Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 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 | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 36,527,104 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Cash and cash equivalents: | |||
Cash and due from banks | $ 234,011 | $ 255,775 | $ 197,984 |
Interest-bearing deposits with banks | 25,950 | 117,635 | 137,543 |
Federal funds sold and securities purchased under agreements to resell | 47,348 | 4,217 | 68,407 |
Total cash and cash equivalents | 307,309 | 377,627 | 403,934 |
Investment securities: | |||
Securities held to maturity (fair value of $500, $2,556 and $3,732, respectively) | 500 | 2,529 | 3,678 |
Securities available for sale, at fair value | 1,551,281 | 1,648,193 | 1,319,454 |
Other investments | 19,229 | 23,047 | 13,664 |
Total investment securities | 1,571,010 | 1,673,769 | 1,336,796 |
Loans held for sale | 33,752 | 70,890 | 46,321 |
Loans: | |||
Loans, net | 10,855,344 | 10,575,417 | 8,223,204 |
Other real estate owned | 12,119 | 11,203 | 13,527 |
Premises and equipment, net | 241,909 | 255,565 | 198,146 |
Bank owned life insurance | 229,075 | 225,132 | 151,402 |
Deferred tax assets | 47,943 | 45,902 | 41,664 |
Mortgage servicing rights | 36,056 | 31,119 | 29,937 |
Core deposit and other intangibles | 66,437 | 73,789 | 50,472 |
Goodwill | 1,002,900 | 999,586 | 597,236 |
Other assets | 118,361 | 126,590 | 76,471 |
Total assets | 14,522,215 | 14,466,589 | 11,169,110 |
Deposits: | |||
Noninterest-bearing | 3,157,478 | 3,047,432 | 2,505,570 |
Interest-bearing | 8,456,397 | 8,485,334 | 6,556,451 |
Total deposits | 11,613,875 | 11,532,766 | 9,062,021 |
Federal funds purchased and securities sold under agreements to repurchase | 279,698 | 286,857 | 291,099 |
Other borrowings | 115,919 | 216,385 | 83,307 |
Other liabilities | 144,584 | 121,661 | 99,858 |
Total liabilities | 12,154,076 | 12,157,669 | 9,536,285 |
Shareholders' equity: | |||
Common stock - $2.50 par value; authorized 80,000,000; 80,000,000 and 40,000,000 shares, respectively; 36,723,238; 36,759,656 and 29,267,369 shares issued and outstanding, respectively | 91,808 | 91,899 | 73,168 |
Surplus | 1,805,685 | 1,807,601 | 1,136,352 |
Retained earnings | 515,155 | 419,847 | 427,093 |
Accumulated other comprehensive loss | (44,509) | (10,427) | (3,788) |
Total shareholders' equity | 2,368,139 | 2,308,920 | 1,632,825 |
Total liabilities and shareholders' equity | 14,522,215 | 14,466,589 | 11,169,110 |
Acquired credit impaired loans | |||
Loans: | |||
Loans, net | 512,633 | 618,803 | 578,863 |
Total loans | 516,601 | 623,430 | 582,533 |
Acquired non-credit impaired loans | |||
Loans: | |||
Total loans | 2,786,102 | 3,507,907 | 1,455,555 |
Non-acquired loans | |||
Loans: | |||
Total loans | 7,606,478 | 6,492,155 | 6,230,327 |
Less allowance for non-acquired loan losses | (49,869) | (43,448) | (41,541) |
Loans, net | $ 7,556,609 | $ 6,448,707 | $ 6,188,786 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Investment securities: | |||
Securities held to maturity, fair value (in dollars) | $ 500 | $ 2,556 | $ 3,732 |
Shareholders' equity: | |||
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 | 36,723,238 | 36,759,656 | 29,267,369 |
Common stock, shares outstanding | 36,723,238 | 36,759,656 | 29,267,369 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest income: | ||||
Loans, including fees | $ 132,043 | $ 95,864 | $ 388,936 | $ 281,216 |
Investment securities: | ||||
Taxable | 8,890 | 6,646 | 26,726 | 20,897 |
Tax-exempt | 1,521 | 1,320 | 4,695 | 4,147 |
Federal funds sold and securities purchased under agreements to resell | 1,106 | 581 | 2,983 | 1,916 |
Total interest income | 143,560 | 104,411 | 423,340 | 308,176 |
Interest expense: | ||||
Deposits | 13,220 | 2,974 | 30,142 | 8,132 |
Federal funds purchased and securities sold under agreements to repurchase | 599 | 276 | 1,696 | 756 |
Other borrowings | 1,452 | 842 | 4,678 | 2,576 |
Total interest expense | 15,271 | 4,092 | 36,516 | 11,464 |
Net interest income | 128,289 | 100,319 | 386,824 | 296,712 |
Provision for loan losses | 3,117 | 2,062 | 10,049 | 8,082 |
Net interest income after provision for loan losses | 125,172 | 98,257 | 376,775 | 288,630 |
Noninterest income: | ||||
Securities gains (losses), net | (11) | 1,278 | (652) | 1,388 |
Other-than-temporary impairment losses | (753) | (753) | ||
Recoveries on acquired loans | 1,238 | 1,944 | 6,379 | 5,647 |
Other | 2,659 | 1,367 | 7,738 | 4,532 |
Total noninterest income | 32,027 | 33,736 | 110,107 | 103,268 |
Noninterest expense: | ||||
Salaries and employee benefits | 57,934 | 47,245 | 175,425 | 143,711 |
Net occupancy expense | 7,630 | 6,214 | 23,611 | 18,650 |
Information services expense | 7,804 | 6,003 | 26,445 | 18,776 |
Furniture and equipment expense | 4,605 | 3,751 | 13,750 | 11,422 |
OREO expense and loan related | (19) | 1,753 | 2,679 | 5,648 |
Bankcard expense | 379 | 444 | 1,381 | 1,623 |
Amortization of intangibles | 3,537 | 2,494 | 10,672 | 7,496 |
Supplies, printing and postage expense | 1,561 | 1,491 | 4,359 | 4,715 |
Professional fees | 2,138 | 1,265 | 5,735 | 4,637 |
FDIC assessment and other regulatory charges | 2,525 | 918 | 7,065 | 3,029 |
Advertising and marketing | 1,049 | 852 | 2,948 | 2,400 |
Merger and branch consolidation related expense | 4,476 | 1,551 | 29,868 | 26,882 |
Other | 6,675 | 5,289 | 20,325 | 17,066 |
Total noninterest expense | 100,294 | 79,270 | 324,263 | 266,055 |
Earnings: | ||||
Income before provision for income taxes | 56,905 | 52,723 | 162,619 | 125,843 |
Provision for income taxes | 9,823 | 17,677 | 32,752 | 40,710 |
Net income | $ 47,082 | $ 35,046 | $ 129,867 | $ 85,133 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.28 | $ 1.20 | $ 3.53 | $ 2.92 |
Diluted (in dollars per share) | 1.28 | 1.19 | 3.52 | 2.90 |
Dividends per common share (in dollars per share) | $ 0.35 | $ 0.33 | $ 1.02 | $ 0.99 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 36,645 | 29,115 | 36,657 | 29,023 |
Diluted (in shares) | 36,893 | 29,385 | 36,909 | 29,291 |
Fees on deposit accounts | ||||
Noninterest income: | ||||
Noninterest income | $ 17,790 | $ 20,144 | $ 62,945 | $ 59,541 |
Mortgage banking income | ||||
Noninterest income: | ||||
Noninterest income | 2,824 | 3,446 | 11,089 | 14,210 |
Trust and investment services income | ||||
Noninterest income: | ||||
Noninterest income | $ 7,527 | $ 6,310 | $ 22,608 | $ 18,703 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements of Comprehensive Income | ||||
Net income | $ 47,082 | $ 35,046 | $ 129,867 | $ 85,133 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during period | (11,056) | 130 | (41,354) | 7,049 |
Tax effect | 2,432 | (50) | 9,130 | (2,687) |
Reclassification adjustment for (gains) losses and OTTI included in net income | 11 | (525) | 652 | (635) |
Tax effect | (2) | 200 | (144) | 242 |
Net of tax amount | (8,615) | (245) | (31,716) | 3,969 |
Unrealized gains (losses) on derivative financial instruments qualifying as cash flow hedges: | ||||
Unrealized holding gains (losses) arising during period | (1) | 4 | 43 | (56) |
Tax effect | (1) | (9) | 21 | |
Reclassification adjustment for losses included in interest expense | 35 | 57 | 121 | 226 |
Tax effect | (8) | (22) | (27) | (86) |
Net of tax amount | 26 | 38 | 128 | 105 |
Change in pension plan obligation: | ||||
Reclassification adjustment for changes included in net income | 194 | 188 | 581 | 564 |
Tax effect | (43) | (72) | (128) | (215) |
Net of tax amount | 151 | 116 | 453 | 349 |
Net comprehensive income (loss) | (8,438) | (91) | (31,135) | 4,423 |
Comprehensive income | $ 38,644 | $ 34,955 | $ 98,732 | $ 89,556 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 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 | 85,133 | 4,423 | 89,556 | ||
Cash dividends declared on common stock per share | (28,956) | (28,956) | |||
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 | ||||
Employee stock purchases | $ 17 | 536 | 553 | ||
Employee stock purchases (in shares) | 6,742 | ||||
Stock options exercised | $ 84 | 1,050 | 1,134 | ||
Stock options exercised (in shares) | 33,896 | ||||
Restricted stock awards | $ 51 | (51) | |||
Restricted stock awards (in shares) | 20,683 | ||||
Stock issued pursuant to restricted stock units. | $ 95 | (95) | |||
Stock issued pursuant to restricted stock units (in shares) | 37,802 | ||||
Common stock repurchased | $ (101) | (3,525) | (3,626) | ||
Common stock repurchased (in shares) | (40,484) | ||||
Share-based compensation expense | 4,967 | 4,967 | |||
Balance at Sep. 30, 2017 | $ 73,168 | 1,136,352 | 427,093 | (3,788) | $ 1,632,825 |
Balance (in shares) at Sep. 30, 2017 | 29,267,369 | 29,267,369 | |||
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 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Comprehensive income | 129,867 | (31,135) | $ 98,732 | ||
Cash dividends declared on common stock per share | (37,506) | (37,506) | |||
AOCI reclassification to retained earnings from adoption of ASU 2018-02 | ASU 2018- 02 | 2,947 | (2,947) | |||
Employee stock purchases | $ 22 | 687 | 709 | ||
Employee stock purchases (in shares) | 8,783 | ||||
Stock options exercised | $ 83 | 948 | 1,031 | ||
Stock options exercised (in shares) | 33,424 | ||||
Restricted stock awards | $ 12 | (12) | |||
Restricted stock awards (in shares) | 4,586 | ||||
Stock issued pursuant to restricted stock units. | $ 99 | (99) | |||
Stock issued pursuant to restricted stock units (in shares) | 39,541 | ||||
Common stock repurchased - buyback plan | $ (250) | (8,094) | (8,344) | ||
Common stock repurchased - buyback plan (in shares) | (100,000) | ||||
Common stock repurchased | $ (57) | (1,959) | (2,016) | ||
Common stock repurchased (in shares) | (22,752) | ||||
Share-based compensation expense | 6,613 | 6,613 | |||
Balance at Sep. 30, 2018 | $ 91,808 | $ 1,805,685 | $ 515,155 | $ (44,509) | $ 2,368,139 |
Balance (in shares) at Sep. 30, 2018 | 36,723,238 | 36,723,238 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements of Changes in Shareholders' Equity | ||||
Cash dividends declared, per share (in dollars per share) | $ 0.35 | $ 0.33 | $ 1.02 | $ 0.99 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 129,867 | $ 85,133 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 26,864 | 21,030 |
Provision for loan losses | 10,049 | 8,082 |
Deferred income taxes | 9,897 | 3,144 |
Revision of provisional amount related to the revaluation of deferred taxes from the Tax Reform Act | (991) | |
Other-than-temporary impairment losses | 753 | |
(Gain) loss on sale of securities, net | 652 | (1,388) |
Share-based compensation expense | 6,613 | 4,967 |
Accretion of discount related to performing acquired loans | (23,993) | (9,779) |
(Gain) loss on disposal of premises and equipment | 1,304 | 171 |
Gain on sale of OREO | (1,570) | (2) |
Net amortization of premiums on investment securities | 5,696 | 5,068 |
OREO write downs | 1,185 | 2,220 |
Fair value adjustment for loans held for sale | (699) | 867 |
Originations and purchases of loans held for sale | (491,694) | (558,459) |
Proceeds from sales of loans | 529,528 | 575,495 |
Net change in: | ||
Accrued interest receivable | (2,081) | (475) |
Prepaid assets | 1,833 | 1,865 |
Miscellaneous other assets | (1,706) | (5,844) |
Accrued interest payable | 1,490 | (160) |
Accrued income taxes | 649 | 10,763 |
Miscellaneous other liabilities | 20,890 | 4,482 |
Net cash provided by operating activities | 223,783 | 147,933 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available for sale | 67,853 | 265,965 |
Proceeds from maturities and calls of investment securities held to maturity | 2,030 | 2,420 |
Proceeds from maturities and calls of investment securities available for sale | 173,531 | 182,299 |
Proceeds from sales of other investment securities | 15,938 | 3,444 |
Purchases of investment securities available for sale | (191,305) | (183,581) |
Purchases of other investment securities | (12,119) | (303) |
Net increase in loans | (283,331) | (533,647) |
Net cash received from acquisitions | 70,188 | |
Recoveries of loans previously charged off | 2,686 | 2,455 |
Purchases of premises and equipment | (9,504) | (9,095) |
Proceeds from sale of OREO | 11,655 | 11,331 |
Proceeds from sale of premises and equipment | 33 | 15 |
Net cash used in investing activities | (222,533) | (188,509) |
Cash flows from financing activities: | ||
Net increase in deposits | 81,721 | 206,678 |
Net decrease in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings | (7,159) | (23,688) |
Proceeds from FHLB advances | 325,001 | |
Repayment of other borrowings | (425,005) | (82,033) |
Common stock issuance | 709 | 553 |
Common stock repurchase | (10,360) | (3,626) |
Dividends paid on common stock | (37,506) | (28,956) |
Stock options exercised | 1,031 | 1,134 |
Net cash (used in) provided by financing activities | (71,568) | 70,062 |
Net increase (decrease) in cash and cash equivalents | (70,318) | 29,486 |
Cash and cash equivalents at beginning of period | 377,627 | 374,448 |
Cash and cash equivalents at end of period | 307,309 | 403,934 |
Cash paid for: | ||
Interest | 35,026 | 11,625 |
Income taxes | 23,981 | 25,534 |
Acquisitions: | ||
Fair value of tangible assets acquired | (7,246) | 1,817,877 |
Other intangible assets acquired | 3,321 | 18,120 |
Liabilities assumed | (612) | 1,659,177 |
Net identifiable assets acquired over liabilities assumed | (3,313) | $ 176,820 |
Common stock issued in acquisition | 434,625 | |
Real estate acquired in full or in partial settlement of loans | $ 11,976 | $ 8,375 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 of America (“GAAP”) 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 for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications had no impact on net income or equity as previously reported. Operating results for the three and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 South State Corporation’s (“SSB’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 subsidiary. 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 retrospective transition approach which requires restatement of prior periods. We selected this method even though there were no material changes in the timing of revenue recognition due to the fact that ASU Topic 606 requires us to report network costs associated with debit card and ATM transactions netted against the related fees from such transactions. Previously, such network costs were reported as a component of other noninterest expense. We did restate prior periods for this reclassification. For the three and nine months ended September 30, 2018, gross interchange and debit card transaction fees totaled $5.5 million and $27.2 million, respectively while related network costs totaled $3.2 million and $9.1 million, respectively. On a net basis we reported $2.3 million and $18.1 million, respectively, as interchange and debit card transactions fees in the accompanying Consolidated Statements of Income as noninterest income for the three and nine months ended September 30, 2018. We also made this reclassification for the comparable periods in 2017. For the three and nine months ended September 30, 2017, gross interchange and debit card transaction fees totaled $8.7 million and $26.4 million, respectively while related network costs totaled $2.3 million and $6.8 million, respectively. On a net basis we reported $6.4 million and $19.6 million, respectively, as net interchange and debit card transactions fees as noninterest income for the three and nine months ended September 30, 2017. 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 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, Inc. and Minis & Co., 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 and $22.6 million, respectively, for the three and nine months ended September 30, 2018. The Bank contracts with our customers to perform deposit account services. Total revenue recognized from these contracts with customers is $18.0 million and $63.7 million, respectively, for the three and nine months ended September 30, 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 approximately 806,000 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 was $24.5 million and $85.2 million, respectively, for the three and nine months ended September 30, 2018. Total revenue derived from contracts in which services are transferred over time was $4.7 million and $14.5 million, respectively, for the three and nine months ended September 30, 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 our 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 & Co., Inc. and South State Advisory, Inc., customers are billed in advance for quarterly services to be performed based on the past quarter’s 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 Judgments - All of the contracts create performance obligations that are satisfied at a point in time excluding the contracts billed in advance through Minis& Co., Inc. and South State Advisory, Inc. 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 | 9 Months Ended |
Sep. 30, 2018 | |
Recent Accounting and Regulatory Pronouncements | |
Recent Accounting and Regulatory Pronouncements | Note 3 — Recent Accounting and Regulatory Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Subtopic 350-40) (“ASU 2018-15”) . The ASU clarifies certain aspects of ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which was issued in April 2015. Specifically, ASU 2018-15 “align[s] the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license).” This ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. An entity would expense the capitalized implementation costs related to a hosting arrangement that is a service contract over the hosting arrangement’s term, which comprises the arrangement’s noncancelable term and any renewal options whose exercise is reasonably certain. The expense would be presented in the same line item in the statement of income as that in which the fee associated with the hosting arrangement is presented. For public business entities, the amendments in ASU 2018-15 are effective for interim and annual periods beginning after December 15, 2019 and an entity has the option of using either a retrospective or prospective transition method. Early adoption is permitted. 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 August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plan (Subtopic 715-20) (“ASU 2018-14”) . ASU 2018-14 amends Accounting Standards Codification (“ASC”) 715-20 to add, remove, and clarify disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public business entities, ASU 2018-14 is effective for fiscal years ending after December 15, 2020 and requires entities to apply the amendment on a retrospective basis. Early adoption is permitted. 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 August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) (“ASU 2018-13”) . ASU 2018-13 r removes, modifies, and adds certain disclosure requirements in ASC 820 related to Fair Value Measurement on the basis of the concepts in the FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements . ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted upon issuance of this ASU, including in any interim period for which financial statements have not yet been issued or made available for issuance. Entities making this election are permitted to early adopt the eliminated or modified disclosure requirements and delay the adoption of all the new disclosure requirements until their effective date. The ASU requires application of the prospective method of transition (for only the most recent interim or annual period presented in the initial fiscal year of adoption) to the new disclosure requirement additions. The ASU also requires prospective application to any modifications to disclosures made because of the change to the requirements for the narrative description of measurement uncertainty. The effects of all other amendments made by the ASU must be applied retrospectively to all periods presented. 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 July 2018, the FASB issued ASU No. 2018-11, Targeted Improvements - Leases (Topic 842) (“ASU 2018-11”). ASU 2018-11 updates the new lease standard ( Leases (Topic 842) (“ASU 2016-02”) by providing another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date instead of at the beginning of the earliest period presented in the financial statements as required in the original pronouncement. ASU 2018-11 also provides updated guidance for lessors related to separating lease and nonlease components in a contract and allocating the consideration in the contract to the separate components. For public business entities, the amendments in ASU 2016-02 and ASU 2018-11 are effective for interim and annual periods beginning after December 15, 2018. In transition, lessees and lessors have the choice to recognize and measure leases at the beginning of the earliest period presented in financials using a modified retrospective approach or to allow the entity to recognize and measure leases as of the adoption date and not in comparative periods. The guidance 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 evaluating the provisions of ASU 2016-02 and ASU 2018-11 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 $76 million if the standard was effective at September 30, 2018. In February 2018, the 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 arose 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 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 of 2017 (the “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 relate 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 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 a 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, which 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, and (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”). These amendments are intended to clarify the definition of a business to assist companies and other reporting entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired are 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 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 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 arose 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. See Note 2 – Summary of Significant Accounting Policies for additional information. 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 for loans, investment securities portfolio, and purchased financial assets with credit deterioration. ASU 2016-13 also will require enhanced disclosures. The new 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. A cross-functional working group comprised of individuals from credit administration, risk management, accounting and finance, information technology, among others are in place implementing and developing the data, forecast, processes, and portfolio segmentation that will be used in the models that will estimate the expected credit loss for each loan segment. The Company has also contracted with a third party vendor solution to assist us in the application and analysis of ASU 2016-13 in aggregating the results of the models and valuations used to measure CECL. The Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, and it will be influenced by the composition, characteristics and quality of our loan and securities portfolio, as well as the economic conditions and forecasts as of each reporting period. 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 noninterest 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 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 and the reclassification of interchange costs from noninterest expense to noninterest income on the Consolidated Statement of Income which the Company applied retrospectively to each prior reporting period. See further discussion in Note 2 – Summary of Significant Accounting Policies. 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. In July 2018, ASU 2018-11 was issued which provided targeted improvements related to 2016-02. (See above for further details) For public business entities, the amendments in ASU 2016-02 and ASU 2018-11 are effective for interim and annual periods beginning after December 15, 2018. In transition, lessees and lessors have the choice to recognize and measure leases at the beginning of the earliest period presented in financials using a modified retrospective approach or to allow the entity to recognize and measure leases as of the adoption date and not in comparative periods. The guidance 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 evaluating the provisions of ASU 2016-02 and 2018-11 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 $76 million if the standard was effective at September 30, 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. See Note 2 – Summary of Significant Accounting Policies for additional information. 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 | 9 Months Ended |
Sep. 30, 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 SSB’s common stock in exchange for each share of PSC stock resulting in SSB issuing 7,480,343 shares of 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 for new information obtained about facts and circumstances that existed at the acquisition date. 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) (4) (b) 70,882 Loans, net of allowance and mark 2,346,612 (95,878) (c) (9,408) (c) 2,241,326 Premises and equipment 61,059 (4,882) (d) (387) (d) 55,790 Intangible assets 73,090 (46,915) (e) 3,321 (e) 29,496 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) 2,124 (g) 31,683 Other assets 21,595 (476) (h) — 21,119 Total assets $ 3,175,486 $ (66,854) $ (3,925) $ 3,104,707 Liabilities Deposits: Noninterest-bearing $ 561,874 $ — $ — $ 561,874 Interest-bearing 1,886,810 2,692 (i) (612) (i) 1,888,890 Total deposits 2,448,684 2,692 (612) 2,450,764 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 (612) 2,818,012 Net identifiable assets acquired over (under) liabilities assumed 373,374 (83,366) (3,313) 286,695 Goodwill — 402,951 3,313 406,264 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 SSB's common stock $ 92.05 SSB 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 reclassification 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 $70.4 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 reclassification related to the Shared National Credits noted in (b), above. (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 $29.5 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 along with certain prepaid expenses. (i)—Adjustment reflects the premium for fixed maturity time deposits of $2.3 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 periods ended September 30, 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 $4.5 million and $29.9 million, respectively, are recorded in the consolidated statement of income for the three and nine months ended September 30, 2018; and include incremental costs related to the conversion of systems, termination of contracts, branch closures and severance cost. The following table discloses the impact of the merger with PSC (excluding the impact of merger-related expenses) for the three and nine months ended September 30, 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 $860,000 and $23.6 million from the SBFC acquisition were incurred during the three and nine months ended September 30, 2017 and were excluded from the 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 and nine months ended September 30, 2017 of PSC in the amount of $(353,000) and $325,000, respectively. 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 and nine months ended September 30, 2017. The Company does not expect any material or significant merger-related expense in the fourth quarter of 2018 from the merger with PSC. The achieved operating cost savings and other business synergies as a result of the acquisitions are not reflected in the pro forma amounts below: PSC Estimated/Actual Pro Forma PSC Estimated/Actual Pro Forma For the Three Months Three Months For the Nine Months Nine Months (Dollars in thousands) Ended Ended Ended Ended Total revenues (net interest income plus noninterest income) $ 28,155 $ 171,795 $ 94,163 $ 509,523 Net adjusted income available to the common shareholder $ 15,054 $ 47,559 $ 50,108 $ 136,402 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 SSB’s common stock in exchange for each share of SBFC stock resulting in SSB issuing 4,978,338 shares of 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 at their initial and subsequent fair value estimates, as recorded by the Company. The fair value estimates were subject to refinement for up to one year after the closing date of the acquisition for new information obtained about facts and circumstances that existed at the acquisition date. 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 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 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2018: State and municipal obligations $ 500 $ — $ — $ 500 December 31, 2017: State and municipal obligations $ 2,529 $ 27 $ — $ 2,556 September 30, 2017: State and municipal obligations $ 3,678 $ 54 $ — $ 3,732 The following is the amortized cost and fair value of investment securities available for sale: Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value September 30, 2018: Government-sponsored entities debt* $ 54,397 $ — $ (1,852) $ 52,545 State and municipal obligations 207,723 1,114 (2,613) 206,224 Mortgage-backed securities** 1,336,778 115 (44,381) 1,292,512 $ 1,598,898 $ 1,229 $ (48,846) $ 1,551,281 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 September 30, 2017: Government-sponsored entities debt* $ 86,521 $ 72 $ (642) $ 85,951 State and municipal obligations 199,898 4,584 (188) 204,294 Mortgage-backed securities** 1,027,827 4,673 (5,023) 1,027,477 Corporate stocks 1,556 176 — 1,732 $ 1,315,802 $ 9,505 $ (5,853) $ 1,319,454 * - 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 September 30, 2018: Federal Home Loan Bank stock $ 13,149 $ — $ — $ 13,149 Investment in unconsolidated subsidiaries 3,563 — — 3,563 Other nonmarketable investment securities 2,517 — — 2,517 $ 19,229 $ — $ — $ 19,229 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 September 30, 2017: Federal Home Loan Bank stock $ 10,177 $ — $ — $ 10,177 Investment in unconsolidated subsidiaries 2,262 — — 2,262 Other nonmarketable investment securities 1,225 — — 1,225 $ 13,664 $ — $ — $ 13,664 The amortized cost and fair value of debt securities at September 30, 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 $ — $ — $ 4,366 $ 4,362 Due after one year through five years — — 84,160 83,239 Due after five years through ten years 500 500 377,504 366,790 Due after ten years — — 1,132,868 1,096,890 $ 500 $ 500 $ 1,598,898 $ 1,551,281 Information pertaining to the Company’s securities with gross unrealized losses at September 30, 2018, December 31, 2017 and September 30, 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 September 30, 2018: Securities Available for Sale Government-sponsored entities debt $ 538 $ 20,253 $ 1,314 $ 32,293 State and municipal obligations 2,313 89,908 300 8,104 Mortgage-backed securities 25,077 876,430 19,304 389,045 Corporate securities — — — — $ 27,928 $ 986,591 $ 20,918 $ 429,442 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 September 30, 2017: Securities Available for Sale Government-sponsored entities debt $ 473 $ 68,366 $ 169 $ 11,830 State and municipal obligations 188 21,851 — — Mortgage-backed securities 4,457 455,145 566 35,917 Corporate stocks — — — — $ 5,118 $ 545,362 $ 735 $ 47,747 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 September 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 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: September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Non-acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 902,836 $ 830,875 $ 766,957 Commercial non-owner occupied 1,279,328 1,008,893 949,870 Total commercial non-owner occupied real estate 2,182,164 1,839,768 1,716,827 Consumer real estate: Consumer owner occupied 1,844,203 1,530,260 1,454,758 Home equity loans 473,381 437,642 419,760 Total consumer real estate 2,317,584 1,967,902 1,874,518 Commercial owner occupied real estate 1,449,069 1,262,776 1,278,487 Commercial and industrial 991,842 815,187 781,757 Other income producing property 209,983 193,847 194,335 Consumer 438,789 378,985 371,758 Other loans 17,047 33,690 12,645 Total non-acquired loans 7,606,478 6,492,155 6,230,327 Less allowance for loan losses (49,869) (43,448) (41,541) Non-acquired loans, net $ 7,556,609 $ 6,448,707 $ 6,188,786 The following is a summary of acquired non-credit impaired loans accounted for under FASB ASC Topic 310-20, net of related discount: September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 FASB ASC Topic 310-20 acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 222,562 $ 403,357 $ 76,886 Commercial non-owner occupied 684,793 817,166 199,704 Total commercial non-owner occupied real estate 907,355 1,220,523 276,590 Consumer real estate: Consumer owner occupied 647,064 710,611 492,615 Home equity loans 259,558 320,591 164,291 Total consumer real estate 906,622 1,031,202 656,906 Commercial owner occupied real estate 455,803 521,818 207,572 Commercial and industrial 247,922 398,696 101,427 Other income producing property 150,371 196,669 76,924 Consumer 118,029 137,710 136,136 Other — 1,289 — Total FASB ASC Topic 310-20 acquired loans $ 2,786,102 $ 3,507,907 $ 1,455,555 The unamortized discount related to the acquired non-credit impaired loans totaled $37.1 million, $65.2 million, and $20.7 million at September 30, 2018, December 31, 2017, and September 30, 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: September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 FASB ASC Topic 310-30 acquired loans: Commercial real estate $ 209,518 $ 234,595 $ 207,521 Commercial real estate—construction and development 34,312 49,649 46,248 Residential real estate 218,019 260,787 249,666 Consumer 44,081 51,453 53,302 Commercial and industrial 10,671 26,946 25,796 Total FASB ASC Topic 310-30 acquired loans 516,601 623,430 582,533 Less allowance for loan losses (3,968) (4,627) (3,670) FASB ASC Topic 310-30 acquired loans, net $ 512,633 $ 618,803 $ 578,863 The table below reflects refined contractual loan payments (principal and interest), estimates of the amounts not expected to be collected (non-accretable difference), accretable yield (interest income recognized over time), and the resulting fair values at the acquisition date for PSC (November 30, 2017) for loans accounted for using FASB ASC Topic 310-30. During the second quarter of 2018, the initial fair value of loans at acquisition were adjusted to reflect movement of loans between the ASC Topic 310-20 portfolio and the ASC Topic 310-30 portfolio and the movement in interest rates from the initial valuation. November 30, 2017 Loans Impaired (Dollars in thousands) at Acquisition Contractual principal and interest $ 113,584 Non-accretable difference (27,248) Cash flows expected to be collected 86,336 Accretable difference (7,369) Carrying value $ 78,967 The table above excludes $2.1 billion ($2.2 billion in contractual principal less a $46.5 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. The table below reflects refined contractual loan payments (principal and interest), estimates of the amounts not expected to be collected (non-accretable difference), accretable yield (interest income recognized over time), and the resulting fair values at the acquisition date for SBFC (January 3, 2017) for loans accounted for using FASB ASC Topic 310-30. During the third quarter of 2017, the initial fair values of the acquired loan portfolios were adjusted to reflect movement of loans between the ASC Topic 310-20 portfolio and the ASC Topic 310-30 portfolio . January 3, 2017 Loans Impaired (Dollars in thousands) at Acquisition Contractual principal and interest $ 78,963 Non-accretable difference (13,072) Cash flows expected to be collected 65,891 Accretable difference (4,910) Carrying value $ 60,981 The table above excludes $986.5 million ($1.0 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 September 30, 2018, December 31, 2017 and September 30, 2017 are as follows: September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Contractual principal and interest $ 670,008 $ 795,850 $ 741,268 Non-accretable difference (38,422) (39,324) (26,160) Cash flows expected to be collected 631,586 756,526 715,108 Accretable yield (114,985) (133,096) (132,575) Carrying value $ 516,601 $ 623,430 $ 582,533 Allowance for acquired loan losses $ (3,968) $ (4,627) $ (3,670) Income on acquired credit impaired loans that are not impaired at the acquisition date but is accounted for under FASB ASC Topic 310-30 is recognized in the same manner as loans impaired at the acquisition date. The remaining nonaccretable difference represents cash flows not expected to be collected. The following are changes in the carrying value of acquired credit impaired loans: Nine Months Ended September 30, (Dollars in thousands) 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 (106,829) (79,258) Change in the allowance for loan losses on acquired loans 659 (275) Balance at end of period, net of allowance for loan losses on acquired loans $ 512,633 $ 578,863 The table below reflects refined accretable yield balance for acquired credit impaired loans: Nine Months Ended September 30, (Dollars in thousands) 2018 2017 Balance at beginning of period $ 133,096 $ 155,379 Addition from the SBFC acquisition — 4,603 PSC acquisition Day 1 adjustment (1,460) — Accretion (36,918) (43,873) Reclass of nonaccretable difference due to improvement in expected cash flows 20,538 16,772 Other changes, net (271) (306) Balance at end of period $ 114,985 $ 132,575 In the third quarter of 2018, the accretable yield balance declined by $6.8 million as loan accretion (income) of $11.7 million was recognized. This was partially offset by improved expected cash flows of $5.0 million during the third 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 September 30, 2018: Balance at beginning of period $ 47,874 $ — $ 4,426 $ 52,300 Loans charged-off (1,891) (97) — (1,988) Recoveries of loans previously charged off (1) 555 27 — 582 Net charge-offs (1,336) (70) — (1,406) Provision for loan losses charged to operations 3,331 70 (284) 3,117 Reduction due to loan removals — — (174) (174) Balance at end of period $ 49,869 $ — $ 3,968 $ 53,837 Three Months Ended September 30, 2017: Balance at beginning of period $ 40,149 $ — $ 3,741 $ 43,890 Loans charged-off (1,383) (275) — (1,658) Recoveries of loans previously charged off (1) 836 279 — 1,115 Net charge-offs (547) 4 — (543) Provision for loan losses charged to operations 1,939 (4) 127 2,062 Reduction due to loan removals — — (198) (198) Balance at end of period $ 41,541 $ — $ 3,670 $ 45,211 Non-acquired Acquired Non-Credit Acquired Credit (Dollars in thousands) Loans Impaired Loans Impaired Loans Total Nine Months Ended September 30, 2018: Balance at beginning of period $ 43,448 $ — $ 4,627 $ 48,075 Loans charged-off (4,300) (1,614) — (5,914) Recoveries of loans previously charged off (1) 2,408 279 — 2,687 Net charge-offs (1,892) (1,335) — (3,227) Provision for loan losses charged to operations 8,313 1,335 401 10,049 Reduction due to loan removals — — (1,060) (1,060) Balance at end of period $ 49,869 $ — $ 3,968 $ 53,837 Nine Months Ended September 30, 2017: Balance at beginning of period $ 36,960 $ — $ 3,395 $ 40,355 Loans charged-off (3,972) (1,165) — (5,137) Recoveries of loans previously charged off (1) 2,041 414 — 2,455 Net charge-offs (1,931) (751) — (2,682) Total provision for loan losses charged to operations 6,512 751 819 8,082 Reduction due to loan removals — — (544) (544) Balance at end of period $ 41,541 $ — $ 3,670 $ 45,211 (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 September 30, 2018 Allowance for loan losses: Balance, June 30, 2018 $ 6,187 $ 7,209 $ 8,607 $ 10,945 $ 3,368 $ 6,711 $ 1,413 $ 3,071 $ 363 $ 47,874 Charge-offs — — (578) (76) (40) (34) — (1,163) — (1,891) Recoveries 178 2 105 43 11 27 3 186 — 555 Provision (benefit) (352) 774 943 468 102 219 (6) 1,089 94 3,331 Balance, September 30, 2018 $ 6,013 $ 7,985 $ 9,077 $ 11,380 $ 3,441 $ 6,923 $ 1,410 $ 3,183 $ 457 $ 49,869 Loans individually evaluated for impairment $ 723 $ 81 $ 40 $ 28 $ 171 $ 475 $ 133 $ 6 $ — $ 1,657 Loans collectively evaluated for impairment $ 5,290 $ 7,904 $ 9,037 $ 11,352 $ 3,270 $ 6,448 $ 1,277 $ 3,177 $ 457 $ 48,212 Loans: Loans individually evaluated for impairment $ 35,776 $ 1,315 $ 4,551 $ 5,420 $ 3,026 $ 1,409 $ 2,930 $ 213 $ — $ 54,640 Loans collectively evaluated for impairment 867,060 1,278,013 1,444,518 1,838,783 470,355 990,433 207,053 438,576 17,047 7,551,838 Total non-acquired loans $ 902,836 $ 1,279,328 $ 1,449,069 $ 1,844,203 $ 473,381 $ 991,842 $ 209,983 $ 438,789 $ 17,047 $ 7,606,478 Three Months Ended September 30, 2017 Allowance for loan losses: Balance, June 30, 2017 $ 5,746 $ 6,164 $ 7,539 $ 8,569 $ 3,247 $ 5,143 $ 1,379 $ 2,532 $ (170) $ 40,149 Charge-offs (19) — — — (17) (440) (10) (897) — (1,383) Recoveries 333 80 92 65 38 31 29 168 — 836 Provision (benefit) (88) (7) 479 492 (171) 469 (10) 889 (114) 1,939 Balance, September 30, 2017 $ 5,972 $ 6,237 $ 8,110 $ 9,126 $ 3,097 $ 5,203 $ 1,388 $ 2,692 $ (284) $ 41,541 Loans individually evaluated for impairment $ 1,266 $ 133 $ 64 $ 47 $ 116 $ 18 $ 211 $ 7 $ — $ 1,862 Loans collectively evaluated for impairment $ 4,706 $ 6,104 $ 8,046 $ 9,079 $ 2,981 $ 5,185 $ 1,177 $ 2,685 $ (284) $ 39,679 Loans: Loans individually evaluated for impairment $ 42,638 $ 716 $ 5,874 $ 4,455 $ 2,623 $ 627 $ 3,605 $ 254 $ — $ 60,792 Loans collectively evaluated for impairment 724,319 949,154 1,272,613 1,450,303 417,137 781,130 190,730 371,504 12,645 6,169,535 Total non-acquired loans $ 766,957 $ 949,870 $ 1,278,487 $ 1,454,758 $ 419,760 $ 781,757 $ 194,335 $ 371,758 $ 12,645 $ 6,230,327 Construction Commercial Commercial Consumer Other Income & Land Non-owner Owner Owner Home Commercial Producing Other (Dollars in thousands) Development Occupied Occupied Occupied Equity & Industrial Property Consumer Loans Total Nine Months Ended September 30, 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) — (659) (80) (111) (178) — (3,237) — (4,300) Recoveries 1,167 6 76 169 139 241 14 596 — 2,408 Provision (benefit) (1,040) 1,454 1,532 1,623 163 1,372 21 3,036 152 8,313 Balance, September 30, 2018 $ 6,013 $ 7,985 $ 9,077 $ 11,380 $ 3,441 $ 6,923 $ 1,410 $ 3,183 $ 457 $ 49,869 Nine Months Ended September 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ 4,091 $ 4,980 $ 8,022 $ 7,820 $ 3,211 $ 4,842 $ 1,542 $ 2,350 $ 102 $ 36,960 Charge-offs (493) — — (185) (241) (629) (17) (2,407) — (3,972) Recoveries 555 128 197 141 133 264 77 546 — 2,041 Provision (benefit) 1,819 1,129 (109) 1,350 (6) 726 (214) 2,203 (386) 6,512 Balance, September 30, 2017 $ 5,972 $ 6,237 $ 8,110 $ 9,126 $ 3,097 $ 5,203 $ 1,388 $ 2,692 $ (284) $ 41,541 The following tables present a disaggregated analysis of activity in the allowance for loan losses and loan balances for acquired non-credit impaired loans: Construction Commercial Commercial Consumer Other Income & Land Non-owner Owner Owner Home Commercial Producing (Dollars in thousands) Development Occupied Occupied Occupied Equity & Industrial Property Consumer Total Three Months Ended September 30, 2018 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — — (4) (30) — (63) (97) Recoveries 1 — — 1 6 5 — 14 27 Provision (benefit) (1) — — (1) (2) 25 — 49 70 Balance, September 30, 2018 $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 222,562 684,793 455,803 647,064 259,558 247,922 150,371 118,029 2,786,102 Total acquired non-credit impaired loans $ 222,562 $ 684,793 $ 455,803 $ 647,064 $ 259,558 $ 247,922 $ 150,371 $ 118,029 $ 2,786,102 Three Months Ended September 30, 2017 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — (80) (71) (1) — (123) (275) Recoveries 1 — 1 — 274 1 — 2 279 Provision (benefit) (1) — (1) 80 (203) — — 121 (4) Balance, September 30, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 76,886 199,704 207,572 492,615 164,291 101,427 76,924 136,136 1,455,555 Total acquired non-credit impaired loans $ 76,886 $ 199,704 $ 207,572 $ 492,615 $ 164,291 $ 101,427 $ 76,924 $ 136,136 $ 1,455,555 Construction Commercial Commercial Consumer Other Income & Land Non-owner Owner Owner Home Commercial Producing (Dollars in thousands) Development Occupied Occupied Occupied Equity & Industrial Property Consumer Total Nine Months Ended September 30, 2018 Allowance for loan losses: Balance, December 31, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs (106) — (28) (70) (244) (838) — (328) (1,614) Recoveries 8 — — 63 85 60 — 63 279 Provision (benefit) 98 — 28 7 159 778 — 265 1,335 Balance, September 30, 2018 $ — $ — $ — $ — $ — $ — $ — $ — $ — Nine Months Ended September 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — (89) (736) (3) — (337) (1,165) Recoveries 3 — 1 42 343 3 1 21 414 Provision (benefit) (3) — (1) 47 393 — (1) 316 751 Balance, September 30, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — 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 September 30, 2018 Allowance for loan losses: Balance, June 30, 2018 $ 636 $ 576 $ 2,514 $ 572 $ 128 $ 4,426 Provision (benefit) for loan losses 62 (205) (28) (284) Reduction due to loan removals (6) — Balance, September 30, 2018 $ 692 $ 340 $ 2,311 $ 546 $ 79 $ 3,968 Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ 692 $ 340 $ 2,311 $ 546 $ 79 $ 3,968 Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 209,518 34,312 218,019 44,081 10,671 516,601 Total acquired credit impaired loans $ 209,518 $ 34,312 $ 218,019 $ 44,081 $ 10,671 $ 516,601 Three Months Ended September 30, 2017 Allowance for loan losses: Balance , June 30, 2017 $ 40 $ 92 $ 2,741 $ 548 $ 320 $ 3,741 Provision (benefit) for loan losses (40) 133 184 (85) (65) 127 Reduction due to loan removals — (36) (149) (1) (12) (198) Balance, September 30, 2017 $ — $ 189 $ 2,776 $ 462 $ 243 $ 3,670 Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ 189 $ 2,776 $ 462 $ 243 $ 3,670 Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 207,521 46,248 249,666 53,302 25,796 582,533 Total acquired credit impaired loans $ 207,521 $ 46,248 $ 249,666 $ 53,302 $ 25,796 $ 582,533 Commercial Real Estate- Commercial Construction and Residential Commercial (Dollars in thousands) Real Estate Development Real Estate Consumer and Industrial Total Nine Months Ended September 30, 2018 Allowance for loan losses: Balance, December 31, 2017 $ 288 $ 180 $ 3,553 $ 461 $ 145 $ 4,627 Provision (benefit) for loan losses 423 273 (894) 88 511 401 Reduction due to loan removals (19) (113) (348) (3) (577) (1,060) Balance, September 30, 2018 $ 692 $ 340 $ 2,311 $ 546 $ 79 $ 3,968 Nine Months Ended September 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ 41 $ 139 $ 2,419 $ 558 $ 238 $ 3,395 Provision (benefit) for loan losses (40) 130 743 (85) 71 819 Reduction due to loan removals (1) (80) (386) (11) (66) (544) Balance, September 30, 2017 $ — $ 189 $ 2,776 $ 462 $ 243 $ 3,670 *— 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 September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 889,818 $ 818,240 $ 755,633 $ 1,270,557 $ 999,049 $ 939,125 $ 1,421,090 $ 1,232,927 $ 1,247,881 Special mention 9,906 8,758 7,445 7,027 7,864 8,475 18,337 23,575 24,277 Substandard 3,112 3,877 3,879 1,744 1,980 2,270 9,642 6,274 6,329 Doubtful — — — — — — — — — $ 902,836 $ 830,875 $ 766,957 $ 1,279,328 $ 1,008,893 $ 949,870 $ 1,449,069 $ 1,262,776 $ 1,278,487 Commercial & Industrial Other Income Producing Property Commercial Total September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 970,586 $ 801,885 $ 770,975 $ 203,844 $ 186,158 $ 186,639 $ 4,755,895 $ 4,038,259 $ 3,900,253 Special mention 12,997 11,130 8,894 4,671 6,034 6,090 52,938 57,361 55,181 Substandard 8,259 2,172 1,888 1,468 1,655 1,606 24,225 15,958 15,972 Doubtful — — — — — — — — — $ 991,842 $ 815,187 $ 781,757 $ 209,983 $ 193,847 $ 194,335 $ 4,833,058 $ 4,111,578 $ 3,971,406 The following table presents the credit risk profile by risk grade of consumer loans for non-acquired loans: Consumer Owner Occupied Home Equity Consumer September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 1,816,735 $ 1,502,016 $ 1,427,278 $ 460,720 $ 424,369 $ 405,945 $ 437,043 $ 377,425 $ 370,258 Special mention 11,614 13,902 14,914 6,037 6,749 7,346 517 313 316 Substandard 15,854 14,342 12,566 6,624 6,524 6,469 1,229 1,247 1,184 Doubtful — — — — — — — — — $ 1,844,203 $ 1,530,260 $ 1,454,758 $ 473,381 $ 437,642 $ 419,760 $ 438,789 $ 378,985 $ 371,758 Other Consumer Total September 30, 2018 December 31, 2017 September 30, 2017 September 30, 2018 December 31, 2017 September 30, 2017 Pass $ 17,047 $ 33,690 $ 12,645 $ 2,731,545 $ 2,337,500 $ 2,216,126 Special mention — — — 18,168 20,964 22,576 Substandard — — — 23,707 22,113 20,219 Doubtful — — — — — — $ 17,047 $ 33,690 $ 12,645 $ 2,773,420 $ 2,380,577 $ 2,258,921 The following table presents the credit risk profile by risk grade of total non-acquired loans: Total Non-acquired Loans September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Pass $ 7,487,440 $ 6,375,759 $ 6,116,379 Special mention 71,106 78,325 77,757 Substandard 47,932 38,071 36,191 Doubtful — — — $ 7,606,478 $ 6,492,155 $ 6,230,327 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 September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 221,034 $ 394,139 $ 74,665 $ 670,176 $ 809,241 $ 195,808 $ 447,877 $ 513,861 $ 201,498 Special mention 921 4,602 1,403 14,612 7,913 3,806 6,933 7,740 4,048 Substandard 607 4,616 818 5 12 90 993 217 2,026 Doubtful — — — — — — — — — $ 222,562 $ 403,357 $ 76,886 $ 684,793 $ 817,166 $ 199,704 $ 455,803 $ 521,818 $ 207,572 Other Income Producing Commercial & Industrial Property Commercial Total September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 239,906 $ 388,342 $ 95,523 $ 143,349 $ 191,229 $ 74,994 $ 1,722,342 $ 2,296,812 $ 642,488 Special mention 7,634 9,883 5,385 6,208 4,547 1,208 36,308 34,685 15,850 Substandard 382 471 519 814 893 722 2,801 6,209 4,175 Doubtful — — — — — — — — — $ 247,922 $ 398,696 $ 101,427 $ 150,371 $ 196,669 $ 76,924 $ 1,761,451 $ 2,337,706 $ 662,513 The following table presents the credit risk profile by risk grade of consumer loans for acquired non-credit impaired loans: Consumer Owner Occupied Home Equity Consumer September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 635,443 $ 703,557 $ 487,393 $ 244,017 $ 301,842 $ 154,461 $ 115,154 $ 134,530 $ 132,962 Special mention 7,412 4,165 2,502 8,089 10,477 5,077 619 541 1,141 Substandard 4,209 2,889 2,720 7,452 8,272 4,753 2,256 2,639 2,033 Doubtful — — — — — — — — — $ 647,064 $ 710,611 $ 492,615 $ 259,558 $ 320,591 $ 164,291 $ 118,029 $ 137,710 $ 136,136 Other Consumer Total September 30, December 31, September 30, September 30, December 31, September 30, 2018 2017 2017 2018 2017 2017 Pass $ — $ 1,289 $ — $ 994,614 $ 1,141,218 $ 774,816 Special mention — — — 16,120 15,183 8,720 Substandard — — — 13,917 13,800 9,506 Doubtful — — — — — — $ — $ 1,289 $ — $ 1,024,651 $ 1,170,201 $ 793,042 The following table presents the credit risk profile by risk grade of total acquired non-credit impaired loans: Total Acquired Non-credit Impaired Loans September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Pass $ 2,716,956 $ 3,438,030 $ 1,417,304 Special mention 52,428 49,868 24,570 Substandard 16,718 20,009 13,681 Doubtful — — — $ 2,786,102 $ 3,507,907 $ 1,455,555 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 29): Commercial Real Estate— Construction and Commercial Real Estate Dev |
Other Real Estate Owned
Other Real Estate Owned | 9 Months Ended |
Sep. 30, 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: Nine Months Ended September 30, (Dollars in thousands) 2018 2017 OREO OREO Beginning balance $ 11,203 $ 18,316 Acquired in SBFC acquisition — 385 Acquired in PSC acquisition 210 — Additions 11,976 8,375 Writedowns (1,185) (2,220) Sold (10,085) (11,329) Ending Balance $ 12,119 $ 13,527 At September 30, 2018, there were a total of 84 properties included in OREO compared to 67 properties at September 30, 2017. At September 30, 2018, the Company had $2.2 million in residential real estate included in OREO and $5.2 million in residential real estate consumer mortgage loans in the process of foreclosure. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2018 | |
Deposits | |
Deposits | Note 8 — Deposits The Company’s total deposits are comprised of the following: September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Certificates of deposit $ 1,820,122 $ 1,738,384 $ 1,083,814 Interest-bearing demand deposits 5,195,871 5,300,108 4,102,391 Non-interest bearing demand deposits 3,157,478 3,047,432 2,505,570 Savings deposits 1,433,724 1,443,918 1,363,944 Other time deposits 6,680 2,924 6,302 Total deposits $ 11,613,875 $ 11,532,766 $ 9,062,021 At September 30, 2018, December 31, 2017, and September 30, 2017, the Company had $337.2 million, $325.3 million, and $187.5 million in certificates of deposits of $250,000 and greater, respectively. At September 30, 2018, December 31, 2017, and September 30, 2017, the Company had $12.0 million, $43.6 million and $23.9 million, in traditional, out-of-market brokered deposits, respectively. The increase in certificates of deposits of $250,000 and greater from September 30, 2017 was primarily the result of deposits acquired through the merger with PSC. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 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 September 30, 2018. The components of net periodic pension expense (benefit) recognized are as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Interest cost $ $ $ 810 $ 843 Service cost 58 95 Expected return on plan assets (1,746) (1,660) Recognized net actuarial loss 581 564 Net periodic pension benefit $ $ $ (297) $ (158) 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 and nine months ended September 30, 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% match of their 401(k) plan contribution from the Company, 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. In 2018, the Company changed the 100% match of employees’ 401(k) plan contributions to be capped at 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 $1.8 million and $5.1 million for the 401(k) plan during the three and nine months ended September 30, 2018, respectively, compared to $2.1 million and $5.5 million, respectively, for the three and nine months ended September 30, 2017. Employees can enter the savings plan on or after the first day of each month. The employee may enter into a salary deferral agreement at any time to select an alternative deferral amount or to elect not to defer in the plan. If the employee does not elect an investment allocation, the plan administrator will select a retirement-based portfolio according to the employee’s number of years until normal retirement age. The plan’s investment valuations are generally provided on a daily basis. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (Dollars and shares in thousands, except for per share amounts) 2018 2017 2018 2017 Basic earnings per common share: Net income $ 47,082 $ 35,046 $ 129,867 $ 85,133 Weighted-average basic common shares 36,645 29,115 36,657 29,023 Basic earnings per common share $ 1.28 $ 1.20 $ 3.53 $ 2.92 Diluted earnings per share: Net income $ 47,082 $ 35,046 $ 129,867 $ 85,133 Weighted-average basic common shares 36,645 29,115 36,657 29,023 Effect of dilutive securities 248 270 252 268 Weighted-average dilutive shares 36,893 29,385 36,909 29,291 Diluted earnings per common share $ 1.28 $ 1.19 $ 3.52 $ 2.90 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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Number of shares Range of exercise prices $ to $ $ to $ $ to $ $ to $ |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 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 (33,424) 30.88 Forfeited (5,806) 91.35 Outstanding at September 30, 2018 213,866 61.28 5.89 $ 4,999 Exercisable at September 30, 2018 140,115 49.41 4.55 $ 4,635 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: Nine months ended September 30, Dividend yield % % Expected life years years Expected volatility % % Risk-free interest rate % % As of September 30, 2018, there was $1.6 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 1.37 years as of September 30, 2018. The total fair value of shares vested during the nine months ended September 30, 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 and service in the case of directors. 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 nine months ended September 30, 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 7,836 87.37 Vested (34,180) 57.73 Forfeited (3,261) 83.45 Nonvested at September 30, 2018 113,087 61.47 As of September 30, 2018, there was $2.9 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 1.76 years as of September 30, 2018. The total fair value of shares vested during the nine months ended September 30, 2018 was $2.1 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 the 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 nine months ended September 30, 2018, the Company accrued for 91% of the RSUs granted, based on Management’s expectations of performance. Nonvested RSUs for the nine months ended September 30, 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 108,842 86.49 Vested (1,176) 84.35 Forfeited (2,890) 90.83 LTIP Adjustment (3,213) 89.40 Nonvested at September 30, 2018 241,599 81.76 As of September 30, 2018, there was $9.6 million of total unrecognized compensation cost related to nonvested RSUs granted under the plan. This cost is expected to be recognized over a weighted-average period of 1.91 years as of September 30, 2018. The total fair value of RSUs vested during the nine months ended September 30, 2018 was $2.7 million. During the nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2018, commitments to extend credit and standby letters of credit totaled $2.9 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 | 9 Months Ended |
Sep. 30, 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 September 30, 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) September 30, 2018: Assets Derivative financial instruments $ 10,015 $ — $ 10,015 $ — Loans held for sale 33,752 — 33,752 — Securities available for sale: Government-sponsored entities debt 52,545 — 52,545 — State and municipal obligations 206,224 — 206,224 — Mortgage-backed securities 1,292,512 — 1,292,512 — Corporate securities — — — — Total securities available for sale 1,551,281 — 1,551,281 — Mortgage servicing rights 36,056 — — 36,056 $ 1,631,104 $ — $ 1,595,048 $ 36,056 Liabilities Derivative financial instruments $ 10,035 $ — $ 10,035 $ — 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 $ — September 30, 2017: Assets Derivative financial instruments $ 1,492 $ — $ 1,492 $ — Loans held for sale 46,321 — 46,321 — Securities available for sale: Government-sponsored entities debt 85,951 — 85,951 — State and municipal obligations 204,294 — 204,294 — Mortgage-backed securities 1,027,477 — 1,027,477 — Corporate securities 1,732 1,732 — — Total securities available for sale 1,319,454 1,732 1,317,722 — Mortgage servicing rights 29,937 — — 29,937 $ 1,397,204 $ 1,732 $ 1,365,535 $ 29,937 Liabilities Derivative financial instruments $ 1,301 $ — $ 1,301 $ — Changes in Level 1, 2 and 3 Fair Value Measurements When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since Level 3 financial instruments typically include, in addition to the unobservable or Level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources), the gains and losses below include changes in fair value due in part to observable factors that are part of the valuation methodology. There were no changes in hierarchy classifications of Level 3 assets or liabilities for the nine months ended September 30, 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 nine months ended September 30, 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 4,580 — Changes in fair value due to valuation inputs or assumptions 3,628 — Changes in fair value due to decay (3,271) — Fair value , September 30, 2018 $ 36,056 $ — Fair value, January 1, 2017 $ 29,037 $ — Servicing assets that resulted from transfers of financial assets 4,764 — Changes in fair value due to valuation inputs or assumptions (1,055) — Changes in fair value due to decay (2,809) — Fair value, September 30, 2017 $ 29,937 $ — There were no unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities at September 30, 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) September 30, 2018: OREO $ 12,119 $ — $ — $ 12,119 Non-acquired impaired loans 6,990 — — 6,990 December 31, 2017: OREO $ 11,203 $ — $ — $ 11,203 Non-acquired impaired loans 10,495 — — 10,495 September 30, 2017: OREO $ 13,527 $ — $ — $ 13,527 Non-acquired impaired loans 5,588 — — 5,588 Quantitative Information about Level 3 Fair Value Measurement Weighted Average September 30, December 31, September 30, Valuation Technique Unobservable Input 2018 2017 2017 Nonrecurring measurements: Non-acquired impaired loans Discounted appraisals Collateral discounts 3 % 3 % 3 % OREO Discounted appraisals Collateral discounts and estimated costs to sell 24 % 21 % 23 % Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those models are significantly affected by the assumptions used, including the discount rates and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The use of different methodologies may have a material effect on the estimated fair value amounts. The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2018, December 31, 2017 and September 30, 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 42 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 calculated fair value using only discounted cash flows on fixed rate loans. Therefore, the fair value for loans for September 30, 2018 will be calculated using a different method than that used at December 31, 2017 and September 30, 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 noninterest 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 taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of guarantees and letters of credit are based on fees currently charged for similar agreements or on the estimated costs to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The estimated fair value, and related carrying amount, of the Company’s financial instruments are as follows: Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 September 30, 2018 Financial assets: Cash and cash equivalents $ 307,309 $ 307,309 $ 307,309 $ — $ — Investment securities 1,571,010 1,571,010 19,229 1,551,781 — Loans held for sale 33,752 33,752 — 33,752 — Loans, net of allowance for loan losses (1) 10,855,344 10,640,774 — — 10,640,774 Accrued interest receivable 34,808 34,808 — 6,419 28,389 Mortgage servicing rights 36,056 36,056 — — 36,056 Interest rate swap - non-designated hedge 9,268 9,268 — 9,268 — Other derivative financial instruments (mortgage banking related) 747 747 — 747 — Financial liabilities: Deposits 11,613,875 10,617,021 — 10,617,021 — Federal funds purchased and securities sold under agreements to repurchase 279,698 279,698 — 279,698 — Other borrowings 115,919 119,017 — 119,017 — Accrued interest payable 4,279 4,279 — 4,279 — Interest rate swap - non-designated hedge 9,460 9,460 — 9,460 — Interest rate swap - cash flow hedge 82 82 — 82 — Other derivative financial instruments (mortgage banking related) 493 493 — 493 — Off balance sheet financial instruments: Commitments to extend credit — (56,732) — (56,732) — December 31, 2017 Financial assets: Cash and cash equivalents $ 377,627 $ 377,627 $ 377,627 $ — $ — Investment securities 1,673,769 1,673,796 23,047 1,650,749 — 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 — September 30, 2017 Financial assets: Cash and cash equivalents $ 403,934 $ 403,934 $ 403,934 $ — $ — Investment securities 1,336,796 1,336,850 13,664 1,323,186 — Loans held for sale 46,321 46,321 — 46,321 — Loans, net of allowance for loan losses (1) 8,223,204 8,284,002 — — 8,284,002 Accrued interest receivable 25,172 25,172 — 5,373 19,799 Mortgage servicing rights 29,937 29,937 — — 29,937 Interest rate swap - non-designated hedge — — Other derivative financial instruments (mortgage banking related) 1,292 1,292 — 1,292 — Financial liabilities: Deposits 9,062,021 8,512,681 — 8,512,681 — Federal funds purchased and securities sold under agreements to repurchase 291,099 291,099 — 291,099 — Other borrowings 83,307 85,344 — 85,344 — Accrued interest payable 1,810 1,810 — 1,810 — Interest rate swap - cash flow hedge — — Interest rate swap - non-designated hedge 197 197 — 197 — Other derivative financial instruments (mortgage banking related) 775 775 — 775 — Off balance sheet financial instruments: Commitments to extend credit — 15,968 — 15,968 — (1) - Loans, net of allowance for loan losses is being valued using a different method at September 30, 2018 from December 31, 2017 and September 30, 2017. See page 46 for explanation of change in method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 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 September 30, 2018 Balance at June 30, 2018 $ (7,456) $ (28,526) $ (89) $ (36,071) Other comprehensive loss before reclassifications — (8,624) (1) (8,625) Amounts reclassified from accumulated other comprehensive income 151 9 27 187 Net comprehensive income (loss) 151 (8,615) 26 (8,438) Balance at September 30, 2018 $ (7,305) $ (37,141) $ (63) $ (44,509) Three Months Ended September 30, 2017 Balance at June 30, 2017 $ (5,962) $ 2,506 $ (241) $ (3,697) Other comprehensive income before reclassifications — 80 3 83 Amounts reclassified from accumulated other comprehensive income (loss) 116 (325) 35 (174) Net comprehensive income (loss) 116 (245) 38 (91) Balance at September 30, 2017 $ (5,846) $ 2,261 $ (203) $ (3,788) Nine Months Ended September 30, 2018 Balance at December 31, 2017 $ (5,998) $ (4,278) $ (151) $ (10,427) Other comprehensive income (loss) before reclassifications — (32,224) 34 (32,190) Amounts reclassified from accumulated other comprehensive income 453 508 94 1,055 Net comprehensive income (loss) 453 (31,716) 128 (31,135) AOCI reclassification to retained earnings from the adoption of ASU 2018-02 (1,760) (1,147) (40) (2,947) Balance at September 30, 2018 $ (7,305) $ (37,141) $ (63) $ (44,509) Nine Months Ended September 30, 2017 Balance at December 31, 2016 $ (6,195) $ (1,708) $ (308) $ (8,211) Other comprehensive income (loss) before reclassifications — 4,362 (35) 4,327 Amounts reclassified from accumulated other comprehensive income (loss) 349 (393) 140 96 Net comprehensive income 349 3,969 105 4,423 Balance at September 30, 2017 $ (5,846) $ 2,261 $ (203) $ (3,788) 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 September 30, For the Nine Months Ended September 30, Accumulated Other Comprehensive Income (Loss) Component 2018 2017 2018 2017 Income Statement Losses on cash flow hedges: Interest rate contracts $ 35 $ 57 $ 121 $ 226 Interest expense (8) (22) (27) (86) Provision for income taxes 27 35 94 140 Net income (Gains) losses on sales of available for sale securities: $ 11 $ (1,278) $ 652 $ (1,388) Securities (gains) losses, net (2) 487 (144) 529 Provision for income taxes 9 (791) 508 (859) Net income Other-than-temporary impairment losses on available for sale securities: $ — $ 753 $ — $ 753 Other-than-temporary impairment losses — (287) — (287) Provision for income taxes — 466 — 466 Net income Amortization of defined benefit pension: Actuarial losses $ 194 $ 188 $ 581 $ 564 Salaries and employee benefits (43) (72) (128) (215) Provision for income taxes 151 116 453 349 Net income Total reclassifications for the period $ 187 $ (640) $ 1,055 $ (370) |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 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: September 30, 2018 September 30, 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 $ — $ 82 $ 8,000 $ — $ 329 Fair value hedge of interest rate risk: Pay fixed rate swap with counterparty Other Assets $ 2,824 $ 33 $ — $ — $ — $ — Not designated hedges of interest rate risk: Customer related interest rate contracts: Matched interest rate swaps with borrowers Other Assets and Other Liabilities $ 342,166 $ 193 $ 9,460 $ 13,490 $ 200 $ — Matched interest rate swaps with counterparty Other Assets and Other Liabilities $ 342,166 $ 9,042 $ — $ 13,490 $ — $ 197 Not designated hedges of interest rate risk - mortgage banking activities: Contracts used to hedge mortgage servicing rights Other Assets $ 63,500 $ — $ 493 $ 108,500 $ — $ 775 Forward sales commitments used to hedge mortgage pipeline Other Assets $ 83,068 $ 747 $ — $ 89,593 1,292 $ — Total derivatives $ 841,724 $ 10,015 $ 10,035 $ 233,073 $ 1,492 $ 1,301 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 the $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 $26,000 and $128,000 for the three and nine months ended September 30, 2018, respectively. This compares to an unrealized gain of $38,000 and $105,000 for the three and nine months ended September 30, 2017, respectively. The Company recognized an $82,000 cash flow hedge liability in other liabilities on the balance sheet at September 30, 2018, compared to a $328,000 liability at September 30, 2017. There was no ineffectiveness in the cash flow hedge during the three and nine months ended September 30, 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 September 30, 2018 and 2017, the Company provided $300,000 and $450,000 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 September 30, 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 and nine months ended September 30, 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 September 30, 2018, the interest rate swaps had an aggregate notional amount of approximately $684.3 million and the fair value of the interest rate swap derivatives are recorded in other assets at $9.2 million and in other liabilities at $9.5 million for a net liability position of $226,000, which was recorded through earnings. As of September 30, 2017, the interest rate swaps had an aggregate notional amount of approximately $27.0 million and the fair value of the interest rate swap derivatives are recorded in other assets at $200,000 and in other liabilities at $197,000 for a net asset carrying value of $3,000, which was recorded through earnings. The fair value of the interest rate swap derivative with the derivatives dealer was in a net liability position of $197,000 at September 30, 2017. Foreign Exchange The Company also enters into foreign exchange contracts with customers to accommodate their need to convert certain foreign currencies into to U.S. Dollars. To offset the foreign exchange risk, the Company has entered into substantially identical agreements with an unrelated market counterparty to hedge these foreign exchange contracts. At September 30, 2018, there were no outstanding contracts or agreements related to foreign currency. If there were foreign currency contracts outstanding at September 30, 2018, the fair value of these contracts would be included in other assets and other liabilities in the accompanying balance sheet. All changes in fair value are recorded as other noninterest income. There was no gain or loss recorded related to the foreign exchange derivative for the three and nine months ended September 30, 2018 or 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 September 30, 2018, the Company had derivative financial instruments outstanding with notional amounts totaling $63.5 million related to MSRs, compared to $108.5 million on September 30, 2017. The estimated net fair value of the open contracts related to the MSRs was recorded as a loss of $493,000 at September 30, 2018, compared to a loss of $775,000 at September 30, 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) September 30, 2018 December 31, 2017 September 30, 2017 Mortgage loan pipeline $ 74,898 $ $ 90,452 Expected closures 56,174 67,839 Fair value of mortgage loan pipeline commitments 392 941 Forward sales commitments 83,068 89,593 Fair value of forward commitments 355 (3) |
Capital Ratios
Capital Ratios | 9 Months Ended |
Sep. 30, 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 September 30, 2018, December 31, 2017 and September 30, 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 September 30, 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 September 30, 2018 Common equity Tier 1 to risk-weighted assets: Consolidated $ 1,356,267 12.30 % $ 702,980 6.38 % $ 771,899 7.00 % $ 716,764 6.50 % South State Bank (the Bank) 1,449,326 13.14 % 703,049 6.38 % 771,975 7.00 % 716,834 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,467,703 13.31 % 868,387 7.88 % 937,306 8.50 % 882,170 8.00 % South State Bank (the Bank) 1,449,326 13.14 % 868,472 7.88 % 937,399 8.50 % 882,258 8.00 % Total capital to risk-weighted assets: Consolidated 1,521,875 13.80 % 1,088,929 9.88 % 1,157,849 10.50 % 1,102,713 10.00 % South State Bank (the Bank) 1,503,498 13.63 % 1,089,037 9.88 % 1,157,963 10.50 % 1,102,822 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,467,703 10.82 % 542,720 4.00 % 542,720 4.00 % 678,401 5.00 % South State Bank (the Bank) 1,449,326 10.68 % 542,575 4.00 % 542,575 4.00 % 678,219 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 % September 30, 2017: Common equity Tier 1 to risk-weighted assets: Consolidated $ 1,013,065 12.11 % $ 480,973 5.75 % $ 585,532 7.00 % $ 543,709 6.50 % South State Bank (the Bank) 1,050,203 12.56 % 480,977 5.75 % 585,537 7.00 % 543,713 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,084,145 12.96 % 606,444 7.25 % 711,004 8.50 % 669,180 8.00 % South State Bank (the Bank) 1,050,203 12.56 % 606,449 7.25 % 711,009 8.50 % 669,185 8.00 % Total capital to risk-weighted assets: Consolidated 1,129,742 13.51 % 773,739 9.25 % 878,299 10.50 % 836,475 10.00 % South State Bank (the Bank) 1,095,624 13.10 % 773,745 9.25 % 878,305 10.50 % 836,481 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,084,145 10.34 % 419,265 4.00 % 419,265 4.00 % 524,082 5.00 % South State Bank (the Bank) 1,050,203 10.02 % 419,148 4.00 % 419,148 4.00 % 523,935 5.00 % As of September 30, 2018, December 31, 2017, and September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2018. The Company added $258.3 million in goodwill related to the SBFC merger during the first quarter of 2017 and $406.3 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 $29.5 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: September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Gross carrying amount $ 129,770 $ 126,449 $ 100,274 Accumulated amortization (63,333) (52,660) (49,802) $ 66,437 $ 73,789 $ 50,472 Amortization expense totaled $3.5 million and $10.7 million for the three and nine months ended September 30, 2018, respectively, compared to $2.5 million and $7.5 million for the three and nine months ended September 30, 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: December 31, 2018 $ 3,537 March 31, 2019 3,281 June 30, 2019 3,269 September 30, 2019 3,268 December 31, 2019 3,267 Thereafter 49,815 $ 66,437 |
Loan Servicing, Mortgage Origin
Loan Servicing, Mortgage Origination, and Loans Held for Sale | 9 Months Ended |
Sep. 30, 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 September 30, 2018, December 31, 2017, and September 30, 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 $2.9 billion, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts and disbursing payments to investors. The amount of contractually specified servicing fees earned by the Company during the three and nine months ended September 30, 2018 and September 30, 2017 was $1.9 million and $5.7 million, and $1.8 million and $5.4 million, respectively. Servicing fees are recorded in mortgage banking income in the Company’s consolidated statements of income. At September 30, 2018, December 31, 2017, and September 30, 2017, MSRs were $36.1 million, $31.1 million, and $29.9 million on the Company’s consolidated balance sheets, respectively. MSRs are recorded at fair value with changes in fair value recorded as a component of mortgage banking income in the consolidated statements of income. The market value adjustments related to MSRs recorded in mortgage banking income for the three and nine months ended September 30, 2018 and September 30, 2017 were gains of $683,000 and $3.6 million, compared with losses of $684,000 and $1.1 million, respectively. The Company has used various free standing derivative instruments to mitigate the income statement effect of changes in fair value due to changes in market value adjustments and to changes in valuation inputs and assumptions related to MSRs. See Note 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 Nine Months Ended (Dollars in thousands) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Increase (decrease) in fair value of MSRs $ 683 $ (684) $ 3,628 $ (1,055) Decay of MSRs (977) (2,809) Gain (loss) related to derivatives (85) $ $ 1,010 Net effect on statements of income $ $ (1,746) $ $ (2,854) 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 an 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. September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Composition of residential loans serviced for others Fixed-rate mortgage loans 99.8 % 99.7 % 99.7 % Adjustable-rate mortgage loans 0.2 % 0.3 % 0.3 % Total 100.0 % 100.0 % 100.0 % Weighted average life 8.67 years years 7.38 years Constant Prepayment rate (CPR) 6.0 % 7.7 % 8.3 % Weighted average discount rate 9.4 % 9.6 % 9.5 % Effect on fair value due to change in interest rates 25 basis point increase $ 816 $ 1,485 $ 1,605 50 basis point increase 1,423 2,664 2,934 25 basis point decrease (1,261) (1,850) (1,940) 50 basis point decrease (2,892) (4,014) (4,249) 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 $31.3 million and $28.4 million at September 30, 2018 and September 30, 2017, respectively. Whole loan sales were $168.3 million and $496.9 million for the three and nine months ended September 30, 2018, respectively, compared to $206.8 million and $565.1 million for the three and nine months ended September 30, 2017, respectively. For the three and nine months ended September 30, 2018, $125.5 million and $378.5 million, or 74.5% and 76.2%, respectively, were sold with the servicing rights retained by the company, compared to $149.8 million and $424.0 million, or 72.4% and 75.0%, for the three and nine months ended September 30, 2017, respectively Loans held for sale have historically been comprised of residential mortgage loans awaiting sale in the secondary market, which generally settle in 15 to 45 days. Loans held for sale were $33.8 million, $70.9 million and $46.3 million at September 30, 2018, December 31, 2017 and September 30, 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 PSC acquisition that were sold in the first quarter of 2018, resulting in no material gains or losses. Loans held for sale, consisting of residential mortgage loans to be sold in the secondary market, were $33.8 million, $45.5 million, and $46.3 million at September 30, 2018, December 31, 2017, and September 30, 2017, respectively. |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2018, tax credits and other tax benefits of $3.6 million and amortization of $3.1 million were recorded. For the nine months ended September 30, 2017, the Company recorded tax credits and other tax benefits of $2.3 million and amortization of $1.8 million. At September 30, 2018 and 2017, the Company’s carrying value of QAHPs was $42.5 million and $32.0 million, respectively, with an original investment of $55.7 million. The Company has $22.1 million and $14.2 million in remaining funding obligations related to these QAHPs recorded in liabilities at September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2018, December 31, 2017 and September 30, 2017 the Company’s repurchase agreements totaled $215.3 million, $211.1 million, and $240.2 million, respectively. All of the Company’s repurchase agreements were overnight or continuous (until-further-notice) agreements at September 30, 2018, December 31, 2017 and September 30, 2017. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of $215.3 million, $211.1 million and $240.2 million at September 30, 2018, December 31, 2017 and September 30, 2017, respectively. Declines in the value of the collateral would require the Company to increase the amounts of securities pledged. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events | |
Subsequent Events | Note 21 – Subsequent Events In March 2017, the Board of Directors approved and reset the number of shares available to be repurchased under the 2004 stock repurchase program to 1,000,000 of which 900,000 was still available for repurchase as of September 30, 2018. Starting in late October of 2018, the Company began repurchasing its common shares in open market transactions. The Company made this determination after considering the liquidity needs and capital resources as well as the estimated current value of the Company's net assets. The number of shares to be purchased and the timing of the purchases are based on a variety of factors, including, but not limited to, the level of cash balances, general business conditions, regulatory requirements, the market price of the Company's common stock, and the availability of alternative investment opportunities. As of the date of this filing, the Company has repurchased 351,200 shares at an average price of $65. 69 a share for a total of $23. 1 million in common stock since September 30, 2018 and may repurchase up to an additional 548,800 shares of common stock under the stock repurchase program. The Company has evaluated subsequent events for accounting and disclosure purposes through the date the financial statements are issued. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 of America (“GAAP”) 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) | 9 Months Ended |
Sep. 30, 2018 | |
Mergers and Acquisitions | |
Schedule of proforma information | PSC Estimated/Actual Pro Forma PSC Estimated/Actual Pro Forma For the Three Months Three Months For the Nine Months Nine Months (Dollars in thousands) Ended Ended Ended Ended Total revenues (net interest income plus noninterest income) $ 28,155 $ 171,795 $ 94,163 $ 509,523 Net adjusted income available to the common shareholder $ 15,054 $ 47,559 $ 50,108 $ 136,402 |
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 for new information obtained about facts and circumstances that existed at the acquisition date. 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) (4) (b) 70,882 Loans, net of allowance and mark 2,346,612 (95,878) (c) (9,408) (c) 2,241,326 Premises and equipment 61,059 (4,882) (d) (387) (d) 55,790 Intangible assets 73,090 (46,915) (e) 3,321 (e) 29,496 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) 2,124 (g) 31,683 Other assets 21,595 (476) (h) — 21,119 Total assets $ 3,175,486 $ (66,854) $ (3,925) $ 3,104,707 Liabilities Deposits: Noninterest-bearing $ 561,874 $ — $ — $ 561,874 Interest-bearing 1,886,810 2,692 (i) (612) (i) 1,888,890 Total deposits 2,448,684 2,692 (612) 2,450,764 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 (612) 2,818,012 Net identifiable assets acquired over (under) liabilities assumed 373,374 (83,366) (3,313) 286,695 Goodwill — 402,951 3,313 406,264 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 SSB's common stock $ 92.05 SSB 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 reclassification 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 $70.4 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 reclassification related to the Shared National Credits noted in (b), above. (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 $29.5 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 along with certain prepaid expenses. (i)—Adjustment reflects the premium for fixed maturity time deposits of $2.3 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 | 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 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 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2018: State and municipal obligations $ 500 $ — $ — $ 500 December 31, 2017: State and municipal obligations $ 2,529 $ 27 $ — $ 2,556 September 30, 2017: State and municipal obligations $ 3,678 $ 54 $ — $ 3,732 |
Schedule of amortized cost and fair value of investment securities available for sale | Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value September 30, 2018: Government-sponsored entities debt* $ 54,397 $ — $ (1,852) $ 52,545 State and municipal obligations 207,723 1,114 (2,613) 206,224 Mortgage-backed securities** 1,336,778 115 (44,381) 1,292,512 $ 1,598,898 $ 1,229 $ (48,846) $ 1,551,281 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 September 30, 2017: Government-sponsored entities debt* $ 86,521 $ 72 $ (642) $ 85,951 State and municipal obligations 199,898 4,584 (188) 204,294 Mortgage-backed securities** 1,027,827 4,673 (5,023) 1,027,477 Corporate stocks 1,556 176 — 1,732 $ 1,315,802 $ 9,505 $ (5,853) $ 1,319,454 * - 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 September 30, 2018: Federal Home Loan Bank stock $ 13,149 $ — $ — $ 13,149 Investment in unconsolidated subsidiaries 3,563 — — 3,563 Other nonmarketable investment securities 2,517 — — 2,517 $ 19,229 $ — $ — $ 19,229 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 September 30, 2017: Federal Home Loan Bank stock $ 10,177 $ — $ — $ 10,177 Investment in unconsolidated subsidiaries 2,262 — — 2,262 Other nonmarketable investment securities 1,225 — — 1,225 $ 13,664 $ — $ — $ 13,664 |
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 $ — $ — $ 4,366 $ 4,362 Due after one year through five years — — 84,160 83,239 Due after five years through ten years 500 500 377,504 366,790 Due after ten years — — 1,132,868 1,096,890 $ 500 $ 500 $ 1,598,898 $ 1,551,281 |
Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position | Less Than Twelve Months Twelve Months or More Gross Gross Unrealized Fair Unrealized Fair (Dollars in thousands) Losses Value Losses Value September 30, 2018: Securities Available for Sale Government-sponsored entities debt $ 538 $ 20,253 $ 1,314 $ 32,293 State and municipal obligations 2,313 89,908 300 8,104 Mortgage-backed securities 25,077 876,430 19,304 389,045 Corporate securities — — — — $ 27,928 $ 986,591 $ 20,918 $ 429,442 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 September 30, 2017: Securities Available for Sale Government-sponsored entities debt $ 473 $ 68,366 $ 169 $ 11,830 State and municipal obligations 188 21,851 — — Mortgage-backed securities 4,457 455,145 566 35,917 Corporate stocks — — — — $ 5,118 $ 545,362 $ 735 $ 47,747 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Loans and Allowance for Loan Losses | |
Schedule of changes in the carrying value | Nine Months Ended September 30, (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 (106,829) (79,258) Change in the allowance for loan losses on acquired loans 659 (275) Balance at end of period, net of allowance for loan losses on acquired loans $ 512,633 $ 578,863 |
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 September 30, 2018: Balance at beginning of period $ 47,874 $ — $ 4,426 $ 52,300 Loans charged-off (1,891) (97) — (1,988) Recoveries of loans previously charged off (1) 555 27 — 582 Net charge-offs (1,336) (70) — (1,406) Provision for loan losses charged to operations 3,331 70 (284) 3,117 Reduction due to loan removals — — (174) (174) Balance at end of period $ 49,869 $ — $ 3,968 $ 53,837 Three Months Ended September 30, 2017: Balance at beginning of period $ 40,149 $ — $ 3,741 $ 43,890 Loans charged-off (1,383) (275) — (1,658) Recoveries of loans previously charged off (1) 836 279 — 1,115 Net charge-offs (547) 4 — (543) Provision for loan losses charged to operations 1,939 (4) 127 2,062 Reduction due to loan removals — — (198) (198) Balance at end of period $ 41,541 $ — $ 3,670 $ 45,211 Non-acquired Acquired Non-Credit Acquired Credit (Dollars in thousands) Loans Impaired Loans Impaired Loans Total Nine Months Ended September 30, 2018: Balance at beginning of period $ 43,448 $ — $ 4,627 $ 48,075 Loans charged-off (4,300) (1,614) — (5,914) Recoveries of loans previously charged off (1) 2,408 279 — 2,687 Net charge-offs (1,892) (1,335) — (3,227) Provision for loan losses charged to operations 8,313 1,335 401 10,049 Reduction due to loan removals — — (1,060) (1,060) Balance at end of period $ 49,869 $ — $ 3,968 $ 53,837 Nine Months Ended September 30, 2017: Balance at beginning of period $ 36,960 $ — $ 3,395 $ 40,355 Loans charged-off (3,972) (1,165) — (5,137) Recoveries of loans previously charged off (1) 2,041 414 — 2,455 Net charge-offs (1,931) (751) — (2,682) Total provision for loan losses charged to operations 6,512 751 819 8,082 Reduction due to loan removals — — (544) (544) Balance at end of period $ 41,541 $ — $ 3,670 $ 45,211 (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 September 30, 2018 Commercial real estate: Construction and land development $ 36,203 $ 1,029 $ 34,747 $ 35,776 $ 723 Commercial non-owner occupied 1,480 812 503 1,315 81 Commercial owner occupied 5,507 2,668 1,883 4,551 40 Consumer real estate: Consumer owner occupied 5,914 4,478 942 5,420 28 Home equity loans 3,141 1,135 1,891 3,026 171 Commercial and industrial 1,462 467 942 1,409 475 Other income producing property 3,165 158 2,772 2,930 133 Consumer 284 — 213 213 6 Total $ 57,156 $ 10,747 $ 43,893 $ 54,640 $ 1,657 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 September 30, 2017 Commercial real estate: Construction and land development $ 46,664 $ 954 $ 41,684 $ 42,638 $ 1,266 Commercial non-owner occupied 2,361 207 509 716 133 Commercial owner occupied 9,504 3,936 1,938 5,874 64 Consumer real estate: Consumer owner occupied 5,986 1,369 3,086 4,455 47 Home equity loans 3,184 716 1,907 2,623 116 Commercial and industrial 1,753 — 627 627 18 Other income producing property 4,334 — 3,605 3,605 211 Consumer 623 — 254 254 7 Total $ 74,409 $ 7,182 $ 53,610 $ 60,792 $ 1,862 |
Summary of average investment in impaired loans and interest income recognized on impaired loans | Three Months Ended September 30, 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 $ 39,084 $ 158 $ 36,337 $ 486 Commercial non-owner occupied 1,332 5 735 3 Commercial owner occupied 4,650 81 5,964 63 Consumer real estate: Consumer owner occupied 5,524 32 4,515 36 Home equity loans 3,085 30 2,624 29 Commercial and industrial 1,622 8 912 8 Other income producing property 3,085 32 3,623 50 Consumer 235 — 245 2 Total Impaired Loans $ 58,617 $ 346 $ 54,955 $ 677 Nine Months Ended September 30, 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 $ 39,503 $ 968 $ 22,835 $ 800 Commercial non-owner occupied 1,345 19 761 15 Commercial owner occupied 5,096 228 6,060 208 Consumer real estate: Consumer owner occupied 5,527 120 5,064 110 Home equity loans 3,019 95 2,148 75 Commercial and industrial 1,282 43 945 30 Other income producing property 3,034 120 2,989 153 Consumer 226 — 200 5 Other loans — — — — Total Impaired Loans $ 59,032 $ 1,593 $ 41,002 $ 1,396 |
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 $ 78,963 Non-accretable difference (13,072) Cash flows expected to be collected 65,891 Accretable difference (4,910) Carrying value $ 60,981 |
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 $ 113,584 Non-accretable difference (27,248) Cash flows expected to be collected 86,336 Accretable difference (7,369) Carrying value $ 78,967 |
Non-acquired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Non-acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 902,836 $ 830,875 $ 766,957 Commercial non-owner occupied 1,279,328 1,008,893 949,870 Total commercial non-owner occupied real estate 2,182,164 1,839,768 1,716,827 Consumer real estate: Consumer owner occupied 1,844,203 1,530,260 1,454,758 Home equity loans 473,381 437,642 419,760 Total consumer real estate 2,317,584 1,967,902 1,874,518 Commercial owner occupied real estate 1,449,069 1,262,776 1,278,487 Commercial and industrial 991,842 815,187 781,757 Other income producing property 209,983 193,847 194,335 Consumer 438,789 378,985 371,758 Other loans 17,047 33,690 12,645 Total non-acquired loans 7,606,478 6,492,155 6,230,327 Less allowance for loan losses (49,869) (43,448) (41,541) Non-acquired loans, net $ 7,556,609 $ 6,448,707 $ 6,188,786 |
Schedule of changes in allowance for loan losses | Construction Commercial Commercial Consumer Other Income & Land Non-owner Owner Owner Home Commercial Producing Other (Dollars in thousands) Development Occupied Occupied Occupied Equity & Industrial Property Consumer Loans Total Three Months Ended September 30, 2018 Allowance for loan losses: Balance, June 30, 2018 $ 6,187 $ 7,209 $ 8,607 $ 10,945 $ 3,368 $ 6,711 $ 1,413 $ 3,071 $ 363 $ 47,874 Charge-offs — — (578) (76) (40) (34) — (1,163) — (1,891) Recoveries 178 2 105 43 11 27 3 186 — 555 Provision (benefit) (352) 774 943 468 102 219 (6) 1,089 94 3,331 Balance, September 30, 2018 $ 6,013 $ 7,985 $ 9,077 $ 11,380 $ 3,441 $ 6,923 $ 1,410 $ 3,183 $ 457 $ 49,869 Loans individually evaluated for impairment $ 723 $ 81 $ 40 $ 28 $ 171 $ 475 $ 133 $ 6 $ — $ 1,657 Loans collectively evaluated for impairment $ 5,290 $ 7,904 $ 9,037 $ 11,352 $ 3,270 $ 6,448 $ 1,277 $ 3,177 $ 457 $ 48,212 Loans: Loans individually evaluated for impairment $ 35,776 $ 1,315 $ 4,551 $ 5,420 $ 3,026 $ 1,409 $ 2,930 $ 213 $ — $ 54,640 Loans collectively evaluated for impairment 867,060 1,278,013 1,444,518 1,838,783 470,355 990,433 207,053 438,576 17,047 7,551,838 Total non-acquired loans $ 902,836 $ 1,279,328 $ 1,449,069 $ 1,844,203 $ 473,381 $ 991,842 $ 209,983 $ 438,789 $ 17,047 $ 7,606,478 Three Months Ended September 30, 2017 Allowance for loan losses: Balance, June 30, 2017 $ 5,746 $ 6,164 $ 7,539 $ 8,569 $ 3,247 $ 5,143 $ 1,379 $ 2,532 $ (170) $ 40,149 Charge-offs (19) — — — (17) (440) (10) (897) — (1,383) Recoveries 333 80 92 65 38 31 29 168 — 836 Provision (benefit) (88) (7) 479 492 (171) 469 (10) 889 (114) 1,939 Balance, September 30, 2017 $ 5,972 $ 6,237 $ 8,110 $ 9,126 $ 3,097 $ 5,203 $ 1,388 $ 2,692 $ (284) $ 41,541 Loans individually evaluated for impairment $ 1,266 $ 133 $ 64 $ 47 $ 116 $ 18 $ 211 $ 7 $ — $ 1,862 Loans collectively evaluated for impairment $ 4,706 $ 6,104 $ 8,046 $ 9,079 $ 2,981 $ 5,185 $ 1,177 $ 2,685 $ (284) $ 39,679 Loans: Loans individually evaluated for impairment $ 42,638 $ 716 $ 5,874 $ 4,455 $ 2,623 $ 627 $ 3,605 $ 254 $ — $ 60,792 Loans collectively evaluated for impairment 724,319 949,154 1,272,613 1,450,303 417,137 781,130 190,730 371,504 12,645 6,169,535 Total non-acquired loans $ 766,957 $ 949,870 $ 1,278,487 $ 1,454,758 $ 419,760 $ 781,757 $ 194,335 $ 371,758 $ 12,645 $ 6,230,327 Construction Commercial Commercial Consumer Other Income & Land Non-owner Owner Owner Home Commercial Producing Other (Dollars in thousands) Development Occupied Occupied Occupied Equity & Industrial Property Consumer Loans Total Nine Months Ended September 30, 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) — (659) (80) (111) (178) — (3,237) — (4,300) Recoveries 1,167 6 76 169 139 241 14 596 — 2,408 Provision (benefit) (1,040) 1,454 1,532 1,623 163 1,372 21 3,036 152 8,313 Balance, September 30, 2018 $ 6,013 $ 7,985 $ 9,077 $ 11,380 $ 3,441 $ 6,923 $ 1,410 $ 3,183 $ 457 $ 49,869 Nine Months Ended September 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ 4,091 $ 4,980 $ 8,022 $ 7,820 $ 3,211 $ 4,842 $ 1,542 $ 2,350 $ 102 $ 36,960 Charge-offs (493) — — (185) (241) (629) (17) (2,407) — (3,972) Recoveries 555 128 197 141 133 264 77 546 — 2,041 Provision (benefit) 1,819 1,129 (109) 1,350 (6) 726 (214) 2,203 (386) 6,512 Balance, September 30, 2017 $ 5,972 $ 6,237 $ 8,110 $ 9,126 $ 3,097 $ 5,203 $ 1,388 $ 2,692 $ (284) $ 41,541 |
Schedule of credit risk profile by risk grade of loans | Total Non-acquired Loans September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Pass $ 7,487,440 $ 6,375,759 $ 6,116,379 Special mention 71,106 78,325 77,757 Substandard 47,932 38,071 36,191 Doubtful — — — $ 7,606,478 $ 6,492,155 $ 6,230,327 |
Aging analysis of past due loans (includes nonaccrual 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 September 30, 2018 Commercial real estate: Construction and land development $ 535 $ 537 $ 77 $ 1,149 $ 901,687 $ 902,836 Commercial non-owner occupied 466 — 676 1,142 1,278,186 1,279,328 Commercial owner occupied 2,562 1,249 871 4,682 1,444,387 1,449,069 Consumer real estate: Consumer owner occupied 866 264 920 2,050 1,842,153 1,844,203 Home equity loans 1,667 296 749 2,712 470,669 473,381 Commercial and industrial 716 297 905 1,918 989,924 991,842 Other income producing property 1,163 — 249 1,412 208,571 209,983 Consumer 702 171 686 1,559 437,230 438,789 Other loans — — — — 17,047 17,047 $ 8,677 $ 2,814 $ 5,133 $ 16,624 $ 7,589,854 $ 7,606,478 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 September 30, 2017 Commercial real estate: Construction and land development $ 728 $ 76 $ 483 $ 1,287 $ 765,670 $ 766,957 Commercial non-owner occupied 26 567 85 678 949,192 949,870 Commercial owner occupied 2,382 300 1,824 4,506 1,273,981 1,278,487 Consumer real estate: Consumer owner occupied 2,587 1,514 1,073 5,174 1,449,584 1,454,758 Home equity loans 841 416 1,361 2,618 417,142 419,760 Commercial and industrial 772 1,162 92 2,026 779,731 781,757 Other income producing property 76 100 252 428 193,907 194,335 Consumer 541 110 441 1,092 370,666 371,758 Other loans — — — — 12,645 12,645 $ 7,953 $ 4,245 $ 5,611 $ 17,809 $ 6,212,518 $ 6,230,327 |
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 September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 1,816,735 $ 1,502,016 $ 1,427,278 $ 460,720 $ 424,369 $ 405,945 $ 437,043 $ 377,425 $ 370,258 Special mention 11,614 13,902 14,914 6,037 6,749 7,346 517 313 316 Substandard 15,854 14,342 12,566 6,624 6,524 6,469 1,229 1,247 1,184 Doubtful — — — — — — — — — $ 1,844,203 $ 1,530,260 $ 1,454,758 $ 473,381 $ 437,642 $ 419,760 $ 438,789 $ 378,985 $ 371,758 Other Consumer Total September 30, 2018 December 31, 2017 September 30, 2017 September 30, 2018 December 31, 2017 September 30, 2017 Pass $ 17,047 $ 33,690 $ 12,645 $ 2,731,545 $ 2,337,500 $ 2,216,126 Special mention — — — 18,168 20,964 22,576 Substandard — — — 23,707 22,113 20,219 Doubtful — — — — — — $ 17,047 $ 33,690 $ 12,645 $ 2,773,420 $ 2,380,577 $ 2,258,921 |
Non-acquired loans | Commercial loans | |
Loans and Allowance for Loan Losses | |
Schedule of credit risk profile by risk grade of loans | Construction & Development Commercial Non-owner Occupied Commercial Owner Occupied September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 889,818 $ 818,240 $ 755,633 $ 1,270,557 $ 999,049 $ 939,125 $ 1,421,090 $ 1,232,927 $ 1,247,881 Special mention 9,906 8,758 7,445 7,027 7,864 8,475 18,337 23,575 24,277 Substandard 3,112 3,877 3,879 1,744 1,980 2,270 9,642 6,274 6,329 Doubtful — — — — — — — — — $ 902,836 $ 830,875 $ 766,957 $ 1,279,328 $ 1,008,893 $ 949,870 $ 1,449,069 $ 1,262,776 $ 1,278,487 Commercial & Industrial Other Income Producing Property Commercial Total September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 970,586 $ 801,885 $ 770,975 $ 203,844 $ 186,158 $ 186,639 $ 4,755,895 $ 4,038,259 $ 3,900,253 Special mention 12,997 11,130 8,894 4,671 6,034 6,090 52,938 57,361 55,181 Substandard 8,259 2,172 1,888 1,468 1,655 1,606 24,225 15,958 15,972 Doubtful — — — — — — — — — $ 991,842 $ 815,187 $ 781,757 $ 209,983 $ 193,847 $ 194,335 $ 4,833,058 $ 4,111,578 $ 3,971,406 |
Acquired credit impaired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 FASB ASC Topic 310-30 acquired loans: Commercial real estate $ 209,518 $ 234,595 $ 207,521 Commercial real estate—construction and development 34,312 49,649 46,248 Residential real estate 218,019 260,787 249,666 Consumer 44,081 51,453 53,302 Commercial and industrial 10,671 26,946 25,796 Total FASB ASC Topic 310-30 acquired loans 516,601 623,430 582,533 Less allowance for loan losses (3,968) (4,627) (3,670) FASB ASC Topic 310-30 acquired loans, net $ 512,633 $ 618,803 $ 578,863 |
Schedule of contractual loan payments receivable, estimates of amounts not expected to be collected, other fair value adjustments and the resulting carrying values | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Contractual principal and interest $ 670,008 $ 795,850 $ 741,268 Non-accretable difference (38,422) (39,324) (26,160) Cash flows expected to be collected 631,586 756,526 715,108 Accretable yield (114,985) (133,096) (132,575) Carrying value $ 516,601 $ 623,430 $ 582,533 Allowance for acquired loan losses $ (3,968) $ (4,627) $ (3,670) |
Schedule of refined accretable yield balance | Nine Months Ended September 30, (Dollars in thousands) 2018 2017 Balance at beginning of period $ 133,096 $ 155,379 Addition from the SBFC acquisition — 4,603 PSC acquisition Day 1 adjustment (1,460) — Accretion (36,918) (43,873) Reclass of nonaccretable difference due to improvement in expected cash flows 20,538 16,772 Other changes, net (271) (306) Balance at end of period $ 114,985 $ 132,575 |
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 September 30, 2018 Allowance for loan losses: Balance, June 30, 2018 $ 636 $ 576 $ 2,514 $ 572 $ 128 $ 4,426 Provision (benefit) for loan losses 62 (205) (28) (284) Reduction due to loan removals (6) — Balance, September 30, 2018 $ 692 $ 340 $ 2,311 $ 546 $ 79 $ 3,968 Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ 692 $ 340 $ 2,311 $ 546 $ 79 $ 3,968 Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 209,518 34,312 218,019 44,081 10,671 516,601 Total acquired credit impaired loans $ 209,518 $ 34,312 $ 218,019 $ 44,081 $ 10,671 $ 516,601 Three Months Ended September 30, 2017 Allowance for loan losses: Balance , June 30, 2017 $ 40 $ 92 $ 2,741 $ 548 $ 320 $ 3,741 Provision (benefit) for loan losses (40) 133 184 (85) (65) 127 Reduction due to loan removals — (36) (149) (1) (12) (198) Balance, September 30, 2017 $ — $ 189 $ 2,776 $ 462 $ 243 $ 3,670 Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ 189 $ 2,776 $ 462 $ 243 $ 3,670 Loans:* Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 207,521 46,248 249,666 53,302 25,796 582,533 Total acquired credit impaired loans $ 207,521 $ 46,248 $ 249,666 $ 53,302 $ 25,796 $ 582,533 Commercial Real Estate- Commercial Construction and Residential Commercial (Dollars in thousands) Real Estate Development Real Estate Consumer and Industrial Total Nine Months Ended September 30, 2018 Allowance for loan losses: Balance, December 31, 2017 $ 288 $ 180 $ 3,553 $ 461 $ 145 $ 4,627 Provision (benefit) for loan losses 423 273 (894) 88 511 401 Reduction due to loan removals (19) (113) (348) (3) (577) (1,060) Balance, September 30, 2018 $ 692 $ 340 $ 2,311 $ 546 $ 79 $ 3,968 Nine Months Ended September 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ 41 $ 139 $ 2,419 $ 558 $ 238 $ 3,395 Provision (benefit) for loan losses (40) 130 743 (85) 71 819 Reduction due to loan removals (1) (80) (386) (11) (66) (544) Balance, September 30, 2017 $ — $ 189 $ 2,776 $ 462 $ 243 $ 3,670 *— 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 September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 Pass $ 164,435 $ 177,231 $ 160,425 $ 20,796 $ 29,620 $ 26,666 Special mention 22,629 28,708 22,638 3,165 5,132 6,455 Substandard 22,454 28,656 24,458 10,351 14,897 13,127 Doubtful — — — — — — $ 209,518 $ 234,595 $ 207,521 $ 34,312 $ 49,649 $ 46,248 Residential Real Estate Consumer Commercial & Industrial September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 109,004 $ 135,974 $ 133,969 $ 5,927 $ 8,001 $ 8,261 $ 5,514 $ 18,522 $ 15,755 Special mention 42,834 54,500 50,488 14,795 17,214 17,733 584 1,169 1,397 Substandard 66,181 70,313 65,209 23,359 26,238 27,308 4,573 7,255 8,644 Doubtful — — — — — — — — — $ 218,019 $ 260,787 $ 249,666 $ 44,081 $ 51,453 $ 53,302 $ 10,671 $ 26,946 $ 25,796 Total Acquired Credit Impaired Loans September 30, December 31, September 30, 2018 2017 2017 Pass $ 305,676 $ 369,348 $ 345,076 Special mention 84,007 106,723 98,711 Substandard 126,918 147,359 138,746 Doubtful — — — $ 516,601 $ 623,430 $ 582,533 |
Aging analysis of past due loans (includes nonaccrual 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 September 30, 2018 Commercial real estate $ 1,517 $ 375 $ 5,608 $ 7,500 $ 202,018 $ 209,518 Commercial real estate—construction and development 768 309 2,905 3,982 30,330 34,312 Residential real estate 6,506 1,392 8,371 16,269 201,750 218,019 Consumer 671 168 891 1,730 42,351 44,081 Commercial and industrial 2,625 83 88 2,796 7,875 10,671 $ 12,087 $ 2,327 $ 17,863 $ 32,277 $ 484,324 $ 516,601 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 September 30, 2017 Commercial real estate $ 2,018 $ 404 $ 1,427 $ 3,849 $ 203,672 $ 207,521 Commercial real estate—construction and development 22 234 3,239 3,495 42,753 46,248 Residential real estate 3,608 2,750 7,148 13,506 236,160 249,666 Consumer 670 259 943 1,872 51,430 53,302 Commercial and industrial 314 571 361 1,246 24,550 25,796 $ 6,632 $ 4,218 $ 13,118 $ 23,968 $ 558,565 $ 582,533 |
Non acquired non-accrual loans | |
Loans and Allowance for Loan Losses | |
Summary of information pertaining to nonaccrual loans by class | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Commercial non-owner occupied real estate: Construction and land development $ 404 $ 251 $ 57 Commercial non-owner occupied 1,110 2,635 2,755 Total commercial non-owner occupied real estate 1,514 2,886 2,812 Consumer real estate: Consumer owner occupied 6,406 4,888 3,674 Home equity loans 2,623 269 308 Total consumer real estate 9,029 5,157 3,982 Commercial owner occupied real estate 1,063 1,144 557 Commercial and industrial 957 1,662 1,952 Other income producing property 474 764 1,083 Consumer 1,177 1,802 1,123 Restructured loans 1,065 925 858 Total loans on nonaccrual status $ 15,279 $ 14,340 $ 12,367 |
Acquired non-credit impaired loans | |
Loans and Allowance for Loan Losses | |
Summary of loans | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 FASB ASC Topic 310-20 acquired loans: Commercial non-owner occupied real estate: Construction and land development $ 222,562 $ 403,357 $ 76,886 Commercial non-owner occupied 684,793 817,166 199,704 Total commercial non-owner occupied real estate 907,355 1,220,523 276,590 Consumer real estate: Consumer owner occupied 647,064 710,611 492,615 Home equity loans 259,558 320,591 164,291 Total consumer real estate 906,622 1,031,202 656,906 Commercial owner occupied real estate 455,803 521,818 207,572 Commercial and industrial 247,922 398,696 101,427 Other income producing property 150,371 196,669 76,924 Consumer 118,029 137,710 136,136 Other — 1,289 — Total FASB ASC Topic 310-20 acquired loans $ 2,786,102 $ 3,507,907 $ 1,455,555 |
Schedule of changes in allowance for loan losses | Construction Commercial Commercial Consumer Other Income & Land Non-owner Owner Owner Home Commercial Producing (Dollars in thousands) Development Occupied Occupied Occupied Equity & Industrial Property Consumer Total Three Months Ended September 30, 2018 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — — (4) (30) — (63) (97) Recoveries 1 — — 1 6 5 — 14 27 Provision (benefit) (1) — — (1) (2) 25 — 49 70 Balance, September 30, 2018 $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 222,562 684,793 455,803 647,064 259,558 247,922 150,371 118,029 2,786,102 Total acquired non-credit impaired loans $ 222,562 $ 684,793 $ 455,803 $ 647,064 $ 259,558 $ 247,922 $ 150,371 $ 118,029 $ 2,786,102 Three Months Ended September 30, 2017 Allowance for loan losses: Balance at beginning of period $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — (80) (71) (1) — (123) (275) Recoveries 1 — 1 — 274 1 — 2 279 Provision (benefit) (1) — (1) 80 (203) — — 121 (4) Balance, September 30, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 76,886 199,704 207,572 492,615 164,291 101,427 76,924 136,136 1,455,555 Total acquired non-credit impaired loans $ 76,886 $ 199,704 $ 207,572 $ 492,615 $ 164,291 $ 101,427 $ 76,924 $ 136,136 $ 1,455,555 Construction Commercial Commercial Consumer Other Income & Land Non-owner Owner Owner Home Commercial Producing (Dollars in thousands) Development Occupied Occupied Occupied Equity & Industrial Property Consumer Total Nine Months Ended September 30, 2018 Allowance for loan losses: Balance, December 31, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs (106) — (28) (70) (244) (838) — (328) (1,614) Recoveries 8 — — 63 85 60 — 63 279 Provision (benefit) 98 — 28 7 159 778 — 265 1,335 Balance, September 30, 2018 $ — $ — $ — $ — $ — $ — $ — $ — $ — Nine Months Ended September 30, 2017 Allowance for loan losses: Balance, December 31, 2016 $ — $ — $ — $ — $ — $ — $ — $ — $ — Charge-offs — — — (89) (736) (3) — (337) (1,165) Recoveries 3 — 1 42 343 3 1 21 414 Provision (benefit) (3) — (1) 47 393 — (1) 316 751 Balance, September 30, 2017 $ — $ — $ — $ — $ — $ — $ — $ — $ — |
Schedule of credit risk profile by risk grade of loans | Total Acquired Non-credit Impaired Loans September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Pass $ 2,716,956 $ 3,438,030 $ 1,417,304 Special mention 52,428 49,868 24,570 Substandard 16,718 20,009 13,681 Doubtful — — — $ 2,786,102 $ 3,507,907 $ 1,455,555 |
Aging analysis of past due loans (includes nonaccrual 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 September 30, 2018 Commercial real estate: Construction and land development $ 6 $ 199 $ 373 $ 578 $ 221,984 $ 222,562 Commercial non-owner occupied 3,931 48 — 3,979 680,814 684,793 Commercial owner occupied 564 198 711 1,473 454,330 455,803 Consumer real estate: Consumer owner occupied 552 405 575 1,532 645,532 647,064 Home equity loans 1,295 527 2,421 4,243 255,315 259,558 Commercial and industrial 116 589 264 969 246,953 247,922 Other income producing property 804 343 129 1,276 149,095 150,371 Consumer 541 298 465 1,304 116,725 118,029 $ 7,809 $ 2,607 $ 4,938 $ 15,354 $ 2,770,748 $ 2,786,102 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 September 30, 2017 Commercial real estate: Construction and land development $ 117 $ 199 $ 225 $ 541 $ 76,345 $ 76,886 Commercial non-owner occupied 618 — — 618 199,086 199,704 Commercial owner occupied 330 97 893 1,320 206,252 207,572 Consumer real estate: Consumer owner occupied 1,404 535 761 2,700 489,915 492,615 Home equity loans 1,240 455 999 2,694 161,597 164,291 Commercial and industrial 749 464 98 1,311 100,116 101,427 Other income producing property 164 64 37 265 76,659 76,924 Consumer 364 814 620 1,798 134,338 136,136 $ 4,986 $ 2,628 $ 3,633 $ 11,247 $ 1,444,308 $ 1,455,555 |
Summary of information pertaining to nonaccrual loans by class | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Commercial non-owner occupied real estate: Construction and land development $ 402 $ 108 $ 233 Commercial non-owner occupied — — — Total commercial non-owner occupied real estate 402 108 233 Consumer real estate: Consumer owner occupied 2,408 2,156 1,891 Home equity loans 4,901 4,589 1,813 Total consumer real estate 7,309 6,745 3,704 Commercial owner occupied real estate 904 189 — Commercial and industrial 354 133 114 Other income producing property 249 316 107 Consumer 1,580 1,906 1,299 Total loans on nonaccrual status $ 10,798 $ 9,397 $ 5,457 |
Acquired non-credit impaired loans | Commercial loans | |
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 September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 221,034 $ 394,139 $ 74,665 $ 670,176 $ 809,241 $ 195,808 $ 447,877 $ 513,861 $ 201,498 Special mention 921 4,602 1,403 14,612 7,913 3,806 6,933 7,740 4,048 Substandard 607 4,616 818 5 12 90 993 217 2,026 Doubtful — — — — — — — — — $ 222,562 $ 403,357 $ 76,886 $ 684,793 $ 817,166 $ 199,704 $ 455,803 $ 521,818 $ 207,572 Other Income Producing Commercial & Industrial Property Commercial Total September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 239,906 $ 388,342 $ 95,523 $ 143,349 $ 191,229 $ 74,994 $ 1,722,342 $ 2,296,812 $ 642,488 Special mention 7,634 9,883 5,385 6,208 4,547 1,208 36,308 34,685 15,850 Substandard 382 471 519 814 893 722 2,801 6,209 4,175 Doubtful — — — — — — — — — $ 247,922 $ 398,696 $ 101,427 $ 150,371 $ 196,669 $ 76,924 $ 1,761,451 $ 2,337,706 $ 662,513 |
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 September 30, December 31, September 30, September 30, December 31, September 30, September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 2018 2017 2017 2018 2017 2017 Pass $ 635,443 $ 703,557 $ 487,393 $ 244,017 $ 301,842 $ 154,461 $ 115,154 $ 134,530 $ 132,962 Special mention 7,412 4,165 2,502 8,089 10,477 5,077 619 541 1,141 Substandard 4,209 2,889 2,720 7,452 8,272 4,753 2,256 2,639 2,033 Doubtful — — — — — — — — — $ 647,064 $ 710,611 $ 492,615 $ 259,558 $ 320,591 $ 164,291 $ 118,029 $ 137,710 $ 136,136 Other Consumer Total September 30, December 31, September 30, September 30, December 31, September 30, 2018 2017 2017 2018 2017 2017 Pass $ — $ 1,289 $ — $ 994,614 $ 1,141,218 $ 774,816 Special mention — — — 16,120 15,183 8,720 Substandard — — — 13,917 13,800 9,506 Doubtful — — — — — — $ — $ 1,289 $ — $ 1,024,651 $ 1,170,201 $ 793,042 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Real Estate Owned | |
Schedule of information pertaining to OREO | Nine Months Ended September 30, (Dollars in thousands) 2018 2017 OREO OREO Beginning balance $ 11,203 $ 18,316 Acquired in SBFC acquisition — 385 Acquired in PSC acquisition 210 — Additions 11,976 8,375 Writedowns (1,185) (2,220) Sold (10,085) (11,329) Ending Balance $ 12,119 $ 13,527 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deposits | |
Schedule of total deposits | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Certificates of deposit $ 1,820,122 $ 1,738,384 $ 1,083,814 Interest-bearing demand deposits 5,195,871 5,300,108 4,102,391 Non-interest bearing demand deposits 3,157,478 3,047,432 2,505,570 Savings deposits 1,433,724 1,443,918 1,363,944 Other time deposits 6,680 2,924 6,302 Total deposits $ 11,613,875 $ 11,532,766 $ 9,062,021 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Plans | |
Schedule of components of net periodic pension expense | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Interest cost $ $ $ 810 $ 843 Service cost 58 95 Expected return on plan assets (1,746) (1,660) Recognized net actuarial loss 581 564 Net periodic pension benefit $ $ $ (297) $ (158) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended Nine Months Ended September 30, September 30, (Dollars and shares in thousands, except for per share amounts) 2018 2017 2018 2017 Basic earnings per common share: Net income $ 47,082 $ 35,046 $ 129,867 $ 85,133 Weighted-average basic common shares 36,645 29,115 36,657 29,023 Basic earnings per common share $ 1.28 $ 1.20 $ 3.53 $ 2.92 Diluted earnings per share: Net income $ 47,082 $ 35,046 $ 129,867 $ 85,133 Weighted-average basic common shares 36,645 29,115 36,657 29,023 Effect of dilutive securities 248 270 252 268 Weighted-average dilutive shares 36,893 29,385 36,909 29,291 Diluted earnings per common share $ 1.28 $ 1.19 $ 3.52 $ 2.90 |
Schedule of anti-dilutive securities excluded from computation of diluted earnings per common share | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Number of shares Range of exercise prices $ to $ $ to $ $ to $ $ to $ |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 (33,424) 30.88 Forfeited (5,806) 91.35 Outstanding at September 30, 2018 213,866 61.28 5.89 $ 4,999 Exercisable at September 30, 2018 140,115 49.41 4.55 $ 4,635 Weighted-average fair value of options granted during the year $ |
Schedule of weighted-average assumptions used in valuing options | Nine months ended September 30, Dividend yield % % Expected life years years Expected volatility % % Risk-free interest rate % % |
Summary of nonvested restricted stock | Nonvested restricted stock for the nine months ended September 30, 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 7,836 87.37 Vested (34,180) 57.73 Forfeited (3,261) 83.45 Nonvested at September 30, 2018 113,087 61.47 |
Summary of nonvested RSUs | Nonvested RSUs for the nine months ended September 30, 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 108,842 86.49 Vested (1,176) 84.35 Forfeited (2,890) 90.83 LTIP Adjustment (3,213) 89.40 Nonvested at September 30, 2018 241,599 81.76 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 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) September 30, 2018: Assets Derivative financial instruments $ 10,015 $ — $ 10,015 $ — Loans held for sale 33,752 — 33,752 — Securities available for sale: Government-sponsored entities debt 52,545 — 52,545 — State and municipal obligations 206,224 — 206,224 — Mortgage-backed securities 1,292,512 — 1,292,512 — Corporate securities — — — — Total securities available for sale 1,551,281 — 1,551,281 — Mortgage servicing rights 36,056 — — 36,056 $ 1,631,104 $ — $ 1,595,048 $ 36,056 Liabilities Derivative financial instruments $ 10,035 $ — $ 10,035 $ — 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 $ — September 30, 2017: Assets Derivative financial instruments $ 1,492 $ — $ 1,492 $ — Loans held for sale 46,321 — 46,321 — Securities available for sale: Government-sponsored entities debt 85,951 — 85,951 — State and municipal obligations 204,294 — 204,294 — Mortgage-backed securities 1,027,477 — 1,027,477 — Corporate securities 1,732 1,732 — — Total securities available for sale 1,319,454 1,732 1,317,722 — Mortgage servicing rights 29,937 — — 29,937 $ 1,397,204 $ 1,732 $ 1,365,535 $ 29,937 Liabilities Derivative financial instruments $ 1,301 $ — $ 1,301 $ — |
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 4,580 — Changes in fair value due to valuation inputs or assumptions 3,628 — Changes in fair value due to decay (3,271) — Fair value , September 30, 2018 $ 36,056 $ — Fair value, January 1, 2017 $ 29,037 $ — Servicing assets that resulted from transfers of financial assets 4,764 — Changes in fair value due to valuation inputs or assumptions (1,055) — Changes in fair value due to decay (2,809) — Fair value, September 30, 2017 $ 29,937 $ — |
Schedule of amounts of assets and liabilities measured at fair value on a nonrecurring basis | Quoted Prices In Active Significant Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) September 30, 2018: OREO $ 12,119 $ — $ — $ 12,119 Non-acquired impaired loans 6,990 — — 6,990 December 31, 2017: OREO $ 11,203 $ — $ — $ 11,203 Non-acquired impaired loans 10,495 — — 10,495 September 30, 2017: OREO $ 13,527 $ — $ — $ 13,527 Non-acquired impaired loans 5,588 — — 5,588 |
Quantitative Information about Level 3 Fair Value Measurements | Weighted Average September 30, December 31, September 30, Valuation Technique Unobservable Input 2018 2017 2017 Nonrecurring measurements: Non-acquired impaired loans Discounted appraisals Collateral discounts 3 % 3 % 3 % OREO Discounted appraisals Collateral discounts and estimated costs to sell 24 % 21 % 23 % |
Schedule of estimated fair value, and related carrying amount, of the Company's financial instruments | Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 September 30, 2018 Financial assets: Cash and cash equivalents $ 307,309 $ 307,309 $ 307,309 $ — $ — Investment securities 1,571,010 1,571,010 19,229 1,551,781 — Loans held for sale 33,752 33,752 — 33,752 — Loans, net of allowance for loan losses (1) 10,855,344 10,640,774 — — 10,640,774 Accrued interest receivable 34,808 34,808 — 6,419 28,389 Mortgage servicing rights 36,056 36,056 — — 36,056 Interest rate swap - non-designated hedge 9,268 9,268 — 9,268 — Other derivative financial instruments (mortgage banking related) 747 747 — 747 — Financial liabilities: Deposits 11,613,875 10,617,021 — 10,617,021 — Federal funds purchased and securities sold under agreements to repurchase 279,698 279,698 — 279,698 — Other borrowings 115,919 119,017 — 119,017 — Accrued interest payable 4,279 4,279 — 4,279 — Interest rate swap - non-designated hedge 9,460 9,460 — 9,460 — Interest rate swap - cash flow hedge 82 82 — 82 — Other derivative financial instruments (mortgage banking related) 493 493 — 493 — Off balance sheet financial instruments: Commitments to extend credit — (56,732) — (56,732) — December 31, 2017 Financial assets: Cash and cash equivalents $ 377,627 $ 377,627 $ 377,627 $ — $ — Investment securities 1,673,769 1,673,796 23,047 1,650,749 — 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 — September 30, 2017 Financial assets: Cash and cash equivalents $ 403,934 $ 403,934 $ 403,934 $ — $ — Investment securities 1,336,796 1,336,850 13,664 1,323,186 — Loans held for sale 46,321 46,321 — 46,321 — Loans, net of allowance for loan losses (1) 8,223,204 8,284,002 — — 8,284,002 Accrued interest receivable 25,172 25,172 — 5,373 19,799 Mortgage servicing rights 29,937 29,937 — — 29,937 Interest rate swap - non-designated hedge — — Other derivative financial instruments (mortgage banking related) 1,292 1,292 — 1,292 — Financial liabilities: Deposits 9,062,021 8,512,681 — 8,512,681 — Federal funds purchased and securities sold under agreements to repurchase 291,099 291,099 — 291,099 — Other borrowings 83,307 85,344 — 85,344 — Accrued interest payable 1,810 1,810 — 1,810 — Interest rate swap - cash flow hedge — — Interest rate swap - non-designated hedge 197 197 — 197 — Other derivative financial instruments (mortgage banking related) 775 775 — 775 — Off balance sheet financial instruments: Commitments to extend credit — 15,968 — 15,968 — (1) - Loans, net of allowance for loan losses is being valued using a different method at September 30, 2018 from December 31, 2017 and September 30, 2017. See page 46 for explanation of change in method. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2018 Balance at June 30, 2018 $ (7,456) $ (28,526) $ (89) $ (36,071) Other comprehensive loss before reclassifications — (8,624) (1) (8,625) Amounts reclassified from accumulated other comprehensive income 151 9 27 187 Net comprehensive income (loss) 151 (8,615) 26 (8,438) Balance at September 30, 2018 $ (7,305) $ (37,141) $ (63) $ (44,509) Three Months Ended September 30, 2017 Balance at June 30, 2017 $ (5,962) $ 2,506 $ (241) $ (3,697) Other comprehensive income before reclassifications — 80 3 83 Amounts reclassified from accumulated other comprehensive income (loss) 116 (325) 35 (174) Net comprehensive income (loss) 116 (245) 38 (91) Balance at September 30, 2017 $ (5,846) $ 2,261 $ (203) $ (3,788) Nine Months Ended September 30, 2018 Balance at December 31, 2017 $ (5,998) $ (4,278) $ (151) $ (10,427) Other comprehensive income (loss) before reclassifications — (32,224) 34 (32,190) Amounts reclassified from accumulated other comprehensive income 453 508 94 1,055 Net comprehensive income (loss) 453 (31,716) 128 (31,135) AOCI reclassification to retained earnings from the adoption of ASU 2018-02 (1,760) (1,147) (40) (2,947) Balance at September 30, 2018 $ (7,305) $ (37,141) $ (63) $ (44,509) Nine Months Ended September 30, 2017 Balance at December 31, 2016 $ (6,195) $ (1,708) $ (308) $ (8,211) Other comprehensive income (loss) before reclassifications — 4,362 (35) 4,327 Amounts reclassified from accumulated other comprehensive income (loss) 349 (393) 140 96 Net comprehensive income 349 3,969 105 4,423 Balance at September 30, 2017 $ (5,846) $ 2,261 $ (203) $ (3,788) |
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 September 30, For the Nine Months Ended September 30, Accumulated Other Comprehensive Income (Loss) Component 2018 2017 2018 2017 Income Statement Losses on cash flow hedges: Interest rate contracts $ 35 $ 57 $ 121 $ 226 Interest expense (8) (22) (27) (86) Provision for income taxes 27 35 94 140 Net income (Gains) losses on sales of available for sale securities: $ 11 $ (1,278) $ 652 $ (1,388) Securities (gains) losses, net (2) 487 (144) 529 Provision for income taxes 9 (791) 508 (859) Net income Other-than-temporary impairment losses on available for sale securities: $ — $ 753 $ — $ 753 Other-than-temporary impairment losses — (287) — (287) Provision for income taxes — 466 — 466 Net income Amortization of defined benefit pension: Actuarial losses $ 194 $ 188 $ 581 $ 564 Salaries and employee benefits (43) (72) (128) (215) Provision for income taxes 151 116 453 349 Net income Total reclassifications for the period $ 187 $ (640) $ 1,055 $ (370) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Financial Instruments | |
Derivative financial instruments summary | September 30, 2018 September 30, 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 $ — $ 82 $ 8,000 $ — $ 329 Fair value hedge of interest rate risk: Pay fixed rate swap with counterparty Other Assets $ 2,824 $ 33 $ — $ — $ — $ — Not designated hedges of interest rate risk: Customer related interest rate contracts: Matched interest rate swaps with borrowers Other Assets and Other Liabilities $ 342,166 $ 193 $ 9,460 $ 13,490 $ 200 $ — Matched interest rate swaps with counterparty Other Assets and Other Liabilities $ 342,166 $ 9,042 $ — $ 13,490 $ — $ 197 Not designated hedges of interest rate risk - mortgage banking activities: Contracts used to hedge mortgage servicing rights Other Assets $ 63,500 $ — $ 493 $ 108,500 $ — $ 775 Forward sales commitments used to hedge mortgage pipeline Other Assets $ 83,068 $ 747 $ — $ 89,593 1,292 $ — Total derivatives $ 841,724 $ 10,015 $ 10,035 $ 233,073 $ 1,492 $ 1,301 |
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) September 30, 2018 December 31, 2017 September 30, 2017 Mortgage loan pipeline $ 74,898 $ $ 90,452 Expected closures 56,174 67,839 Fair value of mortgage loan pipeline commitments 392 941 Forward sales commitments 83,068 89,593 Fair value of forward commitments 355 (3) |
Capital Ratios (Tables)
Capital Ratios (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2018 Common equity Tier 1 to risk-weighted assets: Consolidated $ 1,356,267 12.30 % $ 702,980 6.38 % $ 771,899 7.00 % $ 716,764 6.50 % South State Bank (the Bank) 1,449,326 13.14 % 703,049 6.38 % 771,975 7.00 % 716,834 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,467,703 13.31 % 868,387 7.88 % 937,306 8.50 % 882,170 8.00 % South State Bank (the Bank) 1,449,326 13.14 % 868,472 7.88 % 937,399 8.50 % 882,258 8.00 % Total capital to risk-weighted assets: Consolidated 1,521,875 13.80 % 1,088,929 9.88 % 1,157,849 10.50 % 1,102,713 10.00 % South State Bank (the Bank) 1,503,498 13.63 % 1,089,037 9.88 % 1,157,963 10.50 % 1,102,822 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,467,703 10.82 % 542,720 4.00 % 542,720 4.00 % 678,401 5.00 % South State Bank (the Bank) 1,449,326 10.68 % 542,575 4.00 % 542,575 4.00 % 678,219 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 % September 30, 2017: Common equity Tier 1 to risk-weighted assets: Consolidated $ 1,013,065 12.11 % $ 480,973 5.75 % $ 585,532 7.00 % $ 543,709 6.50 % South State Bank (the Bank) 1,050,203 12.56 % 480,977 5.75 % 585,537 7.00 % 543,713 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 1,084,145 12.96 % 606,444 7.25 % 711,004 8.50 % 669,180 8.00 % South State Bank (the Bank) 1,050,203 12.56 % 606,449 7.25 % 711,009 8.50 % 669,185 8.00 % Total capital to risk-weighted assets: Consolidated 1,129,742 13.51 % 773,739 9.25 % 878,299 10.50 % 836,475 10.00 % South State Bank (the Bank) 1,095,624 13.10 % 773,745 9.25 % 878,305 10.50 % 836,481 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 1,084,145 10.34 % 419,265 4.00 % 419,265 4.00 % 524,082 5.00 % South State Bank (the Bank) 1,050,203 10.02 % 419,148 4.00 % 419,148 4.00 % 523,935 5.00 % |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Other Intangible Assets | |
Summary of gross carrying amounts and accumulated amortization of other intangible assets | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Gross carrying amount $ 129,770 $ 126,449 $ 100,274 Accumulated amortization (63,333) (52,660) (49,802) $ 66,437 $ 73,789 $ 50,472 |
Schedule of estimated amortization expense for other intangibles for each of the next five quarters | (Dollars in thousands) Quarter ending: December 31, 2018 $ 3,537 March 31, 2019 3,281 June 30, 2019 3,269 September 30, 2019 3,268 December 31, 2019 3,267 Thereafter 49,815 $ 66,437 |
Loan Servicing, Mortgage Orig_2
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended (Dollars in thousands) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Increase (decrease) in fair value of MSRs $ 683 $ (684) $ 3,628 $ (1,055) Decay of MSRs (977) (2,809) Gain (loss) related to derivatives (85) $ $ 1,010 Net effect on statements of income $ $ (1,746) $ $ (2,854) |
Schedule of characteristics and sensitivity analysis of the MSR | September 30, December 31, September 30, (Dollars in thousands) 2018 2017 2017 Composition of residential loans serviced for others Fixed-rate mortgage loans 99.8 % 99.7 % 99.7 % Adjustable-rate mortgage loans 0.2 % 0.3 % 0.3 % Total 100.0 % 100.0 % 100.0 % Weighted average life 8.67 years years 7.38 years Constant Prepayment rate (CPR) 6.0 % 7.7 % 8.3 % Weighted average discount rate 9.4 % 9.6 % 9.5 % Effect on fair value due to change in interest rates 25 basis point increase $ 816 $ 1,485 $ 1,605 50 basis point increase 1,423 2,664 2,934 25 basis point decrease (1,261) (1,850) (1,940) 50 basis point decrease (2,892) (4,014) (4,249) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)contract | Sep. 30, 2017USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Number of active contracts | contract | 806,000 | |||
Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customers | $ 24,500 | $ 85,200 | ||
Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customers | 4,700 | 14,500 | ||
Interchange and debit card transaction fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customers | 2,300 | $ 6,400 | 18,100 | $ 19,600 |
Interchange and debit card transaction fees | Before 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Transaction fees | 5,500 | 8,700 | 27,200 | 26,400 |
Network costs | 3,200 | 2,300 | 9,100 | 6,800 |
Trust and investment services income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customers | 7,527 | $ 6,310 | 22,608 | $ 18,703 |
Deposit account services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customers | $ 18,000 | $ 63,700 |
Recent Accounting and Regulat_2
Recent Accounting and Regulatory Pronouncements (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
ASU 2018- 02 | Early adoption | |
Reclassified to retained earnings from AOCI | $ 2.9 |
ASU 2016- 02 | If adopted | |
Right to use asset | 76 |
Lease liabilities | $ 76 |
Mergers and Acquisitions - (Det
Mergers and Acquisitions - (Details) $ in Thousands | 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 | |
Value of stock options | $ 4,305 | |
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 | |
Value of stock options | $ 490 |
Mergers and Acquisitions- Park
Mergers and Acquisitions- Park & SBFC - (Details) - USD ($) | Jan. 03, 2018 | Nov. 30, 2017 | Jan. 03, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 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 | $ 279,698,000 | $ 291,099,000 | $ 279,698,000 | $ 291,099,000 | $ 286,857,000 | |||
Goodwill | 1,002,900,000 | 597,236,000 | 1,002,900,000 | 597,236,000 | $ 999,586,000 | |||
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 | 70,882,000 | |||||||
Loans, net of allowance and mark | 2,241,326,000 | |||||||
Premises and equipment | 55,790,000 | |||||||
Intangible assets | 29,496,000 | |||||||
OREO and repossessed assets | 2,330,000 | |||||||
Bank owned life insurance | 72,703,000 | |||||||
Deferred tax asset. | 31,683,000 | |||||||
Other assets | 21,119,000 | |||||||
Total assets | 3,104,707,000 | |||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||||
Noninterest-bearing | 561,874,000 | |||||||
Interest-bearing | 1,888,890,000 | |||||||
Total deposits | 2,450,764,000 | |||||||
Other borrowings | 340,938,000 | |||||||
Other liabilities | 26,310,000 | |||||||
Total liabilities | 2,818,012,000 | |||||||
Net identifiable assets acquired over (under) liabilities assumed | 286,695,000 | |||||||
Goodwill | 406,264,000 | |||||||
Net assets acquired over liabilities assumed | $ 692,959,000 | |||||||
Consideration: | ||||||||
Common stock shares issued | 7,480,343 | |||||||
Purchase price per share of the SSB's common stock | $ 92.05 | |||||||
SSB 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 | 88,000 | |||||||
Cash paid for stock options outstanding | 4,305,000 | |||||||
Fair value of total consideration transferred | 692,959,000 | |||||||
Noncash Merger Related Costs | 0 | 0 | ||||||
Merger-related charges/costs | 4,500,000 | 29,900,000 | ||||||
Provision for Loan and Lease Losses | (353,000) | 325,000 | ||||||
Additional information | ||||||||
Adjustment to acquired loans portfolio | 70,400,000 | |||||||
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 | 2,300,000 | |||||||
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 | 28,155,000 | 171,795,000 | 94,163,000 | 509,523,000 | ||||
Net operating income available to the common shareholder, Pro Forma | $ 15,054,000 | 47,559,000 | 50,108,000 | 136,402,000 | ||||
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 held for sale | (4,000) | |||||||
Loans, net of allowance and mark | (9,408,000) | |||||||
Premises and equipment | (387,000) | |||||||
Intangible assets | 3,321,000 | |||||||
OREO and repossessed assets | 210,000 | |||||||
Deferred tax asset. | 2,124,000 | |||||||
Total assets | (3,925,000) | |||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Liabilities [Abstract] | ||||||||
Interest-bearing | (612,000) | |||||||
Total deposits | (612,000) | |||||||
Total liabilities | (612,000) | |||||||
Net identifiable assets acquired over (under) liabilities assumed | (3,313,000) | |||||||
Goodwill | $ 3,313,000 | |||||||
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 SSB's common stock | $ 87.30 | |||||||
SSB 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 | |||||||
Merger-related charges/costs | $ 860,000 | $ 23,600,000 | ||||||
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 | $ 496,000,000 | |||||||
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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Investment securities held to maturity | |||
Amortized Cost | $ 500 | $ 2,529 | $ 3,678 |
Fair Value | 500 | 2,556 | 3,732 |
State and municipal obligations | |||
Investment securities held to maturity | |||
Amortized Cost | 500 | 2,529 | 3,678 |
Gross Unrealized Gains | 27 | 54 | |
Fair Value | $ 500 | $ 2,556 | $ 3,732 |
Investment Securities - Amort_2
Investment Securities - Amortized cost and fair value for available for sale securities - (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Investment securities available for sale | |||
Amortized cost | $ 1,598,898 | $ 1,655,107 | $ 1,315,802 |
Gross Unrealized Gains | 1,229 | 5,903 | 9,505 |
Gross Unrealized Losses | (48,846) | (12,817) | (5,853) |
Fair Value | 1,551,281 | 1,648,193 | 1,319,454 |
Government-sponsored entities debt | |||
Investment securities available for sale | |||
Amortized cost | 54,397 | 86,535 | 86,521 |
Gross Unrealized Gains | 51 | 72 | |
Gross Unrealized Losses | (1,852) | (1,077) | (642) |
Fair Value | 52,545 | 85,509 | 85,951 |
State and municipal obligations | |||
Investment securities available for sale | |||
Amortized cost | 207,723 | 216,812 | 199,898 |
Gross Unrealized Gains | 1,114 | 3,749 | 4,584 |
Gross Unrealized Losses | (2,613) | (124) | (188) |
Fair Value | 206,224 | 220,437 | 204,294 |
Mortgage-backed securities | |||
Investment securities available for sale | |||
Amortized cost | 1,336,778 | 1,350,200 | 1,027,827 |
Gross Unrealized Gains | 115 | 2,103 | 4,673 |
Gross Unrealized Losses | (44,381) | (11,616) | (5,023) |
Fair Value | 1,292,512 | 1,340,687 | 1,027,477 |
Common Stock | |||
Investment securities available for sale | |||
Amortized cost | 1,560 | 1,556 | |
Gross Unrealized Gains | 176 | ||
Fair Value | 1,560 | 1,732 | |
Mortgage-backed securities issued by private label holdings | |||
Investment securities available for sale | |||
Fair Value | $ 0 | $ 0 | $ 0 |
Investment Securities - Amort_3
Investment Securities - Amortized cost and fair value of other investment securities - (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Other investment securities | |||
Amortized Cost | $ 19,229 | $ 23,047 | $ 13,664 |
Fair Value | 19,229 | 23,047 | 13,664 |
Amortized Cost | |||
Due in one year or less | 4,366 | ||
Due after one year through five years | 84,160 | ||
Due after five years through ten years | 377,504 | ||
Due after ten years | 1,132,868 | ||
Fair Value | 1,598,898 | 1,655,107 | 1,315,802 |
Fair Value | |||
Due in one year or less | 4,362 | ||
Due after one year through five years | 83,239 | ||
Due after five years through ten years | 366,790 | ||
Due after ten years | 1,096,890 | ||
Fair Value | 1,551,281 | 1,648,193 | 1,319,454 |
Amortized Cost | |||
Due after five years through ten years | 500 | ||
Total | 500 | 2,529 | 3,678 |
Fair Value | |||
Due after five years through ten years | 500 | ||
Fair Value | 500 | 2,556 | 3,732 |
Federal Home Loan Bank stock | |||
Other investment securities | |||
Amortized Cost | 13,149 | 16,967 | 10,177 |
Fair Value | 13,149 | 16,967 | 10,177 |
Investment in unconsolidated subsidiaries | |||
Other investment securities | |||
Amortized Cost | 3,563 | 3,563 | 2,262 |
Fair Value | 3,563 | 3,563 | 2,262 |
Other nonmarketable investment securities | |||
Other investment 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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | $ 27,928 | $ 5,020 | $ 5,118 |
Twelve Months or More | 20,918 | 7,797 | 735 |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 986,591 | 654,893 | 545,362 |
Twelve Months or More | 429,442 | 374,582 | 47,747 |
Government-sponsored entities debt | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 538 | 403 | 473 |
Twelve Months or More | 1,314 | 674 | 169 |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 20,253 | 27,442 | 68,366 |
Twelve Months or More | 32,293 | 52,324 | 11,830 |
State and municipal obligations | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 2,313 | 124 | 188 |
Twelve Months or More | 300 | ||
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 89,908 | 17,400 | 21,851 |
Twelve Months or More | 8,104 | ||
Mortgage-backed securities | |||
Securities Available for Sale, Gross Unrealized Losses | |||
Less Than Twelve Months | 25,077 | 4,493 | 4,457 |
Twelve Months or More | 19,304 | 7,123 | 566 |
Securities Available for Sale, Fair Value | |||
Less Than Twelve Months | 876,430 | 610,051 | 455,145 |
Twelve Months or More | $ 389,045 | $ 322,258 | $ 35,917 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Loans and Allowance for Loan Losses | ||||||
Loans, net | $ 10,855,344 | $ 10,575,417 | $ 8,223,204 | |||
Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 7,606,478 | 6,492,155 | 6,230,327 | |||
Less allowance for non-acquired loan losses | (49,869) | $ (47,874) | (43,448) | (41,541) | $ (40,149) | $ (36,960) |
Loans, net | 7,556,609 | 6,448,707 | 6,188,786 | |||
Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 516,601 | 623,430 | 582,533 | |||
Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 2,786,102 | 3,507,907 | 1,455,555 | |||
Residential real estate | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 218,019 | 260,787 | 249,666 | |||
Commercial non-owner occupied real estate | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 2,182,164 | 1,839,768 | 1,716,827 | |||
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 902,836 | 830,875 | 766,957 | |||
Less allowance for non-acquired loan losses | (6,013) | (6,187) | (5,921) | (5,972) | (5,746) | (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 | 1,279,328 | 1,008,893 | 949,870 | |||
Less allowance for non-acquired loan losses | (7,985) | (7,209) | (6,525) | (6,237) | (6,164) | (4,980) |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 34,312 | 49,649 | 46,248 | |||
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 | 209,518 | 234,595 | 207,521 | |||
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 222,562 | 403,357 | 76,886 | |||
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 | 684,793 | 817,166 | 199,704 | |||
Commercial owner occupied real estate loan | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 1,449,069 | 1,262,776 | 1,278,487 | |||
Less allowance for non-acquired loan losses | (9,077) | (8,607) | (8,128) | (8,110) | (7,539) | (8,022) |
Commercial owner occupied real estate loan | Non-acquired loans | Home equity loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Less allowance for non-acquired loan losses | (3,441) | (3,250) | (3,097) | (3,211) | ||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 455,803 | 521,818 | 207,572 | |||
Consumer loans | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 2,317,584 | 1,967,902 | 1,874,518 | |||
Consumer loans | Non-acquired loans | Home equity loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 473,381 | 437,642 | 419,760 | |||
Less allowance for non-acquired loan losses | (3,441) | (3,368) | (3,097) | (3,247) | ||
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 1,844,203 | 1,530,260 | 1,454,758 | |||
Less allowance for non-acquired loan losses | (11,380) | (10,945) | (9,668) | (9,126) | (8,569) | (7,820) |
Consumer loans | Acquired non-credit impaired loans | Home equity loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 259,558 | 320,591 | 164,291 | |||
Consumer loans | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 647,064 | 710,611 | 492,615 | |||
Commercial and industrial | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 991,842 | 815,187 | 781,757 | |||
Less allowance for non-acquired loan losses | (6,923) | (6,711) | (5,488) | (5,203) | (5,143) | (4,842) |
Commercial and industrial | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 10,671 | 26,946 | 25,796 | |||
Commercial and industrial | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 247,922 | 398,696 | 101,427 | |||
Other income producing property | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 209,983 | 193,847 | 194,335 | |||
Less allowance for non-acquired loan losses | (1,410) | (1,413) | (1,375) | (1,388) | (1,379) | (1,542) |
Other income producing property | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 150,371 | 196,669 | 76,924 | |||
Consumer | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 438,789 | 378,985 | 371,758 | |||
Less allowance for non-acquired loan losses | (3,183) | (3,071) | (2,788) | (2,692) | (2,532) | (2,350) |
Consumer | Non-acquired loans | Consumer | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 438,789 | 378,985 | 371,758 | |||
Consumer | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 44,081 | 51,453 | 53,302 | |||
Consumer | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 118,029 | 137,710 | 136,136 | |||
Commercial loans | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 4,833,058 | 4,111,578 | 3,971,406 | |||
Other loans | Non-acquired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | 17,047 | 33,690 | 12,645 | |||
Less allowance for non-acquired loan losses | $ (457) | $ (363) | (305) | $ 284 | $ 170 | $ (102) |
Other loans | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Total loans | $ 1,289 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Summary of acquired non credit impaired loans - (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | $ 516,601 | $ 623,430 | $ 582,533 | |||
Less allowance for loan losses | (3,968) | $ (4,426) | (4,627) | (3,670) | $ (3,741) | $ (3,395) |
Acquired loans, net | 512,633 | 618,803 | 578,863 | 602,546 | ||
Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 2,786,102 | 3,507,907 | 1,455,555 | |||
Acquired credit impaired loans accounted under FASB 310 30 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 516,601 | 623,430 | 582,533 | |||
Less allowance for loan losses | (3,968) | (4,627) | (3,670) | |||
Acquired loans, net | 512,633 | 618,803 | 578,863 | |||
Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Unamortized Discounts | 37,100 | 65,200 | 20,700 | |||
Carrying value | 2,786,102 | 3,507,907 | 1,455,555 | |||
Residential real estate | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 218,019 | 260,787 | 249,666 | |||
Less allowance for loan losses | (2,311) | (2,514) | (3,553) | (2,776) | (2,741) | (2,419) |
Residential real estate | Acquired credit impaired loans accounted under FASB 310 30 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 218,019 | 260,787 | 249,666 | |||
Commercial non-owner occupied real estate | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 907,355 | 1,220,523 | 276,590 | |||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 455,803 | 521,818 | 207,572 | |||
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 455,803 | 521,818 | 207,572 | |||
Consumer loans | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 44,081 | 53,302 | ||||
Less allowance for loan losses | (546) | (572) | (461) | (462) | (548) | (558) |
Consumer loans | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 906,622 | 1,031,202 | 656,906 | |||
Consumer loans | Acquired credit impaired loans accounted under FASB 310 30 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 44,081 | 51,453 | 53,302 | |||
Consumer loans | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 1,024,651 | 1,170,201 | 793,042 | |||
Commercial and industrial | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 10,671 | 26,946 | 25,796 | |||
Less allowance for loan losses | (79) | (128) | (145) | (243) | (320) | (238) |
Commercial and industrial | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 247,922 | 398,696 | 101,427 | |||
Commercial and industrial | Acquired credit impaired loans accounted under FASB 310 30 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 10,671 | 26,946 | 25,796 | |||
Commercial and industrial | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 247,922 | 398,696 | 101,427 | |||
Other income producing property | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 150,371 | 196,669 | 76,924 | |||
Other income producing property | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 150,371 | 196,669 | 76,924 | |||
Consumer | Acquired credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 44,081 | 51,453 | 53,302 | |||
Consumer | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 118,029 | 137,710 | 136,136 | |||
Commercial loans | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 1,761,451 | 2,337,706 | 662,513 | |||
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 | 34,312 | 49,649 | 46,248 | |||
Less allowance for loan losses | (340) | (576) | (180) | (189) | (92) | (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 | 222,562 | 403,357 | 76,886 | |||
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 | 34,312 | 49,649 | 46,248 | |||
Construction and land development | Commercial non-owner occupied real estate | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 222,562 | 403,357 | 76,886 | |||
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 | 209,518 | 234,595 | 207,521 | |||
Less allowance for loan losses | (692) | $ (636) | (288) | $ (40) | $ (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 | 684,793 | 817,166 | 199,704 | |||
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 | 209,518 | 234,595 | 207,521 | |||
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 | 684,793 | 817,166 | 199,704 | |||
Home equity loans | Consumer loans | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 259,558 | 320,591 | 164,291 | |||
Home equity loans | Consumer loans | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 259,558 | 320,591 | 164,291 | |||
Consumer | Consumer loans | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 118,029 | 137,710 | 136,136 | |||
Consumer Owner Occupied Loans | Consumer loans | Acquired non-credit impaired loans accounted under FASB 310 20 | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | 647,064 | 710,611 | 492,615 | |||
Consumer Owner Occupied Loans | Consumer loans | Acquired non-credit impaired loans | ||||||
Loans and Allowance for Loan Losses | ||||||
Carrying value | $ 647,064 | $ 710,611 | $ 492,615 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Table of loan payment estimates - (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | Jan. 03, 2017 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 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 | $ 670,008 | $ 795,850 | $ 741,268 | |||||
Non-accretable difference | (38,422) | (39,324) | (26,160) | |||||
Cash flows expected to be collected | 631,586 | 756,526 | 715,108 | |||||
Accretable Yield | (114,985) | (133,096) | (132,575) | |||||
Carrying value | 516,601 | 623,430 | 582,533 | |||||
Allowance for loan losses on acquired loans | (3,968) | $ (4,426) | (4,627) | (3,670) | $ (3,741) | $ (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 | $ 113,584 | |||||||
Non-accretable difference | (27,248) | |||||||
Cash flows expected to be collected | 86,336 | |||||||
Accretable difference | (7,369) | |||||||
Carrying value | 78,967 | |||||||
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 | $ 78,963 | |||||||
Non-accretable difference | (13,072) | |||||||
Cash flows expected to be collected | 65,891 | |||||||
Accretable difference | (4,910) | |||||||
Carrying value | 60,981 | |||||||
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 | 2,786,102 | 3,507,907 | 1,455,555 | |||||
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 | 2,100,000 | |||||||
After fair value adjustment | 2,200,000 | |||||||
Fair value adjustment | $ 46,500 | |||||||
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 | 516,601 | 623,430 | 582,533 | |||||
Allowance for loan losses on acquired loans | (3,968) | (4,627) | (3,670) | |||||
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 | 1,000,000 | |||||||
Carrying value | 986,500 | |||||||
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 | 2,786,102 | 3,507,907 | 1,455,555 | |||||
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 | 218,019 | 260,787 | 249,666 | |||||
Allowance for loan losses on acquired loans | (2,311) | (2,514) | (3,553) | (2,776) | (2,741) | (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 | 218,019 | 260,787 | 249,666 | |||||
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 | 907,355 | 1,220,523 | 276,590 | |||||
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 | 455,803 | 521,818 | 207,572 | |||||
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 | 455,803 | 521,818 | 207,572 | |||||
Consumer loans | 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 | 44,081 | 53,302 | ||||||
Allowance for loan losses on acquired loans | (546) | (572) | (461) | (462) | (548) | (558) | ||
Consumer 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 | 906,622 | 1,031,202 | 656,906 | |||||
Consumer loans | 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 | 44,081 | 51,453 | 53,302 | |||||
Consumer 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 | 1,024,651 | 1,170,201 | 793,042 | |||||
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 | 10,671 | 26,946 | 25,796 | |||||
Allowance for loan losses on acquired loans | (79) | (128) | (145) | (243) | (320) | (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 | 247,922 | 398,696 | 101,427 | |||||
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 | 10,671 | 26,946 | 25,796 | |||||
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 | 247,922 | 398,696 | 101,427 | |||||
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 | 150,371 | 196,669 | 76,924 | |||||
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 | 150,371 | 196,669 | 76,924 | |||||
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 | 44,081 | 51,453 | 53,302 | |||||
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 | 118,029 | 137,710 | 136,136 | |||||
Commercial 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 | 1,761,451 | 2,337,706 | 662,513 | |||||
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 | 34,312 | 49,649 | 46,248 | |||||
Allowance for loan losses on acquired loans | (340) | (576) | (180) | (189) | (92) | (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 | 222,562 | 403,357 | 76,886 | |||||
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 | 34,312 | 49,649 | 46,248 | |||||
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 | 222,562 | 403,357 | 76,886 | |||||
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 | 209,518 | 234,595 | 207,521 | |||||
Allowance for loan losses on acquired loans | (692) | $ (636) | (288) | $ (40) | $ (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 | 684,793 | 817,166 | 199,704 | |||||
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 | 209,518 | 234,595 | 207,521 | |||||
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 | 684,793 | 817,166 | 199,704 | |||||
Home equity loans | Consumer 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 | 259,558 | 320,591 | 164,291 | |||||
Home equity loans | Consumer 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 | 259,558 | 320,591 | 164,291 | |||||
Consumer | Consumer 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 | 118,029 | 137,710 | 136,136 | |||||
Consumer Owner Occupied Loans | Consumer 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 | 647,064 | 710,611 | 492,615 | |||||
Consumer Owner Occupied Loans | Consumer 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 | $ 647,064 | $ 710,611 | $ 492,615 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Changes in the carrying value of acquired credit impaired loans - (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
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 | (106,829,000) | (79,258,000) | ||
Change in the allowance for loan losses on acquired loans | 659,000 | (275,000) | ||
Balance at the end of the period | $ 512,633,000 | 512,633,000 | 578,863,000 | |
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 | (11,700,000) | (36,918,000) | (43,873,000) | |
Reclass of nonaccretable difference due to improvement in expected cash flows | 20,538,000 | 16,772,000 | ||
Other changes, net | (271,000) | (306,000) | ||
Balance at end of period | 114,985,000 | 114,985,000 | 132,575,000 | |
Decline in accretable yield balance | 6,800,000 | |||
Improved expected cash flows | $ 5,000,000 | |||
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 | |||
Acquired credit impaired loans | Park Sterling Corporation | ||||
Changes in the carrying amount of accretable difference for acquired impaired and non-impaired loans | ||||
PSC acquisition Day 1 adjustment | $ (1,460,000) |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Aggregated analysis of the changes in allowance for loan losses - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Changes in allowance for loan losses | ||||
Balance at beginning of period | $ 52,300 | $ 43,890 | $ 48,075 | $ 40,355 |
Loans charged-off | (1,988) | (1,658) | (5,914) | (5,137) |
Recoveries of loans previously charged off | 582 | 1,115 | 2,687 | 2,455 |
Net charge-offs | (1,406) | (543) | (3,227) | (2,682) |
Provision for loan losses charged to operations | 3,117 | 2,062 | 10,049 | 8,082 |
Reduction due to loan removals | (174) | (198) | (1,060) | (544) |
Balance at end of period | 53,837 | 45,211 | 53,837 | 45,211 |
Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Balance at beginning of period | 47,874 | 40,149 | 43,448 | 36,960 |
Loans charged-off | (1,891) | (1,383) | (4,300) | (3,972) |
Recoveries of loans previously charged off | 555 | 836 | 2,408 | 2,041 |
Net charge-offs | (1,336) | (547) | (1,892) | (1,931) |
Provision for loan losses charged to operations | 3,331 | 1,939 | 8,313 | 6,512 |
Balance at end of period | 49,869 | 41,541 | 49,869 | 41,541 |
Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (97) | (275) | (1,614) | (1,165) |
Recoveries of loans previously charged off | 27 | 279 | 279 | 414 |
Net charge-offs | (70) | 4 | (1,335) | (751) |
Provision for loan losses charged to operations | 70 | (4) | 1,335 | 751 |
Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Balance at beginning of period | 4,426 | 3,741 | 4,627 | 3,395 |
Provision for loan losses charged to operations | (284) | 127 | 401 | 819 |
Reduction due to loan removals | (174) | (198) | (1,060) | (544) |
Balance at end of period | 3,968 | 3,670 | 3,968 | 3,670 |
Residential real estate | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Reduction due to loan removals | (116) | (149) | (348) | (386) |
Commercial owner occupied real estate loan | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (578) | (659) | ||
Recoveries of loans previously charged off | 105 | 92 | 76 | 197 |
Provision for loan losses charged to operations | 943 | 479 | 1,532 | (109) |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (28) | |||
Recoveries of loans previously charged off | 1 | 1 | ||
Provision for loan losses charged to operations | (1) | 28 | (1) | |
Consumer loans | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Reduction due to loan removals | (1) | (3) | (11) | |
Commercial and industrial | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (34) | (440) | (178) | (629) |
Recoveries of loans previously charged off | 27 | 31 | 241 | 264 |
Provision for loan losses charged to operations | 219 | 469 | 1,372 | 726 |
Commercial and industrial | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (30) | (1) | (838) | (3) |
Recoveries of loans previously charged off | 5 | 1 | 60 | 3 |
Provision for loan losses charged to operations | 25 | 778 | ||
Commercial and industrial | Acquired credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Reduction due to loan removals | (21) | (12) | (577) | (66) |
Other income producing property | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (10) | (17) | ||
Recoveries of loans previously charged off | 3 | 29 | 14 | 77 |
Provision for loan losses charged to operations | (6) | (10) | 21 | (214) |
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 | (1,163) | (897) | (3,237) | (2,407) |
Recoveries of loans previously charged off | 186 | 168 | 596 | 546 |
Provision for loan losses charged to operations | 1,089 | 889 | 3,036 | 2,203 |
Consumer | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (63) | (123) | (328) | (337) |
Recoveries of loans previously charged off | 14 | 2 | 63 | 21 |
Provision for loan losses charged to operations | 49 | 121 | 265 | 316 |
Other loans | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Provision for loan losses charged to operations | 94 | (114) | 152 | (386) |
Construction and land development | Commercial non-owner occupied real estate | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (19) | (35) | (493) | |
Recoveries of loans previously charged off | 178 | 333 | 1,167 | 555 |
Provision for loan losses charged to operations | (352) | (88) | (1,040) | 1,819 |
Construction and land development | Commercial non-owner occupied real estate | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (106) | |||
Recoveries of loans previously charged off | 1 | 1 | 8 | 3 |
Provision for loan losses charged to operations | (1) | (1) | 98 | (3) |
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 | (31) | (36) | (113) | (80) |
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 | 80 | 6 | 128 |
Provision for loan losses charged to operations | 774 | (7) | 1,454 | 1,129 |
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 | (6) | (19) | (1) | |
Home equity loans | Commercial owner occupied real estate loan | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (111) | (241) | ||
Recoveries of loans previously charged off | 139 | 133 | ||
Provision for loan losses charged to operations | 163 | (6) | ||
Home equity loans | Consumer loans | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (40) | (17) | ||
Recoveries of loans previously charged off | 11 | 38 | ||
Provision for loan losses charged to operations | 102 | (171) | ||
Home equity loans | Consumer loans | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (4) | (71) | (244) | (736) |
Recoveries of loans previously charged off | 6 | 274 | 85 | 343 |
Provision for loan losses charged to operations | (2) | (203) | 159 | 393 |
Consumer Owner Occupied Loans | Consumer loans | Non-acquired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (76) | (80) | (185) | |
Recoveries of loans previously charged off | 43 | 65 | 169 | 141 |
Provision for loan losses charged to operations | 468 | 492 | 1,623 | 1,350 |
Consumer Owner Occupied Loans | Consumer loans | Acquired non-credit impaired loans | ||||
Changes in allowance for loan losses | ||||
Loans charged-off | (80) | (70) | (89) | |
Recoveries of loans previously charged off | 1 | 63 | 42 | |
Provision for loan losses charged to operations | $ (1) | $ 80 | $ 7 | $ 47 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Disaggregated analysis of activity in for allowances for non acquired loans - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Allowance for loan losses: | |||||
Charge-offs | $ (1,988) | $ (1,658) | $ (5,914) | $ (5,137) | |
Recoveries | 582 | 1,115 | 2,687 | 2,455 | |
Provision (benefit) | 3,117 | 2,062 | 10,049 | 8,082 | |
Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 47,874 | 40,149 | 43,448 | 36,960 | |
Charge-offs | (1,891) | (1,383) | (4,300) | (3,972) | |
Recoveries | 555 | 836 | 2,408 | 2,041 | |
Provision (benefit) | 3,331 | 1,939 | 8,313 | 6,512 | |
Balance at end of period | 49,869 | 41,541 | 49,869 | 41,541 | |
Loans individually evaluated for impairment | 1,657 | 1,862 | 1,657 | 1,862 | |
Loans collectively evaluated for impairment | 48,212 | 39,679 | 48,212 | 39,679 | |
Loans: | |||||
Loans individually evaluated for impairment | 54,640 | 60,792 | 54,640 | 60,792 | |
Loans collectively evaluated for impairment | 7,551,838 | 6,169,535 | 7,551,838 | 6,169,535 | |
Total loans | 7,606,478 | 6,230,327 | 7,606,478 | 6,230,327 | $ 6,492,155 |
Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (97) | (275) | (1,614) | (1,165) | |
Recoveries | 27 | 279 | 279 | 414 | |
Provision (benefit) | 70 | (4) | 1,335 | 751 | |
Loans: | |||||
Loans collectively evaluated for impairment | 2,786,102 | 1,455,555 | 2,786,102 | 1,455,555 | |
Total loans | 2,786,102 | 1,455,555 | 2,786,102 | 1,455,555 | 3,507,907 |
Commercial non-owner occupied real estate | Non-acquired loans | |||||
Loans: | |||||
Total loans | 2,182,164 | 1,716,827 | 2,182,164 | 1,716,827 | 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 | 6,187 | 5,746 | 5,921 | 4,091 | |
Charge-offs | (19) | (35) | (493) | ||
Recoveries | 178 | 333 | 1,167 | 555 | |
Provision (benefit) | (352) | (88) | (1,040) | 1,819 | |
Balance at end of period | 6,013 | 5,972 | 6,013 | 5,972 | |
Loans individually evaluated for impairment | 723 | 1,266 | 723 | 1,266 | |
Loans collectively evaluated for impairment | 5,290 | 4,706 | 5,290 | 4,706 | |
Loans: | |||||
Loans individually evaluated for impairment | 35,776 | 42,638 | 35,776 | 42,638 | |
Loans collectively evaluated for impairment | 867,060 | 724,319 | 867,060 | 724,319 | |
Total loans | 902,836 | 766,957 | 902,836 | 766,957 | 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 | 7,209 | 6,164 | 6,525 | 4,980 | |
Recoveries | 2 | 80 | 6 | 128 | |
Provision (benefit) | 774 | (7) | 1,454 | 1,129 | |
Balance at end of period | 7,985 | 6,237 | 7,985 | 6,237 | |
Loans individually evaluated for impairment | 81 | 133 | 81 | 133 | |
Loans collectively evaluated for impairment | 7,904 | 6,104 | 7,904 | 6,104 | |
Loans: | |||||
Loans individually evaluated for impairment | 1,315 | 716 | 1,315 | 716 | |
Loans collectively evaluated for impairment | 1,278,013 | 949,154 | 1,278,013 | 949,154 | |
Total loans | 1,279,328 | 949,870 | 1,279,328 | 949,870 | 1,008,893 |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | |||||
Allowance for loan losses: | |||||
Charge-offs | (106) | ||||
Recoveries | 1 | 1 | 8 | 3 | |
Provision (benefit) | (1) | (1) | 98 | (3) | |
Loans: | |||||
Loans collectively evaluated for impairment | 222,562 | 76,886 | 222,562 | 76,886 | |
Total loans | 222,562 | 76,886 | 222,562 | 76,886 | 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 | 684,793 | 199,704 | 684,793 | 199,704 | |
Total loans | 684,793 | 199,704 | 684,793 | 199,704 | 817,166 |
Commercial owner occupied real estate loan | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 8,607 | 7,539 | 8,128 | 8,022 | |
Charge-offs | (578) | (659) | |||
Recoveries | 105 | 92 | 76 | 197 | |
Provision (benefit) | 943 | 479 | 1,532 | (109) | |
Balance at end of period | 9,077 | 8,110 | 9,077 | 8,110 | |
Loans individually evaluated for impairment | 40 | 64 | 40 | 64 | |
Loans collectively evaluated for impairment | 9,037 | 8,046 | 9,037 | 8,046 | |
Loans: | |||||
Loans individually evaluated for impairment | 4,551 | 5,874 | 4,551 | 5,874 | |
Loans collectively evaluated for impairment | 1,444,518 | 1,272,613 | 1,444,518 | 1,272,613 | |
Total loans | 1,449,069 | 1,278,487 | 1,449,069 | 1,278,487 | 1,262,776 |
Commercial owner occupied real estate loan | Non-acquired loans | Home equity loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 3,250 | 3,211 | |||
Charge-offs | (111) | (241) | |||
Recoveries | 139 | 133 | |||
Provision (benefit) | 163 | (6) | |||
Balance at end of period | 3,441 | 3,097 | 3,441 | 3,097 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (28) | ||||
Recoveries | 1 | 1 | |||
Provision (benefit) | (1) | 28 | (1) | ||
Loans: | |||||
Loans collectively evaluated for impairment | 455,803 | 207,572 | 455,803 | 207,572 | |
Total loans | 455,803 | 207,572 | 455,803 | 207,572 | 521,818 |
Consumer loans | Non-acquired loans | |||||
Loans: | |||||
Total loans | 2,317,584 | 1,874,518 | 2,317,584 | 1,874,518 | 1,967,902 |
Consumer loans | Non-acquired loans | Home equity loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 3,368 | 3,247 | |||
Charge-offs | (40) | (17) | |||
Recoveries | 11 | 38 | |||
Provision (benefit) | 102 | (171) | |||
Balance at end of period | 3,441 | 3,097 | 3,441 | 3,097 | |
Loans individually evaluated for impairment | 171 | 116 | 171 | 116 | |
Loans collectively evaluated for impairment | 3,270 | 2,981 | 3,270 | 2,981 | |
Loans: | |||||
Loans individually evaluated for impairment | 3,026 | 2,623 | 3,026 | 2,623 | |
Loans collectively evaluated for impairment | 470,355 | 417,137 | 470,355 | 417,137 | |
Total loans | 473,381 | 419,760 | 473,381 | 419,760 | 437,642 |
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 10,945 | 8,569 | 9,668 | 7,820 | |
Charge-offs | (76) | (80) | (185) | ||
Recoveries | 43 | 65 | 169 | 141 | |
Provision (benefit) | 468 | 492 | 1,623 | 1,350 | |
Balance at end of period | 11,380 | 9,126 | 11,380 | 9,126 | |
Loans individually evaluated for impairment | 28 | 47 | 28 | 47 | |
Loans collectively evaluated for impairment | 11,352 | 9,079 | 11,352 | 9,079 | |
Loans: | |||||
Loans individually evaluated for impairment | 5,420 | 4,455 | 5,420 | 4,455 | |
Loans collectively evaluated for impairment | 1,838,783 | 1,450,303 | 1,838,783 | 1,450,303 | |
Total loans | 1,844,203 | 1,454,758 | 1,844,203 | 1,454,758 | 1,530,260 |
Consumer loans | Acquired non-credit impaired loans | Home equity loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (4) | (71) | (244) | (736) | |
Recoveries | 6 | 274 | 85 | 343 | |
Provision (benefit) | (2) | (203) | 159 | 393 | |
Loans: | |||||
Loans collectively evaluated for impairment | 259,558 | 164,291 | 259,558 | 164,291 | |
Total loans | 259,558 | 164,291 | 259,558 | 164,291 | 320,591 |
Consumer loans | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (80) | (70) | (89) | ||
Recoveries | 1 | 63 | 42 | ||
Provision (benefit) | (1) | 80 | 7 | 47 | |
Loans: | |||||
Loans collectively evaluated for impairment | 647,064 | 492,615 | 647,064 | 492,615 | |
Total loans | 647,064 | 492,615 | 647,064 | 492,615 | 710,611 |
Commercial and industrial | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 6,711 | 5,143 | 5,488 | 4,842 | |
Charge-offs | (34) | (440) | (178) | (629) | |
Recoveries | 27 | 31 | 241 | 264 | |
Provision (benefit) | 219 | 469 | 1,372 | 726 | |
Balance at end of period | 6,923 | 5,203 | 6,923 | 5,203 | |
Loans individually evaluated for impairment | 475 | 18 | 475 | 18 | |
Loans collectively evaluated for impairment | 6,448 | 5,185 | 6,448 | 5,185 | |
Loans: | |||||
Loans individually evaluated for impairment | 1,409 | 627 | 1,409 | 627 | |
Loans collectively evaluated for impairment | 990,433 | 781,130 | 990,433 | 781,130 | |
Total loans | 991,842 | 781,757 | 991,842 | 781,757 | 815,187 |
Commercial and industrial | Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (30) | (1) | (838) | (3) | |
Recoveries | 5 | 1 | 60 | 3 | |
Provision (benefit) | 25 | 778 | |||
Loans: | |||||
Loans collectively evaluated for impairment | 247,922 | 101,427 | 247,922 | 101,427 | |
Total loans | 247,922 | 101,427 | 247,922 | 101,427 | 398,696 |
Other income producing property | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 1,413 | 1,379 | 1,375 | 1,542 | |
Charge-offs | (10) | (17) | |||
Recoveries | 3 | 29 | 14 | 77 | |
Provision (benefit) | (6) | (10) | 21 | (214) | |
Balance at end of period | 1,410 | 1,388 | 1,410 | 1,388 | |
Loans individually evaluated for impairment | 133 | 211 | 133 | 211 | |
Loans collectively evaluated for impairment | 1,277 | 1,177 | 1,277 | 1,177 | |
Loans: | |||||
Loans individually evaluated for impairment | 2,930 | 3,605 | 2,930 | 3,605 | |
Loans collectively evaluated for impairment | 207,053 | 190,730 | 207,053 | 190,730 | |
Total loans | 209,983 | 194,335 | 209,983 | 194,335 | 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 | 150,371 | 76,924 | 150,371 | 76,924 | |
Total loans | 150,371 | 76,924 | 150,371 | 76,924 | 196,669 |
Consumer | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 3,071 | 2,532 | 2,788 | 2,350 | |
Charge-offs | (1,163) | (897) | (3,237) | (2,407) | |
Recoveries | 186 | 168 | 596 | 546 | |
Provision (benefit) | 1,089 | 889 | 3,036 | 2,203 | |
Balance at end of period | 3,183 | 2,692 | 3,183 | 2,692 | |
Loans individually evaluated for impairment | 6 | 7 | 6 | 7 | |
Loans collectively evaluated for impairment | 3,177 | 2,685 | 3,177 | 2,685 | |
Loans: | |||||
Loans individually evaluated for impairment | 213 | 254 | 213 | 254 | |
Loans collectively evaluated for impairment | 438,576 | 371,504 | 438,576 | 371,504 | |
Total loans | 438,789 | 371,758 | 438,789 | 371,758 | 378,985 |
Consumer | Non-acquired loans | Consumer | |||||
Loans: | |||||
Total loans | 438,789 | 371,758 | 438,789 | 371,758 | 378,985 |
Consumer | Acquired non-credit impaired loans | |||||
Allowance for loan losses: | |||||
Charge-offs | (63) | (123) | (328) | (337) | |
Recoveries | 14 | 2 | 63 | 21 | |
Provision (benefit) | 49 | 121 | 265 | 316 | |
Loans: | |||||
Loans collectively evaluated for impairment | 118,029 | 136,136 | 118,029 | 136,136 | |
Total loans | 118,029 | 136,136 | 118,029 | 136,136 | 137,710 |
Commercial loans | Non-acquired loans | |||||
Loans: | |||||
Total loans | 4,833,058 | 3,971,406 | 4,833,058 | 3,971,406 | 4,111,578 |
Other loans | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 363 | (170) | 305 | 102 | |
Provision (benefit) | 94 | (114) | 152 | (386) | |
Balance at end of period | 457 | (284) | 457 | (284) | |
Loans collectively evaluated for impairment | (284) | (284) | |||
Loans collectively evaluated for impairment | 457 | 457 | |||
Loans: | |||||
Loans collectively evaluated for impairment | 17,047 | 12,645 | 17,047 | 12,645 | |
Total loans | $ 17,047 | $ 12,645 | $ 17,047 | $ 12,645 | 33,690 |
Other loans | Acquired non-credit impaired loans | |||||
Loans: | |||||
Total loans | $ 1,289 |
Loans and Allowance for Loan _9
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 | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Allowance for loan losses: | |||||
Reduction due to loan removals | $ (174) | $ (198) | $ (1,060) | $ (544) | |
Non-acquired loans | |||||
Allowance for loan losses: | |||||
Loans individually evaluated for impairment | 1,657 | 1,862 | 1,657 | 1,862 | |
Loans collectively evaluated for impairment | 48,212 | 39,679 | 48,212 | 39,679 | |
Loans: | |||||
Loans individually evaluated for impairment | 54,640 | 60,792 | 54,640 | 60,792 | |
Loans collectively evaluated for impairment | 7,551,838 | 6,169,535 | 7,551,838 | 6,169,535 | |
Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 4,426 | 3,741 | 4,627 | 3,395 | |
Provision (benefit) for loan losses | (284) | 127 | 401 | 819 | |
Reduction due to loan removals | (174) | (198) | (1,060) | (544) | |
Balance at the end of the period | 3,968 | 3,670 | 3,968 | 3,670 | |
Loans collectively evaluated for impairment | 3,968 | 3,670 | 3,968 | 3,670 | |
Loans: | |||||
Loans collectively evaluated for impairment | 516,601 | 582,533 | 516,601 | 582,533 | |
Carrying value | 516,601 | 582,533 | 516,601 | 582,533 | $ 623,430 |
Residential real estate | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 2,514 | 2,741 | 3,553 | 2,419 | |
Provision (benefit) for loan losses | (87) | 184 | (894) | 743 | |
Reduction due to loan removals | (116) | (149) | (348) | (386) | |
Balance at the end of the period | 2,311 | 2,776 | 2,311 | 2,776 | |
Loans collectively evaluated for impairment | 2,311 | 2,776 | 2,311 | 2,776 | |
Loans: | |||||
Loans collectively evaluated for impairment | 218,019 | 249,666 | 218,019 | 249,666 | |
Carrying value | 218,019 | 249,666 | 218,019 | 249,666 | 260,787 |
Commercial non-owner occupied real estate | Construction and land development | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Loans individually evaluated for impairment | 723 | 1,266 | 723 | 1,266 | |
Loans collectively evaluated for impairment | 5,290 | 4,706 | 5,290 | 4,706 | |
Loans: | |||||
Loans individually evaluated for impairment | 35,776 | 42,638 | 35,776 | 42,638 | |
Loans collectively evaluated for impairment | 867,060 | 724,319 | 867,060 | 724,319 | |
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 | 576 | 92 | 180 | 139 | |
Provision (benefit) for loan losses | (205) | 133 | 273 | 130 | |
Reduction due to loan removals | (31) | (36) | (113) | (80) | |
Balance at the end of the period | 340 | 189 | 340 | 189 | |
Loans collectively evaluated for impairment | 340 | 189 | 340 | 189 | |
Loans: | |||||
Loans collectively evaluated for impairment | 34,312 | 46,248 | 34,312 | 46,248 | |
Carrying value | 34,312 | 46,248 | 34,312 | 46,248 | 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 | 81 | 133 | 81 | 133 | |
Loans collectively evaluated for impairment | 7,904 | 6,104 | 7,904 | 6,104 | |
Loans: | |||||
Loans individually evaluated for impairment | 1,315 | 716 | 1,315 | 716 | |
Loans collectively evaluated for impairment | 1,278,013 | 949,154 | 1,278,013 | 949,154 | |
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 | 636 | 40 | 288 | 41 | |
Provision (benefit) for loan losses | 62 | (40) | 423 | (40) | |
Reduction due to loan removals | (6) | (19) | (1) | ||
Balance at the end of the period | 692 | 692 | |||
Loans collectively evaluated for impairment | 692 | 692 | |||
Loans: | |||||
Loans collectively evaluated for impairment | 209,518 | 207,521 | 209,518 | 207,521 | |
Carrying value | 209,518 | 207,521 | 209,518 | 207,521 | 234,595 |
Consumer loans | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 572 | 548 | 461 | 558 | |
Provision (benefit) for loan losses | (26) | (85) | 88 | (85) | |
Reduction due to loan removals | (1) | (3) | (11) | ||
Balance at the end of the period | 546 | 462 | 546 | 462 | |
Loans collectively evaluated for impairment | 546 | 462 | 546 | 462 | |
Loans: | |||||
Loans collectively evaluated for impairment | 44,081 | 53,302 | 44,081 | 53,302 | |
Carrying value | 44,081 | 53,302 | 44,081 | 53,302 | |
Consumer loans | Home equity loans | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Loans individually evaluated for impairment | 171 | 116 | 171 | 116 | |
Loans collectively evaluated for impairment | 3,270 | 2,981 | 3,270 | 2,981 | |
Loans: | |||||
Loans individually evaluated for impairment | 3,026 | 2,623 | 3,026 | 2,623 | |
Loans collectively evaluated for impairment | 470,355 | 417,137 | 470,355 | 417,137 | |
Commercial and industrial | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Loans individually evaluated for impairment | 475 | 18 | 475 | 18 | |
Loans collectively evaluated for impairment | 6,448 | 5,185 | 6,448 | 5,185 | |
Loans: | |||||
Loans individually evaluated for impairment | 1,409 | 627 | 1,409 | 627 | |
Loans collectively evaluated for impairment | 990,433 | 781,130 | 990,433 | 781,130 | |
Commercial and industrial | Acquired credit impaired loans | |||||
Allowance for loan losses: | |||||
Balance at the beginning of the period | 128 | 320 | 145 | 238 | |
Provision (benefit) for loan losses | (28) | (65) | 511 | 71 | |
Reduction due to loan removals | (21) | (12) | (577) | (66) | |
Balance at the end of the period | 79 | 243 | 79 | 243 | |
Loans collectively evaluated for impairment | 79 | 243 | 79 | 243 | |
Loans: | |||||
Loans collectively evaluated for impairment | 10,671 | 25,796 | 10,671 | 25,796 | |
Carrying value | 10,671 | 25,796 | 10,671 | 25,796 | 26,946 |
Other income producing property | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Loans individually evaluated for impairment | 133 | 211 | 133 | 211 | |
Loans collectively evaluated for impairment | 1,277 | 1,177 | 1,277 | 1,177 | |
Loans: | |||||
Loans individually evaluated for impairment | 2,930 | 3,605 | 2,930 | 3,605 | |
Loans collectively evaluated for impairment | 207,053 | 190,730 | 207,053 | 190,730 | |
Consumer | Non-acquired loans | |||||
Allowance for loan losses: | |||||
Loans individually evaluated for impairment | 6 | 7 | 6 | 7 | |
Loans collectively evaluated for impairment | 3,177 | 2,685 | 3,177 | 2,685 | |
Loans: | |||||
Loans individually evaluated for impairment | 213 | 254 | 213 | 254 | |
Loans collectively evaluated for impairment | 438,576 | 371,504 | 438,576 | 371,504 | |
Consumer | Acquired credit impaired loans | |||||
Loans: | |||||
Carrying value | $ 44,081 | $ 53,302 | $ 44,081 | $ 53,302 | $ 51,453 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Credit risk profile by risk grade of non acquired loans - (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Loans and Allowance for Loan Losses | ||||
Other Real Estate, Non Covered | $ 12,119 | $ 11,203 | $ 13,527 | $ 18,316 |
Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 7,606,478 | 6,492,155 | 6,230,327 | |
Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 7,487,440 | 6,375,759 | 6,116,379 | |
Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 71,106 | 78,325 | 77,757 | |
Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 47,932 | 38,071 | 36,191 | |
Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,786,102 | 3,507,907 | 1,455,555 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,786,102 | 3,507,907 | 1,455,555 | |
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 | 2,716,956 | 3,438,030 | 1,417,304 | |
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 | 52,428 | 49,868 | 24,570 | |
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 | 16,718 | 20,009 | 13,681 | |
Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 516,601 | 623,430 | 582,533 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 516,601 | 623,430 | 582,533 | |
Acquired credit impaired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 305,676 | 369,348 | 345,076 | |
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 | 84,007 | 106,723 | 98,711 | |
Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 126,918 | 147,359 | 138,746 | |
Residential real estate | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 218,019 | 260,787 | 249,666 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 218,019 | 260,787 | 249,666 | |
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 | 109,004 | 135,974 | 133,969 | |
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 | 42,834 | 54,500 | 50,488 | |
Residential real estate | Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 66,181 | 70,313 | 65,209 | |
Commercial non-owner occupied real estate | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,182,164 | 1,839,768 | 1,716,827 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 902,836 | 830,875 | 766,957 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 889,818 | 818,240 | 755,633 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 9,906 | 8,758 | 7,445 | |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 3,112 | 3,877 | 3,879 | |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,279,328 | 1,008,893 | 949,870 | |
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 | 1,270,557 | 999,049 | 939,125 | |
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 | 7,027 | 7,864 | 8,475 | |
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 | 1,744 | 1,980 | 2,270 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 222,562 | 403,357 | 76,886 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 222,562 | 403,357 | 76,886 | |
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 | 221,034 | 394,139 | 74,665 | |
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 | 921 | 4,602 | 1,403 | |
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 | 607 | 4,616 | 818 | |
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 | 684,793 | 817,166 | 199,704 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 684,793 | 817,166 | 199,704 | |
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 | 670,176 | 809,241 | 195,808 | |
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 | 14,612 | 7,913 | 3,806 | |
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 | 5 | 12 | 90 | |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 34,312 | 49,649 | 46,248 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 34,312 | 49,649 | 46,248 | |
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 | 20,796 | 29,620 | 26,666 | |
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 | 3,165 | 5,132 | 6,455 | |
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 | 10,351 | 14,897 | 13,127 | |
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 | 209,518 | 234,595 | 207,521 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 209,518 | 234,595 | 207,521 | |
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 | 164,435 | 177,231 | 160,425 | |
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 | 22,629 | 28,708 | 22,638 | |
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 | 22,454 | 28,656 | 24,458 | |
Commercial owner occupied real estate loan | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,449,069 | 1,262,776 | 1,278,487 | |
Commercial owner occupied real estate loan | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,421,090 | 1,232,927 | 1,247,881 | |
Commercial owner occupied real estate loan | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 18,337 | 23,575 | 24,277 | |
Commercial owner occupied real estate loan | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 9,642 | 6,274 | 6,329 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 455,803 | 521,818 | 207,572 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 455,803 | 521,818 | 207,572 | |
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 | 447,877 | 513,861 | 201,498 | |
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 | 6,933 | 7,740 | 4,048 | |
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 | 993 | 217 | 2,026 | |
Consumer loans | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,317,584 | 1,967,902 | 1,874,518 | |
Consumer loans | Non-acquired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 473,381 | 437,642 | 419,760 | |
Consumer loans | Non-acquired loans | Home equity loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 460,720 | 424,369 | 405,945 | |
Consumer loans | Non-acquired loans | Home equity loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,037 | 6,749 | 7,346 | |
Consumer loans | Non-acquired loans | Home equity loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 6,624 | 6,524 | 6,469 | |
Consumer loans | Non-acquired loans | All Consumer | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,773,420 | 2,380,577 | 2,258,921 | |
Consumer loans | Non-acquired loans | All Consumer | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 2,731,545 | 2,337,500 | 2,216,126 | |
Consumer loans | Non-acquired loans | All Consumer | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 18,168 | 20,964 | 22,576 | |
Consumer loans | Non-acquired loans | All Consumer | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 23,707 | 22,113 | 20,219 | |
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,844,203 | 1,530,260 | 1,454,758 | |
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,816,735 | 1,502,016 | 1,427,278 | |
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 11,614 | 13,902 | 14,914 | |
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 15,854 | 14,342 | 12,566 | |
Consumer loans | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,024,651 | 1,170,201 | 793,042 | |
Consumer 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 | 994,614 | 1,141,218 | 774,816 | |
Consumer loans | 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 | 16,120 | 15,183 | 8,720 | |
Consumer loans | 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 | 13,917 | 13,800 | 9,506 | |
Consumer loans | Acquired non-credit impaired loans | Home equity loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 259,558 | 320,591 | 164,291 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 259,558 | 320,591 | 164,291 | |
Consumer loans | 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 | 244,017 | 301,842 | 154,461 | |
Consumer loans | 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 | 8,089 | 10,477 | 5,077 | |
Consumer loans | 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 | 7,452 | 8,272 | 4,753 | |
Consumer loans | 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 | 118,029 | 137,710 | 136,136 | |
Consumer loans | 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 | 115,154 | 134,530 | 132,962 | |
Consumer loans | 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 | 619 | 541 | 1,141 | |
Consumer loans | 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 | 2,256 | 2,639 | 2,033 | |
Consumer loans | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 647,064 | 710,611 | 492,615 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 647,064 | 710,611 | 492,615 | |
Consumer loans | 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 | 635,443 | 703,557 | 487,393 | |
Consumer loans | 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 | 7,412 | 4,165 | 2,502 | |
Consumer loans | 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 | 4,209 | 2,889 | 2,720 | |
Consumer loans | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 44,081 | 53,302 | ||
Commercial and industrial | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 991,842 | 815,187 | 781,757 | |
Commercial and industrial | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 970,586 | 801,885 | 770,975 | |
Commercial and industrial | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 12,997 | 11,130 | 8,894 | |
Commercial and industrial | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 8,259 | 2,172 | 1,888 | |
Commercial and industrial | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 247,922 | 398,696 | 101,427 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 247,922 | 398,696 | 101,427 | |
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 | 239,906 | 388,342 | 95,523 | |
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 | 7,634 | 9,883 | 5,385 | |
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 | 382 | 471 | 519 | |
Commercial and industrial | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 10,671 | 26,946 | 25,796 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 10,671 | 26,946 | 25,796 | |
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 | 5,514 | 18,522 | 15,755 | |
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 | 584 | 1,169 | 1,397 | |
Commercial and industrial | Acquired credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 4,573 | 7,255 | 8,644 | |
Other income producing property | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 209,983 | 193,847 | 194,335 | |
Other income producing property | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 203,844 | 186,158 | 186,639 | |
Other income producing property | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 4,671 | 6,034 | 6,090 | |
Other income producing property | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,468 | 1,655 | 1,606 | |
Other income producing property | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 150,371 | 196,669 | 76,924 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 150,371 | 196,669 | 76,924 | |
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 | 143,349 | 191,229 | 74,994 | |
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 | 6,208 | 4,547 | 1,208 | |
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 | 814 | 893 | 722 | |
Consumer | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 438,789 | 378,985 | 371,758 | |
Consumer | Non-acquired loans | Consumer | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 438,789 | 378,985 | 371,758 | |
Consumer | Non-acquired loans | Consumer | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 437,043 | 377,425 | 370,258 | |
Consumer | Non-acquired loans | Consumer | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 517 | 313 | 316 | |
Consumer | Non-acquired loans | Consumer | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 1,229 | 1,247 | 1,184 | |
Consumer | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 118,029 | 137,710 | 136,136 | |
Consumer | Acquired credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 44,081 | 51,453 | 53,302 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 44,081 | 51,453 | 53,302 | |
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 | 5,927 | 8,001 | 8,261 | |
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 | 14,795 | 17,214 | 17,733 | |
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 | 23,359 | 26,238 | 27,308 | |
Commercial loans | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 4,833,058 | 4,111,578 | 3,971,406 | |
Commercial loans | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 4,755,895 | 4,038,259 | 3,900,253 | |
Commercial loans | Non-acquired loans | Special mention | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 52,938 | 57,361 | 55,181 | |
Commercial loans | Non-acquired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 24,225 | 15,958 | 15,972 | |
Commercial loans | Acquired non-credit impaired loans | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,761,451 | 2,337,706 | 662,513 | |
Commercial 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 | 1,722,342 | 2,296,812 | 642,488 | |
Commercial loans | 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 | 36,308 | 34,685 | 15,850 | |
Commercial loans | Acquired non-credit impaired loans | Substandard | ||||
Loans and Allowance for Loan Losses | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,801 | 6,209 | 4,175 | |
Other loans | Non-acquired loans | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | 17,047 | 33,690 | 12,645 | |
Other loans | Non-acquired loans | Pass | ||||
Loans and Allowance for Loan Losses | ||||
Total loans | $ 17,047 | 33,690 | $ 12,645 | |
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_11
Loans and Allowance for Loan Losses - Aging analysis of past due loans - (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | $ 16,624 | $ 16,039 | $ 17,809 |
Current | 7,589,854 | 6,476,116 | 6,212,518 |
Total loans | 7,606,478 | 6,492,155 | 6,230,327 |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 8,677 | 6,640 | 7,953 |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,814 | 1,863 | 4,245 |
Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 5,133 | 7,536 | 5,611 |
Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 32,277 | 36,513 | 23,968 |
Current | 484,324 | 586,917 | 558,565 |
Total loans | 516,601 | 623,430 | 582,533 |
Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 12,087 | 10,810 | 6,632 |
Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,327 | 8,998 | 4,218 |
Acquired credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 17,863 | 16,705 | 13,118 |
Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 15,354 | 19,608 | 11,247 |
Current | 2,770,748 | 3,488,299 | 1,444,308 |
Total loans | 2,786,102 | 3,507,907 | 1,455,555 |
Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 7,809 | 12,364 | 4,986 |
Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,607 | 2,639 | 2,628 |
Acquired non-credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,938 | 4,605 | 3,633 |
Residential real estate | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 16,269 | 19,002 | 13,506 |
Current | 201,750 | 241,785 | 236,160 |
Total loans | 218,019 | 260,787 | 249,666 |
Residential real estate | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 6,506 | 5,895 | 3,608 |
Residential real estate | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,392 | 4,283 | 2,750 |
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 | 8,371 | 8,824 | 7,148 |
Commercial non-owner occupied real estate | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 2,182,164 | 1,839,768 | 1,716,827 |
Commercial non-owner occupied real estate | Non-acquired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,149 | 855 | 1,287 |
Current | 901,687 | 830,020 | 765,670 |
Total loans | 902,836 | 830,875 | 766,957 |
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 | 535 | 391 | 728 |
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 | 537 | 63 | 76 |
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 | 77 | 401 | 483 |
Commercial non-owner occupied real estate | Non-acquired loans | Other commercial non-owner occupied real estate | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,142 | 746 | 678 |
Current | 1,278,186 | 1,008,147 | 949,192 |
Total loans | 1,279,328 | 1,008,893 | 949,870 |
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 | 466 | 297 | 26 |
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 | 398 | 567 | |
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 | 676 | 51 | 85 |
Commercial non-owner occupied real estate | Acquired credit impaired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 3,982 | 4,999 | 3,495 |
Current | 30,330 | 44,650 | 42,753 |
Total loans | 34,312 | 49,649 | 46,248 |
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 | 768 | 811 | 22 |
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 | 309 | 427 | 234 |
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 | 2,905 | 3,761 | 3,239 |
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 | 7,500 | 9,013 | 3,849 |
Current | 202,018 | 225,582 | 203,672 |
Total loans | 209,518 | 234,595 | 207,521 |
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 | 1,517 | 2,519 | 2,018 |
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 | 375 | 3,669 | 404 |
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 | 5,608 | 2,825 | 1,427 |
Commercial non-owner occupied real estate | Acquired non-credit impaired loans | Construction and land development | |||
Loans and Allowance for Loan Losses | |||
Past due | 578 | 889 | 541 |
Current | 221,984 | 402,468 | 76,345 |
Total loans | 222,562 | 403,357 | 76,886 |
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 | 6 | 675 | 117 |
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 | 199 | 113 | 199 |
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 | 373 | 101 | 225 |
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 | 3,979 | 333 | 618 |
Current | 680,814 | 816,833 | 199,086 |
Total loans | 684,793 | 817,166 | 199,704 |
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 | 3,931 | 12 | 618 |
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 | 48 | 321 | |
Commercial owner occupied real estate loan | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,682 | 4,330 | 4,506 |
Current | 1,444,387 | 1,258,446 | 1,273,981 |
Total loans | 1,449,069 | 1,262,776 | 1,278,487 |
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 | 2,562 | 2,227 | 2,382 |
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 | 1,249 | 382 | 300 |
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 | 871 | 1,721 | 1,824 |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,473 | 831 | 1,320 |
Current | 454,330 | 520,987 | 206,252 |
Total loans | 455,803 | 521,818 | 207,572 |
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 | 564 | 642 | 330 |
Commercial owner occupied real estate loan | Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 198 | 97 | |
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 | 711 | 189 | 893 |
Consumer loans | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 2,317,584 | 1,967,902 | 1,874,518 |
Consumer loans | Non-acquired loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,712 | 3,265 | 2,618 |
Current | 470,669 | 434,377 | 417,142 |
Total loans | 473,381 | 437,642 | 419,760 |
Consumer loans | Non-acquired loans | Home equity loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,667 | 1,209 | 841 |
Consumer loans | Non-acquired loans | Home equity loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 296 | 372 | 416 |
Consumer loans | 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 | 749 | 1,684 | 1,361 |
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,050 | 3,374 | 5,174 |
Current | 1,842,153 | 1,526,886 | 1,449,584 |
Total loans | 1,844,203 | 1,530,260 | 1,454,758 |
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 866 | 1,291 | 2,587 |
Consumer loans | Non-acquired loans | Consumer Owner Occupied Loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 264 | 140 | 1,514 |
Consumer loans | 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 | 920 | 1,943 | 1,073 |
Consumer loans | Non-acquired loans | All Consumer | |||
Loans and Allowance for Loan Losses | |||
Total loans | 2,773,420 | 2,380,577 | 2,258,921 |
Consumer loans | Acquired non-credit impaired loans | Home equity loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 4,243 | 5,952 | 2,694 |
Current | 255,315 | 314,639 | 161,597 |
Total loans | 259,558 | 320,591 | 164,291 |
Consumer loans | 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 | 1,295 | 3,639 | 1,240 |
Consumer loans | 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 | 527 | 609 | 455 |
Consumer loans | 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 | 2,421 | 1,704 | 999 |
Consumer loans | Acquired non-credit impaired loans | Consumer Owner Occupied Loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,532 | 1,744 | 2,700 |
Current | 645,532 | 708,867 | 489,915 |
Total loans | 647,064 | 710,611 | 492,615 |
Consumer loans | 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 | 552 | 673 | 1,404 |
Consumer loans | 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 | 405 | 204 | 535 |
Consumer loans | 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 | 575 | 867 | 761 |
Commercial and industrial | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,918 | 1,449 | 2,026 |
Current | 989,924 | 813,738 | 779,731 |
Total loans | 991,842 | 815,187 | 781,757 |
Commercial and industrial | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 716 | 477 | 772 |
Commercial and industrial | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 297 | 57 | 1,162 |
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 | 905 | 915 | 92 |
Commercial and industrial | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,796 | 1,169 | 1,246 |
Current | 7,875 | 25,777 | 24,550 |
Total loans | 10,671 | 26,946 | 25,796 |
Commercial and industrial | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 2,625 | 596 | 314 |
Commercial and industrial | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 83 | 167 | 571 |
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 | 88 | 406 | 361 |
Commercial and industrial | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 969 | 7,417 | 1,311 |
Current | 246,953 | 391,279 | 100,116 |
Total loans | 247,922 | 398,696 | 101,427 |
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 | 116 | 5,996 | 749 |
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 | 589 | 1,278 | 464 |
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 | 264 | 143 | 98 |
Other income producing property | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,412 | 676 | 428 |
Current | 208,571 | 193,171 | 193,907 |
Total loans | 209,983 | 193,847 | 194,335 |
Other income producing property | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,163 | 223 | 76 |
Other income producing property | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 255 | 100 | |
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 | 249 | 198 | 252 |
Other income producing property | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,276 | 577 | 265 |
Current | 149,095 | 196,092 | 76,659 |
Total loans | 150,371 | 196,669 | 76,924 |
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 | 804 | 327 | 164 |
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 | 343 | 64 | |
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 | 129 | 250 | 37 |
Consumer | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,559 | 1,344 | 1,092 |
Current | 437,230 | 377,641 | 370,666 |
Total loans | 438,789 | 378,985 | 371,758 |
Consumer | Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 702 | 525 | 541 |
Consumer | Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 171 | 196 | 110 |
Consumer | Non-acquired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 686 | 623 | 441 |
Consumer | Non-acquired loans | Consumer | |||
Loans and Allowance for Loan Losses | |||
Total loans | 438,789 | 378,985 | 371,758 |
Consumer | Acquired credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,730 | 2,330 | 1,872 |
Current | 42,351 | 49,123 | 51,430 |
Total loans | 44,081 | 51,453 | 53,302 |
Consumer | Acquired credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 671 | 989 | 670 |
Consumer | Acquired credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 168 | 452 | 259 |
Consumer | Acquired credit impaired loans | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 891 | 889 | 943 |
Consumer | Acquired non-credit impaired loans | |||
Loans and Allowance for Loan Losses | |||
Past due | 1,304 | 1,865 | 1,798 |
Current | 116,725 | 135,845 | 134,338 |
Total loans | 118,029 | 137,710 | 136,136 |
Consumer | Acquired non-credit impaired loans | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 541 | 400 | 364 |
Consumer | Acquired non-credit impaired loans | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans and Allowance for Loan Losses | |||
Past due | 298 | 114 | 814 |
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 | 465 | 1,351 | 620 |
Commercial loans | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Total loans | 4,833,058 | 4,111,578 | 3,971,406 |
Other loans | Non-acquired loans | |||
Loans and Allowance for Loan Losses | |||
Current | 17,047 | 33,690 | 12,645 |
Total loans | $ 17,047 | 33,690 | $ 12,645 |
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_12
Loans and Allowance for Loan Losses - Nonaccrual loans - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | $ 15,279 | $ 12,367 | $ 15,279 | $ 12,367 | $ 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 | 57,156 | 74,409 | 57,156 | 74,409 | 77,648 |
Recorded Investment With No Allowance | 10,747 | 7,182 | 10,747 | 7,182 | 10,985 |
Gross Recorded Investment With Allowance | 43,893 | 53,610 | 43,893 | 53,610 | 52,438 |
Total Recorded Investment | 54,640 | 60,792 | 54,640 | 60,792 | 63,423 |
Related Allowance | 1,657 | 1,862 | 1,657 | 1,862 | 1,624 |
Average Investment In Impaired Loans | 58,617 | 54,955 | 59,032 | 41,002 | |
Interest Income Recognized | 346 | 677 | 1,593 | 1,396 | |
Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 10,798 | 5,457 | 10,798 | 5,457 | 9,397 |
Commercial non-owner occupied real estate | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 1,514 | 2,812 | 1,514 | 2,812 | 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 | 404 | 57 | 404 | 57 | 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 | 1,110 | 2,755 | 1,110 | 2,755 | 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 | 36,203 | 46,664 | 36,203 | 46,664 | 47,553 |
Recorded Investment With No Allowance | 1,029 | 954 | 1,029 | 954 | 649 |
Gross Recorded Investment With Allowance | 34,747 | 41,684 | 34,747 | 41,684 | 42,581 |
Total Recorded Investment | 35,776 | 42,638 | 35,776 | 42,638 | 43,230 |
Related Allowance | 723 | 1,266 | 723 | 1,266 | 1,063 |
Average Investment In Impaired Loans | 39,084 | 36,337 | 39,503 | 22,835 | |
Interest Income Recognized | 158 | 486 | 968 | 800 | |
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 | 1,480 | 2,361 | 1,480 | 2,361 | 3,106 |
Recorded Investment With No Allowance | 812 | 207 | 812 | 207 | 860 |
Gross Recorded Investment With Allowance | 503 | 509 | 503 | 509 | 515 |
Total Recorded Investment | 1,315 | 716 | 1,315 | 716 | 1,375 |
Related Allowance | 81 | 133 | 81 | 133 | 125 |
Average Investment In Impaired Loans | 1,332 | 735 | 1,345 | 761 | |
Interest Income Recognized | 5 | 3 | 19 | 15 | |
Commercial non-owner occupied real estate | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 402 | 233 | 402 | 233 | 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 | 402 | 233 | 402 | 233 | 108 |
Commercial owner occupied real estate loan | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 1,063 | 557 | 1,063 | 557 | 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 | 5,507 | 9,504 | 5,507 | 9,504 | 9,212 |
Recorded Investment With No Allowance | 2,668 | 3,936 | 2,668 | 3,936 | 3,553 |
Gross Recorded Investment With Allowance | 1,883 | 1,938 | 1,883 | 1,938 | 2,089 |
Total Recorded Investment | 4,551 | 5,874 | 4,551 | 5,874 | 5,642 |
Related Allowance | 40 | 64 | 40 | 64 | 64 |
Average Investment In Impaired Loans | 4,650 | 5,964 | 5,096 | 6,060 | |
Interest Income Recognized | 81 | 63 | 228 | 208 | |
Commercial owner occupied real estate loan | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 904 | 904 | 189 | ||
Consumer loans | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 9,029 | 3,982 | 9,029 | 3,982 | 5,157 |
Consumer loans | Non acquired non-accrual loans | Home equity loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 2,623 | 308 | 2,623 | 308 | 269 |
Consumer loans | Non acquired non-accrual loans | Consumer Owner Occupied Loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 6,406 | 3,674 | 6,406 | 3,674 | 4,888 |
Consumer loans | Impaired non-acquired and acquired loans accounted under FASB ASC topic 310-20 | |||||
Loans and Allowance for Loan Losses | |||||
Average Investment In Impaired Loans | 226 | 200 | |||
Interest Income Recognized | 5 | ||||
Consumer loans | 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 | 3,141 | 3,184 | 3,141 | 3,184 | 3,602 |
Recorded Investment With No Allowance | 1,135 | 716 | 1,135 | 716 | 896 |
Gross Recorded Investment With Allowance | 1,891 | 1,907 | 1,891 | 1,907 | 2,115 |
Total Recorded Investment | 3,026 | 2,623 | 3,026 | 2,623 | 3,011 |
Related Allowance | 171 | 116 | 171 | 116 | 135 |
Average Investment In Impaired Loans | 3,085 | 2,624 | 3,019 | 2,148 | |
Interest Income Recognized | 30 | 29 | 95 | 75 | |
Consumer loans | 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 | 5,914 | 5,986 | 5,914 | 5,986 | 7,382 |
Recorded Investment With No Allowance | 4,478 | 1,369 | 4,478 | 1,369 | 4,392 |
Gross Recorded Investment With Allowance | 942 | 3,086 | 942 | 3,086 | 1,240 |
Total Recorded Investment | 5,420 | 4,455 | 5,420 | 4,455 | 5,632 |
Related Allowance | 28 | 47 | 28 | 47 | 37 |
Average Investment In Impaired Loans | 5,524 | 4,515 | 5,527 | 5,064 | |
Interest Income Recognized | 32 | 36 | 120 | 110 | |
Consumer loans | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 7,309 | 3,704 | 7,309 | 3,704 | 6,745 |
Consumer loans | Acquired non-credit impaired non-accrual including restructured loans | Home equity loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 4,901 | 1,813 | 4,901 | 1,813 | 4,589 |
Consumer loans | Acquired non-credit impaired non-accrual including restructured loans | Consumer Owner Occupied Loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 2,408 | 1,891 | 2,408 | 1,891 | 2,156 |
Commercial and industrial | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 957 | 1,952 | 957 | 1,952 | 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 | 1,462 | 1,753 | 1,462 | 1,753 | 2,246 |
Recorded Investment With No Allowance | 467 | 467 | 635 | ||
Gross Recorded Investment With Allowance | 942 | 627 | 942 | 627 | 521 |
Total Recorded Investment | 1,409 | 627 | 1,409 | 627 | 1,156 |
Related Allowance | 475 | 18 | 475 | 18 | 15 |
Average Investment In Impaired Loans | 1,622 | 912 | 1,282 | 945 | |
Interest Income Recognized | 8 | 8 | 43 | 30 | |
Commercial and industrial | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 354 | 114 | 354 | 114 | 133 |
Other income producing property | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 474 | 1,083 | 474 | 1,083 | 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 | 3,165 | 4,334 | 3,165 | 4,334 | 3,893 |
Recorded Investment With No Allowance | 158 | 158 | |||
Gross Recorded Investment With Allowance | 2,772 | 3,605 | 2,772 | 3,605 | 3,138 |
Total Recorded Investment | 2,930 | 3,605 | 2,930 | 3,605 | 3,138 |
Related Allowance | 133 | 211 | 133 | 211 | 178 |
Average Investment In Impaired Loans | 3,085 | 3,623 | 3,034 | 2,989 | |
Interest Income Recognized | 32 | 50 | 120 | 153 | |
Other income producing property | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 249 | 107 | 249 | 107 | 316 |
Consumer | Non acquired non-accrual loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 1,177 | 1,123 | 1,177 | 1,123 | 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 | 284 | 623 | 284 | 623 | 654 |
Gross Recorded Investment With Allowance | 213 | 254 | 213 | 254 | 239 |
Total Recorded Investment | 213 | 254 | 213 | 254 | 239 |
Related Allowance | 6 | 7 | 6 | 7 | 7 |
Average Investment In Impaired Loans | 235 | 245 | |||
Interest Income Recognized | 2 | ||||
Consumer | Acquired non-credit impaired non-accrual including restructured loans | |||||
Loans and Allowance for Loan Losses | |||||
Nonaccrual loans | 1,580 | 1,299 | $ 1,580 | 1,299 | 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 | $ 1,065 | $ 858 | $ 1,065 | $ 858 | $ 925 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018USD ($)property | Sep. 30, 2017USD ($) | Dec. 31, 2017property | |
OREO | |||
Balance at the beginning of the period | $ 11,203 | $ 18,316 | |
Additions | 11,976 | 8,375 | |
Write-downs | (1,185) | (2,220) | |
Sold | (10,085) | (11,329) | |
Balance at the end of the period | $ 12,119 | 13,527 | |
Number of properties held | property | 84 | 67 | |
Residential real estate consumer mortgage loans in foreclosure, carrying value | $ 5,200 | ||
Southeastern Bank Financial | |||
OREO | |||
Acquired | $ 385 | ||
Park Sterling Corporation | |||
OREO | |||
Acquired | 210 | ||
Residential real estate | |||
OREO | |||
Other Real Estate In Foreclosure | $ 2,200 |
Deposits - Total deposits - (De
Deposits - Total deposits - (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Deposits | |||
Certificates of deposit | $ 1,820,122 | $ 1,738,384 | $ 1,083,814 |
Interest-bearing demand deposits | 5,195,871 | 5,300,108 | 4,102,391 |
Non-interest bearing demand deposits | 3,157,478 | 3,047,432 | 2,505,570 |
Savings deposits | 1,433,724 | 1,443,918 | 1,363,944 |
Other time deposits | 6,680 | 2,924 | 6,302 |
Total deposits | $ 11,613,875 | $ 11,532,766 | $ 9,062,021 |
Deposits - Certificates of depo
Deposits - Certificates of deposits and Scheduled maturities of time deposits - (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Deposits | |||
Aggregate amounts of certificates of deposits in denominations of $250,000 or more | $ 337,200,000 | $ 325,300,000 | $ 187,500,000 |
Increased insurance limit on deposit accounts | 250,000 | 250,000 | |
Traditional, out-of-market brokered deposits | $ 12,000,000 | $ 43,600,000 | $ 23,900,000 |
Retirement Plans - Non-contribu
Retirement Plans - Non-contributory defined benefit pension plan - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Components of net periodic pension cost and other amounts recognized in other comprehensive income | ||||
Interest cost | $ 270 | $ 281 | $ 810 | $ 843 |
Service cost | 19 | 31 | 58 | 95 |
Expected return on plan assets | (582) | (553) | (1,746) | (1,660) |
Recognized net actuarial loss | 194 | 188 | 581 | 564 |
Net periodic pension expense | $ (99) | $ (53) | $ (297) | $ (158) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible List] | Labor and Related Expense | Labor and Related Expense | Labor and Related Expense | Labor and Related Expense |
Employee hired on or after January 1, 2006 | Maximum | ||||
Retirement Plans | ||||
Requisite age of employees for receiving retirement benefits under the new benefit formula | 45 years | |||
Requisite age of employees for receiving retirement benefits under the new benefit formula | 5 years | |||
Non-contributory defined benefit pension plan | Employees hired on or before December 31, 2005 | Minimum | ||||
Retirement Plans | ||||
Requisite age of employees for receiving retirement benefits under the plan | 21 years |
Retirement Plans - Safe Harbor
Retirement Plans - Safe Harbor plan - (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($) | Mar. 31, 2018 | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | 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 | $ 1.8 | $ 2.1 | $ 5.1 | $ 5.5 | |||
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Basic earnings per common share: | ||||
Net income | $ 47,082 | $ 35,046 | $ 129,867 | $ 85,133 |
Weighted Average Number of Shares Outstanding, Basic | 36,645 | 29,115 | 36,657 | 29,023 |
Basic earnings per common share (in dollars per share) | $ 1.28 | $ 1.20 | $ 3.53 | $ 2.92 |
Diluted earnings per share: | ||||
Net income | $ 47,082 | $ 35,046 | $ 129,867 | $ 85,133 |
Weighted Average Number of Shares Outstanding, Basic | 36,645 | 29,115 | 36,657 | 29,023 |
Effect of dilutive securities (in shares) | 248 | 270 | 252 | 268 |
Weighted-average dilutive shares | 36,893 | 29,385 | 36,909 | 29,291 |
Diluted earnings per common share (in dollars per share) | $ 1.28 | $ 1.19 | $ 3.52 | $ 2.90 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of diluted EPS under Treasury method - (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share | ||||
Number of shares | 62,235 | 34,712 | 62,235 | 34,712 |
Range of exercise prices, low end of range (in dollars per share) | $ 87.30 | $ 69.48 | $ 87.30 | $ 69.48 |
Range of exercise prices, high end of range (in dollars per share) | $ 91.35 | $ 91.35 | $ 91.35 | $ 91.35 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 27, 2012 | Sep. 30, 2018 |
Aggregate Intrinsic Value | ||
Outstanding at the end of the period | $ 4,999 | |
Exercisable at the end of the period | $ 4,635 | |
Stock Options | ||
Number of shares | ||
Outstanding at the beginning of the period (in shares) | 218,689 | |
Granted (in shares) | 34,407 | |
Exercised (in shares) | (33,424) | |
Forfeited (in shares) | (5,806) | |
Outstanding at the end of the period (in shares) | 213,866 | |
Exercisable at the end of the period (in shares) | 140,115 | |
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) | 30.88 | |
Forfeited (in dollars per share) | 91.35 | |
Outstanding at the end of the period (in dollars per share) | 61.28 | |
Exercisable at the end of the period (in dollars per share) | 49.41 | |
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 10 months 21 days | |
Exercisable at the end of the period | 4 months 17 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) | 9 Months Ended | |
Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 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 | $ | $ 1,600,000 | |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 1 year 4 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 | 1 year 9 months 4 days | |
Restricted Stock Activity and RSUs | ||
Nonvested at the beginning of the period (in shares) | 142,692 | |
Granted (in shares) | 7,836 | |
Vested (in shares) | (34,180) | |
Forfeited (in shares) | (3,261) | |
Nonvested at the end of the period (in shares) | 113,087 | |
Weighted-Average Grant-Date Fair Value | ||
Nonvested at the beginning of the period (in dollars per share) | $ / shares | $ 59.66 | |
Granted (in dollars per share) | $ / shares | 87.37 | |
Vested (in dollars per share) | $ / shares | 57.73 | |
Forfeited (in dollars per share) | $ / shares | 83.45 | |
Nonvested at the end of the period (in dollars per share) | $ / shares | $ 61.47 | |
Additional disclosures | ||
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | $ | $ 2,900,000 | |
Total fair value of shares vested during the period | $ | $ 2,100,000 | |
Restricted Stock | Employees | Minimum | ||
Additional disclosures | ||
Vesting period | 4 years | |
Restricted Stock | Non-employee directors | Maximum | ||
Additional disclosures | ||
Vesting period | 12 months | |
Restricted Stock Units | ||
Additional disclosures | ||
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 1 year 10 months 28 days | |
Restricted Stock Activity and RSUs | ||
Nonvested at the beginning of the period (in shares) | 140,036 | |
Granted (in shares) | 108,842 | |
Vested (in shares) | (1,176) | |
Forfeited (in shares) | (2,890) | |
LTIP Adjustment (in shares) | 3,213 | |
Nonvested at the end of the period (in shares) | 241,599 | |
Weighted-Average Grant-Date Fair Value | ||
Nonvested at the beginning of the period (in dollars per share) | $ / shares | $ 78.49 | |
Granted (in dollars per share) | $ / shares | 86.49 | |
Vested (in dollars per share) | $ / shares | 84.35 | |
Forfeited (in dollars per share) | $ / shares | $ 90.83 | |
LTIP adjustment (in dollars per share) | $ / shares | 89.40 | |
Nonvested at the end of the period (in dollars per share) | $ / shares | $ 81.76 | |
Additional disclosures | ||
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | $ | $ 9,600,000 | |
Total fair value of shares vested during the period | $ | $ 2,700,000 | |
Target RSU award level (as a percent) | 91.00% | |
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 Li_2
Commitments and Contingent Liabilities (Details) $ in Billions | Sep. 30, 2018USD ($) |
Commitments and Contingent Liabilities | |
Commitments to extend credit and standby letters of credit | $ 2.9 |
Fair Value - Assets and liabili
Fair Value - Assets and liabilities measured at fair value on a recurring basis - (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Assets | |||
Derivative financial instruments | $ 9,200 | ||
Securities available for sale | 1,551,281 | $ 1,319,454 | $ 1,648,193 |
Liabilities | |||
Derivative financial instruments | 9,500 | ||
Government-sponsored entities debt | |||
Assets | |||
Securities available for sale | 52,545 | 85,951 | 85,509 |
State and municipal obligations | |||
Assets | |||
Securities available for sale | 206,224 | 204,294 | 220,437 |
Common Stock | |||
Assets | |||
Securities available for sale | 1,732 | 1,560 | |
Significant Unobservable Inputs (Level 3) | |||
Assets | |||
Mortgage servicing rights | 36,056 | 29,937 | 31,119 |
Changes in fair value of assets | |||
Changes in hierarchy classifications of Level 3 liabilities | 0 | ||
Recurring basis | |||
Assets | |||
Derivative financial instruments | 10,015 | 1,492 | 3,306 |
Loans held for sale | 33,752 | 46,321 | 70,890 |
Securities available for sale | 1,551,281 | 1,319,454 | 1,648,193 |
Mortgage servicing rights | 36,056 | 29,937 | 31,119 |
Fair value of Assets, Total | 1,631,104 | 1,397,204 | 1,753,508 |
Liabilities | |||
Derivative financial instruments | 10,035 | 1,301 | 3,248 |
Recurring basis | Government-sponsored entities debt | |||
Assets | |||
Securities available for sale | 52,545 | 85,951 | 85,509 |
Recurring basis | State and municipal obligations | |||
Assets | |||
Securities available for sale | 206,224 | 204,294 | 220,437 |
Recurring basis | Mortgage-backed securities | |||
Assets | |||
Securities available for sale | 1,292,512 | 1,027,477 | 1,340,687 |
Recurring basis | Common Stock | |||
Assets | |||
Securities available for sale | 1,732 | 1,560 | |
Recurring basis | Quoted Prices In Active Markets for Identical Assets (Level 1) | |||
Assets | |||
Securities available for sale | 1,732 | ||
Fair value of Assets, Total | 1,732 | ||
Recurring basis | Quoted Prices In Active Markets for Identical Assets (Level 1) | Common Stock | |||
Assets | |||
Securities available for sale | 1,732 | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | |||
Assets | |||
Derivative financial instruments | 10,015 | 1,492 | 3,306 |
Loans held for sale | 33,752 | 46,321 | 70,890 |
Securities available for sale | 1,551,281 | 1,317,722 | 1,648,193 |
Fair value of Assets, Total | 1,595,048 | 1,365,535 | 1,722,389 |
Liabilities | |||
Derivative financial instruments | 10,035 | 1,301 | 3,248 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Government-sponsored entities debt | |||
Assets | |||
Securities available for sale | 52,545 | 85,951 | 85,509 |
Recurring basis | Significant Other Observable Inputs (Level 2) | State and municipal obligations | |||
Assets | |||
Securities available for sale | 206,224 | 204,294 | 220,437 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | |||
Assets | |||
Securities available for sale | 1,292,512 | 1,027,477 | 1,340,687 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Common Stock | |||
Assets | |||
Securities available for sale | 1,560 | ||
Recurring basis | Significant Unobservable Inputs (Level 3) | |||
Assets | |||
Mortgage servicing rights | 36,056 | 29,937 | 31,119 |
Fair value of Assets, Total | 36,056 | 29,937 | $ 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 | 4,580 | 4,764 | |
Changes in fair value assets due to valuation inputs or assumptions | 3,628 | (1,055) | |
Changes in fair value assets due to increased principal paydowns | 3,271 | 2,809 | |
Fair value of assets at the end of the period | 36,056 | 29,937 | |
Unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities | $ 0 | $ 0 |
Fair Value - Assets and liabi_2
Fair Value - Assets and liabilities measured at fair value on a nonrecurring basis - (Details) - Nonrecurring basis $ in Thousands | Sep. 30, 2018USD ($)item | Dec. 31, 2017USD ($)item | Sep. 30, 2017USD ($)item |
OREO | |||
Fair Value | |||
Other Real Estate | $ 12,119 | $ 11,203 | $ 13,527 |
Non-acquired impaired loans | |||
Fair Value | |||
Other Real Estate | 6,990 | 10,495 | 5,588 |
Significant Unobservable Inputs (Level 3) | OREO | |||
Fair Value | |||
Other Real Estate | 12,119 | 11,203 | 13,527 |
Significant Unobservable Inputs (Level 3) | Non-acquired impaired loans | |||
Fair Value | |||
Other Real Estate | $ 6,990 | $ 10,495 | $ 5,588 |
Significant Unobservable Inputs (Level 3) | Discounted appraisals | Impaired loans | Weighted average | Collateral discounts | |||
Quantitative Information about Level 3 Fair Value Measurements | |||
Discount rate (as a percent) | item | 0.03 | 0.03 | 0.03 |
Significant Unobservable Inputs (Level 3) | Discounted appraisals | OREO | Weighted average | Collateral discounts and estimated costs to sell | |||
Quantitative Information about Level 3 Fair Value Measurements | |||
Discount rate (as a percent) | item | 0.24 | 0.21 | 0.23 |
Fair Value - Estimated fair val
Fair Value - Estimated fair value and related carrying amount, of the Company’s financial instruments - (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financial assets: | |||
Loans held for sale | $ 33,752 | $ 46,321 | $ 70,890 |
Financial liabilities: | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 279,698 | 291,099 | 286,857 |
Increase (Decrease) in Loans Held-for-sale | 283,331 | 533,647 | |
Other borrowings | 115,919 | 83,307 | 216,385 |
Carrying Amount | |||
Financial assets: | |||
Cash and cash equivalents | 307,309 | 403,934 | 377,627 |
Investment securities | 1,571,010 | 1,336,796 | 1,673,769 |
Loans held for sale | 33,752 | 46,321 | 70,890 |
Loans, net of allowance for loan losses | 10,855,344 | 8,223,204 | 10,575,417 |
Interest Receivable | 34,808 | 25,172 | 32,727 |
Mortgage servicing rights | 36,056 | 29,937 | 31,119 |
Interest rate swap - non-designated hedge | 9,268 | 200 | 2,367 |
Other derivative financial instruments (Mortgage - banking related) | 747 | 1,292 | 939 |
Financial liabilities: | |||
Deposits | 11,613,875 | 9,062,021 | 11,532,766 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 279,698 | 291,099 | 286,857 |
Other borrowings | 115,919 | 83,307 | 216,385 |
Interest Payable | 4,279 | 1,810 | 2,789 |
Interest rate swap - non-designated hedge | 9,460 | 197 | 2,750 |
Interest rate swap - cash flow hedge | 82 | 329 | 246 |
Other derivative financial instruments (Mortgage banking related) | 493 | 775 | 252 |
Fair Value | |||
Financial assets: | |||
Cash and cash equivalents | 307,309 | 403,934 | 377,627 |
Investment securities | 1,571,010 | 1,336,850 | 1,673,796 |
Loans held for sale | 33,752 | 46,321 | 70,890 |
Loans, net of allowance for loan losses | 10,640,774 | 8,284,002 | 10,724,264 |
Interest Receivable | 34,808 | 25,172 | 32,727 |
Mortgage servicing rights | 36,056 | 29,937 | 31,119 |
Interest rate swap - non-designated hedge | 9,268 | 200 | 2,367 |
Other derivative financial instruments (Mortgage - banking related) | 747 | 1,292 | 939 |
Financial liabilities: | |||
Deposits | 10,617,021 | 8,512,681 | 10,796,380 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 279,698 | 291,099 | 286,857 |
Other borrowings | 119,017 | 85,344 | 219,421 |
Interest Payable | 4,279 | 1,810 | 2,789 |
Interest rate swap - non-designated hedge | 9,460 | 197 | 2,750 |
Interest rate swap - cash flow hedge | 82 | 329 | 246 |
Other derivative financial instruments (Mortgage banking related) | 493 | 775 | 252 |
Commitments to extend credit | Fair Value | |||
Financial liabilities: | |||
Commitments to extend credit | (56,732) | 15,968 | 41,319 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Cash and cash equivalents | 307,309 | 403,934 | 377,627 |
Investment securities | 19,229 | 13,664 | 23,047 |
Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Investment securities | 1,551,781 | 1,323,186 | 1,650,749 |
Loans held for sale | 33,752 | 46,321 | 70,890 |
Interest Receivable | 6,419 | 5,373 | 7,051 |
Interest rate swap - non-designated hedge | 9,268 | 200 | 2,367 |
Other derivative financial instruments (Mortgage - banking related) | 747 | 1,292 | 939 |
Financial liabilities: | |||
Deposits | 10,617,021 | 8,512,681 | 10,796,380 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase. | 279,698 | 291,099 | 286,857 |
Other borrowings | 119,017 | 85,344 | 219,421 |
Interest Payable | 4,279 | 1,810 | 2,789 |
Interest rate swap - non-designated hedge | 9,460 | 197 | 2,750 |
Interest rate swap - cash flow hedge | 82 | 329 | 246 |
Other derivative financial instruments (Mortgage banking related) | 493 | 775 | 252 |
Significant Other Observable Inputs (Level 2) | Commitments to extend credit | |||
Financial liabilities: | |||
Commitments to extend credit | (56,732) | 15,968 | 41,319 |
Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Loans, net of allowance for loan losses | 10,640,774 | 8,284,002 | 10,724,264 |
Interest Receivable | 28,389 | 19,799 | 25,676 |
Mortgage servicing rights | $ 36,056 | $ 29,937 | $ 31,119 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in components of AOCI - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | $ (10,427) | |||
Net comprehensive income (loss) | $ (8,438) | $ (91) | (31,135) | $ 4,423 |
Balance at the end of the period | (44,509) | (3,788) | (44,509) | (3,788) |
Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (7,456) | (5,962) | (5,998) | (6,195) |
Amounts reclassified from accumulated other comprehensive income (loss) | 151 | 116 | 453 | 349 |
Net comprehensive income (loss) | 151 | 116 | 453 | 349 |
Balance at the end of the period | (7,305) | (5,846) | (7,305) | (5,846) |
Benefit Plans | ASU 2018- 02 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Other comprehensive income (loss) before reclassifications | (1,760) | |||
Unrealized Gains and Losses on Securities Available for Sale | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (28,526) | 2,506 | (4,278) | (1,708) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (8,624) | 80 | (32,224) | 4,362 |
Amounts reclassified from accumulated other comprehensive income (loss) | 9 | (325) | 508 | (393) |
Net comprehensive income (loss) | (8,615) | (245) | (31,716) | 3,969 |
Balance at the end of the period | (37,141) | 2,261 | (37,141) | 2,261 |
Unrealized Gains and Losses on Securities Available for Sale | ASU 2018- 02 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Other comprehensive income (loss) before reclassifications | (1,147) | |||
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (89) | (241) | (151) | (308) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1) | 3 | 34 | (35) |
Amounts reclassified from accumulated other comprehensive income (loss) | 27 | 35 | 94 | 140 |
Net comprehensive income (loss) | 26 | 38 | 128 | 105 |
Balance at the end of the period | (63) | (203) | (63) | (203) |
Gains and Losses on Cash Flow Hedges | ASU 2018- 02 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Other comprehensive income (loss) before reclassifications | (40) | |||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (36,071) | (3,697) | (10,427) | (8,211) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (8,625) | 83 | (32,190) | 4,327 |
Amounts reclassified from accumulated other comprehensive income (loss) | 187 | (174) | 1,055 | 96 |
Net comprehensive income (loss) | (8,438) | (91) | (31,135) | 4,423 |
Balance at the end of the period | $ (44,509) | $ (3,788) | (44,509) | $ (3,788) |
Accumulated Other Comprehensive Income (Loss) | ASU 2018- 02 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Other comprehensive income (loss) before reclassifications | (2,947) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | $ (2,947) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Interest expense | $ (15,271) | $ (4,092) | $ (36,516) | $ (11,464) |
Other noninterest income | 2,659 | 1,367 | 7,738 | 4,532 |
Other-than-temporary impairment losses | (753) | (753) | ||
Provision for income taxes | (9,823) | (17,677) | (32,752) | (40,710) |
Net income | 47,082 | 35,046 | 129,867 | 85,133 |
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Net income | 187 | (640) | 1,055 | (370) |
Gains and Losses on Cash Flow Hedges | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Securities (gains) losses, net | 11 | (1,278) | 652 | (1,388) |
Provision for income taxes | (2) | 487 | (144) | 529 |
Net income | 9 | (791) | 508 | (859) |
Gains and Losses on Cash Flow Hedges | Amount Reclassified from Accumulated Other Comprehensive Loss | Interest rate contracts | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Interest expense | 35 | 57 | 121 | 226 |
Provision for income taxes | (8) | (22) | (27) | (86) |
Net income | 27 | 35 | 94 | 140 |
Noncredit Other-Than-Temporary Impairment Losses | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Other-than-temporary impairment losses | 753 | 753 | ||
Provision for income taxes | (287) | (287) | ||
Net income | 466 | 466 | ||
Benefit Plans | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Salaries and employee benefits | 194 | 188 | 581 | 564 |
Provision for income taxes | (43) | (72) | (128) | (215) |
Net income | $ 151 | $ 116 | $ 453 | $ 349 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2009 | |
Derivative Financial Instruments | ||||||
Notional amount | $ 841,724,000 | $ 233,073,000 | $ 841,724,000 | $ 233,073,000 | ||
Estimated fair value gain | 10,015,000 | 1,492,000 | ||||
Estimated fair value loss | 10,035,000 | 1,301,000 | ||||
Gain or loss recorded | 0 | 0 | $ 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 | $ (493,000) | (775,000) | ||||
After-tax unrealized gain on cash flow hedge in other comprehensive income | 26,000 | 38,000 | 128,000 | 105,000 | ||
Cash flow hedge liability | 82,000 | 328,000 | 82,000 | 328,000 | ||
Ineffectiveness in the cash flow hedge | 0 | 0 | 0 | 0 | ||
Collateral provided | 300,000 | 450,000 | 300,000 | 450,000 | ||
Interest Rate Derivative Assets, at Fair Value | 9,200,000 | 9,200,000 | ||||
Interest Rate Derivative Liabilities, at Fair Value | 9,500,000 | 9,500,000 | ||||
Interest Rate Derivatives, at Fair Value, Net | 226,000 | 197,000 | 226,000 | 197,000 | ||
Other Assets. | ||||||
Derivative Financial Instruments | ||||||
Interest Rate Derivative Assets, at Fair Value | 200,000 | 200,000 | ||||
Other Liabilities. | ||||||
Derivative Financial Instruments | ||||||
Interest Rate Derivative Liabilities, at Fair Value | 197,000 | 197,000 | ||||
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 | 74,898,000 | 90,452,000 | 74,898,000 | 90,452,000 | $ 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 | 56,174,000 | 67,839,000 | 56,174,000 | 67,839,000 | 53,608,000 | |
Interest rate contracts | ||||||
Derivative Financial Instruments | ||||||
Notional amount | 684,300,000 | 27,000,000 | 684,300,000 | 27,000,000 | ||
Fair value of non-designated interest rate swaps recorded in other assets and other liabilities | 3,000 | 3,000 | ||||
Interest rate contracts | LIBOR | ||||||
Derivative Financial Instruments | ||||||
Notional amount | $ 8,000,000 | $ 8,000,000 | ||||
Interest rate contracts | Cash flow hedge | ||||||
Derivative Financial Instruments | ||||||
Notional amount | $ 8,000,000 | |||||
Interest rate contracts | Cash flow hedge | LIBOR | ||||||
Derivative Financial Instruments | ||||||
Fixed rate payable on notional amount (as a percent) | 4.06% | 4.06% | ||||
Fixed interest rate on interest rate swap (as a percent) | 4.06% | 4.06% | ||||
Mortgage servicing rights hedging | Non-designated hedges | ||||||
Derivative Financial Instruments | ||||||
Notional amount | $ 63,500,000 | 108,500,000 | $ 63,500,000 | 108,500,000 | ||
Mortgage servicing rights hedging | Non-designated hedges | Other Assets. | ||||||
Derivative Financial Instruments | ||||||
Notional amount | 63,500,000 | 108,500,000 | 63,500,000 | 108,500,000 | ||
Estimated fair value loss | 493,000 | 775,000 | ||||
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 | 392,000 | 941,000 | 392,000 | 941,000 | 920,000 | |
Forward commitments | ||||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | ||||||
Obligation | 83,068,000 | 89,593,000 | 83,068,000 | 89,593,000 | 89,317,000 | |
Fair value of forward commitments | (355,000) | 3,000 | (355,000) | 3,000 | $ (19,000) | |
Forward commitments | Non-designated hedges | Other Assets. | ||||||
Derivative Financial Instruments | ||||||
Notional amount | 83,068,000 | 89,593,000 | 83,068,000 | 89,593,000 | ||
Estimated fair value gain | 747,000 | 1,292,000 | ||||
Interest rate swap | Cash flow hedge | Other Liabilities. | Counterparty | ||||||
Derivative Financial Instruments | ||||||
Notional amount | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | ||
Estimated fair value loss | 82,000 | 329,000 | ||||
Interest rate swap | Fair Value Hedging | Other Assets. | Counterparty | ||||||
Derivative Financial Instruments | ||||||
Notional amount | 2,824,000 | 2,824,000 | ||||
Estimated fair value gain | 33,000 | |||||
Interest rate swap | Non-designated hedges | Other Assets and Other Liabilities | Borrower | ||||||
Derivative Financial Instruments | ||||||
Notional amount | 342,166,000 | 13,490,000 | 342,166,000 | 13,490,000 | ||
Estimated fair value gain | 193,000 | 200,000 | ||||
Estimated fair value loss | 9,460,000 | |||||
Interest rate swap | Non-designated hedges | Other Assets and Other Liabilities | Counterparty | ||||||
Derivative Financial Instruments | ||||||
Notional amount | $ 342,166,000 | $ 13,490,000 | 342,166,000 | 13,490,000 | ||
Estimated fair value gain | $ 9,042,000 | |||||
Estimated fair value loss | $ 197,000 |
Capital Ratios (Details)
Capital Ratios (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Common equity Tier 1 to risk-weighted assets | ||||
Actual, Capital Amount | $ 1,356,267 | $ 1,273,547 | $ 1,013,065 | |
Actual, Ratio (as a percent) | 12.30% | 11.59% | 12.11% | |
Minimum capital required, Ratio (as a percent) | 4.50% | |||
Required to be considered well capitalized, Capital Amount | $ 716,764 | $ 714,221 | $ 543,709 | |
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 | $ 1,467,703 | $ 1,384,433 | $ 1,084,145 | |
Actual, Ratio (as a percent) | 13.31% | 12.60% | 12.96% | |
Minimum capital required, Ratio (as a percent) | 6.00% | 4.00% | ||
Required to be considered well capitalized, Capital Amount | $ 882,170 | $ 879,042 | $ 669,180 | |
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 | $ 1,521,875 | $ 1,432,843 | $ 1,129,742 | |
Actual, Ratio (as a percent) | 13.80% | 13.04% | 13.51% | |
Minimum capital required, Ratio (as a percent) | 8.00% | |||
Required to be considered well capitalized, Capital Amount | $ 1,102,713 | $ 1,098,802 | $ 836,475 | |
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 | $ 1,467,703 | $ 1,384,433 | $ 1,084,145 | |
Actual, Ratio (as a percent) | 10.82% | 10.36% | 10.34% | |
Minimum capital required, Ratio (as a percent) | 4.00% | |||
Required to be considered well capitalized, Capital Amount | $ 678,401 | $ 668,075 | $ 524,082 | |
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 | $ 702,980 | $ 631,811 | $ 480,973 | |
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 | $ 868,387 | $ 796,632 | $ 606,444 | |
Minimum capital required, Ratio (as a percent) | 7.88% | 7.25% | 7.25% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 1,088,929 | $ 1,016,392 | $ 773,739 | |
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 | $ 542,720 | $ 534,460 | $ 419,265 | |
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 | $ 771,899 | $ 769,162 | $ 585,532 | |
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 | $ 937,306 | $ 933,982 | $ 711,004 | |
Minimum capital required, Ratio (as a percent) | 8.50% | 8.50% | 8.50% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 1,157,849 | $ 1,153,742 | $ 878,299 | |
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 | $ 542,720 | $ 534,460 | $ 419,265 | |
Minimum capital required, Ratio (as a percent) | 4.00% | 4.00% | 4.00% | |
Subsequent event | ||||
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 | $ 1,449,326 | $ 1,360,603 | $ 1,050,203 | |
Actual, Ratio (as a percent) | 13.14% | 12.38% | 12.56% | |
Required to be considered well capitalized, Capital Amount | $ 716,834 | $ 714,143 | $ 543,713 | |
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 | $ 1,449,326 | $ 1,360,603 | $ 1,050,203 | |
Actual, Ratio (as a percent) | 13.14% | 12.38% | 12.56% | |
Required to be considered well capitalized, Capital Amount | $ 882,258 | $ 878,945 | $ 669,185 | |
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 | $ 1,503,498 | $ 1,409,014 | $ 1,095,624 | |
Actual, Ratio (as a percent) | 13.63% | 12.82% | 13.10% | |
Required to be considered well capitalized, Capital Amount | $ 1,102,822 | $ 1,098,681 | $ 836,481 | |
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 | $ 1,449,326 | $ 1,360,603 | $ 1,050,203 | |
Actual, Ratio (as a percent) | 10.68% | 10.18% | 10.02% | |
Required to be considered well capitalized, Capital Amount | $ 678,219 | $ 667,987 | $ 523,935 | |
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 | $ 703,049 | $ 631,741 | $ 480,977 | |
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 | $ 868,472 | $ 796,544 | $ 606,449 | |
Minimum capital required, Ratio (as a percent) | 7.88% | 7.25% | 7.25% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 1,089,037 | $ 1,016,280 | $ 773,745 | |
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 | $ 542,575 | $ 534,390 | $ 419,148 | |
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 | $ 771,975 | $ 769,077 | $ 585,537 | |
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 | $ 937,399 | $ 933,879 | $ 711,009 | |
Minimum capital required, Ratio (as a percent) | 8.50% | 8.50% | 8.50% | |
Total capital to risk-weighted assets | ||||
Minimum capital required, Capital Amount | $ 1,157,963 | $ 1,153,615 | $ 878,305 | |
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 | $ 542,575 | $ 534,390 | $ 419,148 | |
Minimum capital required, Ratio (as a percent) | 4.00% | 4.00% | 4.00% |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of changes - (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Dec. 31, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Nov. 30, 2017 | Sep. 30, 2017 | Jan. 03, 2017 | |
Goodwill | ||||||
Goodwill | $ 999,586 | $ 1,002,900 | $ 597,236 | |||
Southeastern Bank Financial | ||||||
Goodwill | ||||||
Goodwill | $ 258,295 | |||||
Additions, Goodwill from acquisition or merger | $ 258,300 | |||||
Core deposit intangible | $ 18,120 | |||||
Park Sterling Corporation | ||||||
Goodwill | ||||||
Goodwill | $ 406,264 | |||||
Additions, Goodwill from acquisition or merger | $ 406,300 | |||||
Core deposit intangible | $ 29,496 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of gross carrying amounts - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Other intangible assets | |||||
Gross carrying amount | $ 129,770 | $ 100,274 | $ 129,770 | $ 100,274 | $ 126,449 |
Accumulated amortization | (63,333) | (49,802) | (63,333) | (49,802) | (52,660) |
Net carrying amount | 66,437 | 50,472 | 66,437 | 50,472 | 73,789 |
Amortization expense | 3,537 | 2,494 | 10,672 | 7,496 | |
Estimated amortization expense for other intangibles for each of the next five quarters | |||||
December 31, 2018 | 3,537 | 3,537 | |||
March 31, 2019 | 3,281 | 3,281 | |||
June 30, 2019 | 3,269 | 3,269 | |||
September 30, 2018 | 3,268 | 3,268 | |||
December 31, 2018 | 3,267 | 3,267 | |||
Thereafter | 49,815 | 49,815 | |||
Net carrying amount | $ 66,437 | $ 50,472 | $ 66,437 | $ 50,472 | $ 73,789 |
Minimum | |||||
Other intangible assets | |||||
Estimated useful lives | 2 years | ||||
Maximum | |||||
Other intangible assets | |||||
Estimated useful lives | 15 years |
Loan Servicing, Mortgage Orig_3
Loan Servicing, Mortgage Origination, and Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
MSRs | ||||||||
Changes in the fair value of MSRs and its offsetting hedge. | ||||||||
Increase (decrease) in fair value of MSRs | $ 683 | $ (684) | $ 3,628 | $ (1,055) | ||||
Decay of MSRs | (1,201) | (977) | (3,271) | (2,809) | ||||
Gains (losses) related to derivatives | (559) | (85) | (2,452) | 1,010 | ||||
Net effect on Statements of Income | (1,077) | (1,746) | $ (2,095) | $ (2,854) | ||||
Characteristics and sensitivity analysis of the MSR | ||||||||
Residential Mortgages Serviced for Others Percentage | 100.00% | 100.00% | 100.00% | |||||
Weighted average life | 8 years 8 months 1 day | 7 years 4 months 17 days | 7 years 7 months 21 days | |||||
Constant prepayment rate (as a percent) | 6.00% | 8.30% | 7.70% | |||||
Weighted average discount rate (as a percent) | 9.40% | 9.50% | 9.60% | |||||
Effect on fair value due to change in interest rates: | ||||||||
25 basis point increase | $ 816 | $ 1,485 | $ 1,605 | |||||
50 basis point increase | 1,423 | 2,664 | 2,934 | |||||
25 basis point decrease | (1,261) | (1,850) | (1,940) | |||||
50 basis point decrease | (2,892) | $ (4,014) | (4,249) | |||||
Custodial escrow balances maintained in connection with the loan servicing | $ 31,300 | $ 28,400 | ||||||
Fixed-rate mortgage loans | ||||||||
Characteristics and sensitivity analysis of the MSR | ||||||||
Residential Mortgages Serviced for Others Percentage | 99.80% | 99.70% | 99.70% | |||||
Adjustable-rate mortgage loans | ||||||||
Characteristics and sensitivity analysis of the MSR | ||||||||
Residential Mortgages Serviced for Others Percentage | 0.20% | 0.30% | 0.30% | |||||
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 | $ 2,900,000 | |||||
Contractually specified servicing fees earned | 1,900 | 1,800 | $ 5,700 | $ 5,400 | ||||
First Financial Holdings, Inc. ("First Financial") | MSRs | ||||||||
Loans held for sale, loan servicing and mortgage origination | ||||||||
Mortgage servicing rights | 36,100 | 29,900 | 31,100 | 29,900 | $ 31,100 | $ 36,100 | $ 31,100 | $ 29,900 |
Analysis of the activity in the MSRs | ||||||||
Balance at beginning of the period | 31,100 | |||||||
Balance at end of period | $ 36,100 | $ 29,900 | $ 36,100 | $ 29,900 | $ 31,100 |
Loan Servicing, Mortgage Orig_4
Loan Servicing, Mortgage Origination, and Loans Held for Sale - Mandatory cash forwards - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||||
Loan sales | $ 168,300 | $ 206,800 | $ 496,900 | $ 565,100 | |
Loan securitizations and loan sales | $ 125,500 | $ 149,800 | $ 378,500 | $ 424,000 | |
Percentage of loan securitizations and loan sales | 74.50% | 72.40% | 76.20% | 75.00% | |
Loans held for sale | $ 33,752 | $ 46,321 | $ 33,752 | $ 46,321 | $ 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 | $ 33,800 | $ 46,300 | $ 33,800 | $ 46,300 | 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 Affo_2
Investments in Qualified Affordable Housing Projects (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Investment In Qualified Affordable Housing Projects. | ||
Tax Credits and Benefits | $ 3,600,000 | $ 2,300,000 |
Amortization | 3,100,000 | 1,800,000 |
Carrying value | 42,500,000 | 32,000,000 |
Original Investment Value | 55,700,000 | 55,700,000 |
Funding obligation | 22,100,000 | $ 14,200,000 |
Amount repaid | $ 0 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Secured Debt, Repurchase Agreements | |||
Carrying amount of securities sold under repurchase agreements with customers | $ 215.3 | $ 211.1 | $ 240.2 |
Carrying amount of the securities pledged to collateralize repurchase agreements | $ 215.3 | $ 211.1 | $ 240.2 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Nov. 02, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | |
Subsequent events | ||||
Cost of shares repurchased | $ 2,016 | $ 3,626 | ||
2004 Stock Repurchase Program | ||||
Subsequent events | ||||
Shares authorized under repurchase program | 1,000,000 | |||
Shares available for repurchase | 900,000 | |||
Subsequent event | 2004 Stock Repurchase Program | ||||
Subsequent events | ||||
Shares available for repurchase | 548,800 | |||
Number of shares repurchased | 351,200 | |||
Cost of shares repurchased | $ 23,100 | |||
Subsequent event | 2004 Stock Repurchase Program | Weighted average | ||||
Subsequent events | ||||
Share Price | $ 65.69 |