |||||
Loans collectively evaluated for impairment | 221,566 | 32,267 | 221,566 | 32,267 | |
Total loans | 221,566 | 32,267 | 221,566 | 32,267 | |
Consumer real estate | Non-acquired loans | |||||
Loans: | |||||
Total loans | 1,794,454 | 1,455,624 | 1,794,454 | 1,455,624 | 1,580,839 |
Consumer real estate | Non-acquired loans | Home equity loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 3,456 | 3,097 | |||
Charge-offs | (190) | (324) | |||
Recoveries | 21 | 87 | |||
Provision (benefit) | (40) | 288 | |||
Balance at end of period | 3,247 | 3,148 | 3,247 | 3,148 | |
Loans individually evaluated for impairment | 119 | 38 | 119 | 38 | |
Loans collectively evaluated for impairment | 3,128 | 3,110 | 3,128 | 3,110 | |
Loans: | |||||
Loans individually evaluated for impairment | 2,626 | 2,177 | 2,626 | 2,177 | |
Loans collectively evaluated for impairment | 408,906 | 343,780 | 408,906 | 343,780 | |
Total loans | 411,532 | 345,957 | 411,532 | 345,957 | 383,218 |
Consumer real estate | Non-acquired loans | Consumer | |||||
Loans: | |||||
Total loans | 2,170,378 | 1,820,173 | 2,170,378 | 1,820,173 | 1,918,481 |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 8,108 | 7,345 | |||
Charge-offs | (62) | (129) | |||
Recoveries | 27 | 17 | |||
Provision (benefit) | 496 | 297 | |||
Balance at end of period | 8,569 | 7,530 | 8,569 | 7,530 | |
Loans individually evaluated for impairment | 57 | 55 | 57 | 55 | |
Loans collectively evaluated for impairment | 8,512 | 7,475 | 8,512 | 7,475 | |
Loans: | |||||
Loans individually evaluated for impairment | 4,575 | 3,967 | 4,575 | 3,967 | |
Loans collectively evaluated for impairment | 1,378,347 | 1,105,700 | 1,378,347 | 1,105,700 | |
Total loans | 1,382,922 | 1,109,667 | 1,382,922 | 1,109,667 | 1,197,621 |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (664) | (42) | |||
Recoveries | 60 | 24 | |||
Provision (benefit) | 604 | 18 | |||
Loans: | |||||
Loans collectively evaluated for impairment | 177,129 | 177,946 | 177,129 | 177,946 | |
Total loans | 177,129 | 177,946 | 177,129 | 177,946 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | |||||
Allowance for loan losses: | |||||
Charge-offs (added back) | 303 | ||||
Recoveries | 2 | 3 | |||
Provision (benefit) | (305) | (3) | |||
Loans: | |||||
Loans collectively evaluated for impairment | 520,106 | 466,479 | 520,106 | 466,479 | |
Total loans | 520,106 | 466,479 | 520,106 | 466,479 | |
Commercial and industrial | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 5,124 | 3,951 | 4,842 | 3,974 | |
Charge-offs | (167) | (20) | (189) | (327) | |
Recoveries | 143 | 55 | 233 | 103 | |
Provision (benefit) | 43 | 283 | 257 | 519 | |
Balance at end of period | 5,143 | 4,269 | 5,143 | 4,269 | |
Loans individually evaluated for impairment | 362 | 14 | 362 | 14 | |
Loans collectively evaluated for impairment | 4,781 | 4,255 | 4,781 | 4,255 | |
Loans: | |||||
Loans individually evaluated for impairment | 1,198 | 767 | 1,198 | 767 | |
Loans collectively evaluated for impairment | 761,385 | 611,134 | 761,385 | 611,134 | |
Total loans | 762,583 | 611,901 | 762,583 | 611,901 | 671,398 |
Commercial and industrial | Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (4) | (2) | (7) | ||
Recoveries | 1 | 2 | 2 | ||
Provision (benefit) | (1) | 4 | 5 | ||
Loans: | |||||
Loans collectively evaluated for impairment | 117,884 | 15,598 | 117,884 | 15,598 | |
Total loans | 117,884 | 15,598 | 117,884 | 15,598 | |
Other income producing property | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 1,345 | 1,802 | 1,542 | 1,963 | |
Charge-offs | (7) | (7) | (7) | (7) | |
Recoveries | 5 | 35 | 48 | 39 | |
Provision (benefit) | 36 | (18) | (204) | (183) | |
Balance at end of period | 1,379 | 1,812 | 1,379 | 1,812 | |
Loans individually evaluated for impairment | 238 | 376 | 238 | 376 | |
Loans collectively evaluated for impairment | 1,141 | 1,436 | 1,141 | 1,436 | |
Loans: | |||||
Loans individually evaluated for impairment | 3,641 | 5,000 | 3,641 | 5,000 | |
Loans collectively evaluated for impairment | 185,685 | 176,703 | 185,685 | 176,703 | |
Total loans | 189,326 | 181,703 | 189,326 | 181,703 | 178,238 |
Other income producing property | Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Recoveries | 1 | 1 | 1 | ||
Provision (benefit) | (1) | (1) | (1) | ||
Loans: | |||||
Loans collectively evaluated for impairment | 83,403 | 44,873 | 83,403 | 44,873 | |
Total loans | 83,403 | 44,873 | 83,403 | 44,873 | |
Consumer | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 2,443 | 1,785 | |||
Charge-offs | (797) | (859) | |||
Recoveries | 167 | 216 | |||
Provision (benefit) | 719 | 872 | |||
Balance at end of period | 2,532 | 2,014 | 2,532 | 2,014 | |
Loans individually evaluated for impairment | 6 | 4 | 6 | 4 | |
Loans collectively evaluated for impairment | 2,526 | 2,010 | 2,526 | 2,010 | |
Loans: | |||||
Loans individually evaluated for impairment | 235 | 128 | 235 | 128 | |
Loans collectively evaluated for impairment | 357,526 | 272,829 | 357,526 | 272,829 | |
Total loans | 357,761 | 272,957 | 357,761 | 272,957 | 324,238 |
Consumer | Non-acquired loans | Home equity loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 3,211 | 2,929 | |||
Charge-offs | (224) | (767) | |||
Recoveries | 95 | 175 | |||
Provision (benefit) | 165 | 811 | |||
Balance at end of period | 3,247 | 3,148 | 3,247 | 3,148 | |
Consumer | Non-acquired loans | Consumer | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 2,350 | 1,694 | |||
Charge-offs | (1,510) | (1,786) | |||
Recoveries | 378 | 571 | |||
Provision (benefit) | 1,314 | 1,535 | |||
Balance at end of period | 2,532 | 2,014 | 2,532 | 2,014 | |
Consumer | Non-acquired loans | Other Consumer | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 102 | 293 | |||
Provision (benefit) | (272) | 549 | |||
Balance at end of period | (170) | 842 | (170) | 842 | |
Consumer | Non-acquired loans | Consumer Owner Occupied Loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 7,820 | 7,212 | |||
Charge-offs | (185) | (129) | |||
Recoveries | 76 | 98 | |||
Provision (benefit) | 858 | 349 | |||
Balance at end of period | 8,569 | 7,530 | 8,569 | 7,530 | |
Consumer | Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (140) | (186) | (214) | (336) | |
Recoveries | 7 | 23 | 19 | 22 | |
Provision (benefit) | 133 | 163 | 195 | 314 | |
Loans: | |||||
Loans collectively evaluated for impairment | 143,478 | 155,303 | 143,478 | 155,303 | |
Total loans | 143,478 | 155,303 | 143,478 | 155,303 | |
Consumer | Acquired non-credit impaired loans | Home equity loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (664) | (186) | |||
Recoveries | 69 | 108 | |||
Provision (benefit) | 595 | 78 | |||
Commercial | Non-acquired loans | |||||
Loans: | |||||
Total loans | 3,822,015 | 2,996,702 | 3,822,015 | 2,996,702 | 3,322,560 |
Commercial | Non-acquired loans | Construction and land development | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 4,091 | 4,116 | |||
Charge-offs | (474) | (159) | |||
Recoveries | 222 | 607 | |||
Provision (benefit) | 1,907 | 101 | |||
Balance at end of period | 5,746 | 4,665 | 5,746 | 4,665 | |
Commercial | Acquired non-credit impaired loans | Construction and land development | |||||
Allowance for loan losses: | |||||
Recoveries | 2 | 2 | |||
Provision (benefit) | (2) | (2) | |||
Other loans | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | (34) | 551 | |||
Provision (benefit) | (136) | 291 | |||
Balance at end of period | (170) | 842 | (170) | 842 | |
Loans collectively evaluated for impairment | (170) | (170) | |||
Loans collectively evaluated for impairment | 842 | 842 | |||
Loans: | |||||
Loans collectively evaluated for impairment | 18,163 | 91,592 | 18,163 | 91,592 | |
Total loans | $ 18,163 | $ 91,592 | $ 18,163 | $ 91,592 | $ 13,404 |
Loans and Allowance for Loan 60
Loans and Allowance for Loan Losses - Disaggregated analysis of activity in the allowance for acquired credit impaired loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Allowance for loan losses: | |||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | $ 2,728 | $ 6,020 | $ 5,263 | ||
Total provision for loan losses charged to operations | $ 2,313 | 2,728 | 6,020 | 5,286 | |
Provision for loan losses recorded through the FDIC loss share receivable | (23) | ||||
Reduction due to loan removals | (243) | (172) | (346) | (349) | |
Non-acquired loans | |||||
Allowance for loan losses: | |||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 2,500 | 4,573 | 4,480 | ||
Total provision for loan losses charged to operations | 2,456 | 2,500 | 4,573 | 4,480 | |
Loans individually evaluated for impairment | 2,300 | 1,507 | 2,300 | 1,507 | |
Loans collectively evaluated for impairment | 37,849 | 35,432 | 37,849 | 35,432 | |
Loans: | |||||
Loans individually evaluated for impairment | 49,120 | 24,323 | 49,120 | 24,323 | |
Loans collectively evaluated for impairment | 5,943,273 | 4,792,552 | 5,943,273 | 4,792,552 | |
Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 4,556 | 3,877 | 3,395 | 3,706 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | (572) | 47 | 692 | 395 | |
Benefits attributable to FDIC loss share agreements | 23 | ||||
Total provision for loan losses charged to operations | (572) | 47 | 692 | 418 | |
Provision for loan losses recorded through the FDIC loss share receivable | (23) | ||||
Reduction due to loan removals | (243) | (172) | (346) | (349) | |
Balance at the end of the period | 3,741 | 3,752 | 3,741 | 3,752 | |
Loans collectively evaluated for impairment | 3,741 | 3,752 | 3,741 | 3,752 | |
Loans: | |||||
Loans collectively evaluated for impairment | 606,222 | 662,587 | 606,222 | 662,587 | |
Carrying value | 606,222 | 662,587 | 606,222 | 662,587 | $ 605,941 |
Other commercial non-owner occupied real estate | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | 1,136 | 1,057 | |||
Other commercial non-owner occupied real estate | Acquired credit impaired loans | |||||
Loans: | |||||
Carrying value | 210,204 | ||||
Residential real estate | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 3,108 | 2,863 | 2,419 | 2,986 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | (192) | (165) | 559 | (180) | |
Benefits attributable to FDIC loss share agreements | 23 | ||||
Total provision for loan losses charged to operations | (192) | (165) | 559 | (157) | |
Provision for loan losses recorded through the FDIC loss share receivable | (23) | ||||
Reduction due to loan removals | (175) | (106) | (237) | (214) | |
Balance at the end of the period | 2,741 | 2,592 | 2,741 | 2,592 | |
Loans collectively evaluated for impairment | 2,741 | 2,592 | 2,741 | 2,592 | |
Loans: | |||||
Loans collectively evaluated for impairment | 256,602 | 285,518 | 256,602 | 285,518 | |
Carrying value | 256,602 | 285,518 | 256,602 | 285,518 | 258,100 |
Commercial non-owner occupied real estate | Construction and land development | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | 1,098 | (100) | |||
Loans individually evaluated for impairment | 1,310 | 751 | 1,310 | 751 | |
Loans collectively evaluated for impairment | 4,436 | 3,914 | 4,436 | 3,914 | |
Loans: | |||||
Loans individually evaluated for impairment | 30,037 | 4,093 | 30,037 | 4,093 | |
Loans collectively evaluated for impairment | 682,205 | 529,126 | 682,205 | 529,126 | |
Commercial non-owner occupied real estate | Construction and land development | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 130 | 154 | |||
Reduction due to loan removals | (38) | (3) | |||
Balance at the end of the period | 92 | 151 | 92 | 151 | |
Loans collectively evaluated for impairment | 92 | 151 | 92 | 151 | |
Loans: | |||||
Loans collectively evaluated for impairment | 52,977 | 48,274 | 52,977 | 48,274 | |
Carrying value | 52,977 | 48,274 | 52,977 | 48,274 | 44,373 |
Commercial non-owner occupied real estate | Other commercial non-owner occupied real estate | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | 693 | 718 | |||
Loans individually evaluated for impairment | 146 | 202 | 146 | 202 | |
Loans collectively evaluated for impairment | 6,018 | 4,454 | 6,018 | 4,454 | |
Loans: | |||||
Loans individually evaluated for impairment | 754 | 1,219 | 754 | 1,219 | |
Loans collectively evaluated for impairment | 952,157 | 585,609 | 952,157 | 585,609 | |
Commercial non-owner occupied real estate | Other commercial non-owner occupied real estate | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 335 | 46 | |||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (292) | ||||
Total provision for loan losses charged to operations | (292) | ||||
Reduction due to loan removals | (3) | (11) | |||
Balance at the end of the period | 40 | 35 | 40 | 35 | |
Loans collectively evaluated for impairment | 40 | 35 | 40 | 35 | |
Loans: | |||||
Loans collectively evaluated for impairment | 206,271 | 225,460 | 206,271 | 225,460 | |
Carrying value | 206,271 | 225,460 | 206,271 | 225,460 | 210,204 |
Consumer real estate | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 589 | 606 | |||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (37) | 217 | |||
Total provision for loan losses charged to operations | (37) | 217 | |||
Reduction due to loan removals | (4) | (45) | |||
Balance at the end of the period | 548 | 778 | 548 | 778 | |
Loans collectively evaluated for impairment | 548 | 778 | 548 | 778 | |
Loans: | |||||
Loans collectively evaluated for impairment | 56,362 | 64,114 | 56,362 | 64,114 | |
Carrying value | 56,362 | 64,114 | 56,362 | 64,114 | 59,300 |
Consumer real estate | Home equity loans | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | (40) | 288 | |||
Loans individually evaluated for impairment | 119 | 38 | 119 | 38 | |
Loans collectively evaluated for impairment | 3,128 | 3,110 | 3,128 | 3,110 | |
Loans: | |||||
Loans individually evaluated for impairment | 2,626 | 2,177 | 2,626 | 2,177 | |
Loans collectively evaluated for impairment | 408,906 | 343,780 | 408,906 | 343,780 | |
Commercial and industrial | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | 43 | 283 | 257 | 519 | |
Loans individually evaluated for impairment | 362 | 14 | 362 | 14 | |
Loans collectively evaluated for impairment | 4,781 | 4,255 | 4,781 | 4,255 | |
Loans: | |||||
Loans individually evaluated for impairment | 1,198 | 767 | 1,198 | 767 | |
Loans collectively evaluated for impairment | 761,385 | 611,134 | 761,385 | 611,134 | |
Commercial and industrial | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 394 | 208 | 238 | 174 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | (51) | (5) | 136 | 40 | |
Total provision for loan losses charged to operations | (51) | (5) | 136 | 40 | |
Reduction due to loan removals | (23) | (7) | (54) | (18) | |
Balance at the end of the period | 320 | 196 | 320 | 196 | |
Loans collectively evaluated for impairment | 320 | 196 | 320 | 196 | |
Loans: | |||||
Loans collectively evaluated for impairment | 25,486 | 27,961 | 25,486 | 27,961 | |
Carrying value | 25,486 | 27,961 | 25,486 | 27,961 | 25,347 |
Other income producing property | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | 36 | (18) | (204) | (183) | |
Loans individually evaluated for impairment | 238 | 376 | 238 | 376 | |
Loans collectively evaluated for impairment | 1,141 | 1,436 | 1,141 | 1,436 | |
Loans: | |||||
Loans individually evaluated for impairment | 3,641 | 5,000 | 3,641 | 5,000 | |
Loans collectively evaluated for impairment | 185,685 | 176,703 | 185,685 | 176,703 | |
Consumer | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | 719 | 872 | |||
Loans individually evaluated for impairment | 6 | 4 | 6 | 4 | |
Loans collectively evaluated for impairment | 2,526 | 2,010 | 2,526 | 2,010 | |
Loans: | |||||
Loans individually evaluated for impairment | 235 | 128 | 235 | 128 | |
Loans collectively evaluated for impairment | 357,526 | 272,829 | 357,526 | 272,829 | |
Consumer | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 558 | 313 | |||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 534 | ||||
Total provision for loan losses charged to operations | 534 | ||||
Reduction due to loan removals | (10) | (69) | |||
Balance at the end of the period | 548 | 778 | 548 | 778 | |
Loans: | |||||
Carrying value | 56,362 | 64,114 | 56,362 | 64,114 | 59,300 |
Consumer | Home equity loans | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | 165 | 811 | |||
Commercial loans 1000000 or more | Acquired credit impaired loans | |||||
Loans: | |||||
Loans collectively evaluated for impairment | 8,524 | 11,260 | 8,524 | 11,260 | |
Carrying value | 8,524 | 11,260 | 8,524 | 11,260 | $ 8,617 |
Commercial | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 41 | 56 | |||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 1 | ||||
Total provision for loan losses charged to operations | 1 | ||||
Reduction due to loan removals | (1) | (22) | |||
Balance at the end of the period | 40 | 35 | 40 | 35 | |
Commercial | Construction and land development | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Total provision for loan losses charged to operations | 1,907 | 101 | |||
Commercial | Construction and land development | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 139 | 177 | |||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (3) | ||||
Total provision for loan losses charged to operations | (3) | ||||
Reduction due to loan removals | (44) | (26) | |||
Balance at the end of the period | $ 92 | $ 151 | $ 92 | $ 151 |
Loans and Allowance for Loan 61
Loans and Allowance for Loan Losses - Credit risk profile by risk grade of non acquired loans - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Loans and Allowance for Loan Losses | ||||
Other Real Estate, Non Covered | $ 14,430 | $ 18,316 | $ 22,427 | $ 24,803 |
Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 5,992,393 | 5,241,041 | 4,816,875 | |
Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 5,868,309 | 5,112,628 | 4,665,729 | |
Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 78,334 | 89,489 | 108,107 | |
Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 45,750 | 38,924 | 43,039 | |
Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,585,981 | 941,886 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,585,981 | 836,699 | 941,886 | |
Acquired non-credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,549,504 | 812,320 | 915,891 | |
Acquired non-credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 24,235 | 13,355 | 7,905 | |
Acquired non-credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 12,242 | 11,024 | 18,090 | |
Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 606,222 | 662,587 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 606,222 | 605,941 | 662,587 | |
Acquired credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 362,064 | 356,544 | 381,301 | |
Acquired credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 105,987 | 115,726 | 130,498 | |
Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 138,171 | 133,671 | 150,788 | |
Acquired credit impaired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 210,204 | |||
Acquired credit impaired loans | Other commercial non-owner occupied real estate | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 162,870 | |||
Acquired credit impaired loans | Other commercial non-owner occupied real estate | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 26,238 | |||
Acquired credit impaired loans | Other commercial non-owner occupied real estate | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 21,096 | |||
Residential real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 256,602 | 285,518 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 256,602 | 258,100 | 285,518 | |
Residential real estate | Acquired credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 137,735 | 138,343 | 152,575 | |
Residential real estate | Acquired credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 52,250 | 52,546 | 56,845 | |
Residential real estate | Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 66,617 | 67,211 | 76,098 | |
Commercial non-owner occupied real estate | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,665,153 | 1,295,179 | 1,120,047 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 712,242 | 580,464 | 533,219 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 700,200 | 567,398 | 518,537 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 8,133 | 8,421 | 9,230 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 3,909 | 4,645 | 5,452 | |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 952,911 | 714,715 | 586,828 | |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 939,254 | 701,150 | 569,815 | |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 11,437 | 11,434 | 14,859 | |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,220 | 2,131 | 2,154 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 209,560 | 36,904 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 322,415 | 44,718 | 49,420 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 112,855 | 12,516 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 112,855 | 10,090 | 12,516 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 110,776 | 8,997 | 11,432 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,290 | 253 | 230 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 789 | 840 | 854 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 209,560 | 34,628 | 36,904 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 205,623 | 28,368 | 30,621 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 3,856 | 6,171 | 371 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 81 | 89 | 5,912 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 52,977 | 48,274 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 52,977 | 44,373 | 48,274 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 31,656 | 21,150 | 21,729 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 7,851 | 12,643 | 14,194 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 13,470 | 10,580 | 12,351 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 206,271 | 225,460 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 206,271 | 210,204 | 225,460 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 158,755 | 168,431 | ||
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 23,162 | 32,446 | ||
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 24,354 | 24,583 | ||
Commercial owner occupied real estate loan | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,204,953 | 1,177,745 | 1,083,051 | |
Commercial owner occupied real estate loan | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,177,687 | 1,149,417 | 1,041,512 | |
Commercial owner occupied real estate loan | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 15,004 | 22,133 | 31,631 | |
Commercial owner occupied real estate loan | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 12,262 | 6,195 | 9,908 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 221,566 | 32,267 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 221,566 | 27,195 | 32,267 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 217,392 | 26,920 | 31,739 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 4,130 | 222 | ||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 44 | 275 | 306 | |
Consumer real estate | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,794,454 | 1,580,839 | 1,455,624 | |
Consumer real estate | Non-acquired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 411,532 | 383,218 | 345,957 | |
Consumer real estate | Non-acquired loans | Home equity loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 397,857 | 368,655 | 330,270 | |
Consumer real estate | Non-acquired loans | Home equity loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 7,207 | 8,145 | 8,341 | |
Consumer real estate | Non-acquired loans | Home equity loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,468 | 6,418 | 7,346 | |
Consumer real estate | Non-acquired loans | Consumer | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,170,378 | 1,918,481 | 1,820,173 | |
Consumer real estate | Non-acquired loans | Consumer | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,128,733 | 1,872,481 | 1,771,864 | |
Consumer real estate | Non-acquired loans | Consumer | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 21,208 | 23,896 | 26,907 | |
Consumer real estate | Non-acquired loans | Consumer | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 20,437 | 22,104 | 21,402 | |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,382,922 | 1,197,621 | 1,109,667 | |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,356,469 | 1,167,768 | 1,078,749 | |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 13,653 | 15,283 | 17,814 | |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 12,800 | 14,570 | 13,104 | |
Consumer real estate | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 697,235 | 569,149 | 644,425 | |
Consumer real estate | Acquired non-credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 822,506 | 696,199 | 783,585 | |
Consumer real estate | Acquired non-credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 8,775 | 6,541 | 6,674 | |
Consumer real estate | Acquired non-credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 9,432 | 9,063 | 9,469 | |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 177,129 | 177,946 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 177,129 | 160,879 | 177,946 | |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 167,786 | 151,752 | 168,079 | |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 4,906 | 4,113 | 5,330 | |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 4,437 | 5,014 | 4,537 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 143,478 | 142,654 | 155,303 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 140,426 | 139,686 | 152,399 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,172 | 1,102 | 600 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,880 | 1,866 | 2,304 | |
Consumer real estate | Acquired non-credit impaired loans | Other Consumer | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 840,713 | 711,803 | 799,728 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 520,106 | 466,479 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 520,106 | 408,270 | 466,479 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 514,294 | 404,761 | 463,107 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,697 | 1,326 | 744 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 3,115 | 2,183 | 2,628 | |
Consumer real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 56,362 | 64,114 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 56,362 | 59,300 | 64,114 | |
Commercial and industrial | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 762,583 | 671,398 | 611,901 | |
Commercial and industrial | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 741,605 | 655,157 | 596,879 | |
Commercial and industrial | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 15,916 | 14,325 | 13,441 | |
Commercial and industrial | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 5,062 | 1,916 | 1,581 | |
Commercial and industrial | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 117,884 | 15,598 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 117,884 | 13,641 | 15,598 | |
Commercial and industrial | Acquired non-credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 112,046 | 13,475 | 14,645 | |
Commercial and industrial | Acquired non-credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 4,642 | 117 | 129 | |
Commercial and industrial | Acquired non-credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,196 | 49 | 824 | |
Commercial and industrial | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 25,486 | 27,961 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 25,486 | 25,347 | 27,961 | |
Commercial and industrial | Acquired credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 16,534 | 17,371 | 19,296 | |
Commercial and industrial | Acquired credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 4,188 | 4,614 | 4,598 | |
Commercial and industrial | Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 4,764 | 3,362 | 4,067 | |
Other income producing property | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 189,326 | 178,238 | 181,703 | |
Other income producing property | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 180,830 | 167,025 | 167,122 | |
Other income producing property | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,636 | 9,280 | 12,039 | |
Other income producing property | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,860 | 1,933 | 2,542 | |
Other income producing property | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 83,403 | 44,873 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 83,403 | 39,342 | 44,873 | |
Other income producing property | Acquired non-credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 81,161 | 38,361 | 43,869 | |
Other income producing property | Acquired non-credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,542 | 273 | 279 | |
Other income producing property | Acquired non-credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 700 | 708 | 725 | |
Consumer | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 357,761 | 324,238 | 272,957 | |
Consumer | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 356,244 | 322,654 | 271,253 | |
Consumer | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 348 | 468 | 752 | |
Consumer | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,169 | 1,116 | 952 | |
Consumer | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 143,478 | 155,303 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 143,478 | 142,654 | 155,303 | |
Consumer | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 56,362 | 59,300 | 64,114 | |
Consumer | Acquired credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 9,178 | 8,513 | 9,379 | |
Consumer | Acquired credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 18,536 | 19,685 | 21,401 | |
Consumer | Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 28,648 | 31,102 | 33,334 | |
Commercial | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 3,822,015 | 3,322,560 | 2,996,702 | |
Commercial | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 3,739,576 | 3,240,147 | 2,893,865 | |
Commercial | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 57,126 | 65,593 | 81,200 | |
Commercial | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 25,313 | 16,820 | 21,637 | |
Commercial | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 745,268 | 124,896 | 142,158 | |
Commercial | Acquired non-credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 726,998 | 116,121 | 132,306 | |
Commercial | Acquired non-credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 15,460 | 6,814 | 1,231 | |
Commercial | Acquired non-credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,810 | 1,961 | 8,621 | |
Other loans | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 18,163 | 13,404 | 91,592 | |
Other loans | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 18,163 | 13,404 | 91,592 | |
Commercial loans 1000000 or more | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 8,524 | 11,260 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 8,524 | 8,617 | 11,260 | |
Commercial loans 1000000 or more | Acquired credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 8,206 | 8,297 | 9,891 | |
Commercial loans 1000000 or more | Acquired credit impaired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,014 | |||
Commercial loans 1000000 or more | Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | $ 318 | $ 320 | $ 355 |
Loans and Allowance for Loan 62
Loans and Allowance for Loan Losses - Aging analysis of past due loans - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | $ 12,639 | $ 15,345 | $ 18,655 |
Current | 5,979,754 | 5,225,696 | 4,798,220 |
Total loans | 5,992,393 | 5,241,041 | 4,816,875 |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,660 | 6,223 | 8,708 |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,820 | 3,302 | 2,486 |
Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 5,159 | 5,820 | 7,461 |
Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 27,868 | 24,066 | 23,247 |
Current | 578,354 | 581,875 | 639,340 |
Total loans | 606,222 | 662,587 | |
Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 6,748 | 6,887 | 6,401 |
Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,114 | 2,356 | 2,329 |
Acquired credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 19,006 | 14,823 | 14,517 |
Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 15,477 | 4,484 | 4,062 |
Current | 1,570,504 | 832,215 | 937,824 |
Total loans | 1,585,981 | 941,886 | |
Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 9,341 | 1,380 | 1,237 |
Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,980 | 1,265 | 614 |
Acquired non-credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,156 | 1,839 | 2,211 |
Residential real estate | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 14,312 | 12,570 | 12,479 |
Current | 242,290 | 245,530 | 273,039 |
Total loans | 256,602 | 285,518 | |
Residential real estate | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,581 | 4,688 | 4,585 |
Residential real estate | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,593 | 1,105 | 1,695 |
Residential real estate | Acquired credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 8,138 | 6,777 | 6,199 |
Commercial non-owner occupied real estate | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 1,665,153 | 1,295,179 | 1,120,047 |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 607 | 1,595 | 1,587 |
Current | 711,635 | 578,869 | 531,632 |
Total loans | 712,242 | 580,464 | 533,219 |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 102 | 256 | 332 |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 313 | 192 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 505 | 1,026 | 1,063 |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | |||
Loans and Allowance for Loan Losses | |||
Past due | 528 | 1,016 | 2,648 |
Current | 952,383 | 713,699 | 584,180 |
Total loans | 952,911 | 714,715 | 586,828 |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 123 | 647 | 2,511 |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 150 | 232 | |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 255 | 137 | 137 |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,769 | 4,269 | 2,526 |
Current | 48,208 | 40,104 | 45,748 |
Total loans | 52,977 | 48,274 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 262 | 168 | 507 |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 252 | 489 | 43 |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,255 | 3,612 | 1,976 |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,769 | 3,597 | 4,654 |
Current | 202,502 | 206,607 | 220,806 |
Total loans | 206,271 | 225,460 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 961 | 573 | 357 |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 91 | 357 | 279 |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Other commercial non-owner occupied real estate | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,717 | 2,667 | 4,018 |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 209,560 | 36,904 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,978 | 164 | 202 |
Current | 108,877 | 9,926 | 12,314 |
Total loans | 112,855 | 12,516 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,784 | 4 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2 | 181 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 192 | 160 | 21 |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | |||
Loans and Allowance for Loan Losses | |||
Past due | 519 | ||
Current | 209,041 | 34,628 | 36,904 |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 519 | ||
Commercial owner occupied real estate loan | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,402 | 3,707 | 3,624 |
Current | 1,201,551 | 1,174,038 | 1,079,427 |
Total loans | 1,204,953 | 1,177,745 | 1,083,051 |
Commercial owner occupied real estate loan | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,041 | 1,272 | 1,897 |
Commercial owner occupied real estate loan | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 799 | 957 | 164 |
Commercial owner occupied real estate loan | Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,562 | 1,478 | 1,563 |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,223 | 106 | 306 |
Current | 219,343 | 27,089 | 31,961 |
Total loans | 221,566 | 32,267 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,844 | ||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 143 | ||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 236 | 106 | 306 |
Consumer real estate | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 1,794,454 | 1,580,839 | 1,455,624 |
Consumer real estate | Non-acquired loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,460 | 2,293 | 2,710 |
Current | 409,072 | 380,925 | 343,247 |
Total loans | 411,532 | 383,218 | 345,957 |
Consumer real estate | Non-acquired loans | Home equity loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 779 | 566 | 1,113 |
Consumer real estate | Non-acquired loans | Home equity loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 311 | 889 | 443 |
Consumer real estate | Non-acquired loans | Home equity loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,370 | 838 | 1,154 |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,046 | 3,173 | 4,890 |
Current | 1,379,876 | 1,194,448 | 1,104,777 |
Total loans | 1,382,922 | 1,197,621 | 1,109,667 |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,168 | 1,473 | 1,338 |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,112 | 246 | 968 |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 766 | 1,454 | 2,584 |
Consumer real estate | Non-acquired loans | Consumer | |||
Loans and Allowance for Loan Losses | |||
Total loans | 2,170,378 | 1,918,481 | 1,820,173 |
Consumer real estate | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 56,362 | 64,114 | |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,152 | 2,158 | 1,464 |
Current | 174,977 | 158,721 | 176,482 |
Total loans | 177,129 | 177,946 | |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,109 | 476 | 234 |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 321 | 941 | 98 |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 722 | 741 | 1,132 |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,582 | 699 | 897 |
Current | 517,524 | 407,571 | 465,582 |
Total loans | 520,106 | 466,479 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 499 | 330 | 487 |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 801 | 113 | 210 |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,282 | 256 | 200 |
Commercial and industrial | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 861 | 1,594 | 1,065 |
Current | 761,722 | 669,804 | 610,836 |
Total loans | 762,583 | 671,398 | 611,901 |
Commercial and industrial | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 608 | 1,033 | 473 |
Commercial and industrial | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 156 | 216 | 48 |
Commercial and industrial | Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 97 | 345 | 544 |
Commercial and industrial | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,119 | 606 | 764 |
Current | 22,367 | 24,741 | 27,197 |
Total loans | 25,486 | 27,961 | |
Commercial and industrial | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 426 | 46 | 26 |
Commercial and industrial | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 24 | 90 | |
Commercial and industrial | Acquired credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,693 | 536 | 648 |
Commercial and industrial | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,316 | 2 | 17 |
Current | 115,568 | 13,639 | 15,581 |
Total loans | 117,884 | 15,598 | |
Commercial and industrial | Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 710 | 2 | 8 |
Commercial and industrial | Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,508 | 9 | |
Commercial and industrial | Acquired non-credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 98 | ||
Other income producing property | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 841 | 551 | 1,307 |
Current | 188,485 | 177,687 | 180,396 |
Total loans | 189,326 | 178,238 | 181,703 |
Other income producing property | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 480 | 310 | 517 |
Other income producing property | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 104 | 94 | 614 |
Other income producing property | Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 257 | 147 | 176 |
Other income producing property | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 530 | 132 | |
Current | 82,873 | 39,210 | 44,873 |
Total loans | 83,403 | 44,873 | |
Other income producing property | Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 336 | 131 | |
Other income producing property | Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 138 | 1 | |
Other income producing property | Acquired non-credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 56 | ||
Consumer | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 894 | 1,416 | 824 |
Current | 356,867 | 322,822 | 272,133 |
Total loans | 357,761 | 324,238 | 272,957 |
Consumer | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 359 | 666 | 527 |
Consumer | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 188 | 355 | 57 |
Consumer | Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 347 | 395 | 240 |
Consumer | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,899 | 3,024 | 2,824 |
Current | 54,463 | 56,276 | 61,290 |
Consumer | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 518 | 1,412 | 926 |
Consumer | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 178 | 381 | 222 |
Consumer | Acquired credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,203 | 1,231 | 1,676 |
Consumer | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,177 | 1,223 | 1,176 |
Current | 142,301 | 141,431 | 154,127 |
Total loans | 143,478 | 155,303 | |
Consumer | Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 540 | 437 | 508 |
Consumer | Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 67 | 210 | 116 |
Consumer | Acquired non-credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 570 | 576 | 552 |
Commercial | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 3,822,015 | 3,322,560 | 2,996,702 |
Other loans | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Current | 18,163 | 13,404 | 91,592 |
Total loans | 18,163 | 13,404 | 91,592 |
Commercial loans 1000000 or more | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Current | 8,524 | $ 8,617 | 11,260 |
Total loans | $ 8,524 | $ 11,260 |
Loans and Allowance for Loan 63
Loans and Allowance for Loan Losses - Impaired non acquired and acquired loans - FASB 310-20 - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | $ 13,067 | $ 17,922 | $ 13,067 | $ 17,922 | $ 14,464 |
Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 63,601 | 37,246 | 63,601 | 37,246 | 35,079 |
Recorded Investment With No Allowance | 7,810 | 10,019 | 7,810 | 10,019 | 7,736 |
Gross Recorded Investment With Allowance | 41,310 | 14,304 | 41,310 | 14,304 | 13,475 |
Total Recorded Investment | 49,120 | 24,323 | 49,120 | 24,323 | 21,211 |
Related Allowance | 2,300 | 1,507 | 2,300 | 1,507 | 1,337 |
Average Investment In Impaired Loans | 38,221 | 28,758 | 35,165 | 27,270 | |
Interest Income Recognized | 478 | 58 | 719 | 339 | |
Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 5,134 | 4,438 | 5,134 | 4,438 | 4,728 |
Commercial non-owner occupied real estate | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 2,637 | 1,608 | 2,637 | 1,608 | 1,250 |
Commercial non-owner occupied real estate | Non acquired non-accrual loans | Construction and land development | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 62 | 1,080 | 62 | 1,080 | 672 |
Commercial non-owner occupied real estate | Non acquired non-accrual loans | Other commercial non-owner occupied real estate | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 2,575 | 528 | 2,575 | 528 | 578 |
Commercial non-owner occupied real estate | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Construction and land development | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 34,757 | 8,286 | 34,757 | 8,286 | 7,394 |
Recorded Investment With No Allowance | 1,289 | 798 | 1,289 | 798 | 1,074 |
Gross Recorded Investment With Allowance | 28,748 | 3,295 | 28,748 | 3,295 | 1,959 |
Total Recorded Investment | 30,037 | 4,093 | 30,037 | 4,093 | 3,033 |
Related Allowance | 1,310 | 752 | 1,310 | 752 | 348 |
Average Investment In Impaired Loans | 19,662 | 5,182 | |||
Interest Income Recognized | 267 | 8 | |||
Commercial non-owner occupied real estate | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Other commercial non-owner occupied real estate | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 2,376 | 1,669 | 2,376 | 1,669 | 2,417 |
Recorded Investment With No Allowance | 212 | 337 | 212 | 337 | 223 |
Gross Recorded Investment With Allowance | 542 | 882 | 542 | 882 | 583 |
Total Recorded Investment | 754 | 1,219 | 754 | 1,219 | 806 |
Related Allowance | 146 | 202 | 146 | 202 | 170 |
Average Investment In Impaired Loans | 764 | 1,177 | |||
Interest Income Recognized | 6 | 11 | |||
Commercial non-owner occupied real estate | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 226 | 99 | 226 | 99 | 232 |
Commercial non-owner occupied real estate | Acquired non-credit impaired non-accrual including restructured loans | Construction and land development | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 226 | 99 | 226 | 99 | 232 |
Commercial owner occupied real estate loan | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 2,641 | 2,242 | 2,641 | 2,242 | 2,189 |
Commercial owner occupied real estate loan | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 9,882 | 10,784 | 9,882 | 10,784 | 10,118 |
Recorded Investment With No Allowance | 4,075 | 4,988 | 4,075 | 4,988 | 3,976 |
Gross Recorded Investment With Allowance | 1,979 | 1,984 | 1,979 | 1,984 | 2,269 |
Total Recorded Investment | 6,054 | 6,972 | 6,054 | 6,972 | 6,245 |
Related Allowance | 62 | 67 | 62 | 67 | 67 |
Average Investment In Impaired Loans | 6,153 | 7,337 | |||
Interest Income Recognized | 69 | 6 | |||
Commercial owner occupied real estate loan | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 44 | 306 | 44 | 306 | 61 |
Consumer real estate | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 4,166 | 9,091 | 4,166 | 9,091 | 7,340 |
Consumer real estate | Non acquired non-accrual loans | Home equity loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 10 | 2,386 | 10 | 2,386 | 1,629 |
Consumer real estate | Non acquired non-accrual loans | Consumer Owner Occupied Loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 4,156 | 6,705 | 4,156 | 6,705 | 5,711 |
Consumer real estate | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Home equity loans | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 3,311 | 3,024 | 3,311 | 3,024 | 2,165 |
Recorded Investment With No Allowance | 688 | 812 | 688 | 812 | 244 |
Gross Recorded Investment With Allowance | 1,938 | 1,365 | 1,938 | 1,365 | 1,430 |
Total Recorded Investment | 2,626 | 2,177 | 2,626 | 2,177 | 1,674 |
Related Allowance | 119 | 38 | 119 | 38 | 40 |
Average Investment In Impaired Loans | 2,529 | 2,680 | |||
Interest Income Recognized | 26 | 4 | |||
Consumer real estate | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Consumer Owner Occupied Loans | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 6,093 | 5,420 | 6,093 | 5,420 | 7,090 |
Recorded Investment With No Allowance | 1,451 | 2,333 | 1,451 | 2,333 | 2,120 |
Gross Recorded Investment With Allowance | 3,124 | 1,634 | 3,124 | 1,634 | 3,553 |
Total Recorded Investment | 4,575 | 3,967 | 4,575 | 3,967 | 5,673 |
Related Allowance | 57 | 55 | 57 | 55 | 80 |
Average Investment In Impaired Loans | 4,644 | 5,805 | |||
Interest Income Recognized | 35 | ||||
Consumer real estate | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 3,442 | 2,663 | 3,442 | 2,663 | 3,048 |
Consumer real estate | Acquired non-credit impaired non-accrual including restructured loans | Home equity loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 1,515 | 1,607 | 1,515 | 1,607 | 1,643 |
Consumer real estate | Acquired non-credit impaired non-accrual including restructured loans | Consumer Owner Occupied Loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 1,927 | 1,056 | 1,927 | 1,056 | 1,405 |
Commercial and industrial | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 596 | 360 | 596 | 360 | 420 |
Commercial and industrial | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 2,244 | 1,891 | 2,244 | 1,891 | 2,335 |
Recorded Investment With No Allowance | 259 | 259 | |||
Gross Recorded Investment With Allowance | 1,198 | 508 | 1,198 | 508 | 1,263 |
Total Recorded Investment | 1,198 | 767 | 1,198 | 767 | 1,263 |
Related Allowance | 362 | 14 | 362 | 14 | 386 |
Average Investment In Impaired Loans | 1,234 | 822 | 1,230 | 1,127 | |
Interest Income Recognized | 4 | 6 | 22 | 85 | |
Commercial and industrial | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 57 | 1 | 57 | 1 | 1 |
Other income producing property | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 1,162 | 1,007 | 1,162 | 1,007 | 356 |
Other income producing property | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 4,382 | 5,838 | 4,382 | 5,838 | 3,166 |
Recorded Investment With No Allowance | 95 | 492 | 95 | 492 | 99 |
Gross Recorded Investment With Allowance | 3,546 | 4,508 | 3,546 | 4,508 | 2,273 |
Total Recorded Investment | 3,641 | 5,000 | 3,641 | 5,000 | 2,372 |
Related Allowance | 238 | 375 | 238 | 375 | 242 |
Average Investment In Impaired Loans | 3,024 | 5,197 | 3,007 | 4,946 | |
Interest Income Recognized | 68 | 23 | 103 | 30 | |
Other income producing property | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 159 | 153 | 159 | 153 | 145 |
Consumer | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 898 | 763 | 898 | 763 | 930 |
Consumer | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||
Loans and Allowance for Loan Losses | |||||
Unpaid Contractual Principal Balance | 556 | 334 | 556 | 334 | 394 |
Gross Recorded Investment With Allowance | 235 | 128 | 235 | 128 | 145 |
Total Recorded Investment | 235 | 128 | 235 | 128 | 145 |
Related Allowance | 6 | 4 | 6 | 4 | 4 |
Average Investment In Impaired Loans | 211 | 135 | 189 | 115 | |
Interest Income Recognized | 3 | 3 | 1 | ||
Consumer | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Home equity loans | |||||
Loans and Allowance for Loan Losses | |||||
Average Investment In Impaired Loans | 2,150 | 1,243 | |||
Interest Income Recognized | 46 | 12 | |||
Consumer | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Consumer Owner Occupied Loans | |||||
Loans and Allowance for Loan Losses | |||||
Average Investment In Impaired Loans | 5,124 | 5,758 | |||
Interest Income Recognized | 74 | 46 | |||
Consumer | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 1,206 | 1,216 | 1,206 | 1,216 | 1,241 |
Commercial | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||
Loans and Allowance for Loan Losses | |||||
Average Investment In Impaired Loans | 780 | 1,335 | |||
Interest Income Recognized | 12 | 26 | |||
Commercial | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Construction and land development | |||||
Loans and Allowance for Loan Losses | |||||
Average Investment In Impaired Loans | 16,535 | 5,187 | |||
Interest Income Recognized | 314 | 57 | |||
Commercial | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Consumer Owner Occupied Loans | |||||
Loans and Allowance for Loan Losses | |||||
Average Investment In Impaired Loans | 6,150 | 7,348 | |||
Interest Income Recognized | $ 145 | 80 | |||
Other loans | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||
Loans and Allowance for Loan Losses | |||||
Average Investment In Impaired Loans | 423 | 211 | |||
Interest Income Recognized | 2 | ||||
Restructured loans | ASC Topic 31020 Loans | |||||
Loans and Allowance for Loan Losses | |||||
Number of months generally required to return to accruing status | 6 months | ||||
Restructured loans | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | $ 967 | $ 2,851 | $ 967 | $ 2,851 | $ 1,979 |
FDIC Indemnification Asset (Det
FDIC Indemnification Asset (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 23, 2016 | Dec. 31, 2015 | |
Receivable from FDIC for Loss Share Agreements | |||||
Balance at beginning of period | $ 2,100 | $ 4,401 | |||
Decrease in expected losses on loans | (23) | ||||
Additional recoveries on OREO | (1,736) | ||||
Reimbursable expenses | 71 | ||||
Amortization of discounts and premiums, net | (1,475) | ||||
Payments to (from) FDIC | 853 | ||||
Termination of Loss Share Agreement | (2,091) | ||||
Payment to settle FDIC loss share agreements | $ 2,300 | ||||
Amortization of FDIC indemnification assets, net | 4,427 | 5,901 | |||
FDIC indemnification asset | $ 2,100 | $ 4,401 | $ 4,401 | ||
Covered loans | $ 87,400 | ||||
Other Real Estate, Covered | $ 3,000 | $ 5,751 | |||
Pre-tax charge | $ 4,400 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)property | Jun. 30, 2016USD ($)property | |
OREO | ||||
Balance at the beginning of the period | $ 18,316 | $ 24,803 | ||
Acquired in Southeastern Bank acquisition | 385 | |||
Additions, net | 4,947 | 5,391 | ||
Transfers | 4,222 | |||
Write-downs | (1,729) | (812) | ||
Sold | (7,489) | (11,177) | ||
Balance at the end of the period | 14,430 | 22,427 | ||
Number of properties uncovered | property | 17 | |||
Carrying Value of uncovered OREO assets | 18,316 | 24,803 | $ 14,430 | $ 22,427 |
Covered OREO | ||||
Balance at the beginning of the period | 5,751 | |||
Additions, net | 2,151 | |||
Transfers | (4,222) | |||
Write-downs | (2,131) | |||
Sold | (1,549) | |||
Total | ||||
Balance at the beginning of the period | 18,316 | 30,554 | ||
Acquired in Southeastern Bank acquisition | 385 | |||
Additions, net | 4,947 | 7,542 | ||
Write-downs | (1,729) | (2,943) | ||
Sold | (7,489) | (12,726) | ||
Balance at the end of the period | 14,430 | $ 22,427 | ||
Number of properties held | property | 75 | 103 | ||
Residential real estate included in OREO | 1,700 | |||
Residential real estate consumer mortgage loans in foreclosure process | $ 7,400 |
Deposits - Total deposits - (De
Deposits - Total deposits - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Deposits Disclosure Abstract | |||
Certificates of deposit | $ 1,026,753 | $ 872,773 | $ 962,759 |
Interest-bearing demand deposits | 3,984,163 | 3,461,004 | 3,307,292 |
Non-interest bearing demand deposits | 2,635,147 | 2,199,046 | 2,117,246 |
Savings deposits | 1,380,231 | 799,615 | 772,463 |
Other time deposits | 5,360 | 1,985 | 4,166 |
Total deposits | $ 9,031,654 | $ 7,334,423 | $ 7,163,926 |
Deposits - Certificates of depo
Deposits - Certificates of deposits and Scheduled maturities of time deposits - (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Deposits Disclosure Abstract | |||
Aggregate amounts of certificates of deposits in denominations of $250,000 or more | $ 183,100,000 | $ 83,700,000 | $ 95,500,000 |
Increased insurance limit on deposit accounts | 250,000 | ||
Traditional, out-of-market brokered deposits | $ 42,500,000 | $ 2,900,000 | $ 5,500,000 |
Retirement Plans - Non-contribu
Retirement Plans - Non-contributory defined benefit pension plan - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Change in benefit obligation: | ||||
Interest cost | $ 281 | $ 283 | $ 562 | $ 566 |
Components of net periodic pension cost and other amounts recognized in other comprehensive income | ||||
Interest cost | (281) | (283) | (562) | (566) |
Expected return on plan assets | 553 | 534 | 1,107 | 1,068 |
Recognized net actuarial loss | (188) | (204) | (376) | (408) |
Net periodic pension benefit | $ 84 | $ 47 | $ 169 | $ 94 |
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 | |||
Defined benefit plan requisite service period under 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 - Safe Harbor
Retirement Plans - Safe Harbor plan - (Details) $ in Millions | Jan. 01, 2015 | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Employees' savings plan | |||||
Matching contribution by the company (as a percent) | 100.00% | ||||
Defined contribution plan employer discretionary matching contribution percent | 1 | ||||
Expenses recognized under 401(K) plan | $ 1.8 | $ 1.4 | $ 3.4 | $ 2.8 | |
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% |
Retirement Plans - Rate and sta
Retirement Plans - Rate and standard deviation assumptions - (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension: | ||||
Employee savings plan/ 401(K) plan | $ 1.8 | $ 1.4 | $ 3.4 | $ 2.8 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of basic and diluted EPS - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic earnings per common share: | ||||
Net income | $ 31,823 | $ 24,516 | $ 50,087 | $ 49,010 |
Weighted Average Number of Shares Outstanding, Basic | 29,095 | 23,995 | 28,985 | 23,977 |
Basic earnings per common share (in dollars per share) | $ 1.09 | $ 1.02 | $ 1.73 | $ 2.04 |
Diluted earnings per share: | ||||
Net income | $ 31,823 | $ 24,516 | $ 50,087 | $ 49,010 |
Weighted Average Number of Shares Outstanding, Basic | 29,095 | 23,995 | 28,985 | 23,977 |
Effect of dilutive securities (in shares) | 270 | 242 | 267 | 228 |
Weighted-average dilutive shares | 29,365 | 24,237 | 29,252 | 24,205 |
Diluted earnings per common share (in dollars per share) | $ 1.08 | $ 1.01 | $ 1.71 | $ 2.02 |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation of diluted EPS under Treasury method - (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share | ||||
Number of shares | 34,712 | 72,480 | 34,712 | 72,480 |
Range of exercise prices, low end of range (in dollars per share) | $ 69.48 | $ 61.42 | ||
Range of exercise prices, high end of range (in dollars per share) | $ 91.35 | $ 69.48 | $ 91.35 | $ 69.48 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 27, 2012 | Jun. 30, 2017 |
Aggregate Intrinsic Value | ||
Outstanding at the end of the period | $ 9,298 | |
Exercisable at the end of the period | $ 8,436 | |
Stock Options | ||
Number of shares | ||
Outstanding at the beginning of the period (in shares) | 246,535 | |
Granted (in shares) | 33,634 | |
Exercised (in shares) | (29,030) | |
Outstanding at the end of the period (in shares) | 251,139 | |
Exercisable at the end of the period (in shares) | 181,152 | |
Weighted-Average Exercise Price | ||
Outstanding at the beginning of the period (in dollars per share) | $ 42.53 | |
Granted (in dollars per share) | 91.23 | |
Exercised (in dollars per share) | 34.09 | |
Outstanding at the end of the period (in dollars per share) | 50.02 | |
Exercisable at the end of the period (in dollars per share) | 39.84 | |
Weighted-average fair value of options granted during the year (in dollars per share) | $ 35.42 | |
Weighted-Average Remaining Contractual Life | ||
Outstanding at the end of the period | 5 years 4 months 24 days | |
Exercisable at the end of the period | 4 months 4 days | |
Restricted Stock. | ||
Number of shares | ||
Forfeited (in shares) | (500) | |
Weighted-Average Exercise Price | ||
Forfeited (in dollars per share) | $ 91.35 | |
2012 plan | ||
Share-Based Compensation | ||
Number of shares registered under the 2012 plan | 1,684,000 | |
2012 plan | Restricted Stock. | Maximum | ||
Share-Based Compensation | ||
Number of shares registered under the 2012 plan | 817,476 | |
2004 plan | ||
Number of shares | ||
Granted (in shares) | 0 | |
Plan 2004 And 2012 | Incentive stock options | ||
Share-Based Compensation | ||
Vesting percentage | 25.00% | |
Expiration period | 10 years | |
Plan 2004 And 2012 | Incentive stock options | Maximum | ||
Share-Based Compensation | ||
Vesting period | 4 years |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted average assumptions used in valuing options - (Details) - USD ($) | Jan. 21, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Stock Options | |||
Weighted-average assumptions | |||
Dividend yield (as a percent) | 1.40% | 1.60% | |
Expected life | 8 years 6 months | 8 years 6 months | |
Expected volatility (as a percent) | 37.20% | 40.60% | |
Risk-free interest rate (as a percent) | 2.43% | 1.90% | |
Additional disclosures | |||
Total unrecognized compensation cost related to non vested stock option grants | $ 1,700,000 | ||
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 1 year 7 months 17 days | ||
Total fair value of shares vested during the period | $ 578,000 | ||
Restricted Stock. | |||
Additional disclosures | |||
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 2 years 4 months 24 days | ||
Restricted Stock Activity and RSUs | |||
Nonvested at the beginning of the period (in shares) | 183,014 | ||
Granted (in shares) | 16,351 | ||
Vested (in shares) | (47,663) | ||
Nonvested at the end of the period (in shares) | 151,202 | ||
Weighted-Average Grant-Date Fair Value | |||
Nonvested at the beginning of the period (in dollars per share) | $ 51.88 | ||
Granted (in dollars per share) | 90.20 | ||
Vested (in dollars per share) | 45.36 | ||
Nonvested at the end of the period (in dollars per share) | $ 57.95 | ||
Additional disclosures | |||
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | $ 5,100,000 | ||
Total fair value of shares vested during the period | $ 2,300,000 | ||
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 | 2 years | ||
Restricted Stock Activity and RSUs | |||
Nonvested at the beginning of the period (in shares) | 107,876 | ||
Granted (in shares) | 61,657 | ||
Forfeited (in shares) | (3,951) | ||
Nonvested at the end of the period (in shares) | 165,582 | ||
Weighted-Average Grant-Date Fair Value | |||
Nonvested at the beginning of the period (in dollars per share) | $ 66.37 | ||
Granted (in dollars per share) | 89.39 | ||
Forfeited (in dollars per share) | 63.93 | ||
Nonvested at the end of the period (in dollars per share) | $ 75 | ||
Additional disclosures | |||
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | $ 5,500,000 | ||
Total fair value of shares vested during the period | $ 2,300,000 | ||
Performance period | 3 years | ||
Target RSU award level (as a percent) | 86.00% | ||
Employee Stock Purchase Plan | |||
Number Of Stock Issued Pursuant To Restricted Stock Units | 57,455 |
Commitments and Contingent Li75
Commitments and Contingent Liabilities (Details) $ in Billions | Jun. 30, 2017USD ($) |
Commitments and Contingent Liabilities | |
Commitments to extend credit and standby letters of credit | $ 2 |
Fair Value - Assets and liabili
Fair Value - Assets and liabilities measured at fair value on a recurring basis - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Assets | |||||
Securities available for sale | $ 1,341,652 | $ 989,610 | $ 999,405 | ||
Government-sponsored entities debt | |||||
Assets | |||||
Securities available for sale | 75,952 | 103,092 | 84,642 | ||
State and municipal obligations | |||||
Assets | |||||
Securities available for sale | 193,294 | 123,894 | 107,402 | ||
Common Stock | |||||
Assets | |||||
Securities available for sale | 3,809 | 3,743 | 3,784 | ||
Significant Unobservable Inputs (Level 3) | |||||
Assets | |||||
Mortgage servicing rights | 29,930 | 22,350 | 29,037 | ||
Changes in fair value of assets | |||||
Changes in hierarchy classifications of Level 3 liabilities | 0 | ||||
Recurring basis | |||||
Assets | |||||
Derivative financial instruments | 1,956 | 3,257 | 2,606 | ||
Loans held for sale | 65,995 | 48,926 | 50,572 | ||
Securities available for sale | 1,341,652 | 989,610 | 999,405 | ||
Mortgage servicing rights | 29,930 | 22,350 | 29,037 | ||
Fair value of Assets, Total | 1,439,533 | 1,064,143 | 1,081,620 | ||
Liabilities | |||||
Derivative financial instruments | 592 | 2,213 | 730 | ||
Recurring basis | Government-sponsored entities debt | |||||
Assets | |||||
Securities available for sale | 75,952 | 103,092 | 84,642 | ||
Recurring basis | State and municipal obligations | |||||
Assets | |||||
Securities available for sale | 193,294 | 123,894 | 107,402 | ||
Recurring basis | Mortgage-backed securities | |||||
Assets | |||||
Securities available for sale | 1,068,597 | 758,881 | 803,577 | ||
Recurring basis | Common Stock | |||||
Assets | |||||
Securities available for sale | 3,809 | 3,743 | 3,784 | ||
Recurring basis | Quoted Prices In Active Markets for Identical Assets (Level 1) | |||||
Assets | |||||
Securities available for sale | 2,584 | 2,518 | 2,559 | ||
Fair value of Assets, Total | 2,584 | 2,518 | 2,559 | ||
Recurring basis | Quoted Prices In Active Markets for Identical Assets (Level 1) | Common Stock | |||||
Assets | |||||
Securities available for sale | 2,584 | 2,518 | 2,559 | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | |||||
Assets | |||||
Derivative financial instruments | 1,956 | 3,257 | 2,606 | ||
Loans held for sale | 65,995 | 48,926 | 50,572 | ||
Securities available for sale | 1,339,068 | 987,092 | 996,846 | ||
Fair value of Assets, Total | 1,407,019 | 1,039,275 | 1,050,024 | ||
Liabilities | |||||
Derivative financial instruments | 592 | 2,213 | 730 | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | Government-sponsored entities debt | |||||
Assets | |||||
Securities available for sale | 75,952 | 103,092 | 84,642 | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | State and municipal obligations | |||||
Assets | |||||
Securities available for sale | 193,294 | 123,894 | 107,402 | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | |||||
Assets | |||||
Securities available for sale | 1,068,597 | 758,881 | 803,577 | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | Common Stock | |||||
Assets | |||||
Securities available for sale | 1,225 | 1,225 | 1,225 | ||
Recurring basis | Significant Unobservable Inputs (Level 3) | |||||
Assets | |||||
Mortgage servicing rights | 29,930 | 22,350 | 29,037 | ||
Fair value of Assets, Total | 29,930 | 22,350 | $ 29,037 | ||
Changes in fair value of assets | |||||
Fair value of assets at the beginning of the period | $ 29,037 | $ 26,202 | 29,037 | 26,202 | |
Servicing assets that resulted from transfers of financial assets | 3,096 | 2,393 | |||
Changes in fair value assets due to valuation inputs or assumptions | (371) | (4,476) | |||
Changes in fair value assets due to increased principal paydowns | 1,832 | 1,769 | |||
Fair value of assets at the end of the period | $ 29,930 | $ 22,350 | |||
Unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities | $ 0 | $ 0 |
Fair Value - Assets and liabi77
Fair Value - Assets and liabilities measured at fair value on a nonrecurring basis - (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value | ||||
Other Real Estate | $ 14,430 | $ 22,427 | $ 18,316 | $ 30,554 |
Nonrecurring basis | OREO | ||||
Fair Value | ||||
Other Real Estate | 14,430 | 22,427 | 18,316 | |
Nonrecurring basis | Non-acquired Credit Impaired loans | ||||
Fair Value | ||||
Other Real Estate | 3,754 | 3,515 | 6,611 | |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | OREO | ||||
Fair Value | ||||
Other Real Estate | 14,430 | 22,427 | 18,316 | |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Non-acquired Credit Impaired loans | ||||
Fair Value | ||||
Other Real Estate | $ 3,754 | $ 3,515 | $ 6,611 | |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Discounted appraisals | Impaired loans | ||||
Quantitative Information about Level 3 Fair Value Measurements | ||||
Collateral discounts (as a percent) | 5.00% | 6.00% | 6.00% | |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Discounted appraisals | OREO | ||||
Quantitative Information about Level 3 Fair Value Measurements | ||||
Collateral discounts and estimated costs to sell (as a percent) | 25.00% | 17.00% | 18.00% |
Fair Value - Estimated fair val
Fair Value - Estimated fair value and related carrying amount, of the Company’s financial instruments - (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jan. 03, 2017 | Dec. 31, 2016 | |
Financial assets: | ||||
Loans held for sale | $ 65,995 | $ 48,926 | $ 50,572 | |
Financial liabilities: | ||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 334,018 | 341,064 | $ 1,014 | 313,773 |
Increase (Decrease) in Loans Held-for-sale | 449,052 | 421,134 | ||
Other borrowings | 98,147 | 55,254 | 55,358 | |
Carrying Amount | ||||
Financial assets: | ||||
Cash and cash equivalents | 431,890 | 481,912 | 374,448 | |
Investment securities | 1,358,894 | 1,007,060 | 1,014,981 | |
Loans held for sale | 65,995 | 48,926 | 50,572 | |
Loans, net of allowance for loan losses | 8,140,706 | 6,380,657 | 6,643,326 | |
Interest Receivable | 23,469 | 18,191 | 18,618 | |
Mortgage servicing rights | 29,930 | 22,350 | 29,037 | |
Interest rate swap - non-designated hedge | 208 | 203 | ||
Other derivative financial instruments (Mortgage - banking related) | 1,748 | 3,257 | 2,403 | |
Financial liabilities: | ||||
Deposits | 9,031,654 | 7,163,926 | 7,334,423 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 334,018 | 341,064 | 313,773 | |
Other borrowings | 98,147 | 55,254 | 55,358 | |
Interest Payable | 1,502 | 1,649 | 1,359 | |
Interest rate swap - non-designated hedge | 203 | 181 | ||
Interest rate swap - cash flow hedge | 389 | 776 | 498 | |
Other derivative financial instruments (Mortgage banking related) | 1,437 | 51 | ||
Fair Value. | ||||
Financial assets: | ||||
Cash and cash equivalents | 431,890 | 481,912 | 374,448 | |
Investment securities | 1,358,976 | 1,007,370 | 1,015,137 | |
Loans held for sale | 65,995 | 48,926 | 50,572 | |
Loans, net of allowance for loan losses | 8,216,793 | 6,591,596 | 6,649,575 | |
Interest Receivable | 23,469 | 18,191 | 18,618 | |
Mortgage servicing rights | 29,930 | 22,350 | 29,037 | |
Interest rate swap - non-designated hedge | 208 | 203 | ||
Other derivative financial instruments (Mortgage - banking related) | 1,748 | 3,257 | 2,403 | |
Financial liabilities: | ||||
Deposits | 8,481,700 | 6,980,410 | 6,935,867 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 334,018 | 341,064 | 313,773 | |
Other borrowings | 100,723 | 49,499 | 54,379 | |
Interest Payable | 1,502 | 1,649 | 1,359 | |
Interest rate swap - non-designated hedge | 203 | 181 | ||
Interest rate swap - cash flow hedge | 389 | 776 | 498 | |
Other derivative financial instruments (Mortgage banking related) | 1,437 | 51 | ||
Commitments to extend credit | Fair Value. | ||||
Financial liabilities: | ||||
Commitments to extend credit | 17,200 | 1,587 | ||
Standby letters of credit and financial guarantees | Fair Value. | ||||
Financial liabilities: | ||||
Commitments to extend credit | 53,838 | |||
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Cash and cash equivalents | 431,890 | 481,912 | 374,448 | |
Investment securities | 15,660 | 12,047 | 12,041 | |
Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Investment securities | 1,343,316 | 995,323 | 1,003,096 | |
Loans held for sale | 65,995 | 48,926 | 50,572 | |
Interest Receivable | 5,454 | 3,941 | 3,642 | |
Interest rate swap - non-designated hedge | 208 | 203 | ||
Other derivative financial instruments (Mortgage - banking related) | 1,748 | 3,257 | 2,403 | |
Financial liabilities: | ||||
Deposits | 8,481,700 | 6,980,410 | 6,935,867 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 334,018 | 341,064 | 313,773 | |
Other borrowings | 100,723 | 49,499 | 54,379 | |
Interest Payable | 1,502 | 1,649 | 1,359 | |
Interest rate swap - non-designated hedge | 203 | 181 | ||
Interest rate swap - cash flow hedge | 389 | 776 | 498 | |
Other derivative financial instruments (Mortgage banking related) | 1,437 | 51 | ||
Significant Other Observable Inputs (Level 2) | Commitments to extend credit | ||||
Financial liabilities: | ||||
Commitments to extend credit | 17,200 | 1,587 | ||
Significant Other Observable Inputs (Level 2) | Standby letters of credit and financial guarantees | ||||
Financial liabilities: | ||||
Commitments to extend credit | 53,838 | |||
Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Loans, net of allowance for loan losses | 8,216,793 | 6,591,596 | 6,649,575 | |
Interest Receivable | 18,015 | 14,250 | 14,976 | |
Mortgage servicing rights | 29,930 | 22,350 | 29,037 | |
Recurring basis | ||||
Financial assets: | ||||
Loans held for sale | 65,995 | 48,926 | 50,572 | |
Mortgage servicing rights | 29,930 | 22,350 | 29,037 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Loans held for sale | 65,995 | 48,926 | 50,572 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Mortgage servicing rights | $ 29,930 | $ 22,350 | $ 29,037 |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Income (Loss) - Changes in components of AOCI - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | $ (8,211) | |||
Other comprehensive income (loss), net of tax | $ 1,187 | $ 3,005 | 4,514 | $ 10,381 |
Balance at the end of the period | (3,697) | 6,510 | (3,697) | 6,510 |
Benefit plans | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (6,078) | (5,889) | (6,195) | (6,015) |
Amounts reclassified from accumulated other comprehensive income (loss) | 116 | 126 | 233 | 252 |
Other comprehensive income (loss), net of tax | 116 | 126 | 233 | 252 |
Balance at the end of the period | (5,962) | (5,763) | (5,962) | (5,763) |
Unrealized gain and losses on sales of available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | 1,458 | 9,887 | (1,708) | 2,588 |
Other comprehensive income (loss) before reclassifications | 1,115 | 2,865 | 4,282 | 10,240 |
Amounts reclassified from accumulated other comprehensive income (loss) | (67) | (68) | (76) | |
Other comprehensive income (loss), net of tax | 1,048 | 2,865 | 4,214 | 10,164 |
Balance at the end of the period | 2,506 | 12,752 | 2,506 | 12,752 |
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (264) | (493) | (308) | (444) |
Other comprehensive income (loss) before reclassifications | 11 | (28) | (37) | (123) |
Amounts reclassified from accumulated other comprehensive income (loss) | 12 | 42 | 104 | 88 |
Other comprehensive income (loss), net of tax | 23 | 14 | 67 | (35) |
Balance at the end of the period | (241) | (479) | (241) | (479) |
Accumulated Other Comprehensive Income (Loss). | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (4,884) | 3,505 | (8,211) | (3,871) |
Other comprehensive income (loss) before reclassifications | 1,126 | 2,837 | 4,245 | 10,117 |
Amounts reclassified from accumulated other comprehensive income (loss) | 61 | 168 | 269 | 264 |
Other comprehensive income (loss), net of tax | 1,187 | 3,005 | 4,514 | 10,381 |
Balance at the end of the period | $ (3,697) | $ 6,510 | $ (3,697) | $ 6,510 |
Accumulated Other Comprehensi80
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Interest expense | $ (3,748) | $ (1,980) | $ (7,372) | $ (4,194) |
Other noninterest income | 1,491 | 2,473 | 3,165 | 3,838 |
Provision for income taxes | (15,930) | (12,420) | (23,033) | (24,981) |
Net income | 31,823 | 24,516 | 50,087 | 49,010 |
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Net income | 61 | 168 | 269 | 264 |
Gains and Losses on Cash Flow Hedges | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (12) | (42) | (104) | (88) |
Gains and Losses on Cash Flow Hedges | Amount Reclassified from Accumulated Other Comprehensive Loss | Interest rate contracts | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Interest expense | 19 | 68 | 168 | 142 |
Provision for income taxes | (7) | (26) | (64) | (54) |
Net income | 12 | 42 | 104 | 88 |
Unrealized gain and losses on sales of available for sale securities | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 67 | 68 | 76 | |
Unrealized gain and losses on sales of available for sale securities | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Other noninterest income | (110) | (110) | (122) | |
Provision for income taxes | 43 | 42 | 46 | |
Net income | (67) | (68) | (76) | |
Benefit plans | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (116) | (126) | (233) | (252) |
Benefit plans | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Salaries and employee benefits | 187 | 204 | 376 | 408 |
Provision for income taxes | (71) | (78) | (143) | (156) |
Net income | $ 116 | $ 126 | $ 233 | $ 252 |
Derivative Financial Instrume81
Derivative Financial Instruments (Details) | Jan. 03, 2017USD ($)derivative | Jan. 02, 2017 | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 28, 2016contract | Dec. 31, 2009USD ($) |
Derivative Financial Instruments | |||||||||
Notional amount | $ 27,300,000 | $ 27,300,000 | |||||||
Estimated gain (loss) on fair value of open contracts related to mortgage servicing rights | 9,000 | $ 1,800,000 | |||||||
After-tax unrealized gain on cash flow hedge in other comprehensive income | 23,000 | $ 14,000 | 67,000 | 35,000 | |||||
Cash flow hedge liability | 389,000 | 389,000 | $ 776,000 | ||||||
Ineffectiveness in the cash flow hedge | 0 | 0 | 0 | 0 | |||||
Collateral provided | 450,000 | 850,000 | 450,000 | 850,000 | |||||
Number of interest rate swaps contracts that were classified as non-designated hedges | contract | 2 | ||||||||
Number of interest rate swaps held to facilitate a risk management strategy | contract | 1 | ||||||||
Fair value of non-designated interest rate swaps recorded in other assets and other liabilities | 5,000 | 5,000 | |||||||
5.35 % Rate of interest | |||||||||
Derivative Financial Instruments | |||||||||
Junior subordinated debt issued by capital trusts | $ 10,000,000 | ||||||||
Mortgage loan pipeline | |||||||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||||||
Obligation | 115,820,000 | 129,570,000 | 115,820,000 | 129,570,000 | 85,445,000 | ||||
Expected closures | |||||||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||||||
Obligation | 86,865,000 | 97,177,000 | 86,865,000 | 97,177,000 | 64,083,000 | ||||
Interest rate contracts | 3 month LIBOR | |||||||||
Derivative Financial Instruments | |||||||||
Notional amount | $ 8,000,000 | $ 8,000,000 | |||||||
Interest rate contracts | Cash flow hedge | |||||||||
Derivative Financial Instruments | |||||||||
Notional amount | $ 8,000,000 | ||||||||
Interest rate contracts | Cash flow hedge | 3 month LIBOR | |||||||||
Derivative Financial Instruments | |||||||||
Fixed rate payable on notional amount (as a percent) | 4.06% | 4.06% | |||||||
Fixed interest rate on interest rate swap (as a percent) | 4.06% | 4.06% | |||||||
Mortgage servicing rights hedging | Non-designated hedges | |||||||||
Derivative Financial Instruments | |||||||||
Notional amount | $ 102,500,000 | $ 102,500,000 | 120,000,000 | ||||||
Mortgage loan pipeline commitments | |||||||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||||||
Obligation | 1,568,000 | 3,257,000 | 1,568,000 | 3,257,000 | 1,037,000 | ||||
Forward sales commitments | |||||||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||||||
Obligation | 109,525,000 | 120,000,000 | 109,525,000 | 120,000,000 | 97,092,000 | ||||
Fair value of forward commitments | $ (89,000) | $ 1,437,000 | $ (89,000) | $ 1,437,000 | $ (1,366,000) | ||||
SBFC | Junior Subordinated Debt | |||||||||
Derivative Financial Instruments | |||||||||
Junior subordinated debt issued by capital trusts | $ 20,600,000 | ||||||||
SBFC | 3 month LIBOR | |||||||||
Derivative Financial Instruments | |||||||||
Spread on variable rate basis on junior subordinated debt (as a percent) | (2.36%) | 1.40% | |||||||
SBFC | Interest rate contracts | |||||||||
Derivative Financial Instruments | |||||||||
Notional amount | $ 10,000,000 | ||||||||
Number of interest rate swaps acquired | derivative | 2 | ||||||||
SBFC | Interest rate contracts | 5.35 % Rate of interest | |||||||||
Derivative Financial Instruments | |||||||||
Fixed rate payable on notional amount (as a percent) | 5.35% | ||||||||
Fixed interest rate on interest rate swap (as a percent) | 5.35% |
Capital Ratios (Details)
Capital Ratios (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Common equity Tier 1 to risk-weighted assets | ||||
Actual, Capital Amount | $ 985,586 | $ 788,544 | $ 741,000 | |
Actual, Ratio (as a percent) | 11.96% | 11.66% | 11.23% | |
Minimum capital required, Ratio (as a percent) | 4.50% | |||
Required to be considered well capitalized, Capital Amount | $ 535,789 | $ 439,755 | $ 428,792 | |
Required to be considered well capitalized, Ratio (as a percent) | 6.50% | 6.50% | 6.50% | |
Tier I capital to risk-weighted assets | ||||
Actual, Capital Amount | $ 1,056,506 | $ 841,266 | $ 793,116 | |
Actual, Ratio (as a percent) | 12.82% | 12.43% | 12.02% | |
Minimum capital required, Ratio (as a percent) | 6.00% | 4.00% | ||
Required to be considered well capitalized, Capital Amount | $ 659,432 | $ 541,237 | $ 527,744 | |
Required to be considered well capitalized, Ratio (as a percent) | 8.00% | 8.00% | 8.00% | |
Total capital to risk-weighted assets | ||||
Actual, Capital Amount | $ 1,100,757 | $ 881,957 | $ 834,102 | |
Actual, Ratio (as a percent) | 13.35% | 13.04% | 12.64% | |
Minimum capital required, Ratio (as a percent) | 8.00% | |||
Required to be considered well capitalized, Capital Amount | $ 824,290 | $ 676,546 | $ 659,681 | |
Required to be considered well capitalized, Ratio (as a percent) | 10.00% | 10.00% | 10.00% | |
Tier I capital to average assets (leverage ratio) | ||||
Actual, Capital Amount | $ 1,056,506 | $ 841,266 | $ 793,116 | |
Actual, Ratio (as a percent) | 10.12% | 9.88% | 9.51% | |
Minimum capital required, Ratio (as a percent) | 4.00% | |||
Required to be considered well capitalized, Capital Amount | $ 522,088 | $ 425,765 | $ 416,984 | |
Required to be considered well capitalized, Ratio (as a percent) | 5.00% | 5.00% | 5.00% | |
Phase-In Schedule | ||||
Common equity Tier 1 to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 473,967 | $ 346,730 | $ 338,086 | |
Minimum capital required, Ratio (as a percent) | 5.75% | 5.125% | 5.125% | |
Tier I capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 597,610 | $ 448,212 | $ 437,038 | |
Minimum capital required, Ratio (as a percent) | 7.25% | 6.625% | 6.625% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 762,468 | $ 583,521 | $ 568,974 | |
Minimum capital required, Ratio (as a percent) | 9.25% | 8.625% | 8.625% | |
Tier I capital to average assets (leverage ratio) | ||||
Minimum capital required, Capital Amount | $ 417,671 | $ 340,612 | $ 333,587 | |
Minimum capital required, Ratio (as a percent) | 4.00% | 4.00% | 4.00% | |
Fully Phased-In | ||||
Common equity Tier 1 to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 577,003 | $ 473,582 | $ 461,776 | |
Minimum capital required, Ratio (as a percent) | 7.00% | 7.00% | 7.00% | |
Tier I capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 700,647 | $ 575,064 | $ 560,728 | |
Minimum capital required, Ratio (as a percent) | 8.50% | 8.50% | 8.50% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 865,505 | $ 710,374 | $ 692,665 | |
Minimum capital required, Ratio (as a percent) | 10.50% | 10.50% | 10.50% | |
Tier I capital to average assets (leverage ratio) | ||||
Minimum capital required, Capital Amount | $ 417,671 | $ 340,612 | $ 333,587 | |
Minimum capital required, Ratio (as a percent) | 4.00% | 4.00% | 4.00% | |
Forecast | ||||
Capital ratios | ||||
Capital conversion buffer common equity Tier 1 of risk-weighted assets (as a percent) | 2.50% | |||
South State Bank (the Bank) | ||||
Common equity Tier 1 to risk-weighted assets | ||||
Actual, Capital Amount | $ 1,023,298 | $ 815,823 | $ 766,183 | |
Actual, Ratio (as a percent) | 12.41% | 12.06% | 11.62% | |
Required to be considered well capitalized, Capital Amount | $ 535,774 | $ 439,627 | $ 428,647 | |
Required to be considered well capitalized, Ratio (as a percent) | 6.50% | 6.50% | 6.50% | |
Tier I capital to risk-weighted assets | ||||
Actual, Capital Amount | $ 1,023,298 | $ 815,823 | $ 766,183 | |
Actual, Ratio (as a percent) | 12.41% | 12.06% | 11.62% | |
Required to be considered well capitalized, Capital Amount | $ 659,414 | $ 541,079 | $ 527,566 | |
Required to be considered well capitalized, Ratio (as a percent) | 8.00% | 8.00% | 8.00% | |
Total capital to risk-weighted assets | ||||
Actual, Capital Amount | $ 1,067,398 | $ 856,388 | $ 807,084 | |
Actual, Ratio (as a percent) | 12.95% | 12.66% | 12.24% | |
Required to be considered well capitalized, Capital Amount | $ 824,268 | $ 676,349 | $ 659,457 | |
Required to be considered well capitalized, Ratio (as a percent) | 10.00% | 10.00% | 10.00% | |
Tier I capital to average assets (leverage ratio) | ||||
Actual, Capital Amount | $ 1,023,298 | $ 815,823 | $ 766,183 | |
Actual, Ratio (as a percent) | 9.80% | 9.58% | 9.19% | |
Required to be considered well capitalized, Capital Amount | $ 521,921 | $ 425,604 | $ 416,791 | |
Required to be considered well capitalized, Ratio (as a percent) | 5.00% | 5.00% | 5.00% | |
South State Bank (the Bank) | Phase-In Schedule | ||||
Common equity Tier 1 to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 473,954 | $ 346,629 | $ 337,972 | |
Minimum capital required, Ratio (as a percent) | 5.75% | 5.125% | 5.125% | |
Tier I capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 597,594 | $ 448,081 | $ 436,890 | |
Minimum capital required, Ratio (as a percent) | 7.25% | 6.625% | 6.625% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 762,448 | $ 583,351 | $ 568,782 | |
Minimum capital required, Ratio (as a percent) | 9.25% | 8.625% | 8.625% | |
Tier I capital to average assets (leverage ratio) | ||||
Minimum capital required, Capital Amount | $ 417,537 | $ 340,483 | $ 333,433 | |
Minimum capital required, Ratio (as a percent) | 4.00% | 4.00% | 4.00% | |
South State Bank (the Bank) | Fully Phased-In | ||||
Common equity Tier 1 to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 576,988 | $ 473,444 | $ 461,620 | |
Minimum capital required, Ratio (as a percent) | 7.00% | 7.00% | 7.00% | |
Tier I capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 700,628 | $ 574,896 | $ 560,539 | |
Minimum capital required, Ratio (as a percent) | 8.50% | 8.50% | 8.50% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 865,481 | $ 710,166 | $ 692,430 | |
Minimum capital required, Ratio (as a percent) | 10.50% | 10.50% | 10.50% | |
Tier I capital to average assets (leverage ratio) | ||||
Minimum capital required, Capital Amount | $ 417,537 | $ 340,483 | $ 333,433 | |
Minimum capital required, Ratio (as a percent) | 4.00% | 4.00% | 4.00% |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets - Summary of changes - (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jan. 03, 2017 | |
Goodwill | ||
Goodwill, Beginning Balance | $ 338,340 | |
Goodwill, Ending Balance | 595,817 | |
Core deposit intangible | $ 18,120 | |
SBFC | ||
Goodwill | ||
Additions, Goodwill from acquisition or merger | $ 257,500 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Summary of gross carrying amounts - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Other intangible assets | |||||
Gross carrying amount | $ 100,274 | $ 82,154 | $ 100,274 | $ 82,154 | $ 82,154 |
Accumulated amortization | (47,308) | (38,525) | (47,308) | (38,525) | (42,306) |
Net carrying amount | 52,966 | 43,629 | 52,966 | 43,629 | $ 39,848 |
Amortization expense | 2,495 | 1,892 | 5,002 | 3,795 | |
Amortization of Intangible Assets | 2,495 | $ 1,892 | 5,002 | $ 3,795 | |
Estimated amortization expense for other intangibles for each of the next five quarters | |||||
September 30, 2017 | 2,494 | 2,494 | |||
December 31, 2017 | 2,494 | 2,494 | |||
March 31, 2018 | 2,331 | 2,331 | |||
June 30, 2018 | 2,319 | 2,319 | |||
September 30, 2018 | 2,318 | 2,318 | |||
Thereafter | $ 41,010 | $ 41,010 | |||
Minimum | |||||
Other intangible assets | |||||
Estimated useful lives | 2 years | ||||
Maximum | |||||
Other intangible assets | |||||
Estimated useful lives | 15 years |
Loan Servicing, Mortgage Orig85
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Loans held for sale, loan servicing and mortgage origination | |||||
Contractually specified servicing fees earned | $ 3,600 | $ 3,400 | |||
Mortgage servicing rights | $ 29,930 | $ 22,350 | 29,930 | 22,350 | $ 29,037 |
Changes in the fair value of MSRs and its offsetting hedge. | |||||
Increase (decrease) in fair value of MSRs | (370) | ||||
Decay of MSRs | (1,832) | ||||
Gains (losses) related to derivatives | 1,095 | ||||
Net effect on Statements of Income | $ (1,107) | ||||
MSRs | |||||
Changes in the fair value of MSRs and its offsetting hedge. | |||||
Increase (decrease) in fair value of MSRs | (815) | (1,870) | (4,476) | ||
Decay of MSRs | (1,029) | (990) | (1,769) | ||
Gains (losses) related to derivatives | 829 | 1,968 | 5,013 | ||
Net effect on Statements of Income | $ (1,015) | $ (892) | $ (1,232) | ||
Characteristics and sensitivity analysis of the MSR | |||||
Residential Mortgages Serviced for Others Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Weighted average life | 7 years 6 months 7 days | 5 years 7 months 6 days | 7 years 8 months 12 days | ||
Constant prepayment rate (as a percent) | 8.10% | 12.70% | 7.70% | ||
Weighted average discount rate (as a percent) | 9.60% | 9.80% | 9.80% | ||
Effect on fair value due to change in interest rates: | |||||
25 basis point increase | $ 1,457 | $ 2,106 | $ 1,457 | $ 2,106 | $ 1,399 |
50 basis point increase | 2,651 | 3,977 | 2,651 | 3,977 | 2,557 |
25 basis point decrease | 1,783 | 2,334 | 1,783 | 2,334 | 1,713 |
50 basis point decrease | 3,914 | 4,492 | 3,914 | 4,492 | $ 3,670 |
Custodial escrow balances maintained in connection with the loan servicing | $ 23,500 | $ 19,200 | $ 23,500 | $ 19,200 | |
Fixed-rate mortgage loans | |||||
Characteristics and sensitivity analysis of the MSR | |||||
Residential Mortgages Serviced for Others Percentage | 99.70% | 99.50% | 99.70% | 99.50% | 99.60% |
Adjustable-rate mortgage loans | |||||
Characteristics and sensitivity analysis of the MSR | |||||
Residential Mortgages Serviced for Others Percentage | 0.30% | 0.50% | 0.30% | 0.50% | 0.40% |
First Financial Holdings, Inc. ("First Financial") | |||||
Loans held for sale, loan servicing and mortgage origination | |||||
Residential mortgages serviced for others | $ 2,800,000 | $ 2,600,000 | $ 2,800,000 | $ 2,600,000 | $ 2,700,000 |
Contractually specified servicing fees earned | $ 1,800 | $ 1,800 |
Loan Servicing, Mortgage Orig86
Loan Servicing, Mortgage Origination, and Loans Held for Sale - Mandatory cash forwards - (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||||
Loan sales | $ 193.9 | $ 179.5 | $ 358.3 | $ 315.4 | |
Loan securitizations and loan sales | $ 153.6 | $ 150.2 | $ 274.2 | $ 243.5 | |
Percentage of loan securitizations and loan sales | 79.20% | 83.70% | 76.50% | 77.20% | |
Residential mortgage loans to be sold in secondary market | |||||
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||||
Residential mortgage loans held for sale | $ 66 | $ 48.9 | $ 66 | $ 48.9 | $ 50.6 |
Loans Held-for-sale, Mortgages | $ 66 | $ 48.9 | $ 66 | $ 48.9 | $ 50.6 |
Residential mortgage loans awaiting sale in secondary market | Minimum | |||||
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||||
Loans held for sale, settlement period | 15 days | ||||
Residential mortgage loans awaiting sale in secondary market | Maximum | |||||
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||||
Loans held for sale, settlement period | 45 days |
Investments in Qualified Affo87
Investments in Qualified Affordable Housing Projects (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Investment In Qualified Affordable Housing Projects. | ||
Tax Credits and Benefits | $ 1,500,000 | $ 1,200,000 |
Amortization | 729,000 | |
Share of book losses | 1,200,000 | 729,000,000,000 |
Carrying value | 25,600,000 | 27,600,000 |
Original Investment Value | 33,800,000 | 33,800,000 |
Funding obligation | 8,700,000 | $ 15,500,000 |
Amount repaid | $ 0 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Secured Debt, Repurchase Agreements | |||
Carrying amount of securities sold under repurchase agreements with customers | $ 279.3 | $ 238.3 | $ 272.6 |
Carrying amount of the securities pledged to collateralize repurchase agreements | $ 279.3 | $ 238.3 | $ 272.6 |