Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | SOUTH STATE Corp | |
Entity Central Index Key | 764,038 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
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 | 36,787,776 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Cash and cash equivalents: | |||
Cash and due from banks | $ 227,264 | $ 255,775 | $ 212,042 |
Interest-bearing deposits with banks | 362,773 | 117,635 | 348,602 |
Federal funds sold and securities purchased under agreements to resell | 54,467 | 4,217 | 102,482 |
Total cash and cash equivalents | 644,504 | 377,627 | 663,126 |
Investment securities: | |||
Securities held to maturity (fair value of $1,284, $2,556 and $6,217, respectively) | 1,274 | 2,529 | 6,095 |
Securities available for sale, at fair value | 1,640,837 | 1,648,193 | 1,379,788 |
Other investments | 23,479 | 23,047 | 14,726 |
Total investment securities | 1,665,590 | 1,673,769 | 1,400,609 |
Loans held for sale | 42,690 | 70,890 | 46,988 |
Loans: | |||
Loans, net | 10,589,521 | 10,575,417 | 7,868,840 |
Other real estate owned | 11,073 | 11,203 | 20,007 |
Premises and equipment, net | 253,605 | 255,565 | 203,505 |
Bank owned life insurance | 226,222 | 225,132 | 149,562 |
Deferred tax assets | 46,736 | 45,902 | 43,075 |
Mortgage servicing rights | 34,196 | 31,119 | 30,063 |
Core deposit and other intangibles | 70,376 | 73,789 | 55,461 |
Goodwill | 999,592 | 999,586 | 595,711 |
Other assets | 105,004 | 126,590 | 73,123 |
Total assets | 14,689,109 | 14,466,589 | 11,150,070 |
Deposits: | |||
Noninterest-bearing | 3,120,818 | 3,047,432 | 2,599,111 |
Interest-bearing | 8,542,280 | 8,485,334 | 6,434,327 |
Total deposits | 11,663,098 | 11,532,766 | 9,033,438 |
Federal funds purchased and securities sold under agreements to repurchase | 357,574 | 286,857 | 352,431 |
Other borrowings | 215,589 | 216,385 | 107,988 |
Other liabilities | 130,269 | 121,661 | 76,313 |
Total liabilities | 12,366,530 | 12,157,669 | 9,570,170 |
Shareholders' equity: | |||
Preferred stock - $.01 par value; authorized 10,000,000 shares; no shares issued and outstanding | |||
Common stock - $2.50 par value; authorized 80,000,000, 80,000,000 and 40,000,000 shares, respectively; 36,783,438, 36,759,656 and 29,230,734 shares issued and outstanding, respectively | 91,958 | 91,899 | 73,077 |
Surplus | 1,807,989 | 1,807,601 | 1,132,173 |
Retained earnings | 452,982 | 419,847 | 379,534 |
Accumulated other comprehensive loss | (30,350) | (10,427) | (4,884) |
Total shareholders' equity | 2,322,579 | 2,308,920 | 1,579,900 |
Total liabilities and shareholders' equity | 14,689,109 | 14,466,589 | 11,150,070 |
Acquired credit impaired loans | |||
Loans: | |||
Loans, net | 597,274 | 618,803 | 627,340 |
Total loans | 601,358 | 623,430 | 631,896 |
Acquired non-credit impaired loans | |||
Loans: | |||
Loans, net | 3,274,938 | 3,507,907 | 1,715,642 |
Total loans | 3,274,938 | 3,507,907 | 1,715,642 |
Non-acquired loans | |||
Loans: | |||
Total loans | 6,762,512 | 6,492,155 | 5,564,307 |
Less allowance for non-acquired loan losses | (45,203) | (43,448) | (38,449) |
Loans, net | $ 6,717,309 | $ 6,448,707 | $ 5,525,858 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Investment securities: | |||
Securities held to maturity, fair value (in dollars) | $ 1,284 | $ 2,556 | $ 6,217 |
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 | 80,000,000 | 80,000,000 | 40,000,000 |
Common stock, shares issued | 36,783,438 | 36,759,656 | 29,230,734 |
Common stock, shares outstanding | 36,783,438 | 36,759,656 | 29,230,734 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Loans, including fees | $ 127,041 | $ 91,752 |
Investment securities: | ||
Taxable | 8,788 | 7,231 |
Tax-exempt | 1,559 | 1,430 |
Federal funds sold and securities purchased under agreements to resell | 660 | 573 |
Total interest income | 138,048 | 100,986 |
Interest expense: | ||
Deposits | 6,913 | 2,497 |
Federal funds purchased and securities sold under agreements to repurchase | 454 | 240 |
Other borrowings | 1,708 | 887 |
Total interest expense | 9,075 | 3,624 |
Net interest income | 128,973 | 97,362 |
Provision for loan losses | 2,454 | 3,707 |
Net interest income after provision for loan losses | 126,519 | 93,655 |
Noninterest income: | ||
Fees on deposit accounts | 25,506 | 21,719 |
Mortgage banking income | 4,948 | 5,569 |
Trust and investment services income | 7,514 | 5,941 |
Recoveries on acquired loans | 2,975 | 1,532 |
Other | 2,575 | 1,674 |
Total noninterest income | 43,518 | 36,435 |
Noninterest expense: | ||
Salaries and employee benefits | 62,465 | 48,886 |
Net occupancy expense | 8,166 | 6,388 |
Information services expense | 9,738 | 6,360 |
Furniture and equipment expense | 4,626 | 3,794 |
OREO expense and loan related | 1,661 | 2,142 |
Bankcard expense | 3,654 | 2,770 |
Amortization of intangibles | 3,413 | 2,507 |
Supplies, printing and postage expense | 1,392 | 1,654 |
Professional fees | 1,699 | 1,773 |
FDIC assessment and other regulatory charges | 1,263 | 1,122 |
Advertising and marketing | 736 | 559 |
Merger and branch consolidation related expenses | 11,296 | 21,024 |
Other | 6,317 | 5,744 |
Total noninterest expense | 116,426 | 104,723 |
Earnings: | ||
Income before provision for income taxes | 53,611 | 25,367 |
Provision for income taxes | 11,285 | 7,103 |
Net income | $ 42,326 | $ 18,264 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 1.15 | $ 0.63 |
Diluted (in dollars per share) | 1.15 | 0.63 |
Dividends per common share (in dollars per share) | $ 0.33 | $ 0.33 |
Weighted-average common shares outstanding: | ||
Basic (in shares) | 36,646 | 28,892 |
Diluted (in shares) | 36,899 | 29,159 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Consolidated Statements of Comprehensive Income | ||
Net income | $ 42,326 | $ 18,264 |
Unrealized gains (losses) on securities: | ||
Unrealized holding gains (losses) arising during period | (22,082) | 5,116 |
Tax effect | 4,890 | (1,950) |
Net of tax amount | (17,192) | 3,166 |
Unrealized gains (losses) on derivative financial instruments qualifying as cash flow hedges: | ||
Unrealized holding gains (losses) arising during period | 36 | (38) |
Tax effect | (8) | 14 |
Reclassification adjustment for losses included in interest expense | 47 | 110 |
Tax effect | (10) | (42) |
Net of tax amount | 65 | 44 |
Change in pension plan obligation: | ||
Reclassification adjustment for changes included in net income | 194 | 188 |
Tax effect | (43) | (71) |
Net of tax amount | 151 | 117 |
Net comprehensive income (loss) | (16,976) | 3,327 |
Comprehensive income | $ 25,350 | $ 21,591 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Corporate securities | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss). | Total |
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 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Comprehensive income | 18,264 | 3,327 | 21,591 | ||
Cash dividends declared on common stock per share | (9,646) | (9,646) | |||
Stock options exercised | $ 22 | 285 | 307 | ||
Stock options exercised (in shares) | 9,002 | ||||
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 | $ 28 | (28) | |||
Restricted stock awards (in shares) | 11,273 | ||||
Stock issued pursuant to restricted stock units. | $ 95 | (95) | |||
Stock issued pursuant to restricted stock units (in shares) | 37,802 | ||||
Common stock repurchased | $ (90) | (3,157) | (3,247) | ||
Common stock repurchased (in shares) | (36,073) | ||||
Share-based compensation expense | 1,698 | 1,698 | |||
Balance at Mar. 31, 2017 | $ 73,077 | 1,132,173 | 379,534 | (4,884) | $ 1,579,900 |
Balance (in shares) at Mar. 31, 2017 | 29,230,734 | 29,230,734 | |||
Balance (in shares) Preferred Stock at Mar. 31, 2017 | 0 | ||||
Balance at Dec. 31, 2017 | $ 91,899 | 1,807,601 | 419,847 | (10,427) | $ 2,308,920 |
Balance (in shares) at Dec. 31, 2017 | 36,759,656 | 36,759,656 | |||
Balance (in shares) Preferred Stock at Dec. 31, 2017 | 0 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Comprehensive income | 42,326 | (16,976) | $ 25,350 | ||
Cash dividends declared on common stock per share | (12,138) | (12,138) | |||
AOCI reclassification to retained earnings from adoption of ASU 2018-02 | ASU 2018- 02 | 2,947 | (2,947) | |||
Stock options exercised | $ 5 | 61 | 66 | ||
Stock options exercised (in shares) | 2,240 | ||||
Restricted stock awards | $ 3 | (3) | |||
Restricted stock awards (in shares) | 1,169 | ||||
Stock issued pursuant to restricted stock units. | $ 96 | (96) | |||
Stock issued pursuant to restricted stock units (in shares) | 38,365 | ||||
Common stock repurchased | $ (45) | (1,567) | (1,612) | ||
Common stock repurchased (in shares) | (17,992) | ||||
Share-based compensation expense | 1,993 | 1,993 | |||
Balance at Mar. 31, 2018 | $ 91,958 | $ 1,807,989 | $ 452,982 | $ (30,350) | $ 2,322,579 |
Balance (in shares) at Mar. 31, 2018 | 36,783,438 | 36,783,438 | |||
Balance (in shares) Preferred Stock at Mar. 31, 2018 | 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Consolidated Statements of Changes in Shareholders' Equity | ||
Cash dividends declared, per share (in dollars per share) | $ 0.33 | $ 0.33 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 42,326 | $ 18,264 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,939 | 7,050 |
Provision for loan losses | 2,454 | 3,707 |
Deferred income taxes | 3,993 | 1,558 |
Share-based compensation expense | 1,993 | 1,698 |
Accretion of discount related to performing acquired loans | (9,656) | (4,199) |
Gain on disposal of premises and equipment | (72) | (15) |
Gain on sale of OREO | (58) | (50) |
Net amortization of premiums on investment securities | 1,966 | 1,722 |
OREO write downs | 777 | 936 |
Fair value adjustment for loans held for sale | (215) | 716 |
Originations and purchases of loans held for sale | (154,234) | (164,075) |
Proceeds from sales of loans | 182,649 | 180,594 |
Net change in: | ||
Accrued interest receivable | 1,553 | 1,204 |
Prepaid assets | (526) | 768 |
Miscellaneous other assets | 14,251 | (1,889) |
Accrued interest payable | 775 | (519) |
Accrued income taxes | 6,984 | 5,466 |
Miscellaneous other liabilities | 1,846 | (11,670) |
Net cash provided by operating activities | 105,745 | 41,266 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available for sale | 5,215 | 210,943 |
Proceeds from maturities and calls of investment securities held to maturity | 1,255 | |
Proceeds from maturities and calls of investment securities available for sale | 57,972 | 56,143 |
Proceeds from sales of other investment securities | 2,125 | 2,382 |
Purchases of investment securities available for sale | (79,661) | (61,321) |
Purchases of other investment securities | (2,556) | (303) |
Net increase in loans | (10,461) | (176,946) |
Net cash received from acquisitions | 6 | 71,607 |
Recoveries of loans previously charged off | 966 | 731 |
Purchases of premises and equipment | (3,615) | (4,219) |
Proceeds from sale of OREO | 2,516 | 2,257 |
Proceeds from sale of premises and equipment | 6 | 15 |
Net cash provided by (used in) investing activities | (26,232) | 101,289 |
Cash flows from financing activities: | ||
Net increase in deposits | 130,332 | 178,095 |
Net increase in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings | 70,717 | 37,645 |
Proceeds from FHLB advances | 50,000 | |
Repayment of other borrowings | (50,001) | (57,031) |
Common stock repurchase | (1,612) | (3,247) |
Dividends paid on common stock | (12,138) | (9,646) |
Stock options exercised | 66 | 307 |
Net cash provided by financing activities | 187,364 | 146,123 |
Net increase in cash and cash equivalents | 266,877 | 288,678 |
Cash and cash equivalents at beginning of period | 377,627 | 374,448 |
Cash and cash equivalents at end of period | 644,504 | 663,126 |
Cash paid for: | ||
Interest | 8,300 | 4,142 |
Income taxes | 786 | 760 |
Acquisitions: | ||
Fair value of tangible assets acquired | 1,816,592 | |
Other intangible assets acquired | 18,120 | |
Liabilities assumed | 1,656,967 | |
Net identifiable assets acquired over liabilities assumed | $ 177,745 | |
Common stock issued in acquisition | 434,625 | |
Real estate acquired in full or in partial settlement of loans | $ 2,895 | $ 4,284 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 months ended March 31, 201 8 are not necessarily indicative of the results that may be expected for the year ending December 31, 201 8 . The condensed consolidated balance sheet at December 31, 201 7 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 | 3 Months Ended |
Mar. 31, 2018 | |
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, 201 7 , as filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2018, 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. Revenue from Contracts with Customers (Topic 606) and Method of Adoption On January 1, 2018, we adopted the requirements of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU Topic 606”). The majority of our revenue is derived primarily from interest income from receivables (loans) and securities. Other revenues are derived from fees received in connection with deposit accounts, mortgage banking activities including gains from the sale of loans and loan origination fees, and trust and investment advisory services. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted ASU Topic 606 using the modified retrospective transition approach which does not require restatement of prior periods. The method was selected as there were no material changes in the timing of revenue recognition resulting in no comparability issues with prior periods. This adoption method is considered a change in accounting principle requiring additional disclosure of the nature of and reason for the change, which is solely a result of the adoption of the required standard. When applying the modified retrospective approach under ASU Topic 606, the Company has elected, as a practical expedient, to apply the revenue standard only to contracts that are not completed as of January 1, 2018. A completed contract is considered to be a contract for which all (or substantially all) of the revenue was recognized in accordance with revenue guidance that was in effect before January 1, 2018. There were no uncompleted contracts as of January 1, 2018 for which application of the new standard required an adjustment to retained earnings. The following disclosures related to ASU Topic 606 involve income derived from contracts with customers. Within the scope of ASU Topic 606, we maintain contracts to provide services, primarily for investment advisory and/or custody of assets. Through our wholly-owned subsidiaries, the Bank, South State Advisory and Minis, Inc., we contract with our customers to perform IRA, Trust, and/or Custody and Agency advisory services. Total revenue recognized from these contracts with customers was $7.5 million for the three months ended March 31, 2018. The Bank contracts with our customers to perform deposit account services. Total revenue recognized from these contracts with customers is $25.8 million for the three months ended March 31, 2018. Due to the nature of our relationship with the customers that we provide services, we do not incur costs to obtain contracts and there are no material incremental costs to fulfill these contracts that should be capitalized. Disaggregation of Revenue - Our portfolio of services provided to our customers consists of over 791,000 active contracts. We have disaggregated revenue according to timing of the transfer of service. Total revenue derived from contracts in which services are transferred at a point in time is $33.8 million for the three months ended March 31, 2018. Total revenue derived from contracts in which services are transferred over time is $4.8 million for the three months ended March 31, 2018. Revenue is recognized as the services are provided to the customers. Economic factors impacting the customers could affect the nature, amount, and timing of these cash flows, as unfavorable economic conditions could impair the customers’ ability to provide payment for services. This risk is mitigated as we generally deduct payments from customers’ accounts as services are rendered. Contract Balances - The timing of revenue recognition, billings, and cash collections results in billed accounts receivable on the balance sheet. Most contracts call for payment by a charge or deduction to the respective customer account but there are some that require a receipt of payment from the customer. For fee per transaction contracts, the customers are billed as the transactions are processed. For hourly rate and monthly service contracts related to trust and some investment revenues, the customers are billed monthly (generally as a percentage basis point of the market value of the investment account). In some cases, specific to Minis, Inc. and South State Advisory customers are billed in advance for quarterly services to be performed based on the past quarters average account balance. These do create contract liabilities or deferred revenue, as the customers pay in advance for service. Neither the contract liabilities nor the accounts receivables balances are material to the Company’s balance sheet. Performance Obligations - A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASU Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The performance obligations for these contracts are satisfied as the service is provided to the customer (either over time or at a point in time). The payment terms of the contracts are typically based on a basis point percentage of the investment account market value, fee per hour of service, or fee for service incurred. There are no significant financing components in the contracts. Excluding deposit services revenues which are mostly billed at a point in time as a fee for services incurred, all other contracts within the scope of ASU Topic 606 contain variable consideration in that fees earned are derived from market values of accounts or from hours worked for services performed which determines the amount of consideration to which we are entitled. The variability is resolved when the hours are incurred or services are provided. The contracts do not include obligations for returns, refunds, or warranties. The contracts are specific to the amounts owed to the Company for services performed during a period should the contracts be terminated. Significant Judgements - All of the contracts create performance obligations that are satisfied at a point in time excluding the contracts billed in advance through Minis and South State Advisory and some immaterial deposit revenues. Revenue is recognized as services are billed to the customers. Variable consideration does exist for contracts related to our trust and investment services as revenues are based on market values and services performed. We have adopted the right-to-invoice practical expedient for trust management contracts through South State Bank which we contract with our customers to perform IRA, Trust, and/or Custody services. |
Recent Accounting and Regulator
Recent Accounting and Regulatory Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Recent Accounting and Regulatory Pronouncements | |
Recent Accounting and Regulatory Pronouncements | Note 3 — Recent Accounting and Regulatory Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued (“ASU”) No. 2018-03, Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10) (“ASU 2018-03”). ASU 2018-03 updates the new financial instruments standard by clarifying issues that arisen from ASU 2016-01, but does not change the core principle of the new standard. The issues addressed in this ASU include: (1) Equity securities without a readily determinable fair value-discontinuation, (2) Equity securities without a readily determinable fair value-adjustments, (3) Forward contracts and purchased options, (4) Presentation requirements for certain fair value option liabilities, (5) Fair value option liabilities denominated in a foreign currency, (6) Transition guidance for equity securities without a readily determinable fair value, and (7) Transition and open effective date information. For public business entities, the amendments in ASU 2018-03 and 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 ASU 2018-03 and ASU 2016-01. This guidance became effective on January 1, 2018 and the Company has determined that the implementation of this standard did not have a material impact to the Company’s consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income; (“ASU 2018-02”). ASU 2018-02 amends ASC Topic 220 and allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“Tax Reform Act”). Consequently, this amendment eliminates the stranded tax effects resulting from the Tax Reform Act and will improve the usefulness of information reported to financial statement users. However, because the amendments only related to the reclassification of the income tax effects of the Tax Reform Act, the underlying guidance that requires that the effects of the change in tax laws or rates be included in income from continuing operations is not affected. The guidance is effective for public companies for annual periods beginning on or after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. This amendment should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in U.S. federal corporate income tax rate in the Tax Reform Act is recognized. The Company early adopted this amendment in the first quarter of 2018 and reclassified $2.9 million from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from the Tax Reform Act. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities; (“ASU 2017-12”). ASU 2017-12 amends Accounting Standards Codification (“ASC”) Topic 815 to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. These amendments will improve the transparency of information about an entity’s risk management activities and simplify the application of hedge accounting. The guidance is effective for public companies for annual periods beginning on or after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. All transition requirements and elections should be applied to hedging relationships existing on the date of adoption. The Company is still assessing the impact of this new guidance, but does not believe it will have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued 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 adopted this standard in the first quarter of 2018 and determined that this guidance did not have a material impact on the Company’s consolidated financial statements. In March 2017, the 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 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 adopted this standard in the first quarter of 2018 and 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. 2017-04, 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 ASC Topic 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. 2017-01, 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 Topic 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 did 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 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. The Company’s revenue includes 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, ASU 2016-08 and ASU 2014-09 became effective on January 1, 2018 and the Company refined its disclosures around the standard in the first quarter of 2018. The Company has determined that there is no material change on how the Company recognizes its revenue streams and the adoption of these standards did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued 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 adopted this standard in the first quarter of 2018 and determined that this guidance did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued 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. The Company has 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. 2016-08, 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. The Company’s revenue includes 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, ASU 2016-08 and ASU 2014-09 became effective on January 1, 2018 and the Company refined its disclosures around the standard in the first quarter of 2018. The Company has determined that there is no material change on how the Company recognizes its revenue streams and the adoption of these standards did not have a material impact on the Company’s consolidated financial statements, other than the required disclosures. 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 still 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. Based on the Company’s current evaluation, the Company estimates that it would have recorded a right to use asset and a lease liability of approximately $83 million if the standard was effective at March 31, 2018. 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. This guidance became effective on January 1, 2018 and the Company has determined that the implementation of this standard did not have a material impact to the Company’s 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. The Company’s revenue includes 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, ASU 2016-08 and ASU 2014-09 became effective on January 1, 2018 and the Company refined its disclosures around the standard in the first quarter of 2018. The Company has determined that there is no material change on how the Company recognizes its revenue streams and the adoption of these standards did not have a material impact on the Company’s consolidated financial statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2018 | |
Mergers and Acquisitions | |
Mergers and Acquisitions | Note 4 — Mergers and Acquisitions The following business combinations have occurred over the past two years: · Park Sterling Corporation (“PSC” or “Park”) – November 30, 2017 – Whole bank acquisition · Southeastern Bank Financial Corporation (“SBFC” or “Southeastern”) – January 3, 2017 – Whole bank acquisition Park Sterling Corporation Acquisition On November 30, 2017, SSB acquired all of the outstanding common stock of PSC of Charlotte, North Carolina, the bank holding company for Park Sterling Bank (“PSB”), in a stock transaction. PSC common shareholders received 0.14 shares of the Company’s common stock in exchange for each share of PSC stock resulting in the Company issuing 7,480,343 shares of its common stock. In total, the purchase price for PSC was $693.0 million including the value of “in the money” outstanding stock options totaling $4.3 million. The PSC 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 November 30, 2017 and their initial and subsequent fair value estimates, as recorded by the Company. Fair values are preliminary and subject to refinement for up to a year after the closing date of the acquisition. Initial Subsequent As Recorded Fair Value Fair Value As Recorded by (Dollars in thousands) by Park Adjustments Adjustments the Company Assets Cash and cash equivalents $ 116,454 $ — $ — $ 116,454 Investment securities 461,261 1,444 (a) 219 (a) 462,924 Loans held for sale 2,200 68,686 (b) — 70,886 Loans, net of allowance and mark 2,346,612 (95,878) (c) (50) (c) 2,250,684 Premises and equipment 61,059 (4,882) (d) (387) (d) 55,790 Intangible assets 73,090 (46,915) (e) — 26,175 OREO and repossessed assets 2,549 (429) (f) 210 (f) 2,330 Bank owned life insurance 72,703 — — 72,703 Deferred tax asset 17,963 11,596 (g) 3 (g) 29,562 Other assets 21,595 (476) (h) — 21,119 Total assets $ 3,175,486 $ (66,854) $ (5) $ 3,108,627 Liabilities Deposits: Noninterest-bearing $ 561,874 $ — $ — $ 561,874 Interest-bearing 1,886,810 2,692 (i) — 1,889,502 Total deposits 2,448,684 2,692 — 2,451,376 Federal funds purchased and securities sold under agreements to repurchase — — — — Other borrowings 329,249 11,689 (j) — 340,938 Other liabilities 24,179 2,131 (k) — 26,310 Total liabilities 2,802,112 16,512 — 2,818,624 Net identifiable assets acquired over (under) liabilities assumed 373,374 (83,366) (5) 290,003 Goodwill — 402,951 5 402,956 Net assets acquired over liabilities assumed $ 373,374 $ 319,585 $ — $ 692,959 Consideration: South State Corporation common shares issued 7,480,343 Purchase price per share of the Company's common stock $ 92.05 Company common stock issued ($688,566) and cash exchanged for fractional shares ($88) $ 688,654 Cash paid for stock option redemptions 4,305 Fair value of total consideration transferred $ 692,959 Explanation of fair value adjustments (a)—Adjustment reflects marking the securities portfolio to fair value as of the acquisition date. (b)—Adjustment reflects a reclass of $68.7 million by SSB of Shared National Credits (loans) from loans held for investment to loans held for sale. (c)—Adjustment reflects the fair value adjustments (discount) of $60.9 million based on the Company’s evaluation of the acquired loan portfolio. This amount excludes the allowance for loan losses (“ALLL”) and fair value adjustment (discount) of $12.5 million and $21.3 million, respectively, recorded by PSC and is net of the $68.7 million reclass related to the Shared National Credits noted in (b). (d)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (e)—Adjustment reflects the recording of a 1.66% Core Deposit Intangible (“CDI”) on the acquired deposit accounts that totaled $26.2 million offset by a write-off of $73.1 million of existing goodwill and CDI acquired from PSC. (f)—Adjustment reflects the fair value adjustments to other real estate owned (“OREO”) based on the Company’s evaluation of the acquired OREO portfolio. (g)—Adjustment to record deferred tax asset related to the fair value adjustments and an adjustment from the PSC tax rate to the SSB tax rate. (h)—Adjustment reflects the write-off of accrued interest receivable and along with certain prepaid expenses. (i)—Adjustment reflects the premium for fixed maturity time deposits of $2.95 million offset by the write-off of existing fair value marks of $253,000 acquired from PSC. (j)—Adjustment reflects the fair value adjustment (discount) of $2.4 million on PSC’s Trust Preferred Securities offset by the write-off of the existing PSC discount on its senior debt and TRUPs of $14.0 million. (k)—Adjustment reflects the fair value adjustments to employee benefit plans of $1.5 million along with other adjustments of miscellaneous liabilities. Comparative and Pro Forma Financial Information for the PSC Acquisition The adjusted results of the Company for the period ended March 31, 2018, include the adjusted results of the acquired assets and assumed liabilities since the acquisition date of November 30, 2017 related to the PSC acquisition. Merger-related charges of $11.3 million are recorded in the consolidated statement of income for the three month ended March 31, 2018; and include incremental costs related to closing of the acquisition, including legal, accounting and auditing, investment banker cost, termination of certain employment related contracts, travel costs, printing, supplies and other costs. The following table discloses the impact of the merger (excluding the impact of merger-related expenses) with PSC for three month ended March 31, 2018. The table also presents certain pro forma information as if PSC had been acquired on January 1, 2017. These results combine the historical results of PSC in the Company’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2017. Merger-related costs of $21.0 million from the SBFC acquisition were incurred during the first quarter of 2017 and were excluded from pro forma information below. In addition, no adjustments have been made to the pro formas to eliminate the provision for loan losses for the three months ended March 31, 2017 of PSC in the amount of $678,000. No adjustments have been made to reduce the impact of any OREO write downs, investment securities sold or repayment of borrowings recognized by PSC in the three months ended March 31, 2017. Expenses related to systems conversions and other costs of integration are expected to be recorded in the second and third quarters of 2018 for the PSC merger. The Company expects to achieve further operating cost savings and other business synergies as a result of the acquisitions which are not reflected in the pro forma amounts below: Estimated/Actual For PSC Pro Forma For the Three Months Three Months (Dollars in thousands) Ended March 31, 2018 Ended March 31, 2017 Total revenues (net interest income plus noninterest income) $ 36,085 $ 167,044 Net adjusted income available to the common shareholder $ 11,072 $ 49,233 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. Initial 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) 870 (c) 24,077 Intangible assets 140 17,980 (d) — 18,120 OREO and repossessed assets 580 (30) (e) (100) (e) 450 Bank owned life insurance 44,513 — — 44,513 Deferred tax asset 16,247 (687) (f) 515 (f) 16,075 Other assets 7,545 (482) (g) — 7,063 Total assets $ 1,832,581 $ 2,131 $ 1,285 $ 1,835,997 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) 2,210 (i) 27,743 Total liabilities 1,652,534 4,433 2,210 1,659,177 Net identifiable assets acquired over (under) liabilities assumed 180,047 (2,302) (925) 176,820 Goodwill — 257,370 925 258,295 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 $30.7 million based on the Company’s evaluation of the acquired loan portfolio and excludes the allowance for loan losses (“ALLL”) of $20.1 million 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 $18.1 million. (e)—Adjustment reflects the fair value adjustments to other real estate owned (“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 $2.1 million, netted with premium on certain Federal Home Loan Bank (“FHLB “) advances of $1.0 million. (i)—Adjustment reflects the fair value adjustments to employee benefit plans of $8.3 million netted against an adjustment of other miscellaneous liabilities of $496,000. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018: State and municipal obligations $ 1,274 $ 10 $ — $ 1,284 December 31, 2017: State and municipal obligations $ 2,529 $ 27 $ — $ 2,556 March 31, 2017: State and municipal obligations $ 6,095 $ 122 $ — $ 6,217 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 March 31, 2018: Government-sponsored entities debt* $ 91,483 $ — $ (1,737) $ 89,746 State and municipal obligations 224,994 2,232 (1,540) 225,686 Mortgage-backed securities** 1,353,356 248 (28,199) 1,325,405 Corporate securities — — — — $ 1,669,833 $ 2,480 $ (31,476) $ 1,640,837 December 31, 2017: Government-sponsored entities debt* $ 86,535 $ 51 $ (1,077) $ 85,509 State and municipal obligations 216,812 3,749 (124) 220,437 Mortgage-backed securities** 1,350,200 2,103 (11,616) 1,340,687 Corporate securities 1,560 — — 1,560 $ 1,655,107 $ 5,903 $ (12,817) $ 1,648,193 March 31, 2017: Government-sponsored entities debt* $ 93,995 $ 25 $ (721) $ 93,299 State and municipal obligations 196,241 4,183 (140) 200,284 Mortgage-backed securities** 1,084,764 5,095 (6,420) 1,083,439 Corporate stocks 2,433 624 (291) 2,766 $ 1,377,433 $ 9,927 $ (7,572) $ 1,379,788 * - 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”). ** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings. Also, included in the Company’s mortgage-backed securities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government. 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 March 31, 2018: Federal Home Loan Bank stock $ 17,399 $ — $ — $ 17,399 Investment in unconsolidated subsidiaries 3,563 — — 3,563 Other nonmarketable investment securities 2,517 — — 2,517 $ 23,479 $ — $ — $ 23,479 December 31, 2017: Federal Home Loan Bank stock $ 16,967 $ — $ — $ 16,967 Investment in unconsolidated subsidiaries 3,563 — — 3,563 Other nonmarketable investment securities 2,517 — — 2,517 $ 23,047 $ — $ — $ 23,047 March 31, 2017: Federal Home Loan Bank stock $ 11,239 $ — $ — $ 11,239 Investment in unconsolidated subsidiaries 2,262 — — 2,262 Other nonmarketable investment securities 1,225 — — 1,225 $ 14,726 $ — $ — $ 14,726 The amortized cost and fair value of debt securities at March 31, 2018 by contractual maturity are detailed below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. Securities Securities Held to Maturity Available for Sale Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ — $ — $ 1,173 $ 1,175 Due after one year through five years — — 122,525 121,675 Due after five years through ten years 1,274 1,284 374,833 369,402 Due after ten years — — 1,171,302 1,148,585 $ 1,274 $ 1,284 $ 1,669,833 $ 1,640,837 Information pertaining to the Company’s securities with gross unrealized losses at March 31, 2018, December 31, 2017 and March 31, 2017, 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 March 31, 2018: Securities Available for Sale Government-sponsored entities debt $ 918 $ 34,712 $ 819 $ 55,034 State and municipal obligations 1,523 69,118 17 724 Mortgage-backed securities 17,030 938,924 11,169 304,731 Corporate securities — — — — $ 19,471 $ 1,042,754 $ 12,005 $ 360,489 December 31, 2017: Securities Available for Sale Government-sponsored entities debt $ 403 $ 27,442 $ 674 $ 52,324 State and municipal obligations 124 17,400 — — Mortgage-backed securities 4,493 610,051 7,123 322,258 Corporate securities — — — — $ 5,020 $ 654,893 $ 7,797 $ 374,582 March 31, 2017: Securities Available for Sale Government-sponsored entities debt $ 721 $ 87,609 $ — $ — State and municipal obligations 140 10,984 — — Mortgage-backed securities 6,349 601,953 71 1,940 Corporate stocks — — 291 1,451 $ 7,210 $ 700,546 $ 362 $ 3,391 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 March 31, 2018 continue to perform as scheduled. As part of the Company’s evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. The Company does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that the Company will be required to sell the debt securities; therefore, management does not consider these investments to be other-than-temporarily impaired at March 31, 2018. Management continues to monitor all of the Company’s 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 its 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 | 3 Months Ended |
Mar. 31, 2018 | |
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: March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Non-acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 871,141 $ 830,875 $ 646,544 Commercial non-owner occupied 1,050,924 1,008,893 803,998 Total commercial non-owner occupied real estate 1,922,065 1,839,768 1,450,542 Consumer real estate: Consumer owner occupied 1,612,501 1,530,260 1,252,650 Home equity loans 448,582 437,642 396,806 Total consumer real estate 2,061,083 1,967,902 1,649,456 Commercial owner occupied real estate 1,296,738 1,262,776 1,200,004 Commercial and industrial 872,363 815,187 725,974 Other income producing property 198,684 193,847 182,416 Consumer 390,784 378,985 340,292 Other loans 20,795 33,690 15,623 Total non-acquired loans 6,762,512 6,492,155 5,564,307 Less allowance for loan losses (45,203) (43,448) (38,449) Non-acquired loans, net $ 6,717,309 $ 6,448,707 $ 5,525,858 The following is a summary of acquired non-credit impaired loans accounted for under FASB ASC Topic 310-20, net of related discount: March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 FASB ASC Topic 310-20 acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 349,532 $ 403,357 $ 141,897 Commercial non-owner occupied 783,466 817,166 217,850 Total commercial non-owner occupied real estate 1,132,998 1,220,523 359,747 Consumer real estate: Consumer owner occupied 683,614 710,611 550,578 Home equity loans 295,721 320,591 186,411 Total consumer real estate 979,335 1,031,202 736,989 Commercial owner occupied real estate 498,541 521,818 238,612 Commercial and industrial 344,171 398,696 136,309 Other income producing property 186,091 196,669 92,044 Consumer 133,802 137,710 151,941 Other — 1,289 — Total FASB ASC Topic 310-20 acquired loans $ 3,274,938 $ 3,507,907 $ 1,715,642 The unamortized discount related to the acquired non-credit impaired loans totaled $55.3 million, $65.2 million, and $26.3 million at March 31, 2018, December 31, 2017, and March 31, 2017, 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: March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 FASB ASC Topic 310-30 acquired loans: Commercial real estate 233,277 234,595 223,156 Commercial real estate—construction and development 46,219 49,649 57,343 Residential real estate 248,766 260,787 266,484 Consumer 48,801 51,453 58,688 Commercial and industrial 24,295 26,946 26,225 Total FASB ASC Topic 310-30 acquired loans 601,358 623,430 631,896 Less allowance for loan losses (4,084) (4,627) (4,556) FASB ASC Topic 310-30 acquired loans, net $ 597,274 $ 618,803 $ 627,340 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 PSC (November 30, 2017) are as follows: November 30, 2017 Loans Impaired (Dollars in thousands) at Acquisition Contractual principal and interest $ 92,600 Non-accretable difference (12,840) Cash flows expected to be collected 79,760 Accretable difference (8,829) Carrying value $ 70,931 The table above excludes $2.2 billion ($2.3 billion in contractual principal less a $50.1 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 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 March 31, 2018, December 31, 2017 and March 31, 2017 are as follows: March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Contractual principal and interest $ 765,057 $ 795,850 $ 812,892 Non-accretable difference (33,841) (39,324) (31,273) Cash flows expected to be collected 731,216 756,526 781,619 Accretable yield (129,858) (133,096) (149,723) Carrying value $ 601,358 $ 623,430 $ 631,896 Allowance for acquired loan losses $ (4,084) $ (4,627) $ (4,556) 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: Three Months Ended March 31, (Dollars in thousands) 2018 2017 Balance at beginning of period $ 618,803 $ 602,546 Fair value of acquired loans — 55,850 Net reductions for payments, foreclosures, and accretion (22,072) (29,895) Change in the allowance for loan losses on acquired loans 543 (1,161) Balance at end of period, net of allowance for loan losses on acquired loans $ 597,274 $ 627,340 The table below reflects refined accretable yield balance for acquired credit impaired loans: Three Months Ended March 31, (Dollars in thousands) 2018 2017 Balance at beginning of period $ 133,096 $ 155,379 Addition from the SBFC acquisition — 4,603 Accretion (12,366) (15,214) Reclass of nonaccretable difference due to improvement in expected cash flows 9,204 5,062 Other changes, net (76) (107) Balance at end of period $ 129,858 $ 149,723 In the first quarter of 2018, the accretable yield balance declined by $3.2 million as loan accretion (income) of $12.4 million was recognized. This was partially offset by improved expected cash flows of $9.2 million during the first quarter of 2018. Our loan loss policy adheres to GAAP as well as interagency guidance. The ALLL is based upon estimates made by management. We maintain an ALLL 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 ALLL 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. 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 ALLL 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 ALLL. 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. 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 March 31, 2018: Balance at beginning of period $ 43,448 $ — $ 4,627 $ 48,075 Loans charged-off (1,169) (334) — (1,503) Recoveries of loans previously charged off (1) 802 165 — 967 Net charge-offs (367) (169) — (536) Provision for loan losses charged to operations 2,122 169 163 2,454 Reduction due to loan removals — — (706) (706) Balance at end of period $ 45,203 $ — $ 4,084 $ 49,287 Three Months Ended March 31, 2017: Balance at beginning of period $ 36,960 $ — $ 3,395 $ 40,355 Loans charged-off (1,297) (389) — (1,686) Recoveries of loans previously charged off (1) 669 63 — 732 Net charge-offs (628) (326) — (954) Provision for loan losses charged to operations 2,117 326 1,264 3,707 Reduction due to loan removals — — (103) (103) Balance at end of period $ 38,449 $ — $ 4,556 $ 43,005 (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 ALLL. 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 March 31, 2018 Allowance for loan losses: Balance, December 31, 2017 $ 5,921 $ 6,525 $ 8,128 $ 9,668 $ 3,250 $ 5,488 $ 1,375 $ 2,788 $ 305 $ 43,448 Charge-offs (35) — — (4) (66) (85) — (979) — (1,169) Recoveries 442 2 8 23 101 15 8 203 — 802 Provision (benefit) (481) 271 210 506 (48) 915 10 887 (148) 2,122 Balance, March 31, 2018 $ 5,847 $ 6,798 $ 8,346 $ 10,193 $ 3,237 $ 6,333 $ 1,393 $ 2,899 $ 157 $ 45,203 Loans individually evaluated for impairment $ 767 $ 110 $ 63 $ 35 $ 73 $ 489 $ 166 $ 9 $ — $ 1,712 Loans collectively evaluated for impairment $ 5,080 $ 6,688 $ 8,283 $ 10,158 $ 3,164 $ 5,844 $ 1,227 $ 2,890 $ 157 $ 43,491 Loans: Loans individually evaluated for impairment $ 46,198 $ 1,181 $ 5,578 $ 5,493 $ 3,168 $ 1,677 $ 3,086 $ 315 $ — $ 66,696 Loans collectively evaluated for impairment 824,943 1,049,743 1,291,160 1,607,008 445,414 870,686 195,598 390,469 20,795 6,695,816 Total non-acquired loans $ 871,141 $ 1,050,924 $ 1,296,738 $ 1,612,501 $ 448,582 $ 872,363 $ 198,684 $ 390,784 $ 20,795 $ 6,762,512 Three Months Ended March 31, 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 (405) — — (123) (34) (22) — (713) — (1,297) Recoveries 154 41 7 49 74 90 43 211 — 669 Provision (benefit) 809 443 (135) 362 205 214 (240) 595 (136) 2,117 Balance, March 31, 2017 $ 4,649 $ 5,464 $ 7,894 $ 8,108 $ 3,456 $ 5,124 $ 1,345 $ 2,443 $ (34) $ 38,449 Loans individually evaluated for impairment $ 459 $ 158 $ 60 $ 68 $ 297 $ 387 $ 224 $ 5 $ — $ 1,658 Loans collectively evaluated for impairment $ 4,190 $ 5,306 $ 7,834 $ 8,040 $ 3,159 $ 4,737 $ 1,121 $ 2,438 $ (34) $ 36,791 Loans: Loans individually evaluated for impairment $ 9,286 $ 775 $ 6,251 $ 4,712 $ 2,432 $ 1,270 $ 2,408 $ 189 $ — $ 27,323 Loans collectively evaluated for impairment 637,258 803,223 1,193,753 1,247,938 394,374 724,704 180,008 340,103 15,623 5,536,984 Total non-acquired loans $ 646,544 $ 803,998 $ 1,200,004 $ 1,252,650 $ 396,806 $ 725,974 $ 182,416 $ 340,292 $ 15,623 $ 5,564,307 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 Other Total Three Months Ended March 31, 2018 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs (1) — — (70) (82) (43) — (138) — (334) Recoveries 1 — — 57 51 53 — 3 — 165 Provision (benefit) — — — 13 31 (10) — 135 — 169 Balance, March 31, 2018 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 349,532 783,466 498,541 683,614 295,721 344,171 186,091 133,802 — 3,274,938 Total acquired non-credit impaired loans $ 349,532 $ 783,466 $ 498,541 $ 683,614 $ 295,721 $ 344,171 $ 186,091 $ 133,802 $ — $ 3,274,938 Three Months Ended March 31, 2017 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — (313) — (2) — (74) — (389) Recoveries 1 — — 39 9 1 1 12 — 63 Provision (benefit) (1) — — 274 (9) 1 (1) 62 — 326 Balance, March 31, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 141,897 217,850 238,612 550,578 186,411 136,309 92,044 151,941 — 1,715,642 Total acquired non-credit impaired loans $ 141,897 $ 217,850 $ 238,612 $ 550,578 $ 186,411 $ 136,309 $ 92,044 $ 151,941 $ — $ 1,715,642 The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for acquired credit impaired loans: Commercial Real Estate- Commercial Construction and Residential Commercial (Dollars in thousands) Real Estate Development Real Estate Consumer and Industrial Total Three Months Ended March 31, 2018 Allowance for loan losses: Balance, December 31, 2017 $ $ $ $ $ $ Provision (benefit) for loan losses (14) 88 900 163 Reduction due to loan removals (13) — Balance, March 31, 2018 $ 261 $ $ $ $ $ Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ 261 $ $ $ $ $ Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment Total acquired credit impaired loans $ $ $ $ $ $ Three Months Ended March 31, 2017 Allowance for loan losses: Balance , December 31, 2016 $ 41 $ 139 $ 2,419 $ 558 $ 238 $ 3,395 Provision for loan losses 291 (3) 752 37 187 1,264 Reduction due to loan removals 2 (6) (63) (6) (30) (103) Balance, March 31, 2017 $ 334 $ 130 $ 3,108 $ 589 $ 395 $ 4,556 Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ 334 $ 130 $ 3,108 $ 589 $ 395 $ 4,556 Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 223,156 57,343 266,484 58,688 26,225 631,896 Total acquired credit impaired loans $ 223,156 $ 57,343 $ 266,484 $ 58,688 $ 26,225 $ 631,896 *— 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 March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 857,307 $ 818,240 $ 633,953 $ 1,040,669 $ 999,049 $ 790,687 $ 1,267,759 $ 1,232,927 $ 1,167,531 Special mention 10,499 8,758 8,868 8,497 7,864 11,233 22,619 23,575 20,277 Substandard 3,335 3,877 3,723 1,758 1,980 2,078 6,360 6,274 12,196 Doubtful — — — — — — — — — $ 871,141 $ 830,875 $ 646,544 $ 1,050,924 $ 1,008,893 $ 803,998 $ 1,296,738 $ 1,262,776 $ 1,200,004 Commercial & Industrial Other Income Producing Property Commercial Total March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 857,567 $ 801,885 $ 703,747 $ 191,856 $ 186,158 $ 174,321 $ 4,215,158 $ 4,038,259 $ 3,470,239 Special mention 12,286 11,130 16,746 5,321 6,034 6,176 59,222 57,361 63,300 Substandard 2,510 2,172 5,481 1,507 1,655 1,919 15,470 15,958 25,397 Doubtful — — — — — — — — — $ 872,363 $ 815,187 $ 725,974 $ 198,684 $ 193,847 $ 182,416 $ 4,289,850 $ 4,111,578 $ 3,558,936 The following table presents the credit risk profile by risk grade of consumer loans for non-acquired loans: Consumer Owner Occupied Home Equity Consumer March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 1,584,427 $ 1,502,016 $ 1,225,556 $ 435,282 $ 424,369 $ 382,387 $ 389,386 $ 377,425 $ 338,473 Special mention 13,329 13,902 13,903 6,767 6,749 7,597 301 313 625 Substandard 14,745 14,342 13,191 6,533 6,524 6,822 1,097 1,247 1,194 Doubtful — — — — — — — — — $ 1,612,501 $ 1,530,260 $ 1,252,650 $ 448,582 $ 437,642 $ 396,806 $ 390,784 $ 378,985 $ 340,292 Other Consumer Total March 31, 2018 December 31, 2017 March 31, 2017 March 31, 2018 December 31, 2017 March 31, 2017 Pass $ 20,795 $ 33,690 $ 15,623 $ 2,429,890 $ 2,337,500 $ 1,962,039 Special mention — — — 20,397 20,964 22,125 Substandard — — — 22,375 22,113 21,207 Doubtful — — — — — — $ 20,795 $ 33,690 $ 15,623 $ 2,472,662 $ 2,380,577 $ 2,005,371 The following table presents the credit risk profile by risk grade of total non-acquired loans: Total Non-acquired Loans March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Pass $ 6,645,048 $ 6,375,759 $ 5,432,278 Special mention 79,619 78,325 85,425 Substandard 37,845 38,071 46,604 Doubtful — — — $ 6,762,512 $ 6,492,155 $ 5,564,307 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 March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 345,635 $ 394,139 $ 139,748 $ 775,924 $ 809,241 $ 213,827 $ 490,089 $ 513,861 $ 233,397 Special mention 2,892 4,602 1,316 7,533 7,913 3,937 8,254 7,740 5,057 Substandard 1,005 4,616 833 9 12 86 198 217 158 Doubtful — — — — — — — — — $ 349,532 $ 403,357 $ 141,897 $ 783,466 $ 817,166 $ 217,850 $ 498,541 $ 521,818 $ 238,612 Other Income Producing Commercial & Industrial Property Commercial Total March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 327,409 $ 388,342 $ 132,474 $ 180,825 $ 191,229 $ 89,596 $ 2,119,882 $ 2,296,812 $ 809,042 Special mention 8,049 9,883 3,787 4,369 4,547 1,741 31,097 34,685 15,838 Substandard 8,713 471 48 897 893 707 10,822 6,209 1,832 Doubtful — — — — — — — — — $ 344,171 $ 398,696 $ 136,309 $ 186,091 $ 196,669 $ 92,044 $ 2,161,801 $ 2,337,706 $ 826,712 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 March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 676,981 $ 703,557 $ 546,049 $ 279,487 $ 301,842 $ 176,678 $ 130,915 $ 134,530 $ 148,798 Special mention 4,484 4,165 2,623 8,942 10,477 4,700 520 541 1,243 Substandard 2,149 2,889 1,906 7,292 8,272 5,033 2,367 2,639 1,900 Doubtful — — — — — — — — — $ 683,614 $ 710,611 $ 550,578 $ 295,721 $ 320,591 $ 186,411 $ 133,802 $ 137,710 $ 151,941 Other Consumer Total March 31, December 31, March 31, March 31, December 31, March 31, 2018 2017 2017 2018 2017 2017 Pass $ — $ 1,289 $ — $ 1,087,383 $ 1,141,218 $ 871,525 Special mention — — — 13,946 15,183 8,566 Substandard — — — 11,808 13,800 8,839 Doubtful — — — — — — $ — $ 1,289 $ — $ 1,113,137 $ 1,170,201 $ 888,930 The following table presents the credit risk profile by risk grade of total acquired non-credit impaired loans: Total Acquired Non-credit Impaired Loans March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Pass $ 3,207,265 $ 3,438,030 $ 1,680,567 Special mention 45,043 49,868 24,404 Substandard 22,630 20,009 10,671 Doubtful — — — $ 3,274,938 $ 3,507,907 $ 1,715,642 The following table presents the credit risk profile by risk grade of acquired credit impaired loans (identified as credit-impaired at the time of acquisition), net of the related discount (this table should be read in conjunction with the allowance for acquired credit impaired loan losses table found on page 26): Commercial Real Estate— Construction and Commercial Real Estate Development March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 Pass $ 171,585 $ 177,231 $ 170,623 $ 28,501 $ 29,620 $ 28,157 Special mention 24,550 28,708 24,412 4,654 5,132 15,117 Substandard 37,142 28,656 28,121 13,064 14,897 14,069 Doubtful — — — — — — $ 233,277 $ 234,595 $ 223,156 $ 46,219 $ 49,649 $ 57,343 Residential Real Estate Consumer Commercial & Industrial March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 129,952 $ 135,974 $ 142,847 $ 7,247 $ 8,001 $ 9,704 $ 17,163 $ 18,522 $ 16,869 Special mention 50,845 54,500 53,539 16,329 17,214 19,124 1,132 1,169 4,645 Substandard 67,969 70,313 70,098 25,225 26,238 29,860 6,000 7,255 4,711 Doubtful — — — — — — — — — $ 248,766 $ 260,787 $ 266,484 $ 48,801 $ 51,453 $ 58,688 $ 24,295 $ 26,946 $ 26,225 Total Acquired Credit Impaired Loans March 31, December 31, March 31, 2018 2017 2017 Pass $ 354,448 $ 369,348 $ 368,200 Special mention 97,510 106,723 116,837 Substandard 149,400 147,359 146,859 Doubtful — — — $ 601,358 $ 623,430 $ 631,896 The risk grading of acquired credit impaired loans is determined utilizing a loan’s contractual balance, while the amount recorded in the financial statements and reflected above is the carrying value. The following table presents an aging analysis of past due loans, segregated by class for non-acquired loans: 30 - 59 Days 60 - 89 Days 90+ Days Total Total (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans March 31, 2018 Commercial real estate: Construction and land development $ 673 $ 4 $ 133 $ 810 $ 870,331 $ 871,141 Commercial non-owner occupied 89 20 707 816 1,050,108 1,050,924 Commercial owner occupied 573 1,218 1,702 3,493 1,293,245 1,296,738 Consumer real estate: Consumer owner occupied 1,274 601 1,598 3,473 1,609,028 1,612,501 Home equity loans 1,452 65 1,423 2,940 445,642 448,582 Commercial and industrial 983 476 899 2,358 870,005 872,363 Other income producing property 360 108 125 593 198,091 198,684 Consumer 134 160 496 790 389,994 390,784 Other loans — — — — 20,795 20,795 $ 5,538 $ 2,652 $ 7,083 $ 15,273 $ 6,747,239 $ 6,762,512 December 31, 2017 Commercial real estate: Construction and land development $ 391 $ 63 $ 401 $ 855 $ 830,020 $ 830,875 Commercial non-owner occupied 297 398 51 746 1,008,147 1,008,893 Commercial owner occupied 2,227 382 1,721 4,330 1,258,446 1,262,776 Consumer real estate: Consumer owner occupied 1,291 140 1,943 3,374 1,526,886 1,530,260 Home equity loans 1,209 372 1,684 3,265 434,377 437,642 Commercial and industrial 477 57 915 1,449 813,738 815,187 Other income producing property 223 255 198 676 193,171 193,847 Consumer 525 196 623 1,344 377,641 378,985 Other loans — — — — 33,690 33,690 $ 6,640 $ 1,863 $ 7,536 $ 16,039 $ 6,476,116 $ 6,492,155 March 31, 2017 Commercial real estate: Construction and land development $ 345 $ 100 $ 471 $ 916 $ 645,628 $ 646,544 Commercial non-owner occupied 759 664 304 1,727 802,271 803,998 Commercial owner occupied 1,811 1,988 1,375 5,174 1,194,830 1,200,004 Consumer real estate: Consumer owner occupied 1,076 31 993 2,100 1,250,550 1,252,650 Home equity loans 434 341 1,404 2,179 394,627 396,806 Commercial and industrial 366 159 174 699 725,275 725,974 Other income producing property 310 104 190 604 181,812 182,416 Consumer 273 114 527 914 339,378 340,292 Other loans — — — — 15,623 15,623 $ 5,374 $ 3,501 $ 5,438 $ 14,313 $ 5,549,994 $ 5,564,307 The following table presents an aging analysis of past due loans, segregated by class for acquired non-credit impaired loans: 30 - 59 Days 60 - 89 Days 90+ Days Total Total (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans March 31, 2018 Commercial real estate: Construction and land development $ 1,788 $ 115 $ 288 $ 2,191 $ 347,341 $ 349,532 Commercial non-owner occupied 242 — 134 376 783,090 783,466 Commercial owner occupied 1,142 — — 1,142 497,399 498,541 Consumer real estate: Consumer owner occupied 1,304 76 786 2,166 681,448 683,614 Home equity loans 1,881 833 2,125 4,839 290,882 295,721 Commercial and industrial 1,998 27 87 2,112 342,059 344,171 Other income producing property 101 69 195 365 185,726 186,091 Consumer 287 138 1,118 1,543 132,259 133,802 $ $ $ $ $ $ December 31, 2017 Commercial real estate: Construction and land development $ 675 $ 113 $ 101 $ 889 $ 402,468 $ 403,357 Commercial non-owner occupied 12 321 — 333 816,833 817,166 Commercial owner occupied 642 — 189 831 520,987 521,818 Consumer real estate: Consumer owner occupied 673 204 867 1,744 708,867 710,611 Home equity loans 3,639 609 1,704 5,952 314,639 320,591 Comme |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2018 | |
Other Real Estate Owned | |
Other Real Estate Owned | Note 7—Other Real Estate Owned The following is a summary of information pertaining to OREO: Three Months Ended March 31, (Dollars in thousands) 2018 2017 Beginning balance $ 11,203 $ 18,316 Acquired in Southeastern Bank acquisition — 550 Acquired in Park Sterling Corp. acquisition 210 — Additions 2,895 4,284 Writedowns (777) (936) Sold (2,458) (2,207) Ending Balance $ 11,073 $ 20,007 At March 31, 2018, there were a total of 77 properties included in OREO compared to 101 properties at March 31, 2017. At March 31, 2018, the Company had $2.7 million in residential real estate included in OREO and $6.2 million in residential real estate consumer mortgage loans in the process of foreclosure . |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2018 | |
Deposits | |
Deposits | Note 8 — Deposits The Company’s total deposits are comprised of the following: March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Certificates of deposit $ 1,765,576 $ 1,738,384 $ 1,060,048 Interest-bearing demand deposits 5,308,154 5,300,108 3,981,920 Non-interest bearing demand deposits 3,120,818 3,047,432 2,599,111 Savings deposits 1,464,074 1,443,918 1,388,388 Other time deposits 4,476 2,924 3,971 Total deposits $ 11,663,098 $ 11,532,766 $ 9,033,438 At March 31, 2018, December 31, 2017, and March 31, 2017, the Company had $340.9 million, $325.3 million, and $196.9 million in certificates of deposits of $250,000 and greater, respectively. At March 31, 2018, December 31, 2017, and March 31, 2017, the Company had $35.0 million, $43.6 million and $55.2 million, in traditional, out-of-market brokered deposits, respectively. The increase in certificates of deposits of $250,000 and greater from March 31, 2107 was primarily the result of deposits acquired through the merger with PSC. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Plans | |
Retirement Plans | Note 9 — 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 March 31, 2018. The components of net periodic pension expense (benefit) recognized are as follows: Three Months Ended (Dollars in thousands) 2018 2017 Interest cost $ $ Service cost Expected return on plan assets Recognized net actuarial loss Net periodic pension benefit $ $ Based on the immaterial nature of the components of the net periodic pension expense (benefit), the Company has recorded the entire amount in the line item salaries and employee benefits on the statement of income. The Company did not contribute to the pension plan for the three months ended March 31, 2018, and does not expect to make any additional contributions during the remainder of 2018. 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. In 2017, employees participating in the plan received a 100% matching of their 401(k) plan contribution, up to 5% of their salary. The employees were also eligible for an additional 1% discretionary matching contribution contingent upon achievement of the Company’s annual financial goals which would be paid in the first quarter of the following year. The Company met its financials goals in 2017 and paid the 1% discretionary matching contribution in the first quarter of 2018. Also in 2018, the Company changed the 100% matching of their 401(k) plan contribution to, up to 4% of the participant’s salary and raised the discretionary matching contribution to 2% upon achievement of the Company’s 2018 financial goals. The Company expensed $2.4 million and $1.6 million for the 401(k) plan during the three months ended March 31, 2018 and 2017, 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 Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share | |
Earnings Per Share | Note 10 — 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 (Dollars and shares in thousands, except for per share amounts) 2018 2017 Basic earnings per common share: Net income $ 42,326 $ 18,264 Weighted-average basic common shares 36,646 28,892 Basic earnings per common share $ $ Diluted earnings per share: Net income $ 42,326 $ 18,264 Weighted-average basic common shares 36,646 28,892 Effect of dilutive securities 253 267 Weighted-average dilutive shares 36,899 29,159 Diluted earnings per common share $ 1.15 $ 0.63 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 March 31, (Dollars in thousands) 2018 2017 Number of shares Range of exercise prices $ to $ $ to $ |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Share-Based Compensation | |
Share-Based Compensation | Note 11 — 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, 2018 218,689 $ 52.75 Granted 34,407 91.05 Exercised (2,240) 29.95 Forfeited (5,806) 91.35 Outstanding at March 31, 2018 245,050 57.42 5.78 $ 7,194 Exercisable at March 31, 2018 171,299 46.05 4.42 $ 6,767 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: Three months ended March 31, Dividend yield % % Expected life years years Expected volatility % % Risk-free interest rate % % As of March 31, 2018, there was $2.0 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 1.87 years as of March 31, 2018. The total fair value of shares vested during the three months ended March 31, 2018 was $700,000. 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 three months ended March 31, 2018 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, 2018 142,692 $ 59.66 Granted 1,169 88.04 Vested (16,442) 63.90 Nonvested at March 31, 2018 127,419 59.37 As of March 31, 2018, there was $3.9 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 2.09 years as of March 31, 2018. The total fair value of shares vested during the three months ended March 31, 2018 was $1.2 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 three months ended March 31, 2018, the Company accrued for 86% of the RSUs granted, based on Management’s expectations of performance. Nonvested RSUs for the three months ended March 31, 2018 is summarized in the following table. Weighted- Average Grant-Date Restricted Stock Units Shares Fair Value Nonvested at January 1, 2018 140,036 $ 78.49 Granted 96,363 86.26 LTIP Adjustment (3,213) 89.40 Nonvested at March 31, 2018 233,186 81.55 As of March 31, 2018, there was $11.7 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 2.29 years as of March 31, 2018. The total fair value of RSUs vested during the three months ended March 31, 2018 was $2.6 million. During the three months ended March 31, 2018, 38,365 vested restricted stock units were issued to the participants in the 2015 Long-Term Incentive Plan and 15,836 nonvested restricted stock units were issued to participants in the 2017 Management Incentive Plan. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingent Liabilities | |
Commitments and Contingent Liabilities | Note 12 — 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 March 31, 2018, commitments to extend credit and standby letters of credit totaled $3.0 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 is not expected to have a material effect on the Company’s consolidated financial statements. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value | |
Fair Value | Note 13 — Fair Value FASB ASC Topic 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 Topic 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 (“MSRs”) 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 Topic 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 ALLL 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 March 31, 2018, 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 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 ALLL. 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 15—Derivative Financial Instruments for additional information). Mortgage servicing rights 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) March 31, 2018: Assets Derivative financial instruments $ 7,420 $ — $ 7,420 $ — Loans held for sale 42,690 — 42,690 — Securities available for sale: Government-sponsored entities debt 89,746 — 89,746 — State and municipal obligations 225,686 — 225,686 — Mortgage-backed securities 1,325,405 — 1,325,405 — Corporate securities — — — — Total securities available for sale 1,640,837 — 1,640,837 — Mortgage servicing rights 34,196 — — 34,196 $ 1,725,143 $ — $ 1,690,947 $ 34,196 Liabilities Derivative financial instruments $ 6,094 $ — $ 6,094 $ — December 31, 2017: Assets Derivative financial instruments $ 3,306 $ — $ 3,306 $ — Loans held for sale 70,890 — 70,890 — Securities available for sale: Government-sponsored entities debt 85,509 — 85,509 — State and municipal obligations 220,437 — 220,437 — Mortgage-backed securities 1,340,687 — 1,340,687 — Corporate securities 1,560 — 1,560 — Total securities available for sale 1,648,193 — 1,648,193 — Mortgage servicing rights 31,119 — — 31,119 $ 1,753,508 $ — $ 1,722,389 $ 31,119 Liabilities Derivative financial instruments $ 3,248 $ — $ 3,248 $ — March 31, 2017: Assets Derivative financial instruments $ 2,413 $ — $ 2,413 $ — Loans held for sale 46,988 — 46,988 — Securities available for sale: Government-sponsored entities debt 93,299 — 93,299 — State and municipal obligations 200,284 — 200,284 — Mortgage-backed securities 1,083,439 — 1,083,439 — Corporate securities 2,766 2,766 — — Total securities available for sale 1,379,788 2,766 1,377,022 — Mortgage servicing rights 30,063 — — 30,063 $ 1,459,252 $ 2,766 $ 1,426,423 $ 30,063 Liabilities Derivative financial instruments $ 934 $ — $ 934 $ — 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 three months ended March 31, 2018. 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 March 31, 2018 and 2017 is as follows: (Dollars in thousands) Assets Liabilities Fair value, January 1, 2018 $ 31,119 $ — Servicing assets that resulted from transfers of financial assets 1,490 — Changes in fair value due to valuation inputs or assumptions 2,516 — Changes in fair value due to decay (929) — Fair value , March 31, 2018 $ 34,196 $ — Fair value, January 1, 2017 $ 29,037 $ — Servicing assets that resulted from transfers of financial assets 1,385 — Changes in fair value due to valuation inputs or assumptions 444 — Changes in fair value due to decay (803) — Fair value, March 31, 2017 $ 30,063 $ — There were no unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities at March 31, 2018 or 2017. 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) March 31, 2018: OREO $ 11,073 $ — $ — $ 11,073 Non-acquired impaired loans 2,118 — — 2,118 December 31, 2017: OREO $ 11,203 $ — $ — $ 11,203 Non-acquired impaired loans 10,495 — — 10,495 March 31, 2017: OREO $ 20,007 $ — $ — $ 20,007 Non-acquired impaired loans 2,290 — — 2,290 Quantitative Information about Level 3 Fair Value Measurement Weighted Average March 31, December 31, March 31, Valuation Technique Unobservable Input 2018 2017 2017 Nonrecurring measurements: Non-acquired impaired loans Discounted appraisals Collateral discounts 3 % 3 % 6 % OREO Discounted appraisals Collateral discounts and estimated costs to sell 28 % 21 % 20 % 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 March 31, 2018, December 31, 2017 and March 31, 2017. 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 — ASU 2016-01 - Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Financial Liabilities became effective for the Company on January 1, 2018. This accounting standard requires the company to calculate the fair value of our loans for disclosure purposes based on an estimated exit price. In previous periods we have valued using only discounted cash flows on fixed rate loans. Therefore, the fair value for loans for March 31, 2018 will be calculated using a different method than that used at December 31, 2017 and March 31, 2017. With ASU 2016-01, to estimate an exit price, all loans (fixed and variable) are being valued with a discounted cash flow analyses for loans that includes the Company’s estimate of future credit losses expected to be incurred over the life of the loans. 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 a discounted cash flow analyses. For previous periods, variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Also, for all other loans where a discounted cash flow analyses was used, there was no estimate of future credit losses expected to be incurred over the life of the loans included in the valuation. 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 March 31, 2018 Financial assets: Cash and cash equivalents $ 644,504 $ 644,504 $ 644,504 $ — $ — Investment securities 1,665,590 1,665,600 23,479 1,642,121 — Loans held for sale 42,690 42,690 — 42,690 — Loans, net of allowance for loan losses (1) 10,589,521 10,419,134 — — 10,419,134 Accrued interest receivable 31,175 31,175 — 6,661 24,514 Mortgage servicing rights 34,196 34,196 — — 34,196 Interest rate swap - non-designated hedge 5,755 5,755 — 5,755 — Other derivative financial instruments (mortgage banking related) 1,665 1,665 — 1,665 — Financial liabilities: Deposits 11,663,098 10,780,965 — 10,780,965 — Federal funds purchased and securities sold under agreements to repurchase 357,574 357,574 — 357,574 — Other borrowings 215,589 219,037 — 219,037 — Accrued interest payable 3,563 3,563 — 3,563 — Interest rate swap - non-designated hedge 5,932 5,932 — 5,932 — Interest rate swap - cash flow hedge 162 162 — 162 — Off balance sheet financial instruments: Commitments to extend credit — (48,841) — (48,841) — December 31, 2017 Financial assets: Cash and cash equivalents $ 377,627 $ 377,627 $ 377,627 $ — $ — Investment securities 1,673,769 1,673,796 20,530 1,653,266 — Loans held for sale 70,890 70,890 — 70,890 — Loans, net of allowance for loan losses (1) 10,575,417 10,724,264 — — 10,724,264 Accrued interest receivable 32,727 32,727 — 7,051 25,676 Mortgage servicing rights 31,119 31,119 — — 31,119 Interest rate swap - non-designated hedge 2,367 2,367 — 2,367 — Other derivative financial instruments (mortgage banking related) 939 939 — 939 — Financial liabilities: Deposits 11,532,766 10,796,380 — 10,796,380 — Federal funds purchased and securities sold under agreements to repurchase 286,857 286,857 — 286,857 — Other borrowings 216,385 219,421 — 219,421 — Accrued interest payable 2,789 2,789 — 2,789 — Interest rate swap - non-designated hedge 2,750 2,750 — 2,750 — Interest rate swap - cash flow hedge — — Other derivative financial instruments (mortgage banking related) 252 252 — 252 — Off balance sheet financial instruments: Commitments to extend credit — 41,319 — 41,319 — March 31, 2017 Financial assets: Cash and cash equivalents $ 663,126 $ 663,126 $ 663,126 $ — $ — Investment securities 1,400,609 1,400,731 16,267 1,384,464 — Loans held for sale 46,988 46,988 — 46,988 — Loans, net of allowance for loan losses (1) 7,868,840 7,936,291 — — 7,936,291 Accrued interest receivable 22,823 22,823 — 5,558 17,265 Mortgage servicing rights 30,063 30,063 — — 30,063 Interest rate swap - non-designated hedge — — Other derivative financial instruments (mortgage banking related) 2,280 2,280 — 2,280 — Financial liabilities: Deposits 9,033,438 8,462,144 — 8,462,144 — Federal funds purchased and securities sold under agreements to repurchase 352,431 352,431 — 352,431 — Other borrowings 107,988 109,470 — 109,470 — Accrued interest payable 1,452 1,452 — 1,452 — Interest rate swap - cash flow hedge — — Interest rate swap - non-designated hedge 426 426 — 426 — Other derivative financial instruments (mortgage banking related) 387 387 — 387 — Off balance sheet financial instruments: Commitments to extend credit — 16,756 — 16,756 — (1) - Loans, net of allowance for loan losses is being valued using a different method at March 31, 2018 from December 31, 2017 and March 31, 2017. See page 44 for explanation of change in method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income (Loss) | Note 14 — 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 March 31, 2018 Balance at December 31, 2017 $ (5,998) $ (4,278) $ (151) $ (10,427) Other comprehensive income (loss) before reclassifications — (17,192) 28 (17,164) Amounts reclassified from accumulated other comprehensive income 151 — 37 188 Net comprehensive income (loss) 151 (17,192) 65 (16,976) AOCI reclassification to retained earnings from the adoption of ASU 2018-02 (1,760) (1,147) (40) (2,947) Balance at March 31, 2018 $ (7,607) $ (22,617) $ (126) $ (30,350) Three Months Ended March 31, 2017 Balance at December 31, 2016 $ (6,195) $ (1,708) $ (308) $ (8,211) Other comprehensive income (loss) before reclassifications — 3,166 (24) 3,142 Amounts reclassified from accumulated other comprehensive income 117 — 68 185 Net comprehensive income 117 3,166 44 3,327 Balance at March 31, 2017 $ (6,078) $ 1,458 $ (264) $ (4,884) 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 March 31, Accumulated Other Comprehensive Income (Loss) Component 2018 2017 Income Statement Line Item Affected Losses on cash flow hedges: Interest rate contracts $ 47 $ 110 Interest expense (10) (42) Provision for income taxes 37 68 Net income Amortization of defined benefit pension: Actuarial losses $ 194 $ 188 Salaries and employee benefits (43) (71) Provision for income taxes 151 117 Net income Total reclassifications for the period $ 188 $ 185 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | Note 15 — Derivative Financial Instruments The Company uses certain derivative instruments to meet the needs of its customers as well as to manage the interest rate risk associated with certain transactions. The following table summarizes the derivative financial instruments utilized by the Company: March 31, 2018 March 31, 2017 Balance Sheet Notional Estimated Fair Value Notional Estimated Fair Value (Dollars in thousands) Location Amount Gain Loss Amount Gain Loss Cash flow hedges of interest rate risk: Pay fixed rate swap with counterparty Other Liabilities $ 8,000 $ — $ 162 $ 8,000 $ — $ 426 Fair value hedge of interest rate risk: Pay fixed rate swap with counterparty Other Liabilities $ 2,824 $ — $ 21 $ — $ — $ — Not designated hedges of interest rate risk: Customer related interest rate contracts: Matched interest rate swaps with borrowers Other Assets and Other Liabilities $ 282,047 $ 146 $ 5,908 $ 13,768 $ 133 $ — Matched interest rate swaps with counterparty Other Assets and Other Liabilities $ 282,047 $ 5,609 $ 3 $ 13,768 $ — $ 121 Not designated hedges of interest rate risk - mortgage banking activities: Contracts used to hedge mortgage servicing rights Other Assets $ 69,000 $ 390 $ — $ 98,000 $ 214 $ — Forward sales commitments used to hedge mortgage pipeline Other Assets $ 98,860 $ 1,275 $ — $ 114,079 1,679 $ — Total derivatives $ 742,778 $ 7,420 $ 6,094 $ 247,615 $ 2,026 $ 547 Cash Flow Hedge of Interest Rate Risk The Company is exposed to interest rate risk in the course of its business operations and manages a portion of this risk through the use of derivative financial instruments, in the form of interest rate swaps. The Company accounts for its interest rate swap that is classified as a cash flow hedge in accordance with FASB ASC 815, Derivatives and Hedging , which requires that all derivatives be recognized as assets or liabilities on the balance sheet at fair value. For more information regarding the fair value of the Company’s derivative financial instruments, see Note 13 to these financial statements. 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 $65,000 and $44,000 for the three months ended March 31, 2018 and 2017, respectively. The Company recognized a $162,000 cash flow hedge liability in other liabilities on the balance sheet at March 31, 2018, compared to a $426,000 liability at March 31, 2017. There was no ineffectiveness in the cash flow hedge during the three months ended March 31, 2018 and 2017. 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 March 31, 2018 and 2017, the Company provided $300,000 and $550,000 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. Balance Sheet Fair Value Hedge The Company maintains one loan swap, with an aggregate notional amount of $2.8 million at March 31, 2018, accounted for as fair value hedges in accordance with ASC 815, Derivatives and Hedgin g. This derivative protects the company from interest rate risk caused by changes in the LIBOR curve in relation to a certain designated fixed rate loan. The derivative converts the fixed rate loan to a floating rate. Settlement occurs in any given period where there is a difference in the stated fixed rate and variable rate. The fair value of this hedge is recorded in other assets and in other liabilities. All changes in fair value are recorded through earnings as noninterest income. There was no gain or loss recorded on this derivative for the three months ended March 31, 2018 or 2017. Non-designated Hedges of Interest Rate Risk Customer Swap The Company maintains interest rate swap contracts with customers that are classified as non-designated hedges and are not speculative in nature. These agreements are designed to convert customer’s variable rate loans with the Company to fixed rate. These interest rate swaps are executed with loan customers to facilitate a respective risk management strategy and allow the customer to pay a fixed rate of interest to the Company. These interest rate swaps are simultaneously hedged by executing offsetting interest rate swaps with unrelated market counterparties to minimize the net risk exposure to the Company resulting from the transactions and allow the Company to receive a variable rate of interest. The interest rate swaps pay and receive interest based on a floating rate based on one month LIBOR plus credit spread, with payments being calculated on the notional amount. The interest rate swaps are settled monthly with varying maturities. 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 March 31, 2018, the interest rate swaps had an aggregate notional amount of approximately $564.1 million and the fair value of the interest rate swap derivatives are recorded in other assets at $5.7 million and in other liabilities at $5.9 million for a net liability position of $156,000, which was recorded through earnings. The fair value of the interest rate swap derivative with the derivatives dealer was in a net asset position of $12,000 at March 31, 2017. 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 MSRs; 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 MSRs 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 March 31, 2018, the Company had derivative financial instruments outstanding with notional amounts totaling $69.0 million related to MSRs, compared to $98.0 million on March 31, 2017. The estimated net fair value of the open contracts related to the MSRs was recorded as a gain of $390,000 at March 31, 2018, compared to a gain of $214,000 at March 31, 2017. 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) March 31, 2018 December 31, 2017 March 31, 2017 Mortgage loan pipeline $ $ $ 117,666 Expected closures 88,250 Fair value of mortgage loan pipeline commitments 2,066 Forward sales commitments 114,079 Fair value of forward commitments (387) |
Capital Ratios
Capital Ratios | 3 Months Ended |
Mar. 31, 2018 | |
Capital Ratios | |
Capital Ratios | Note 16 — 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 March 31, 2018, December 31, 2017 and March 31, 2017 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 March 31, 2018 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 March 31, 2018 Common equity Tier 1 to risk-weighted assets: Consolidated $ 1,295,729 11.85 % $ 697,237 6.38 % $ 765,594 7.00 % $ 710,909 6.50 % South State Bank (the Bank) 1,385,289 12.67 % 697,253 6.38 % 765,612 7.00 % 710,925 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,406,832 12.86 % 861,293 7.88 % 929,650 8.50 % 874,964 8.00 % South State Bank (the Bank) 1,385,289 12.67 % 861,313 7.88 % 929,671 8.50 % 874,985 8.00 % Total capital to risk-weighted assets: Consolidated 1,456,453 13.32 % 1,080,034 9.88 % 1,148,391 10.50 % 1,093,706 10.00 % South State Bank (the Bank) 1,434,911 13.12 % 1,080,059 9.88 % 1,148,417 10.50 % 1,093,731 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,406,832 10.50 % 535,724 4.00 % 535,724 4.00 % 669,654 5.00 % South State Bank (the Bank) 1,385,289 10.35 % 535,522 4.00 % 535,522 4.00 % 669,402 5.00 % December 31, 2017: Common equity Tier 1 to risk-weighted assets: Consolidated $ 1,273,547 11.59 % $ 631,811 5.75 % $ 769,162 7.00 % $ 714,221 6.50 % South State Bank (the Bank) 1,360,603 12.38 % 631,741 5.75 % 769,077 7.00 % 714,143 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,384,433 12.60 % 796,632 7.25 % 933,982 8.50 % 879,042 8.00 % South State Bank (the Bank) 1,360,603 12.38 % 796,544 7.25 % 933,879 8.50 % 878,945 8.00 % Total capital to risk-weighted assets: Consolidated 1,432,843 13.04 % 1,016,392 9.25 % 1,153,742 10.50 % 1,098,802 10.00 % South State Bank (the Bank) 1,409,014 12.82 % 1,016,280 9.25 % 1,153,615 10.50 % 1,098,681 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,384,433 10.36 % 534,460 4.00 % 534,460 4.00 % 668,075 5.00 % South State Bank (the Bank) 1,360,603 10.18 % 534,390 4.00 % 534,390 4.00 % 667,987 5.00 % March 31, 2017: Common equity Tier 1 to risk-weighted assets: Consolidated $ 959,802 11.90 % $ 463,854 5.75 % $ 564,691 7.00 % $ 524,356 6.50 % South State Bank (the Bank) 998,061 12.37 % 463,767 5.75 % 564,586 7.00 % 524,259 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,030,559 12.77 % 584,859 7.25 % 685,697 8.50 % 645,362 8.00 % South State Bank (the Bank) 998,061 12.37 % 584,750 7.25 % 685,569 8.50 % 645,241 8.00 % Total capital to risk-weighted assets: Consolidated 1,074,107 13.31 % 746,199 9.25 % 847,037 10.50 % 806,702 10.00 % South State Bank (the Bank) 1,041,277 12.91 % 746,060 9.25 % 846,879 10.50 % 806,552 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,030,559 10.05 % 410,054 4.00 % 410,054 4.00 % 512,567 5.00 % South State Bank (the Bank) 998,061 9.75 % 409,567 4.00 % 409,567 4.00 % 511,959 5.00 % As of March 31, 2018, December 31, 2017, and March 31, 2017, 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 | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Other Intangible Assets | |
Goodwill and Other Intangible Assets | Note 17—Goodwill and Other Intangible Assets The carrying amount of goodwill was $1.0 billion at March 31, 2018. The Company added $258.3 million in goodwill related to the SBFC merger during the first quarter of 2017 and $403.0 million related to the PSC merger during the fourth quarter of 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 and $26.2 million in core deposit intangibles related to the SBFC and PSC mergers, respectively. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets: March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Gross carrying amount $ 126,449 $ 126,449 $ 100,274 Accumulated amortization (56,073) (52,660) (44,813) $ 70,376 $ 73,789 $ 55,461 Amortization expense totaled $3.4 million and $2.5 million for the three months ended March 31, 2018 and 2017, 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: June 30, 2018 $ 3,401 September 30, 2018 3,400 December 31, 2018 3,400 March 31, 2019 3,156 June 30, 2019 3,144 Thereafter 53,875 $ 70,376 |
Loan Servicing, Mortgage Origin
Loan Servicing, Mortgage Origination, and Loans Held for Sale | 3 Months Ended |
Mar. 31, 2018 | |
Loan Servicing, Mortgage Origination, and Loans Held for Sale | |
Loan Servicing, Mortgage Origination, and Loans Held for Sale | Note 18 — Loan Servicing, Mortgage Origination, and Loans Held for Sale As of March 31, 2018, December 31, 2017, and March 31, 2017, the portfolio of residential mortgages serviced for others, which is not included in the accompanying balance sheets, was $3.0 billion, $2.9 billion, and $2.8 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 months ended March 31, 2018 and March 31, 2017 was $1.9 million and $1.8 million, respectively. Servicing fees are recorded in mortgage banking income in the Company’s consolidated statements of income. At March 31, 2018, December 31, 2017, and March 31, 2017, MSRs were $34.2 million, $31.1 million, and $30.1 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 months ended March 31, 2018 and March 31, 2017 were gains of $2.5 million and $444,000, 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 13 — 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 (Dollars in thousands) March 31, 2018 March 31, 2017 Increase in fair value of MSRs $ $ 444 Decay of MSRs (803) Gain (loss) related to derivatives 266 Net effect on statements of income $ $ (93) 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 increase, mortgage loan prepayments decelerate due to decreased refinance activity, which results in a increase in the fair value of the MSRs. 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 13 — Fair Value for additional information regarding fair value. The characteristics and sensitivity analysis of the MSRs are included in the following table. March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Composition of residential loans serviced for others Fixed-rate mortgage loans 99.7 % 99.7 % 99.6 % Adjustable-rate mortgage loans 0.3 % 0.3 % 0.4 % Total 100.0 % 100.0 % 100.0 % Weighted average life years years 7.68 years Constant Prepayment rate (CPR) 6.3 % 7.7 % 7.8 % Weighted average discount rate 9.6 % 9.6 % 9.8 % Effect on fair value due to change in interest rates 25 basis point increase $ 1,025 $ 1,485 $ 1,375 50 basis point increase 1,791 2,664 2,431 25 basis point decrease (1,439) (1,850) (1,746) 50 basis point decrease (3,189) (4,014) (3,774) 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 $20.9 million and $18.2 million at March 31, 2018 and March 31, 2017, respectively. Whole loan sales were $154.9 million and $177.7 million for the three months ended March 31, 2018 and March 31, 2017, respectively. For the three months ended March 31, 2018 and March 31, 2017, $118.4 million and $120.6 million, or 76.5% and 67.9%, respectively, were sold with the servicing rights retained by the company. Loans held for sale have historically been comprised of residential mortgage loans awaiting sale in the secondary market, which generally settle in 15 to 45 days. Loans held for sale were $42.7 million $70.9 million and $47.0 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. At December 31, 2017, loans held for sale included $25.4 million in commercial loans (Shared National Credits) which were acquired in the Park Sterling acquisition that were sold in the first quarter of 2018, resulting no material gains or losses. Loans held for sale, consisting of residential mortgage loans to be sold in the secondary market, were $42.7 million, $45.5 million, and $47.0 million at March 31, 2018, December 31, 2017, and March 31, 2017, respectively. |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 3 Months Ended |
Mar. 31, 2018 | |
Investment In Qualified Affordable Housing Projects. | |
Investment in Qualified Affordable Housing Projects | Note 19 – 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 three months ended March 31, 2018, tax credits and other tax benefits of $1.2 million and amortization of $1.0 million were recorded. For the three months ended March 31, 2017, the Company recorded tax credits and other tax benefits of $771,000 thousand and amortization of $587,000 million. At March 31, 2018 and 2017, the Company’s carrying value of QAHPs was $38.7 million and $26.2 million, respectively, with an original investment of $49.7 million. The Company has $17.9 million and $9.4 million in remaining funding obligations related to these QAHPs recorded in liabilities at March 31, 2018 and 2017, 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 | 3 Months Ended |
Mar. 31, 2018 | |
Repurchase Agreements | |
Repurchase Agreements | Note 20 – 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 March 31, 2018, December 31, 2017 and March 31, 2017 the Company's repurchase agreements totaled $269.5 million, $211.1 million, and $272.4 million, respectively. All of the Company’s repurchase agreements were overnight or continuous (until-further-notice) agreements at March 31, 2018, December 31, 2017 and March 31, 2017. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of $269.5 million, $211.1 million and $272.4 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. Declines in the value of the collateral would require the Company to increase the amounts of securities pledged. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events | |
Subsequent Events | Note 21 – Subsequent Events The Company has evaluated subsequent events for accounting and disclosure purposes through the date the financial statements are issued. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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) | 3 Months Ended |
Mar. 31, 2018 | |
Mergers and Acquisitions | |
Schedule of proforma information | Estimated/Actual For PSC Pro Forma For the Three Months Three Months (Dollars in thousands) Ended March 31, 2018 Ended March 31, 2017 Total revenues (net interest income plus noninterest income) $ 36,085 $ 167,044 Net adjusted income available to the common shareholder $ 11,072 $ 49,233 |
Park Sterling Corporation | |
Mergers and Acquisitions | |
Schedule of assets acquired, liabilities assumed, and fair value of total consideration transferred | The PSC 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 November 30, 2017 and their initial and subsequent fair value estimates, as recorded by the Company. Fair values are preliminary and subject to refinement for up to a year after the closing date of the acquisition. Initial Subsequent As Recorded Fair Value Fair Value As Recorded by (Dollars in thousands) by Park Adjustments Adjustments the Company Assets Cash and cash equivalents $ 116,454 $ — $ — $ 116,454 Investment securities 461,261 1,444 (a) 219 (a) 462,924 Loans held for sale 2,200 68,686 (b) — 70,886 Loans, net of allowance and mark 2,346,612 (95,878) (c) (50) (c) 2,250,684 Premises and equipment 61,059 (4,882) (d) (387) (d) 55,790 Intangible assets 73,090 (46,915) (e) — 26,175 OREO and repossessed assets 2,549 (429) (f) 210 (f) 2,330 Bank owned life insurance 72,703 — — 72,703 Deferred tax asset 17,963 11,596 (g) 3 (g) 29,562 Other assets 21,595 (476) (h) — 21,119 Total assets $ 3,175,486 $ (66,854) $ (5) $ 3,108,627 Liabilities Deposits: Noninterest-bearing $ 561,874 $ — $ — $ 561,874 Interest-bearing 1,886,810 2,692 (i) — 1,889,502 Total deposits 2,448,684 2,692 — 2,451,376 Federal funds purchased and securities sold under agreements to repurchase — — — — Other borrowings 329,249 11,689 (j) — 340,938 Other liabilities 24,179 2,131 (k) — 26,310 Total liabilities 2,802,112 16,512 — 2,818,624 Net identifiable assets acquired over (under) liabilities assumed 373,374 (83,366) (5) 290,003 Goodwill — 402,951 5 402,956 Net assets acquired over liabilities assumed $ 373,374 $ 319,585 $ — $ 692,959 Consideration: South State Corporation common shares issued 7,480,343 Purchase price per share of the Company's common stock $ 92.05 Company common stock issued ($688,566) and cash exchanged for fractional shares ($88) $ 688,654 Cash paid for stock option redemptions 4,305 Fair value of total consideration transferred $ 692,959 Explanation of fair value adjustments (a)—Adjustment reflects marking the securities portfolio to fair value as of the acquisition date. (b)—Adjustment reflects a reclass of $68.7 million by SSB of Shared National Credits (loans) from loans held for investment to loans held for sale. (c)—Adjustment reflects the fair value adjustments (discount) of $60.9 million based on the Company’s evaluation of the acquired loan portfolio. This amount excludes the allowance for loan losses (“ALLL”) and fair value adjustment (discount) of $12.5 million and $21.3 million, respectively, recorded by PSC and is net of the $68.7 million reclass related to the Shared National Credits noted in (b). (d)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (e)—Adjustment reflects the recording of a 1.66% Core Deposit Intangible (“CDI”) on the acquired deposit accounts that totaled $26.2 million offset by a write-off of $73.1 million of existing goodwill and CDI acquired from PSC. (f)—Adjustment reflects the fair value adjustments to other real estate owned (“OREO”) based on the Company’s evaluation of the acquired OREO portfolio. (g)—Adjustment to record deferred tax asset related to the fair value adjustments and an adjustment from the PSC tax rate to the SSB tax rate. (h)—Adjustment reflects the write-off of accrued interest receivable and along with certain prepaid expenses. (i)—Adjustment reflects the premium for fixed maturity time deposits of $2.95 million offset by the write-off of existing fair value marks of $253,000 acquired from PSC. (j)—Adjustment reflects the fair value adjustment (discount) of $2.4 million on PSC’s Trust Preferred Securities offset by the write-off of the existing PSC discount on its senior debt and TRUPs of $14.0 million. (k)—Adjustment reflects the fair value adjustments to employee benefit plans of $1.5 million along with other adjustments of miscellaneous liabilities. |
Southeastern Bank Financial | |
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. Initial 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) 870 (c) 24,077 Intangible assets 140 17,980 (d) — 18,120 OREO and repossessed assets 580 (30) (e) (100) (e) 450 Bank owned life insurance 44,513 — — 44,513 Deferred tax asset 16,247 (687) (f) 515 (f) 16,075 Other assets 7,545 (482) (g) — 7,063 Total assets $ 1,832,581 $ 2,131 $ 1,285 $ 1,835,997 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) 2,210 (i) 27,743 Total liabilities 1,652,534 4,433 2,210 1,659,177 Net identifiable assets acquired over (under) liabilities assumed 180,047 (2,302) (925) 176,820 Goodwill — 257,370 925 258,295 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 $30.7 million based on the Company’s evaluation of the acquired loan portfolio and excludes the allowance for loan losses (“ALLL”) of $20.1 million 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 $18.1 million. (e)—Adjustment reflects the fair value adjustments to other real estate owned (“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 $2.1 million, netted with premium on certain Federal Home Loan Bank (“FHLB “) advances of $1.0 million. (i)—Adjustment reflects the fair value adjustments to employee benefit plans of $8.3 million netted against an adjustment of other miscellaneous liabilities of $496,000. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018: State and municipal obligations $ 1,274 $ 10 $ — $ 1,284 December 31, 2017: State and municipal obligations $ 2,529 $ 27 $ — $ 2,556 March 31, 2017: State and municipal obligations $ 6,095 $ 122 $ — $ 6,217 |
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 March 31, 2018: Government-sponsored entities debt* $ 91,483 $ — $ (1,737) $ 89,746 State and municipal obligations 224,994 2,232 (1,540) 225,686 Mortgage-backed securities** 1,353,356 248 (28,199) 1,325,405 Corporate securities — — — — $ 1,669,833 $ 2,480 $ (31,476) $ 1,640,837 December 31, 2017: Government-sponsored entities debt* $ 86,535 $ 51 $ (1,077) $ 85,509 State and municipal obligations 216,812 3,749 (124) 220,437 Mortgage-backed securities** 1,350,200 2,103 (11,616) 1,340,687 Corporate securities 1,560 — — 1,560 $ 1,655,107 $ 5,903 $ (12,817) $ 1,648,193 March 31, 2017: Government-sponsored entities debt* $ 93,995 $ 25 $ (721) $ 93,299 State and municipal obligations 196,241 4,183 (140) 200,284 Mortgage-backed securities** 1,084,764 5,095 (6,420) 1,083,439 Corporate stocks 2,433 624 (291) 2,766 $ 1,377,433 $ 9,927 $ (7,572) $ 1,379,788 * - 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”). ** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings. Also, included in the Company’s mortgage-backed securities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government. |
Schedule of amortized cost and fair value of other investment securities | Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value March 31, 2018: Federal Home Loan Bank stock $ 17,399 $ — $ — $ 17,399 Investment in unconsolidated subsidiaries 3,563 — — 3,563 Other nonmarketable investment securities 2,517 — — 2,517 $ 23,479 $ — $ — $ 23,479 December 31, 2017: Federal Home Loan Bank stock $ 16,967 $ — $ — $ 16,967 Investment in unconsolidated subsidiaries 3,563 — — 3,563 Other nonmarketable investment securities 2,517 — — 2,517 $ 23,047 $ — $ — $ 23,047 March 31, 2017: Federal Home Loan Bank stock $ 11,239 $ — $ — $ 11,239 Investment in unconsolidated subsidiaries 2,262 — — 2,262 Other nonmarketable investment securities 1,225 — — 1,225 $ 14,726 $ — $ — $ 14,726 |
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 $ — $ — $ 1,173 $ 1,175 Due after one year through five years — — 122,525 121,675 Due after five years through ten years 1,274 1,284 374,833 369,402 Due after ten years — — 1,171,302 1,148,585 $ 1,274 $ 1,284 $ 1,669,833 $ 1,640,837 |
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 March 31, 2018: Securities Available for Sale Government-sponsored entities debt $ 918 $ 34,712 $ 819 $ 55,034 State and municipal obligations 1,523 69,118 17 724 Mortgage-backed securities 17,030 938,924 11,169 304,731 Corporate securities — — — — $ 19,471 $ 1,042,754 $ 12,005 $ 360,489 December 31, 2017: Securities Available for Sale Government-sponsored entities debt $ 403 $ 27,442 $ 674 $ 52,324 State and municipal obligations 124 17,400 — — Mortgage-backed securities 4,493 610,051 7,123 322,258 Corporate securities — — — — $ 5,020 $ 654,893 $ 7,797 $ 374,582 March 31, 2017: Securities Available for Sale Government-sponsored entities debt $ 721 $ 87,609 $ — $ — State and municipal obligations 140 10,984 — — Mortgage-backed securities 6,349 601,953 71 1,940 Corporate stocks — — 291 1,451 $ 7,210 $ 700,546 $ 362 $ 3,391 |
Loans and Allowance for Loan 33
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loans and Allowance for Loan Losses | |
Schedule of changes in the carrying value | Three Months Ended March 31, (Dollars in thousands) 2018 2017 Balance at beginning of period $ 618,803 $ 602,546 Fair value of acquired loans — 55,850 Net reductions for payments, foreclosures, and accretion (22,072) (29,895) Change in the allowance for loan losses on acquired loans 543 (1,161) Balance at end of period, net of allowance for loan losses on acquired loans $ 597,274 $ 627,340 |
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 March 31, 2018: Balance at beginning of period $ 43,448 $ — $ 4,627 $ 48,075 Loans charged-off (1,169) (334) — (1,503) Recoveries of loans previously charged off (1) 802 165 — 967 Net charge-offs (367) (169) — (536) Provision for loan losses charged to operations 2,122 169 163 2,454 Reduction due to loan removals — — (706) (706) Balance at end of period $ 45,203 $ — $ 4,084 $ 49,287 Three Months Ended March 31, 2017: Balance at beginning of period $ 36,960 $ — $ 3,395 $ 40,355 Loans charged-off (1,297) (389) — (1,686) Recoveries of loans previously charged off (1) 669 63 — 732 Net charge-offs (628) (326) — (954) Provision for loan losses charged to operations 2,117 326 1,264 3,707 Reduction due to loan removals — — (103) (103) Balance at end of period $ 38,449 $ — $ 4,556 $ 43,005 (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 ALLL. |
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 March 31, 2018 Commercial real estate: Construction and land development $ 50,399 $ 476 $ 45,722 $ 46,198 $ 767 Commercial non-owner occupied 2,916 659 522 1,181 110 Commercial owner occupied 8,972 3,273 2,305 5,578 63 Consumer real estate: Consumer owner occupied 7,245 4,332 1,161 5,493 35 Home equity loans 3,855 1,105 2,063 3,168 73 Commercial and industrial 2,679 634 1,043 1,677 489 Other income producing property 3,793 112 2,974 3,086 166 Consumer 787 — 315 315 9 Total $ 80,646 $ 10,591 $ 56,105 $ 66,696 $ 1,712 December 31, 2017 Commercial real estate: Construction and land development $ 47,553 $ 649 $ 42,581 $ 43,230 $ 1,063 Commercial non-owner occupied 3,106 860 515 1,375 125 Commercial owner occupied 9,212 3,553 2,089 5,642 64 Consumer real estate: Consumer owner occupied 7,382 4,392 1,240 5,632 37 Home equity loans 3,602 896 2,115 3,011 135 Commercial and industrial 2,246 635 521 1,156 15 Other income producing property 3,893 — 3,138 3,138 178 Consumer 654 — 239 239 7 Total $ 77,648 $ 10,985 $ 52,438 $ 63,423 $ 1,624 March 31, 2017 Commercial real estate: Construction and land development $ 13,674 $ 1,344 $ 7,942 $ 9,286 $ 459 Commercial non-owner occupied 2,393 218 557 775 158 Commercial owner occupied 10,082 4,191 2,060 6,251 60 Consumer real estate: Consumer owner occupied 6,084 1,483 3,229 4,712 68 Home equity loans 2,962 252 2,180 2,432 297 Commercial and industrial 2,419 — 1,270 1,270 387 Other income producing property 3,153 97 2,311 2,408 224 Consumer 475 — 189 189 5 Total $ 41,242 $ 7,585 $ 19,738 $ 27,323 $ 1,658 |
Summary of average investment in impaired loans and interest income recognized on impaired loans | Three Months Ended March 31, 2018 2017 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 $ 44,714 $ 513 $ 6,160 $ 47 Commercial non-owner occupied 1,278 5 791 6 Commercial owner occupied 5,610 75 6,248 76 Consumer real estate: Consumer owner occupied 5,563 43 5,192 39 Home equity loans 3,090 29 2,053 20 Commercial and industrial 1,417 17 1,266 18 Other income producing property 3,112 46 2,390 35 Consumer 277 — 167 — Total Impaired Loans $ 65,061 $ 728 $ 24,267 $ 241 |
Southeastern Bank Financial | |
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 | 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 |
Park Sterling Corporation | |
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 | November 30, 2017 Loans Impaired (Dollars in thousands) at Acquisition Contractual principal and interest $ 92,600 Non-accretable difference (12,840) Cash flows expected to be collected 79,760 Accretable difference (8,829) Carrying value $ 70,931 |
Non-acquired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Non-acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 871,141 $ 830,875 $ 646,544 Commercial non-owner occupied 1,050,924 1,008,893 803,998 Total commercial non-owner occupied real estate 1,922,065 1,839,768 1,450,542 Consumer real estate: Consumer owner occupied 1,612,501 1,530,260 1,252,650 Home equity loans 448,582 437,642 396,806 Total consumer real estate 2,061,083 1,967,902 1,649,456 Commercial owner occupied real estate 1,296,738 1,262,776 1,200,004 Commercial and industrial 872,363 815,187 725,974 Other income producing property 198,684 193,847 182,416 Consumer 390,784 378,985 340,292 Other loans 20,795 33,690 15,623 Total non-acquired loans 6,762,512 6,492,155 5,564,307 Less allowance for loan losses (45,203) (43,448) (38,449) Non-acquired loans, net $ 6,717,309 $ 6,448,707 $ 5,525,858 |
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 March 31, 2018 Allowance for loan losses: Balance, December 31, 2017 $ 5,921 $ 6,525 $ 8,128 $ 9,668 $ 3,250 $ 5,488 $ 1,375 $ 2,788 $ 305 $ 43,448 Charge-offs (35) — — (4) (66) (85) — (979) — (1,169) Recoveries 442 2 8 23 101 15 8 203 — 802 Provision (benefit) (481) 271 210 506 (48) 915 10 887 (148) 2,122 Balance, March 31, 2018 $ 5,847 $ 6,798 $ 8,346 $ 10,193 $ 3,237 $ 6,333 $ 1,393 $ 2,899 $ 157 $ 45,203 Loans individually evaluated for impairment $ 767 $ 110 $ 63 $ 35 $ 73 $ 489 $ 166 $ 9 $ — $ 1,712 Loans collectively evaluated for impairment $ 5,080 $ 6,688 $ 8,283 $ 10,158 $ 3,164 $ 5,844 $ 1,227 $ 2,890 $ 157 $ 43,491 Loans: Loans individually evaluated for impairment $ 46,198 $ 1,181 $ 5,578 $ 5,493 $ 3,168 $ 1,677 $ 3,086 $ 315 $ — $ 66,696 Loans collectively evaluated for impairment 824,943 1,049,743 1,291,160 1,607,008 445,414 870,686 195,598 390,469 20,795 6,695,816 Total non-acquired loans $ 871,141 $ 1,050,924 $ 1,296,738 $ 1,612,501 $ 448,582 $ 872,363 $ 198,684 $ 390,784 $ 20,795 $ 6,762,512 Three Months Ended March 31, 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 (405) — — (123) (34) (22) — (713) — (1,297) Recoveries 154 41 7 49 74 90 43 211 — 669 Provision (benefit) 809 443 (135) 362 205 214 (240) 595 (136) 2,117 Balance, March 31, 2017 $ 4,649 $ 5,464 $ 7,894 $ 8,108 $ 3,456 $ 5,124 $ 1,345 $ 2,443 $ (34) $ 38,449 Loans individually evaluated for impairment $ 459 $ 158 $ 60 $ 68 $ 297 $ 387 $ 224 $ 5 $ — $ 1,658 Loans collectively evaluated for impairment $ 4,190 $ 5,306 $ 7,834 $ 8,040 $ 3,159 $ 4,737 $ 1,121 $ 2,438 $ (34) $ 36,791 Loans: Loans individually evaluated for impairment $ 9,286 $ 775 $ 6,251 $ 4,712 $ 2,432 $ 1,270 $ 2,408 $ 189 $ — $ 27,323 Loans collectively evaluated for impairment 637,258 803,223 1,193,753 1,247,938 394,374 724,704 180,008 340,103 15,623 5,536,984 Total non-acquired loans $ 646,544 $ 803,998 $ 1,200,004 $ 1,252,650 $ 396,806 $ 725,974 $ 182,416 $ 340,292 $ 15,623 $ 5,564,307 |
Schedule of credit risk profile by risk grade of loans | Total Non-acquired Loans March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Pass $ 6,645,048 $ 6,375,759 $ 5,432,278 Special mention 79,619 78,325 85,425 Substandard 37,845 38,071 46,604 Doubtful — — — $ 6,762,512 $ 6,492,155 $ 5,564,307 |
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 March 31, 2018 Commercial real estate: Construction and land development $ 673 $ 4 $ 133 $ 810 $ 870,331 $ 871,141 Commercial non-owner occupied 89 20 707 816 1,050,108 1,050,924 Commercial owner occupied 573 1,218 1,702 3,493 1,293,245 1,296,738 Consumer real estate: Consumer owner occupied 1,274 601 1,598 3,473 1,609,028 1,612,501 Home equity loans 1,452 65 1,423 2,940 445,642 448,582 Commercial and industrial 983 476 899 2,358 870,005 872,363 Other income producing property 360 108 125 593 198,091 198,684 Consumer 134 160 496 790 389,994 390,784 Other loans — — — — 20,795 20,795 $ 5,538 $ 2,652 $ 7,083 $ 15,273 $ 6,747,239 $ 6,762,512 December 31, 2017 Commercial real estate: Construction and land development $ 391 $ 63 $ 401 $ 855 $ 830,020 $ 830,875 Commercial non-owner occupied 297 398 51 746 1,008,147 1,008,893 Commercial owner occupied 2,227 382 1,721 4,330 1,258,446 1,262,776 Consumer real estate: Consumer owner occupied 1,291 140 1,943 3,374 1,526,886 1,530,260 Home equity loans 1,209 372 1,684 3,265 434,377 437,642 Commercial and industrial 477 57 915 1,449 813,738 815,187 Other income producing property 223 255 198 676 193,171 193,847 Consumer 525 196 623 1,344 377,641 378,985 Other loans — — — — 33,690 33,690 $ 6,640 $ 1,863 $ 7,536 $ 16,039 $ 6,476,116 $ 6,492,155 March 31, 2017 Commercial real estate: Construction and land development $ 345 $ 100 $ 471 $ 916 $ 645,628 $ 646,544 Commercial non-owner occupied 759 664 304 1,727 802,271 803,998 Commercial owner occupied 1,811 1,988 1,375 5,174 1,194,830 1,200,004 Consumer real estate: Consumer owner occupied 1,076 31 993 2,100 1,250,550 1,252,650 Home equity loans 434 341 1,404 2,179 394,627 396,806 Commercial and industrial 366 159 174 699 725,275 725,974 Other income producing property 310 104 190 604 181,812 182,416 Consumer 273 114 527 914 339,378 340,292 Other loans — — — — 15,623 15,623 $ 5,374 $ 3,501 $ 5,438 $ 14,313 $ 5,549,994 $ 5,564,307 |
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 March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 1,584,427 $ 1,502,016 $ 1,225,556 $ 435,282 $ 424,369 $ 382,387 $ 389,386 $ 377,425 $ 338,473 Special mention 13,329 13,902 13,903 6,767 6,749 7,597 301 313 625 Substandard 14,745 14,342 13,191 6,533 6,524 6,822 1,097 1,247 1,194 Doubtful — — — — — — — — — $ 1,612,501 $ 1,530,260 $ 1,252,650 $ 448,582 $ 437,642 $ 396,806 $ 390,784 $ 378,985 $ 340,292 Other Consumer Total March 31, 2018 December 31, 2017 March 31, 2017 March 31, 2018 December 31, 2017 March 31, 2017 Pass $ 20,795 $ 33,690 $ 15,623 $ 2,429,890 $ 2,337,500 $ 1,962,039 Special mention — — — 20,397 20,964 22,125 Substandard — — — 22,375 22,113 21,207 Doubtful — — — — — — $ 20,795 $ 33,690 $ 15,623 $ 2,472,662 $ 2,380,577 $ 2,005,371 |
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 March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 857,307 $ 818,240 $ 633,953 $ 1,040,669 $ 999,049 $ 790,687 $ 1,267,759 $ 1,232,927 $ 1,167,531 Special mention 10,499 8,758 8,868 8,497 7,864 11,233 22,619 23,575 20,277 Substandard 3,335 3,877 3,723 1,758 1,980 2,078 6,360 6,274 12,196 Doubtful — — — — — — — — — $ 871,141 $ 830,875 $ 646,544 $ 1,050,924 $ 1,008,893 $ 803,998 $ 1,296,738 $ 1,262,776 $ 1,200,004 Commercial & Industrial Other Income Producing Property Commercial Total March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 857,567 $ 801,885 $ 703,747 $ 191,856 $ 186,158 $ 174,321 $ 4,215,158 $ 4,038,259 $ 3,470,239 Special mention 12,286 11,130 16,746 5,321 6,034 6,176 59,222 57,361 63,300 Substandard 2,510 2,172 5,481 1,507 1,655 1,919 15,470 15,958 25,397 Doubtful — — — — — — — — — $ 872,363 $ 815,187 $ 725,974 $ 198,684 $ 193,847 $ 182,416 $ 4,289,850 $ 4,111,578 $ 3,558,936 |
Acquired credit impaired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 FASB ASC Topic 310-30 acquired loans: Commercial real estate 233,277 234,595 223,156 Commercial real estate—construction and development 46,219 49,649 57,343 Residential real estate 248,766 260,787 266,484 Consumer 48,801 51,453 58,688 Commercial and industrial 24,295 26,946 26,225 Total FASB ASC Topic 310-30 acquired loans 601,358 623,430 631,896 Less allowance for loan losses (4,084) (4,627) (4,556) FASB ASC Topic 310-30 acquired loans, net $ 597,274 $ 618,803 $ 627,340 |
Schedule of contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting carrying values | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Contractual principal and interest $ 765,057 $ 795,850 $ 812,892 Non-accretable difference (33,841) (39,324) (31,273) Cash flows expected to be collected 731,216 756,526 781,619 Accretable yield (129,858) (133,096) (149,723) Carrying value $ 601,358 $ 623,430 $ 631,896 Allowance for acquired loan losses $ (4,084) $ (4,627) $ (4,556) |
Schedule of refined accretable yield balance | Three Months Ended March 31, (Dollars in thousands) 2018 2017 Balance at beginning of period $ 133,096 $ 155,379 Addition from the SBFC acquisition — 4,603 Accretion (12,366) (15,214) Reclass of nonaccretable difference due to improvement in expected cash flows 9,204 5,062 Other changes, net (76) (107) Balance at end of period $ 129,858 $ 149,723 |
Schedule of changes in allowance for loan losses | Commercial Real Estate- Commercial Construction and Residential Commercial (Dollars in thousands) Real Estate Development Real Estate Consumer and Industrial Total Three Months Ended March 31, 2018 Allowance for loan losses: Balance, December 31, 2017 $ $ $ $ $ $ Provision (benefit) for loan losses (14) 88 900 163 Reduction due to loan removals (13) — Balance, March 31, 2018 $ 261 $ $ $ $ $ Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ 261 $ $ $ $ $ Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment Total acquired credit impaired loans $ $ $ $ $ $ Three Months Ended March 31, 2017 Allowance for loan losses: Balance , December 31, 2016 $ 41 $ 139 $ 2,419 $ 558 $ 238 $ 3,395 Provision for loan losses 291 (3) 752 37 187 1,264 Reduction due to loan removals 2 (6) (63) (6) (30) (103) Balance, March 31, 2017 $ 334 $ 130 $ 3,108 $ 589 $ 395 $ 4,556 Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ 334 $ 130 $ 3,108 $ 589 $ 395 $ 4,556 Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 223,156 57,343 266,484 58,688 26,225 631,896 Total acquired credit impaired loans $ 223,156 $ 57,343 $ 266,484 $ 58,688 $ 26,225 $ 631,896 *— 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 Real Estate— Construction and Commercial Real Estate Development March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 Pass $ 171,585 $ 177,231 $ 170,623 $ 28,501 $ 29,620 $ 28,157 Special mention 24,550 28,708 24,412 4,654 5,132 15,117 Substandard 37,142 28,656 28,121 13,064 14,897 14,069 Doubtful — — — — — — $ 233,277 $ 234,595 $ 223,156 $ 46,219 $ 49,649 $ 57,343 Residential Real Estate Consumer Commercial & Industrial March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 129,952 $ 135,974 $ 142,847 $ 7,247 $ 8,001 $ 9,704 $ 17,163 $ 18,522 $ 16,869 Special mention 50,845 54,500 53,539 16,329 17,214 19,124 1,132 1,169 4,645 Substandard 67,969 70,313 70,098 25,225 26,238 29,860 6,000 7,255 4,711 Doubtful — — — — — — — — — $ 248,766 $ 260,787 $ 266,484 $ 48,801 $ 51,453 $ 58,688 $ 24,295 $ 26,946 $ 26,225 Total Acquired Credit Impaired Loans March 31, December 31, March 31, 2018 2017 2017 Pass $ 354,448 $ 369,348 $ 368,200 Special mention 97,510 106,723 116,837 Substandard 149,400 147,359 146,859 Doubtful — — — $ 601,358 $ 623,430 $ 631,896 |
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 March 31, 2018 Commercial real estate $ 6,043 $ 5,293 $ 6,239 $ 17,575 $ 215,702 $ 233,277 Commercial real estate—construction and development 53 321 3,438 3,812 42,407 46,219 Residential real estate 4,497 3,063 8,598 16,158 232,608 248,766 Consumer 800 275 1,028 2,103 46,698 48,801 Commercial and industrial 55 — 820 875 23,420 24,295 $ 11,448 $ 8,952 $ 20,123 $ 40,523 $ 560,835 $ 601,358 December 31, 2017 Commercial real estate $ 2,519 $ 3,669 $ 2,825 $ 9,013 $ 225,582 $ 234,595 Commercial real estate—construction and development 811 427 3,761 4,999 44,650 49,649 Residential real estate 5,895 4,283 8,824 19,002 241,785 260,787 Consumer 989 452 889 2,330 49,123 51,453 Commercial and industrial 596 167 406 1,169 25,777 26,946 $ 10,810 $ 8,998 $ 16,705 $ 36,513 $ 586,917 $ 623,430 March 31, 2017 Commercial real estate 1,482 1,733 3,984 7,199 215,957 223,156 Commercial real estate—construction and development 877 17 4,305 5,199 52,144 57,343 Residential real estate 4,226 1,809 8,577 14,612 251,872 266,484 Consumer 759 224 1,104 2,087 56,601 58,688 Commercial and industrial 504 — 2,849 3,353 22,872 26,225 $ 7,848 $ 3,783 $ 20,819 $ 32,450 $ 599,446 $ 631,896 |
Non acquired non-accrual loans | |
Loans and Allowance for Loan Losses | |
Summary of information pertaining to nonaccrual loans by class | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Commercial non-owner occupied real estate: Construction and land development $ 500 $ 251 $ 195 Commercial non-owner occupied 1,174 2,635 2,078 Total commercial non-owner occupied real estate 1,674 2,886 2,273 Consumer real estate: Consumer owner occupied 5,541 4,888 3,902 Home equity loans 2,593 269 11 Total consumer real estate 8,134 5,157 3,913 Commercial owner occupied real estate 1,647 1,144 2,905 Commercial and industrial 799 1,662 473 Other income producing property 170 764 1,316 Consumer 903 1,802 1,029 Restructured loans 782 925 1,049 Total loans on nonaccrual status $ 14,109 $ 14,340 $ 12,958 |
Acquired non-credit impaired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 FASB ASC Topic 310-20 acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 349,532 $ 403,357 $ 141,897 Commercial non-owner occupied 783,466 817,166 217,850 Total commercial non-owner occupied real estate 1,132,998 1,220,523 359,747 Consumer real estate: Consumer owner occupied 683,614 710,611 550,578 Home equity loans 295,721 320,591 186,411 Total consumer real estate 979,335 1,031,202 736,989 Commercial owner occupied real estate 498,541 521,818 238,612 Commercial and industrial 344,171 398,696 136,309 Other income producing property 186,091 196,669 92,044 Consumer 133,802 137,710 151,941 Other — 1,289 — Total FASB ASC Topic 310-20 acquired loans $ 3,274,938 $ 3,507,907 $ 1,715,642 |
Schedule of changes in allowance for loan losses | Construction Commercial Commercial Consumer Other Income & Land Non-owner Owner Owner Home Commercial Producing (Dollars in thousands) Development Occupied Occupied Occupied Equity & Industrial Property Consumer Other Total Three Months Ended March 31, 2018 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs (1) — — (70) (82) (43) — (138) — (334) Recoveries 1 — — 57 51 53 — 3 — 165 Provision (benefit) — — — 13 31 (10) — 135 — 169 Balance, March 31, 2018 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 349,532 783,466 498,541 683,614 295,721 344,171 186,091 133,802 — 3,274,938 Total acquired non-credit impaired loans $ 349,532 $ 783,466 $ 498,541 $ 683,614 $ 295,721 $ 344,171 $ 186,091 $ 133,802 $ — $ 3,274,938 Three Months Ended March 31, 2017 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — (313) — (2) — (74) — (389) Recoveries 1 — — 39 9 1 1 12 — 63 Provision (benefit) (1) — — 274 (9) 1 (1) 62 — 326 Balance, March 31, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 141,897 217,850 238,612 550,578 186,411 136,309 92,044 151,941 — 1,715,642 Total acquired non-credit impaired loans $ 141,897 $ 217,850 $ 238,612 $ 550,578 $ 186,411 $ 136,309 $ 92,044 $ 151,941 $ — $ 1,715,642 |
Schedule of credit risk profile by risk grade of loans | Total Acquired Non-credit Impaired Loans March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Pass $ 3,207,265 $ 3,438,030 $ 1,680,567 Special mention 45,043 49,868 24,404 Substandard 22,630 20,009 10,671 Doubtful — — — $ 3,274,938 $ 3,507,907 $ 1,715,642 |
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 March 31, 2018 Commercial real estate: Construction and land development $ 1,788 $ 115 $ 288 $ 2,191 $ 347,341 $ 349,532 Commercial non-owner occupied 242 — 134 376 783,090 783,466 Commercial owner occupied 1,142 — — 1,142 497,399 498,541 Consumer real estate: Consumer owner occupied 1,304 76 786 2,166 681,448 683,614 Home equity loans 1,881 833 2,125 4,839 290,882 295,721 Commercial and industrial 1,998 27 87 2,112 342,059 344,171 Other income producing property 101 69 195 365 185,726 186,091 Consumer 287 138 1,118 1,543 132,259 133,802 $ $ $ $ $ $ December 31, 2017 Commercial real estate: Construction and land development $ 675 $ 113 $ 101 $ 889 $ 402,468 $ 403,357 Commercial non-owner occupied 12 321 — 333 816,833 817,166 Commercial owner occupied 642 — 189 831 520,987 521,818 Consumer real estate: Consumer owner occupied 673 204 867 1,744 708,867 710,611 Home equity loans 3,639 609 1,704 5,952 314,639 320,591 Commercial and industrial 5,996 1,278 143 7,417 391,279 398,696 Other income producing property 327 — 250 577 196,092 196,669 Consumer 400 114 1,351 1,865 135,845 137,710 Other — — — — 1,289 1,289 $ 12,364 $ 2,639 $ 4,605 $ 19,608 $ 3,488,299 $ 3,507,907 March 31, 2017 Commercial real estate: Construction and land development $ 386 $ 32 $ 160 $ 578 $ 141,319 $ 141,897 Commercial non-owner occupied 26 — — 26 217,824 217,850 Commercial owner occupied 1,069 143 — 1,212 237,400 238,612 Consumer real estate: Consumer owner occupied 1,293 482 438 2,213 548,365 550,578 Home equity loans 823 318 1,133 2,274 184,137 186,411 Commercial and industrial 3,484 — — 3,484 132,825 136,309 Other income producing property 192 — 35 227 91,817 92,044 Consumer 168 74 528 770 151,171 151,941 $ 7,441 $ 1,049 $ 2,294 $ 10,784 $ 1,704,858 $ 1,715,642 |
Summary of information pertaining to nonaccrual loans by class | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Commercial non-owner occupied real estate: Construction and land development $ 426 $ 108 $ 229 Commercial non-owner occupied — — — Total commercial non-owner occupied real estate 426 108 229 Consumer real estate: Consumer owner occupied 1,427 2,156 1,453 Home equity loans 3,931 4,589 1,784 Total consumer real estate 5,358 6,745 3,237 Commercial owner occupied real estate 178 189 158 Commercial and industrial 138 133 — Other income producing property 325 316 83 Consumer 1,651 1,906 1,208 Total loans on nonaccrual status $ 8,076 $ 9,397 $ 4,915 |
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 March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 345,635 $ 394,139 $ 139,748 $ 775,924 $ 809,241 $ 213,827 $ 490,089 $ 513,861 $ 233,397 Special mention 2,892 4,602 1,316 7,533 7,913 3,937 8,254 7,740 5,057 Substandard 1,005 4,616 833 9 12 86 198 217 158 Doubtful — — — — — — — — — $ 349,532 $ 403,357 $ 141,897 $ 783,466 $ 817,166 $ 217,850 $ 498,541 $ 521,818 $ 238,612 Other Income Producing Commercial & Industrial Property Commercial Total March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 327,409 $ 388,342 $ 132,474 $ 180,825 $ 191,229 $ 89,596 $ 2,119,882 $ 2,296,812 $ 809,042 Special mention 8,049 9,883 3,787 4,369 4,547 1,741 31,097 34,685 15,838 Substandard 8,713 471 48 897 893 707 10,822 6,209 1,832 Doubtful — — — — — — — — — $ 344,171 $ 398,696 $ 136,309 $ 186,091 $ 196,669 $ 92,044 $ 2,161,801 $ 2,337,706 $ 826,712 |
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 March 31, December 31, March 31, March 31, December 31, March 31, March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 676,981 $ 703,557 $ 546,049 $ 279,487 $ 301,842 $ 176,678 $ 130,915 $ 134,530 $ 148,798 Special mention 4,484 4,165 2,623 8,942 10,477 4,700 520 541 1,243 Substandard 2,149 2,889 1,906 7,292 8,272 5,033 2,367 2,639 1,900 Doubtful — — — — — — — — — $ 683,614 $ 710,611 $ 550,578 $ 295,721 $ 320,591 $ 186,411 $ 133,802 $ 137,710 $ 151,941 Other Consumer Total March 31, December 31, March 31, March 31, December 31, March 31, 2018 2017 2017 2018 2017 2017 Pass $ — $ 1,289 $ — $ 1,087,383 $ 1,141,218 $ 871,525 Special mention — — — 13,946 15,183 8,566 Substandard — — — 11,808 13,800 8,839 Doubtful — — — — — — $ — $ 1,289 $ — $ 1,113,137 $ 1,170,201 $ 888,930 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Real Estate Owned | |
Schedule of information pertaining to OREO | Three Months Ended March 31, (Dollars in thousands) 2018 2017 Beginning balance $ 11,203 $ 18,316 Acquired in Southeastern Bank acquisition — 550 Acquired in Park Sterling Corp. acquisition 210 — Additions 2,895 4,284 Writedowns (777) (936) Sold (2,458) (2,207) Ending Balance $ 11,073 $ 20,007 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Deposits | |
Schedule of total deposits | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Certificates of deposit $ 1,765,576 $ 1,738,384 $ 1,060,048 Interest-bearing demand deposits 5,308,154 5,300,108 3,981,920 Non-interest bearing demand deposits 3,120,818 3,047,432 2,599,111 Savings deposits 1,464,074 1,443,918 1,388,388 Other time deposits 4,476 2,924 3,971 Total deposits $ 11,663,098 $ 11,532,766 $ 9,033,438 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Plans | |
Schedule of components of net periodic pension expense | Three Months Ended (Dollars in thousands) 2018 2017 Interest cost $ $ Service cost Expected return on plan assets Recognized net actuarial loss Net periodic pension benefit $ $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended (Dollars and shares in thousands, except for per share amounts) 2018 2017 Basic earnings per common share: Net income $ 42,326 $ 18,264 Weighted-average basic common shares 36,646 28,892 Basic earnings per common share $ $ Diluted earnings per share: Net income $ 42,326 $ 18,264 Weighted-average basic common shares 36,646 28,892 Effect of dilutive securities 253 267 Weighted-average dilutive shares 36,899 29,159 Diluted earnings per common share $ 1.15 $ 0.63 |
Schedule of anti-dilutive securities excluded from computation of diluted earnings per common share | Three Months Ended March 31, (Dollars in thousands) 2018 2017 Number of shares Range of exercise prices $ to $ $ to $ |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Share-Based Compensation | |
Schedule of stock option activity | Weighted Weighted Average Aggregate Average Remaining Intrinsic Shares Price (Yrs.) (000's) Outstanding at January 1, 2018 218,689 $ 52.75 Granted 34,407 91.05 Exercised (2,240) 29.95 Forfeited (5,806) 91.35 Outstanding at March 31, 2018 245,050 57.42 5.78 $ 7,194 Exercisable at March 31, 2018 171,299 46.05 4.42 $ 6,767 Weighted-average fair value of options granted during the year $ |
Schedule of weighted-average assumptions used in valuing options | Three months ended March 31, Dividend yield % % Expected life years years Expected volatility % % Risk-free interest rate % % |
Summary of nonvested restricted stock | Nonvested restricted stock for the three months ended March 31, 2018 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, 2018 142,692 $ 59.66 Granted 1,169 88.04 Vested (16,442) 63.90 Nonvested at March 31, 2018 127,419 59.37 |
Summary of nonvested RSUs | Nonvested RSUs for the three months ended March 31, 2018 is summarized in the following table. Weighted- Average Grant-Date Restricted Stock Units Shares Fair Value Nonvested at January 1, 2018 140,036 $ 78.49 Granted 96,363 86.26 LTIP Adjustment (3,213) 89.40 Nonvested at March 31, 2018 233,186 81.55 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, 2018: Assets Derivative financial instruments $ 7,420 $ — $ 7,420 $ — Loans held for sale 42,690 — 42,690 — Securities available for sale: Government-sponsored entities debt 89,746 — 89,746 — State and municipal obligations 225,686 — 225,686 — Mortgage-backed securities 1,325,405 — 1,325,405 — Corporate securities — — — — Total securities available for sale 1,640,837 — 1,640,837 — Mortgage servicing rights 34,196 — — 34,196 $ 1,725,143 $ — $ 1,690,947 $ 34,196 Liabilities Derivative financial instruments $ 6,094 $ — $ 6,094 $ — December 31, 2017: Assets Derivative financial instruments $ 3,306 $ — $ 3,306 $ — Loans held for sale 70,890 — 70,890 — Securities available for sale: Government-sponsored entities debt 85,509 — 85,509 — State and municipal obligations 220,437 — 220,437 — Mortgage-backed securities 1,340,687 — 1,340,687 — Corporate securities 1,560 — 1,560 — Total securities available for sale 1,648,193 — 1,648,193 — Mortgage servicing rights 31,119 — — 31,119 $ 1,753,508 $ — $ 1,722,389 $ 31,119 Liabilities Derivative financial instruments $ 3,248 $ — $ 3,248 $ — March 31, 2017: Assets Derivative financial instruments $ 2,413 $ — $ 2,413 $ — Loans held for sale 46,988 — 46,988 — Securities available for sale: Government-sponsored entities debt 93,299 — 93,299 — State and municipal obligations 200,284 — 200,284 — Mortgage-backed securities 1,083,439 — 1,083,439 — Corporate securities 2,766 2,766 — — Total securities available for sale 1,379,788 2,766 1,377,022 — Mortgage servicing rights 30,063 — — 30,063 $ 1,459,252 $ 2,766 $ 1,426,423 $ 30,063 Liabilities Derivative financial instruments $ 934 $ — $ 934 $ — |
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, 2018 $ 31,119 $ — Servicing assets that resulted from transfers of financial assets 1,490 — Changes in fair value due to valuation inputs or assumptions 2,516 — Changes in fair value due to decay (929) — Fair value , March 31, 2018 $ 34,196 $ — Fair value, January 1, 2017 $ 29,037 $ — Servicing assets that resulted from transfers of financial assets 1,385 — Changes in fair value due to valuation inputs or assumptions 444 — Changes in fair value due to decay (803) — Fair value, March 31, 2017 $ 30,063 $ — |
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) March 31, 2018: OREO $ 11,073 $ — $ — $ 11,073 Non-acquired impaired loans 2,118 — — 2,118 December 31, 2017: OREO $ 11,203 $ — $ — $ 11,203 Non-acquired impaired loans 10,495 — — 10,495 March 31, 2017: OREO $ 20,007 $ — $ — $ 20,007 Non-acquired impaired loans 2,290 — — 2,290 |
Quantitative Information about Level 3 Fair Value Measurements | Weighted Average March 31, December 31, March 31, Valuation Technique Unobservable Input 2018 2017 2017 Nonrecurring measurements: Non-acquired impaired loans Discounted appraisals Collateral discounts 3 % 3 % 6 % OREO Discounted appraisals Collateral discounts and estimated costs to sell 28 % 21 % 20 % |
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 March 31, 2018 Financial assets: Cash and cash equivalents $ 644,504 $ 644,504 $ 644,504 $ — $ — Investment securities 1,665,590 1,665,600 23,479 1,642,121 — Loans held for sale 42,690 42,690 — 42,690 — Loans, net of allowance for loan losses (1) 10,589,521 10,419,134 — — 10,419,134 Accrued interest receivable 31,175 31,175 — 6,661 24,514 Mortgage servicing rights 34,196 34,196 — — 34,196 Interest rate swap - non-designated hedge 5,755 5,755 — 5,755 — Other derivative financial instruments (mortgage banking related) 1,665 1,665 — 1,665 — Financial liabilities: Deposits 11,663,098 10,780,965 — 10,780,965 — Federal funds purchased and securities sold under agreements to repurchase 357,574 357,574 — 357,574 — Other borrowings 215,589 219,037 — 219,037 — Accrued interest payable 3,563 3,563 — 3,563 — Interest rate swap - non-designated hedge 5,932 5,932 — 5,932 — Interest rate swap - cash flow hedge 162 162 — 162 — Off balance sheet financial instruments: Commitments to extend credit — (48,841) — (48,841) — December 31, 2017 Financial assets: Cash and cash equivalents $ 377,627 $ 377,627 $ 377,627 $ — $ — Investment securities 1,673,769 1,673,796 20,530 1,653,266 — Loans held for sale 70,890 70,890 — 70,890 — Loans, net of allowance for loan losses (1) 10,575,417 10,724,264 — — 10,724,264 Accrued interest receivable 32,727 32,727 — 7,051 25,676 Mortgage servicing rights 31,119 31,119 — — 31,119 Interest rate swap - non-designated hedge 2,367 2,367 — 2,367 — Other derivative financial instruments (mortgage banking related) 939 939 — 939 — Financial liabilities: Deposits 11,532,766 10,796,380 — 10,796,380 — Federal funds purchased and securities sold under agreements to repurchase 286,857 286,857 — 286,857 — Other borrowings 216,385 219,421 — 219,421 — Accrued interest payable 2,789 2,789 — 2,789 — Interest rate swap - non-designated hedge 2,750 2,750 — 2,750 — Interest rate swap - cash flow hedge — — Other derivative financial instruments (mortgage banking related) 252 252 — 252 — Off balance sheet financial instruments: Commitments to extend credit — 41,319 — 41,319 — March 31, 2017 Financial assets: Cash and cash equivalents $ 663,126 $ 663,126 $ 663,126 $ — $ — Investment securities 1,400,609 1,400,731 16,267 1,384,464 — Loans held for sale 46,988 46,988 — 46,988 — Loans, net of allowance for loan losses (1) 7,868,840 7,936,291 — — 7,936,291 Accrued interest receivable 22,823 22,823 — 5,558 17,265 Mortgage servicing rights 30,063 30,063 — — 30,063 Interest rate swap - non-designated hedge — — Other derivative financial instruments (mortgage banking related) 2,280 2,280 — 2,280 — Financial liabilities: Deposits 9,033,438 8,462,144 — 8,462,144 — Federal funds purchased and securities sold under agreements to repurchase 352,431 352,431 — 352,431 — Other borrowings 107,988 109,470 — 109,470 — Accrued interest payable 1,452 1,452 — 1,452 — Interest rate swap - cash flow hedge — — Interest rate swap - non-designated hedge 426 426 — 426 — Other derivative financial instruments (mortgage banking related) 387 387 — 387 — Off balance sheet financial instruments: Commitments to extend credit — 16,756 — 16,756 — (1) - Loans, net of allowance for loan losses is being valued using a different method at March 31, 2018 from December 31, 2017 and March 31, 2017. See page 44 for explanation of change in method. |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Balance at December 31, 2017 $ (5,998) $ (4,278) $ (151) $ (10,427) Other comprehensive income (loss) before reclassifications — (17,192) 28 (17,164) Amounts reclassified from accumulated other comprehensive income 151 — 37 188 Net comprehensive income (loss) 151 (17,192) 65 (16,976) AOCI reclassification to retained earnings from the adoption of ASU 2018-02 (1,760) (1,147) (40) (2,947) Balance at March 31, 2018 $ (7,607) $ (22,617) $ (126) $ (30,350) Three Months Ended March 31, 2017 Balance at December 31, 2016 $ (6,195) $ (1,708) $ (308) $ (8,211) Other comprehensive income (loss) before reclassifications — 3,166 (24) 3,142 Amounts reclassified from accumulated other comprehensive income 117 — 68 185 Net comprehensive income 117 3,166 44 3,327 Balance at March 31, 2017 $ (6,078) $ 1,458 $ (264) $ (4,884) |
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 March 31, Accumulated Other Comprehensive Income (Loss) Component 2018 2017 Income Statement Line Item Affected Losses on cash flow hedges: Interest rate contracts $ 47 $ 110 Interest expense (10) (42) Provision for income taxes 37 68 Net income Amortization of defined benefit pension: Actuarial losses $ 194 $ 188 Salaries and employee benefits (43) (71) Provision for income taxes 151 117 Net income Total reclassifications for the period $ 188 $ 185 |
Derivative Financial Instrume41
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Financial Instruments | |
Derivative financial instruments summary | March 31, 2018 March 31, 2017 Balance Sheet Notional Estimated Fair Value Notional Estimated Fair Value (Dollars in thousands) Location Amount Gain Loss Amount Gain Loss Cash flow hedges of interest rate risk: Pay fixed rate swap with counterparty Other Liabilities $ 8,000 $ — $ 162 $ 8,000 $ — $ 426 Fair value hedge of interest rate risk: Pay fixed rate swap with counterparty Other Liabilities $ 2,824 $ — $ 21 $ — $ — $ — Not designated hedges of interest rate risk: Customer related interest rate contracts: Matched interest rate swaps with borrowers Other Assets and Other Liabilities $ 282,047 $ 146 $ 5,908 $ 13,768 $ 133 $ — Matched interest rate swaps with counterparty Other Assets and Other Liabilities $ 282,047 $ 5,609 $ 3 $ 13,768 $ — $ 121 Not designated hedges of interest rate risk - mortgage banking activities: Contracts used to hedge mortgage servicing rights Other Assets $ 69,000 $ 390 $ — $ 98,000 $ 214 $ — Forward sales commitments used to hedge mortgage pipeline Other Assets $ 98,860 $ 1,275 $ — $ 114,079 1,679 $ — Total derivatives $ 742,778 $ 7,420 $ 6,094 $ 247,615 $ 2,026 $ 547 |
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) March 31, 2018 December 31, 2017 March 31, 2017 Mortgage loan pipeline $ $ $ 117,666 Expected closures 88,250 Fair value of mortgage loan pipeline commitments 2,066 Forward sales commitments 114,079 Fair value of forward commitments (387) |
Capital Ratios (Tables)
Capital Ratios (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Common equity Tier 1 to risk-weighted assets: Consolidated $ 1,295,729 11.85 % $ 697,237 6.38 % $ 765,594 7.00 % $ 710,909 6.50 % South State Bank (the Bank) 1,385,289 12.67 % 697,253 6.38 % 765,612 7.00 % 710,925 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,406,832 12.86 % 861,293 7.88 % 929,650 8.50 % 874,964 8.00 % South State Bank (the Bank) 1,385,289 12.67 % 861,313 7.88 % 929,671 8.50 % 874,985 8.00 % Total capital to risk-weighted assets: Consolidated 1,456,453 13.32 % 1,080,034 9.88 % 1,148,391 10.50 % 1,093,706 10.00 % South State Bank (the Bank) 1,434,911 13.12 % 1,080,059 9.88 % 1,148,417 10.50 % 1,093,731 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,406,832 10.50 % 535,724 4.00 % 535,724 4.00 % 669,654 5.00 % South State Bank (the Bank) 1,385,289 10.35 % 535,522 4.00 % 535,522 4.00 % 669,402 5.00 % December 31, 2017: Common equity Tier 1 to risk-weighted assets: Consolidated $ 1,273,547 11.59 % $ 631,811 5.75 % $ 769,162 7.00 % $ 714,221 6.50 % South State Bank (the Bank) 1,360,603 12.38 % 631,741 5.75 % 769,077 7.00 % 714,143 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,384,433 12.60 % 796,632 7.25 % 933,982 8.50 % 879,042 8.00 % South State Bank (the Bank) 1,360,603 12.38 % 796,544 7.25 % 933,879 8.50 % 878,945 8.00 % Total capital to risk-weighted assets: Consolidated 1,432,843 13.04 % 1,016,392 9.25 % 1,153,742 10.50 % 1,098,802 10.00 % South State Bank (the Bank) 1,409,014 12.82 % 1,016,280 9.25 % 1,153,615 10.50 % 1,098,681 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,384,433 10.36 % 534,460 4.00 % 534,460 4.00 % 668,075 5.00 % South State Bank (the Bank) 1,360,603 10.18 % 534,390 4.00 % 534,390 4.00 % 667,987 5.00 % March 31, 2017: Common equity Tier 1 to risk-weighted assets: Consolidated $ 959,802 11.90 % $ 463,854 5.75 % $ 564,691 7.00 % $ 524,356 6.50 % South State Bank (the Bank) 998,061 12.37 % 463,767 5.75 % 564,586 7.00 % 524,259 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,030,559 12.77 % 584,859 7.25 % 685,697 8.50 % 645,362 8.00 % South State Bank (the Bank) 998,061 12.37 % 584,750 7.25 % 685,569 8.50 % 645,241 8.00 % Total capital to risk-weighted assets: Consolidated 1,074,107 13.31 % 746,199 9.25 % 847,037 10.50 % 806,702 10.00 % South State Bank (the Bank) 1,041,277 12.91 % 746,060 9.25 % 846,879 10.50 % 806,552 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,030,559 10.05 % 410,054 4.00 % 410,054 4.00 % 512,567 5.00 % South State Bank (the Bank) 998,061 9.75 % 409,567 4.00 % 409,567 4.00 % 511,959 5.00 % |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Other Intangible Assets | |
Summary of gross carrying amounts and accumulated amortization of other intangible assets | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Gross carrying amount $ 126,449 $ 126,449 $ 100,274 Accumulated amortization (56,073) (52,660) (44,813) $ 70,376 $ 73,789 $ 55,461 |
Schedule of estimated amortization expense for other intangibles for each of the next five quarters | (Dollars in thousands) Quarter ending: June 30, 2018 $ 3,401 September 30, 2018 3,400 December 31, 2018 3,400 March 31, 2019 3,156 June 30, 2019 3,144 Thereafter 53,875 $ 70,376 |
Loan Servicing, Mortgage Orig44
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 (Dollars in thousands) March 31, 2018 March 31, 2017 Increase in fair value of MSRs $ $ 444 Decay of MSRs (803) Gain (loss) related to derivatives 266 Net effect on statements of income $ $ (93) |
Schedule of characteristics and sensitivity analysis of the MSR | March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Composition of residential loans serviced for others Fixed-rate mortgage loans 99.7 % 99.7 % 99.6 % Adjustable-rate mortgage loans 0.3 % 0.3 % 0.4 % Total 100.0 % 100.0 % 100.0 % Weighted average life years years 7.68 years Constant Prepayment rate (CPR) 6.3 % 7.7 % 7.8 % Weighted average discount rate 9.6 % 9.6 % 9.8 % Effect on fair value due to change in interest rates 25 basis point increase $ 1,025 $ 1,485 $ 1,375 50 basis point increase 1,791 2,664 2,431 25 basis point decrease (1,439) (1,850) (1,746) 50 basis point decrease (3,189) (4,014) (3,774) |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)contract | |
Disaggregation of Revenue [Line Items] | |
Number of active contracts | contract | 791,000 |
Trust and investment services income | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customers | $ 7.5 |
Fees on deposit accounts | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customers | 25.8 |
Transferred at Point in Time | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customers | 33.8 |
Transferred over Time | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customers | $ 4.8 |
Recent Accounting and Regulat46
Recent Accounting and Regulatory Pronouncements (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
ASU 2018- 02 | Early adoption | |
Reclassified to retained earnings from AOCI | $ 2.9 |
ASU 2016- 02 | If adopted | |
Right to use asset | 83 |
Lease liabilities | $ 83 |
Mergers and Acquisitions - (Det
Mergers and Acquisitions - (Details) | Nov. 30, 2017USD ($)shares | Jan. 03, 2017USD ($)shares |
Park Sterling Corporation | ||
Mergers and Acquisitions | ||
Fixed exchange ratio for shares issued (in shares) | 0.14 | |
Common stock shares issued | shares | 7,480,343 | |
Total purchase price | $ 692,959,000 | |
Value of stock options | $ 4,305,000 | |
Southeastern Bank Financial | ||
Mergers and Acquisitions | ||
Fixed exchange ratio for shares issued (in shares) | 0.7307 | |
Common stock shares issued | shares | 4,978,338 | |
Total purchase price | $ 435,115,000 | |
Value of stock options | $ 490,000 |
Mergers and Acquisitions- Park
Mergers and Acquisitions- Park & SBFC - (Details) - USD ($) | Jan. 03, 2018 | Nov. 30, 2017 | Jan. 03, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Federal funds purchased and securities sold under agreements to repurchase | $ 357,574,000 | $ 352,431,000 | $ 286,857,000 | |||
Goodwill | 999,592,000 | 595,711,000 | $ 999,586,000 | |||
Proforma amounts | ||||||
Total revenues (net interest income plus noninterest income), Pro Forma | 167,044,000 | |||||
Net operating income available to the common shareholder, Pro Forma | 49,233,000 | |||||
Park Sterling Corporation | ||||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||||
Cash and cash equivalents | $ 116,454,000 | |||||
Investment securities | 462,924,000 | |||||
Loans held for sale | 70,886,000 | |||||
Loans, net of allowance and mark | 2,250,684,000 | |||||
Premises and equipment | 55,790,000 | |||||
Intangible assets | 26,175,000 | 26,200,000 | ||||
OREO and repossessed assets | 2,330,000 | |||||
Bank owned life insurance | 72,703,000 | |||||
Deferred tax asset. | 29,562,000 | |||||
Other assets | 21,119,000 | |||||
Total assets | 3,108,627,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Noninterest-bearing | 561,874,000 | |||||
Interest-bearing | 1,889,502,000 | |||||
Total deposits | 2,451,376,000 | |||||
Other borrowings | 340,938,000 | |||||
Other liabilities | 26,310,000 | |||||
Total liabilities | 2,818,624,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | 290,003,000 | |||||
Goodwill | 402,956,000 | |||||
Net assets acquired over liabilities assumed | $ 692,959,000 | |||||
Consideration: | ||||||
Common stock shares issued | 7,480,343 | |||||
Purchase price per share of the Company's common stock (in dollars per share) | $ 92.05 | |||||
Company common stock issued ($688,566) and cash exchanged for fractional shares ($88) | $ 688,654,000 | |||||
Common stock issued | 688,566,000 | |||||
Price per fractional share | 88 | |||||
Cash paid for stock options outstanding | 4,305,000 | |||||
Fair value of total consideration transferred | 692,959,000 | |||||
Noncash Merger Related Costs | 0 | |||||
Merger-related charges/costs | 11,300,000 | $ 21,000,000 | ||||
Provision for Loan and Lease Losses | 678,000 | |||||
Additional information | ||||||
Adjustment to acquired loans portfolio | 60,900,000 | |||||
Allowance for loan losses | 12,500,000 | |||||
Fair value mark on loans | $ 21,300,000 | |||||
Interest rate on core deposit intangibles (in %) | 1.66% | |||||
Goodwill write-off | $ 73,100,000 | |||||
Premium for fixed maturity time deposits | 2,950,000 | |||||
Fair value mark on fixed maturity time deposits | 253,000 | |||||
Fair value adjustment on Trust Preferred Securities | 2,400,000 | |||||
Discount on trust preferred securities | 14,000,000 | |||||
Fair value adjustments to employee benefit plans | 1,500,000 | |||||
Proforma amounts | ||||||
Total revenues (net interest income plus noninterest income), Pro Forma | 36,085,000 | |||||
Net operating income available to the common shareholder, Pro Forma | 11,072,000 | |||||
Park Sterling Corporation | As previously recorded by acquiree | ||||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||||
Cash and cash equivalents | 116,454,000 | |||||
Investment securities | 461,261,000 | |||||
Loans held for sale | 2,200,000 | |||||
Loans, net of allowance and mark | 2,346,612,000 | |||||
Premises and equipment | 61,059,000 | |||||
Intangible assets | 73,090,000 | |||||
OREO and repossessed assets | 2,549,000 | |||||
Bank owned life insurance | 72,703,000 | |||||
Deferred tax asset. | 17,963,000 | |||||
Other assets | 21,595,000 | |||||
Total assets | 3,175,486,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Noninterest-bearing | 561,874,000 | |||||
Interest-bearing | 1,886,810,000 | |||||
Total deposits | 2,448,684,000 | |||||
Other borrowings | 329,249,000 | |||||
Other liabilities | 24,179,000 | |||||
Total liabilities | 2,802,112,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | 373,374,000 | |||||
Net assets acquired over liabilities assumed | 373,374,000 | |||||
Park Sterling Corporation | Initial Fair Value Adjustments | ||||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||||
Investment securities | 1,444,000 | |||||
Loans held for sale | 68,686,000 | |||||
Loans, net of allowance and mark | (95,878,000) | |||||
Premises and equipment | (4,882,000) | |||||
Intangible assets | (46,915,000) | |||||
OREO and repossessed assets | (429,000) | |||||
Deferred tax asset. | 11,596,000 | |||||
Other assets | (476,000) | |||||
Total assets | (66,854,000) | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Interest-bearing | 2,692,000 | |||||
Total deposits | 2,692,000 | |||||
Other borrowings | 11,689,000 | |||||
Other liabilities | 2,131,000 | |||||
Total liabilities | 16,512,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | (83,366,000) | |||||
Goodwill | 402,951,000 | |||||
Net assets acquired over liabilities assumed | 319,585,000 | |||||
Park Sterling Corporation | Subsequent Fair Value Adjustments | ||||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||||
Investment securities | 219,000 | |||||
Loans, net of allowance and mark | (50,000) | |||||
Premises and equipment | (387,000) | |||||
OREO and repossessed assets | 210,000 | |||||
Deferred tax asset. | 3,000 | |||||
Total assets | (5,000) | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Net identifiable assets acquired over (under) liabilities assumed | (5,000) | |||||
Goodwill | $ 5,000 | |||||
Southeastern Bank Financial | ||||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||||
Cash and cash equivalents | $ 72,043,000 | |||||
Investment securities | 590,054,000 | |||||
Loans held for sale | 13,652,000 | |||||
Loans, net of allowance and mark | 1,049,950,000 | |||||
Premises and equipment | 24,077,000 | |||||
Intangible assets | 18,120,000 | |||||
OREO and repossessed assets | 450,000 | |||||
Bank owned life insurance | 44,513,000 | |||||
Deferred tax asset. | 16,075,000 | |||||
Other assets | 7,063,000 | |||||
Total assets | 1,835,997,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Noninterest-bearing | 262,967,000 | |||||
Interest-bearing | 1,257,953,000 | |||||
Total deposits | 1,520,920,000 | |||||
Federal funds purchased and securities sold under agreements to repurchase | 1,014,000 | |||||
Other borrowings | 109,500,000 | |||||
Other liabilities | 27,743,000 | |||||
Total liabilities | 1,659,177,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | 176,820,000 | |||||
Goodwill | 258,295,000 | |||||
Net assets acquired over liabilities assumed | $ 435,115,000 | |||||
Consideration: | ||||||
Common stock shares issued | 4,978,338 | |||||
Purchase price per share of the Company's common stock (in dollars per share) | $ 87.30 | |||||
Company common stock issued ($688,566) and cash exchanged for fractional shares ($88) | $ 434,625,000 | |||||
Common stock issued | 434,609,000 | |||||
Price per fractional share | 16,000 | |||||
Cash paid for stock options outstanding | 490,000 | |||||
Fair value of total consideration transferred | 435,115,000 | |||||
Additional information | ||||||
Adjustment to acquired loans portfolio | 30,700,000 | |||||
Allowance for loan losses | 20,100,000 | |||||
Discount on trust preferred securities | 2,100,000 | |||||
Federal Home Loan Bank, Advances, Premium | 1,000,000 | |||||
Fair value adjustments to employee benefit plans | $ 8,300,000 | |||||
Adjustment of other miscellaneous liabilities | $ 496,000 | |||||
Southeastern Bank Financial | As previously recorded by acquiree | ||||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||||
Cash and cash equivalents | 72,043,000 | |||||
Investment securities | 591,824,000 | |||||
Loans held for sale | 13,652,000 | |||||
Loans, net of allowance and mark | 1,060,618,000 | |||||
Premises and equipment | 25,419,000 | |||||
Intangible assets | 140,000 | |||||
OREO and repossessed assets | 580,000 | |||||
Bank owned life insurance | 44,513,000 | |||||
Deferred tax asset. | 16,247,000 | |||||
Other assets | 7,545,000 | |||||
Total assets | 1,832,581,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Noninterest-bearing | 262,967,000 | |||||
Interest-bearing | 1,257,953,000 | |||||
Total deposits | 1,520,920,000 | |||||
Federal funds purchased and securities sold under agreements to repurchase | 1,014,000 | |||||
Other borrowings | 110,620,000 | |||||
Other liabilities | 19,980,000 | |||||
Total liabilities | 1,652,534,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | 180,047,000 | |||||
Net assets acquired over liabilities assumed | 180,047,000 | |||||
Southeastern Bank Financial | Initial Fair Value Adjustments | ||||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||||
Investment securities | (1,770,000) | |||||
Loans, net of allowance and mark | (10,668,000) | |||||
Premises and equipment | (2,212,000) | |||||
Intangible assets | 17,980,000 | |||||
OREO and repossessed assets | (30,000) | |||||
Deferred tax asset. | (687,000) | |||||
Other assets | (482,000) | |||||
Total assets | 2,131,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Other borrowings | (1,120,000) | |||||
Other liabilities | 5,553,000 | |||||
Total liabilities | 4,433,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | (2,302,000) | |||||
Goodwill | 257,370,000 | |||||
Net assets acquired over liabilities assumed | 255,068,000 | |||||
Southeastern Bank Financial | Subsequent Fair Value Adjustments | ||||||
Business Combination Recognized Identifiable Assets Acquired [Abstract] | ||||||
Premises and equipment | 870,000 | |||||
OREO and repossessed assets | (100,000) | |||||
Deferred tax asset. | 515,000 | |||||
Total assets | 1,285,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||
Other liabilities | 2,210,000 | |||||
Total liabilities | 2,210,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | (925,000) | |||||
Goodwill | $ 925,000 |
Investment Securities - Amortiz
Investment Securities - Amortized cost and fair value for held to maturity securities - (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Investment securities held to maturity | |||
Amortized Cost | $ 1,274 | $ 2,529 | $ 6,095 |
Fair Value | 1,284 | 2,556 | 6,217 |
State and municipal obligations | |||
Investment securities held to maturity | |||
Amortized Cost | 1,274 | 2,529 | 6,095 |
Gross Unrealized Gains | 10 | 27 | 122 |
Fair Value | $ 1,284 | $ 2,556 | $ 6,217 |
Investment Securities - Amort50
Investment Securities - Amortized cost and fair value for available for sale securities - (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Investment securities available for sale | |||
Amortized cost | $ 1,669,833 | $ 1,655,107 | $ 1,377,433 |
Gross Unrealized Gains | 2,480 | 5,903 | 9,927 |
Gross Unrealized Losses | (31,476) | (12,817) | (7,572) |
Fair Value | 1,640,837 | 1,648,193 | 1,379,788 |
Government-sponsored entities debt | |||
Investment securities available for sale | |||
Amortized cost | 91,483 | 86,535 | 93,995 |
Gross Unrealized Gains | 51 | 25 | |
Gross Unrealized Losses | (1,737) | (1,077) | (721) |
Fair Value | 89,746 | 85,509 | 93,299 |
State and municipal obligations | |||
Investment securities available for sale | |||
Amortized cost | 224,994 | 216,812 | 196,241 |
Gross Unrealized Gains | 2,232 | 3,749 | 4,183 |
Gross Unrealized Losses | (1,540) | (124) | (140) |
Fair Value | 225,686 | 220,437 | 200,284 |
Mortgage-backed securities. issued by Government sponsored entities | |||
Investment securities available for sale | |||
Amortized cost | 1,353,356 | 1,350,200 | 1,084,764 |
Gross Unrealized Gains | 248 | 2,103 | 5,095 |
Gross Unrealized Losses | (28,199) | (11,616) | (6,420) |
Fair Value | 1,325,405 | 1,340,687 | 1,083,439 |
Corporate securities | |||
Investment securities available for sale | |||
Amortized cost | 1,560 | 2,433 | |
Gross Unrealized Gains | 624 | ||
Gross Unrealized Losses | (291) | ||
Fair Value | 1,560 | 2,766 | |
Mortgage-backed securities issued by private label holdings | |||
Investment securities available for sale | |||
Fair Value | $ 0 | $ 0 | $ 0 |
Investment Securities - Amort51
Investment Securities - Amortized cost and fair value of other investment securities - (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Available for Sale Securities | |||
Amortized Cost | $ 23,479 | $ 23,047 | $ 14,726 |
Fair Value | 23,479 | 23,047 | 14,726 |
Amortized Cost | |||
Due in one year or less | 1,173 | ||
Due after one year through five years | 122,525 | ||
Due after five years through ten years | 374,833 | ||
Due after ten years | 1,171,302 | ||
Fair Value | 1,669,833 | 1,655,107 | 1,377,433 |
Fair Value | |||
Due in one year or less | 1,175 | ||
Due after one year through five years | 121,675 | ||
Due after five years through ten years | 369,402 | ||
Due after ten years | 1,148,585 | ||
Fair Value | 1,640,837 | 1,648,193 | 1,379,788 |
Amortized Cost | |||
Due after five years through ten years | 1,274 | ||
Total | 1,274 | 2,529 | 6,095 |
Fair Value | |||
Due after five years through ten years | 1,284 | ||
Fair Value | 1,284 | 2,556 | 6,217 |
Federal Home Loan Bank stock | |||
Available for Sale Securities | |||
Amortized Cost | 17,399 | 16,967 | 11,239 |
Fair Value | 17,399 | 16,967 | 11,239 |
Investment in unconsolidated subsidiaries | |||
Available for Sale Securities | |||
Amortized Cost | 3,563 | 3,563 | 2,262 |
Fair Value | 3,563 | 3,563 | 2,262 |
Other nonmarketable investment securities | |||
Available for Sale Securities | |||
Amortized Cost | 2,517 | 2,517 | 1,225 |
Fair Value | $ 2,517 | $ 2,517 | $ 1,225 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | $ 19,471 | $ 5,020 | $ 7,210 |
Twelve Months or More | 12,005 | 7,797 | 362 |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 1,042,754 | 654,893 | 700,546 |
Twelve Months or More | 360,489 | 374,582 | 3,391 |
Government-sponsored entities debt | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 918 | 403 | 721 |
Twelve Months or More | 819 | 674 | |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 34,712 | 27,442 | 87,609 |
Twelve Months or More | 55,034 | 52,324 | |
State and municipal obligations | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 1,523 | 124 | 140 |
Twelve Months or More | 17 | ||
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 69,118 | 17,400 | 10,984 |
Twelve Months or More | 724 | ||
Mortgage-backed securities. issued by Government sponsored entities | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 17,030 | 4,493 | 6,349 |
Twelve Months or More | 11,169 | 7,123 | 71 |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 938,924 | 610,051 | 601,953 |
Twelve Months or More | $ 304,731 | $ 322,258 | 1,940 |
Corporate securities | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Twelve Months or More | 291 | ||
Securities Available for Sale, Fair Value | |||
Twelve Months or More | $ 1,451 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses - (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Loans and Allowance for Loan Losses | ||||
Loans, net | $ 10,589,521 | $ 10,575,417 | $ 7,868,840 | |
Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,762,512 | 6,492,155 | 5,564,307 | |
Less allowance for non-acquired loan losses | (45,203) | (43,448) | (38,449) | $ (36,960) |
Loans, net | 6,717,309 | 6,448,707 | 5,525,858 | |
Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 601,358 | 623,430 | 631,896 | |
Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 3,274,938 | 3,507,907 | 1,715,642 | |
Acquired non-credit impaired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 238,612 | |||
Residential real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 248,766 | 260,787 | 266,484 | |
Commercial non-owner occupied real estate | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,922,065 | 1,839,768 | 1,450,542 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 871,141 | 830,875 | 646,544 | |
Less allowance for non-acquired loan losses | (5,847) | (5,921) | (4,649) | (4,091) |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,050,924 | 1,008,893 | 803,998 | |
Less allowance for non-acquired loan losses | (6,798) | (6,525) | (5,464) | (4,980) |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 46,219 | 49,649 | 57,343 | |
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 | 233,277 | 234,595 | 223,156 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 349,532 | 403,357 | ||
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 783,466 | 817,166 | 217,850 | |
Commercial owner occupied real estate loan | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,296,738 | 1,262,776 | 1,200,004 | |
Less allowance for non-acquired loan losses | (8,346) | (8,128) | (7,894) | (8,022) |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 498,541 | 521,818 | ||
Consumer real estate | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,061,083 | 1,967,902 | 1,649,456 | |
Consumer real estate | Non-acquired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 448,582 | 437,642 | 396,806 | |
Less allowance for non-acquired loan losses | (3,237) | (3,250) | (3,456) | (3,211) |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,612,501 | 1,530,260 | 1,252,650 | |
Less allowance for non-acquired loan losses | (10,193) | (9,668) | (8,108) | (7,820) |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 295,721 | 320,591 | 186,411 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 683,614 | 710,611 | 550,578 | |
Commercial and industrial | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 872,363 | 815,187 | 725,974 | |
Less allowance for non-acquired loan losses | (6,333) | (5,488) | (5,124) | (4,842) |
Commercial and industrial | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 24,295 | 26,946 | 26,225 | |
Commercial and industrial | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 344,171 | 398,696 | 136,309 | |
Commercial and industrial | Acquired non-credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 141,897 | |||
Commercial and industrial | Acquired non-credit impaired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 136,309 | |||
Other income producing property | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 198,684 | 193,847 | 182,416 | |
Less allowance for non-acquired loan losses | (1,393) | (1,375) | (1,345) | (1,542) |
Other income producing property | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 186,091 | 196,669 | 92,044 | |
Consumer | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 390,784 | 378,985 | 340,292 | |
Less allowance for non-acquired loan losses | (2,899) | (2,788) | (2,443) | (2,350) |
Consumer | Non-acquired loans | Consumer | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 390,784 | 378,985 | 340,292 | |
Consumer | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 48,801 | 51,453 | 58,688 | |
Consumer | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 133,802 | 137,710 | 151,941 | |
Commercial | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 4,289,850 | 4,111,578 | 3,558,936 | |
Commercial | Acquired non-credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 349,532 | 141,897 | ||
Commercial | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 498,541 | 238,612 | ||
Other loans | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 20,795 | 33,690 | 15,623 | |
Less allowance for non-acquired loan losses | $ (157) | (305) | $ 34 | $ (102) |
Other loans | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | $ 1,289 |
Loans and Allowance for Loan 54
Loans and Allowance for Loan Losses - Summary of acquired non credit impaired loans - (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | $ 601,358 | $ 623,430 | $ 631,896 | |
Less allowance for loan losses | (4,084) | (4,627) | (4,556) | $ (3,395) |
Acquired loans, net | 597,274 | 618,803 | 627,340 | 602,546 |
Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 3,274,938 | 3,507,907 | 1,715,642 | |
Acquired credit impaired loans accounted under FASB 310 30 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 601,358 | 623,430 | 631,896 | |
Less allowance for loan losses | (4,084) | (4,627) | (4,556) | |
Acquired loans, net | 597,274 | 618,803 | 627,340 | |
Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Unamortized Discounts | 55,300 | 65,200 | 26,300 | |
Carrying value | 3,274,938 | 3,507,907 | 1,715,642 | |
Residential real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 248,766 | 260,787 | 266,484 | |
Less allowance for loan losses | (2,509) | (3,553) | (3,108) | (2,419) |
Residential real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 248,766 | 260,787 | 266,484 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 1,132,998 | 1,220,523 | 359,747 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 498,541 | 521,818 | 238,612 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 498,541 | 521,818 | 238,612 | |
Consumer real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 48,801 | 58,688 | ||
Less allowance for loan losses | (594) | (461) | (589) | (558) |
Consumer real estate | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 979,335 | 1,031,202 | 736,989 | |
Consumer real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 48,801 | 51,453 | 58,688 | |
Consumer real estate | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 1,113,137 | 1,170,201 | 888,930 | |
Commercial and industrial | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 24,295 | 26,946 | 26,225 | |
Less allowance for loan losses | (505) | (145) | (395) | (238) |
Commercial and industrial | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 344,171 | 398,696 | 136,309 | |
Commercial and industrial | Acquired credit impaired loans accounted under FASB 310 30 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 24,295 | 26,946 | 26,225 | |
Commercial and industrial | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 344,171 | 398,696 | 136,309 | |
Other income producing property | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 186,091 | 196,669 | 92,044 | |
Other income producing property | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 186,091 | 196,669 | 92,044 | |
Consumer | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 48,801 | 51,453 | 58,688 | |
Consumer | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 133,802 | 137,710 | 151,941 | |
Commercial | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 2,161,801 | 2,337,706 | 826,712 | |
Other loans | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 1,289 | |||
Other loans | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 1,289 | |||
Construction and land development | Commercial non-owner occupied real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 46,219 | 49,649 | 57,343 | |
Less allowance for loan losses | (215) | (180) | (130) | (139) |
Construction and land development | Commercial non-owner occupied real estate | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 349,532 | 403,357 | 141,897 | |
Construction and land development | Commercial non-owner occupied real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 46,219 | 49,649 | 57,343 | |
Construction and land development | Commercial non-owner occupied real estate | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 349,532 | 403,357 | 141,897 | |
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 | 233,277 | 234,595 | 223,156 | |
Less allowance for loan losses | (261) | (288) | (334) | $ (41) |
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 783,466 | 817,166 | 217,850 | |
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 233,277 | 234,595 | 223,156 | |
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 | 783,466 | 817,166 | 217,850 | |
Home equity loans | Consumer real estate | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 295,721 | 320,591 | 186,411 | |
Home equity loans | Consumer real estate | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 295,721 | 320,591 | 186,411 | |
Consumer | Consumer real estate | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 133,802 | 137,710 | 151,941 | |
Consumer Owner Occupied Loans | Consumer real estate | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | 683,614 | 710,611 | 550,578 | |
Consumer Owner Occupied Loans | Consumer real estate | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Carrying value | $ 683,614 | $ 710,611 | $ 550,578 |
Loans and Allowance for Loan 55
Loans and Allowance for Loan Losses - Table of loan payment estimates - (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | Jan. 03, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
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 | $ 765,057 | $ 795,850 | $ 812,892 | |||
Non-accretable difference | (33,841) | (39,324) | (31,273) | |||
Cash flows expected to be collected | 731,216 | 756,526 | 781,619 | |||
Accretable Yield | (129,858) | (133,096) | (149,723) | |||
Carrying value | 601,358 | 623,430 | 631,896 | |||
Allowance for loan losses on acquired loans | (4,084) | (4,627) | (4,556) | $ (3,395) | ||
Acquired credit impaired loans | Park Sterling Corporation | ||||||
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 | $ 92,600 | |||||
Non-accretable difference | (12,840) | |||||
Cash flows expected to be collected | 79,760 | |||||
Accretable difference | (8,829) | |||||
Carrying value | 70,931 | |||||
Acquired credit impaired loans | Southeastern Bank Financial | ||||||
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 | |||||
Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 3,274,938 | 3,507,907 | 1,715,642 | |||
Acquired non-credit impaired loans accounted under FASB 310 20 | Park Sterling Corporation | ||||||
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 | 2,200,000 | |||||
After fair value adjustment | 2,300,000 | |||||
Fair value adjustment | $ 50,100 | |||||
Acquired credit impaired loans accounted under FASB 310 30 | ||||||
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 | 601,358 | 623,430 | 631,896 | |||
Allowance for loan losses on acquired loans | (4,084) | (4,627) | (4,556) | |||
Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | Southeastern Bank Financial | ||||||
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 | 3,274,938 | 3,507,907 | 1,715,642 | |||
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 | 248,766 | 260,787 | 266,484 | |||
Allowance for loan losses on acquired loans | (2,509) | (3,553) | (3,108) | (2,419) | ||
Residential real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||||
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 | 248,766 | 260,787 | 266,484 | |||
Commercial non-owner occupied real estate | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 1,132,998 | 1,220,523 | 359,747 | |||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 498,541 | 521,818 | 238,612 | |||
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 | 498,541 | 521,818 | 238,612 | |||
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 | 48,801 | 58,688 | ||||
Allowance for loan losses on acquired loans | (594) | (461) | (589) | (558) | ||
Consumer real estate | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 979,335 | 1,031,202 | 736,989 | |||
Consumer real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||||
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 | 48,801 | 51,453 | 58,688 | |||
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 | 1,113,137 | 1,170,201 | 888,930 | |||
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 | 24,295 | 26,946 | 26,225 | |||
Allowance for loan losses on acquired loans | (505) | (145) | (395) | (238) | ||
Commercial and industrial | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 344,171 | 398,696 | 136,309 | |||
Commercial and industrial | Acquired credit impaired loans accounted under FASB 310 30 | ||||||
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 | 24,295 | 26,946 | 26,225 | |||
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 | 344,171 | 398,696 | 136,309 | |||
Other income producing property | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 186,091 | 196,669 | 92,044 | |||
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 | 186,091 | 196,669 | 92,044 | |||
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 | 48,801 | 51,453 | 58,688 | |||
Consumer | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 133,802 | 137,710 | 151,941 | |||
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 | 2,161,801 | 2,337,706 | 826,712 | |||
Other loans | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 1,289 | |||||
Other loans | 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 | 1,289 | |||||
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 | 46,219 | 49,649 | 57,343 | |||
Allowance for loan losses on acquired loans | (215) | (180) | (130) | (139) | ||
Construction and land development | Commercial non-owner occupied real estate | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 349,532 | 403,357 | 141,897 | |||
Construction and land development | Commercial non-owner occupied real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||||
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 | 46,219 | 49,649 | 57,343 | |||
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 | 349,532 | 403,357 | 141,897 | |||
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 | 233,277 | 234,595 | 223,156 | |||
Allowance for loan losses on acquired loans | (261) | (288) | (334) | $ (41) | ||
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 783,466 | 817,166 | 217,850 | |||
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||||
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 | 233,277 | 234,595 | 223,156 | |||
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 | 783,466 | 817,166 | 217,850 | |||
Home equity loans | Consumer real estate | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 295,721 | 320,591 | 186,411 | |||
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 | 295,721 | 320,591 | 186,411 | |||
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 | 133,802 | 137,710 | 151,941 | |||
Consumer Owner Occupied Loans | Consumer real estate | Acquired non-credit impaired loans accounted under FASB 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 | ||||||
Carrying value | 683,614 | 710,611 | 550,578 | |||
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 | $ 683,614 | $ 710,611 | $ 550,578 |
Loans and Allowance for Loan 56
Loans and Allowance for Loan Losses - Changes in the carrying value of acquired credit impaired loans - (Details) | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2015USD ($) | |
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | |||
Percentage of loss adjustment based on most current collateral value | 90 | ||
Maximum | |||
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | |||
Threshold limit of loans for risk assessment by loan officers | $ 500,000 | ||
Minimum | |||
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | |||
Threshold limit of loans for risk assessment by loan officers | $ 100,000 | ||
Acquired credit impaired loans | |||
Changes in the carrying value of acquired loans at the acquisition date | |||
Balance at the beginning of the period | $ 618,803,000 | $ 602,546,000 | |
Fair value of acquired loans | 55,850,000 | ||
Net reductions for payments, foreclosures, and accretion | (22,072,000) | (29,895,000) | |
Change in the allowance for loan losses on acquired loans | 543,000 | (1,161,000) | |
Balance at the end of the period | 597,274,000 | 627,340,000 | |
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | |||
Balance at beginning of period | 133,096,000 | 155,379,000 | |
Accretion | (12,366,000) | (15,214,000) | |
Reclass of nonaccretable difference due to improvement in expected cash flows | 9,204,000 | 5,062,000 | |
Other changes, net | (76,000) | (107,000) | |
Balance at end of period | 129,858,000 | 149,723,000 | |
Decline in accretable yield balance | 3,200,000 | ||
Improved expected cash flows | $ 9,200,000 | ||
Acquired credit impaired loans | Southeastern Bank Financial | |||
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | |||
Addition from acquisition | $ 4,603,000 |
Loans and Allowance for Loan 57
Loans and Allowance for Loan Losses - Aggregated analysis of the changes in allowance for loan losses - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in allowance for loan losses | ||
Balance at beginning of period | $ 48,075 | $ 40,355 |
Loans charged-off | (1,503) | (1,686) |
Recoveries of loans previously charged off | 967 | 732 |
Net charge-offs | (536) | (954) |
Provision for loan losses charged to operations | 2,454 | 3,707 |
Reduction due to loan removals | (706) | (103) |
Balance at end of period | 49,287 | 43,005 |
Non-acquired loans | ||
Changes in allowance for loan losses | ||
Balance at beginning of period | 43,448 | 36,960 |
Loans charged-off | (1,169) | (1,297) |
Recoveries of loans previously charged off | 802 | 669 |
Net charge-offs | (367) | (628) |
Provision for loan losses charged to operations | 2,122 | 2,117 |
Balance at end of period | 45,203 | 38,449 |
Acquired non-credit impaired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (334) | (389) |
Recoveries of loans previously charged off | 165 | 63 |
Net charge-offs | (169) | (326) |
Provision for loan losses charged to operations | 169 | 326 |
Acquired credit impaired loans | ||
Changes in allowance for loan losses | ||
Balance at beginning of period | 4,627 | 3,395 |
Provision for loan losses charged to operations | 163 | 1,264 |
Reduction due to loan removals | (706) | (103) |
Balance at end of period | 4,084 | 4,556 |
Residential real estate | Acquired credit impaired loans | ||
Changes in allowance for loan losses | ||
Reduction due to loan removals | (100) | (63) |
Commercial owner occupied real estate loan | Non-acquired loans | ||
Changes in allowance for loan losses | ||
Recoveries of loans previously charged off | 8 | 7 |
Provision for loan losses charged to operations | 210 | (135) |
Consumer real estate | Acquired credit impaired loans | ||
Changes in allowance for loan losses | ||
Reduction due to loan removals | (6) | |
Commercial and industrial | Non-acquired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (85) | (22) |
Recoveries of loans previously charged off | 15 | 90 |
Provision for loan losses charged to operations | 915 | 214 |
Commercial and industrial | Acquired non-credit impaired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (43) | (2) |
Recoveries of loans previously charged off | 53 | 1 |
Provision for loan losses charged to operations | (10) | 1 |
Commercial and industrial | Acquired credit impaired loans | ||
Changes in allowance for loan losses | ||
Reduction due to loan removals | (540) | (30) |
Other income producing property | Non-acquired loans | ||
Changes in allowance for loan losses | ||
Recoveries of loans previously charged off | 8 | 43 |
Provision for loan losses charged to operations | 10 | (240) |
Other income producing property | Acquired non-credit impaired loans | ||
Changes in allowance for loan losses | ||
Recoveries of loans previously charged off | 1 | |
Provision for loan losses charged to operations | (1) | |
Consumer | Non-acquired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (979) | (713) |
Recoveries of loans previously charged off | 203 | 211 |
Provision for loan losses charged to operations | 887 | 595 |
Consumer | Acquired non-credit impaired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (138) | (74) |
Recoveries of loans previously charged off | 3 | 12 |
Provision for loan losses charged to operations | 135 | 62 |
Other loans | Non-acquired loans | ||
Changes in allowance for loan losses | ||
Provision for loan losses charged to operations | (148) | (136) |
Construction and land development | Commercial non-owner occupied real estate | Non-acquired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (35) | (405) |
Recoveries of loans previously charged off | 442 | 154 |
Provision for loan losses charged to operations | (481) | 809 |
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 | (53) | (6) |
Construction and land development | Commercial | Acquired non-credit impaired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (1) | |
Recoveries of loans previously charged off | 1 | 1 |
Provision for loan losses charged to operations | (1) | |
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 | 2 | 41 |
Provision for loan losses charged to operations | 271 | 443 |
Other commercial non-owner occupied real estate | Commercial non-owner occupied real estate | Acquired credit impaired loans | ||
Changes in allowance for loan losses | ||
Reduction due to loan removals | (13) | 2 |
Home equity loans | Consumer real estate | Non-acquired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (66) | (34) |
Recoveries of loans previously charged off | 101 | 74 |
Provision for loan losses charged to operations | (48) | 205 |
Home equity loans | Consumer real estate | Acquired non-credit impaired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (82) | |
Recoveries of loans previously charged off | 51 | 9 |
Provision for loan losses charged to operations | 31 | (9) |
Consumer Owner Occupied Loans | Consumer real estate | Non-acquired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (4) | (123) |
Recoveries of loans previously charged off | 23 | 49 |
Provision for loan losses charged to operations | 506 | 362 |
Consumer Owner Occupied Loans | Consumer real estate | Acquired non-credit impaired loans | ||
Changes in allowance for loan losses | ||
Loans charged-off | (313) | |
Recoveries of loans previously charged off | 57 | 39 |
Provision for loan losses charged to operations | $ 13 | $ 274 |
Loans and Allowance for Loan 58
Loans and Allowance for Loan Losses - Disaggregated analysis of activity in for allowances for non acquired loans - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Allowance for loan losses: | |||
Charge-offs | $ (1,503) | $ (1,686) | |
Recoveries | 967 | 732 | |
Provision (benefit) | 2,454 | 3,707 | |
Non-acquired loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 43,448 | 36,960 | |
Charge-offs | (1,169) | (1,297) | |
Recoveries | 802 | 669 | |
Provision (benefit) | 2,122 | 2,117 | |
Balance at end of period | 45,203 | 38,449 | |
Loans individually evaluated for impairment | 1,712 | 1,658 | |
Loans collectively evaluated for impairment | 43,491 | 36,791 | |
Loans: | |||
Loans individually evaluated for impairment | 66,696 | 27,323 | |
Loans collectively evaluated for impairment | 6,695,816 | 5,536,984 | |
Total loans | 6,762,512 | 5,564,307 | $ 6,492,155 |
Acquired non-credit impaired loans | |||
Allowance for loan losses: | |||
Charge-offs | (334) | (389) | |
Recoveries | 165 | 63 | |
Provision (benefit) | 169 | 326 | |
Loans: | |||
Loans collectively evaluated for impairment | 3,274,938 | 1,715,642 | |
Total loans | 3,274,938 | 1,715,642 | 3,507,907 |
Acquired non-credit impaired loans | Consumer Owner Occupied Loans | |||
Loans: | |||
Total loans | 238,612 | ||
Commercial non-owner occupied real estate | Non-acquired loans | |||
Loans: | |||
Total loans | 1,922,065 | 1,450,542 | 1,839,768 |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | |||
Allowance for loan losses: | |||
Balance at beginning of period | 5,921 | 4,091 | |
Charge-offs | (35) | (405) | |
Recoveries | 442 | 154 | |
Provision (benefit) | (481) | 809 | |
Balance at end of period | 5,847 | 4,649 | |
Loans individually evaluated for impairment | 767 | 459 | |
Loans collectively evaluated for impairment | 5,080 | 4,190 | |
Loans: | |||
Loans individually evaluated for impairment | 46,198 | 9,286 | |
Loans collectively evaluated for impairment | 824,943 | 637,258 | |
Total loans | 871,141 | 646,544 | 830,875 |
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 | 6,525 | 4,980 | |
Recoveries | 2 | 41 | |
Provision (benefit) | 271 | 443 | |
Balance at end of period | 6,798 | 5,464 | |
Loans individually evaluated for impairment | 110 | 158 | |
Loans collectively evaluated for impairment | 6,688 | 5,306 | |
Loans: | |||
Loans individually evaluated for impairment | 1,181 | 775 | |
Loans collectively evaluated for impairment | 1,049,743 | 803,223 | |
Total loans | 1,050,924 | 803,998 | 1,008,893 |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | |||
Loans: | |||
Total loans | 349,532 | 403,357 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | |||
Loans: | |||
Loans collectively evaluated for impairment | 783,466 | 217,850 | |
Total loans | 783,466 | 217,850 | 817,166 |
Commercial owner occupied real estate loan | Non-acquired loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 8,128 | 8,022 | |
Recoveries | 8 | 7 | |
Provision (benefit) | 210 | (135) | |
Balance at end of period | 8,346 | 7,894 | |
Loans individually evaluated for impairment | 63 | 60 | |
Loans collectively evaluated for impairment | 8,283 | 7,834 | |
Loans: | |||
Loans individually evaluated for impairment | 5,578 | 6,251 | |
Loans collectively evaluated for impairment | 1,291,160 | 1,193,753 | |
Total loans | 1,296,738 | 1,200,004 | 1,262,776 |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | |||
Loans: | |||
Total loans | 498,541 | 521,818 | |
Consumer real estate | Non-acquired loans | |||
Loans: | |||
Total loans | 2,061,083 | 1,649,456 | 1,967,902 |
Consumer real estate | Non-acquired loans | Home equity loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 3,250 | 3,211 | |
Charge-offs | (66) | (34) | |
Recoveries | 101 | 74 | |
Provision (benefit) | (48) | 205 | |
Balance at end of period | 3,237 | 3,456 | |
Loans individually evaluated for impairment | 73 | 297 | |
Loans collectively evaluated for impairment | 3,164 | 3,159 | |
Loans: | |||
Loans individually evaluated for impairment | 3,168 | 2,432 | |
Loans collectively evaluated for impairment | 445,414 | 394,374 | |
Total loans | 448,582 | 396,806 | 437,642 |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 9,668 | 7,820 | |
Charge-offs | (4) | (123) | |
Recoveries | 23 | 49 | |
Provision (benefit) | 506 | 362 | |
Balance at end of period | 10,193 | 8,108 | |
Loans individually evaluated for impairment | 35 | 68 | |
Loans collectively evaluated for impairment | 10,158 | 8,040 | |
Loans: | |||
Loans individually evaluated for impairment | 5,493 | 4,712 | |
Loans collectively evaluated for impairment | 1,607,008 | 1,247,938 | |
Total loans | 1,612,501 | 1,252,650 | 1,530,260 |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | |||
Allowance for loan losses: | |||
Charge-offs | (82) | ||
Recoveries | 51 | 9 | |
Provision (benefit) | 31 | (9) | |
Loans: | |||
Loans collectively evaluated for impairment | 295,721 | 186,411 | |
Total loans | 295,721 | 186,411 | 320,591 |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | |||
Allowance for loan losses: | |||
Charge-offs | (313) | ||
Charge-offs (added back) | (70) | ||
Recoveries | 57 | 39 | |
Provision (benefit) | 13 | 274 | |
Loans: | |||
Loans collectively evaluated for impairment | 683,614 | 550,578 | |
Total loans | 683,614 | 550,578 | 710,611 |
Commercial and industrial | Non-acquired loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 5,488 | 4,842 | |
Charge-offs | (85) | (22) | |
Recoveries | 15 | 90 | |
Provision (benefit) | 915 | 214 | |
Balance at end of period | 6,333 | 5,124 | |
Loans individually evaluated for impairment | 489 | 387 | |
Loans collectively evaluated for impairment | 5,844 | 4,737 | |
Loans: | |||
Loans individually evaluated for impairment | 1,677 | 1,270 | |
Loans collectively evaluated for impairment | 870,686 | 724,704 | |
Total loans | 872,363 | 725,974 | 815,187 |
Commercial and industrial | Acquired non-credit impaired loans | |||
Allowance for loan losses: | |||
Charge-offs | (43) | (2) | |
Recoveries | 53 | 1 | |
Provision (benefit) | (10) | 1 | |
Loans: | |||
Loans collectively evaluated for impairment | 344,171 | 136,309 | |
Total loans | 344,171 | 136,309 | 398,696 |
Commercial and industrial | Acquired non-credit impaired loans | Construction and land development | |||
Loans: | |||
Total loans | 141,897 | ||
Commercial and industrial | Acquired non-credit impaired loans | Home equity loans | |||
Loans: | |||
Total loans | 136,309 | ||
Other income producing property | Non-acquired loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 1,375 | 1,542 | |
Recoveries | 8 | 43 | |
Provision (benefit) | 10 | (240) | |
Balance at end of period | 1,393 | 1,345 | |
Loans individually evaluated for impairment | 166 | 224 | |
Loans collectively evaluated for impairment | 1,227 | 1,121 | |
Loans: | |||
Loans individually evaluated for impairment | 3,086 | 2,408 | |
Loans collectively evaluated for impairment | 195,598 | 180,008 | |
Total loans | 198,684 | 182,416 | 193,847 |
Other income producing property | Acquired non-credit impaired loans | |||
Allowance for loan losses: | |||
Recoveries | 1 | ||
Provision (benefit) | (1) | ||
Loans: | |||
Loans collectively evaluated for impairment | 186,091 | 92,044 | |
Total loans | 186,091 | 92,044 | 196,669 |
Consumer | Non-acquired loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 2,788 | 2,350 | |
Charge-offs | (979) | (713) | |
Recoveries | 203 | 211 | |
Provision (benefit) | 887 | 595 | |
Balance at end of period | 2,899 | 2,443 | |
Loans individually evaluated for impairment | 9 | 5 | |
Loans collectively evaluated for impairment | 2,890 | 2,438 | |
Loans: | |||
Loans individually evaluated for impairment | 315 | 189 | |
Loans collectively evaluated for impairment | 390,469 | 340,103 | |
Total loans | 390,784 | 340,292 | 378,985 |
Consumer | Non-acquired loans | Consumer | |||
Loans: | |||
Total loans | 390,784 | 340,292 | 378,985 |
Consumer | Acquired non-credit impaired loans | |||
Allowance for loan losses: | |||
Charge-offs | (138) | (74) | |
Recoveries | 3 | 12 | |
Provision (benefit) | 135 | 62 | |
Loans: | |||
Loans collectively evaluated for impairment | 133,802 | 151,941 | |
Total loans | 133,802 | 151,941 | 137,710 |
Commercial | Non-acquired loans | |||
Loans: | |||
Total loans | 4,289,850 | 3,558,936 | 4,111,578 |
Commercial | Acquired non-credit impaired loans | Construction and land development | |||
Allowance for loan losses: | |||
Charge-offs | (1) | ||
Recoveries | 1 | 1 | |
Provision (benefit) | (1) | ||
Loans: | |||
Loans collectively evaluated for impairment | 349,532 | 141,897 | |
Total loans | 349,532 | 141,897 | |
Commercial | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | |||
Loans: | |||
Loans collectively evaluated for impairment | 498,541 | 238,612 | |
Total loans | 498,541 | 238,612 | |
Other loans | Non-acquired loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 305 | 102 | |
Provision (benefit) | (148) | (136) | |
Balance at end of period | 157 | (34) | |
Loans collectively evaluated for impairment | 157 | (34) | |
Loans: | |||
Loans collectively evaluated for impairment | 20,795 | 15,623 | |
Total loans | $ 20,795 | $ 15,623 | 33,690 |
Other loans | Acquired non-credit impaired loans | |||
Loans: | |||
Total loans | $ 1,289 |
Loans and Allowance for Loan 59
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 | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Allowance for loan losses: | |||
Reduction due to loan removals | $ (706) | $ (103) | |
Non-acquired loans | |||
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 1,712 | 1,658 | |
Loans collectively evaluated for impairment | 43,491 | 36,791 | |
Loans: | |||
Loans individually evaluated for impairment | 66,696 | 27,323 | |
Loans collectively evaluated for impairment | 6,695,816 | 5,536,984 | |
Acquired credit impaired loans | |||
Allowance for loan losses: | |||
Balance at the beginning of the period | 4,627 | 3,395 | |
Provision (benefit) for loan losses | 163 | 1,264 | |
Reduction due to loan removals | (706) | (103) | |
Balance at the end of the period | 4,084 | 4,556 | |
Loans collectively evaluated for impairment | 4,084 | 4,556 | |
Loans: | |||
Loans collectively evaluated for impairment | 601,358 | 631,896 | |
Carrying value | 601,358 | 631,896 | $ 623,430 |
Residential real estate | Acquired credit impaired loans | |||
Allowance for loan losses: | |||
Balance at the beginning of the period | 3,553 | 2,419 | |
Provision (benefit) for loan losses | (944) | 752 | |
Reduction due to loan removals | (100) | (63) | |
Balance at the end of the period | 2,509 | 3,108 | |
Loans collectively evaluated for impairment | 2,509 | 3,108 | |
Loans: | |||
Loans collectively evaluated for impairment | 248,766 | 266,484 | |
Carrying value | 248,766 | 266,484 | 260,787 |
Commercial non-owner occupied real estate | Construction and land development | Non-acquired loans | |||
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 767 | 459 | |
Loans collectively evaluated for impairment | 5,080 | 4,190 | |
Loans: | |||
Loans individually evaluated for impairment | 46,198 | 9,286 | |
Loans collectively evaluated for impairment | 824,943 | 637,258 | |
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 | 180 | 139 | |
Provision (benefit) for loan losses | 88 | (3) | |
Reduction due to loan removals | (53) | (6) | |
Balance at the end of the period | 215 | 130 | |
Loans collectively evaluated for impairment | 215 | 130 | |
Loans: | |||
Loans collectively evaluated for impairment | 46,219 | 57,343 | |
Carrying value | 46,219 | 57,343 | 49,649 |
Commercial non-owner occupied real estate | Other commercial non-owner occupied real estate | Non-acquired loans | |||
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 110 | 158 | |
Loans collectively evaluated for impairment | 6,688 | 5,306 | |
Loans: | |||
Loans individually evaluated for impairment | 1,181 | 775 | |
Loans collectively evaluated for impairment | 1,049,743 | 803,223 | |
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 | 288 | 41 | |
Provision (benefit) for loan losses | (14) | 291 | |
Reduction due to loan removals | (13) | 2 | |
Balance at the end of the period | 261 | 334 | |
Loans collectively evaluated for impairment | 261 | 334 | |
Loans: | |||
Loans collectively evaluated for impairment | 233,277 | 223,156 | |
Carrying value | 233,277 | 223,156 | 234,595 |
Consumer real estate | Acquired credit impaired loans | |||
Allowance for loan losses: | |||
Balance at the beginning of the period | 461 | 558 | |
Provision (benefit) for loan losses | 133 | 37 | |
Reduction due to loan removals | (6) | ||
Balance at the end of the period | 594 | 589 | |
Loans collectively evaluated for impairment | 594 | 589 | |
Loans: | |||
Loans collectively evaluated for impairment | 48,801 | 58,688 | |
Carrying value | 48,801 | 58,688 | |
Consumer real estate | Home equity loans | Non-acquired loans | |||
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 73 | 297 | |
Loans collectively evaluated for impairment | 3,164 | 3,159 | |
Loans: | |||
Loans individually evaluated for impairment | 3,168 | 2,432 | |
Loans collectively evaluated for impairment | 445,414 | 394,374 | |
Commercial and industrial | Non-acquired loans | |||
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 489 | 387 | |
Loans collectively evaluated for impairment | 5,844 | 4,737 | |
Loans: | |||
Loans individually evaluated for impairment | 1,677 | 1,270 | |
Loans collectively evaluated for impairment | 870,686 | 724,704 | |
Commercial and industrial | Acquired credit impaired loans | |||
Allowance for loan losses: | |||
Balance at the beginning of the period | 145 | 238 | |
Provision (benefit) for loan losses | 900 | 187 | |
Reduction due to loan removals | (540) | (30) | |
Balance at the end of the period | 505 | 395 | |
Loans collectively evaluated for impairment | 505 | 395 | |
Loans: | |||
Loans collectively evaluated for impairment | 24,295 | 26,225 | |
Carrying value | 24,295 | 26,225 | 26,946 |
Other income producing property | Non-acquired loans | |||
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 166 | 224 | |
Loans collectively evaluated for impairment | 1,227 | 1,121 | |
Loans: | |||
Loans individually evaluated for impairment | 3,086 | 2,408 | |
Loans collectively evaluated for impairment | 195,598 | 180,008 | |
Consumer | Non-acquired loans | |||
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 9 | 5 | |
Loans collectively evaluated for impairment | 2,890 | 2,438 | |
Loans: | |||
Loans individually evaluated for impairment | 315 | 189 | |
Loans collectively evaluated for impairment | 390,469 | 340,103 | |
Consumer | Acquired credit impaired loans | |||
Loans: | |||
Carrying value | $ 48,801 | $ 58,688 | $ 51,453 |
Loans and Allowance for Loan 60
Loans and Allowance for Loan Losses - Credit risk profile by risk grade of non acquired loans - (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Loans and Allowance for Loan Losses | ||||
Other Real Estate, Non Covered | $ 11,073 | $ 11,203 | $ 20,007 | $ 18,316 |
Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,762,512 | 6,492,155 | 5,564,307 | |
Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,645,048 | 6,375,759 | 5,432,278 | |
Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 79,619 | 78,325 | 85,425 | |
Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 37,845 | 38,071 | 46,604 | |
Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 3,274,938 | 3,507,907 | 1,715,642 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 3,274,938 | 3,507,907 | 1,715,642 | |
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 | 3,207,265 | 3,438,030 | 1,680,567 | |
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 | 45,043 | 49,868 | 24,404 | |
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 | 22,630 | 20,009 | 10,671 | |
Acquired non-credit impaired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 238,612 | |||
Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 601,358 | 623,430 | 631,896 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 601,358 | 623,430 | 631,896 | |
Acquired credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 354,448 | 369,348 | 368,200 | |
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 | 97,510 | 106,723 | 116,837 | |
Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 149,400 | 147,359 | 146,859 | |
Residential real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 248,766 | 260,787 | 266,484 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 248,766 | 260,787 | 266,484 | |
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 | 129,952 | 135,974 | 142,847 | |
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 | 50,845 | 54,500 | 53,539 | |
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 | 67,969 | 70,313 | 70,098 | |
Commercial non-owner occupied real estate | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,922,065 | 1,839,768 | 1,450,542 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 871,141 | 830,875 | 646,544 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 857,307 | 818,240 | 633,953 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 10,499 | 8,758 | 8,868 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 3,335 | 3,877 | 3,723 | |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,050,924 | 1,008,893 | 803,998 | |
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 | 1,040,669 | 999,049 | 790,687 | |
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 | 8,497 | 7,864 | 11,233 | |
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 | 1,758 | 1,980 | 2,078 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 349,532 | 403,357 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 349,532 | 403,357 | 141,897 | |
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 | 345,635 | 394,139 | 139,748 | |
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 | 2,892 | 4,602 | 1,316 | |
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 | 1,005 | 4,616 | 833 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 783,466 | 817,166 | 217,850 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 783,466 | 817,166 | 217,850 | |
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 | 775,924 | 809,241 | 213,827 | |
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 | 7,533 | 7,913 | 3,937 | |
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 | 9 | 12 | 86 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 46,219 | 49,649 | 57,343 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 46,219 | 49,649 | 57,343 | |
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 | 28,501 | 29,620 | 28,157 | |
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 | 4,654 | 5,132 | 15,117 | |
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 | 13,064 | 14,897 | 14,069 | |
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 | 233,277 | 234,595 | 223,156 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 233,277 | 234,595 | 223,156 | |
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 | 171,585 | 177,231 | 170,623 | |
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 | 24,550 | 28,708 | 24,412 | |
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 | 37,142 | 28,656 | 28,121 | |
Commercial owner occupied real estate loan | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,296,738 | 1,262,776 | 1,200,004 | |
Commercial owner occupied real estate loan | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,267,759 | 1,232,927 | 1,167,531 | |
Commercial owner occupied real estate loan | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 22,619 | 23,575 | 20,277 | |
Commercial owner occupied real estate loan | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,360 | 6,274 | 12,196 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 498,541 | 521,818 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 498,541 | 521,818 | 238,612 | |
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 | 490,089 | 513,861 | 233,397 | |
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 | 8,254 | 7,740 | 5,057 | |
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 | 198 | 217 | 158 | |
Consumer real estate | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,061,083 | 1,967,902 | 1,649,456 | |
Consumer real estate | Non-acquired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 448,582 | 437,642 | 396,806 | |
Consumer real estate | Non-acquired loans | Home equity loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 435,282 | 424,369 | 382,387 | |
Consumer real estate | Non-acquired loans | Home equity loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,767 | 6,749 | 7,597 | |
Consumer real estate | Non-acquired loans | Home equity loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,533 | 6,524 | 6,822 | |
Consumer real estate | Non-acquired loans | All Consumer | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,472,662 | 2,380,577 | 2,005,371 | |
Consumer real estate | Non-acquired loans | All Consumer | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,429,890 | 2,337,500 | 1,962,039 | |
Consumer real estate | Non-acquired loans | All Consumer | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 20,397 | 20,964 | 22,125 | |
Consumer real estate | Non-acquired loans | All Consumer | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 22,375 | 22,113 | 21,207 | |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,612,501 | 1,530,260 | 1,252,650 | |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,584,427 | 1,502,016 | 1,225,556 | |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 13,329 | 13,902 | 13,903 | |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 14,745 | 14,342 | 13,191 | |
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 | 1,113,137 | 1,170,201 | 888,930 | |
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 | 1,087,383 | 1,141,218 | 871,525 | |
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 | 13,946 | 15,183 | 8,566 | |
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 | 11,808 | 13,800 | 8,839 | |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 295,721 | 320,591 | 186,411 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 295,721 | 320,591 | 186,411 | |
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 | 279,487 | 301,842 | 176,678 | |
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 | 8,942 | 10,477 | 4,700 | |
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 | 7,292 | 8,272 | 5,033 | |
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 | 133,802 | 137,710 | 151,941 | |
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 | 130,915 | 134,530 | 148,798 | |
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 | 520 | 541 | 1,243 | |
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 | 2,367 | 2,639 | 1,900 | |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 683,614 | 710,611 | 550,578 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 683,614 | 710,611 | 550,578 | |
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 | 676,981 | 703,557 | 546,049 | |
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 | 4,484 | 4,165 | 2,623 | |
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 | 2,149 | 2,889 | 1,906 | |
Consumer real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 48,801 | 58,688 | ||
Commercial and industrial | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 872,363 | 815,187 | 725,974 | |
Commercial and industrial | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 857,567 | 801,885 | 703,747 | |
Commercial and industrial | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 12,286 | 11,130 | 16,746 | |
Commercial and industrial | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,510 | 2,172 | 5,481 | |
Commercial and industrial | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 344,171 | 398,696 | 136,309 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 344,171 | 398,696 | 136,309 | |
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 | 327,409 | 388,342 | 132,474 | |
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 | 8,049 | 9,883 | 3,787 | |
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 | 8,713 | 471 | 48 | |
Commercial and industrial | Acquired non-credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 141,897 | |||
Commercial and industrial | Acquired non-credit impaired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 136,309 | |||
Commercial and industrial | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 24,295 | 26,946 | 26,225 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 24,295 | 26,946 | 26,225 | |
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 | 17,163 | 18,522 | 16,869 | |
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 | 1,132 | 1,169 | 4,645 | |
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 | 6,000 | 7,255 | 4,711 | |
Other income producing property | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 198,684 | 193,847 | 182,416 | |
Other income producing property | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 191,856 | 186,158 | 174,321 | |
Other income producing property | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 5,321 | 6,034 | 6,176 | |
Other income producing property | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,507 | 1,655 | 1,919 | |
Other income producing property | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 186,091 | 196,669 | 92,044 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 186,091 | 196,669 | 92,044 | |
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 | 180,825 | 191,229 | 89,596 | |
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 | 4,369 | 4,547 | 1,741 | |
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 | 897 | 893 | 707 | |
Consumer | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 390,784 | 378,985 | 340,292 | |
Consumer | Non-acquired loans | Consumer | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 390,784 | 378,985 | 340,292 | |
Consumer | Non-acquired loans | Consumer | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 389,386 | 377,425 | 338,473 | |
Consumer | Non-acquired loans | Consumer | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 301 | 313 | 625 | |
Consumer | Non-acquired loans | Consumer | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,097 | 1,247 | 1,194 | |
Consumer | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 133,802 | 137,710 | 151,941 | |
Consumer | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 48,801 | 51,453 | 58,688 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 48,801 | 51,453 | 58,688 | |
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 | 7,247 | 8,001 | 9,704 | |
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 | 16,329 | 17,214 | 19,124 | |
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 | 25,225 | 26,238 | 29,860 | |
Commercial | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 4,289,850 | 4,111,578 | 3,558,936 | |
Commercial | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 4,215,158 | 4,038,259 | 3,470,239 | |
Commercial | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 59,222 | 57,361 | 63,300 | |
Commercial | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 15,470 | 15,958 | 25,397 | |
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 | 2,161,801 | 2,337,706 | 826,712 | |
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 | 2,119,882 | 2,296,812 | 809,042 | |
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 | 31,097 | 34,685 | 15,838 | |
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 | 10,822 | 6,209 | 1,832 | |
Commercial | Acquired non-credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 349,532 | 141,897 | ||
Commercial | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 498,541 | 238,612 | ||
Other loans | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 20,795 | 33,690 | 15,623 | |
Other loans | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | $ 20,795 | 33,690 | $ 15,623 | |
Other loans | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,289 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,289 | |||
Other loans | 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 | $ 1,289 |
Loans and Allowance for Loan 61
Loans and Allowance for Loan Losses - Aging analysis of past due loans - (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | $ 15,273 | $ 16,039 | $ 14,313 |
Current | 6,747,239 | 6,476,116 | 5,549,994 |
Total loans | 6,762,512 | 6,492,155 | 5,564,307 |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 5,538 | 6,640 | 5,374 |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,652 | 1,863 | 3,501 |
Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 7,083 | 7,536 | 5,438 |
Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 40,523 | 36,513 | 32,450 |
Current | 560,835 | 586,917 | 599,446 |
Total loans | 601,358 | 623,430 | 631,896 |
Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 11,448 | 10,810 | 7,848 |
Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 8,952 | 8,998 | 3,783 |
Acquired credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 20,123 | 16,705 | 20,819 |
Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 14,734 | 19,608 | 10,784 |
Current | 3,260,204 | 3,488,299 | 1,704,858 |
Total loans | 3,274,938 | 3,507,907 | 1,715,642 |
Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 8,743 | 12,364 | 7,441 |
Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,258 | 2,639 | 1,049 |
Acquired non-credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,733 | 4,605 | 2,294 |
Acquired non-credit impaired loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,212 | ||
Current | 237,400 | ||
Total loans | 238,612 | ||
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 | 1,069 | ||
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 | 143 | ||
Residential real estate | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 16,158 | 19,002 | 14,612 |
Current | 232,608 | 241,785 | 251,872 |
Total loans | 248,766 | 260,787 | 266,484 |
Residential real estate | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,497 | 5,895 | 4,226 |
Residential real estate | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,063 | 4,283 | 1,809 |
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 | 8,598 | 8,824 | 8,577 |
Commercial non-owner occupied real estate | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 1,922,065 | 1,839,768 | 1,450,542 |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 810 | 855 | 916 |
Current | 870,331 | 830,020 | 645,628 |
Total loans | 871,141 | 830,875 | 646,544 |
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 | 673 | 391 | 345 |
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 | 4 | 63 | 100 |
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 | 133 | 401 | 471 |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | |||
Loans and Allowance for Loan Losses | |||
Past due | 816 | 746 | 1,727 |
Current | 1,050,108 | 1,008,147 | 802,271 |
Total loans | 1,050,924 | 1,008,893 | 803,998 |
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 | 89 | 297 | 759 |
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 | 20 | 398 | 664 |
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 | 707 | 51 | 304 |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,812 | 4,999 | 5,199 |
Current | 42,407 | 44,650 | 52,144 |
Total loans | 46,219 | 49,649 | 57,343 |
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 | 53 | 811 | 877 |
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 | 321 | 427 | 17 |
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 | 3,438 | 3,761 | 4,305 |
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 | 17,575 | 9,013 | 7,199 |
Current | 215,702 | 225,582 | 215,957 |
Total loans | 233,277 | 234,595 | 223,156 |
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 | 6,043 | 2,519 | 1,482 |
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 | 5,293 | 3,669 | 1,733 |
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 | 6,239 | 2,825 | 3,984 |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,191 | 889 | |
Current | 347,341 | 402,468 | |
Total loans | 349,532 | 403,357 | |
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 | 1,788 | 675 | |
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 | 115 | 113 | |
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 | 288 | 101 | |
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 | 376 | 333 | 26 |
Current | 783,090 | 816,833 | 217,824 |
Total loans | 783,466 | 817,166 | 217,850 |
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 | 242 | 12 | 26 |
Commercial non-owner occupied real estate | Acquired non-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 | 321 | ||
Commercial non-owner occupied real estate | Acquired non-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 | 134 | ||
Commercial owner occupied real estate loan | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,493 | 4,330 | 5,174 |
Current | 1,293,245 | 1,258,446 | 1,194,830 |
Total loans | 1,296,738 | 1,262,776 | 1,200,004 |
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 | 573 | 2,227 | 1,811 |
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 | 1,218 | 382 | 1,988 |
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 | 1,702 | 1,721 | 1,375 |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,142 | 831 | |
Current | 497,399 | 520,987 | |
Total loans | 498,541 | 521,818 | |
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 | 1,142 | 642 | |
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 | 189 | ||
Consumer real estate | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 2,061,083 | 1,967,902 | 1,649,456 |
Consumer real estate | Non-acquired loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,940 | 3,265 | 2,179 |
Current | 445,642 | 434,377 | 394,627 |
Total loans | 448,582 | 437,642 | 396,806 |
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 | 1,452 | 1,209 | 434 |
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 | 65 | 372 | 341 |
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 | 1,423 | 1,684 | 1,404 |
Consumer real estate | Non-acquired loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,473 | 3,374 | 2,100 |
Current | 1,609,028 | 1,526,886 | 1,250,550 |
Total loans | 1,612,501 | 1,530,260 | 1,252,650 |
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 | 1,274 | 1,291 | 1,076 |
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 | 601 | 140 | 31 |
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 | 1,598 | 1,943 | 993 |
Consumer real estate | Non-acquired loans | All Consumer | |||
Loans and Allowance for Loan Losses | |||
Total loans | 2,472,662 | 2,380,577 | 2,005,371 |
Consumer real estate | Acquired non-credit impaired loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,839 | 5,952 | 2,274 |
Current | 290,882 | 314,639 | 184,137 |
Total loans | 295,721 | 320,591 | 186,411 |
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 | 1,881 | 3,639 | 823 |
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 | 833 | 609 | 318 |
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 | 2,125 | 1,704 | 1,133 |
Consumer real estate | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,166 | 1,744 | 2,213 |
Current | 681,448 | 708,867 | 548,365 |
Total loans | 683,614 | 710,611 | 550,578 |
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 | 1,304 | 673 | 1,293 |
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 | 76 | 204 | 482 |
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 | 786 | 867 | 438 |
Commercial and industrial | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,358 | 1,449 | 699 |
Current | 870,005 | 813,738 | 725,275 |
Total loans | 872,363 | 815,187 | 725,974 |
Commercial and industrial | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 983 | 477 | 366 |
Commercial and industrial | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 476 | 57 | 159 |
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 | 899 | 915 | 174 |
Commercial and industrial | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 875 | 1,169 | 3,353 |
Current | 23,420 | 25,777 | 22,872 |
Total loans | 24,295 | 26,946 | 26,225 |
Commercial and industrial | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 55 | 596 | 504 |
Commercial and industrial | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 167 | ||
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 | 820 | 406 | 2,849 |
Commercial and industrial | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,112 | 7,417 | |
Current | 342,059 | 391,279 | |
Total loans | 344,171 | 398,696 | 136,309 |
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 | 1,998 | 5,996 | |
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 | 27 | 1,278 | |
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 | 87 | 143 | |
Commercial and industrial | Acquired non-credit impaired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 578 | ||
Current | 141,319 | ||
Total loans | 141,897 | ||
Commercial and industrial | 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 | 386 | ||
Commercial and industrial | 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 | 32 | ||
Commercial and industrial | 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 | 160 | ||
Commercial and industrial | Acquired non-credit impaired loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,484 | ||
Current | 132,825 | ||
Total loans | 136,309 | ||
Commercial and industrial | 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 | 3,484 | ||
Other income producing property | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 593 | 676 | 604 |
Current | 198,091 | 193,171 | 181,812 |
Total loans | 198,684 | 193,847 | 182,416 |
Other income producing property | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 360 | 223 | 310 |
Other income producing property | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 108 | 255 | 104 |
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 | 125 | 198 | 190 |
Other income producing property | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 365 | 577 | 227 |
Current | 185,726 | 196,092 | 91,817 |
Total loans | 186,091 | 196,669 | 92,044 |
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 | 101 | 327 | 192 |
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 | 69 | ||
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 | 195 | 250 | 35 |
Consumer | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 790 | 1,344 | 914 |
Current | 389,994 | 377,641 | 339,378 |
Total loans | 390,784 | 378,985 | 340,292 |
Consumer | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 134 | 525 | 273 |
Consumer | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 160 | 196 | 114 |
Consumer | Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 496 | 623 | 527 |
Consumer | Non-acquired loans | Consumer | |||
Loans and Allowance for Loan Losses | |||
Total loans | 390,784 | 378,985 | 340,292 |
Consumer | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,103 | 2,330 | 2,087 |
Current | 46,698 | 49,123 | 56,601 |
Total loans | 48,801 | 51,453 | 58,688 |
Consumer | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 800 | 989 | 759 |
Consumer | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 275 | 452 | 224 |
Consumer | Acquired credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,028 | 889 | 1,104 |
Consumer | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,543 | 1,865 | 770 |
Current | 132,259 | 135,845 | 151,171 |
Total loans | 133,802 | 137,710 | 151,941 |
Consumer | Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 287 | 400 | 168 |
Consumer | Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 138 | 114 | 74 |
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 | 1,118 | 1,351 | 528 |
Commercial | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 4,289,850 | 4,111,578 | 3,558,936 |
Commercial | Acquired non-credit impaired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Total loans | 349,532 | 141,897 | |
Commercial | Acquired non-credit impaired loans | Other commercial non-owner occupied real estate | |||
Loans and Allowance for Loan Losses | |||
Total loans | 498,541 | 238,612 | |
Other loans | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Current | 20,795 | 33,690 | 15,623 |
Total loans | $ 20,795 | 33,690 | $ 15,623 |
Other loans | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Current | 1,289 | ||
Total loans | $ 1,289 |
Loans and Allowance for Loan 62
Loans and Allowance for Loan Losses - Nonaccrual loans - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Non acquired non-accrual loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | $ 14,109 | $ 12,958 | $ 14,340 |
Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||
Loans and Allowance for Loan Losses | |||
Unpaid Contractual Principal Balance | 80,646 | 41,242 | 77,648 |
Recorded Investment With No Allowance | 10,591 | 7,585 | 10,985 |
Gross Recorded Investment With Allowance | 56,105 | 19,738 | 52,438 |
Total Recorded Investment | 66,696 | 27,323 | 63,423 |
Related Allowance | 1,712 | 1,658 | 1,624 |
Average Investment In Impaired Loans | 65,061 | 24,267 | |
Interest Income Recognized | 728 | 241 | |
Acquired non-credit impaired non-accrual including restructured loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 8,076 | 4,915 | 9,397 |
Commercial non-owner occupied real estate | Non acquired non-accrual loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 1,674 | 2,273 | 2,886 |
Commercial non-owner occupied real estate | Non acquired non-accrual loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 500 | 195 | 251 |
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 | 1,174 | 2,078 | 2,635 |
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 | 50,399 | 13,674 | 47,553 |
Recorded Investment With No Allowance | 476 | 1,344 | 649 |
Gross Recorded Investment With Allowance | 45,722 | 7,942 | 42,581 |
Total Recorded Investment | 46,198 | 9,286 | 43,230 |
Related Allowance | 767 | 459 | 1,063 |
Average Investment In Impaired Loans | 44,714 | 6,160 | |
Interest Income Recognized | 513 | 47 | |
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 | 2,916 | 2,393 | 3,106 |
Recorded Investment With No Allowance | 659 | 218 | 860 |
Gross Recorded Investment With Allowance | 522 | 557 | 515 |
Total Recorded Investment | 1,181 | 775 | 1,375 |
Related Allowance | 110 | 158 | 125 |
Average Investment In Impaired Loans | 1,278 | 791 | |
Interest Income Recognized | 5 | 6 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired non-accrual including restructured loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 426 | 229 | 108 |
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 | 426 | 229 | 108 |
Commercial owner occupied real estate loan | Non acquired non-accrual loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 1,647 | 2,905 | 1,144 |
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 | 8,972 | 10,082 | 9,212 |
Recorded Investment With No Allowance | 3,273 | 4,191 | 3,553 |
Gross Recorded Investment With Allowance | 2,305 | 2,060 | 2,089 |
Total Recorded Investment | 5,578 | 6,251 | 5,642 |
Related Allowance | 63 | 60 | 64 |
Average Investment In Impaired Loans | 5,610 | 6,248 | |
Interest Income Recognized | 75 | 76 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired non-accrual including restructured loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 178 | 158 | 189 |
Consumer real estate | Non acquired non-accrual loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 8,134 | 3,913 | 5,157 |
Consumer real estate | Non acquired non-accrual loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 2,593 | 11 | 269 |
Consumer real estate | Non acquired non-accrual loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 5,541 | 3,902 | 4,888 |
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 | 3,855 | 2,962 | 3,602 |
Recorded Investment With No Allowance | 1,105 | 252 | 896 |
Gross Recorded Investment With Allowance | 2,063 | 2,180 | 2,115 |
Total Recorded Investment | 3,168 | 2,432 | 3,011 |
Related Allowance | 73 | 297 | 135 |
Average Investment In Impaired Loans | 3,090 | 2,053 | |
Interest Income Recognized | 29 | 20 | |
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 | 7,245 | 6,084 | 7,382 |
Recorded Investment With No Allowance | 4,332 | 1,483 | 4,392 |
Gross Recorded Investment With Allowance | 1,161 | 3,229 | 1,240 |
Total Recorded Investment | 5,493 | 4,712 | 5,632 |
Related Allowance | 35 | 68 | 37 |
Average Investment In Impaired Loans | 5,563 | 5,192 | |
Interest Income Recognized | 43 | 39 | |
Consumer real estate | Acquired non-credit impaired non-accrual including restructured loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 5,358 | 3,237 | 6,745 |
Consumer real estate | Acquired non-credit impaired non-accrual including restructured loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 3,931 | 1,784 | 4,589 |
Consumer real estate | Acquired non-credit impaired non-accrual including restructured loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 1,427 | 1,453 | 2,156 |
Commercial and industrial | Non acquired non-accrual loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 799 | 473 | 1,662 |
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 | 2,679 | 2,419 | 2,246 |
Recorded Investment With No Allowance | 634 | 635 | |
Gross Recorded Investment With Allowance | 1,043 | 1,270 | 521 |
Total Recorded Investment | 1,677 | 1,270 | 1,156 |
Related Allowance | 489 | 387 | 15 |
Average Investment In Impaired Loans | 1,417 | 1,266 | |
Interest Income Recognized | 17 | 18 | |
Commercial and industrial | Acquired non-credit impaired non-accrual including restructured loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 138 | 133 | |
Other income producing property | Non acquired non-accrual loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 170 | 1,316 | 764 |
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 | 3,793 | 3,153 | 3,893 |
Recorded Investment With No Allowance | 112 | 97 | |
Gross Recorded Investment With Allowance | 2,974 | 2,311 | 3,138 |
Total Recorded Investment | 3,086 | 2,408 | 3,138 |
Related Allowance | 166 | 224 | 178 |
Average Investment In Impaired Loans | 3,112 | 2,390 | |
Interest Income Recognized | 46 | 35 | |
Other income producing property | Acquired non-credit impaired non-accrual including restructured loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 325 | 83 | 316 |
Consumer | Non acquired non-accrual loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | 903 | 1,029 | 1,802 |
Consumer | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||
Loans and Allowance for Loan Losses | |||
Unpaid Contractual Principal Balance | 787 | 475 | 654 |
Gross Recorded Investment With Allowance | 315 | 189 | 239 |
Total Recorded Investment | 315 | 189 | 239 |
Related Allowance | 9 | 5 | 7 |
Average Investment In Impaired Loans | 277 | 167 | |
Consumer | Acquired non-credit impaired non-accrual including restructured loans | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual loans | $ 1,651 | 1,208 | 1,906 |
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 | $ 782 | $ 1,049 | $ 925 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)property | Mar. 31, 2017USD ($) | Dec. 31, 2017property | |
OREO | |||
Balance at the beginning of the period | $ 11,203 | $ 18,316 | |
Additions, net | 2,895 | 4,284 | |
Write-downs | (777) | (936) | |
Sold | (2,458) | (2,207) | |
Balance at the end of the period | $ 11,073 | 20,007 | |
Number of properties held | property | 77 | 101 | |
Residential real estate consumer mortgage loans in foreclosure, carrying value | $ 6,200 | ||
Southeastern Bank Financial | |||
OREO | |||
Acquired | $ 550 | ||
Park Sterling Corporation | |||
OREO | |||
Acquired | 210 | ||
Residential real estate | |||
OREO | |||
Other Real Estate In Foreclosure | $ 2,700 |
Deposits - Total deposits - (De
Deposits - Total deposits - (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Deposits | |||
Certificates of deposit | $ 1,765,576 | $ 1,738,384 | $ 1,060,048 |
Interest-bearing demand deposits | 5,308,154 | 5,300,108 | 3,981,920 |
Non-interest bearing demand deposits | 3,120,818 | 3,047,432 | 2,599,111 |
Savings deposits | 1,464,074 | 1,443,918 | 1,388,388 |
Other time deposits | 4,476 | 2,924 | 3,971 |
Total deposits | $ 11,663,098 | $ 11,532,766 | $ 9,033,438 |
Deposits - Certificates of depo
Deposits - Certificates of deposits and Scheduled maturities of time deposits - (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Deposits | |||
Aggregate amounts of certificates of deposits in denominations of $250,000 or more | $ 340,900,000 | $ 325,300,000 | $ 196,900,000 |
Increased insurance limit on deposit accounts | 250,000 | 250,000 | |
Traditional, out-of-market brokered deposits | $ 35,000,000 | $ 43,600,000 | $ 55,200,000 |
Retirement Plans - Non-contribu
Retirement Plans - Non-contributory defined benefit pension plan - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Components of net periodic pension cost and other amounts recognized in other comprehensive income | ||
Interest cost | $ 270 | $ 281 |
Service cost | 19 | 31 |
Expected return on plan assets | (582) | (553) |
Recognized net actuarial loss | 194 | 188 |
Net periodic pension expense | $ (99) | $ (53) |
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) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employees' savings plan | ||||
Matching contribution by the company (as a percent) | 100.00% | 100.00% | ||
Discretionary matching contribution | 1 | 2 | 1 | |
Expenses recognized under 401(K) plan | $ 2.4 | $ 1.6 | ||
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 | 4.00% | 5.00% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted EPS - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic earnings per common share: | ||
Net income | $ 42,326 | $ 18,264 |
Weighted Average Number of Shares Outstanding, Basic | 36,646 | 28,892 |
Basic earnings per common share (in dollars per share) | $ 1.15 | $ 0.63 |
Diluted earnings per share: | ||
Net income | $ 42,326 | $ 18,264 |
Weighted Average Number of Shares Outstanding, Basic | 36,646 | 28,892 |
Effect of dilutive securities (in shares) | 253 | 267 |
Weighted-average dilutive shares | 36,899 | 29,159 |
Diluted earnings per common share (in dollars per share) | $ 1.15 | $ 0.63 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of diluted EPS under Treasury method - (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share | ||
Number of shares | 61,272 | 34,712 |
Range of exercise prices, low end of range (in dollars per share) | $ 91.05 | $ 69.48 |
Range of exercise prices, high end of range (in dollars per share) | $ 91.35 | $ 91.35 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 27, 2012 | Mar. 31, 2018 |
Aggregate Intrinsic Value | ||
Outstanding at the end of the period | $ 7,194 | |
Exercisable at the end of the period | $ 6,767 | |
Stock Options | ||
Number of shares | ||
Outstanding at the beginning of the period (in shares) | 218,689 | |
Granted (in shares) | 34,407 | |
Exercised (in shares) | (2,240) | |
Forfeited (in shares) | (5,806) | |
Outstanding at the end of the period (in shares) | 245,050 | |
Exercisable at the end of the period (in shares) | 171,299 | |
Weighted-Average Exercise Price | ||
Outstanding at the beginning of the period (in dollars per share) | $ 52.75 | |
Granted (in dollars per share) | 91.05 | |
Exercised (in dollars per share) | 29.95 | |
Forfeited (in dollars per share) | 91.35 | |
Outstanding at the end of the period (in dollars per share) | 57.42 | |
Exercisable at the end of the period (in dollars per share) | 46.05 | |
Weighted-average fair value of options granted during the year (in dollars per share) | $ 28.01 | |
Weighted-Average Remaining Contractual Life | ||
Outstanding at the end of the period | 5 years 9 months 11 days | |
Exercisable at the end of the period | 4 months 13 days | |
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 ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock Options | ||
Weighted-average assumptions | ||
Dividend yield (as a percent) | 1.46% | 1.40% |
Expected life | 8 years 6 months | 8 years 6 months |
Expected volatility (as a percent) | 28.00% | 37.20% |
Risk-free interest rate (as a percent) | 2.54% | 2.43% |
Additional disclosures | ||
Total unrecognized compensation cost related to non vested stock option grants | $ 2,000,000 | |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 1 year 10 months 13 days | |
Total fair value of shares vested during the period | $ 700,000 | |
Restricted Stock. | ||
Additional disclosures | ||
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 2 years 1 month 2 days | |
Restricted Stock Activity and RSUs | ||
Nonvested at the beginning of the period (in shares) | 142,692 | |
Granted (in shares) | 1,169 | |
Vested (in shares) | (16,442) | |
Nonvested at the end of the period (in shares) | 127,419 | |
Weighted-Average Grant-Date Fair Value | ||
Nonvested at the beginning of the period (in dollars per share) | $ 59.66 | |
Granted (in dollars per share) | 88.04 | |
Vested (in dollars per share) | 63.90 | |
Nonvested at the end of the period (in dollars per share) | $ 59.37 | |
Additional disclosures | ||
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | $ 3,900,000 | |
Total fair value of shares vested during the period | $ 1,200,000 | |
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 3 months 15 days | |
Restricted Stock Activity and RSUs | ||
Nonvested at the beginning of the period (in shares) | 140,036 | |
Granted (in shares) | 96,363 | |
Forfeited (in shares) | (3,213) | |
Nonvested at the end of the period (in shares) | 233,186 | |
Weighted-Average Grant-Date Fair Value | ||
Nonvested at the beginning of the period (in dollars per share) | $ 78.49 | |
Granted (in dollars per share) | 86.26 | |
Forfeited (in dollars per share) | 89.40 | |
Nonvested at the end of the period (in dollars per share) | $ 81.55 | |
Additional disclosures | ||
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | $ 11,700,000 | |
Total fair value of shares vested during the period | $ 2,600,000 | |
Target RSU award level (as a percent) | 86.00% | |
Employee Stock Purchase Plan | ||
Number Of Stock Issued Pursuant To Restricted Stock Units | 38,365 | |
Number of nonvested restricted stock issued | 15,836 | |
Performance based restricted stock units | ||
Additional disclosures | ||
Performance period | 3 years | |
Other Performance based restricted stock units | ||
Additional disclosures | ||
Performance period | 1 year | |
Timed based restricted stock units | ||
Additional disclosures | ||
Performance period | 4 years | |
Discretionary cliff vesting restricted stock units | ||
Additional disclosures | ||
Performance period | 4 years |
Commitments and Contingent Li72
Commitments and Contingent Liabilities (Details) $ in Billions | Mar. 31, 2018USD ($) |
Commitments and Contingent Liabilities | |
Commitments to extend credit and standby letters of credit | $ 3 |
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 | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Assets | |||
Derivative financial instruments | $ 5,700 | ||
Securities available for sale | 1,640,837 | $ 1,379,788 | $ 1,648,193 |
Liabilities | |||
Derivative financial instruments | 5,900 | ||
Government-sponsored entities debt | |||
Assets | |||
Securities available for sale | 89,746 | 93,299 | 85,509 |
State and municipal obligations | |||
Assets | |||
Securities available for sale | 225,686 | 200,284 | 220,437 |
Corporate securities | |||
Assets | |||
Securities available for sale | 2,766 | 1,560 | |
Significant Unobservable Inputs (Level 3) | |||
Assets | |||
Mortgage servicing rights | 34,196 | 30,063 | 31,119 |
Changes in fair value of assets | |||
Changes in hierarchy classifications of Level 3 liabilities | 0 | ||
Recurring basis | |||
Assets | |||
Derivative financial instruments | 7,420 | 2,413 | 3,306 |
Loans held for sale | 42,690 | 46,988 | 70,890 |
Securities available for sale | 1,640,837 | 1,379,788 | 1,648,193 |
Mortgage servicing rights | 34,196 | 30,063 | 31,119 |
Fair value of Assets, Total | 1,725,143 | 1,459,252 | 1,753,508 |
Liabilities | |||
Derivative financial instruments | 6,094 | 934 | 3,248 |
Recurring basis | Government-sponsored entities debt | |||
Assets | |||
Securities available for sale | 89,746 | 93,299 | 85,509 |
Recurring basis | State and municipal obligations | |||
Assets | |||
Securities available for sale | 225,686 | 200,284 | 220,437 |
Recurring basis | Mortgage-backed securities | |||
Assets | |||
Securities available for sale | 1,325,405 | 1,083,439 | 1,340,687 |
Recurring basis | Corporate securities | |||
Assets | |||
Securities available for sale | 2,766 | 1,560 | |
Recurring basis | Quoted Prices In Active Markets for Identical Assets (Level 1) | |||
Assets | |||
Securities available for sale | 2,766 | ||
Fair value of Assets, Total | 2,766 | ||
Recurring basis | Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate securities | |||
Assets | |||
Securities available for sale | 2,766 | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | |||
Assets | |||
Derivative financial instruments | 7,420 | 2,413 | 3,306 |
Loans held for sale | 42,690 | 46,988 | 70,890 |
Securities available for sale | 1,640,837 | 1,377,022 | 1,648,193 |
Fair value of Assets, Total | 1,690,947 | 1,426,423 | 1,722,389 |
Liabilities | |||
Derivative financial instruments | 6,094 | 934 | 3,248 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Government-sponsored entities debt | |||
Assets | |||
Securities available for sale | 89,746 | 93,299 | 85,509 |
Recurring basis | Significant Other Observable Inputs (Level 2) | State and municipal obligations | |||
Assets | |||
Securities available for sale | 225,686 | 200,284 | 220,437 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | |||
Assets | |||
Securities available for sale | 1,325,405 | 1,083,439 | 1,340,687 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate securities | |||
Assets | |||
Securities available for sale | 1,560 | ||
Recurring basis | Significant Unobservable Inputs (Level 3) | |||
Assets | |||
Mortgage servicing rights | 34,196 | 30,063 | 31,119 |
Fair value of Assets, Total | 34,196 | 30,063 | $ 31,119 |
Changes in fair value of assets | |||
Fair value of assets at the beginning of the period | 31,119 | 29,037 | |
Servicing assets that resulted from transfers of financial assets | 1,490 | 1,385 | |
Changes in fair value assets due to valuation inputs or assumptions | 2,516 | 444 | |
Changes in fair value assets due to increased principal paydowns | 929 | 803 | |
Fair value of assets at the end of the period | 34,196 | 30,063 | |
Unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities | $ 0 | $ 0 |
Fair Value - Assets and liabi74
Fair Value - Assets and liabilities measured at fair value on a nonrecurring basis - (Details) - Nonrecurring basis - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
OREO | |||
Fair Value | |||
Other Real Estate | $ 11,073 | $ 20,007 | $ 11,203 |
Non-acquired Credit Impaired loans | |||
Fair Value | |||
Other Real Estate | 2,118 | 2,290 | 10,495 |
Significant Unobservable Inputs (Level 3) | OREO | |||
Fair Value | |||
Other Real Estate | 11,073 | 20,007 | 11,203 |
Significant Unobservable Inputs (Level 3) | Non-acquired Credit Impaired loans | |||
Fair Value | |||
Other Real Estate | $ 2,118 | $ 2,290 | $ 10,495 |
Significant Unobservable Inputs (Level 3) | Discounted appraisals | Impaired loans | |||
Quantitative Information about Level 3 Fair Value Measurements | |||
Collateral discounts (as a percent) | 3.00% | 6.00% | 3.00% |
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) | 28.00% | 20.00% | 21.00% |
Fair Value - Estimated fair val
Fair Value - Estimated fair value and related carrying amount, of the Company’s financial instruments - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financial assets: | |||
Loans held for sale | $ 42,690 | $ 46,988 | $ 70,890 |
Financial liabilities: | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 357,574 | 352,431 | 286,857 |
Increase (Decrease) in Loans Held-for-sale | 10,461 | 176,946 | |
Other borrowings | 215,589 | 107,988 | 216,385 |
Carrying Amount | |||
Financial assets: | |||
Cash and cash equivalents | 644,504 | 663,126 | 377,627 |
Investment securities | 1,665,590 | 1,400,609 | 1,673,769 |
Loans held for sale | 42,690 | 46,988 | 70,890 |
Loans, net of allowance for loan losses | 10,589,521 | 7,868,840 | 10,575,417 |
Interest Receivable | 31,175 | 22,823 | 32,727 |
Mortgage servicing rights | 34,196 | 30,063 | 31,119 |
Interest rate swap - non-designated hedge | 5,755 | 133 | 2,367 |
Other derivative financial instruments (Mortgage - banking related) | 1,665 | 2,280 | 939 |
Financial liabilities: | |||
Deposits | 11,663,098 | 9,033,438 | 11,532,766 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 357,574 | 352,431 | 286,857 |
Other borrowings | 215,589 | 107,988 | 216,385 |
Interest Payable | 3,563 | 1,452 | 2,789 |
Interest rate swap - non-designated hedge | 5,932 | 426 | 2,750 |
Interest rate swap - cash flow hedge | 162 | 121 | 246 |
Other derivative financial instruments (Mortgage banking related) | 387 | 252 | |
Fair Value. | |||
Financial assets: | |||
Cash and cash equivalents | 644,504 | 663,126 | 377,627 |
Investment securities | 1,665,600 | 1,400,731 | 1,673,796 |
Loans held for sale | 42,690 | 46,988 | 70,890 |
Loans, net of allowance for loan losses | 10,419,134 | 7,936,291 | 10,724,264 |
Interest Receivable | 31,175 | 22,823 | 32,727 |
Mortgage servicing rights | 34,196 | 30,063 | 31,119 |
Interest rate swap - non-designated hedge | 5,755 | 133 | 2,367 |
Other derivative financial instruments (Mortgage - banking related) | 1,665 | 2,280 | 939 |
Financial liabilities: | |||
Deposits | 10,780,965 | 8,462,144 | 10,796,380 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 357,574 | 352,431 | 286,857 |
Other borrowings | 219,037 | 109,470 | 219,421 |
Interest Payable | 3,563 | 1,452 | 2,789 |
Interest rate swap - non-designated hedge | 5,932 | 426 | 2,750 |
Interest rate swap - cash flow hedge | 162 | 121 | 246 |
Other derivative financial instruments (Mortgage banking related) | 387 | 252 | |
Commitments to extend credit | Fair Value. | |||
Financial liabilities: | |||
Commitments to extend credit | (48,841) | 41,319 | |
Standby letters of credit and financial guarantees | Fair Value. | |||
Financial liabilities: | |||
Commitments to extend credit | 16,756 | ||
Quoted Prices In Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Cash and cash equivalents | 644,504 | 663,126 | 377,627 |
Investment securities | 23,479 | 16,267 | 20,530 |
Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Investment securities | 1,642,121 | 1,384,464 | 1,653,266 |
Loans held for sale | 42,690 | 46,988 | 70,890 |
Interest Receivable | 6,661 | 5,558 | 7,051 |
Interest rate swap - non-designated hedge | 5,755 | 133 | 2,367 |
Other derivative financial instruments (Mortgage - banking related) | 1,665 | 2,280 | 939 |
Financial liabilities: | |||
Deposits | 10,780,965 | 8,462,144 | 10,796,380 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 357,574 | 352,431 | 286,857 |
Other borrowings | 219,037 | 109,470 | 219,421 |
Interest Payable | 3,563 | 1,452 | 2,789 |
Interest rate swap - non-designated hedge | 5,932 | 426 | 2,750 |
Interest rate swap - cash flow hedge | 162 | 121 | 246 |
Other derivative financial instruments (Mortgage banking related) | 387 | 252 | |
Significant Other Observable Inputs (Level 2) | Commitments to extend credit | |||
Financial liabilities: | |||
Commitments to extend credit | (48,841) | 41,319 | |
Significant Other Observable Inputs (Level 2) | Standby letters of credit and financial guarantees | |||
Financial liabilities: | |||
Commitments to extend credit | 16,756 | ||
Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Loans, net of allowance for loan losses | 10,419,134 | 7,936,291 | 10,724,264 |
Interest Receivable | 24,514 | 17,265 | 25,676 |
Mortgage servicing rights | 34,196 | 30,063 | 31,119 |
Recurring basis | |||
Financial assets: | |||
Loans held for sale | 42,690 | 46,988 | 70,890 |
Mortgage servicing rights | 34,196 | 30,063 | 31,119 |
Recurring basis | Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Loans held for sale | 42,690 | 46,988 | 70,890 |
Recurring basis | Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Mortgage servicing rights | $ 34,196 | $ 30,063 | $ 31,119 |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive Income (Loss) - Changes in components of AOCI - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) | ||
Balance at the beginning of the period | $ (10,427) | |
Net comprehensive income (loss) | (16,976) | $ 3,327 |
Balance at the end of the period | (30,350) | (4,884) |
Amortization of defined benefit pension | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at the beginning of the period | (5,998) | (6,195) |
Amounts reclassified from accumulated other comprehensive income (loss) | 151 | 117 |
Net comprehensive income (loss) | 151 | 117 |
Balance at the end of the period | (7,607) | (6,078) |
Amortization of defined benefit pension | ASU 2018- 02 | ||
Accumulated Other Comprehensive Income (Loss) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,760) | |
Unrealized gains and losses on securities | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at the beginning of the period | (4,278) | (1,708) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (17,192) | 3,166 |
Net comprehensive income (loss) | (17,192) | 3,166 |
Balance at the end of the period | (22,617) | 1,458 |
Unrealized gains and losses on securities | ASU 2018- 02 | ||
Accumulated Other Comprehensive Income (Loss) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,147) | |
Gains on sales of available for sale securities | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at the beginning of the period | (151) | (308) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 28 | (24) |
Amounts reclassified from accumulated other comprehensive income (loss) | 37 | 68 |
Net comprehensive income (loss) | 65 | 44 |
Balance at the end of the period | (126) | (264) |
Gains on sales of available for sale securities | ASU 2018- 02 | ||
Accumulated Other Comprehensive Income (Loss) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (40) | |
Accumulated Other Comprehensive Income (Loss). | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at the beginning of the period | (10,427) | (8,211) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (17,164) | 3,142 |
Amounts reclassified from accumulated other comprehensive income (loss) | 188 | 185 |
Net comprehensive income (loss) | (16,976) | 3,327 |
Balance at the end of the period | (30,350) | $ (4,884) |
Accumulated Other Comprehensive Income (Loss). | ASU 2018- 02 | ||
Accumulated Other Comprehensive Income (Loss) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | $ (2,947) |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassifications out of accumulated other comprehensive income, net of tax | ||
Interest expense | $ (9,075) | $ (3,624) |
Other noninterest income | 2,575 | 1,674 |
Provision for income taxes | (11,285) | (7,103) |
Net income | 42,326 | 18,264 |
Amount Reclassified from Accumulated Other Comprehensive Loss | ||
Reclassifications out of accumulated other comprehensive income, net of tax | ||
Net income | 188 | 185 |
Gains on sales of available for sale securities | Amount Reclassified from Accumulated Other Comprehensive Loss | Interest rate contracts | ||
Reclassifications out of accumulated other comprehensive income, net of tax | ||
Interest expense | 47 | 110 |
Provision for income taxes | (10) | (42) |
Net income | 37 | 68 |
Amortization of defined benefit pension | Amount Reclassified from Accumulated Other Comprehensive Loss | ||
Reclassifications out of accumulated other comprehensive income, net of tax | ||
Salaries and employee benefits | 194 | 188 |
Provision for income taxes | (43) | (71) |
Net income | $ 151 | $ 117 |
Derivative Financial Instrume78
Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2009 | |
Derivative Financial Instruments | ||||
Notional amount | $ 742,778,000 | $ 247,615,000 | ||
Estimated fair value gain | 7,420,000 | 2,026,000 | ||
Estimated fair value loss | 6,094,000 | 547,000 | ||
Gain or loss recorded | $ 0 | 0 | ||
Variable rate basis, variable rate receivable on notional amount | three-month LIBOR | |||
Estimated gain (loss) on fair value of open contracts related to mortgage servicing rights | $ 390,000 | |||
After-tax unrealized gain on cash flow hedge in other comprehensive income | 65,000 | 44,000 | ||
Cash flow hedge liability | 162,000 | 426,000 | ||
Ineffectiveness in the cash flow hedge | 0 | 0 | ||
Collateral provided | 300,000 | 550,000 | ||
Interest Rate Derivative Assets, at Fair Value | 5,700,000 | |||
Interest Rate Derivative Liabilities, at Fair Value | 5,900,000 | |||
Interest Rate Derivatives, at Fair Value, Net | 156,000 | 12,000 | ||
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 | 92,647,000 | 117,666,000 | $ 71,477,000 | |
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 | 69,485,000 | 88,250,000 | 53,608,000 | |
Interest rate contracts | ||||
Derivative Financial Instruments | ||||
Notional amount | 564,100,000 | |||
Interest rate contracts | LIBOR | ||||
Derivative Financial Instruments | ||||
Notional amount | $ 8,000,000 | |||
Interest rate contracts | Cash flow hedge | ||||
Derivative Financial Instruments | ||||
Notional amount | $ 8,000,000 | |||
Interest rate contracts | Cash flow hedge | LIBOR | ||||
Derivative Financial Instruments | ||||
Fixed rate payable on notional amount (as a percent) | 4.06% | |||
Fixed interest rate on interest rate swap (as a percent) | 4.06% | |||
Mortgage servicing rights hedging | Non-designated hedges | ||||
Derivative Financial Instruments | ||||
Notional amount | $ 69,000,000 | 98,000,000 | ||
Mortgage servicing rights hedging | Non-designated hedges | Other Assets | ||||
Derivative Financial Instruments | ||||
Notional amount | 69,000,000 | 98,000,000 | ||
Estimated fair value gain | 390,000 | 214,000 | ||
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 | 1,190,000 | 2,066,000 | 920,000 | |
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 | 98,860,000 | 114,079,000 | 89,317,000 | |
Fair value of forward commitments | (85,000) | 387,000 | $ (19,000) | |
Forward sales commitments | Non-designated hedges | Other Assets | ||||
Derivative Financial Instruments | ||||
Notional amount | 98,860,000 | 114,079,000 | ||
Estimated fair value gain | 1,275,000 | 1,679,000 | ||
Interest rate swap | Cash flow hedge | Other Liabilities | Counterparty | ||||
Derivative Financial Instruments | ||||
Notional amount | 8,000,000 | 8,000,000 | ||
Estimated fair value loss | 162,000 | 426,000 | ||
Interest rate swap | Fair Value Hedging | Other Liabilities | Counterparty | ||||
Derivative Financial Instruments | ||||
Notional amount | 2,824,000 | |||
Estimated fair value loss | 21,000 | |||
Interest rate swap | Non-designated hedges | Other Assets and Other Liabilities | Borrower | ||||
Derivative Financial Instruments | ||||
Notional amount | 282,047,000 | 13,768,000 | ||
Estimated fair value gain | 146,000 | 133,000 | ||
Estimated fair value loss | 5,908,000 | |||
Interest rate swap | Non-designated hedges | Other Assets and Other Liabilities | Counterparty | ||||
Derivative Financial Instruments | ||||
Notional amount | 282,047,000 | 13,768,000 | ||
Estimated fair value gain | 5,609,000 | |||
Estimated fair value loss | $ 3,000 | $ 121,000 |
Capital Ratios (Details)
Capital Ratios (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Common equity Tier 1 to risk-weighted assets | ||||
Actual, Capital Amount | $ 1,295,729 | $ 1,273,547 | $ 959,802 | |
Actual, Ratio (as a percent) | 11.85% | 11.59% | 11.90% | |
Minimum capital required, Ratio (as a percent) | 4.50% | |||
Required to be considered well capitalized, Capital Amount | $ 710,909 | $ 714,221 | $ 524,356 | |
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 | $ 1,406,832 | $ 1,384,433 | $ 1,030,559 | |
Actual, Ratio (as a percent) | 12.86% | 12.60% | 12.77% | |
Minimum capital required, Ratio (as a percent) | 6.00% | 4.00% | ||
Required to be considered well capitalized, Capital Amount | $ 874,964 | $ 879,042 | $ 645,362 | |
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 | $ 1,456,453 | $ 1,432,843 | $ 1,074,107 | |
Actual, Ratio (as a percent) | 13.32% | 13.04% | 13.31% | |
Minimum capital required, Ratio (as a percent) | 8.00% | |||
Required to be considered well capitalized, Capital Amount | $ 1,093,706 | $ 1,098,802 | $ 806,702 | |
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 | $ 1,406,832 | $ 1,384,433 | $ 1,030,559 | |
Actual, Ratio (as a percent) | 10.50% | 10.36% | 10.05% | |
Minimum capital required, Ratio (as a percent) | 4.00% | |||
Required to be considered well capitalized, Capital Amount | $ 669,654 | $ 668,075 | $ 512,567 | |
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 | $ 697,237 | $ 631,811 | $ 463,854 | |
Minimum capital required, Ratio (as a percent) | 6.38% | 5.75% | 5.75% | |
Tier I capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 861,293 | $ 796,632 | $ 584,859 | |
Minimum capital required, Ratio (as a percent) | 7.88% | 7.25% | 7.25% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 1,080,034 | $ 1,016,392 | $ 746,199 | |
Minimum capital required, Ratio (as a percent) | 9.88% | 9.25% | 9.25% | |
Tier I capital to average assets (leverage ratio) | ||||
Minimum capital required, Capital Amount | $ 535,724 | $ 534,460 | $ 410,054 | |
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 | $ 765,594 | $ 769,162 | $ 564,691 | |
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 | $ 929,650 | $ 933,982 | $ 685,697 | |
Minimum capital required, Ratio (as a percent) | 8.50% | 8.50% | 8.50% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 1,148,391 | $ 1,153,742 | $ 847,037 | |
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 | $ 535,724 | $ 534,460 | $ 410,054 | |
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 | $ 1,385,289 | $ 1,360,603 | $ 998,061 | |
Actual, Ratio (as a percent) | 12.67% | 12.38% | 12.37% | |
Required to be considered well capitalized, Capital Amount | $ 710,925 | $ 714,143 | $ 524,259 | |
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 | $ 1,385,289 | $ 1,360,603 | $ 998,061 | |
Actual, Ratio (as a percent) | 12.67% | 12.38% | 12.37% | |
Required to be considered well capitalized, Capital Amount | $ 874,985 | $ 878,945 | $ 645,241 | |
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 | $ 1,434,911 | $ 1,409,014 | $ 1,041,277 | |
Actual, Ratio (as a percent) | 13.12% | 12.82% | 12.91% | |
Required to be considered well capitalized, Capital Amount | $ 1,093,731 | $ 1,098,681 | $ 806,552 | |
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 | $ 1,385,289 | $ 1,360,603 | $ 998,061 | |
Actual, Ratio (as a percent) | 10.35% | 10.18% | 9.75% | |
Required to be considered well capitalized, Capital Amount | $ 669,402 | $ 667,987 | $ 511,959 | |
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 | $ 697,253 | $ 631,741 | $ 463,767 | |
Minimum capital required, Ratio (as a percent) | 6.38% | 5.75% | 5.75% | |
Tier I capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 861,313 | $ 796,544 | $ 584,750 | |
Minimum capital required, Ratio (as a percent) | 7.88% | 7.25% | 7.25% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 1,080,059 | $ 1,016,280 | $ 746,060 | |
Minimum capital required, Ratio (as a percent) | 9.88% | 9.25% | 9.25% | |
Tier I capital to average assets (leverage ratio) | ||||
Minimum capital required, Capital Amount | $ 535,522 | $ 534,390 | $ 409,567 | |
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 | $ 765,612 | $ 769,077 | $ 564,586 | |
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 | $ 929,671 | $ 933,879 | $ 685,569 | |
Minimum capital required, Ratio (as a percent) | 8.50% | 8.50% | 8.50% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 1,148,417 | $ 1,153,615 | $ 846,879 | |
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 | $ 535,522 | $ 534,390 | $ 409,567 | |
Minimum capital required, Ratio (as a percent) | 4.00% | 4.00% | 4.00% |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets - Summary of changes - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Nov. 30, 2017 | Jan. 03, 2017 | |
Goodwill | |||||
Goodwill, Ending Balance | $ 999,586 | $ 595,711 | |||
Southeastern Bank Financial | |||||
Goodwill | |||||
Additions, Goodwill from acquisition or merger | $ 258,300 | ||||
Core deposit intangible | $ 18,120 | ||||
Park Sterling Corporation | |||||
Goodwill | |||||
Additions, Goodwill from acquisition or merger | $ 403,000 | ||||
Core deposit intangible | $ 26,200 | $ 26,175 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets - Summary of gross carrying amounts - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Other intangible assets | |||
Gross carrying amount | $ 126,449 | $ 100,274 | $ 126,449 |
Accumulated amortization | (56,073) | (44,813) | (52,660) |
Net carrying amount | 70,376 | 55,461 | $ 73,789 |
Amortization expense | 3,413 | $ 2,507 | |
Estimated amortization expense for other intangibles for each of the next five quarters | |||
June 30, 2018 | 3,401 | ||
September 30, 2018 | 3,400 | ||
December 31, 2018 | 3,400 | ||
March 31, 2019 | 3,156 | ||
June 30, 2019 | 3,144 | ||
Thereafter | $ 53,875 | ||
Minimum | |||
Other intangible assets | |||
Estimated useful lives | 2 years | ||
Maximum | |||
Other intangible assets | |||
Estimated useful lives | 15 years |
Loan Servicing, Mortgage Orig82
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Loans held for sale, loan servicing and mortgage origination | ||||||
Mortgage servicing rights | $ 34,196 | $ 31,119 | $ 30,063 | |||
MSRs | ||||||
Changes in the fair value of MSRs and its offsetting hedge. | ||||||
Increase (decrease) in fair value of MSRs | $ 2,516 | $ 444 | ||||
Decay of MSRs | (929) | (803) | ||||
Gains (losses) related to derivatives | (1,554) | 266 | ||||
Net effect on Statements of Income | $ 33 | $ (93) | ||||
Characteristics and sensitivity analysis of the MSR | ||||||
Residential Mortgages Serviced for Others Percentage | 100.00% | 100.00% | 100.00% | |||
Weighted average life | 8 years 5 months 12 days | 7 years 8 months 5 days | 7 years 7 months 21 days | |||
Constant prepayment rate (as a percent) | 6.30% | 7.80% | 7.70% | |||
Weighted average discount rate (as a percent) | 9.60% | 9.80% | 9.60% | |||
Effect on fair value due to change in interest rates: | ||||||
25 basis point increase | $ 1,025 | $ 1,485 | $ 1,375 | |||
50 basis point increase | 1,791 | 2,664 | 2,431 | |||
25 basis point decrease | (1,439) | (1,850) | (1,746) | |||
50 basis point decrease | (3,189) | $ (4,014) | (3,774) | |||
Custodial escrow balances maintained in connection with the loan servicing | $ 20,900 | $ 18,200 | ||||
Fixed-rate mortgage loans | ||||||
Characteristics and sensitivity analysis of the MSR | ||||||
Residential Mortgages Serviced for Others Percentage | 99.70% | 99.70% | 99.60% | |||
Adjustable-rate mortgage loans | ||||||
Characteristics and sensitivity analysis of the MSR | ||||||
Residential Mortgages Serviced for Others Percentage | 0.30% | 0.30% | 0.40% | |||
First Financial Holdings, Inc. ("First Financial") | ||||||
Loans held for sale, loan servicing and mortgage origination | ||||||
Residential mortgages serviced for others | $ 3,000,000 | $ 2,900,000 | $ 2,800,000 | |||
Contractually specified servicing fees earned | $ 1,900 | $ 1,800 | ||||
First Financial Holdings, Inc. ("First Financial") | MSRs | ||||||
Loans held for sale, loan servicing and mortgage origination | ||||||
Mortgage servicing rights | 31,100 | 30,100 | $ 31,100 | $ 34,200 | $ 31,100 | $ 30,100 |
Analysis of the activity in the MSRs | ||||||
Balance at beginning of the period | 31,100 | |||||
Balance at end of period | $ 34,200 | $ 30,100 | $ 31,100 |
Loan Servicing, Mortgage Orig83
Loan Servicing, Mortgage Origination, and Loans Held for Sale - Mandatory cash forwards - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||
Loan sales | $ 154,900 | $ 177,700 | |
Loan securitizations and loan sales | $ 118,400 | $ 120,600 | |
Percentage of loan securitizations and loan sales | 76.50% | 67.90% | |
Loans held for sale | $ 42,690 | $ 46,988 | $ 70,890 |
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 | 42,700 | 47,000 | 45,500 |
Loans Held-for-sale, Mortgages | $ 42,700 | $ 47,000 | $ 45,500 |
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 | ||
Park Sterling Corporation | |||
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||
Loans held for sale, commercial | $ 25,400 |
Investments in Qualified Affo84
Investments in Qualified Affordable Housing Projects (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Investment In Qualified Affordable Housing Projects. | ||
Tax Credits and Benefits | $ 1,200,000 | $ 771,000,000 |
Amortization | 587,000,000,000 | |
Share of book losses | 1,000,000 | |
Carrying value | 38,700,000 | 26,200,000 |
Original Investment Value | 49,700,000 | 49,700,000 |
Funding obligation | 17,900,000 | $ 9,400,000 |
Amount repaid | $ 0 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Secured Debt, Repurchase Agreements | |||
Carrying amount of securities sold under repurchase agreements with customers | $ 269.5 | $ 211.1 | $ 272.4 |
Carrying amount of the securities pledged to collateralize repurchase agreements | $ 269.5 | $ 211.1 | $ 272.4 |