Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Registrant Name | 'CommunityOne Bancorp | ' | ' |
Entity Central Index Key | '0000764811 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 21,973,281 | ' |
Entity Public Float | ' | ' | $173.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $31,917 | $38,552 |
Interest-bearing bank balances | 35,513 | 201,058 |
Investment securities: | ' | ' |
Available-for-sale, at estimated fair value (amortized cost of $438,057 in 2013 and $558,818 in 2012) | 414,614 | 564,850 |
Held-to-maturity (estimated fair value of $141,125 in 2013) | 151,795 | 0 |
Loans held for sale | 1,836 | 6,974 |
Loans held for investment | 1,212,248 | 1,177,035 |
Less: Allowance for loan losses | -26,785 | -29,314 |
Net loans held for investment | 1,185,463 | 1,147,721 |
Premises and equipment, net | 50,889 | 52,725 |
Other real estate owned and property acquired in settlement of loans | 28,395 | 63,131 |
Core deposit premiums and other intangibles | 6,914 | 7,495 |
Goodwill | 4,205 | 4,205 |
Bank-owned life insurance | 39,940 | 38,792 |
Other assets | 33,551 | 26,062 |
Total Assets | 1,985,032 | 2,151,565 |
Liabilities | ' | ' |
Noninterest-bearing demand deposits | 290,461 | 251,235 |
Interest-bearing deposits: | ' | ' |
Demand, savings and money market deposits | 875,970 | 892,576 |
Time deposits of $100 or more | 229,395 | 290,166 |
Other time deposits | 352,879 | 473,011 |
Total deposits | 1,748,705 | 1,906,988 |
Retail repurchase agreements | 6,917 | 8,675 |
Federal Home Loan Bank advances | 73,283 | 58,328 |
Long-term notes payable | 5,263 | 0 |
Junior subordinated debentures | 56,702 | 56,702 |
Other liabilities | 13,801 | 22,427 |
Total Liabilities | 1,904,671 | 2,053,120 |
Shareholders' Equity | ' | ' |
Common stock, no par value; authorized 2,500,000,000 shares, issued 21,861,418 shares in 2013 and 21,698,115 in 2012 | 461,636 | 460,955 |
Accumulated deficit | -363,670 | -362,187 |
Accumulated other comprehensive loss | -17,605 | -323 |
Total Shareholders' Equity | 80,361 | 98,445 |
Total Liabilities and Shareholders' Equity | 1,985,032 | 2,151,565 |
Preferred stock Series A [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock | 0 | 0 |
Preferred stock [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Amortized cost of available-for-sale securities | $438,057 | $558,818 |
Fair value of held-to-maturity securities | $141,125 | ' |
Preferred stock, shares outstanding | ' | 0 |
Common stock, no par value | $0 | $0 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, shares issued | 21,861,418 | 21,698,115 |
Preferred stock Series A [Member] | ' | ' |
Preferred stock, par value | $10 | $10 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock [Member] | ' | ' |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Income | ' | ' | ' |
Interest and fees on loans | $60,147 | $65,987 | $52,481 |
Taxable income | 14,180 | 10,778 | 9,484 |
Non-taxable income | 0 | 0 | 346 |
Other interest income | 665 | 1,223 | 820 |
Total interest income | 74,992 | 77,988 | 63,131 |
Interest Expense | ' | ' | ' |
Deposits | 8,070 | 14,074 | 19,679 |
Retail repurchase agreements | 21 | 29 | 52 |
Federal Home Loan Bank advances | 1,376 | 1,448 | 2,547 |
Other borrowed funds | 1,092 | 1,157 | 1,298 |
Total interest expense | 10,559 | 16,708 | 23,576 |
Net Interest Income before Provision for Loan Losses | 64,433 | 61,280 | 39,555 |
Provision for loan losses | 523 | 14,049 | 67,362 |
Net Interest Income (Loss) after Provision for Loan Losses | 63,910 | 47,231 | -27,807 |
Noninterest Income | ' | ' | ' |
Service charges on deposit accounts | 6,714 | 7,080 | 6,203 |
Mortgage loan income | 2,319 | 2,065 | 7 |
Cardholder and merchant services income | 4,531 | 4,579 | 3,182 |
Trust and investment services | 1,305 | 1,036 | 1,163 |
Bank owned life insurance | 1,073 | 1,195 | 1,203 |
Other service charges, commissions and fees | 1,315 | 1,128 | 770 |
Securities gains, net | 2,772 | 4,121 | 7,298 |
Loss on fair value swap | 0 | 0 | -339 |
Gain on extinguishment of debt | 0 | 0 | 1,625 |
Other income | 385 | 754 | 858 |
Total noninterest income | 20,414 | 21,958 | 21,970 |
Noninterest Expense | ' | ' | ' |
Personnel expense | 40,661 | 40,051 | 27,725 |
Net occupancy expense | 6,391 | 6,461 | 4,933 |
Furniture, equipment and data processing expense | 8,638 | 8,721 | 6,648 |
Professional fees | 3,100 | 5,266 | 7,335 |
Stationery, printing and supplies | 644 | 637 | 471 |
Advertising and marketing | 1,135 | 957 | 645 |
Other real estate owned expense | 4,138 | 27,883 | 51,424 |
Credit/debit card expense | 2,143 | 1,717 | 1,674 |
FDIC insurance | 2,643 | 3,499 | 6,706 |
Loan collection expense | 4,333 | 3,274 | 5,032 |
Merger-related expense | 3,498 | 3,241 | 1,236 |
Prepayment penalty on borrowings | 0 | 0 | 1,605 |
Loss on sale of loans held for sale | 0 | 0 | 1,241 |
Core deposit intangible amortization | 1,407 | 1,407 | 896 |
Other expense | 5,750 | 7,092 | 7,469 |
Total noninterest expense | 84,481 | 110,206 | 125,040 |
Loss from continuing operations, before income taxes | -157 | -41,017 | -130,877 |
Income tax expense (benefit) - continuing operations | 1,326 | -1,039 | 641 |
Loss from continuing operations, net of tax | -1,483 | -39,978 | -131,518 |
Loss from discontinued operations, net of tax | 0 | -27 | -5,796 |
Net loss | -1,483 | -40,005 | -137,314 |
Dividends on preferred stock | 0 | 0 | 44,592 |
Net loss to common shareholders | ($1,483) | ($40,005) | ($92,722) |
Weighted average number of common shares outstanding - basic and diluted | 21,731,030 | 21,368,460 | 4,196,926 |
Net loss per common share from continuing operations - basic and diluted | ($0.07) | ($1.87) | ($20.71) |
Net loss per common share from discontinued operations - basic and diluted | $0 | $0 | ($1.38) |
Net loss per common share - basic and diluted | ($0.07) | ($1.87) | ($22.09) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net loss | ($1,483) | ($40,005) | ($137,314) |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gains arising from termination of supplemental executive retirement plans | 0 | 440 | 0 |
Tax effect | 0 | -173 | 0 |
Unrealized gains arising from termination of supplemental executive retirement plans, net of tax | 0 | 267 | 0 |
Unrealized holdings gains arising during the period on available-for-sale securities | -26,703 | 9,684 | 8,634 |
Tax effect | 10,256 | -3,824 | -3,409 |
Unrealized holdings gains arising during the period on available-for-sale securities, net of tax | -16,447 | 5,860 | 5,225 |
Reclassification adjustment for gain on available-for-sale securities included in net income | -2,772 | -4,121 | -7,296 |
Tax effect | 1,093 | 1,627 | 2,881 |
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax | -1,679 | -2,494 | -4,415 |
Net actuarial gain on pension and post retirement liability | -302 | 503 | 347 |
Tax effect | 115 | -199 | -137 |
Net actuarial gain on pension and post retirement liability, net of tax | -187 | 304 | 210 |
Change in pension and post retirement liability | 1,690 | -481 | -2,145 |
Tax effect | -659 | 190 | 847 |
Change in pension and post-retirement liability, net of tax | 1,031 | -291 | -1,298 |
Other comprehensive income/(loss), net of tax | -17,282 | 3,646 | -278 |
Comprehensive loss | ($18,765) | ($36,359) | ($137,592) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred stock [Member] | Common Stock [Member] | Warrant [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | 2011 Issuance [Member] | 2011 Issuance [Member] | 2012 Issuance [Member] | 2012 Issuance [Member] | Director [Member] | Director [Member] | Employees [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock [Member] | USD ($) | Common Stock [Member] | USD ($) | Common Stock [Member] | Common Stock [Member] |
USD ($) | USD ($) | USD ($) | |||||||||||
Beginning balance at Dec. 31, 2010 | ($28,837) | $56,424 | $143,634 | $3,891 | ($229,095) | ($3,691) | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, shares at Dec. 31, 2010 | ' | 7,551,500 | 11,424,390 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -137,314 | ' | ' | ' | -137,314 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | -278 | ' | ' | ' | ' | -278 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive loss | -137,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion of discount on preferred stock | ' | 571 | ' | ' | -571 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase and retirement of preferred stock | -3,125 | -12,500 | ' | ' | 9,375 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase and retirement of preferred stock, shares | ' | -12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Series A preferred stock to common stock | -193 | -49,495 | 17,014 | -3,891 | 36,179 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Series A preferred stock to common stock. shares | ' | -51,500 | 108,555,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of costs | 289,571 | ' | 289,571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of costs, shares | ' | ' | 1,937,506,282 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock to shareholders of acquired company | 4,924 | ' | 4,924 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock to shareholders of acquired company, shares | ' | ' | 52,159,413 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared on preferred stock, $.06 per share | -756 | ' | ' | ' | -756 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense recognized | 23 | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issues/terminated, subject to restriction | ' | ' | -518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | 5,000 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock, shares | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment for reverse stock split | ' | ' | -2,088,542,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 129,015 | 0 | 455,166 | 0 | -322,182 | -3,969 | ' | ' | ' | ' | ' | ' | ' |
Ending balance, shares at Dec. 31, 2011 | ' | 0 | 21,102,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -40,005 | ' | ' | ' | -40,005 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | 3,646 | ' | ' | ' | ' | 3,646 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive loss | -36,359 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense recognized | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense related to 2011 common stock issued | ' | ' | ' | ' | ' | ' | -911 | -911 | 379 | ' | ' | ' | ' |
Issuance of stock | ' | ' | ' | ' | ' | ' | ' | ' | 6,694 | 6,694 | ' | ' | ' |
Issuance of stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,788 | ' | ' | ' |
Restricted stock issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,059 |
Adjustment for reverse stock split | ' | ' | -586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants related to stock offering | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants related to stock offering, shares | ' | ' | 186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 98,445 | 0 | 460,955 | 0 | -362,187 | -323 | ' | ' | ' | ' | ' | ' | ' |
Ending balance, shares at Dec. 31, 2012 | ' | 0 | 21,698,115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -1,483 | ' | ' | ' | -1,483 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | -17,282 | ' | ' | ' | ' | -17,282 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive loss | -18,765 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense recognized | 628 | ' | 628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | 53 | ' |
Restricted stock issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,001 | 158,302 |
Ending balance at Dec. 31, 2013 | $80,361 | $0 | $461,636 | $0 | ($363,670) | ($17,605) | ' | ' | ' | ' | ' | ' | ' |
Ending balance, shares at Dec. 31, 2013 | ' | 0 | 21,861,418 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
Cash dividends declared on preferred stock, amount per share | $0.06 |
Issuance of common stock, cost | $20,429 |
Reverse stock split, conversion ratio | 0.01 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net loss | ($1,483) | ($40,005) | ($137,314) |
Net loss from discontinued operations | 0 | -27 | -5,796 |
Net loss from continuing operations | -1,483 | -39,978 | -131,518 |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization of premises and equipment | 3,646 | 3,794 | 3,321 |
Provision for loan losses | 523 | 14,049 | 67,362 |
Deferred income taxes | 1,326 | -1,039 | 641 |
Deferred loan fees and costs, net | -251 | -2,714 | -760 |
Premium amortization and discount accretion of investment securities, net | 4,061 | 8,273 | 3,869 |
Net gain on sale of investment securities | -2,772 | -4,121 | -7,298 |
Amortization of core deposit premiums | 1,407 | 1,407 | 896 |
Net accretion of purchase accounting adjustments | -16,958 | -24,813 | -1,731 |
Stock compensation expense | 681 | 3 | 23 |
Increase in cash surrender value of bank-owned life insurance, net | -1,148 | -1,277 | -1,115 |
Origination of loans held for sale | -114,104 | -86,611 | 0 |
Net proceeds from sale of loans held for sale | 121,080 | 80,975 | 17,966 |
Net loss/(gain) on sale of loans held for sale | -1,838 | -1,338 | 1,241 |
Mortgage servicing rights capitalized | -1,131 | -750 | 0 |
Mortgage servicing rights impairment and amortization | 305 | 24 | 117 |
Net gain on sale of premises and equipment | 538 | 0 | -15 |
Gain on Retirement of Subordinated Debt | 0 | 0 | -1,625 |
Net loss on sales and write-downs of other real estate owned | 3,921 | 21,787 | 44,249 |
Changes in assets and liabilities: | ' | ' | ' |
(Increase) Decrease in accrued interest receivable and other assets | -293 | 334 | 20,781 |
Increase (Decrease) in accrued interest payable and other liabilities | -1,997 | -3,092 | 5,443 |
Net cash (used in)/provided by operating activities of continuing operations | -4,487 | -35,087 | 21,847 |
Net effect of discontinued operations | 0 | -874 | 31,885 |
Net cash (used in)/provided by operating activities | -4,487 | -35,961 | 53,732 |
Available-for-sale securities: | ' | ' | ' |
Proceeds from sales | 177,826 | 212,609 | 290,491 |
Proceeds from maturities, calls and principal repayments | 72,263 | 147,209 | 77,486 |
Purchases | -127,794 | -490,447 | -302,830 |
Held-to-maturity securities: | ' | ' | ' |
Proceeds from maturities, calls and principal repayments | 3,416 | 0 | 0 |
Purchases | -155,394 | 0 | 0 |
Net (increase) decrease in loans held for investment | -28,776 | 20,000 | 179,854 |
Proceeds from sales of loans held for investment | 0 | 0 | 25,503 |
Proceeds from sales of other real estate owned | 37,785 | 50,780 | 57,634 |
Improvements to other real estate owned | 0 | -26 | 0 |
Adjustment to goodwill from valuation adjustment on acquired OREO | 0 | -300 | 0 |
Purchases of premises and equipment | -3,326 | -2,889 | -2,696 |
Proceeds from sales of premises and equipment | 920 | 58 | 334 |
Proceeds from sale of mortgage servicing rights | 0 | 0 | 2,242 |
Net cash received in (paid for) acquisition | 0 | -911 | 99,126 |
Net cash (used in) provided by investing activities of continuing operations | -23,080 | -63,917 | 427,144 |
Net effect of discontinued operations | 0 | 0 | 354 |
Net cash (used in) provided by investing activities | -23,080 | -63,917 | 427,498 |
Financing Activities | ' | ' | ' |
Net decrease in deposits | -157,810 | -220,420 | -286,318 |
Decrease in retail purchase agreements | -1,758 | -163 | -790 |
Increase (Decrease) in Federal Home Loan Bank advances | 14,955 | -42 | -86,115 |
Repayments of subordinated debt | 0 | 0 | -875 |
Repurchase and retirement of preferred stock | 0 | 0 | -3,125 |
Issuance of common stock, net of expense | 0 | 6,694 | 289,571 |
Exercise of warrants related to stock offering | 0 | 3 | 0 |
Cash dividends paid on preferred stock | 0 | 0 | -756 |
Net cash used in financing activities of continuing operations | -144,613 | -213,928 | -88,408 |
Net effect of discontinued operations | 0 | 0 | 0 |
Net cash used in financing activities | -144,613 | -213,928 | -88,408 |
Net (Decrease) Increase in Cash and Cash Equivalents | -172,180 | -313,806 | 392,822 |
Cash and Cash Equivalents at Beginning of Period | 239,610 | 553,416 | 160,594 |
Cash and Cash Equivalents at End of Period | 67,430 | 239,610 | 553,416 |
Cash paid during the period for: | ' | ' | ' |
Interest | 10,093 | 16,234 | 24,230 |
Income taxes, net of refunds | 58 | 0 | 0 |
Noncash transactions: | ' | ' | ' |
Foreclosed loans transferred to other real estate owned | 15,001 | 32,565 | 132,546 |
Loans to facilitate the sale of other real estate owned | 7,696 | 7,211 | 1,148 |
Transfer of loans from held for investment to held for sale | 0 | 600 | 31,832 |
Transfer of loans from held for sale to held for investment | 0 | 3,885 | 0 |
Urealized securities gains/(losses), net of income taxes | -18,126 | 3,366 | 810 |
Conversion of subordinated debt to preferred stock | 0 | 0 | 5,000 |
Employee benefit plan costs, net of income taxes | 844 | 280 | -1,088 |
Gain on repurchase and retirement of preferred stock | 0 | 0 | 9,375 |
Conversion of Series A preferred stock to common stock | 0 | 0 | 8,982 |
Exchange of unaccrued dividend on Series A preferred stock to common stock | 0 | 0 | 4,334 |
Warrant agreement adjustment | 0 | 0 | 3,891 |
Gain on conversion of Series A preferred stock to common stock | 0 | 0 | 38,625 |
Assets acquired in business combination | 0 | 0 | 724,452 |
Liabilities assumed in business combination | $0 | $0 | $723,433 |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Nature of Operations and Basis of Presentation | ' | ||||||||||||||||||||||||
Nature of Operations and Basis of Presentation | |||||||||||||||||||||||||
Nature of Operations/Consolidation | |||||||||||||||||||||||||
CommunityOne Bancorp, or "COB" or the "Company"(which also refers to us and our subsidiaries on a consolidated basis), is a bank holding company incorporated in 1984 under the laws of the State of North Carolina. Through our ownership of CommunityOne Bank, N.A., or the "Bank," a national banking association headquartered in Asheboro, North Carolina, we offer a complete line of consumer, wealth management, mortgage and business banking services, including loan, deposit, cash management, investment management and trust services, to individual and business customers through operations located throughout central, southern and western North Carolina. | |||||||||||||||||||||||||
In addition to the Bank, we own FNB United Statutory Trust I, FNB United Statutory Trust II, and Catawba Valley Capital Trust II, which were formed to facilitate the issuance of trust preferred securities. COB also owned Granite Mortgage, Inc., which ceased mortgage operations in 2009 and filed for Chapter 11 bankruptcy on February 15, 2012. | |||||||||||||||||||||||||
The Bank holds the stock of First National Investor Services, Inc., which holds deeds of trust for the Bank. The Bank had also owned Dover Mortgage, which had previously engaged in the business of originating, underwriting and closing mortgage loans for sale in the secondary market. Dover ceased operations in the first quarter of 2011 and filed for Chapter 11 bankruptcy on February 15, 2012. | |||||||||||||||||||||||||
Our shareholders approved an amendment in our articles of incorporation to change our name from FNB United Corp. to CommunityOne Bancorp on June 20, 2013. This change, along with a change in our stock symbol from FNBN to COB, was implemented on July 1, 2013. | |||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||
The accounting and reporting policies of COB are in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany balances and transactions have been eliminated. | |||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowances for loan losses (“ALL”), the carrying value of other real estate owned (“OREO”), the carrying value of investment securities, the carrying value of purchased impaired loans and the realization of deferred tax assets. | |||||||||||||||||||||||||
Reclassification | |||||||||||||||||||||||||
Certain reclassifications have been made to the prior period consolidated financial statements to place them on a comparable basis with the current period consolidated financial statements. These reclassifications have no effect on net loss or shareholders’ equity as previously reported. | |||||||||||||||||||||||||
Business Combinations | |||||||||||||||||||||||||
Business combinations are accounted for under the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceed the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the statement of operations from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. | |||||||||||||||||||||||||
Business Segments | |||||||||||||||||||||||||
We report business segments in accordance with accounting guidance. Business segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The guidelines require that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the business segments were determined and other items. We have only one business segment. | |||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||
For purposes of reporting cash flows, cash and cash equivalents include the balance sheet captions: cash and due from banks, and interest-bearing bank balances. | |||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
Investment securities are categorized and accounted for as follows: | |||||||||||||||||||||||||
• | Available-for-sale securities - Debt and equity securities not classified as either held-to-maturity securities or trading securities are reported at fair value, with unrealized gains and losses, net of related tax effect, included as an item of accumulated other comprehensive income and reported as a separate component of shareholders’ equity. | ||||||||||||||||||||||||
• | Held-to-maturity securities - Debt securities that COB has the positive intent and ability to hold to maturity are reported at amortized cost. | ||||||||||||||||||||||||
We intend to hold securities classified as available-for-sale securities for an indefinite period of time but may sell them prior to maturity. All other securities, which COB has the positive intent and ability to hold to maturity, are classified as held-to-maturity securities. At December 31, 2013, we have securities with an amortized cost of $151.8 million in the held-to-maturity portfolio and at December 31, 2012, we had no such securities. | |||||||||||||||||||||||||
A decline, which is deemed to be other than temporary, in the market value of any available-for-sale or held-to-maturity security to a level below cost results in a reduction in carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. | |||||||||||||||||||||||||
Our policy regarding other than temporary impairment (“OTTI”) of investment securities requires continuous monitoring of those securities. The evaluation includes an assessment of both qualitative and quantitative measures to determine whether, in management’s judgment, the investment is likely to recover its original value. If the evaluation concludes that the investment is not likely to recover its original value, the unrealized loss is reported as an OTTI, and the loss is recorded in the Consolidated Statements of Operations. | |||||||||||||||||||||||||
For debt securities, an impairment loss is recognized in earnings only when (1) we intend to sell the debt security; (2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or (3) we do not expect to recover the entire amortized cost basis of the security. In situations where we intend to sell or when it is more likely than not that we will be required to sell the security, the entire impairment loss must be recognized in earnings. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in shareholders’ equity as a component of other comprehensive loss, net of deferred taxes. | |||||||||||||||||||||||||
Interest income on debt securities is adjusted using the level yield method for the amortization of premiums and accretion of discounts. The adjusted cost of the specific security is used to compute gains or losses on the disposition of securities on a trade date basis. | |||||||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||||||
In the second quarter of 2012, we re-entered the business of originating residential mortgage loans, through our branch mortgage channel under various loan programs, which were sold in the secondary market. At December 31, 2013 and December 31, 2012, loans held for sale consist of such residential mortgage loans which have not yet been sold. The loans held for sale are carried at the aggregate lower of cost or fair value less estimated costs to sell. | |||||||||||||||||||||||||
Loans are generally sold without recourse. Gains or losses on loan sales are recognized at the time of sale, are determined by the difference between net sales proceeds and the carrying value of the loan sold, and are included in mortgage loan income. | |||||||||||||||||||||||||
Loans Held for Investment | |||||||||||||||||||||||||
Loans held for investment are stated at the principal amounts outstanding adjusted for purchase premiums/discounts, deferred net loan fees and costs, and unearned income. COB reports its loan portfolio by segment and classes, which are disaggregations of portfolio segments. COB's portfolio segments are: Commercial and agricultural, Real estate, and Consumer loans. The Commercial and agricultural loan and Consumer loan portfolios are not further segregated into classes. The classes within the Real estate portfolio segment include Real estate - construction and Real estate mortgage, broken into 1-4 family residential mortgage and Commercial real estate mortgage loans. | |||||||||||||||||||||||||
Loan fees and the incremental direct costs associated with making loans are deferred and subsequently recognized over the life of the loan as an adjustment of interest income. The premium or discount on purchased loans is amortized over the expected life of the loans and is included in interest and fees on loans. | |||||||||||||||||||||||||
All loan classes are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. When we cannot reasonably expect full and timely repayment of its loan, the loan is placed on nonaccrual. | |||||||||||||||||||||||||
All loan classes on which principal or interest is in default for 90 days or more are put on nonaccrual status, unless there is sufficient documentation to conclude that the loan is well secured and in the process of collection. A debt is "well-secured" if collateralized by liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt in full; or by the guarantee of a financially responsible party. A debt is "in process of collection" if collection is proceeding in due course either through legal action, including judgment enforcement procedures, or, in appropriate circumstances, through collection efforts not involving legal action that are reasonably expected to result in repayment of the debt or its restoration to a current status. | |||||||||||||||||||||||||
Loans that are less than 90 days delinquent may also be placed on nonaccrual, if approved, due to deterioration in the borrower’s financial condition that could result in less than full repayment. | |||||||||||||||||||||||||
For all loan classes, a nonaccrual loan may be returned to accrual status when we can reasonably expect continued timely payments until payment in full. All prior arrearage does not have to be eliminated, nor do all previously charged off amounts need to have been recovered, but the loan can still be returned to accrual status if the following conditions are met: (1) all principal and interest amounts contractually due (including arrearage) are reasonably assured of repayment within a reasonable period; and (2) there is a sustained period of repayment performance (generally a minimum of six months) by the borrower, in accordance with the contractual terms involving payments of cash or cash equivalents. | |||||||||||||||||||||||||
At the time a loan is placed on nonaccrual, all accrued, unpaid interest is charged off, unless it is documented that repayment of all principal and presently accrued but unpaid interest is probable. Charge-offs of accrued and unpaid interest are taken against the current year's interest income. They are not charged to the current ALL. | |||||||||||||||||||||||||
For all classes within all loan portfolios, cash receipts received on nonaccrual loans are applied entirely against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income. | |||||||||||||||||||||||||
Charge-off of Uncollectible Loans - For all loan classes, as soon as any loan becomes uncollectible, the loan will be charged down or charged off as follows: | |||||||||||||||||||||||||
• | If unsecured, the loan must be charged off in full. | ||||||||||||||||||||||||
• | If secured, the outstanding principal balance of the loan should be charged down to the net liquidation value of the collateral. | ||||||||||||||||||||||||
Loans should be considered uncollectible when: | |||||||||||||||||||||||||
• | No regularly scheduled payment has been made within four months, or | ||||||||||||||||||||||||
• | The loan is unsecured, the borrower files for bankruptcy protection and there is no other (guarantor, etc.) support from an entity outside of the bankruptcy proceedings. | ||||||||||||||||||||||||
Based on a variety of credit, collateral and documentation issues, loans with lesser degrees of delinquency or obvious loss may also be deemed uncollectible. | |||||||||||||||||||||||||
Impaired Loans - An impaired loan is one for which COB will not be repaid all principal and interest due per the terms of the original contract or within reasonably modified contracted terms. If the loan has been modified to provide relief to the borrower, the loan is deemed to be impaired if all principal and interest will not be repaid according to the original contract. All loans meeting the definition of Doubtful are considered impaired. | |||||||||||||||||||||||||
When a loan in any class has been determined to be impaired, the amount of the impairment is measured using the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, the observable market price of the loan, or the fair value of the collateral if the loan is collateral dependent. When the present value of expected future cash flows is used, the effective interest rate is the original contractual interest rate of the loan adjusted for any premium or discount. When the contractual interest rate is variable, the effective interest rate of the loan changes over time. A specific reserve is established as a component of the ALL when a loan has been determined to be impaired. After three months, specific reserves are considered for charge off. Subsequent to the initial measurement of impairment, if there is a significant change to the impaired loan’s expected future cash flows, or if actual cash flows are significantly different from the cash flows previously estimated, COB recalculates the impairment and appropriately adjusts the specific reserve. Similarly, if COB measures impairment based on the observable market price of an impaired loan or the fair value of the collateral of an impaired collateral-dependent loan, COB will adjust the specific reserve if there is a significant change in either of those bases. | |||||||||||||||||||||||||
When a loan within any class is impaired and principal and interest is in doubt when contractually due, interest income is not recognized. Cash receipts received on nonaccruing impaired loans within any class are generally applied entirely against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income. Cash receipts received on accruing impaired loans within any class are applied in the same manner as accruing loans that are not considered impaired. | |||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||
In addition to originating loans, we also purchase loans. At acquisition, purchased loans are designated as either purchased contractual loans ("PC loans") or purchased impaired loans ("PI loans"). PC loans are acquired loans where management believes it is probable that it will receive all principal as of the date of acquisition. These loans are accounted for under the contractual cash flow method, under ASC 310-20. Any discount or premium paid on PC loans is recorded in interest income using the effective yield method over the expected life of the loans. | |||||||||||||||||||||||||
PI loans are acquired loans where management believes, at acquisition date, it is probable that all principal on the acquired loans will not be received. PI loans are placed in homogeneous risk-based pools, based on such factors as purpose and/or type of loan, and are treated in the aggregate where accounting for projected cash flows is performed, as allowed under ASC 310-30. The fair value of the loan pool is the present value of expected future cash flows at the acquisition date. The difference between the expected cash flows and the fair value is known as the accretable yield which is recognized as interest income over the remaining life of each PI loan pool when there is a reasonable expectation about the timing and amount of such cash flows. | |||||||||||||||||||||||||
Once a PI loan pool is established the individual loans within each pool do not change. As management obtains new information related to changes in expected principal loss and expected cash flows, by pool, we record either an increase in yield when new expected cash flows increase, an allowance for loan losses when new expected cash flows decline, or a decrease in yield when there is only a timing difference in expected cash flows. | |||||||||||||||||||||||||
PI loans that meet the criteria for nonaccrual of interest at the time of acquisition may be considered performing upon and subsequent to acquisition, regardless of whether the customer is contractually delinquent, if the timing and expected cash flows on such loans can be reasonably estimated and if collection of the new carrying value of such loans is expected. | |||||||||||||||||||||||||
Loans acquired in the Merger ("Granite Purchased Loans") included PI loans and PC loans. Loans designated as PC loans included performing revolving consumer and performing revolving commercial loans on acquisition date. | |||||||||||||||||||||||||
At December 31, 2013 and December 31, 2012 an ALL of $5.6 million and $5.4 million, respectively, was required for the acquired Granite loans. In addition, the acquired Granite loans are recorded on an accruing basis. We recorded $16.0 million, $20.5 million and $4.8 million in accretable yield during 2013, 2012 and 2011, respectively, on the Granite loans. | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
COB's ALL, which is utilized to absorb actual losses in the loan portfolio, is maintained at a level consistent with management's best estimate of probable loan losses to be incurred as of the balance sheet date. Management assesses COB's ALL quarterly. This assessment includes a methodology that separates the total loan portfolio into homogeneous loan classifications for purposes of evaluating risk. The required allowance is calculated by applying a risk adjusted reserve requirement to the dollar volume of loans within a homogenous group. For purposes of the ALL, we have grouped our loans into pools according to the loan segmentation regime employed on schedule RC-C of the FFIEC's Consolidated Report of Condition and Income. Major loan portfolio subgroups include: risk graded commercial loans, mortgage loans, home equity loans, retail loans and retail credit lines. Management also analyzes the loan portfolio on an ongoing basis to evaluate current risk levels, and risk grades are adjusted accordingly. While management uses the best information available to make evaluations, future adjustments may be necessary if economic or other conditions differ substantially from the assumptions used. | |||||||||||||||||||||||||
Historical Loss Rates: Historical loss rates are calculated by associating losses to the risk-graded pool to which they relate for each of the previous eight quarters. Then, using a look back period consisting of the twenty most recent quarters, loss factors are calculated for each risk-graded pool using a simple average. This represents a change in methodology which began in the third quarter of 2013. Previously, we used a look back period beginning in the third quarter of 2006 and a weighted average of losses. The impact of this change was immaterial to the financial statements of the Company. | |||||||||||||||||||||||||
Q&E Loss Factors: In addition to our ability to use our own historical loss data and migration between risk grades, we have a rigorous process for computing the qualitative factors that impact the ALL. The methodology incorporates various internal and external qualitative and environmental factors as described in the Interagency Policy Statement on the Allowance for Loan and Lease Losses dated December 2006. Some factors are quantifiable, such as concentration, growth, delinquency, and nonaccrual risk by loan type, while other factors are qualitative in nature, such as staff competency, competition within our markets and economic and regulatory changes impacting the loans held for investment, and are determined on the basis of management observation, judgment, and experience. A committee, independent of the historical loss migration team, reviews risk factors that may impact the ALL. The factors utilized by COB for all loan classes are as follows: | |||||||||||||||||||||||||
a) | Standard – Accounts for inherent uncertainty in using the past as a predictor of the future. Particularly, this factor will be used to make adjustments when historical loss data over the look back period is above or below the loss experienced over more recent periods, causing the model to over or under predict the potential losses currently in the portfolio. Uniform across all segments. | ||||||||||||||||||||||||
b) | Volume – Accounts for historical growth characteristics of the portfolio over the loss recognition period. | ||||||||||||||||||||||||
c) | Terms – Measures risk derived from granting terms outside of policy and underwriting guidelines. | ||||||||||||||||||||||||
d) | Staff – Reflects staff competence in various types of lending. | ||||||||||||||||||||||||
e) | Delinquency – Reflects increased risk deriving from higher delinquency rates. | ||||||||||||||||||||||||
f) | Nonaccrual – Reflects increased risk of loans with characteristics that merit nonaccrual status. | ||||||||||||||||||||||||
g) | Migration – Accounts for the changing level of risk inherent in loans as they migrate into, or away from, more adverse risk grades. | ||||||||||||||||||||||||
h) | Concentration – Measures increased risk derived from concentration of credit exposure in particular industry segments within the portfolio. | ||||||||||||||||||||||||
i) | Production – Measures impact of efforts towards expanding credit exposure and potential risk derived from new loan production. | ||||||||||||||||||||||||
j) | Process – Measures increased risk derived from more demanding processing requirements directed towards risk mitigation. | ||||||||||||||||||||||||
k) | Economic – Impact of general and local economic factors and effect is felt uniformly across pools. | ||||||||||||||||||||||||
l) | Competition – Measures risk associated with Bank's response to competitors’ relaxed credit requirements. | ||||||||||||||||||||||||
m) | Regulatory and Legal – Measures risk from exposure to regulations, legislation, and legal code that result in increased risk of loss. | ||||||||||||||||||||||||
Each pool is assigned an adjustment to the potential loss percentage by assessing its characteristics against each of the factors listed above. | |||||||||||||||||||||||||
Calculation and Summary: A general reserve amount for each loan pool is calculated by adding the historical loss rate to the total Q&E factors, and applying the combined percentage to the pool loan balances. | |||||||||||||||||||||||||
Reserves are generally divided into three allocation segments: | |||||||||||||||||||||||||
1 | Individual Reserves. These are calculated against loans evaluated individually and deemed most likely to be impaired. Management determines which loans will be considered for potential impairment review. This does not mean that an individual reserve will necessarily be calculated for each loan considered for impairment, only for those noted during this process as likely to have a loss. Loans to be considered will generally include: | ||||||||||||||||||||||||
• | All commercial loans classified substandard or worse | ||||||||||||||||||||||||
• | Any other loan in a nonaccrual status | ||||||||||||||||||||||||
• | Any loan, consumer or commercial, that has already been modified such that it meets the definition of Troubled Debt Restructurings (“TDR”) | ||||||||||||||||||||||||
• | Any loan for which the customer has filed Bankruptcy when the customer does not reaffirm the debt. | ||||||||||||||||||||||||
The individual reserve must be verified at least quarterly, and recalculated whenever additional relevant information becomes available. All information related to the calculation of the individual reserve, including internal or external collateral valuations, assumptions, calculations, etc. must be documented. | |||||||||||||||||||||||||
Individual reserve amounts are not carried indefinitely. | |||||||||||||||||||||||||
• | When the amount of the actual loss becomes reasonably quantifiable the amount of the loss should be charged off against the ALL, whether or not all liquidation and recovery efforts have been completed. | ||||||||||||||||||||||||
• | If the total amount of the individual reserve that will eventually be charged off cannot yet be determined, but some portion of the individual reserve can be viewed as an imminent loss, that smaller portion can be charged off against the ALL and the individual reserve reduced by a corresponding amount. It is acceptable to retain an estimate of remaining loss as a “special reserve” only when the estimate is not reasonably quantifiable. | ||||||||||||||||||||||||
• | Impaired loans with a de minimis balance are not individually evaluated for individual reserve but they are included in the formula reserve calculation. | ||||||||||||||||||||||||
2 | Formula Reserves. Formula reserves are held against loans evaluated collectively. Loans are grouped by type or by risk grade, or some combination of the two. Loss estimates are based on historical loss rates for each respective loan group. | ||||||||||||||||||||||||
Formula reserves represent COB’s best estimate of losses that may be inherent, or embedded, within the group of loans, even if it is not apparent at this time which loans within any group or pool represent those embedded losses. | |||||||||||||||||||||||||
3 | Unallocated Reserves. If individual reserves represent estimated losses tied to any specific loan, and formula reserves represent estimated losses tied to a pool of loans but not yet to any specific loan, then unallocated reserves represent an estimate of losses that are expected, but are not yet tied to any loan or group of loans. Unallocated reserves are generally the smallest of the three overall reserve segments and are set based on qualitative factors. | ||||||||||||||||||||||||
All information related to the calculation of the three segments including data analysis, assumptions, calculations, etc. are documented. Assigning specific individual reserve amounts, formula reserve factors, or unallocated amounts based on unsupported assumptions or conclusions is not permitted. | |||||||||||||||||||||||||
COB lends primarily in North Carolina. As of December 31, 2013, a substantial majority of the principal amount of the loans held for investment in its portfolio was to businesses and individuals in North Carolina. This geographic concentration subjects the loan portfolio to the general economic conditions within this area. The risks created by this concentration have been considered by management in the determination of the adequacy of the ALL. Management believes the ALL is adequate to cover estimated losses on loans at each balance sheet date. | |||||||||||||||||||||||||
In addition, as an integral part of the examination process, the OCC periodically reviews the Bank's ALL. The OCC may require the Bank to recognize adjustments to the allowance based on its judgment about information available to it at the time of its examination. | |||||||||||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||||||
Other real estate owned, or OREO, represents properties acquired through foreclosure or deed in lieu thereof. The property is classified as held for sale. The property is initially carried at fair value based on recent appraisals, less estimated costs to sell. Declines in the fair value of properties included in OREO below carrying value are recognized by a charge to income. | |||||||||||||||||||||||||
Premises and Equipment | |||||||||||||||||||||||||
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: buildings and improvements, 10 to 50 years, and furniture and equipment, 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated life of the improvement or the term of the lease. | |||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
Goodwill arises from business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Goodwill and other intangible assets deemed to have indefinite lives generated from purchase business combinations are not subject to amortization and are instead assessed for impairment no less than annually. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. Impairment charges are included in noninterest expense in the statements of operations. | |||||||||||||||||||||||||
Intangible assets with estimable useful lives are amortized over such useful lives to their estimated residual values. Core deposit intangible assets, which we refer to as CDI, is recognized apart from goodwill at the time of acquisition based on market valuations prepared by independent third parties. In preparing such valuations, the third parties consider variables such as deposit servicing costs, attrition rates, and market discount rates. CDI assets are amortized to expense over their useful lives, which we have estimated to range from 8 to 10 years. CDI is reviewed for impairment quarterly or earlier if events or changes in circumstances indicate that their carrying values may not be recoverable. If the recoverable amount of CDI is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the intangible asset's fair value at that time. If the fair value is below the carrying value, the intangible asset is reduced to such fair value and the impairment is recognized as noninterest expense in the statements of operations. | |||||||||||||||||||||||||
Mortgage Servicing Rights (“MSRs”) | |||||||||||||||||||||||||
The rights to service mortgage loans for others are included in other assets in the consolidated balance sheet. MSRs are recorded at fair value on an ongoing basis, with changes in fair value recorded in the results of operations. A fair value analysis of MSRs is performed on a quarterly basis. The Bank resumed the sale of mortgage loans to Fannie Mae beginning in the second quarter of 2012, following Fannie Mae's approval of the Bank as a Seller Servicer. | |||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Income tax expense includes both a current provision based on the amounts computed for income tax return purposes and a deferred provision that results from application of the asset and liability method of accounting for deferred taxes. Under the asset and liability method, deferred tax assets and liabilities are established for the temporary differences between the financial reporting basis and the tax basis of COB's assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||||||||||||||
Management’s determination of the realization of deferred tax assets is based upon its judgment of various future events and uncertainties, including the timing and amount of future income earned by certain subsidiaries and the implementation of various tax plans to maximize realization of the deferred tax assets. In evaluating the positive and negative evidence to support the realization of the asset under current guidance, given our current financial results and current economic conditions, there is insufficient positive evidence to support a conclusion that it is more likely than not this asset will be realized in the foreseeable future. Examinations of the income tax returns or changes in tax law may impact COB’s tax liabilities and resulting provisions for income taxes. | |||||||||||||||||||||||||
A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In making such judgments, significant weight is given to evidence that can be objectively verified. As a result of significant credit losses, COB continues to be in a three-year cumulative pre-tax loss position as of December 31, 2013. A cumulative loss position is considered significant negative evidence in assessing the realizability of a deferred tax asset, which is difficult to overcome. COB’s estimate of the realization of its deferred tax assets was based on the scheduled reversal of deferred tax liabilities and taxable income available in prior carry back years and estimated unrealized losses in the available-for-sale investment portfolio. COB did not consider future taxable income in determining the realizability of its deferred tax assets. COB expects its income tax expense (benefit) will be negligible for the next several quarters until profitability has been restored for a reasonable time and such profitability is considered sustainable. At that time, the valuation allowance would be reversed. Reversal of the valuation allowance requires a great deal of judgment and will be based on the circumstances that exist as of that future date. If future events differ significantly from COB’s current forecasts, COB may need to increase this valuation allowance, which could have a material adverse effect on the results of operations and financial condition. See also Note 11 for discussion of the impact on deferred taxes associated with the Merger. | |||||||||||||||||||||||||
Earnings per Share (“EPS”) | |||||||||||||||||||||||||
As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the statements of operations, and a reconciliation is provided in a footnote of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. See also Note 17 for discussion of the one-for-one hundred reverse stock split and its impact on share and per share amounts. | |||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||
Comprehensive income is defined as the change in equity of an enterprise during a period from transactions and other events and circumstances from non-owner sources and, accordingly, includes both net income and amounts referred to as other comprehensive income. The items of other comprehensive income are included in the consolidated statement of comprehensive loss. The accumulated balance of other comprehensive loss is included in the shareholders’ equity section of the consolidated balance sheet. COB’s components of accumulated other comprehensive loss for each period presented include unrealized gains (losses) on investment securities classified as available-for-sale, and the effect of the defined benefit pension and other postretirement plans for employees. | |||||||||||||||||||||||||
For the twelve months ended December 31, 2013, 2012 and 2011, total other comprehensive loss was $(18.8) million, $(36.4) million and $(137.6) million, respectively. The deferred income tax benefit/(liability) related to the components of other comprehensive loss amounted to $11.0 million, $0.2 million and $2.6 million respectively, for the same periods as previously mentioned. | |||||||||||||||||||||||||
The accumulated balances related to each component of other comprehensive loss are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||
Pretax | After-tax | Pretax | After-tax | Pretax | After-tax | ||||||||||||||||||||
Net unrealized securities gains (losses) | $ | (23,443 | ) | $ | (14,476 | ) | $ | 6,032 | $ | 3,650 | $ | 470 | $ | 284 | |||||||||||
Pension, other postretirement and postemployment benefit plan adjustments | (5,200 | ) | (3,129 | ) | (6,566 | ) | (3,973 | ) | (7,027 | ) | (4,253 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (28,643 | ) | $ | (17,605 | ) | $ | (534 | ) | $ | (323 | ) | $ | (6,557 | ) | $ | (3,969 | ) | |||||||
Employee Benefit Plans | |||||||||||||||||||||||||
COB has a matching retirement/savings plan, a postretirement benefit plan, a defined benefit pension plan, and noncontributory, nonqualified supplemental executive retirement plans (“SERPs”) covering certain employees. | |||||||||||||||||||||||||
COB’s matching defined contribution retirement/savings plan permits eligible employees to make contributions to the plan up to a specified percentage of compensation as defined by the plan. A portion of the employee contributions are matched by COB based on the plan formula, which is $.50 for each dollar on the first 6% of eligible pay deferred by the employee under the plan. Additionally, commencing in 2007, COB on a discretionary basis may make an annual contribution up to a specified percentage of compensation as defined by the plan to the account of each eligible employee. COB did not make a discretionary contribution in 2013, 2012 or 2011. The matching and discretionary contributions amounted to $0.5 million in 2013, $0.6 million in 2012, and $0.4 million in 2011. | |||||||||||||||||||||||||
The postretirement benefit plan, provides medical and life insurance benefits to retirees who obtained certain age and service requirements. Postretirement benefit costs, which are actuarially determined using the attribution method and recorded on an unfunded basis, are charged to current operations and credited to a liability account on the consolidated balance sheet. Effective December 31, 2006, no new employees are eligible to enter the postretirement medical and life insurance plan. Employees who had obtained certain age and service qualifications continued to accrue benefits through December 31, 2010. Benefits are based on the employee's years of service at retirement. Only employees who qualified for continued benefit accrual are eligible for benefits under this plan. | |||||||||||||||||||||||||
The defined benefit pension plan was frozen in 2006 and no additional employees are eligible to enter the plan. Employees who had obtained certain age and service qualifications continued to accrue benefits through December 31, 2010. Benefits are based on the employee’s compensation, years of service and age at retirement. Defined benefit pension costs, which are actuarially determined using the projected unit credit method, are charged to current operations. Pension costs of $0.3 million, $0.4 million and $0.4 million were recognized during 2013, 2012 and 2011, respectively. Annual funding contributions are made up to the maximum amounts allowable for Federal income tax purposes. | |||||||||||||||||||||||||
The noncontributory, nonqualified supplemental executive retirement plans (“SERPs”), cover certain executives and pay benefits based on factors similar to those for the defined benefit pension plan, with offsets related to amounts payable under the pension plan and social security benefits. SERP costs, which are actuarially determined using the projected unit credit method and recorded on an unfunded basis, are charged to current operations and credited to a liability account on the consolidated balance sheet. | |||||||||||||||||||||||||
In 2010, the Board of Directors approved an amendment to one of the plans which stopped additional benefit accrual under the Plan after December 31, 2010. This action did not impact a participant's vested or accrued benefit in the plan. In September 2012, the Board of Directors approved an amendment to terminate this Plan. The amendment provides for lump sum cash distributions of participant benefits in accordance with Internal Revenue Code Section 409A. Based on the decision to terminate the SERP by providing a lump sum settlement, a deferred gain of $0.4 million was recorded in other comprehensive income in 2012, and was recognized into earnings when payments were made in 2013. | |||||||||||||||||||||||||
See Note 14 “Employee Benefit Plans” for additional information on all benefit plans described below. | |||||||||||||||||||||||||
COB also offers medical, dental, life, long term disability, and vision care to its employees and shares in the costs of these programs. | |||||||||||||||||||||||||
Derivatives and Financial Instruments | |||||||||||||||||||||||||
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. COB uses derivatives primarily to manage interest rate risk related to mortgage servicing rights, and long-term debt. The fair value of derivatives in a gain or loss position is included in other assets or liabilities, respectively, on the Consolidated Statements of Operations. | |||||||||||||||||||||||||
COB classifies its derivative financial instruments as either a hedge of an exposure to changes in the fair value of a recorded asset or liability, or a fair value hedge, or a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction, or a cash flow hedge. COB has master netting agreements with the derivatives dealers with which it does business, but reflects gross gains and losses on the Consolidated Income Statements and Balance Sheets. | |||||||||||||||||||||||||
COB uses the long-haul method to assess hedge effectiveness. COB documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in off-setting corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, changes in the value of the derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. | |||||||||||||||||||||||||
For either fair value hedges or cash flow hedges, ineffectiveness may be recognized in noninterest income to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items attributable to the risk being hedged. If the hedge ceases to be highly effective, COB discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the original hedge period (fair value hedge) or period in which the hedged item affects earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). | |||||||||||||||||||||||||
See Note 19 for additional information related to derivatives and financial instruments. | |||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
Troubled Debt Restructurings - In January 2014, the FASB issued ASU No. 2014-04 Troubled Debt Restructurings by Creditors (Subtopic 310-40): "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure" (“ASU No. 2014-04”). This pronouncement clarifies the criteria for concluding that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The amendments also outline interim and annual disclosure requirements. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014. Companies are allowed to use either a modified retrospective transition method or a prospective transition method when adopting this update. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. | |||||||||||||||||||||||||
Comprehensive Income - In February 2013, the FASB issued ASU No. 2013-02 Comprehensive Income (Topic 220): "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" (“ASU No. 2013-02”). This pronouncement requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income for each applicable component of net income, as well as a roll forward of the components of accumulated other comprehensive income on a prospective basis. This pronouncement is effective beginning January 1, 2013. The provisions of ASU No. 2013-02 relate only to financial statement presentation of other comprehensive income and, accordingly, its adoption did not have a material effect on COB's financial statements. These new disclosures appear in Note 19. | |||||||||||||||||||||||||
FASB - From time to time, the Financial Accountings Standards Board (“FASB”) issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. | |||||||||||||||||||||||||
Management considers the effect of the proposed statements on the consolidated financial statements of COB and monitors the status of changes to and proposed effective dates of exposure drafts. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on COB’s financial position, results of operations or cash flows. |
Acquisition_of_Bank_of_Granite
Acquisition of Bank of Granite Corporation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisition of Bank of Granite Corporation | ' | ||||||||
Acquisition of Bank of Granite Corporation | |||||||||
On October 21, 2011, as part of the recapitalization of COB, COB acquired Granite Corp., through the Merger of a wholly owned subsidiary of COB merging into Granite Corp. The Merger was part of the Company’s recapitalization strategy, a condition to the closing of the Investment Agreements, and was a 100% stock exchange transaction. The Merger allows us to improve efficiencies and opens new markets for us. Upon consummation of the Merger, each outstanding share of Granite Corp.’s common stock, par value $1.00 per share, other than shares held by COB, Granite Corp.’s and shares owned in a fiduciary capacity or as a result of debts previously contracted, was converted into the right to receive 3.375 shares of COB common stock, resulting in COB issuing approximately 521,595 shares (adjusted for the Reverse Stock Split) of COB common stock to Granite Corp.’s stockholders. | |||||||||
Granite Corp. was a Delaware corporation organized on June 1, 1987, which was registered as a bank holding company due to its ownership of Granite, a North Carolina state chartered bank which has been in existence and continuously operating since August 2, 1906. Granite conducted banking business operations from 17 full-service branches located in Burke, Caldwell, Catawba, Forsyth, Iredell, Mecklenburg, Watauga, and Wilkes counties in North Carolina. We completed the merger of the Bank and Granite effective June 8, 2013. | |||||||||
Granite Corp. also owned Granite Mortgage, Inc. (“Granite Mortgage”), a North Carolina corporation which ceased mortgage operations in July 2009 and filed for Chapter 11 bankruptcy on February 15, 2012. | |||||||||
The acquisition of Granite Corp. by COB was accounted for under the acquisition method of accounting in accordance with relevant accounting guidance. The purchased assets and assumed liabilities were recorded at their respective acquisition date fair values, and identifiable intangible assets were recorded at fair value. Fair value adjustments were preliminary and were subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values became available. During the first quarter of 2012, we recognized $0.3 million in additional goodwill from the Merger. This additional goodwill was due to new valuations received on OREO acquired in the Merger, which had been written down to our best estimate of fair value at October 21, 2011. | |||||||||
None of the goodwill recognized is expected to be deductible for income tax purposes. | |||||||||
The following table summarizes the fair values of assets and liabilities of Granite Corp. assumed by COB. | |||||||||
(dollars in thousands) | October 21,2011 (after all fair value adjustments) | ||||||||
Assets acquired: | |||||||||
Cash and cash equivalents | $ | 99,126 | |||||||
Investment securities | 186,361 | ||||||||
Loans, net | 393,653 | ||||||||
Premises and equipment, net | 9,778 | ||||||||
Other real estate owned | 18,136 | ||||||||
Bank-owned life insurance | 4,432 | ||||||||
Core deposit intangible | 4,900 | ||||||||
Other assets | 7,766 | ||||||||
Total assets acquired | $ | 724,152 | |||||||
Liabilities assumed: | |||||||||
Deposits | $ | 719,443 | |||||||
Other | 3,990 | ||||||||
Total liabilities assumed | $ | 723,433 | |||||||
Equity: | |||||||||
Total shareholders’ equity | $ | — | |||||||
Total liabilities assumed and shareholders’ equity | $ | 723,433 | |||||||
Contributed capital | $ | 4,924 | |||||||
Total liabilities assumed and contributed capital | $ | 728,357 | |||||||
Goodwill (excess of liabilities assumed and contributed capital over assets acquired) | $ | 4,205 | |||||||
The following table presents our unaudited pro forma results of operations for the periods presented as if the Merger had been completed on January 1, 2011. The unaudited pro forma results of operations include the historical accounts of COB and Granite Corp. and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The unaudited pro forma information is intended for informational purposes only and is not necessarily indicative of our future operating results or operating results that would have occurred had the Merger been completed on January 1, 2011. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. | |||||||||
(dollars in thousands, except per share data) | Revenue | Earnings | |||||||
(Loss) | |||||||||
Actual results for BOGC from 10/21/11 - 12/31/11 | $ | 7,868 | $ | 2,988 | |||||
Supplemental pro forma from 1/1/11 - 12/31/11 | 133,312 | (123,343 | ) | ||||||
The proforma results are not necessarily indicative of actual results had the acquisition been completed as of the beginning of each fiscal period presented, nor are they necessarily indicative of future consolidated results. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
Discontinued Operations | |||||||||
All operations of Dover, a subsidiary of the Bank, were discontinued as of March 17, 2011. Dover, acquired by us in 2003, originated, underwrote and closed mortgage loans for sale into the secondary market. It maintained a retail origination network based in Charlotte, North Carolina, which originated loans for properties located in North Carolina. Dover also engaged in the wholesale mortgage origination business and conducted retail mortgage origination business outside of North Carolina. Operations outside of the State of North Carolina and the wholesale mortgage origination business were discontinued in February 2011, and all remaining operations were discontinued on March 17, 2011. Dover filed for Chapter 11 bankruptcy on February 15, 2012 in the United States Bankruptcy Court for the Western District of North Carolina. All of the assets and liabilities of Dover were written off at that time. | |||||||||
The results of operations of a component of an entity that has been disposed of shall be reported in discontinued operations if both the operations and cash flows of the component have been, or will be, eliminated from ongoing operations of the entity as a result of the disposal transaction and the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. As a result, the Consolidated Balance Sheets, Statements of Operations and Statement of Cash Flows for all periods reflect retrospective application of Dover's classification as a discontinued operation. | |||||||||
There were no assets and liabilities of discontinued operations as of December 31, 2013 and December 31, 2012. | |||||||||
There was no financial activity related to discontinued operations during 2013. Net loss from discontinued operations, net of tax, for the years ended December 31, 2012 and 2011 were as follows: | |||||||||
(dollars in thousands) | For the Twelve Months Ended December 31, | ||||||||
2012 | 2011 | ||||||||
Interest Income | |||||||||
Total interest income | — | 67 | |||||||
Interest Expense | |||||||||
Total interest expense | — | ||||||||
Net Interest Income before Provision for Loan Losses | — | 67 | |||||||
Provision for loan losses | — | — | |||||||
Net Interest Income after Provision for Loan Losses | — | 67 | |||||||
Noninterest Income | |||||||||
Mortgage loan loss | — | (167 | ) | ||||||
Other service charges, commissions and fees, net | — | (11 | ) | ||||||
Other income | — | 10 | |||||||
Total noninterest income | — | (168 | ) | ||||||
Noninterest Expense | |||||||||
Personnel expense | 1 | 1,444 | |||||||
Net occupancy expense | 1 | 237 | |||||||
Furniture, equipment and data processing expense | — | 186 | |||||||
Professional fees | 25 | 257 | |||||||
Stationery, printing and supplies | — | 8 | |||||||
Advertising and marketing | — | 27 | |||||||
Other real estate owned expense | — | 166 | |||||||
Provision for recourse loans | — | 3,317 | |||||||
Other expense | — | 266 | |||||||
Total noninterest expense | 27 | 5,908 | |||||||
Loss before income taxes | (27 | ) | (6,009 | ) | |||||
Income tax (benefit) expense | — | (213 | ) | ||||||
Net loss from discontinued operations, net of tax | $ | (27 | ) | $ | (5,796 | ) | |||
All financial information in the consolidated financial statements and notes to the consolidated financial statements reflects continuing operations, unless otherwise noted. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets | |||||||||||||
Business Combinations | |||||||||||||
Unamortized Intangible Assets (Goodwill) | |||||||||||||
COB conducted an annual goodwill impairment test as of September 30, 2013, and determined there was no impairment to goodwill. The goodwill relates to the Granite acquisition. Bank of Granite was merged with the Bank on June 8, 2013. | |||||||||||||
For intangible assets related to business combinations, the following is a summary of the changes in the balance of unamortized intangible assets (goodwill) during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
(dollars in thousands) | For the Twelve Months Ended | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross balance at beginning of year | $ | 4,205 | $ | 3,905 | $ | — | |||||||
Accumulated impairment balance beginning of year | — | — | — | ||||||||||
Effect of Granite merger | — | 300 | 3,905 | ||||||||||
Impairment | — | — | — | ||||||||||
Accumulated balance at end of year | $ | 4,205 | $ | 4,205 | $ | 3,905 | |||||||
Amortized Intangible Assets | |||||||||||||
Core Deposit Premium | |||||||||||||
For intangible assets related to business combinations, the following is a summary of the changes in the original gross carrying amount of amortized intangible assets during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
(dollars in thousands) | For the Twelve Months Ended | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at the beginning of the period | $ | 13,102 | $ | 13,102 | $ | 8,202 | |||||||
Effect of Granite merger | — | — | 4,900 | ||||||||||
Impairment | — | — | — | ||||||||||
Balance at the end of the period | $ | 13,102 | $ | 13,102 | $ | 13,102 | |||||||
For intangible assets related to business combinations, the following is a summary of the gross carrying amount and accumulated amortization of amortized intangible assets and the carrying amount of unamortized intangible assets: | |||||||||||||
(dollars in thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Core deposit premium related to whole bank acquisitions: | |||||||||||||
Carrying amount | $ | 13,102 | $ | 13,102 | |||||||||
Accumulated amortization | 7,739 | 6,332 | |||||||||||
Net core deposit premium | $ | 5,363 | $ | 6,770 | |||||||||
Amortization of core deposit premium intangibles totaled approximately $1.4 million in 2013, $1.4 million in 2012 and $0.9 million in 2011. | |||||||||||||
The following table presents the estimated amortization expense for intangible assets related to business combinations for each of the five calendar years ending December 31, 2018 and the estimated amount amortizable thereafter. These estimates are subject to change in future periods to the extent management determines it is necessary to make adjustments to the carrying value or estimated useful lives of amortized intangible assets. | |||||||||||||
(dollars in thousands) | Estimated | ||||||||||||
Amortization | |||||||||||||
Expense | |||||||||||||
2014 | $ | 1,407 | |||||||||||
2015 | 1,386 | ||||||||||||
2016 | 834 | ||||||||||||
2017 | 613 | ||||||||||||
2018 | 613 | ||||||||||||
Thereafter | 510 | ||||||||||||
Total | $ | 5,363 | |||||||||||
Mortgage Servicing Rights | |||||||||||||
Mortgage loans serviced for others are not included in the consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others amounted to $190.2 million and $65.1 million at December 31, 2013 and 2012, respectively, and the fair value of mortgage servicing rights was $1.6 million and $0.7 million as of the same dates. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||
Investment Securities | |||||||||||||||||||||
Our primary objective in managing the investment portfolio is to maintain a portfolio of high quality, highly liquid investments yielding competitive returns. We are required under federal regulations to maintain adequate liquidity to ensure safe and sound operations. We maintain investment balances based on a continuing assessment of cash flows, the level of loan production, current interest rate risk strategies and an assessment of the potential future direction of market interest rate changes. Investment securities differ in terms of default, interest rate, liquidity and expected rate of return risks. | |||||||||||||||||||||
The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Obligations of: | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 2,051 | $ | 26 | $ | — | $ | 2,077 | |||||||||||||
Residential mortgage-backed securities-GSE | 364,513 | 974 | 24,340 | 341,147 | |||||||||||||||||
Residential mortgage-backed securities-Private | 19,770 | 982 | — | 20,752 | |||||||||||||||||
Commercial mortgage backed securities-GSE | 22,767 | — | 1,328 | 21,439 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,408 | — | 823 | 9,585 | |||||||||||||||||
Business Development Company investment | 1,753 | 984 | — | 2,737 | |||||||||||||||||
Corporate notes | 16,795 | 82 | — | 16,877 | |||||||||||||||||
Total available-for-sale | $ | 438,057 | $ | 3,048 | $ | 26,491 | $ | 414,614 | |||||||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | 141,724 | — | 9,907 | 131,817 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,071 | — | 763 | 9,308 | |||||||||||||||||
Total held-to-maturity | $ | 151,795 | $ | — | $ | 10,670 | $ | 141,125 | |||||||||||||
Total investment securities | $ | 589,852 | $ | 3,048 | $ | 37,161 | $ | 555,739 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Obligations of: | |||||||||||||||||||||
U.S. Treasury and government agencies | $ | 6,646 | $ | 335 | $ | — | $ | 6,981 | |||||||||||||
U.S. government sponsored enterprises | 22,118 | 55 | — | 22,173 | |||||||||||||||||
States and political subdivisions | 5,918 | 120 | — | 6,038 | |||||||||||||||||
Residential mortgage-backed securities-GSE | 436,344 | 5,678 | 948 | 441,074 | |||||||||||||||||
Residential mortgage-backed securities-Private | 22,649 | 750 | 454 | 22,945 | |||||||||||||||||
Commercial mortgage backed securities-GSE | 23,150 | 209 | — | 23,359 | |||||||||||||||||
Commercial mortgage backed securities-Private | 5,283 | 34 | — | 5,317 | |||||||||||||||||
Corporate notes | 36,710 | 270 | 17 | 36,963 | |||||||||||||||||
Total | $ | 558,818 | $ | 7,451 | $ | 1,419 | $ | 564,850 | |||||||||||||
As a member of the Federal Home Loan Bank of Atlanta (“FHLB”), the Bank is required to own capital stock in the FHLB based generally upon the balances of total assets and FHLB advances. FHLB capital stock is pledged to secure FHLB advances. This investment is carried at cost since no ready market exists for FHLB stock and there is no quoted market value. However, redemption of this stock has historically been at par value. The Bank owned a total of $5.9 million of FHLB stock at December 31, 2013 and $6.3 million at December 31, 2012. Due to the redemption provisions of FHLB stock, we estimate that fair value approximates cost and that this investment is not impaired at December 31, 2013. FHLB stock is included in other assets at its original cost basis. | |||||||||||||||||||||
As a member bank of the Federal Reserve Bank of Richmond (“FRBR”), the Bank also is required to own capital stock of the FRBR based upon a percentage of the bank's common stock and surplus. This investment is carried at cost since no ready market exists for FRBR stock and there is no quoted market value. At December 31, 2013 and December 31, 2012, the Bank owned a total of $4.3 million and $3.1 million of FRBR stock, respectively. Due to the nature of this investment in an entity of the U.S. government, we have estimated that fair value approximated the cost and that this investment was not impaired at December 31, 2013. FRBR stock is included in other assets at its original cost basis. | |||||||||||||||||||||
Other investments are recorded at cost are included in Other Assets on the Consolidated Balance Sheets, and are composed of the following: | |||||||||||||||||||||
(dollars in thousands) | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Federal Home Loan Bank stock | $ | 5,878 | $ | 6,254 | |||||||||||||||||
Federal Reserve Bank stock | 4,264 | 3,087 | |||||||||||||||||||
Other investments | — | 1 | |||||||||||||||||||
Total other investments | $ | 10,142 | $ | 9,342 | |||||||||||||||||
Gross gains and losses recognized (by specific identification) on the sale of securities are summarized as follows: | |||||||||||||||||||||
(dollars in thousands) | Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Proceeds from sales of investment securities | $ | 177,826 | $ | 212,609 | $ | 290,491 | |||||||||||||||
Gains on sales of investment securities available-for-sale | 2,953 | 4,501 | 7,400 | ||||||||||||||||||
Losses on sales of investment securities available-for-sale | (181 | ) | (380 | ) | (102 | ) | |||||||||||||||
Total securities gains, net | $ | 2,772 | $ | 4,121 | $ | 7,298 | |||||||||||||||
At December 31, 2013, $91.2 million of the investment securities portfolio was pledged to secure public deposits, $18.8 million was pledged to retail repurchase agreements and $77.4 million was pledged to others, principally the FHLB and FRBR, leaving $376.3 million available as unpledged securities collateral. At December 31, 2012, $111.4 million of the investment securities portfolio was pledged to secure public deposits and $6.1 million was pledged to others, leaving $447.3 million available as lendable collateral. | |||||||||||||||||||||
The following tables show our investments' estimated fair value and gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2013 and December 31, 2012. The change in unrealized losses during the years ending December 31, 2013 and 2012 was attributed to changes in interest rates and not to changes in the credit quality of these securities. All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both. | |||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 222,475 | $ | 16,585 | $ | 76,501 | $ | 7,755 | $ | 298,976 | $ | 24,340 | |||||||||
Residential mortgage-backed securities-Private | — | — | — | — | — | — | |||||||||||||||
Commercial mortgage-backed securities-GSE | — | — | 21,439 | 1,328 | 21,439 | 1,328 | |||||||||||||||
Commercial mortgage-backed securities-Private | 9,585 | 823 | — | — | 9,585 | 823 | |||||||||||||||
Total available-for-sale | $ | 232,060 | $ | 17,408 | $ | 97,940 | $ | 9,083 | $ | 330,000 | $ | 26,491 | |||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 131,817 | $ | 9,907 | $ | — | $ | — | $ | 131,817 | $ | 9,907 | |||||||||
Commercial mortgage-backed securities-Private | 9,308 | 763 | — | — | 9,308 | 763 | |||||||||||||||
Total held-to-maturity | $ | 141,125 | $ | 10,670 | $ | — | $ | — | $ | 141,125 | $ | 10,670 | |||||||||
Total | $ | 373,185 | $ | 28,078 | $ | 97,940 | $ | 9,083 | $ | 471,125 | $ | 37,161 | |||||||||
December 31, 2012 | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 123,489 | $ | 904 | $ | 7,027 | $ | 44 | $ | 130,516 | $ | 948 | |||||||||
Residential mortgage-backed securities-Private | 6,482 | 438 | 1,017 | 16 | 7,499 | 454 | |||||||||||||||
Corporate notes | — | — | 3,249 | 17 | 3,249 | 17 | |||||||||||||||
Total | $ | 129,971 | $ | 1,342 | $ | 11,293 | $ | 77 | $ | 141,264 | $ | 1,419 | |||||||||
At December 31, 2013, there were 10 investment securities that had continuous unrealized losses for more than twelve months. At December 31, 2012, there were 4 investment securities that had continuous unrealized losses for more than twelve months. The unrealized losses relate to fixed-rate debt securities that have incurred fair value reductions due to higher market interest rates and, for certain securities, increased credit spreads since the respective purchase date. The unrealized losses are not likely to reverse unless and until market interest rates and credit spreads decline to the levels that existed when the securities were purchased. | |||||||||||||||||||||
Unrealized losses for all investment securities are reviewed to determine whether the losses are other than temporary. Investment securities are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether a decline in their value below amortized cost is other than temporary. In conducting this assessment, COB evaluates a number of factors including, but not limited to: | |||||||||||||||||||||
• | How much fair value has declined below amortized cost; | ||||||||||||||||||||
• | How long the decline in fair value has existed; | ||||||||||||||||||||
• | The financial condition of the issuer; | ||||||||||||||||||||
• | Contractual or estimated cash flows of the security; | ||||||||||||||||||||
• | Underlying supporting collateral; | ||||||||||||||||||||
• | Past events, current conditions, forecasts; | ||||||||||||||||||||
• | Significant rating agency changes on the issuer; and | ||||||||||||||||||||
• | COB’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. | ||||||||||||||||||||
COB analyzed its securities portfolio at December 31, 2013, and considered ratings, fair value, cash flows and other factors to determine if any of the securities were other than temporarily impaired. Since none of the unrealized losses relate to the marketability of the securities or the issuer’s ability to honor redemption obligations, and COB has determined that it is not more likely than not that COB will be required to sell the security before recovery of its amortized cost basis, none of the securities are deemed to be other than temporarily impaired. | |||||||||||||||||||||
The aggregate amortized cost and fair value of securities at December 31, 2013, by remaining contractual maturity, are shown in the following table. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. | |||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||
Due in one year or less | $ | 8,404 | $ | 8,406 | $ | — | $ | — | |||||||||||||
Due after one year through five years | 10,442 | 10,548 | — | — | |||||||||||||||||
Due after five years through 10 years | — | — | — | — | |||||||||||||||||
With no stated maturity | 1,753 | 2,737 | — | — | |||||||||||||||||
Total | 20,599 | 21,691 | — | — | |||||||||||||||||
Mortgage-backed securities | 417,458 | 392,923 | 151,795 | 141,125 | |||||||||||||||||
Total | $ | 438,057 | $ | 414,614 | $ | 151,795 | $ | 141,125 | |||||||||||||
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
Loans Receivable, Net [Abstract] | ' | |||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||
The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2013: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Accruing | |||||||||||||||||||||||||||||||||
30-59 days past due | 60-89 days past due | More than 90 days past due | Nonaccrual | Total past due and nonaccrual | Current and accruing | Total Loans | ||||||||||||||||||||||||||||
PC and Originated Loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 18 | $ | 43 | $ | — | $ | 516 | $ | 577 | $ | 60,946 | $ | 61,523 | ||||||||||||||||||||
Real estate - construction | 168 | 634 | — | 4,677 | 5,479 | 48,711 | 54,190 | |||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 3,454 | 522 | — | 11,580 | 15,556 | 593,698 | 609,254 | |||||||||||||||||||||||||||
Commercial | 1,765 | 77 | — | 18,380 | 20,222 | 261,524 | 281,746 | |||||||||||||||||||||||||||
Consumer | 56 | 17 | — | 12 | 85 | 43,798 | 43,883 | |||||||||||||||||||||||||||
Total | $ | 5,461 | $ | 1,293 | $ | — | $ | 35,165 | $ | 41,919 | $ | 1,008,677 | $ | 1,050,596 | ||||||||||||||||||||
PI loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 35 | $ | 16 | $ | 1,977 | $ | — | $ | 2,028 | $ | 8,701 | $ | 10,729 | ||||||||||||||||||||
Real estate - construction | 48 | — | 2,758 | — | 2,806 | 7,087 | 9,893 | |||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 135 | 9 | 2,907 | — | 3,051 | 23,802 | 26,853 | |||||||||||||||||||||||||||
Commercial | 903 | — | 17,479 | — | 18,382 | 94,796 | 113,178 | |||||||||||||||||||||||||||
Consumer | 6 | — | 12 | — | 18 | 981 | 999 | |||||||||||||||||||||||||||
Total | $ | 1,127 | $ | 25 | $ | 25,133 | $ | — | $ | 26,285 | $ | 135,367 | $ | 161,652 | ||||||||||||||||||||
Total Loans | $ | 6,588 | $ | 1,318 | $ | 25,133 | $ | 35,165 | $ | 68,204 | $ | 1,144,044 | $ | 1,212,248 | ||||||||||||||||||||
The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2012: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Accruing | |||||||||||||||||||||||||||||||||
30-59 days past due | 60-89 days past due | More than 90 days past due | Nonaccrual | Total past due and nonaccrual | Current and accruing | Total Loans | ||||||||||||||||||||||||||||
PC and Originated Loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 515 | $ | — | $ | 50 | $ | 2,746 | $ | 3,311 | $ | 61,727 | $ | 65,038 | ||||||||||||||||||||
Real estate - construction | 26 | 119 | — | 14,297 | 14,442 | 41,290 | 55,732 | |||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 6,173 | 880 | — | 18,372 | 25,425 | 488,898 | 514,323 | |||||||||||||||||||||||||||
Commercial | 617 | — | 177 | 43,621 | 44,415 | 226,948 | 271,363 | |||||||||||||||||||||||||||
Consumer | 24 | — | — | 206 | 230 | 41,957 | 42,187 | |||||||||||||||||||||||||||
Total | $ | 7,355 | $ | 999 | $ | 227 | $ | 79,242 | $ | 87,823 | $ | 860,820 | $ | 948,643 | ||||||||||||||||||||
PI loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 100 | $ | 1 | $ | 1,103 | $ | — | $ | 1,204 | $ | 13,462 | $ | 14,666 | ||||||||||||||||||||
Real estate - construction | 117 | — | 655 | — | 772 | 1,910 | 2,682 | |||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 1,308 | 495 | 4,678 | — | 6,481 | 32,734 | 39,215 | |||||||||||||||||||||||||||
Commercial | 2,559 | 4,300 | 17,384 | — | 24,243 | 146,230 | 170,473 | |||||||||||||||||||||||||||
Consumer | 4 | — | 13 | — | 17 | 1,339 | 1,356 | |||||||||||||||||||||||||||
Total | $ | 4,088 | $ | 4,796 | $ | 23,833 | $ | — | $ | 32,717 | $ | 195,675 | $ | 228,392 | ||||||||||||||||||||
Total Loans | $ | 11,443 | $ | 5,795 | $ | 24,060 | $ | 79,242 | $ | 120,540 | $ | 1,056,495 | $ | 1,177,035 | ||||||||||||||||||||
All PI loans are considered to be accruing for all periods presented, in accordance with ASC 310-30. | ||||||||||||||||||||||||||||||||||
During the twelve months ended December 31, 2013, we purchased $157.6 million of performing residential mortgage loans, including premiums of $1.3 million. During the twelve months ended December 31, 2012, we purchased $173.2 million of performing residential mortgage loans, including premiums of $4.0 million. These loan purchases are accounted for as PC loans. | ||||||||||||||||||||||||||||||||||
Risk Grades | ||||||||||||||||||||||||||||||||||
The risk-grade categories presented in the following table, which are standard categories used by the bank regulators, are: | ||||||||||||||||||||||||||||||||||
Pass - Loans categorized as Pass are higher quality loans that have adequate sources of repayment and little risk of collection. | ||||||||||||||||||||||||||||||||||
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 asset or in the institution's credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. | ||||||||||||||||||||||||||||||||||
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 have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of Substandard loans, does not have to exist in individual assets classified Substandard. | ||||||||||||||||||||||||||||||||||
Doubtful - A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors, which may work to the advantage of strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. | ||||||||||||||||||||||||||||||||||
Loans categorized as Special Mention or worse are considered Criticized. Loans categorized as Substandard or Doubtful are considered Classified. Purchased loans acquired in the Merger are recorded at estimated fair value on the date of acquisition without the carryover of related ALL. The table below includes $40.5 million and $60.6 million in Granite Purchased Loans categorized as Substandard or Doubtful at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||||
The following table presents loans held for investment balances by risk grade as of December 31, 2013: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | ||||||||||||||||||||||||||||||
(Ratings 1-5) | (Rating 6) | (Rating 7) | (Rating 8) | Total | ||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 67,277 | $ | 1,262 | $ | 3,713 | $ | — | $ | 72,252 | ||||||||||||||||||||||||
Real estate - construction | 50,138 | 3,984 | 9,961 | — | 64,083 | |||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 601,304 | 10,887 | 23,916 | — | 636,107 | |||||||||||||||||||||||||||||
Commercial | 307,661 | 29,711 | 57,552 | — | 394,924 | |||||||||||||||||||||||||||||
Consumer | 44,450 | 40 | 47 | 345 | 44,882 | |||||||||||||||||||||||||||||
Total | $ | 1,070,830 | $ | 45,884 | $ | 95,189 | $ | 345 | $ | 1,212,248 | ||||||||||||||||||||||||
The following table presents loans held for investment balances by risk grade as of December 31, 2012: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | ||||||||||||||||||||||||||||||
(Ratings 1-5) | (Rating 6) | (Rating 7) | (Rating 8) | Total | ||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 69,003 | $ | 3,447 | $ | 6,953 | $ | 301 | $ | 79,704 | ||||||||||||||||||||||||
Real estate - construction | 40,117 | 2,031 | 16,266 | — | 58,414 | |||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 504,819 | 15,855 | 32,625 | 239 | 553,538 | |||||||||||||||||||||||||||||
Commercial | 296,271 | 50,275 | 95,126 | 164 | 441,836 | |||||||||||||||||||||||||||||
Consumer | 42,495 | 178 | 426 | 444 | 43,543 | |||||||||||||||||||||||||||||
Total | $ | 952,705 | $ | 71,786 | $ | 151,396 | $ | 1,148 | $ | 1,177,035 | ||||||||||||||||||||||||
Loans included in the preceding loan composition table are net of participations sold. Loans are increased by net loan premiums and deferred loan costs of $3.6 million at December 31, 2013. Loans are increased by net deferred loan costs of $3.6 million at December 31, 2012. | ||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, loans held for sale consisted of originated residential mortgage loans held for sale at the lower of cost or fair market value. | ||||||||||||||||||||||||||||||||||
Loans serviced for others are not included in the consolidated balance sheet. The unpaid principal balance of loans serviced for others amounted to $190.2 million at December 31, 2013 and $65.1 million at December 31, 2012. | ||||||||||||||||||||||||||||||||||
Loans Pledged | ||||||||||||||||||||||||||||||||||
To borrow from the FHLB, members must pledge collateral to secure advances and letters of credit. Acceptable collateral includes, among other types of collateral, a variety of residential, multifamily, home equity lines and second mortgages, and commercial loans. Investment securities of $24.1 million and $0 million and gross loans of $169.5 million and $270.2 million were pledged to collateralize FHLB advances and letters of credit at December 31, 2013 and December 31, 2012, respectively, of which there was $31.8 million and $19.1 million of credit availability for borrowing, respectively. At December 31, 2013, $9.6 million of loans and $51.2 million of securities were pledged to collateralize potential borrowings from the Federal Reserve Discount Window, of which $54.7 million was available as borrowing capacity. We could also access $301.8 million of additional borrowings from the FHLB under credit lines by pledging additional collateral. | ||||||||||||||||||||||||||||||||||
Nonaccruing and Impaired Loans | ||||||||||||||||||||||||||||||||||
Interest income on loans is calculated by using the interest method based on the daily outstanding balance. The recognition of interest income is discontinued when, in management's opinion, the collection of all or a portion of interest becomes doubtful. Loans are returned to accrual status when the factors indicating doubtful collectability cease to exist and the loan has performed in accordance with its terms for a demonstrated period of time. The past due status of loans is based on the contractual payment terms. Had nonaccruing loans been on accruing status, interest income would have been higher by $4.7 million and $5.4 million for the twelve months ended December 31, 2013 and December 31, 2012, respectively. At December 31, 2013 and December 31, 2012, COB had certain impaired loans of $35.2 million and $79.2 million, respectively, which were on nonaccruing interest status. | ||||||||||||||||||||||||||||||||||
The following table summarizes information relative to impaired loans for the dates indicated: | ||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Associated Reserves | Balance | Associated Reserves | ||||||||||||||||||||||||||||||
Impaired loans, not individually reviewed for impairment | $ | 4,612 | $ | — | $ | 6,017 | $ | — | ||||||||||||||||||||||||||
Impaired loans, individually reviewed, with no reserves | 39,865 | — | 62,282 | — | ||||||||||||||||||||||||||||||
Impaired loans, individually reviewed, with reserves | 2,965 | 927 | 15,312 | 1,737 | ||||||||||||||||||||||||||||||
Total impaired loans, excluding purchased impaired * | $ | 47,442 | $ | 927 | $ | 83,611 | $ | 1,737 | ||||||||||||||||||||||||||
Purchased impaired loans with subsequent deterioration | $ | 161,307 | 5,560 | $ | 192,115 | 5,373 | ||||||||||||||||||||||||||||
Purchased impaired loans with no subsequent deterioration | $ | 344 | — | $ | 36,277 | — | ||||||||||||||||||||||||||||
Total Reserves | $ | 6,487 | $ | 7,110 | ||||||||||||||||||||||||||||||
Average impaired loans, excluding purchased impaired, calculated using a simple average | $ | 65,527 | $ | 94,754 | ||||||||||||||||||||||||||||||
* Included at December 31, 2013 and December 31, 2012 were $12.1 million and $4.5 million, respectively, in restructured and performing loans. | ||||||||||||||||||||||||||||||||||
The following table presents loans held for investment on nonaccrual status by loan class for the dates indicated: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 516 | $ | 2,746 | ||||||||||||||||||||||||||||||
Real estate - construction | 4,677 | 14,297 | ||||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 11,580 | 18,372 | ||||||||||||||||||||||||||||||||
Commercial | 18,380 | 43,621 | ||||||||||||||||||||||||||||||||
Consumer | 12 | 206 | ||||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 35,165 | $ | 79,242 | ||||||||||||||||||||||||||||||
Loans more than 90 days delinquent, still on accrual | — | 227 | ||||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 35,165 | $ | 79,469 | ||||||||||||||||||||||||||||||
There were no loans held for sale on nonaccrual status as of December 31, 2013 or December 31, 2012. | ||||||||||||||||||||||||||||||||||
The following table presents individually reviewed impaired loans and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of December 31, 2013: | ||||||||||||||||||||||||||||||||||
Unpaid | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Principal | Related | |||||||||||||||||||||||||||||||
Investment | Balance | Allowance | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 398 | $ | 643 | $ | — | ||||||||||||||||||||||||||||
Real estate - construction | 4,734 | 8,893 | — | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 11,154 | 14,431 | — | |||||||||||||||||||||||||||||||
Commercial | 23,579 | 28,905 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 39,865 | $ | 52,872 | $ | — | ||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Real estate - construction | — | — | — | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 2,965 | 3,032 | 927 | |||||||||||||||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 2,965 | $ | 3,032 | $ | 927 | ||||||||||||||||||||||||||||
Total individually evaluated impaired loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 398 | $ | 643 | $ | — | ||||||||||||||||||||||||||||
Real estate - construction | 4,734 | 8,893 | — | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 14,119 | 17,463 | 927 | |||||||||||||||||||||||||||||||
Commercial | 23,579 | 28,905 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 42,830 | $ | 55,904 | $ | 927 | ||||||||||||||||||||||||||||
PI loans with subsequent credit deterioration: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 10,729 | $ | 10,344 | $ | 382 | ||||||||||||||||||||||||||||
Real estate - construction | 9,792 | 11,216 | 1,015 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 26,628 | 28,143 | 724 | |||||||||||||||||||||||||||||||
Commercial | 113,178 | 121,813 | 3,251 | |||||||||||||||||||||||||||||||
Consumer | 980 | 785 | 188 | |||||||||||||||||||||||||||||||
Total | $ | 161,307 | $ | 172,301 | $ | 5,560 | ||||||||||||||||||||||||||||
The following table presents individually reviewed impaired loans, and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of December 31, 2012: | ||||||||||||||||||||||||||||||||||
Unpaid | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Principal | Related | |||||||||||||||||||||||||||||||
Investment | Balance | Allowance | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 1,755 | $ | 2,608 | $ | — | ||||||||||||||||||||||||||||
Real estate - construction | 11,875 | 18,553 | — | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 16,437 | 20,764 | — | |||||||||||||||||||||||||||||||
Commercial | 32,215 | 38,585 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 62,282 | $ | 80,510 | $ | — | ||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 579 | $ | 602 | $ | 282 | ||||||||||||||||||||||||||||
Real estate - construction | 1,658 | 1,843 | 82 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 1,681 | 1,745 | 607 | |||||||||||||||||||||||||||||||
Commercial | 11,394 | 14,714 | 766 | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 15,312 | $ | 18,904 | $ | 1,737 | ||||||||||||||||||||||||||||
Total individually evaluated impaired loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 2,334 | $ | 3,210 | $ | 282 | ||||||||||||||||||||||||||||
Real estate - construction | 13,533 | 20,396 | 82 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 18,118 | 22,509 | 607 | |||||||||||||||||||||||||||||||
Commercial | 43,609 | 53,299 | 766 | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 77,594 | $ | 99,414 | $ | 1,737 | ||||||||||||||||||||||||||||
PI loans with subsequent credit deterioration: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 11,533 | $ | 11,728 | $ | 524 | ||||||||||||||||||||||||||||
Real estate - construction | 2,285 | 2,236 | 200 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 34,961 | 35,802 | 711 | |||||||||||||||||||||||||||||||
Commercial | 141,974 | 145,704 | 3,388 | |||||||||||||||||||||||||||||||
Consumer | 1,362 | 1,147 | 550 | |||||||||||||||||||||||||||||||
Total | $ | 192,115 | $ | 196,617 | $ | 5,373 | ||||||||||||||||||||||||||||
The following summary includes impaired loans individually reviewed as well as impaired loans held for sale. Average recorded investment and interest income recognized on impaired loans, segregated by portfolio segment, is shown in the following tables as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||
For Twelve Months Ended | For Twelve Months Ended | For Twelve Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 784 | $ | 8 | $ | 1,989 | $ | 42 | $ | 3,202 | $ | — | ||||||||||||||||||||||
Real estate - construction | 9,075 | 35 | 15,130 | 92 | 41,164 | 1 | ||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 11,920 | 100 | 18,237 | 204 | 17,077 | 1 | ||||||||||||||||||||||||||||
Commercial | 29,384 | 254 | 35,765 | 286 | 38,688 | 25 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | 175 | — | ||||||||||||||||||||||||||||
Total | $ | 51,163 | $ | 397 | $ | 71,121 | $ | 624 | $ | 100,306 | $ | 27 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 283 | $ | 5 | $ | 706 | $ | 16 | $ | 4,458 | $ | — | ||||||||||||||||||||||
Real estate - construction | 638 | 9 | 1,762 | — | 51,354 | — | ||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 2,713 | 20 | 1,764 | 61 | 15,740 | 7 | ||||||||||||||||||||||||||||
Commercial | 4,127 | 4 | 13,069 | 445 | 40,777 | — | ||||||||||||||||||||||||||||
Consumer | 83 | 1 | — | — | 214 | — | ||||||||||||||||||||||||||||
Total | $ | 7,844 | $ | 39 | $ | 17,301 | $ | 522 | $ | 112,543 | $ | 7 | ||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 1,067 | $ | 13 | $ | 2,695 | $ | 58 | $ | 7,660 | $ | — | ||||||||||||||||||||||
Real estate - construction | 9,713 | 44 | 16,892 | 92 | 92,518 | 1 | ||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 14,633 | 120 | 20,001 | 265 | 32,817 | 8 | ||||||||||||||||||||||||||||
Commercial | 33,511 | 258 | 48,834 | 731 | 79,465 | 25 | ||||||||||||||||||||||||||||
Consumer | 83 | 1 | — | — | 389 | — | ||||||||||||||||||||||||||||
Total | $ | 59,007 | $ | 436 | $ | 88,422 | $ | 1,146 | $ | 212,849 | $ | 34 | ||||||||||||||||||||||
Impaired loans also include loans for which we may elect to grant a concession, providing terms more favorable than those prevalent in the market (e.g., rate, amortization term), and formally restructure due to the weakening credit status of a borrower. Restructuring is designed to facilitate a repayment plan that minimizes the potential losses that we otherwise may have to incur. If these impaired loans are on nonaccruing status as of the date of restructuring, the loans are included in nonperforming loans. Nonaccruing restructured loans will remain as nonaccruing until the borrower can demonstrate adherence to the restructured terms for a period of no less than six months and when it is otherwise determined that continued adherence is reasonably assured. Some restructured loans continue as accruing loans after restructuring if the borrower is not past due at the time of restructuring, adequate collateral valuations support the restructured loans, and the cash flows of the underlying business appear adequate to support the restructured debt service. Not included in nonaccruing loans are loans that have been restructured that were performing as of the restructure date. At December 31, 2013, there was $18.1 million in restructured loans, of which $12.1 million were accruing and in a performing status. At December 31, 2012, there was $20.8 million in restructured loans, of which $4.5 million were accruing and in a performing status. | ||||||||||||||||||||||||||||||||||
Sale of Problem Loans | ||||||||||||||||||||||||||||||||||
During 2012, we sold loans to third party buyers in order to reduce our problem loan exposure. These loans were transferred to loans held for sale at the time we received a signed contract for the purchase of the loans. Prior to transferring these loans to loans held for sale, the loans were marked down to the contract price less associated selling costs. All transactions were conducted at arm's length and loans were sold without recourse. | ||||||||||||||||||||||||||||||||||
The following table presents sold loans by portfolio segment for the periods indicated below: | ||||||||||||||||||||||||||||||||||
For the Twelve Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Number | Recorded | Contract | Number | Recorded | Contract | ||||||||||||||||||||||||||||
of Loans | Investment | Pricing | of Loans | Investment | Pricing | |||||||||||||||||||||||||||||
Commercial and agricultural | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate - construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | 3 | 1,747 | 1,244 | 2 | 3,950 | 4,200 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | 3 | $ | 1,747 | $ | 1,244 | 2 | $ | 3,950 | $ | 4,200 | ||||||||||||||||||||||||
Granite Purchased Loans | ||||||||||||||||||||||||||||||||||
Granite Purchased Loans include PI loans and PC loans. PC loans include performing revolving consumer and commercial loans on October 21, 2011, the acquisition date. | ||||||||||||||||||||||||||||||||||
PI loans are segregated into pools and recorded at estimated fair value on the date of acquisition without the carryover of the related ALL. PI loans are accounted for under ASC 310-30 when the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition we will not collect all contractually required principal and interest payments. Evidence of credit quality deterioration as of the date of acquisition may include statistics such as past due status, nonaccrual status and risk grade. PI loans generally meet our definition for nonaccrual status; however, even if the borrower is not currently making payments, we will classify loans as accruing if we can reasonably estimate the amount and timing of future cash flows. All Granite Purchased PI loans are presented on an accruing basis. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. | ||||||||||||||||||||||||||||||||||
Periodically, we estimate the expected cash flows for each pool of the PI loans and evaluate whether the expected cash flows for each pool have changed from prior estimates. Decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in cash flows result in a reversal of the provision for loan losses to the extent of prior charges, or reclassification from nonaccretable difference to accretable yield with a positive impact on future interest income. Excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan when there is a reasonable expectation about the amount and timing of such cash flows. | ||||||||||||||||||||||||||||||||||
We have elected to account for the Granite Purchased PI loans under ASC 310-30 and the Granite Purchased PC loans under ASC 310-20. | ||||||||||||||||||||||||||||||||||
At December 31, 2013, and December 31, 2012, our financial statements reflected a PI loan ALL of $5.6 million and $5.4 million, respectively, and an ALL for PC loans of $0.3 million and $0.7 million, respectively. | ||||||||||||||||||||||||||||||||||
The following table presents the balance of all Granite Purchased Loans: | ||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Purchased Impaired | Purchased Contractual | Total Purchased Loans | Unpaid | ||||||||||||||||||||||||||||||
Principal | ||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 10,729 | $ | 5,948 | $ | 16,677 | $ | 16,452 | ||||||||||||||||||||||||||
Real estate - construction | 9,893 | — | 9,893 | 11,368 | ||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 26,854 | 22,127 | 48,981 | 51,359 | ||||||||||||||||||||||||||||||
Commercial | 113,178 | 373 | 113,551 | 122,197 | ||||||||||||||||||||||||||||||
Consumer | 998 | — | 998 | 798 | ||||||||||||||||||||||||||||||
Total | $ | 161,652 | $ | 28,448 | $ | 190,100 | $ | 202,174 | ||||||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Purchased Impaired | Purchased Contractual | Total | Unpaid | ||||||||||||||||||||||||||||||
Purchased Loans | Principal | |||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 14,666 | $ | 7,311 | $ | 21,977 | $ | 22,212 | ||||||||||||||||||||||||||
Real estate - construction | 2,682 | — | 2,682 | 2,974 | ||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 39,215 | 27,484 | 66,699 | 70,657 | ||||||||||||||||||||||||||||||
Commercial | 170,467 | 49 | 170,516 | 187,646 | ||||||||||||||||||||||||||||||
Consumer | 1,362 | — | 1,362 | 1,147 | ||||||||||||||||||||||||||||||
Total | $ | 228,392 | $ | 34,844 | $ | 263,236 | $ | 284,636 | ||||||||||||||||||||||||||
The table below includes only those Granite Purchased Loans accounted for under the expected cash flow method (PI loans) for the periods indicated. These tables do not include PC loans, including Granite Purchased PC loans or purchased performing residential mortgage loans. | ||||||||||||||||||||||||||||||||||
For Twelve Months Ended | For Twelve Months Ended | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
Purchased Impaired | Purchased Impaired | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Carrying | Future | Carrying | Future Accretion | ||||||||||||||||||||||||||||||
Amount | Accretion | Amount | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 228,392 | $ | 30,300 | $ | 330,836 | $ | 47,804 | ||||||||||||||||||||||||||
Accretion | 16,032 | (16,032 | ) | 20,549 | (20,549 | ) | ||||||||||||||||||||||||||||
Increase in future accretion | — | 15,721 | — | 3,045 | ||||||||||||||||||||||||||||||
Payments received | (80,258 | ) | — | (111,875 | ) | — | ||||||||||||||||||||||||||||
Foreclosed and transferred to OREO | (2,514 | ) | — | (11,118 | ) | — | ||||||||||||||||||||||||||||
Subtotal before allowance | 161,652 | 29,989 | 228,392 | 30,300 | ||||||||||||||||||||||||||||||
Allowance for credit losses | (5,560 | ) | — | (5,373 | ) | — | ||||||||||||||||||||||||||||
Net carrying amount, end of period | $ | 156,092 | $ | 29,989 | $ | 223,019 | $ | 30,300 | ||||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||
An analysis of the changes in the ALL is as follows: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 29,314 | $ | 39,360 | 93,687 | |||||||||||||||||||||||||||||
Provision for losses | 523 | 14,049 | 67,362 | |||||||||||||||||||||||||||||||
Net charge-offs: | ||||||||||||||||||||||||||||||||||
Charge-offs | (13,344 | ) | (30,968 | ) | (128,424 | ) | ||||||||||||||||||||||||||||
Recoveries | 10,292 | 6,873 | 6,735 | |||||||||||||||||||||||||||||||
Net charge-offs | (3,052 | ) | (24,095 | ) | (121,689 | ) | ||||||||||||||||||||||||||||
Balance, end of period | $ | 26,785 | $ | 29,314 | 39,360 | |||||||||||||||||||||||||||||
Annualized net charge-offs during the period to average loans held for investment | 0.26 | % | 1.94 | % | 10.75 | % | ||||||||||||||||||||||||||||
Annualized net charge-offs during the period to ALL | 11.39 | % | 82.2 | % | 309.17 | % | ||||||||||||||||||||||||||||
Allowance for loan losses to loans held for investment (1) | 2.21 | % | 2.49 | % | 3.23 | % | ||||||||||||||||||||||||||||
(1) Excludes discontinued operations | ||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we charged off $13.3 million in loans and realized $10.3 million in recoveries, for $3.1 million of net charge-offs. The majority of the loans charged off were loans that were previously impaired and had specific reserves assigned in prior periods. | ||||||||||||||||||||||||||||||||||
The ALL, as a percentage of loans held for investment, was 2.21% at December 31, 2013, compared to 2.49% at December 31, 2012. | ||||||||||||||||||||||||||||||||||
The following table presents ALL activity by portfolio segment for the year ended December 31, 2013: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2013 | $ | 3,238 | $ | 4,987 | $ | 8,701 | $ | 9,627 | $ | 2,761 | $ | 29,314 | ||||||||||||||||||||||
Charge-offs | (1,277 | ) | (1,080 | ) | (4,032 | ) | (2,808 | ) | (4,147 | ) | (13,344 | ) | ||||||||||||||||||||||
Recoveries | 1,623 | 2,681 | 1,266 | 3,048 | 1,674 | 10,292 | ||||||||||||||||||||||||||||
Provision (Recovery) | (653 | ) | (1,355 | ) | 2,934 | (2,672 | ) | 2,269 | 523 | |||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 2,931 | $ | 5,233 | $ | 8,869 | $ | 7,195 | $ | 2,557 | $ | 26,785 | ||||||||||||||||||||||
The following table presents ALL activity by portfolio segment for the year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2012 | $ | 5,776 | $ | 11,995 | $ | 8,885 | $ | 11,063 | $ | 1,641 | $ | 39,360 | ||||||||||||||||||||||
Charge-offs | (3,494 | ) | (11,084 | ) | (6,422 | ) | (5,510 | ) | (4,458 | ) | (30,968 | ) | ||||||||||||||||||||||
Recoveries | 991 | 3,237 | 573 | 852 | 1,220 | 6,873 | ||||||||||||||||||||||||||||
Provision (Recovery) | (35 | ) | 839 | 5,665 | 3,222 | 4,358 | 14,049 | |||||||||||||||||||||||||||
Ending balance at December 31, 2012 | $ | 3,238 | $ | 4,987 | $ | 8,701 | $ | 9,627 | $ | 2,761 | $ | 29,314 | ||||||||||||||||||||||
The following table presents ALL activity by portfolio segment for the year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2011 | $ | 11,144 | $ | 46,792 | $ | 7,742 | $ | 26,851 | $ | 1,158 | $ | 93,687 | ||||||||||||||||||||||
Charge-offs | (10,832 | ) | (65,526 | ) | (11,384 | ) | (36,998 | ) | (3,684 | ) | (128,424 | ) | ||||||||||||||||||||||
Recoveries | 855 | 2,637 | 831 | 891 | 1,521 | 6,735 | ||||||||||||||||||||||||||||
Provision (Recovery) | 4,609 | 28,092 | 11,696 | 20,319 | 2,646 | 67,362 | ||||||||||||||||||||||||||||
Ending balance at December 31, 2011 | $ | 5,776 | $ | 11,995 | $ | 8,885 | $ | 11,063 | $ | 1,641 | $ | 39,360 | ||||||||||||||||||||||
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2013: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 927 | $ | — | $ | — | $ | 927 | ||||||||||||||||||||||
Collectively evaluated for impairment | 2,549 | 4,218 | 7,218 | 3,944 | 2,369 | 20,298 | ||||||||||||||||||||||||||||
PI loans evaluated for credit impairment | 382 | 1,015 | 724 | 3,251 | 188 | 5,560 | ||||||||||||||||||||||||||||
PI loans with no credit deterioration | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total ALL | $ | 2,931 | $ | 5,233 | $ | 8,869 | $ | 7,195 | $ | 2,557 | $ | 26,785 | ||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 398 | $ | 4,734 | $ | 14,119 | $ | 23,579 | $ | — | $ | 42,830 | ||||||||||||||||||||||
Collectively evaluated for impairment | 61,125 | 49,457 | 595,135 | 258,167 | 43,883 | 1,007,767 | ||||||||||||||||||||||||||||
PI loans with subsequent credit deterioration | 10,729 | 9,792 | 26,628 | 113,178 | 980 | 161,307 | ||||||||||||||||||||||||||||
PI loans with no credit deterioration | — | 100 | 225 | — | 19 | 344 | ||||||||||||||||||||||||||||
Total loans | $ | 72,252 | $ | 64,083 | $ | 636,107 | $ | 394,924 | $ | 44,882 | $ | 1,212,248 | ||||||||||||||||||||||
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2012: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 282 | $ | 82 | $ | 607 | $ | 766 | $ | — | $ | 1,737 | ||||||||||||||||||||||
Collectively evaluated for impairment | 2,432 | 4,705 | 7,383 | 5,473 | 2,211 | 22,204 | ||||||||||||||||||||||||||||
PI loans evaluated for credit impairment | 524 | 200 | 711 | 3,388 | 550 | 5,373 | ||||||||||||||||||||||||||||
PI loans with no credit deterioration | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total ALL | $ | 3,238 | $ | 4,987 | $ | 8,701 | $ | 9,627 | $ | 2,761 | $ | 29,314 | ||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,334 | $ | 13,533 | $ | 18,118 | $ | 43,609 | $ | — | $ | 77,594 | ||||||||||||||||||||||
Collectively evaluated for impairment | 62,704 | 42,199 | 496,205 | 227,760 | 42,181 | 871,049 | ||||||||||||||||||||||||||||
PI loans with subsequent credit deterioration | 11,533 | 2,285 | 34,961 | 141,974 | 1,362 | 192,115 | ||||||||||||||||||||||||||||
PI loans with no credit deterioration | 3,133 | 397 | 4,254 | 28,493 | — | 36,277 | ||||||||||||||||||||||||||||
Total loans | $ | 79,704 | $ | 58,414 | $ | 553,538 | $ | 441,836 | $ | 43,543 | $ | 1,177,035 | ||||||||||||||||||||||
Troubled Debt Restructuring | ||||||||||||||||||||||||||||||||||
The following tables presents a breakdown of troubled debt restructurings that were restructured during the periods presented, segregated by portfolio segment: | ||||||||||||||||||||||||||||||||||
For Twelve Months Ended December 31, 2013 | For Twelve Months Ended December 31, 2012 | For Twelve Months Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Pre-Modified | Post-Modified | Pre-Modified | Post-Modified | Pre-Modified | Post-Modified | |||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | |||||||||||||||||||||||||||||
(dollars in thousands) | Number | Recorded | Recorded | Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||||||
of Loans | Investment | Investment | of Loans | Investment | Investment | of Loans | Investment | Investment | ||||||||||||||||||||||||||
Commercial and agricultural | — | $ | — | $ | — | 1 | $ | 312 | $ | 127 | 8 | $ | 806 | $ | 806 | |||||||||||||||||||
Real estate - construction | 2 | 125 | 125 | 8 | 1,994 | 1,335 | 8 | 5,162 | 5,162 | |||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 12 | 3,387 | 3,451 | 3 | 566 | 565 | 9 | 406 | 406 | |||||||||||||||||||||||||
Commercial | 5 | 5,531 | 5,238 | 5 | 690 | 667 | 15 | 9,740 | 9,740 | |||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | 19 | $ | 9,043 | $ | 8,814 | 17 | $ | 3,562 | $ | 2,694 | 40 | $ | 16,114 | $ | 16,114 | |||||||||||||||||||
During the twelve months ended December 31, 2013, we modified 19 loans that were considered to be troubled debt restructurings. We extended the terms for 3 of these loans, modified the interest rate for 2 of these loans, and modified the remaining 14 loans in both ways. During the twelve months ended December 31, 2012, we modified 17 loans that were considered to be troubled debt restructurings. We extended the terms and lowered the interest rate for seven of these loans, and only extended the terms for the remaining ten loans. | ||||||||||||||||||||||||||||||||||
There were no loans restructured in the twelve months prior to December 31, 2013 that went into default during the year ended December 31, 2013. There were also no loans restructured in the twelve months prior to December 31, 2012 that went into default during the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||
In the determination of the ALL, management considers troubled debt restructurings and any subsequent defaults in these restructurings as impaired loans. The amount of the impairment is measured using the present value of expected future cash flows discounted at the loan's initial effective interest rate, the observable market price of the loan, or the fair value of the collateral if the loan is collateral dependent. | ||||||||||||||||||||||||||||||||||
Unfunded Commitments | ||||||||||||||||||||||||||||||||||
The reserve for unfunded commitments, which is included in other liabilities, is calculated by estimating the amount of additional funding on the commitment and multiplying that amount by the historical loss rate (including Q&E factors). The following describes our method for determining the estimated additional funding by commitment type: | ||||||||||||||||||||||||||||||||||
• | Straight Lines of Credit - Unfunded balance of line of credit (100% utilization) | |||||||||||||||||||||||||||||||||
• | Revolving Lines of Credit - Average Utilization (for the last 12 months) less Current Utilization | |||||||||||||||||||||||||||||||||
• | Letters of Credit - 10% utilization | |||||||||||||||||||||||||||||||||
The reserve for unfunded commitments was $0.5 million as of December 31, 2013 and $0.6 million at December 31, 2012. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Premises and Equipment | |||||||||
Premises and equipment at December 31 is summarized as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Land | $ | 14,460 | $ | 14,615 | |||||
Building and improvements | 49,463 | 51,538 | |||||||
Furniture and equipment | 43,648 | 48,275 | |||||||
Leasehold improvements | 1,017 | 1,515 | |||||||
Premises and equipment, gross | 108,588 | 115,943 | |||||||
Accumulated depreciation and amortization | (57,699 | ) | (63,218 | ) | |||||
Premises and equipment, net | $ | 50,889 | $ | 52,725 | |||||
Depreciation and amortization expense totaled $3.7 million, $3.8 million, and $3.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Other_Real_Estate_Owned_and_Pe
Other Real Estate Owned and Personal Property Acquired in Settlement of Loans | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Repossessed Assets [Abstract] | ' | ||||||||
Other Real Estate Owned and Personal Property Acquired in Settlement of Loans | ' | ||||||||
Other Real Estate Owned and Personal Property Acquired in Settlement of Loans | |||||||||
OREO consists of real estate acquired through foreclosure or deed in lieu thereof. The property is classified as held for sale. The property is initially carried at fair value based on recent appraisals, less estimated costs to sell. Declines in the fair value of properties included in other real estate below carrying value are recognized by a charge to income. | |||||||||
Total OREO and personal property acquired in settlement of loans decreased $34.7 million from $63.1 million at December 31, 2012, to $28.4 million at December 31, 2013. | |||||||||
The following table summarizes real estate acquired in settlement of loans and personal property acquired in settlement of loans at the periods indicated: | |||||||||
(dollars in thousands) | December 31, 2013 | December 31, 2012 | |||||||
Real estate acquired in settlement of loans | $ | 28,353 | $ | 62,796 | |||||
Personal property acquired in settlement of loans | 42 | 335 | |||||||
Total property acquired in settlement of loans | $ | 28,395 | $ | 63,131 | |||||
The following table summarize the changes in real estate acquired in settlement of loans at the periods indicated: | |||||||||
For Year Ended | |||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||
Real estate acquired in settlement of loans, beginning of period | $ | 62,796 | $ | 110,009 | |||||
Plus: New real estate acquired in settlement of loans | 15,001 | 32,565 | |||||||
Less: Sales of real estate acquired in settlement of loans | (45,523 | ) | (57,991 | ) | |||||
Less: Write-downs and net loss on sales charged to expense | (3,921 | ) | (21,787 | ) | |||||
Real estate acquired in settlement of loans, end of period | $ | 28,353 | $ | 62,796 | |||||
At December 31, 2013, 13 assets with a net carrying amount of $5.0 million were under contract for sale and are primarily expected to close during the first quarter of 2014. Estimated losses on these sales have been recognized in the Consolidated Statements of Operations for 2013. At December 31, 2012, 35 assets with a net carrying amount of $22.0 million were under contract for sale. The sale of these assets closed during the first and second quarter of 2013. Estimated losses on these sales were recognized in the Consolidated Statements of Operations for 2012. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
The following table presents the changes in our accumulated other comprehensive income (loss), net of tax, by component for the period indicated: | |||||||||||||
(Dollars in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Defined Benefit Plan Items | Total | ||||||||||
Beginning balance January 1, 2013 | $ | 3,650 | $ | (3,973 | ) | $ | (323 | ) | |||||
Other comprehensive income (loss) before reclassifications | (16,447 | ) | 1,031 | (15,416 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | (1,679 | ) | (187 | ) | (1,866 | ) | |||||||
Net current period other comprehensive income | (18,126 | ) | 844 | (17,282 | ) | ||||||||
Ending balance December 31, 2013 | $ | (14,476 | ) | $ | (3,129 | ) | $ | (17,605 | ) | ||||
The following table presents the reclassifications out of our accumulated other comprehensive income (loss) for the year ended December 31, 2013: | |||||||||||||
(Dollars in thousands) | Amount Reclassified from AOCI | ||||||||||||
Year Ended December 31, 2013 | Line Item in the Consolidated Statement of Operations | ||||||||||||
Available-for-sale securities: | |||||||||||||
Net realized gains on sale of securities | $ | (2,772 | ) | Securities gains, net | |||||||||
Income tax expense | 1,093 | Income tax expense | |||||||||||
Total, net of tax | (1,679 | ) | |||||||||||
Defined benefit plan items: | |||||||||||||
Net actuarial gains | (302 | ) | Personnel expense | ||||||||||
Income tax expense | 115 | Income tax expense | |||||||||||
Total, net of tax | (187 | ) | |||||||||||
Total reclassifications for the period | $ | (1,866 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
From time to time, we are subject to various claims, lawsuits, disputes with third parties, investigations and pending actions involving various allegations against us incident to the operation of our business. In management's opinion, there are no proceedings pending to which we are a party or to which our property is subject, which, if determined adversely to us, would be material in relation to our shareholder's equity or financial condition. In addition, no material proceedings are pending or are known to be threatened or contemplated against us by governmental authorities or other parties. | ||||
COB leases certain facilities and equipment for use in its business. The lease for facilities generally runs for periods of 5 to 10 years with various renewal options, while leases for equipment generally have terms not in excess of 5 years. The majority of the leases for facilities contain rental escalation clauses tied to changes in price indices. Certain real property leases contain purchase options. Management expects that most leases will be renewed or replaced with new leases in the normal course of business. | ||||
Future obligations at December 31, 2013 for minimum rentals under non-cancelable operating lease commitments, primarily relating to premises, are as follows: | ||||
(dollars in thousands) | ||||
Year ending December 31, | ||||
2014 | $ | 1,715 | ||
2015 | 1,579 | |||
2016 | 1,449 | |||
2017 | 1,336 | |||
2018 | 993 | |||
Thereafter | 8,843 | |||
Total lease commitments | $ | 15,915 | ||
Net rental expense for all operating leases amounted to $2.2 million, $2.2 million, and $1.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The components of income tax expense for the years ended December 31 are as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Total current taxes | — | — | — | ||||||||||
Deferred | |||||||||||||
Federal | 21,030 | (13,709 | ) | (43,001 | ) | ||||||||
State | 14,655 | (2,722 | ) | (8,657 | ) | ||||||||
Total deferred taxes | 35,685 | (16,431 | ) | (51,658 | ) | ||||||||
Increase (decrease) in valuation allowance | (34,359 | ) | 15,392 | 52,299 | |||||||||
Total income tax (benefit) expense - continuing operations | $ | 1,326 | $ | (1,039 | ) | $ | 641 | ||||||
A reconciliation of income tax expense computed at the statutory federal income tax rate to actual income tax expense is presented in the following table as of December 31: | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amount of tax computed using Federal statutory tax rate of 35% in all years | $ | (55 | ) | $ | (14,365 | ) | $ | (45,807 | ) | ||||
Increases (decreases) resulting from effects of: | |||||||||||||
Non-taxable income | (88 | ) | (169 | ) | (196 | ) | |||||||
State income taxes, net of federal benefit | 9,526 | (1,769 | ) | (5,627 | ) | ||||||||
Valuation allowance on deferred tax assets | (34,359 | ) | 15,392 | 52,299 | |||||||||
Reduction of deferred tax assets at Granite | 28,293 | — | — | ||||||||||
Other | (1,991 | ) | (128 | ) | (28 | ) | |||||||
Total income tax (benefit) expense - continuing operations | $ | 1,326 | $ | (1,039 | ) | $ | 641 | ||||||
Deferred taxes are provided using the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Excluding unrealized losses on available-for-sale securities, COB has recorded a 100% deferred tax valuation allowance related to various temporary differences, principally consisting of the provision for loan losses and its net operating loss carryforwards. | |||||||||||||
As of December 31, 2013 and December 31, 2012, net deferred income tax assets totaling $10.2 million and $0.8 million, respectively, are recorded on COB’s balance sheet. No valuation allowance is recorded for unrealized losses on investment securities because it is not more likely than not that COB will have to sell these securities at a loss. | |||||||||||||
The components of deferred tax assets and liabilities and the tax effect of each are as follows: | |||||||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 10,364 | $ | 11,754 | |||||||||
Net operating loss | 135,050 | 145,472 | |||||||||||
Compensation and benefit plans | 995 | 805 | |||||||||||
Fair value basis on securities | 918 | 1,199 | |||||||||||
Fair value basis of loans | (951 | ) | 9,742 | ||||||||||
Fair value basis on deposits | — | 187 | |||||||||||
Pension and other post-retirement benefits | 1,080 | 2,754 | |||||||||||
Other real estate owned | 4,091 | 16,649 | |||||||||||
Gross unrealized securities losses | 10,215 | 838 | |||||||||||
Interest on nonperforming loans | 1,339 | 1,382 | |||||||||||
Other | 529 | 812 | |||||||||||
Subtotal deferred tax assets | 163,630 | 191,594 | |||||||||||
Less: Valuation allowance | (148,043 | ) | (182,402 | ) | |||||||||
Total deferred tax assets | 15,587 | 9,192 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Core deposit intangible | 2,051 | 2,673 | |||||||||||
Depreciable basis of premises and equipment | 495 | 721 | |||||||||||
Net deferred loan fees and costs | 1,077 | 1,010 | |||||||||||
Gross unrealized securities gains | 1,249 | 3,220 | |||||||||||
SAB 109 valuation | — | 2 | |||||||||||
Other | 500 | 728 | |||||||||||
Total deferred tax liabilities | 5,372 | 8,354 | |||||||||||
Net deferred tax assets | $ | 10,215 | $ | 838 | |||||||||
Under GAAP, COB is not required to provide a deferred tax liability for the tax effect of additions to the tax bad debt reserve through 1987, the base year. Retained earnings at December 31, 2013 include approximately $5.0 million for which no provision for federal income tax has been made. These amounts represent allocations of income to bad debt deductions for tax purposes only. Reductions of such amounts for purposes other than bad debt losses could create income for tax purposes in certain remote instances, which would then be subject to the then current corporate income tax rate. | |||||||||||||
The Merger was considered a change in control for Granite Corp. under Internal Revenue Code Section 382 and the Regulations, thereunder. Accordingly, we are required to evaluate potential limitation or deferral of its ability to carryforward pre-acquisition net operating losses and to determine the amount of net unrealized built-in losses (“NUBIL”), which may be subject to similar limitation or deferral. Under the Internal Revenue Code and Regulations, NUBIL realized within 5 years of the change in control are subject to potential limitation, which for us is October 20, 2016. Through that date, we will continue to analyze our ability to utilize such losses to offset anticipated future taxable income, however, this estimate will not be known until the five-year recognition period expires. Losses limited under these provisions are generally limited to a carryforward period of 20 years, subject to the annual limitation and expire if not used by the end of that period. During 2013, COB reduced its deferred tax asset by $28.3 million based on its inability to use the Granite Corp. net operating losses and built in losses that are limited due to the change in ownership that occurred at acquisition. The net reduction in DTA is offset by a corresponding reduction in the valuation allowance. The Company believes the remaining DTA of $2.9 million related to NOL carryforwards from Granite Corp. will be realized on a go forward basis. | |||||||||||||
The State of North Carolina passed legislation to reduce the income tax rates from 6.90% to 6.0% in 2014 and to 5.0% in 2015. The DTA has been reduced by $5.3 million to account for the reduction in income tax rates to 5%. The net reduction in DTA is offset by a corresponding reduction in the valuation allowance. Beginning in the third quarter, the Company will use an effective tax rate of 38.25%, from 39.485%, based on the reduction in the North Carolina income tax rate. |
Deposits
Deposits | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||
Deposits | ' | ||||||||||||||
Deposits | |||||||||||||||
The following table summarizes deposit composition at the dates indicated. | |||||||||||||||
(dollars in thousands) | 31-Dec-13 | % of | 31-Dec-12 | % of | |||||||||||
Total | Total | ||||||||||||||
Noninterest-bearing demand deposits | $ | 290,461 | 16.61 | % | $ | 251,235 | 13.17 | % | |||||||
Interest-bearing demand deposits | 347,791 | 19.89 | % | 362,406 | 19 | % | |||||||||
Savings deposits | 80,507 | 4.6 | % | 74,436 | 3.9 | % | |||||||||
Money market deposits | 447,672 | 25.6 | % | 455,734 | 23.9 | % | |||||||||
Brokered deposits | 29,219 | 1.67 | % | 55,590 | 2.92 | % | |||||||||
Time deposits less than $100,000 | 323,660 | 18.51 | % | 417,421 | 21.89 | % | |||||||||
Time deposits $100,000 or more | 229,395 | 13.12 | % | 290,166 | 15.22 | % | |||||||||
Total deposits | $ | 1,748,705 | 100 | % | $ | 1,906,988 | 100 | % | |||||||
The aggregate amount of jumbo certificates of deposit, which includes no brokered deposits and have minimum denominations of $100,000, was approximately $229.4 million and $290.2 million in 2013 and 2012, respectively. | |||||||||||||||
At December 31, 2013 and December 31, 2012, $0.4 million of overdrawn transaction deposit accounts were reclassified to loans. | |||||||||||||||
The accompanying table presents the scheduled maturities of time and brokered deposits at December 31, 2013. | |||||||||||||||
(dollars in thousands) | |||||||||||||||
Year ending December 31, | |||||||||||||||
2014 | $ | 365,629 | |||||||||||||
2015 | 118,257 | ||||||||||||||
2016 | 49,622 | ||||||||||||||
2017 | 38,723 | ||||||||||||||
2018 | 10,043 | ||||||||||||||
Thereafter | — | ||||||||||||||
Total time deposits | $ | 582,274 | |||||||||||||
Interest expense on time deposits of $100,000 or more amounted to $2.6 million in 2013, $5.0 million in 2012 and $6.1 million in 2011. |
ShortTerm_Borrowings_and_LongT
Short-Term Borrowings and Long-Term Debt | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||
Short-Term Borrowings and Long-Term Debt | ' | |||||||||||||||||||||
Short-Term Borrowings and Long-Term Debt | ||||||||||||||||||||||
The following table stratifies COB’s borrowings as short-term and long-term at the periods indicated. | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||
Balance | Rate | Balance | Rate | |||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||
Retail customer repurchase agreements | $ | 6,917 | 0.21 | % | $ | 8,675 | 0.19 | % | ||||||||||||||
Total short-term borrowings | $ | 6,917 | $ | 8,675 | ||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||
Federal Home Loan Bank advances | $ | 73,283 | 1.8 | $ | 58,328 | 2.62 | ||||||||||||||||
Long-term notes payable | 5,263 | 1.41 | — | — | ||||||||||||||||||
Junior subordinated debt | 56,702 | 1.77 | 56,702 | 1.83 | ||||||||||||||||||
Total long-term debt | $ | 135,248 | $ | 115,030 | ||||||||||||||||||
Retail Repurchase Agreements and Federal Funds Purchased | ||||||||||||||||||||||
Funds are borrowed on an overnight basis through retail repurchase agreements with bank customers and federal funds purchased from other financial institutions. Retail repurchase agreement borrowings are collateralized by securities of the U.S. Treasury and U.S. Government agencies and corporations. | ||||||||||||||||||||||
At December 31, 2013, the Bank had no borrowings at the Federal Reserve Bank. | ||||||||||||||||||||||
Information concerning retail repurchase agreements and federal funds purchased is as follows: | ||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||
Retail | Retail | Retail | ||||||||||||||||||||
Repurchase | Repurchase | Repurchase | ||||||||||||||||||||
Agreements | Agreements | Agreements | ||||||||||||||||||||
Balance at December 31 | $ | 6,917 | $ | 8,675 | $ | 8,838 | ||||||||||||||||
Average balance during the year | 9,852 | 9,861 | 8,973 | |||||||||||||||||||
Maximum month end balance | 13,064 | 12,720 | 10,917 | |||||||||||||||||||
Weighted average interest rate: | ||||||||||||||||||||||
At December 31 | 0.21 | % | 0.19 | % | 0.42 | % | ||||||||||||||||
During the year | 0.21 | 0.29 | 0.58 | |||||||||||||||||||
Federal Home Loan Bank (“FHLB”) Advances | ||||||||||||||||||||||
At December 31, 2013, the Bank had an available borrowing capacity of $31.8 million and access to additional borrowings of $301.8 million by pledging additional collateral with the FHLB. At December 31, 2013, outstanding FHLB advances under the current line amounted to $73.3 million and were at interest rates ranging from 0.93% to 6.15%. These borrowings are secured by collateral on qualifying mortgage loans and, as required, by other qualifying collateral. At December 31, 2012, FHLB advances amounted to $58.3 million and were at interest rates ranging from 2.33% to 6.15%. | ||||||||||||||||||||||
At December 31, 2013, the scheduled maturities of FHLB advances payable over the next five years and thereafter, certain of which are convertible to a variable rate at the option of the FHLB before scheduled maturity, are as follows: | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||
2014 | $ | 5,000 | ||||||||||||||||||||
2015 | 3,000 | |||||||||||||||||||||
2016 | 5,000 | |||||||||||||||||||||
2017 | 5,000 | |||||||||||||||||||||
2018 | 5,283 | |||||||||||||||||||||
2019 and thereafter | 50,000 | |||||||||||||||||||||
Total FHLB advances | $ | 73,283 | ||||||||||||||||||||
Long-term debt included of the following advances from the FHLB at the periods indicated. | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
Maturity | Interest Rate | 2013 | 2012 | |||||||||||||||||||
December 29, 2014 | 3.3125 | % | $ | 5,000 | $ | 5,000 | ||||||||||||||||
September 8, 2015 | 3.71 | % | 3,000 | 3,000 | ||||||||||||||||||
27-Sep-16 | 0.93 | % | 5,000 | — | ||||||||||||||||||
27-Sep-17 | 1.42 | % | 5,000 | — | ||||||||||||||||||
March 19, 2018 | 2.81 | % | — | 10,000 | ||||||||||||||||||
July 16, 2018 | 2.43 | % | — | 20,000 | ||||||||||||||||||
July 18, 2018 | 2.33 | % | — | 20,000 | ||||||||||||||||||
August 27, 2018 | 6.15 | % | 283 | 328 | ||||||||||||||||||
27-Sep-18 | 1.84 | % | 5,000 | — | ||||||||||||||||||
15-Jun-20 | 1.6247 | % | 50,000 | — | ||||||||||||||||||
$ | 73,283 | $ | 58,328 | |||||||||||||||||||
During the second quarter of 2013 we restructured $50 million of Federal Home Loan Bank advances from fixed rate to floating rate, which we expect to further reduce interest costs. The restructured advances, per ASC 470-50 "Debt - Modifications and Extinguishments," are not substantially different than the prior advances so there was no debt extinguishment. | ||||||||||||||||||||||
Subordinated Debt | ||||||||||||||||||||||
On October 21, 2011, as part of the Recapitalization, the Bank settled $2.5 million aggregate principal amount of subordinated debt outstanding and held by SunTrust Bank for cash in an amount equal to the sum of 35% of the principal amount thereof plus 100% of the unpaid and accrued interest thereon as of the closing date. The Bank recognized a gain of approximately $1.6 million as part of the settlement. During 2010, we converted $7.5 million of subordinated debt into $7.5 million of nonvoting, nonconvertible, nonredeemable cumulative preferred stock, and converted an additional $5.0 million during the first quarter of 2011. On October 21, 2011, the Bank repurchased from SunTrust the shares of nonvoting, nonconvertible, nonredeemable cumulative preferred stock of the Bank held by SunTrust and having an aggregate liquidation preference of $12.5 million for cash in an amount equal to the sum of 25% of the aggregate liquidation preference plus 100% of the unpaid and accrued dividends thereon as of the closing date. The Bank recorded an increase in retained earnings of approximately $9.4 million in connection with this settlement. Thus, as of October 21, 2011, the Bank no longer had any outstanding subordinated debt. | ||||||||||||||||||||||
Long-term Notes Payable | ||||||||||||||||||||||
The amount reported as long-term notes payable consists of a note, secured by Bank stock, payable to Howe Barnes Hoefer & Arnett, Inc. ("Howe Barnes") in connection with the settlement of legal proceedings between Howe Barnes and the Bank. The note bears an imputed interest rate of 1.41% and matures in 2016. | ||||||||||||||||||||||
Junior Subordinated Deferrable Interest Debentures | ||||||||||||||||||||||
COB has Junior Subordinated Deferrable Interest Debentures or Junior Subordinated Debentures outstanding. Two issues of Junior Subordinated Debentures resulted from funds invested from the sale of trust preferred securities by FNB United Statutory Trust I (“FNB Trust I”) and by FNB United Statutory Trust II (“FNB Trust II”), which are owned by COB. Two additional issues of Junior Subordinated Debentures were acquired on April 28, 2006 as a result of COB’s merger with Integrity Financial Corporation. These acquired issues resulted from funds invested from the sale of trust preferred securities by Catawba Valley Capital Trust I (“Catawba Trust I”) and by Catawba Valley Capital Trust II (“Catawba Trust II”), which were owned by Integrity and acquired by COB in the merger. COB initiated the redemption of the securities issued by Catawba Valley Trust I as of December 30, 2007 and that trust was subsequently dissolved. | ||||||||||||||||||||||
COB fully and unconditionally guarantees the preferred securities issued by each trust through the combined operation of the debentures and other related documents. Obligations under these guarantees are unsecured and subordinate to senior and subordinated indebtedness of COB. The preferred securities qualify as Tier 1 and Tier 2 capital for regulatory capital purposes. | ||||||||||||||||||||||
During the second quarter of 2010, COB suspended payment of interest on junior subordinated debt for liquidity purposes. The associated interest expense on junior subordinated debt has been fully accrued and is included in the Consolidated Statements of Operations. Payment of this interest was made in connection with the Recapitalization in order to be able to redeem the CommunityOne preferred stock issued to SunTrust Bank, described above. COB again suspended payment of interest on the Junior Subordinated Debentures as of the first quarter 2012. | ||||||||||||||||||||||
Information concerning the Junior Subordinated Debentures is as follows at the periods indicated. | ||||||||||||||||||||||
(dollars in thousands) | Commencement | |||||||||||||||||||||
Stated | of Early | As of December 31, | ||||||||||||||||||||
Maturity | Redemption | 2013 | 2012 | |||||||||||||||||||
Issuer | Date | Period | Principal | Unpaid Interest | Principal | Unpaid Interest | Interest Rate | |||||||||||||||
FNB Trust I | 12/15/35 | 12/15/10 | $ | 20,619 | $ | 753 | $ | 20,619 | $ | 403 | 3 month LIBOR + 1.37% =r clear=none/>1.616% at 12/31/13 | |||||||||||
FNB Trust II | 6/30/36 | 6/30/11 | 30,928 | 1,078 | 30,928 | 567 | 3 month LIBOR + 1.32% =r clear=none/>1.566% at 12/31/13 | |||||||||||||||
Catawba Trust II | 12/30/32 | 12/30/07 | 5,155 | 404 | 5,155 | 204 | 3 month LIBOR + 3.35% =r clear=none/>3.596% at 12/31/13 | |||||||||||||||
Total Junior Subordinated Debentures | $ | 56,702 | $ | 2,235 | $ | 56,702 | $ | 1,174 | ||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Employee Benefit Plans | |||||||||||||
Pension Plan | |||||||||||||
COB maintains a defined benefit pension plan. In September 2006, the Board of Directors of COB approved a modified freeze to the pension plan. Effective December 31, 2006, no new employees were eligible to enter the plan. Participants who were at least age 40, had earned 10 years of vesting service as an employee of COB and remained an active employee as of December 31, 2006 qualified for a grandfathering provision. In November 2010, COB’s Board of Directors approved an additional amendment to the plan which ceased participant benefit accruals as of December 31, 2010. The retirement benefits of all other participants in the pension plan were frozen as of December 31, 2006. | |||||||||||||
Benefits are based on the employee's compensation, years of service and age at retirement. COB's funding policy is to contribute annually to the plan an amount which is not less than the minimum amount required by the Employee Retirement Income Security Act of 1974 and not more than the maximum amount deductible for income tax purposes. | |||||||||||||
The following table sets forth the plan’s change in benefit obligation, plan assets and the funded status of the pension plan, using a December 31 measurement date, and amounts recognized in the consolidated statements as of December 31: | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 15,342 | $ | 14,597 | |||||||||
Service cost | — | — | |||||||||||
Interest cost | 646 | 668 | |||||||||||
Net actuarial (gain) loss | (1,219 | ) | 758 | ||||||||||
Benefits paid | (804 | ) | (681 | ) | |||||||||
Benefit obligation at end of year | $ | 13,965 | $ | 15,342 | |||||||||
Change in Plan Assets | |||||||||||||
Fair value of plan assets at beginning of year | $ | 12,370 | $ | 9,234 | |||||||||
Actual return on plan assets | 1,265 | 1,017 | |||||||||||
Employer contributions | — | 2,800 | |||||||||||
Benefits paid | (804 | ) | (681 | ) | |||||||||
Fair value of plan assets at December 31 | $ | 12,831 | $ | 12,370 | |||||||||
Funded Status at End of Year | $ | (1,134 | ) | $ | (2,972 | ) | |||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||
Other Liabilities | $ | (1,134 | ) | $ | (2,972 | ) | |||||||
Amounts Recognized in Accumulated Other Comprehensive Income | |||||||||||||
Net actuarial loss | $ | 5,223 | $ | 7,312 | |||||||||
Net amount recognized | $ | 5,223 | $ | 7,312 | |||||||||
Weighted-Average Allocation of Plan Assets at End of Year | |||||||||||||
Equity securities | 65 | % | 62 | % | |||||||||
Debt securities | 35 | 36 | |||||||||||
Cash and cash equivalents | — | 2 | |||||||||||
Fixed income funds | — | — | |||||||||||
Total | 100 | % | 100 | % | |||||||||
Weighted-Average Plan Assumptions at End of Year | |||||||||||||
Discount rate | 5.1 | % | 4.25 | % | |||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | |||||||||
Rate of increase in compensation levels | 5.5 | % | 5.5 | % | |||||||||
The expected long-term rate of return on plan assets considers the portfolio as a whole and not on the sum of the returns on individual asset categories. | |||||||||||||
Components of net periodic pension cost (income) and other amounts recognized in other comprehensive income are as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net Periodic Pension Cost (Income) | |||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||
Interest cost | 646 | 668 | 712 | ||||||||||
Expected return on plan assets | (958 | ) | (804 | ) | (690 | ) | |||||||
Amortization of prior service cost | — | — | — | ||||||||||
Amortization of net actuarial loss | 562 | 524 | 411 | ||||||||||
Total pension cost | $ | 250 | $ | 388 | $ | 433 | |||||||
Other Changes in Plan Assets and Benefit Obligations | |||||||||||||
Recognized in Other Comprehensive Income: | |||||||||||||
Net actuarial loss (gain) | $ | (2,089 | ) | $ | 22 | $ | 1,897 | ||||||
Amortization of prior service credit | — | — | — | ||||||||||
Total recognized in other comprehensive loss (income) | (2,089 | ) | 22 | 1,897 | |||||||||
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Loss | $ | (1,839 | ) | $ | 410 | $ | 2,330 | ||||||
The estimated net loss and prior service cost that will be amortized from accumulated other comprehensive income/(loss) into net periodic pension cost over the next year are approximately $0.4 million and $0, respectively. | |||||||||||||
COB’s investment policies and strategies for the pension plan use a target allocation for equity and for debt securities based on the funding status of the plan. The investment goals attempt to maximize returns while remaining within specific risk management policies. While the risk management policies permit investment in specific debt and equity securities, a significant percentage of total plan assets are maintained in mutual funds, approximately 99.7% at December 31, 2013, to assist in investment diversification. Generally the investments are readily marketable and can be sold to fund benefit payment obligations as they become payable. | |||||||||||||
The following table provides the fair values of investments held in the pension plan by major asset category: | |||||||||||||
31-Dec-13 | |||||||||||||
(dollars in thousands) | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | ||||||||||
Value | (Level 1) | (Level 2) | |||||||||||
Equity securities | $ | 8,321 | $ | 8,321 | $ | — | |||||||
Debt securities | 4,473 | 4,473 | — | ||||||||||
Other | 37 | 37 | — | ||||||||||
Total fair value of pension assets | $ | 12,831 | $ | 12,831 | $ | — | |||||||
31-Dec-12 | |||||||||||||
(dollars in thousands) | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | ||||||||||
Value | (Level 1) | (Level 2) | |||||||||||
Equity securities | $ | 7,752 | $ | 7,752 | $ | — | |||||||
Debt securities | 4,429 | 4,429 | — | ||||||||||
Other | 189 | 189 | — | ||||||||||
Total fair value of pension assets | $ | 12,370 | $ | 12,370 | $ | — | |||||||
The equity securities measured at fair value consist primarily of stock mutual funds (Level 1 inputs). Debt securities include corporate bonds, bond mutual funds, U.S. government and agency securities and obligations of state and political subdivisions (Level 1 inputs). Other investments consist of money market deposits (Level 1 inputs). For further information regarding levels of input used to measure fair value, refer to Note 20. | |||||||||||||
In 2013, COB contributed $0 to its pension plan. COB expects to contribute $150 thousand to its pension plan in 2014. However, the assets of the COB Employees Pension Plan are less in value than the present value of the accrued benefits (vested and unvested) of the participants in the Pension Plan on a termination and projected benefit obligation basis. | |||||||||||||
The estimated benefit payments for each year ending December 31 from 2014 through 2018 are as follows: $0.8 million in 2014, $0.8 million in 2015, $0.9 million in 2016, $0.9 million in 2017 and $0.9 million in 2018. The estimated benefit payments to be paid in the aggregate for the five year period from 2019 through 2023 are $4.5 million. The estimated benefit payments are based on the same assumptions used to measure the benefit obligation at December 31, 2013 and include estimated future employee service. | |||||||||||||
Supplemental Executive Retirement Plans | |||||||||||||
COB has maintained three noncontributory, nonqualified supplemental executive retirement plans (“SERPs”), covering certain executive employees. | |||||||||||||
Annual benefits payable under the first of these SERPs are based on factors similar to those for the pension plan, with offsets related to amounts payable under the pension plan and social security benefits. SERP costs, which are actuarially determined using the projected unit credit method and recorded on an unfunded basis, are charged to current operations and credited to a liability account on the consolidated balance sheet. In 2010, the Board of Directors approved an amendment to the plan which stopped additional benefit accrual under the SERP after December 31, 2010. This action did not impact a participant's vested or accrued benefit in the plan. In September, 2012 the Board of Directors approved an amendment to terminate the Plan. The amendment provides for lump sum cash distributions of participant benefits in accordance with Internal Revenue Code Section 409A. These payments were made in 2013 and there are no further obligations under this SERP. | |||||||||||||
In connection with the acquisition by COB of Carolina Fincorp, Inc. in 2000, CommunityOne assumed the obligations of Richmond Savings Bank, Inc., SSB under its Nonqualified Supplemental Retirement Plan. There was one retired executive covered under this plan, who was entitled to a retirement benefit of $30,000 per year payable for 10 years. Benefit payments began in 2012. In September, 2012 the Board of Directors approved an amendment to terminate the Plan. The amendment provided for a lump sum cash distribution of the participant benefit in accordance with Internal Revenue Code Section 409A. These payments were made during 2013 and there are no future obligations under this SERP. | |||||||||||||
As a result of the acquisition of Integrity Financial Corporation in 2006, CommunityOne assumed the obligations of a nonqualifying deferred compensation plan for the former president of Integrity. Under the plan provisions, benefit payments began in 2006 and are payable for 10 years. During 2013, 2012 and 2011, provisions of $17,000, $39,000, and $49,000 respectively, were expensed for future benefits to be provided under this plan. The total liability under this plan was $0.3 million at December 31, 2013 and $0.4 million at December 31, 2012, respectively, and is included in other liabilities in the accompanying consolidated balance sheets. Payments amounting to $78,000 in 2013, $80,000 in 2012 and $76,000 in 2011 were made under the provisions of this SERP. | |||||||||||||
The following table sets forth the change in benefit obligation, plan assets and the funded status of the three SERPs, using a December 31 measurement date, and amounts recognized in the consolidated statements as of December 31: | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 1,345 | $ | 1,980 | |||||||||
Service cost | — | — | |||||||||||
Interest cost | 84 | 107 | |||||||||||
Amendments to plan | — | — | |||||||||||
Net actuarial loss (gain) | (13 | ) | (457 | ) | |||||||||
Benefits paid | (1,153 | ) | (285 | ) | |||||||||
Benefit obligation at end of year | $ | 263 | $ | 1,345 | |||||||||
Change in Plan Assets | |||||||||||||
Employer contributions | $ | 1,153 | $ | 285 | |||||||||
Benefits paid | (1,153 | ) | (285 | ) | |||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||
Funded Status at December 31 | $ | (263 | ) | $ | (1,345 | ) | |||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||
Other Liabilities | $ | 263 | $ | 1,345 | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||
Net actuarial gain | $ | — | $ | (1,002 | ) | ||||||||
Prior service cost | — | 155 | |||||||||||
Net amount recognized | $ | — | $ | (847 | ) | ||||||||
Weighted-Average Plan Assumption at End of Year: | |||||||||||||
Discount rate | 7 | % | 7 | % | |||||||||
The increase in the assumed discount rate is the result of COB's decision to terminate the SERP plan and pay out the remaining balance in 2013. | |||||||||||||
Components of net periodic SERP cost and other amounts recognized in other comprehensive loss are as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net Periodic SERP Cost | |||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||
Interest cost | 84 | 107 | 137 | ||||||||||
Amortization of prior service cost | 155 | 31 | 48 | ||||||||||
Amortization of net actuarial gain | (1,015 | ) | (48 | ) | (108 | ) | |||||||
Net periodic SERP cost | $ | (776 | ) | $ | 90 | $ | 77 | ||||||
Other Changes in Plan Assets and Benefit Obligations | |||||||||||||
Recognized in Other Comprehensive Income | |||||||||||||
Net actuarial loss (gain) | $ | 1,002 | $ | (409 | ) | $ | 168 | ||||||
Amortization of prior service credit | (155 | ) | (31 | ) | (48 | ) | |||||||
Total recognized in other comprehensive loss (income) | 847 | (440 | ) | 120 | |||||||||
Total Recognized in Net Periodic SERP (Income) Cost and Other Comprehensive Income (Loss) | $ | 71 | $ | (350 | ) | $ | 197 | ||||||
The estimated net (gain) loss and prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic SERP cost over the next year are approximately $0 and $0 respectively. | |||||||||||||
The remaining SERP is an unfunded plan. Consequently, there are no plan assets or cash contribution requirements other than for the direct payment of benefits. | |||||||||||||
Other Postretirement Defined Benefit Plans | |||||||||||||
COB has maintained a postretirement benefit plan, which provides medical and life insurance benefits to retirees who obtained certain age and service requirements. The medical plan is contributory, with retiree contributions adjusted whenever medical insurance rates change. The life insurance plan is noncontributory. | |||||||||||||
In conjunction with the modified freeze of the pension plan, the postretirement medical and life insurance plan was also amended. Effective December 31, 2006, no new employees are eligible to enter the postretirement medical and life insurance plan. Participants who were at least age 40, had earned 10 years of vesting service as an employee of COB and remained an active employee as of December 31, 2006 qualified for a grandfathering provision. In November 2010, COB’s Board of Directors approved an additional amendment to the plan which ceased participant benefit accruals as of December 31, 2010. | |||||||||||||
The following table sets forth the plans change in benefit obligation, plan assets and the funded status of the postretirement plans, using a December 31 measurement date, and amounts recognized in the consolidated statements as of December 31: | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 1,377 | $ | 1,459 | |||||||||
Service cost | — | — | |||||||||||
Interest cost | 57 | 63 | |||||||||||
Net actuarial (gain) loss | (223 | ) | (84 | ) | |||||||||
Plan participant contributions | 81 | 79 | |||||||||||
Benefits paid | (154 | ) | (140 | ) | |||||||||
Benefit obligation at end of year | $ | 1,138 | $ | 1,377 | |||||||||
Change in Plan Assets | |||||||||||||
Employer contributions | $ | 73 | $ | 61 | |||||||||
Plan participant contributions | 81 | 79 | |||||||||||
Benefits paid | (154 | ) | (140 | ) | |||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||
Funded Status at December 31 | $ | (1,138 | ) | $ | (1,377 | ) | |||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||
Other Liabilities | $ | 1,138 | $ | 1,377 | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||
Net actuarial loss | $ | (138 | ) | $ | 86 | ||||||||
Prior service credit | (16 | ) | (21 | ) | |||||||||
Net amount recognized | $ | (154 | ) | $ | 65 | ||||||||
Weighted-Average Plan Assumption at End of Year: | |||||||||||||
Discount rate | 5.1 | % | 4.25 | % | |||||||||
Increasing or decreasing the assumed medical cost trend rate by one percentage point would not have a significant effect on either the postretirement benefit obligation at December 31, 2013 or the aggregate of the service and interest cost components of net periodic postretirement benefit cost for the year ended December 31, 2013. | |||||||||||||
Components of net postretirement benefit cost and other amounts recognized in other comprehensive income are as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net Periodic Postretirement Benefit Cost | |||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||
Interest cost | 57 | 63 | 74 | ||||||||||
Amortization of prior service credit | (4 | ) | (4 | ) | (4 | ) | |||||||
Amortization of net actuarial loss | — | — | — | ||||||||||
Net periodic postretirement benefit cost | $ | 53 | $ | 59 | $ | 70 | |||||||
Other Changes in Plan Assets and Benefit Obligations | |||||||||||||
Recognized in Other Comprehensive Income | |||||||||||||
Net actuarial (gain) loss | $ | (223 | ) | $ | (84 | ) | $ | (223 | ) | ||||
Amortization of prior service cost | 4 | 4 | 4 | ||||||||||
Total recognized in other comprehensive (income) loss | (219 | ) | (80 | ) | (219 | ) | |||||||
Total Recognized in Net Periodic Postretirement Benefit Cost and Other Comprehensive (Income) Loss | $ | (166 | ) | $ | (21 | ) | $ | (149 | ) | ||||
The estimated net (gain) loss and prior service credit that will be amortized from accumulated other comprehensive income/(loss) into net periodic postretirement benefit cost over the next year are $(4,000) and $(4,200). | |||||||||||||
The postretirement medical and life insurance plans are unfunded plans. Consequently, there are no plan assets or cash contribution requirements other than for the direct payment of benefits. | |||||||||||||
The estimated benefit payments for each year ending December 31 from 2014 through 2018 are as follows: $65,000 in 2014, $68,000 in 2015, $68,000 in 2016, $69,000 in 2017 and $70,000 in 2018. The estimated benefit payments to be paid in the aggregate for the five year period from 2019 through 2023 are $0.4 million. The estimated benefit payments are based on the same assumptions used to measure the benefit obligation at December 31, 2013 and include estimated future employee service. | |||||||||||||
Matching Retirement/Savings Plan | |||||||||||||
COB has a matching retirement/savings plan which permits eligible employees to make contributions to the plan up to a specified percentage of compensation as defined by the plan. A portion of the employee contributions are matched by COB based on the plan formula, which is $0.50 for each dollar on the first 6% of eligible pay deferred by the employee under the plan. Additionally, commencing in 2007, COB on a discretionary basis may make an annual contribution up to a specified percentage of compensation as defined by the plan to the account of each eligible employee. COB did not make a discretionary contribution in 2013, 2012 or 2011. The matching and discretionary contributions amounted to $0.5 million in 2013, $0.6 million in 2012, and $0.4 million in 2011. | |||||||||||||
Granite sponsored a tax-qualified profit-sharing and savings retirement plan covering substantially all Granite employees. Contributions to the plan were made at the discretion of the Board of Directors but were not permitted to exceed the maximum amount allowable for federal income tax purposes. There were no Company contributions made for the years ended December 31, 2013 and 2012. The plan permits eligible employees to make contributions to the plan up to a specified percentage of compensation as defined by the plan. Effective January 1, 2012, the plan was amended to provide a match on a portion of the employee contributions. The match is based on the plan formula, which is $0.50 for each dollar on the first 6% of eligible pay deferred by the employee under the plan. During July 2012, Granite's plan and COB's plan were merged together into an amended and restated CommunityOne 401(k) plan. | |||||||||||||
Granite sponsored a non-tax qualified profit-sharing supplemental executive retirement plan for certain executive officers, which allowed Granite to supplement the level of the executive officers' retirement incomes over that which is obtainable through the tax-qualified profit-sharing retirement plan sponsored by Granite. There was no expense for the years ended December 31, 2013 and 2012. The plan was terminated in October, 2011 and two remaining balances were paid out in 2012. There are no future obligations under this plan. |
CommunityOne_Bancrop_Parent_Co
CommunityOne Bancrop (Parent Company) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
CommunityOne Bancrop (Parent Company) | ' | ||||||||||||
CommunityOne Bancorp (Parent Company) | |||||||||||||
The parent company’s principal asset is its investments in its bank subsidiary, the Bank. | |||||||||||||
The condensed financial position as of December 31, 2013 and 2012, and the condensed results of operations and cash flows for each of the years in the three-year period ended December 31, 2013 of COB, parent company only, are presented below. | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Condensed Balance Sheets | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 637 | $ | 606 | |||||||||
Investment in subsidiaries | 143,683 | 161,007 | |||||||||||
Other assets | 505 | 81 | |||||||||||
Total Assets | $ | 144,825 | $ | 161,694 | |||||||||
Liabilities and shareholders’ equity: | |||||||||||||
Accrued liabilities | $ | 7,762 | $ | 6,547 | |||||||||
Borrowed funds | 56,702 | 56,702 | |||||||||||
Shareholders’ equity | 80,361 | 98,445 | |||||||||||
Total Shareholders’ Equity and Liabilities | $ | 144,825 | $ | 161,694 | |||||||||
2013 | 2012 | 2011 | |||||||||||
Condensed Statements of Operations | |||||||||||||
Noninterest income | $ | 31 | $ | 34 | $ | 32 | |||||||
Interest expense | (1,092 | ) | (1,157 | ) | (1,072 | ) | |||||||
Noninterest expense | (742 | ) | (970 | ) | (3,351 | ) | |||||||
Loss before tax (benefit) expense | (1,803 | ) | (2,093 | ) | (4,391 | ) | |||||||
Income tax expense (benefit) | — | (311 | ) | 723 | |||||||||
Loss before equity in undistributed net loss of subsidiaries | (1,803 | ) | (1,782 | ) | (5,114 | ) | |||||||
Equity in undistributed net loss of subsidiaries | 320 | (38,223 | ) | (132,200 | ) | ||||||||
Net loss | (1,483 | ) | (40,005 | ) | (137,314 | ) | |||||||
Preferred stock gain on retirement, net of accretion, and dividends | — | — | 44,592 | ||||||||||
Net Loss to Common Shareholders | $ | (1,483 | ) | $ | (40,005 | ) | $ | (92,722 | ) | ||||
Condensed Statements of Cash Flows | |||||||||||||
Cash flows from operating activities | |||||||||||||
Net Loss | $ | (1,483 | ) | $ | (40,005 | ) | $ | (137,314 | ) | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed net loss of subsidiaries | (320 | ) | 38,223 | 132,200 | |||||||||
Other, net | 1,153 | 503 | 6,638 | ||||||||||
Net cash provided by (used in) operating activities | (650 | ) | (1,279 | ) | 1,524 | ||||||||
Cash flows from investing activities | |||||||||||||
Downstream cash investment in subsidiary | — | (6,709 | ) | (287,711 | ) | ||||||||
Net cash used in investing activities | — | (6,709 | ) | (287,711 | ) | ||||||||
Cash flows from financing activities | |||||||||||||
Proceeds from issuance of common stock | 6,694 | 289,571 | |||||||||||
Cash dividends paid on preferred stock | — | — | (756 | ) | |||||||||
Other | 681 | (908 | ) | — | |||||||||
Net cash provided by (used in) financing activities | 681 | 5,786 | 288,815 | ||||||||||
Net increase (decrease) in cash | 31 | (2,202 | ) | 2,628 | |||||||||
Cash at beginning of period | 606 | 2,808 | 180 | ||||||||||
Cash at end of period | $ | 637 | $ | 606 | $ | 2,808 | |||||||
Capital_Matters
Capital Matters | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||||||||||||||||||||
Capital Matters | ' | |||||||||||||||||||||||||
Capital Matters | ||||||||||||||||||||||||||
COB and the Bank are required to comply with capital adequacy requirements established by the federal banking agencies. Failure to meet these minimum capital requirements can initiate certain mandatory – and possible additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on COB’s and the Bank's financial statements. Under the capital adequacy guidelines, COB and the bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. COB and the Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors. In addition, the prompt corrective action provisions of federal law require the federal banking agencies to take action to resolve problems of insured depository institutions such as the Bank as their capital levels decrease. | ||||||||||||||||||||||||||
The Bank had been subject to a Consent Order with the OCC, dated July 22, 2010, which was terminated by the OCC effective June 10, 2013. However, the Bank has continuing obligations to, among other things, adhere to its 2013 Business Plan for which the Bank has obtained supervisory non-objection from the OCC, including maintaining the capital ratios contained in the Plan, and continues to have restrictions on its ability to pay dividends. Likewise, the Written Agreement between COB and the FRBR dated October 21, 2010 was terminated effective November 7, 2013; however, COB remains obligated to make sure the Bank adheres to its Business Plan. COB also remains obligated to not declare or pay any dividends or make any payments on its trust preferred securities or incur, increase or guarantee additional debt without prior written approval of the FRBR. The Bank is in compliance with its Business Plan and COB is in compliance with the obligations described above. | ||||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require each bank to maintain minimum amounts and ratios (set forth in the accompanying table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). The minimum capital requirements to be characterized as “well-capitalized” and “adequately capitalized,” as defined by the prompt corrective action provision of federal law and CommunityOne’s capital ratios as of December 31, 2013 are noted in the following table. At December 31, 2013 CommunityOne Bank was designated as “well capitalized.” | ||||||||||||||||||||||||||
Minimum Regulatory Requirement to be Well Capitalized | ||||||||||||||||||||||||||
(dollars in thousands) | Actual | For Capital | Under Prompt | |||||||||||||||||||||||
Adequacy Purposes | Corrective Action | |||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||
Consolidated | $ | 159,146 | 12.62 | % | $ | 100,859 | 8 | % | N/A | |||||||||||||||||
CommunityOne Bank, N.A. | 166,152 | 13.2 | 100,713 | 8 | $ | 125,891 | 10 | % | ||||||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||
Consolidated | 119,499 | 9.48 | $ | 50,429 | N/A | N/A | ||||||||||||||||||||
CommunityOne Bank, N.A. | 150,274 | 11.94 | 50,356 | 4 | $ | 75,534 | 6 | % | ||||||||||||||||||
Tier 1 Capital (to Average Assets) | ||||||||||||||||||||||||||
Consolidated | 119,499 | 5.96 | $ | 80,220 | N/A | N/A | ||||||||||||||||||||
CommunityOne Bank, N.A. | 150,274 | 7.49 | 80,204 | 4 | $ | 100,256 | 5 | % | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||
Consolidated | $ | 158,993 | 12.34 | % | $ | 103,051 | 8 | % | N/A | |||||||||||||||||
CommunityOne Bank, N.A. | 103,976 | 11.4 | 72,997 | 8 | $ | 91,247 | 10 | % | ||||||||||||||||||
Bank of Granite | 60,896 | 16.3 | 29,893 | 8 | 37,366 | 10 | ||||||||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||
Consolidated | 119,242 | 9.26 | 51,525 | — | N/A | |||||||||||||||||||||
CommunityOne Bank, N.A. | 92,418 | 10.13 | 36,499 | 4 | $ | 54,748 | 6 | % | ||||||||||||||||||
Bank of Granite | 56,209 | 15.04 | 14,946 | 4 | 22,420 | 6 | ||||||||||||||||||||
Tier 1 Capital (to Average Assets) | ||||||||||||||||||||||||||
Consolidated | 119,242 | 5.45 | 87,567 | — | N/A | |||||||||||||||||||||
CommunityOne Bank, N.A. | 92,418 | 6.17 | 59,909 | 4 | $ | 74,886 | 5 | % | ||||||||||||||||||
Bank of Granite | 56,209 | 8.12 | 27,675 | 4 | 34,594 | 5 | ||||||||||||||||||||
OffBalance_Sheet_Arrangements
Off-Balance Sheet Arrangements | 12 Months Ended |
Dec. 31, 2013 | |
Off-Balance Sheet Arrangements [Abstract] | ' |
Off-Balance Sheet Arrangements | ' |
Off-Balance Sheet Arrangements | |
In the normal course of business, various commitments are outstanding that are not reflected in the consolidated financial statements. Significant commitments at December 31, 2013 are discussed below. | |
Commitments by the Bank to extend credit and undisbursed advances on customer lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. At December 31, 2013, total commitments to extend credit and undisbursed advances on customer lines of credit amounted to $225.6 million. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments expire without being fully drawn, the total commitment amounts do not necessarily represent future cash requirements. COB evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit is based on the credit evaluation of the borrower. | |
The Bank issues, and Granite previously issued, standby letters of credit whereby each guarantees the performance of a customer to a third party if a specified triggering event or condition occurs. The guarantees generally expire within one year and may be automatically renewed depending on the terms of the guarantee. All standby letters of credit provide for recourse against the customer on whose behalf the letter of credit was issued, and this recourse may be further secured by a pledge of assets. The maximum potential amount of undiscounted future payments related to standby letters of credit was $0.7 million at December 31, 2013 and $0.9 million at December 31, 2012. | |
The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as they do for on-balance-sheet instruments. The fair value of these commitments was not considered material. | |
COB does not have any special purpose entities or other similar forms of off-balance sheet financing. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||
COB filed articles of amendment to its articles of incorporation on October 31, 2011 to effect a one-for-one hundred reverse stock split (the “Reverse Stock Split”) of its common stock. The amendment became effective following the close of trading on October 31, 2011. A purpose of the Reverse Stock Split is to increase the per share trading price of COB's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market. As a result of the Reverse Stock Split, every 100 shares of COB's common stock issued and outstanding prior to the opening of trading on November 1, 2011 were consolidated into one issued and outstanding share. No fractional shares were issued as a result of the Reverse Stock Split. Instead, any fractional share resulting from the Reverse Stock Split was rounded up to the next largest whole share. All share and per share amounts have been retroactively adjusted in the financial statements and footnotes to account for the impact of the Reverse Stock Split. | ||||||||||||||||||||||
Basic net loss per share, or basic earnings (loss) per share (“EPS”), is computed by dividing net loss to common shareholders by the weighted average number of common shares outstanding for the period. | ||||||||||||||||||||||
During the years ended December 31, 2013 and December 31, 2012, COB had no preferred stock outstanding. During the year ended December 31, 2011, and in order the complete the Recapitalization, COB paid dividends and deferred interest of approximately $4.5 million on Series A preferred stock, in addition to the $0.6 million accretion of the discount on the preferred stock. At December 31, 2013 and December 31, 2012, COB had no unpaid cumulative dividends. | ||||||||||||||||||||||
The following table represents the impact of preferred stock activity on the Consolidated Statement of Operations for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||||||||||
(dollars in thousands) | December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Gain on the retirement of Series A preferred stock | $ | — | $ | — | $ | 38,625 | ||||||||||||||||
Gain on retirement of Bank preferred stock | — | — | 9,375 | |||||||||||||||||||
Total gain on the retirement of preferred stock | — | — | 48,000 | |||||||||||||||||||
Dividends and accretion on Series A preferred stock | — | — | (2,652 | ) | ||||||||||||||||||
Dividends on Bank preferred stock | — | — | (756 | ) | ||||||||||||||||||
Total dividends on preferred stock | — | — | (3,408 | ) | ||||||||||||||||||
Preferred stock gain on retirement, net of accretion, and dividends | $ | — | $ | — | $ | 44,592 | ||||||||||||||||
Diluted EPS reflects the potential dilution that could occur if COB’s potential common stock, which consists of dilutive stock options and a common stock warrant held by the U.S. Treasury, were issued. As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the income statement. | ||||||||||||||||||||||
Due to a net loss for the twelve month periods ended December 31, 2013, 2012 and 2011; all stock options and the common stock warrant were considered antidilutive and thus are not included in this calculation. Additionally, for the periods ended December 31, 2013, December 31, 2012 and December 31, 2011, there were 22,713, 23,197 and 24,818 antidilutive shares, respectively. Of the antidilutive shares, the number of shares relating to stock options were 641 at December 31, 2013, 1,125 at December 31, 2012, and 2,746 at December 31, 2011. Average antidilutive shares relating to the common stock warrant were 22,072 for each of the three years. Because the exercise price exceeded the average market price for the periods discussed and because of the net loss, the stock options and common stock warrant were omitted from the calculation of diluted earnings per share for their respective periods. | ||||||||||||||||||||||
Stock Based Compensation | ||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, COB had five share-based compensation plans in effect. The compensation expense charged against income for those plans was $653,000, $3,000, and $23,000, respectively, and the related income tax benefit was $250,000, $1,000 and $9,000, respectively. | ||||||||||||||||||||||
On June 21, 2012, COB shareholders approved the FNB 2012 Incentive Plan. The 2012 Incentive Plan, which was intended to replace the 2003 plan, provides for the grant of stock options, restricted stock and other stock-based awards, as well as cash-based performance awards. An amended and restated Incentive Plan was approved by the shareholders on June 20, 2013. As amended, a total of 1,800,000 shares have been authorized for issuance under the 2012 Incentive Plan, and the maximum number of shares of COB common stock with respect to which an employee may be granted awards under the 2012 Incentive Plan during any calendar year period is 100,000 shares. On December 28, 2012, a total of 110,059 shares of long-term restricted stock were granted pursuant to the 2012 Incentive Plan to the top six officers of COB and during 2013, a total of 158,302 shares of restricted stock were issued to the same six officers, eight of the nine non-executive directors, and a larger group of employees pursuant to the same plan. In each case such shares were valued at the closing price of COB common stock on the grant date. | ||||||||||||||||||||||
COB adopted stock compensation plans in 1993 and 2003 that allow for the granting of incentive and nonqualified stock options to key employees and directors. The 2003 stock compensation plan also allows for the granting of restricted stock. Under terms of both the 1993 and 2003 plans, options are granted at prices equal to the fair market value of the common stock on the date of grant. Options become exercisable after one year in equal, cumulative installments over a five-year period. No option shall expire later than ten years from the date of grant. No further grants can be made under the 1993 stock compensation plan after March 10, 2003. Based on the stock options outstanding at December 31, 2013, no shares of common stock have been reserved for issuance under the 1993 stock compensation plan. No shares of common stock has been reserved for issuance under the 2003 stock compensation plan. At December 31, 2013, there were no shares available under the 2003 plan for the granting of additional options or stock awards. | ||||||||||||||||||||||
With the completion of the Merger, each outstanding option to purchase shares of Granite Corp. common stock, whether or not exercisable, was converted into options to purchase COB common stock. After adjusting for the Reverse Stock Split and rounding up to the nearest whole share, there were 78 stock options assumed from Granite Corp. All of those options expired during 2012, and none remain exercisable at December 31, 2013. | ||||||||||||||||||||||
COB assumed three stock compensation plans in its acquisition of Integrity Financial Corporation in 2006. Qualified and nonqualified stock options are outstanding under these plans for grants issued from 1997 to 2004 to key employees and directors at a price equal to fair market value on the date of grant. No additional grants will be made under these plans. Based on the stock options outstanding at December 31, 2013, no shares of common stock have been reserved for issuance under these stock compensation plans. | ||||||||||||||||||||||
The fair market value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The risk-free interest rate is based on a U.S. Treasury instrument with a life that is similar to the expected life of the option grant. Expected volatility is based on the historical volatility of the COB’s common stock over approximately the previous 6 years, except for the options granted in 2013, which are based on the historical volatility of COB's common stock since July 1, 2012. The expected life of the options has historically been considered to be approximately 6 years. The expected dividend yield is based upon the current yield in effect at the date of grant. There were 54,060 options granted to employees during 2013 with a risk-free rate of 2.60%, a historical volatility of 29.60% and an expected dividend yield of 0%. The fair value of options granted during 2013 was $3.27. There were no stock options granted in 2012 or 2011, respectively. | ||||||||||||||||||||||
The following is a summary of stock option activity: | ||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average | ||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding at beginning of year | 1,125 | $ | 1,963.29 | 2,742 | $ | 1,821.79 | 3,658 | $ | 1,857.00 | |||||||||||||
Granted | 54,060 | 7.86 | — | — | — | — | ||||||||||||||||
Assumed | — | — | — | — | 78 | 267.53 | ||||||||||||||||
Exercised | — | — | — | — | — | — | ||||||||||||||||
Forfeited or expired | (484 | ) | 2,156.98 | (1,617 | ) | 1,723.34 | (994 | ) | 1,829.09 | |||||||||||||
Outstanding at end of year | 54,701 | 29.06 | 1,125 | 1,963.29 | 2,742 | 1,821.79 | ||||||||||||||||
Options exercisable at end of year | 641 | 1,817.04 | 1,125 | 1,963.29 | 2,711 | 1,825.85 | ||||||||||||||||
At December 31, 2013, information concerning stock options outstanding and exercisable is as follows: | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted | Weighted | Number | Weighted | Weighted | ||||||||||||||||
Average | Average | Exercisable | Average | Average | ||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | |||||||||||||||||||
Contractual | Price | Contractual | Price | |||||||||||||||||||
Life (Years) | Life (Years) | |||||||||||||||||||||
$1 - $10 | 54,060 | 9.29 | $ | 7.86 | — | — | $ | — | ||||||||||||||
$1,350 - $1,620 | 181 | 1.15 | 1,440.74 | 181 | 1.15 | 1,440.74 | ||||||||||||||||
$1,621 - $1,890 | 30 | 3 | 1,723.00 | 30 | 3 | 1,723.00 | ||||||||||||||||
$1,891 - $2,160 | 430 | 0.96 | 1,982.00 | 430 | 0.96 | 1,982.00 | ||||||||||||||||
In 2013, 2012 and 2011, there was no intrinsic value of options exercised, and the grant-date fair value of options vested was $0 in each of the three years. There were no options exercised in 2013. | ||||||||||||||||||||||
The following is a summary of non-vested restricted stock activity: | ||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Grant Date | Grant Date | |||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||
Non-vested at beginning of year | 110,059 | $ | 11.13 | 4 | $ | 260 | ||||||||||||||||
Granted | 158,302 | 10.71 | 110,059 | 11.13 | ||||||||||||||||||
Vested | — | — | (4 | ) | 260 | |||||||||||||||||
Forfeited or expired | — | — | — | — | ||||||||||||||||||
Non-vested at end of year | 268,361 | $ | 12.68 | 110,059 | $ | 11.13 | ||||||||||||||||
The fair value of restricted stock vested in 2013, 2012 and 2011 was $0, $1,040, and $1,040 respectively. | ||||||||||||||||||||||
On December 19, 2013, a total of 158,302 shares of restricted stock were granted by the COB Board of Directors to the same six officers, eight of the nine non-executive directors, and a larger group of employees. The awards to the six officers constituted long-term restricted stock, some of which were time vesting only, with 2/3rds of the stock vesting on the second anniversary of the date of grant and the final 1/3 vesting on the third anniversary of the date of grant, and a portion of which also require COB common stock to reach a certain stock price target. The awards to the directors constituted restricted stock, some of which were time vesting only, with 1/3 of the stock vesting on the first anniversary of the date of grant, the second 1/3 vesting on the second anniversary of the date of grant, and the final 1/3 vesting on the third anniversary of the date of grant, and a portion of which also require COB common stock to reach a certain stock price target. The awards to the larger group of employees vest over time, with 1/4 of the stock vesting on each of the first, second, third and fourth anniversary of the date of the grant. On December 28, 2012, a total of 110,059 shares of long-term restricted stock were granted by the COB Board of Directors to the top six officers of COB at the closing price of COB common stock on the grant date. Under the terms of the awards, 2/3rds of the restricted stock vests on the later of the lifting of the Consent Orders or the second anniversary of the date of grant and the final 1/3rd of the stock vesting on the later of the lifting of the Consent Order or the third anniversary of the date of grant. As indicated previously, all of the Consent Orders have been lifted. | ||||||||||||||||||||||
As of December 31, 2013, unrecognized compensation cost related to non-vested share-based compensation arrangements granted under COB’s stock benefit plans totaled $2.5 million, which will be fully recognized by December 2016. | ||||||||||||||||||||||
COB funds the option shares and restricted stock from authorized but unissued shares. COB does not typically purchase shares to fulfill the obligations of the stock benefit plans. COB’s policy does allow option holders under certain plans to exercise options with seasoned shares. |
Derivatives_and_Financial_Inst
Derivatives and Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative and Financial Instruments | ' | ||||||||||||
Derivatives and Financial Instruments | |||||||||||||
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, collars, options or other financial instruments designed to hedge exposures to interest rate risk or for speculative purposes. | |||||||||||||
Accounting guidance requires an entity to recognize all derivatives as either assets or liabilities in the balance sheet, and measure those instruments at fair value. Changes in the fair value of those derivatives are reported in current earnings or other comprehensive income depending on the purpose for which the derivative is held and whether the derivative qualifies for hedge accounting. | |||||||||||||
During the fourth quarter 2009 and first quarter 2010, the Bank entered into four interest rate swaps totaling $45.0 million, using a receive-fixed swap to mitigate the exposure to changes in the fair value attributable to the benchmark interest rate (3-month LIBOR) of the hedged items (FHLB advances) from the effective date to the maturity date of the hedged instruments. As structured, the pay-variable, receive-fixed swaps are evaluated as fair value hedges and are considered highly effective. As highly effective hedges, all fair value designated hedges and the underlying hedged instrument are recorded on the balance sheet at fair value with the periodic changes of the fair value reported in the income statement. | |||||||||||||
During the third quarter of 2011, the Bank terminated a $15.0 million interest swap at a gain of $0.9 million. This swap was used to hedge a FHLB advance that was terminated concurrently at a loss of $2.0 million. The gain on the swap and loss on the hedged item were netted in noninterest expense in the Consolidated Statements of Operations. The Bank is now under no additional obligations related to either this swap or the terminated FHLB advance. During the fourth quarter of 2011, the Bank terminated the remaining $30.0 million interest swaps at a gain of $0.8 million. This swap was used to hedge a FHLB advance that was terminated concurrently at a loss of $1.3 million. These swaps were used to convert fixed-rate FHLB advances to a floating interest rate. The gain on the swap and loss on the hedged item were netted in noninterest expense in the Consolidated Statements of Operations. The Bank is now under no additional obligations related to either the terminated swaps or the terminated FHLB advance. The net loss on the early termination of these advances was $1.6 million and is recorded as prepayment penalty on borrowings in the Consolidated Statements of Operations. There are no swaps hedging FHLB advances at December 31, 2013 or 2012. | |||||||||||||
Mortgage banking derivatives used in the ordinary course of business consist of mandatory forward sales contracts or forward contracts and rate lock loan commitments. The fair value of our derivative instruments is primarily measured by obtaining pricing from broker-dealers recognized to be market participants. | |||||||||||||
The table below provides data about the amount of gains and losses related to derivative instruments designated as hedges included in the “Accumulated other comprehensive loss” section of “Shareholders’ Equity” on the COB’s Consolidated Balance Sheets, and in “Other income” in the COB’s Consolidated Statements of Operations: | |||||||||||||
Gain, Net of Tax Recognized in Income | |||||||||||||
For Twelve months ended | |||||||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swap contracts - FHLB advances | — | — | 819 | ||||||||||
During 2012, we began originating residential mortgage loans for sale in the secondary market. We have established guidelines in originating, selling loans to Fannie Mae, and retaining or selling the loan servicing rights. The commitments to borrowers to originate residential mortgage loans and the forward sales commitments to investors are freestanding derivative instruments. As such, they do not qualify for hedge accounting treatment, and the fair value adjustments for these instruments is recorded through the Consolidated Statements of Operations in mortgage loan income. The fair market value of mortgage banking derivatives at December 31, 2013 was recorded in the consolidated balance sheet in Other Assets. | |||||||||||||
Gain (Loss) Recognized | |||||||||||||
For Twelve Months Ended | |||||||||||||
December 31, 2013 | December 31, 2012 | 31-Dec-11 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Mortgage loan rate lock commitments | $ | 4 | $ | 152 | 55 | ||||||||
Mortgage loan forward sales | (218 | ) | 52 | (44 | ) | ||||||||
Total | $ | (214 | ) | $ | 204 | $ | 11 | ||||||
Discontinued Operations | |||||||||||||
On April 7, 2009, Dover irrevocably opted to elect the fair value option for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. This election allowed Dover to enter into a hedging arrangement for the purpose of limiting risk inherent in the closed but unlocked mortgage loan pipeline and loans held for sale portfolio. | |||||||||||||
The table below provides data about the amount of gains and losses recognized in income on derivative instruments not designated as hedging instruments: | |||||||||||||
(dollars in thousands) | Gain/(Loss), Net of Tax Recognized in Income | ||||||||||||
For the Twelve Months Ended | |||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Mortgage loan rate lock commitments (1) | $ | — | $ | — | $ | — | |||||||
Mortgage loan forward sales and MBS (1) | — | — | (44 | ) | |||||||||
Total | $ | — | $ | — | $ | (44 | ) | ||||||
-1 | Recognized in “Net loss from discontinued operations” in the Company’s Consolidated Statements of Operations. | ||||||||||||
Dover originated certain residential mortgage loans with the intention of selling these loans. Between the time that Dover entered into an interest rate lock or a commitment to originate a residential mortgage loan with a potential borrower and the time the closed loan is sold, COB was subject to variability in market prices related to these commitments. COB believed that it was prudent to limit the variability of expected proceeds from the future sales of these loans by entering into forward sales commitments and commitments to deliver loans into a mortgage-backed security. The commitments to originate residential mortgage loans and the forward sales commitments were freestanding derivative instruments. They did not qualify for hedge accounting treatment so their fair value adjustments were recorded through the income statement in income from mortgage loan sales. |
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Values of Assets and Liabilities | ' | ||||||||||||||||||||
Fair Values of Assets and Liabilities | |||||||||||||||||||||
We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, derivative assets and liabilities, certain FHLB advances hedged by interest rate swaps designated as fair value hedges, performing mortgage loans held for sale, and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets and liabilities on a nonrecurring basis, such as nonperforming loans held for sale, loans held for investment, impaired loans and certain other assets and liabilities. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets or liabilities. | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
We group assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||||||
Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||||||||||
Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||||||||
Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||||||||
The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: | |||||||||||||||||||||
Investments Securities | |||||||||||||||||||||
Investment securities classified as available-for-sale are recorded at fair value on a recurring basis. Investment securities classified as held-to-maturity are recorded at amortized cost. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security's credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, 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 issued by government sponsored entities, municipal bonds and corporate debt securities. Securities classified as Level 3 may include asset-backed securities in less liquid markets. | |||||||||||||||||||||
Liquidity is a significant factor in the determination of the fair values of available-for-sale debt securities. Market price quotes may not be readily available for some positions, or positions within a market sector where trading activity has slowed significantly or ceased. Some of these instruments are valued using a discounted cash flow model, which estimates the fair value of the securities using internal credit risk, interest rate and prepayment risk models that incorporate management's best estimate of current key assumptions such as default rates, loss severity and prepayment rates. Principal and interest cash flows are discounted using an observable discount rate for similar instruments with adjustments that management believes a market participant would consider in determining fair value for the specific security. Underlying assets are valued using external pricing services, where available, or matrix pricing based on the vintages and ratings. Situations of illiquidity generally are triggered by the market's perception of credit uncertainty regarding a single company or a specific market sector. In these instances, fair value is determined based on limited available market information and other factors, principally from reviewing the issuer's financial statements and changes in credit ratings made by one or more ratings agencies. | |||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||
Loans held for sale are carried at the lower of cost or fair value less estimated costs to sell. Once sold, the loans are beyond the reach of COB in all respects and the purchasing investor has all rights of ownership, including the ability to pledge or exchange the loans. Most of the loans sold are without recourse. Gains or losses on loan sales are recognized at the time of sale, are determined by the difference between net sales proceeds and the carrying value of the loan sold, and are included in Consolidated Statements of Operations. Since loans held for sale are carried at the lower of cost or fair value, the fair value of loans held for sale is based on contractual agreements with independent third-party buyers. As such, we classify loans held for sale subjected to nonrecurring fair value adjustments as Level 2. | |||||||||||||||||||||
Loans Held for Investment | |||||||||||||||||||||
We do not record loans held for investment at fair value on a recurring basis. However, from time to time, a loan is considered impaired and the related impairment is charged against the allowance or a specific allowance is 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 impaired, management determines the fair value of the loan to quantify impairment, should such exist. The fair value of impaired loans is estimated using one of several methods, including collateral net liquidation value, market value of similar debt, enterprise value, and discounted cash flows. Those impaired loans not requiring a specific allowance represent loans for which the fair value of the expected repayments or collateral meet or exceed the recorded investments in such loans. At December 31, 2013 and December 31, 2012, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. Impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. We record impaired loans as nonrecurring Level 3. | |||||||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
OREO is adjusted to fair value upon transfer of the loans to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value less estimated costs to sell. Fair value is based upon independent market prices, appraised values of the collateral or management's estimation of the value of the collateral. Given the lack of observable market prices for identical properties, we record OREO as nonrecurring Level 3. | |||||||||||||||||||||
Interest Rate Locks and Forward Loan Sale Commitments | |||||||||||||||||||||
We enter into interest rate lock commitments and commitments to sell mortgages. The fair value of interest rate lock commitments is based on servicing rate premium, origination income net of origination costs, fall out rates and changes in loan pricing between the commitment date and the balance sheet date. We record interest rate lock commitments as recurring level 3, and based on their immaterial value, has excluded them from the fair value table. | |||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
The fair value of mortgage serving rights (MSR) is dependent upon a number of assumptions including the fee per loan, the cost to service, the expected loan prepayment rate, and the discount rate. In determining the fair value of the existing MSR management reviews the key assumptions, analyzes pricing in the market for comparable MSR, and uses a third party provider to independently calculate the fair value of its MSR. We record mortgage servicing rights as recurring Level 3. | |||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||||||||||
Assets and liabilities carried at fair value on a recurring basis at December 31, 2013 for continuing operations are summarized in the following table: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 2,077 | $ | — | $ | 2,077 | $ | — | |||||||||||||
Residential mortgage-backed securities-GSE | 341,147 | — | 341,147 | — | |||||||||||||||||
Residential mortgage-backed securities-Private | 20,752 | — | 20,752 | — | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 21,439 | 21,439 | |||||||||||||||||||
Commercial mortgage-backed securities-Private | 9,585 | — | 9,585 | — | |||||||||||||||||
Business Development Company investment | 2,737 | 2,737 | — | — | |||||||||||||||||
Corporate notes | 16,877 | — | 16,877 | — | |||||||||||||||||
Total available-for-sale debt securities | 414,614 | 2,737 | 411,877 | — | |||||||||||||||||
Mortgage servicing rights | 1,552 | — | — | 1,552 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 416,166 | $ | 2,737 | $ | 411,877 | $ | 1,552 | |||||||||||||
Assets and liabilities carried at fair value on a recurring basis at December 31, 2012 for continuing operations are summarized in the following table: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||
U.S. Treasury and government agencies | $ | 6,981 | $ | — | $ | 6,981 | $ | — | |||||||||||||
U.S. government sponsored agencies | 22,173 | — | 22,173 | — | |||||||||||||||||
States and political subdivisions | 6,038 | — | 6,038 | — | |||||||||||||||||
Residential mortgage-backed securities-GSE | 441,074 | — | 441,074 | — | |||||||||||||||||
Residential mortgage-backed securities-Private | 22,945 | — | 22,945 | — | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 23,359 | — | 23,359 | — | |||||||||||||||||
Commercial mortgage-backed securities-Private | 5,317 | — | 5,317 | — | |||||||||||||||||
Corporate notes | 36,963 | — | 36,963 | — | |||||||||||||||||
Total available-for-sale debt securities | 564,850 | — | 564,850 | — | |||||||||||||||||
Mortgage servicing rights | 726 | — | — | 726 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 565,576 | $ | — | $ | 564,850 | $ | 726 | |||||||||||||
The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated: | |||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
(dollars in thousands) | Twelve Months Ended December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Beginning balance at January 1, | $ | 726 | $ | — | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings, gross | 1,131 | 750 | |||||||||||||||||||
Less amortization | (305 | ) | (24 | ) | |||||||||||||||||
Balance, end of period | $ | 1,552 | $ | 726 | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||
We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. This is due to further deterioration in the value of the assets. | |||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis are included in the following table at December 31, 2013 for continuing operations: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Impaired loans, net | $ | 2,038 | $ | — | $ | — | $ | 2,038 | |||||||||||||
Other real estate owned | 18,263 | — | — | 18,263 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 20,301 | $ | — | $ | — | $ | 20,301 | |||||||||||||
Assets measured at fair value on a nonrecurring basis are included in the following table at December 31, 2012 for continuing operations: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Impaired loans, net | $ | 13,575 | $ | — | $ | — | $ | 13,575 | |||||||||||||
Other real estate owned | 48,480 | — | — | 48,480 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 62,055 | $ | — | $ | — | $ | 62,055 | |||||||||||||
There are no assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2013 or December 31, 2012 for discontinued operations. | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
(dollars in thousands) | Fair Value at December 31, 2013 | Valuation Techniques | Unobservable | Range | |||||||||||||||||
Input | |||||||||||||||||||||
Impaired loans, net | $ | 2,038 | Discounted appraisals | Collateral discounts | 1.00% - 30.00% | ||||||||||||||||
Other real estate owned | 18,263 | Discounted appraisals | Collateral discounts | 1.00% - 30.00% | |||||||||||||||||
Mortgage servicing rights | 1,552 | Discounted cash flows | Prepayment rate | 10.00% - 25.00% | |||||||||||||||||
Mortgage servicing rights | Discount rate | 6.00% - 10.00% | |||||||||||||||||||
(dollars in thousands) | Fair Value at | Valuation Techniques | Unobservable | Range | |||||||||||||||||
31-Dec-12 | Input | ||||||||||||||||||||
Impaired loans, net | $ | 13,575 | Discounted appraisals | Collateral discounts | 6.00%-40.00% | ||||||||||||||||
Other real estate owned | 48,480 | Discounted appraisals | Collateral discounts | 6.00%-40.00% | |||||||||||||||||
Mortgage servicing rights | 726 | Discounted cash flows | Prepayment rate | 10.00% - 30.00% | |||||||||||||||||
Mortgage servicing rights | Discount rate | 6.00% - 12.00% | |||||||||||||||||||
Level 3 Valuation Methodologies. Following is a description of the unobservable inputs used for Level 3 fair value measurements. | |||||||||||||||||||||
Disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value is required. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. | |||||||||||||||||||||
Because no market exists for a portion of our financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value for each class of COB's financial instruments. | |||||||||||||||||||||
Cash and cash equivalents. Fair value equals the carrying value of such assets due to their nature and is classified as Level 1. | |||||||||||||||||||||
Investment securities. The fair value of investment securities is based on quoted market prices, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. The fair value of equity investments in the restricted stock of the FRBR and FHLB approximates the carrying value. The fair value of investment securities is classified as Level 1 if a quoted market price is available, or Level 2 if a quoted market price is not available. | |||||||||||||||||||||
Loans held for sale. Substantially all residential mortgage loans held for sale are pre-sold and their carrying value approximates fair value. We classified the fair value of loans held for sale as Level 2. | |||||||||||||||||||||
Loans held for investment. The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of variable rate loans with frequent repricing and negligible credit risk approximates book value. The fair value of loans is further discounted by credit and liquidity factors. We classified the fair value of loans as Level 3. | |||||||||||||||||||||
Accrued interest receivable and payable. The carrying amounts of accrued interest payable and receivable approximate fair value and are classified as Level 2 if the related asset or liability is classified as Level 2, or Level 3 if the related asset or liability is classified as Level 3. | |||||||||||||||||||||
Deposits. The fair value of noninterest-bearing and interest-bearing demand deposits and savings are the amounts payable on demand because these products have no stated maturity. The fair value of time deposits is estimated using the rates currently offered for deposits of similar remaining maturities and are classified as Level 2. | |||||||||||||||||||||
Borrowed funds. The carrying value of retail repurchase agreements is considered to be a reasonable estimate of fair value. The fair value of FHLB advances and other borrowed funds is estimated using the rates currently offered for advances of similar remaining maturities and is classified as Level 2. For the long-term note payable, the current market rate for similar debt is substantially equal to the rate on this note, so its fair value approximates its carrying value. | |||||||||||||||||||||
Junior subordinated debentures. Included in junior subordinated debentures are variable rate trust preferred securities issued by COB. Fair values for the trust preferred securities were estimated by developing cash flow estimates for each of these debt instruments based on scheduled principal and interest payments and current interest rates. Once the cash flows were determined, a rate for comparable subordinated debt was used to discount the cash flows to the present value. The estimated fair value for our junior subordinated debentures have declined due to wider credit spreads (i.e., spread to LIBOR) on similar trust preferred issues. This is due, in part, to proposed bank regulatory changes in bank capital structure. We classified the fair value of junior subordinated debentures as Level 3. | |||||||||||||||||||||
Financial instruments with off-balance sheet risk. The fair value of financial instruments with off-balance sheet risk is considered to approximate carrying value, since the large majority of these future financing commitments would result in loans that have variable rates and/or relatively short terms to maturity. For other commitments, generally of a short-term nature, the carrying value is considered to be a reasonable estimate of fair value. | |||||||||||||||||||||
The estimated fair values of financial instruments for continuing operations are as follows at the periods indicated: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets of Continuing Operations: | |||||||||||||||||||||
Cash and cash equivalents | $ | 67,430 | $ | 67,430 | $ | 67,430 | $ | — | $ | — | |||||||||||
Investment securities: Available-for-sale | 414,614 | 414,614 | 2,737 | 411,877 | — | ||||||||||||||||
Investment securities: Held-to-maturity | 151,795 | 141,125 | — | 141,125 | — | ||||||||||||||||
Loans held for sale | 1,836 | 1,836 | — | 1,836 | — | ||||||||||||||||
Loans, net | 1,185,463 | 1,129,826 | — | — | 1,129,826 | ||||||||||||||||
Accrued interest receivable | 6,283 | 6,283 | — | 1,583 | 4,700 | ||||||||||||||||
Financial Liabilities of Continuing Operations: | |||||||||||||||||||||
Deposits | 1,748,705 | 1,748,685 | — | 1,748,685 | — | ||||||||||||||||
Retail repurchase agreements | 6,917 | 6,917 | — | 6,917 | — | ||||||||||||||||
Federal Home Loan Bank advances | 73,283 | 75,663 | — | 75,663 | — | ||||||||||||||||
Long-term notes payable | 5,263 | 5,263 | — | — | 5,263 | ||||||||||||||||
Junior subordinated debentures | 56,702 | 22,316 | — | — | 22,316 | ||||||||||||||||
Accrued interest payable | 2,624 | 2,624 | — | 389 | 2,235 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets of Continuing Operations: | |||||||||||||||||||||
Cash and cash equivalents | $ | 239,610 | $ | 239,610 | $ | 239,610 | $ | — | $ | — | |||||||||||
Investment securities: Available-for-sale | 564,850 | 564,850 | — | 564,850 | — | ||||||||||||||||
Loans held for sale | 6,974 | 6,974 | — | 6,974 | — | ||||||||||||||||
Loans, net | 1,147,721 | 1,140,088 | — | — | 1,140,088 | ||||||||||||||||
Accrued interest receivable | 6,102 | 6,102 | — | 1,812 | 4,290 | ||||||||||||||||
Financial Liabilities of Continuing Operations: | |||||||||||||||||||||
Deposits | 1,906,988 | 1,910,927 | — | 1,910,927 | — | ||||||||||||||||
Retail repurchase agreements | 8,675 | 8,675 | — | 8,675 | — | ||||||||||||||||
Federal Home Loan Bank advances | 58,328 | 62,950 | — | 62,950 | — | ||||||||||||||||
Junior subordinated debentures | 56,702 | 18,760 | — | — | 18,760 | ||||||||||||||||
Accrued interest payable | 2,111 | 2,111 | — | 937 | 1,174 | ||||||||||||||||
There were no transfers between valuation levels for any assets during the years ended December 31, 2013 or December 31, 2012. If different valuation techniques are deemed necessary, we would consider those transfers to occur at the end of the period when the assets are valued. |
Common_Dividends
Common Dividends | 12 Months Ended |
Dec. 31, 2013 | |
Dividends [Abstract] | ' |
Common Dividends | ' |
Common Dividends | |
COB is a legal entity separate and distinct from its banking and other subsidiaries and has in the past relied on dividends from the Bank as its primary source of liquidity. The Bank currently is restricted from paying dividends if it is not in compliance with its OCC-approved business plan, and COB would need to obtain prior FRBR approval to pay a dividend. There also are limitations and requirements imposed by applicable law and regulation on the payment of dividends by the Bank to COB, as well as by COB to its shareholders. COB did not declare any dividends with respect to its common stock in 2013. |
Nature_of_Operations_and_Basis1
Nature of Operations and Basis of Presentation (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Nature of Operations/Consolidations | ' | |
Nature of Operations/Consolidation | ||
CommunityOne Bancorp, or "COB" or the "Company"(which also refers to us and our subsidiaries on a consolidated basis), is a bank holding company incorporated in 1984 under the laws of the State of North Carolina. Through our ownership of CommunityOne Bank, N.A., or the "Bank," a national banking association headquartered in Asheboro, North Carolina, we offer a complete line of consumer, wealth management, mortgage and business banking services, including loan, deposit, cash management, investment management and trust services, to individual and business customers through operations located throughout central, southern and western North Carolina. | ||
In addition to the Bank, we own FNB United Statutory Trust I, FNB United Statutory Trust II, and Catawba Valley Capital Trust II, which were formed to facilitate the issuance of trust preferred securities. COB also owned Granite Mortgage, Inc., which ceased mortgage operations in 2009 and filed for Chapter 11 bankruptcy on February 15, 2012. | ||
The Bank holds the stock of First National Investor Services, Inc., which holds deeds of trust for the Bank. The Bank had also owned Dover Mortgage, which had previously engaged in the business of originating, underwriting and closing mortgage loans for sale in the secondary market. Dover ceased operations in the first quarter of 2011 and filed for Chapter 11 bankruptcy on February 15, 2012. | ||
Our shareholders approved an amendment in our articles of incorporation to change our name from FNB United Corp. to CommunityOne Bancorp on June 20, 2013. This change, along with a change in our stock symbol from FNBN to COB, was implemented on July 1, 2013. | ||
Basis of Presentation | ' | |
Basis of Presentation | ||
The accounting and reporting policies of COB are in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany balances and transactions have been eliminated. | ||
Use of Estimates | ' | |
Use of Estimates | ||
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowances for loan losses (“ALL”), the carrying value of other real estate owned (“OREO”), the carrying value of investment securities, the carrying value of purchased impaired loans and the realization of deferred tax assets. | ||
Reclassification | ' | |
Reclassification | ||
Certain reclassifications have been made to the prior period consolidated financial statements to place them on a comparable basis with the current period consolidated financial statements. These reclassifications have no effect on net loss or shareholders’ equity as previously reported. | ||
Business Combinations | ' | |
Business Combinations | ||
Business combinations are accounted for under the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceed the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the statement of operations from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. | ||
Business Segments | ' | |
Business Segments | ||
We report business segments in accordance with accounting guidance. Business segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The guidelines require that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the business segments were determined and other items. We have only one business segment. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
For purposes of reporting cash flows, cash and cash equivalents include the balance sheet captions: cash and due from banks, and interest-bearing bank balances. | ||
Investment Securities | ' | |
Investment Securities | ||
Investment securities are categorized and accounted for as follows: | ||
• | Available-for-sale securities - Debt and equity securities not classified as either held-to-maturity securities or trading securities are reported at fair value, with unrealized gains and losses, net of related tax effect, included as an item of accumulated other comprehensive income and reported as a separate component of shareholders’ equity. | |
• | Held-to-maturity securities - Debt securities that COB has the positive intent and ability to hold to maturity are reported at amortized cost. | |
We intend to hold securities classified as available-for-sale securities for an indefinite period of time but may sell them prior to maturity. All other securities, which COB has the positive intent and ability to hold to maturity, are classified as held-to-maturity securities. At December 31, 2013, we have securities with an amortized cost of $151.8 million in the held-to-maturity portfolio and at December 31, 2012, we had no such securities. | ||
A decline, which is deemed to be other than temporary, in the market value of any available-for-sale or held-to-maturity security to a level below cost results in a reduction in carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. | ||
Our policy regarding other than temporary impairment (“OTTI”) of investment securities requires continuous monitoring of those securities. The evaluation includes an assessment of both qualitative and quantitative measures to determine whether, in management’s judgment, the investment is likely to recover its original value. If the evaluation concludes that the investment is not likely to recover its original value, the unrealized loss is reported as an OTTI, and the loss is recorded in the Consolidated Statements of Operations. | ||
For debt securities, an impairment loss is recognized in earnings only when (1) we intend to sell the debt security; (2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or (3) we do not expect to recover the entire amortized cost basis of the security. In situations where we intend to sell or when it is more likely than not that we will be required to sell the security, the entire impairment loss must be recognized in earnings. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in shareholders’ equity as a component of other comprehensive loss, net of deferred taxes. | ||
Interest income on debt securities is adjusted using the level yield method for the amortization of premiums and accretion of discounts. The adjusted cost of the specific security is used to compute gains or losses on the disposition of securities on a trade date basis. | ||
Loans Held for Sale | ' | |
Loans Held for Sale | ||
In the second quarter of 2012, we re-entered the business of originating residential mortgage loans, through our branch mortgage channel under various loan programs, which were sold in the secondary market. At December 31, 2013 and December 31, 2012, loans held for sale consist of such residential mortgage loans which have not yet been sold. The loans held for sale are carried at the aggregate lower of cost or fair value less estimated costs to sell. | ||
Loans are generally sold without recourse. Gains or losses on loan sales are recognized at the time of sale, are determined by the difference between net sales proceeds and the carrying value of the loan sold, and are included in mortgage loan income. | ||
Loans held for Investment | ' | |
Loans Held for Investment | ||
Loans held for investment are stated at the principal amounts outstanding adjusted for purchase premiums/discounts, deferred net loan fees and costs, and unearned income. COB reports its loan portfolio by segment and classes, which are disaggregations of portfolio segments. COB's portfolio segments are: Commercial and agricultural, Real estate, and Consumer loans. The Commercial and agricultural loan and Consumer loan portfolios are not further segregated into classes. The classes within the Real estate portfolio segment include Real estate - construction and Real estate mortgage, broken into 1-4 family residential mortgage and Commercial real estate mortgage loans. | ||
Loan fees and the incremental direct costs associated with making loans are deferred and subsequently recognized over the life of the loan as an adjustment of interest income. The premium or discount on purchased loans is amortized over the expected life of the loans and is included in interest and fees on loans. | ||
All loan classes are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. When we cannot reasonably expect full and timely repayment of its loan, the loan is placed on nonaccrual. | ||
All loan classes on which principal or interest is in default for 90 days or more are put on nonaccrual status, unless there is sufficient documentation to conclude that the loan is well secured and in the process of collection. A debt is "well-secured" if collateralized by liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt in full; or by the guarantee of a financially responsible party. A debt is "in process of collection" if collection is proceeding in due course either through legal action, including judgment enforcement procedures, or, in appropriate circumstances, through collection efforts not involving legal action that are reasonably expected to result in repayment of the debt or its restoration to a current status. | ||
Loans that are less than 90 days delinquent may also be placed on nonaccrual, if approved, due to deterioration in the borrower’s financial condition that could result in less than full repayment. | ||
For all loan classes, a nonaccrual loan may be returned to accrual status when we can reasonably expect continued timely payments until payment in full. All prior arrearage does not have to be eliminated, nor do all previously charged off amounts need to have been recovered, but the loan can still be returned to accrual status if the following conditions are met: (1) all principal and interest amounts contractually due (including arrearage) are reasonably assured of repayment within a reasonable period; and (2) there is a sustained period of repayment performance (generally a minimum of six months) by the borrower, in accordance with the contractual terms involving payments of cash or cash equivalents. | ||
At the time a loan is placed on nonaccrual, all accrued, unpaid interest is charged off, unless it is documented that repayment of all principal and presently accrued but unpaid interest is probable. Charge-offs of accrued and unpaid interest are taken against the current year's interest income. They are not charged to the current ALL. | ||
For all classes within all loan portfolios, cash receipts received on nonaccrual loans are applied entirely against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income. | ||
Charge-off of Uncollectible Loans - For all loan classes, as soon as any loan becomes uncollectible, the loan will be charged down or charged off as follows: | ||
• | If unsecured, the loan must be charged off in full. | |
• | If secured, the outstanding principal balance of the loan should be charged down to the net liquidation value of the collateral. | |
Loans should be considered uncollectible when: | ||
• | No regularly scheduled payment has been made within four months, or | |
• | The loan is unsecured, the borrower files for bankruptcy protection and there is no other (guarantor, etc.) support from an entity outside of the bankruptcy proceedings. | |
Based on a variety of credit, collateral and documentation issues, loans with lesser degrees of delinquency or obvious loss may also be deemed uncollectible. | ||
Impaired Loans - An impaired loan is one for which COB will not be repaid all principal and interest due per the terms of the original contract or within reasonably modified contracted terms. If the loan has been modified to provide relief to the borrower, the loan is deemed to be impaired if all principal and interest will not be repaid according to the original contract. All loans meeting the definition of Doubtful are considered impaired. | ||
When a loan in any class has been determined to be impaired, the amount of the impairment is measured using the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, the observable market price of the loan, or the fair value of the collateral if the loan is collateral dependent. When the present value of expected future cash flows is used, the effective interest rate is the original contractual interest rate of the loan adjusted for any premium or discount. When the contractual interest rate is variable, the effective interest rate of the loan changes over time. A specific reserve is established as a component of the ALL when a loan has been determined to be impaired. After three months, specific reserves are considered for charge off. Subsequent to the initial measurement of impairment, if there is a significant change to the impaired loan’s expected future cash flows, or if actual cash flows are significantly different from the cash flows previously estimated, COB recalculates the impairment and appropriately adjusts the specific reserve. Similarly, if COB measures impairment based on the observable market price of an impaired loan or the fair value of the collateral of an impaired collateral-dependent loan, COB will adjust the specific reserve if there is a significant change in either of those bases. | ||
When a loan within any class is impaired and principal and interest is in doubt when contractually due, interest income is not recognized. Cash receipts received on nonaccruing impaired loans within any class are generally applied entirely against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income. Cash receipts received on accruing impaired loans within any class are applied in the same manner as accruing loans that are not considered impaired. | ||
Acquired Loans | ' | |
Acquired Loans | ||
In addition to originating loans, we also purchase loans. At acquisition, purchased loans are designated as either purchased contractual loans ("PC loans") or purchased impaired loans ("PI loans"). PC loans are acquired loans where management believes it is probable that it will receive all principal as of the date of acquisition. These loans are accounted for under the contractual cash flow method, under ASC 310-20. Any discount or premium paid on PC loans is recorded in interest income using the effective yield method over the expected life of the loans. | ||
PI loans are acquired loans where management believes, at acquisition date, it is probable that all principal on the acquired loans will not be received. PI loans are placed in homogeneous risk-based pools, based on such factors as purpose and/or type of loan, and are treated in the aggregate where accounting for projected cash flows is performed, as allowed under ASC 310-30. The fair value of the loan pool is the present value of expected future cash flows at the acquisition date. The difference between the expected cash flows and the fair value is known as the accretable yield which is recognized as interest income over the remaining life of each PI loan pool when there is a reasonable expectation about the timing and amount of such cash flows. | ||
Once a PI loan pool is established the individual loans within each pool do not change. As management obtains new information related to changes in expected principal loss and expected cash flows, by pool, we record either an increase in yield when new expected cash flows increase, an allowance for loan losses when new expected cash flows decline, or a decrease in yield when there is only a timing difference in expected cash flows. | ||
PI loans that meet the criteria for nonaccrual of interest at the time of acquisition may be considered performing upon and subsequent to acquisition, regardless of whether the customer is contractually delinquent, if the timing and expected cash flows on such loans can be reasonably estimated and if collection of the new carrying value of such loans is expected. | ||
Loans acquired in the Merger ("Granite Purchased Loans") included PI loans and PC loans. Loans designated as PC loans included performing revolving consumer and performing revolving commercial loans on acquisition date. | ||
Allowance for Loan Losses | ' | |
Allowance for Loan Losses | ||
COB's ALL, which is utilized to absorb actual losses in the loan portfolio, is maintained at a level consistent with management's best estimate of probable loan losses to be incurred as of the balance sheet date. Management assesses COB's ALL quarterly. This assessment includes a methodology that separates the total loan portfolio into homogeneous loan classifications for purposes of evaluating risk. The required allowance is calculated by applying a risk adjusted reserve requirement to the dollar volume of loans within a homogenous group. For purposes of the ALL, we have grouped our loans into pools according to the loan segmentation regime employed on schedule RC-C of the FFIEC's Consolidated Report of Condition and Income. Major loan portfolio subgroups include: risk graded commercial loans, mortgage loans, home equity loans, retail loans and retail credit lines. Management also analyzes the loan portfolio on an ongoing basis to evaluate current risk levels, and risk grades are adjusted accordingly. While management uses the best information available to make evaluations, future adjustments may be necessary if economic or other conditions differ substantially from the assumptions used. | ||
Historical Loss Rates: Historical loss rates are calculated by associating losses to the risk-graded pool to which they relate for each of the previous eight quarters. Then, using a look back period consisting of the twenty most recent quarters, loss factors are calculated for each risk-graded pool using a simple average. This represents a change in methodology which began in the third quarter of 2013. Previously, we used a look back period beginning in the third quarter of 2006 and a weighted average of losses. The impact of this change was immaterial to the financial statements of the Company. | ||
Q&E Loss Factors: In addition to our ability to use our own historical loss data and migration between risk grades, we have a rigorous process for computing the qualitative factors that impact the ALL. The methodology incorporates various internal and external qualitative and environmental factors as described in the Interagency Policy Statement on the Allowance for Loan and Lease Losses dated December 2006. Some factors are quantifiable, such as concentration, growth, delinquency, and nonaccrual risk by loan type, while other factors are qualitative in nature, such as staff competency, competition within our markets and economic and regulatory changes impacting the loans held for investment, and are determined on the basis of management observation, judgment, and experience. A committee, independent of the historical loss migration team, reviews risk factors that may impact the ALL. The factors utilized by COB for all loan classes are as follows: | ||
a) | Standard – Accounts for inherent uncertainty in using the past as a predictor of the future. Particularly, this factor will be used to make adjustments when historical loss data over the look back period is above or below the loss experienced over more recent periods, causing the model to over or under predict the potential losses currently in the portfolio. Uniform across all segments. | |
b) | Volume – Accounts for historical growth characteristics of the portfolio over the loss recognition period. | |
c) | Terms – Measures risk derived from granting terms outside of policy and underwriting guidelines. | |
d) | Staff – Reflects staff competence in various types of lending. | |
e) | Delinquency – Reflects increased risk deriving from higher delinquency rates. | |
f) | Nonaccrual – Reflects increased risk of loans with characteristics that merit nonaccrual status. | |
g) | Migration – Accounts for the changing level of risk inherent in loans as they migrate into, or away from, more adverse risk grades. | |
h) | Concentration – Measures increased risk derived from concentration of credit exposure in particular industry segments within the portfolio. | |
i) | Production – Measures impact of efforts towards expanding credit exposure and potential risk derived from new loan production. | |
j) | Process – Measures increased risk derived from more demanding processing requirements directed towards risk mitigation. | |
k) | Economic – Impact of general and local economic factors and effect is felt uniformly across pools. | |
l) | Competition – Measures risk associated with Bank's response to competitors’ relaxed credit requirements. | |
m) | Regulatory and Legal – Measures risk from exposure to regulations, legislation, and legal code that result in increased risk of loss. | |
Each pool is assigned an adjustment to the potential loss percentage by assessing its characteristics against each of the factors listed above. | ||
Calculation and Summary: A general reserve amount for each loan pool is calculated by adding the historical loss rate to the total Q&E factors, and applying the combined percentage to the pool loan balances. | ||
Reserves are generally divided into three allocation segments: | ||
1 | Individual Reserves. These are calculated against loans evaluated individually and deemed most likely to be impaired. Management determines which loans will be considered for potential impairment review. This does not mean that an individual reserve will necessarily be calculated for each loan considered for impairment, only for those noted during this process as likely to have a loss. Loans to be considered will generally include: | |
• | All commercial loans classified substandard or worse | |
• | Any other loan in a nonaccrual status | |
• | Any loan, consumer or commercial, that has already been modified such that it meets the definition of Troubled Debt Restructurings (“TDR”) | |
• | Any loan for which the customer has filed Bankruptcy when the customer does not reaffirm the debt. | |
The individual reserve must be verified at least quarterly, and recalculated whenever additional relevant information becomes available. All information related to the calculation of the individual reserve, including internal or external collateral valuations, assumptions, calculations, etc. must be documented. | ||
Individual reserve amounts are not carried indefinitely. | ||
• | When the amount of the actual loss becomes reasonably quantifiable the amount of the loss should be charged off against the ALL, whether or not all liquidation and recovery efforts have been completed. | |
• | If the total amount of the individual reserve that will eventually be charged off cannot yet be determined, but some portion of the individual reserve can be viewed as an imminent loss, that smaller portion can be charged off against the ALL and the individual reserve reduced by a corresponding amount. It is acceptable to retain an estimate of remaining loss as a “special reserve” only when the estimate is not reasonably quantifiable. | |
• | Impaired loans with a de minimis balance are not individually evaluated for individual reserve but they are included in the formula reserve calculation. | |
2 | Formula Reserves. Formula reserves are held against loans evaluated collectively. Loans are grouped by type or by risk grade, or some combination of the two. Loss estimates are based on historical loss rates for each respective loan group. | |
Formula reserves represent COB’s best estimate of losses that may be inherent, or embedded, within the group of loans, even if it is not apparent at this time which loans within any group or pool represent those embedded losses. | ||
3 | Unallocated Reserves. If individual reserves represent estimated losses tied to any specific loan, and formula reserves represent estimated losses tied to a pool of loans but not yet to any specific loan, then unallocated reserves represent an estimate of losses that are expected, but are not yet tied to any loan or group of loans. Unallocated reserves are generally the smallest of the three overall reserve segments and are set based on qualitative factors. | |
All information related to the calculation of the three segments including data analysis, assumptions, calculations, etc. are documented. Assigning specific individual reserve amounts, formula reserve factors, or unallocated amounts based on unsupported assumptions or conclusions is not permitted. | ||
COB lends primarily in North Carolina. As of December 31, 2013, a substantial majority of the principal amount of the loans held for investment in its portfolio was to businesses and individuals in North Carolina. This geographic concentration subjects the loan portfolio to the general economic conditions within this area. The risks created by this concentration have been considered by management in the determination of the adequacy of the ALL. Management believes the ALL is adequate to cover estimated losses on loans at each balance sheet date. | ||
In addition, as an integral part of the examination process, the OCC periodically reviews the Bank's ALL. The OCC may require the Bank to recognize adjustments to the allowance based on its judgment about information available to it at the time of its examination. | ||
Other Real Estate Owned | ' | |
Other Real Estate Owned | ||
Other real estate owned, or OREO, represents properties acquired through foreclosure or deed in lieu thereof. The property is classified as held for sale. The property is initially carried at fair value based on recent appraisals, less estimated costs to sell. Declines in the fair value of properties included in OREO below carrying value are recognized by a charge to income. | ||
Premises and Equipment | ' | |
Premises and Equipment | ||
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: buildings and improvements, 10 to 50 years, and furniture and equipment, 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated life of the improvement or the term of the lease. | ||
Intangible Assets | ' | |
Intangible Assets | ||
Goodwill arises from business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Goodwill and other intangible assets deemed to have indefinite lives generated from purchase business combinations are not subject to amortization and are instead assessed for impairment no less than annually. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. Impairment charges are included in noninterest expense in the statements of operations. | ||
Intangible assets with estimable useful lives are amortized over such useful lives to their estimated residual values. Core deposit intangible assets, which we refer to as CDI, is recognized apart from goodwill at the time of acquisition based on market valuations prepared by independent third parties. In preparing such valuations, the third parties consider variables such as deposit servicing costs, attrition rates, and market discount rates. CDI assets are amortized to expense over their useful lives, which we have estimated to range from 8 to 10 years. CDI is reviewed for impairment quarterly or earlier if events or changes in circumstances indicate that their carrying values may not be recoverable. If the recoverable amount of CDI is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the intangible asset's fair value at that time. If the fair value is below the carrying value, the intangible asset is reduced to such fair value and the impairment is recognized as noninterest expense in the statements of operations. | ||
Mortgage Servicing Rights (MSRs) | ' | |
Mortgage Servicing Rights (“MSRs”) | ||
The rights to service mortgage loans for others are included in other assets in the consolidated balance sheet. MSRs are recorded at fair value on an ongoing basis, with changes in fair value recorded in the results of operations. A fair value analysis of MSRs is performed on a quarterly basis. The Bank resumed the sale of mortgage loans to Fannie Mae beginning in the second quarter of 2012, following Fannie Mae's approval of the Bank as a Seller Servicer. | ||
Income Taxes | ' | |
Income Taxes | ||
Income tax expense includes both a current provision based on the amounts computed for income tax return purposes and a deferred provision that results from application of the asset and liability method of accounting for deferred taxes. Under the asset and liability method, deferred tax assets and liabilities are established for the temporary differences between the financial reporting basis and the tax basis of COB's assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||
Management’s determination of the realization of deferred tax assets is based upon its judgment of various future events and uncertainties, including the timing and amount of future income earned by certain subsidiaries and the implementation of various tax plans to maximize realization of the deferred tax assets. In evaluating the positive and negative evidence to support the realization of the asset under current guidance, given our current financial results and current economic conditions, there is insufficient positive evidence to support a conclusion that it is more likely than not this asset will be realized in the foreseeable future. Examinations of the income tax returns or changes in tax law may impact COB’s tax liabilities and resulting provisions for income taxes. | ||
A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In making such judgments, significant weight is given to evidence that can be objectively verified. As a result of significant credit losses, COB continues to be in a three-year cumulative pre-tax loss position as of December 31, 2013. A cumulative loss position is considered significant negative evidence in assessing the realizability of a deferred tax asset, which is difficult to overcome. COB’s estimate of the realization of its deferred tax assets was based on the scheduled reversal of deferred tax liabilities and taxable income available in prior carry back years and estimated unrealized losses in the available-for-sale investment portfolio. COB did not consider future taxable income in determining the realizability of its deferred tax assets. COB expects its income tax expense (benefit) will be negligible for the next several quarters until profitability has been restored for a reasonable time and such profitability is considered sustainable. At that time, the valuation allowance would be reversed. Reversal of the valuation allowance requires a great deal of judgment and will be based on the circumstances that exist as of that future date. If future events differ significantly from COB’s current forecasts, COB may need to increase this valuation allowance, which could have a material adverse effect on the results of operations and financial condition. See also Note 11 for discussion of the impact on deferred taxes associated with the Merger. | ||
Earnings Per Share (EPS) | ' | |
Earnings per Share (“EPS”) | ||
As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the statements of operations, and a reconciliation is provided in a footnote of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. | ||
Comprehensive Income | ' | |
Comprehensive Income | ||
Comprehensive income is defined as the change in equity of an enterprise during a period from transactions and other events and circumstances from non-owner sources and, accordingly, includes both net income and amounts referred to as other comprehensive income. The items of other comprehensive income are included in the consolidated statement of comprehensive loss. The accumulated balance of other comprehensive loss is included in the shareholders’ equity section of the consolidated balance sheet. COB’s components of accumulated other comprehensive loss for each period presented include unrealized gains (losses) on investment securities classified as available-for-sale, and the effect of the defined benefit pension and other postretirement plans for employees. | ||
Employee Benefit Plans | ' | |
Employee Benefit Plans | ||
COB has a matching retirement/savings plan, a postretirement benefit plan, a defined benefit pension plan, and noncontributory, nonqualified supplemental executive retirement plans (“SERPs”) covering certain employees. | ||
COB’s matching defined contribution retirement/savings plan permits eligible employees to make contributions to the plan up to a specified percentage of compensation as defined by the plan. A portion of the employee contributions are matched by COB based on the plan formula, which is $.50 for each dollar on the first 6% of eligible pay deferred by the employee under the plan. Additionally, commencing in 2007, COB on a discretionary basis may make an annual contribution up to a specified percentage of compensation as defined by the plan to the account of each eligible employee. COB did not make a discretionary contribution in 2013, 2012 or 2011. The matching and discretionary contributions amounted to $0.5 million in 2013, $0.6 million in 2012, and $0.4 million in 2011. | ||
The postretirement benefit plan, provides medical and life insurance benefits to retirees who obtained certain age and service requirements. Postretirement benefit costs, which are actuarially determined using the attribution method and recorded on an unfunded basis, are charged to current operations and credited to a liability account on the consolidated balance sheet. Effective December 31, 2006, no new employees are eligible to enter the postretirement medical and life insurance plan. Employees who had obtained certain age and service qualifications continued to accrue benefits through December 31, 2010. Benefits are based on the employee's years of service at retirement. Only employees who qualified for continued benefit accrual are eligible for benefits under this plan. | ||
The defined benefit pension plan was frozen in 2006 and no additional employees are eligible to enter the plan. Employees who had obtained certain age and service qualifications continued to accrue benefits through December 31, 2010. Benefits are based on the employee’s compensation, years of service and age at retirement. Defined benefit pension costs, which are actuarially determined using the projected unit credit method, are charged to current operations. Pension costs of $0.3 million, $0.4 million and $0.4 million were recognized during 2013, 2012 and 2011, respectively. Annual funding contributions are made up to the maximum amounts allowable for Federal income tax purposes. | ||
The noncontributory, nonqualified supplemental executive retirement plans (“SERPs”), cover certain executives and pay benefits based on factors similar to those for the defined benefit pension plan, with offsets related to amounts payable under the pension plan and social security benefits. SERP costs, which are actuarially determined using the projected unit credit method and recorded on an unfunded basis, are charged to current operations and credited to a liability account on the consolidated balance sheet. | ||
In 2010, the Board of Directors approved an amendment to one of the plans which stopped additional benefit accrual under the Plan after December 31, 2010. This action did not impact a participant's vested or accrued benefit in the plan. In September 2012, the Board of Directors approved an amendment to terminate this Plan. The amendment provides for lump sum cash distributions of participant benefits in accordance with Internal Revenue Code Section 409A. Based on the decision to terminate the SERP by providing a lump sum settlement, a deferred gain of $0.4 million was recorded in other comprehensive income in 2012, and was recognized into earnings when payments were made in 2013. | ||
See Note 14 “Employee Benefit Plans” for additional information on all benefit plans described below. | ||
COB also offers medical, dental, life, long term disability, and vision care to its employees and shares in the costs of these programs. | ||
Derivatives and Financial Instruments | ' | |
Derivatives and Financial Instruments | ||
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. COB uses derivatives primarily to manage interest rate risk related to mortgage servicing rights, and long-term debt. The fair value of derivatives in a gain or loss position is included in other assets or liabilities, respectively, on the Consolidated Statements of Operations. | ||
COB classifies its derivative financial instruments as either a hedge of an exposure to changes in the fair value of a recorded asset or liability, or a fair value hedge, or a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction, or a cash flow hedge. COB has master netting agreements with the derivatives dealers with which it does business, but reflects gross gains and losses on the Consolidated Income Statements and Balance Sheets. | ||
COB uses the long-haul method to assess hedge effectiveness. COB documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in off-setting corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, changes in the value of the derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. | ||
For either fair value hedges or cash flow hedges, ineffectiveness may be recognized in noninterest income to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items attributable to the risk being hedged. If the hedge ceases to be highly effective, COB discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the original hedge period (fair value hedge) or period in which the hedged item affects earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
Troubled Debt Restructurings - In January 2014, the FASB issued ASU No. 2014-04 Troubled Debt Restructurings by Creditors (Subtopic 310-40): "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure" (“ASU No. 2014-04”). This pronouncement clarifies the criteria for concluding that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The amendments also outline interim and annual disclosure requirements. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014. Companies are allowed to use either a modified retrospective transition method or a prospective transition method when adopting this update. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. | ||
Comprehensive Income - In February 2013, the FASB issued ASU No. 2013-02 Comprehensive Income (Topic 220): "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" (“ASU No. 2013-02”). This pronouncement requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income for each applicable component of net income, as well as a roll forward of the components of accumulated other comprehensive income on a prospective basis. This pronouncement is effective beginning January 1, 2013. The provisions of ASU No. 2013-02 relate only to financial statement presentation of other comprehensive income and, accordingly, its adoption did not have a material effect on COB's financial statements. These new disclosures appear in Note 19. | ||
FASB - From time to time, the Financial Accountings Standards Board (“FASB”) issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. | ||
Management considers the effect of the proposed statements on the consolidated financial statements of COB and monitors the status of changes to and proposed effective dates of exposure drafts. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on COB’s financial position, results of operations or cash flows. |
Nature_of_Operations_and_Basis2
Nature of Operations and Basis of Presentation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Accumulated balanced related to each component of other comprehensive loss | ' | ||||||||||||||||||||||||
The accumulated balances related to each component of other comprehensive loss are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||
Pretax | After-tax | Pretax | After-tax | Pretax | After-tax | ||||||||||||||||||||
Net unrealized securities gains (losses) | $ | (23,443 | ) | $ | (14,476 | ) | $ | 6,032 | $ | 3,650 | $ | 470 | $ | 284 | |||||||||||
Pension, other postretirement and postemployment benefit plan adjustments | (5,200 | ) | (3,129 | ) | (6,566 | ) | (3,973 | ) | (7,027 | ) | (4,253 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (28,643 | ) | $ | (17,605 | ) | $ | (534 | ) | $ | (323 | ) | $ | (6,557 | ) | $ | (3,969 | ) | |||||||
The following table presents the changes in our accumulated other comprehensive income (loss), net of tax, by component for the period indicated: | |||||||||||||||||||||||||
(Dollars in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Defined Benefit Plan Items | Total | ||||||||||||||||||||||
Beginning balance January 1, 2013 | $ | 3,650 | $ | (3,973 | ) | $ | (323 | ) | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (16,447 | ) | 1,031 | (15,416 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (1,679 | ) | (187 | ) | (1,866 | ) | |||||||||||||||||||
Net current period other comprehensive income | (18,126 | ) | 844 | (17,282 | ) | ||||||||||||||||||||
Ending balance December 31, 2013 | $ | (14,476 | ) | $ | (3,129 | ) | $ | (17,605 | ) |
Acquisition_of_Bank_of_Granite1
Acquisition of Bank of Granite Corporation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Fair values of assets and liabilities assumed by the Company | ' | ||||||||
The following table summarizes the fair values of assets and liabilities of Granite Corp. assumed by COB. | |||||||||
(dollars in thousands) | October 21,2011 (after all fair value adjustments) | ||||||||
Assets acquired: | |||||||||
Cash and cash equivalents | $ | 99,126 | |||||||
Investment securities | 186,361 | ||||||||
Loans, net | 393,653 | ||||||||
Premises and equipment, net | 9,778 | ||||||||
Other real estate owned | 18,136 | ||||||||
Bank-owned life insurance | 4,432 | ||||||||
Core deposit intangible | 4,900 | ||||||||
Other assets | 7,766 | ||||||||
Total assets acquired | $ | 724,152 | |||||||
Liabilities assumed: | |||||||||
Deposits | $ | 719,443 | |||||||
Other | 3,990 | ||||||||
Total liabilities assumed | $ | 723,433 | |||||||
Equity: | |||||||||
Total shareholders’ equity | $ | — | |||||||
Total liabilities assumed and shareholders’ equity | $ | 723,433 | |||||||
Contributed capital | $ | 4,924 | |||||||
Total liabilities assumed and contributed capital | $ | 728,357 | |||||||
Goodwill (excess of liabilities assumed and contributed capital over assets acquired) | $ | 4,205 | |||||||
Business acquisition, pro forma results of operations | ' | ||||||||
The following table presents our unaudited pro forma results of operations for the periods presented as if the Merger had been completed on January 1, 2011. The unaudited pro forma results of operations include the historical accounts of COB and Granite Corp. and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The unaudited pro forma information is intended for informational purposes only and is not necessarily indicative of our future operating results or operating results that would have occurred had the Merger been completed on January 1, 2011. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. | |||||||||
(dollars in thousands, except per share data) | Revenue | Earnings | |||||||
(Loss) | |||||||||
Actual results for BOGC from 10/21/11 - 12/31/11 | $ | 7,868 | $ | 2,988 | |||||
Supplemental pro forma from 1/1/11 - 12/31/11 | 133,312 | (123,343 | ) | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Net Income (Loss) from Discontinued Operations | ' | ||||||||
Net loss from discontinued operations, net of tax, for the years ended December 31, 2012 and 2011 were as follows: | |||||||||
(dollars in thousands) | For the Twelve Months Ended December 31, | ||||||||
2012 | 2011 | ||||||||
Interest Income | |||||||||
Total interest income | — | 67 | |||||||
Interest Expense | |||||||||
Total interest expense | — | ||||||||
Net Interest Income before Provision for Loan Losses | — | 67 | |||||||
Provision for loan losses | — | — | |||||||
Net Interest Income after Provision for Loan Losses | — | 67 | |||||||
Noninterest Income | |||||||||
Mortgage loan loss | — | (167 | ) | ||||||
Other service charges, commissions and fees, net | — | (11 | ) | ||||||
Other income | — | 10 | |||||||
Total noninterest income | — | (168 | ) | ||||||
Noninterest Expense | |||||||||
Personnel expense | 1 | 1,444 | |||||||
Net occupancy expense | 1 | 237 | |||||||
Furniture, equipment and data processing expense | — | 186 | |||||||
Professional fees | 25 | 257 | |||||||
Stationery, printing and supplies | — | 8 | |||||||
Advertising and marketing | — | 27 | |||||||
Other real estate owned expense | — | 166 | |||||||
Provision for recourse loans | — | 3,317 | |||||||
Other expense | — | 266 | |||||||
Total noninterest expense | 27 | 5,908 | |||||||
Loss before income taxes | (27 | ) | (6,009 | ) | |||||
Income tax (benefit) expense | — | (213 | ) | ||||||
Net loss from discontinued operations, net of tax | $ | (27 | ) | $ | (5,796 | ) |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Changes in Balance of Unamortized Intangible Assets (goodwill) | ' | ||||||||||||
For intangible assets related to business combinations, the following is a summary of the changes in the balance of unamortized intangible assets (goodwill) during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
(dollars in thousands) | For the Twelve Months Ended | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross balance at beginning of year | $ | 4,205 | $ | 3,905 | $ | — | |||||||
Accumulated impairment balance beginning of year | — | — | — | ||||||||||
Effect of Granite merger | — | 300 | 3,905 | ||||||||||
Impairment | — | — | — | ||||||||||
Accumulated balance at end of year | $ | 4,205 | $ | 4,205 | $ | 3,905 | |||||||
Changes in Original Carrying Amount of Amortized Intangible Assets | ' | ||||||||||||
For intangible assets related to business combinations, the following is a summary of the changes in the original gross carrying amount of amortized intangible assets during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
(dollars in thousands) | For the Twelve Months Ended | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at the beginning of the period | $ | 13,102 | $ | 13,102 | $ | 8,202 | |||||||
Effect of Granite merger | — | — | 4,900 | ||||||||||
Impairment | — | — | — | ||||||||||
Balance at the end of the period | $ | 13,102 | $ | 13,102 | $ | 13,102 | |||||||
For intangible assets related to business combinations, the following is a summary of the gross carrying amount and accumulated amortization of amortized intangible assets and the carrying amount of unamortized intangible assets: | |||||||||||||
(dollars in thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Core deposit premium related to whole bank acquisitions: | |||||||||||||
Carrying amount | $ | 13,102 | $ | 13,102 | |||||||||
Accumulated amortization | 7,739 | 6,332 | |||||||||||
Net core deposit premium | $ | 5,363 | $ | 6,770 | |||||||||
Estimated Amortization Expense for Intangible Assets | ' | ||||||||||||
The following table presents the estimated amortization expense for intangible assets related to business combinations for each of the five calendar years ending December 31, 2018 and the estimated amount amortizable thereafter. These estimates are subject to change in future periods to the extent management determines it is necessary to make adjustments to the carrying value or estimated useful lives of amortized intangible assets. | |||||||||||||
(dollars in thousands) | Estimated | ||||||||||||
Amortization | |||||||||||||
Expense | |||||||||||||
2014 | $ | 1,407 | |||||||||||
2015 | 1,386 | ||||||||||||
2016 | 834 | ||||||||||||
2017 | 613 | ||||||||||||
2018 | 613 | ||||||||||||
Thereafter | 510 | ||||||||||||
Total | $ | 5,363 | |||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||||||||||||||||
The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Obligations of: | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 2,051 | $ | 26 | $ | — | $ | 2,077 | |||||||||||||
Residential mortgage-backed securities-GSE | 364,513 | 974 | 24,340 | 341,147 | |||||||||||||||||
Residential mortgage-backed securities-Private | 19,770 | 982 | — | 20,752 | |||||||||||||||||
Commercial mortgage backed securities-GSE | 22,767 | — | 1,328 | 21,439 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,408 | — | 823 | 9,585 | |||||||||||||||||
Business Development Company investment | 1,753 | 984 | — | 2,737 | |||||||||||||||||
Corporate notes | 16,795 | 82 | — | 16,877 | |||||||||||||||||
Total available-for-sale | $ | 438,057 | $ | 3,048 | $ | 26,491 | $ | 414,614 | |||||||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | 141,724 | — | 9,907 | 131,817 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,071 | — | 763 | 9,308 | |||||||||||||||||
Total held-to-maturity | $ | 151,795 | $ | — | $ | 10,670 | $ | 141,125 | |||||||||||||
Total investment securities | $ | 589,852 | $ | 3,048 | $ | 37,161 | $ | 555,739 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Obligations of: | |||||||||||||||||||||
U.S. Treasury and government agencies | $ | 6,646 | $ | 335 | $ | — | $ | 6,981 | |||||||||||||
U.S. government sponsored enterprises | 22,118 | 55 | — | 22,173 | |||||||||||||||||
States and political subdivisions | 5,918 | 120 | — | 6,038 | |||||||||||||||||
Residential mortgage-backed securities-GSE | 436,344 | 5,678 | 948 | 441,074 | |||||||||||||||||
Residential mortgage-backed securities-Private | 22,649 | 750 | 454 | 22,945 | |||||||||||||||||
Commercial mortgage backed securities-GSE | 23,150 | 209 | — | 23,359 | |||||||||||||||||
Commercial mortgage backed securities-Private | 5,283 | 34 | — | 5,317 | |||||||||||||||||
Corporate notes | 36,710 | 270 | 17 | 36,963 | |||||||||||||||||
Total | $ | 558,818 | $ | 7,451 | $ | 1,419 | $ | 564,850 | |||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ||||||||||||||||||||
The following tables show our investments' estimated fair value and gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2013 and December 31, 2012. The change in unrealized losses during the years ending December 31, 2013 and 2012 was attributed to changes in interest rates and not to changes in the credit quality of these securities. All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both. | |||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 222,475 | $ | 16,585 | $ | 76,501 | $ | 7,755 | $ | 298,976 | $ | 24,340 | |||||||||
Residential mortgage-backed securities-Private | — | — | — | — | — | — | |||||||||||||||
Commercial mortgage-backed securities-GSE | — | — | 21,439 | 1,328 | 21,439 | 1,328 | |||||||||||||||
Commercial mortgage-backed securities-Private | 9,585 | 823 | — | — | 9,585 | 823 | |||||||||||||||
Total available-for-sale | $ | 232,060 | $ | 17,408 | $ | 97,940 | $ | 9,083 | $ | 330,000 | $ | 26,491 | |||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 131,817 | $ | 9,907 | $ | — | $ | — | $ | 131,817 | $ | 9,907 | |||||||||
Commercial mortgage-backed securities-Private | 9,308 | 763 | — | — | 9,308 | 763 | |||||||||||||||
Total held-to-maturity | $ | 141,125 | $ | 10,670 | $ | — | $ | — | $ | 141,125 | $ | 10,670 | |||||||||
Total | $ | 373,185 | $ | 28,078 | $ | 97,940 | $ | 9,083 | $ | 471,125 | $ | 37,161 | |||||||||
December 31, 2012 | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 123,489 | $ | 904 | $ | 7,027 | $ | 44 | $ | 130,516 | $ | 948 | |||||||||
Residential mortgage-backed securities-Private | 6,482 | 438 | 1,017 | 16 | 7,499 | 454 | |||||||||||||||
Corporate notes | — | — | 3,249 | 17 | 3,249 | 17 | |||||||||||||||
Total | $ | 129,971 | $ | 1,342 | $ | 11,293 | $ | 77 | $ | 141,264 | $ | 1,419 | |||||||||
Available-for-sale Securities, by Maturity Dates | ' | ||||||||||||||||||||
The aggregate amortized cost and fair value of securities at December 31, 2013, by remaining contractual maturity, are shown in the following table. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. | |||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||
Due in one year or less | $ | 8,404 | $ | 8,406 | $ | — | $ | — | |||||||||||||
Due after one year through five years | 10,442 | 10,548 | — | — | |||||||||||||||||
Due after five years through 10 years | — | — | — | — | |||||||||||||||||
With no stated maturity | 1,753 | 2,737 | — | — | |||||||||||||||||
Total | 20,599 | 21,691 | — | — | |||||||||||||||||
Mortgage-backed securities | 417,458 | 392,923 | 151,795 | 141,125 | |||||||||||||||||
Total | $ | 438,057 | $ | 414,614 | $ | 151,795 | $ | 141,125 | |||||||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
Loans Receivable, Net [Abstract] | ' | |||||||||||||||||||||||||||||||||
Past Due Loans | ' | |||||||||||||||||||||||||||||||||
The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2013: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Accruing | |||||||||||||||||||||||||||||||||
30-59 days past due | 60-89 days past due | More than 90 days past due | Nonaccrual | Total past due and nonaccrual | Current and accruing | Total Loans | ||||||||||||||||||||||||||||
PC and Originated Loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 18 | $ | 43 | $ | — | $ | 516 | $ | 577 | $ | 60,946 | $ | 61,523 | ||||||||||||||||||||
Real estate - construction | 168 | 634 | — | 4,677 | 5,479 | 48,711 | 54,190 | |||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 3,454 | 522 | — | 11,580 | 15,556 | 593,698 | 609,254 | |||||||||||||||||||||||||||
Commercial | 1,765 | 77 | — | 18,380 | 20,222 | 261,524 | 281,746 | |||||||||||||||||||||||||||
Consumer | 56 | 17 | — | 12 | 85 | 43,798 | 43,883 | |||||||||||||||||||||||||||
Total | $ | 5,461 | $ | 1,293 | $ | — | $ | 35,165 | $ | 41,919 | $ | 1,008,677 | $ | 1,050,596 | ||||||||||||||||||||
PI loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 35 | $ | 16 | $ | 1,977 | $ | — | $ | 2,028 | $ | 8,701 | $ | 10,729 | ||||||||||||||||||||
Real estate - construction | 48 | — | 2,758 | — | 2,806 | 7,087 | 9,893 | |||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 135 | 9 | 2,907 | — | 3,051 | 23,802 | 26,853 | |||||||||||||||||||||||||||
Commercial | 903 | — | 17,479 | — | 18,382 | 94,796 | 113,178 | |||||||||||||||||||||||||||
Consumer | 6 | — | 12 | — | 18 | 981 | 999 | |||||||||||||||||||||||||||
Total | $ | 1,127 | $ | 25 | $ | 25,133 | $ | — | $ | 26,285 | $ | 135,367 | $ | 161,652 | ||||||||||||||||||||
Total Loans | $ | 6,588 | $ | 1,318 | $ | 25,133 | $ | 35,165 | $ | 68,204 | $ | 1,144,044 | $ | 1,212,248 | ||||||||||||||||||||
The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2012: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Accruing | |||||||||||||||||||||||||||||||||
30-59 days past due | 60-89 days past due | More than 90 days past due | Nonaccrual | Total past due and nonaccrual | Current and accruing | Total Loans | ||||||||||||||||||||||||||||
PC and Originated Loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 515 | $ | — | $ | 50 | $ | 2,746 | $ | 3,311 | $ | 61,727 | $ | 65,038 | ||||||||||||||||||||
Real estate - construction | 26 | 119 | — | 14,297 | 14,442 | 41,290 | 55,732 | |||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 6,173 | 880 | — | 18,372 | 25,425 | 488,898 | 514,323 | |||||||||||||||||||||||||||
Commercial | 617 | — | 177 | 43,621 | 44,415 | 226,948 | 271,363 | |||||||||||||||||||||||||||
Consumer | 24 | — | — | 206 | 230 | 41,957 | 42,187 | |||||||||||||||||||||||||||
Total | $ | 7,355 | $ | 999 | $ | 227 | $ | 79,242 | $ | 87,823 | $ | 860,820 | $ | 948,643 | ||||||||||||||||||||
PI loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 100 | $ | 1 | $ | 1,103 | $ | — | $ | 1,204 | $ | 13,462 | $ | 14,666 | ||||||||||||||||||||
Real estate - construction | 117 | — | 655 | — | 772 | 1,910 | 2,682 | |||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 1,308 | 495 | 4,678 | — | 6,481 | 32,734 | 39,215 | |||||||||||||||||||||||||||
Commercial | 2,559 | 4,300 | 17,384 | — | 24,243 | 146,230 | 170,473 | |||||||||||||||||||||||||||
Consumer | 4 | — | 13 | — | 17 | 1,339 | 1,356 | |||||||||||||||||||||||||||
Total | $ | 4,088 | $ | 4,796 | $ | 23,833 | $ | — | $ | 32,717 | $ | 195,675 | $ | 228,392 | ||||||||||||||||||||
Total Loans | $ | 11,443 | $ | 5,795 | $ | 24,060 | $ | 79,242 | $ | 120,540 | $ | 1,056,495 | $ | 1,177,035 | ||||||||||||||||||||
Loan Credit Quality Indicators | ' | |||||||||||||||||||||||||||||||||
The following table presents loans held for investment balances by risk grade as of December 31, 2013: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | ||||||||||||||||||||||||||||||
(Ratings 1-5) | (Rating 6) | (Rating 7) | (Rating 8) | Total | ||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 67,277 | $ | 1,262 | $ | 3,713 | $ | — | $ | 72,252 | ||||||||||||||||||||||||
Real estate - construction | 50,138 | 3,984 | 9,961 | — | 64,083 | |||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 601,304 | 10,887 | 23,916 | — | 636,107 | |||||||||||||||||||||||||||||
Commercial | 307,661 | 29,711 | 57,552 | — | 394,924 | |||||||||||||||||||||||||||||
Consumer | 44,450 | 40 | 47 | 345 | 44,882 | |||||||||||||||||||||||||||||
Total | $ | 1,070,830 | $ | 45,884 | $ | 95,189 | $ | 345 | $ | 1,212,248 | ||||||||||||||||||||||||
The following table presents loans held for investment balances by risk grade as of December 31, 2012: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | ||||||||||||||||||||||||||||||
(Ratings 1-5) | (Rating 6) | (Rating 7) | (Rating 8) | Total | ||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 69,003 | $ | 3,447 | $ | 6,953 | $ | 301 | $ | 79,704 | ||||||||||||||||||||||||
Real estate - construction | 40,117 | 2,031 | 16,266 | — | 58,414 | |||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 504,819 | 15,855 | 32,625 | 239 | 553,538 | |||||||||||||||||||||||||||||
Commercial | 296,271 | 50,275 | 95,126 | 164 | 441,836 | |||||||||||||||||||||||||||||
Consumer | 42,495 | 178 | 426 | 444 | 43,543 | |||||||||||||||||||||||||||||
Total | $ | 952,705 | $ | 71,786 | $ | 151,396 | $ | 1,148 | $ | 1,177,035 | ||||||||||||||||||||||||
Schedule of Impaired Loans Receivables | ' | |||||||||||||||||||||||||||||||||
The following table summarizes information relative to impaired loans for the dates indicated: | ||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Associated Reserves | Balance | Associated Reserves | ||||||||||||||||||||||||||||||
Impaired loans, not individually reviewed for impairment | $ | 4,612 | $ | — | $ | 6,017 | $ | — | ||||||||||||||||||||||||||
Impaired loans, individually reviewed, with no reserves | 39,865 | — | 62,282 | — | ||||||||||||||||||||||||||||||
Impaired loans, individually reviewed, with reserves | 2,965 | 927 | 15,312 | 1,737 | ||||||||||||||||||||||||||||||
Total impaired loans, excluding purchased impaired * | $ | 47,442 | $ | 927 | $ | 83,611 | $ | 1,737 | ||||||||||||||||||||||||||
Purchased impaired loans with subsequent deterioration | $ | 161,307 | 5,560 | $ | 192,115 | 5,373 | ||||||||||||||||||||||||||||
Purchased impaired loans with no subsequent deterioration | $ | 344 | — | $ | 36,277 | — | ||||||||||||||||||||||||||||
Total Reserves | $ | 6,487 | $ | 7,110 | ||||||||||||||||||||||||||||||
Average impaired loans, excluding purchased impaired, calculated using a simple average | $ | 65,527 | $ | 94,754 | ||||||||||||||||||||||||||||||
* Included at December 31, 2013 and December 31, 2012 were $12.1 million and $4.5 million, respectively, in restructured and performing loans. | ||||||||||||||||||||||||||||||||||
Schedule of Loans, Non Accrual Status | ' | |||||||||||||||||||||||||||||||||
The following table presents loans held for investment on nonaccrual status by loan class for the dates indicated: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 516 | $ | 2,746 | ||||||||||||||||||||||||||||||
Real estate - construction | 4,677 | 14,297 | ||||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 11,580 | 18,372 | ||||||||||||||||||||||||||||||||
Commercial | 18,380 | 43,621 | ||||||||||||||||||||||||||||||||
Consumer | 12 | 206 | ||||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 35,165 | $ | 79,242 | ||||||||||||||||||||||||||||||
Loans more than 90 days delinquent, still on accrual | — | 227 | ||||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 35,165 | $ | 79,469 | ||||||||||||||||||||||||||||||
Impaired Loans | ' | |||||||||||||||||||||||||||||||||
The following table presents individually reviewed impaired loans and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of December 31, 2013: | ||||||||||||||||||||||||||||||||||
Unpaid | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Principal | Related | |||||||||||||||||||||||||||||||
Investment | Balance | Allowance | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 398 | $ | 643 | $ | — | ||||||||||||||||||||||||||||
Real estate - construction | 4,734 | 8,893 | — | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 11,154 | 14,431 | — | |||||||||||||||||||||||||||||||
Commercial | 23,579 | 28,905 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 39,865 | $ | 52,872 | $ | — | ||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Real estate - construction | — | — | — | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 2,965 | 3,032 | 927 | |||||||||||||||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 2,965 | $ | 3,032 | $ | 927 | ||||||||||||||||||||||||||||
Total individually evaluated impaired loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 398 | $ | 643 | $ | — | ||||||||||||||||||||||||||||
Real estate - construction | 4,734 | 8,893 | — | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 14,119 | 17,463 | 927 | |||||||||||||||||||||||||||||||
Commercial | 23,579 | 28,905 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 42,830 | $ | 55,904 | $ | 927 | ||||||||||||||||||||||||||||
PI loans with subsequent credit deterioration: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 10,729 | $ | 10,344 | $ | 382 | ||||||||||||||||||||||||||||
Real estate - construction | 9,792 | 11,216 | 1,015 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 26,628 | 28,143 | 724 | |||||||||||||||||||||||||||||||
Commercial | 113,178 | 121,813 | 3,251 | |||||||||||||||||||||||||||||||
Consumer | 980 | 785 | 188 | |||||||||||||||||||||||||||||||
Total | $ | 161,307 | $ | 172,301 | $ | 5,560 | ||||||||||||||||||||||||||||
The following table presents individually reviewed impaired loans, and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of December 31, 2012: | ||||||||||||||||||||||||||||||||||
Unpaid | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Principal | Related | |||||||||||||||||||||||||||||||
Investment | Balance | Allowance | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 1,755 | $ | 2,608 | $ | — | ||||||||||||||||||||||||||||
Real estate - construction | 11,875 | 18,553 | — | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 16,437 | 20,764 | — | |||||||||||||||||||||||||||||||
Commercial | 32,215 | 38,585 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 62,282 | $ | 80,510 | $ | — | ||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 579 | $ | 602 | $ | 282 | ||||||||||||||||||||||||||||
Real estate - construction | 1,658 | 1,843 | 82 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 1,681 | 1,745 | 607 | |||||||||||||||||||||||||||||||
Commercial | 11,394 | 14,714 | 766 | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 15,312 | $ | 18,904 | $ | 1,737 | ||||||||||||||||||||||||||||
Total individually evaluated impaired loans | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 2,334 | $ | 3,210 | $ | 282 | ||||||||||||||||||||||||||||
Real estate - construction | 13,533 | 20,396 | 82 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 18,118 | 22,509 | 607 | |||||||||||||||||||||||||||||||
Commercial | 43,609 | 53,299 | 766 | |||||||||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 77,594 | $ | 99,414 | $ | 1,737 | ||||||||||||||||||||||||||||
PI loans with subsequent credit deterioration: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 11,533 | $ | 11,728 | $ | 524 | ||||||||||||||||||||||||||||
Real estate - construction | 2,285 | 2,236 | 200 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 34,961 | 35,802 | 711 | |||||||||||||||||||||||||||||||
Commercial | 141,974 | 145,704 | 3,388 | |||||||||||||||||||||||||||||||
Consumer | 1,362 | 1,147 | 550 | |||||||||||||||||||||||||||||||
Total | $ | 192,115 | $ | 196,617 | $ | 5,373 | ||||||||||||||||||||||||||||
Impaired Loans, Average Recorded Investment and Interest Income | ' | |||||||||||||||||||||||||||||||||
The following summary includes impaired loans individually reviewed as well as impaired loans held for sale. Average recorded investment and interest income recognized on impaired loans, segregated by portfolio segment, is shown in the following tables as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||
For Twelve Months Ended | For Twelve Months Ended | For Twelve Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 784 | $ | 8 | $ | 1,989 | $ | 42 | $ | 3,202 | $ | — | ||||||||||||||||||||||
Real estate - construction | 9,075 | 35 | 15,130 | 92 | 41,164 | 1 | ||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 11,920 | 100 | 18,237 | 204 | 17,077 | 1 | ||||||||||||||||||||||||||||
Commercial | 29,384 | 254 | 35,765 | 286 | 38,688 | 25 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | 175 | — | ||||||||||||||||||||||||||||
Total | $ | 51,163 | $ | 397 | $ | 71,121 | $ | 624 | $ | 100,306 | $ | 27 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 283 | $ | 5 | $ | 706 | $ | 16 | $ | 4,458 | $ | — | ||||||||||||||||||||||
Real estate - construction | 638 | 9 | 1,762 | — | 51,354 | — | ||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 2,713 | 20 | 1,764 | 61 | 15,740 | 7 | ||||||||||||||||||||||||||||
Commercial | 4,127 | 4 | 13,069 | 445 | 40,777 | — | ||||||||||||||||||||||||||||
Consumer | 83 | 1 | — | — | 214 | — | ||||||||||||||||||||||||||||
Total | $ | 7,844 | $ | 39 | $ | 17,301 | $ | 522 | $ | 112,543 | $ | 7 | ||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 1,067 | $ | 13 | $ | 2,695 | $ | 58 | $ | 7,660 | $ | — | ||||||||||||||||||||||
Real estate - construction | 9,713 | 44 | 16,892 | 92 | 92,518 | 1 | ||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 14,633 | 120 | 20,001 | 265 | 32,817 | 8 | ||||||||||||||||||||||||||||
Commercial | 33,511 | 258 | 48,834 | 731 | 79,465 | 25 | ||||||||||||||||||||||||||||
Consumer | 83 | 1 | — | — | 389 | — | ||||||||||||||||||||||||||||
Total | $ | 59,007 | $ | 436 | $ | 88,422 | $ | 1,146 | $ | 212,849 | $ | 34 | ||||||||||||||||||||||
Schedule of Loans Receivable, Sold Loans | ' | |||||||||||||||||||||||||||||||||
The following table presents sold loans by portfolio segment for the periods indicated below: | ||||||||||||||||||||||||||||||||||
For the Twelve Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Number | Recorded | Contract | Number | Recorded | Contract | ||||||||||||||||||||||||||||
of Loans | Investment | Pricing | of Loans | Investment | Pricing | |||||||||||||||||||||||||||||
Commercial and agricultural | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate - construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | 3 | 1,747 | 1,244 | 2 | 3,950 | 4,200 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | 3 | $ | 1,747 | $ | 1,244 | 2 | $ | 3,950 | $ | 4,200 | ||||||||||||||||||||||||
Schedule of Loans Recievable, Acquired Loans | ' | |||||||||||||||||||||||||||||||||
The following table presents the balance of all Granite Purchased Loans: | ||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Purchased Impaired | Purchased Contractual | Total Purchased Loans | Unpaid | ||||||||||||||||||||||||||||||
Principal | ||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 10,729 | $ | 5,948 | $ | 16,677 | $ | 16,452 | ||||||||||||||||||||||||||
Real estate - construction | 9,893 | — | 9,893 | 11,368 | ||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 26,854 | 22,127 | 48,981 | 51,359 | ||||||||||||||||||||||||||||||
Commercial | 113,178 | 373 | 113,551 | 122,197 | ||||||||||||||||||||||||||||||
Consumer | 998 | — | 998 | 798 | ||||||||||||||||||||||||||||||
Total | $ | 161,652 | $ | 28,448 | $ | 190,100 | $ | 202,174 | ||||||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Purchased Impaired | Purchased Contractual | Total | Unpaid | ||||||||||||||||||||||||||||||
Purchased Loans | Principal | |||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 14,666 | $ | 7,311 | $ | 21,977 | $ | 22,212 | ||||||||||||||||||||||||||
Real estate - construction | 2,682 | — | 2,682 | 2,974 | ||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 39,215 | 27,484 | 66,699 | 70,657 | ||||||||||||||||||||||||||||||
Commercial | 170,467 | 49 | 170,516 | 187,646 | ||||||||||||||||||||||||||||||
Consumer | 1,362 | — | 1,362 | 1,147 | ||||||||||||||||||||||||||||||
Total | $ | 228,392 | $ | 34,844 | $ | 263,236 | $ | 284,636 | ||||||||||||||||||||||||||
Deteriorated Loans Acquired, Accretable Yield Movement Schedule | ' | |||||||||||||||||||||||||||||||||
The table below includes only those Granite Purchased Loans accounted for under the expected cash flow method (PI loans) for the periods indicated. These tables do not include PC loans, including Granite Purchased PC loans or purchased performing residential mortgage loans. | ||||||||||||||||||||||||||||||||||
For Twelve Months Ended | For Twelve Months Ended | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
Purchased Impaired | Purchased Impaired | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Carrying | Future | Carrying | Future Accretion | ||||||||||||||||||||||||||||||
Amount | Accretion | Amount | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 228,392 | $ | 30,300 | $ | 330,836 | $ | 47,804 | ||||||||||||||||||||||||||
Accretion | 16,032 | (16,032 | ) | 20,549 | (20,549 | ) | ||||||||||||||||||||||||||||
Increase in future accretion | — | 15,721 | — | 3,045 | ||||||||||||||||||||||||||||||
Payments received | (80,258 | ) | — | (111,875 | ) | — | ||||||||||||||||||||||||||||
Foreclosed and transferred to OREO | (2,514 | ) | — | (11,118 | ) | — | ||||||||||||||||||||||||||||
Subtotal before allowance | 161,652 | 29,989 | 228,392 | 30,300 | ||||||||||||||||||||||||||||||
Allowance for credit losses | (5,560 | ) | — | (5,373 | ) | — | ||||||||||||||||||||||||||||
Net carrying amount, end of period | $ | 156,092 | $ | 29,989 | $ | 223,019 | $ | 30,300 | ||||||||||||||||||||||||||
Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||||
An analysis of the changes in the ALL is as follows: | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 29,314 | $ | 39,360 | 93,687 | |||||||||||||||||||||||||||||
Provision for losses | 523 | 14,049 | 67,362 | |||||||||||||||||||||||||||||||
Net charge-offs: | ||||||||||||||||||||||||||||||||||
Charge-offs | (13,344 | ) | (30,968 | ) | (128,424 | ) | ||||||||||||||||||||||||||||
Recoveries | 10,292 | 6,873 | 6,735 | |||||||||||||||||||||||||||||||
Net charge-offs | (3,052 | ) | (24,095 | ) | (121,689 | ) | ||||||||||||||||||||||||||||
Balance, end of period | $ | 26,785 | $ | 29,314 | 39,360 | |||||||||||||||||||||||||||||
Annualized net charge-offs during the period to average loans held for investment | 0.26 | % | 1.94 | % | 10.75 | % | ||||||||||||||||||||||||||||
Annualized net charge-offs during the period to ALL | 11.39 | % | 82.2 | % | 309.17 | % | ||||||||||||||||||||||||||||
Allowance for loan losses to loans held for investment (1) | 2.21 | % | 2.49 | % | 3.23 | % | ||||||||||||||||||||||||||||
(1) Excludes discontinued operations | ||||||||||||||||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | ' | |||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we charged off $13.3 million in loans and realized $10.3 million in recoveries, for $3.1 million of net charge-offs. The majority of the loans charged off were loans that were previously impaired and had specific reserves assigned in prior periods. | ||||||||||||||||||||||||||||||||||
The ALL, as a percentage of loans held for investment, was 2.21% at December 31, 2013, compared to 2.49% at December 31, 2012. | ||||||||||||||||||||||||||||||||||
The following table presents ALL activity by portfolio segment for the year ended December 31, 2013: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2013 | $ | 3,238 | $ | 4,987 | $ | 8,701 | $ | 9,627 | $ | 2,761 | $ | 29,314 | ||||||||||||||||||||||
Charge-offs | (1,277 | ) | (1,080 | ) | (4,032 | ) | (2,808 | ) | (4,147 | ) | (13,344 | ) | ||||||||||||||||||||||
Recoveries | 1,623 | 2,681 | 1,266 | 3,048 | 1,674 | 10,292 | ||||||||||||||||||||||||||||
Provision (Recovery) | (653 | ) | (1,355 | ) | 2,934 | (2,672 | ) | 2,269 | 523 | |||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 2,931 | $ | 5,233 | $ | 8,869 | $ | 7,195 | $ | 2,557 | $ | 26,785 | ||||||||||||||||||||||
The following table presents ALL activity by portfolio segment for the year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2012 | $ | 5,776 | $ | 11,995 | $ | 8,885 | $ | 11,063 | $ | 1,641 | $ | 39,360 | ||||||||||||||||||||||
Charge-offs | (3,494 | ) | (11,084 | ) | (6,422 | ) | (5,510 | ) | (4,458 | ) | (30,968 | ) | ||||||||||||||||||||||
Recoveries | 991 | 3,237 | 573 | 852 | 1,220 | 6,873 | ||||||||||||||||||||||||||||
Provision (Recovery) | (35 | ) | 839 | 5,665 | 3,222 | 4,358 | 14,049 | |||||||||||||||||||||||||||
Ending balance at December 31, 2012 | $ | 3,238 | $ | 4,987 | $ | 8,701 | $ | 9,627 | $ | 2,761 | $ | 29,314 | ||||||||||||||||||||||
The following table presents ALL activity by portfolio segment for the year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2011 | $ | 11,144 | $ | 46,792 | $ | 7,742 | $ | 26,851 | $ | 1,158 | $ | 93,687 | ||||||||||||||||||||||
Charge-offs | (10,832 | ) | (65,526 | ) | (11,384 | ) | (36,998 | ) | (3,684 | ) | (128,424 | ) | ||||||||||||||||||||||
Recoveries | 855 | 2,637 | 831 | 891 | 1,521 | 6,735 | ||||||||||||||||||||||||||||
Provision (Recovery) | 4,609 | 28,092 | 11,696 | 20,319 | 2,646 | 67,362 | ||||||||||||||||||||||||||||
Ending balance at December 31, 2011 | $ | 5,776 | $ | 11,995 | $ | 8,885 | $ | 11,063 | $ | 1,641 | $ | 39,360 | ||||||||||||||||||||||
Allowance for Loan Losses, Impairment Methodology | ' | |||||||||||||||||||||||||||||||||
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2013: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 927 | $ | — | $ | — | $ | 927 | ||||||||||||||||||||||
Collectively evaluated for impairment | 2,549 | 4,218 | 7,218 | 3,944 | 2,369 | 20,298 | ||||||||||||||||||||||||||||
PI loans evaluated for credit impairment | 382 | 1,015 | 724 | 3,251 | 188 | 5,560 | ||||||||||||||||||||||||||||
PI loans with no credit deterioration | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total ALL | $ | 2,931 | $ | 5,233 | $ | 8,869 | $ | 7,195 | $ | 2,557 | $ | 26,785 | ||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 398 | $ | 4,734 | $ | 14,119 | $ | 23,579 | $ | — | $ | 42,830 | ||||||||||||||||||||||
Collectively evaluated for impairment | 61,125 | 49,457 | 595,135 | 258,167 | 43,883 | 1,007,767 | ||||||||||||||||||||||||||||
PI loans with subsequent credit deterioration | 10,729 | 9,792 | 26,628 | 113,178 | 980 | 161,307 | ||||||||||||||||||||||||||||
PI loans with no credit deterioration | — | 100 | 225 | — | 19 | 344 | ||||||||||||||||||||||||||||
Total loans | $ | 72,252 | $ | 64,083 | $ | 636,107 | $ | 394,924 | $ | 44,882 | $ | 1,212,248 | ||||||||||||||||||||||
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2012: | ||||||||||||||||||||||||||||||||||
Real Estate - Mortgage | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 282 | $ | 82 | $ | 607 | $ | 766 | $ | — | $ | 1,737 | ||||||||||||||||||||||
Collectively evaluated for impairment | 2,432 | 4,705 | 7,383 | 5,473 | 2,211 | 22,204 | ||||||||||||||||||||||||||||
PI loans evaluated for credit impairment | 524 | 200 | 711 | 3,388 | 550 | 5,373 | ||||||||||||||||||||||||||||
PI loans with no credit deterioration | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total ALL | $ | 3,238 | $ | 4,987 | $ | 8,701 | $ | 9,627 | $ | 2,761 | $ | 29,314 | ||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,334 | $ | 13,533 | $ | 18,118 | $ | 43,609 | $ | — | $ | 77,594 | ||||||||||||||||||||||
Collectively evaluated for impairment | 62,704 | 42,199 | 496,205 | 227,760 | 42,181 | 871,049 | ||||||||||||||||||||||||||||
PI loans with subsequent credit deterioration | 11,533 | 2,285 | 34,961 | 141,974 | 1,362 | 192,115 | ||||||||||||||||||||||||||||
PI loans with no credit deterioration | 3,133 | 397 | 4,254 | 28,493 | — | 36,277 | ||||||||||||||||||||||||||||
Total loans | $ | 79,704 | $ | 58,414 | $ | 553,538 | $ | 441,836 | $ | 43,543 | $ | 1,177,035 | ||||||||||||||||||||||
Troubled Debt Restructurings on Loans | ' | |||||||||||||||||||||||||||||||||
The following tables presents a breakdown of troubled debt restructurings that were restructured during the periods presented, segregated by portfolio segment: | ||||||||||||||||||||||||||||||||||
For Twelve Months Ended December 31, 2013 | For Twelve Months Ended December 31, 2012 | For Twelve Months Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Pre-Modified | Post-Modified | Pre-Modified | Post-Modified | Pre-Modified | Post-Modified | |||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | |||||||||||||||||||||||||||||
(dollars in thousands) | Number | Recorded | Recorded | Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||||||
of Loans | Investment | Investment | of Loans | Investment | Investment | of Loans | Investment | Investment | ||||||||||||||||||||||||||
Commercial and agricultural | — | $ | — | $ | — | 1 | $ | 312 | $ | 127 | 8 | $ | 806 | $ | 806 | |||||||||||||||||||
Real estate - construction | 2 | 125 | 125 | 8 | 1,994 | 1,335 | 8 | 5,162 | 5,162 | |||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||||
1-4 family residential | 12 | 3,387 | 3,451 | 3 | 566 | 565 | 9 | 406 | 406 | |||||||||||||||||||||||||
Commercial | 5 | 5,531 | 5,238 | 5 | 690 | 667 | 15 | 9,740 | 9,740 | |||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | 19 | $ | 9,043 | $ | 8,814 | 17 | $ | 3,562 | $ | 2,694 | 40 | $ | 16,114 | $ | 16,114 | |||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Premises and equipment at December 31 is summarized as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Land | $ | 14,460 | $ | 14,615 | |||||
Building and improvements | 49,463 | 51,538 | |||||||
Furniture and equipment | 43,648 | 48,275 | |||||||
Leasehold improvements | 1,017 | 1,515 | |||||||
Premises and equipment, gross | 108,588 | 115,943 | |||||||
Accumulated depreciation and amortization | (57,699 | ) | (63,218 | ) | |||||
Premises and equipment, net | $ | 50,889 | $ | 52,725 | |||||
Other_Real_Estate_Owned_and_Pe1
Other Real Estate Owned and Personal Property Acquired in Settlement of Loans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Repossessed Assets [Abstract] | ' | ||||||||
Schedule of Repossessed Assets | ' | ||||||||
The following table summarizes real estate acquired in settlement of loans and personal property acquired in settlement of loans at the periods indicated: | |||||||||
(dollars in thousands) | December 31, 2013 | December 31, 2012 | |||||||
Real estate acquired in settlement of loans | $ | 28,353 | $ | 62,796 | |||||
Personal property acquired in settlement of loans | 42 | 335 | |||||||
Total property acquired in settlement of loans | $ | 28,395 | $ | 63,131 | |||||
Activities of Real Estate Acquired through Foreclosure | ' | ||||||||
The following table summarize the changes in real estate acquired in settlement of loans at the periods indicated: | |||||||||
For Year Ended | |||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||
Real estate acquired in settlement of loans, beginning of period | $ | 62,796 | $ | 110,009 | |||||
Plus: New real estate acquired in settlement of loans | 15,001 | 32,565 | |||||||
Less: Sales of real estate acquired in settlement of loans | (45,523 | ) | (57,991 | ) | |||||
Less: Write-downs and net loss on sales charged to expense | (3,921 | ) | (21,787 | ) | |||||
Real estate acquired in settlement of loans, end of period | $ | 28,353 | $ | 62,796 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Changes in accumulated other comprehensive income (loss) by component | ' | ||||||||||||||||||||||||
The accumulated balances related to each component of other comprehensive loss are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||
Pretax | After-tax | Pretax | After-tax | Pretax | After-tax | ||||||||||||||||||||
Net unrealized securities gains (losses) | $ | (23,443 | ) | $ | (14,476 | ) | $ | 6,032 | $ | 3,650 | $ | 470 | $ | 284 | |||||||||||
Pension, other postretirement and postemployment benefit plan adjustments | (5,200 | ) | (3,129 | ) | (6,566 | ) | (3,973 | ) | (7,027 | ) | (4,253 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (28,643 | ) | $ | (17,605 | ) | $ | (534 | ) | $ | (323 | ) | $ | (6,557 | ) | $ | (3,969 | ) | |||||||
The following table presents the changes in our accumulated other comprehensive income (loss), net of tax, by component for the period indicated: | |||||||||||||||||||||||||
(Dollars in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Defined Benefit Plan Items | Total | ||||||||||||||||||||||
Beginning balance January 1, 2013 | $ | 3,650 | $ | (3,973 | ) | $ | (323 | ) | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (16,447 | ) | 1,031 | (15,416 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (1,679 | ) | (187 | ) | (1,866 | ) | |||||||||||||||||||
Net current period other comprehensive income | (18,126 | ) | 844 | (17,282 | ) | ||||||||||||||||||||
Ending balance December 31, 2013 | $ | (14,476 | ) | $ | (3,129 | ) | $ | (17,605 | ) | ||||||||||||||||
Reclassifications out of accumulated other comprehensive income (loss) | ' | ||||||||||||||||||||||||
The following table presents the reclassifications out of our accumulated other comprehensive income (loss) for the year ended December 31, 2013: | |||||||||||||||||||||||||
(Dollars in thousands) | Amount Reclassified from AOCI | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Line Item in the Consolidated Statement of Operations | ||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Net realized gains on sale of securities | $ | (2,772 | ) | Securities gains, net | |||||||||||||||||||||
Income tax expense | 1,093 | Income tax expense | |||||||||||||||||||||||
Total, net of tax | (1,679 | ) | |||||||||||||||||||||||
Defined benefit plan items: | |||||||||||||||||||||||||
Net actuarial gains | (302 | ) | Personnel expense | ||||||||||||||||||||||
Income tax expense | 115 | Income tax expense | |||||||||||||||||||||||
Total, net of tax | (187 | ) | |||||||||||||||||||||||
Total reclassifications for the period | $ | (1,866 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Obligations for Minimum Rentals Under Non-Cancelable Operating Lease Commitments | ' | |||
Future obligations at December 31, 2013 for minimum rentals under non-cancelable operating lease commitments, primarily relating to premises, are as follows: | ||||
(dollars in thousands) | ||||
Year ending December 31, | ||||
2014 | $ | 1,715 | ||
2015 | 1,579 | |||
2016 | 1,449 | |||
2017 | 1,336 | |||
2018 | 993 | |||
Thereafter | 8,843 | |||
Total lease commitments | $ | 15,915 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
The components of income tax expense for the years ended December 31 are as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Total current taxes | — | — | — | ||||||||||
Deferred | |||||||||||||
Federal | 21,030 | (13,709 | ) | (43,001 | ) | ||||||||
State | 14,655 | (2,722 | ) | (8,657 | ) | ||||||||
Total deferred taxes | 35,685 | (16,431 | ) | (51,658 | ) | ||||||||
Increase (decrease) in valuation allowance | (34,359 | ) | 15,392 | 52,299 | |||||||||
Total income tax (benefit) expense - continuing operations | $ | 1,326 | $ | (1,039 | ) | $ | 641 | ||||||
Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of income tax expense computed at the statutory federal income tax rate to actual income tax expense is presented in the following table as of December 31: | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amount of tax computed using Federal statutory tax rate of 35% in all years | $ | (55 | ) | $ | (14,365 | ) | $ | (45,807 | ) | ||||
Increases (decreases) resulting from effects of: | |||||||||||||
Non-taxable income | (88 | ) | (169 | ) | (196 | ) | |||||||
State income taxes, net of federal benefit | 9,526 | (1,769 | ) | (5,627 | ) | ||||||||
Valuation allowance on deferred tax assets | (34,359 | ) | 15,392 | 52,299 | |||||||||
Reduction of deferred tax assets at Granite | 28,293 | — | — | ||||||||||
Other | (1,991 | ) | (128 | ) | (28 | ) | |||||||
Total income tax (benefit) expense - continuing operations | $ | 1,326 | $ | (1,039 | ) | $ | 641 | ||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The components of deferred tax assets and liabilities and the tax effect of each are as follows: | |||||||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 10,364 | $ | 11,754 | |||||||||
Net operating loss | 135,050 | 145,472 | |||||||||||
Compensation and benefit plans | 995 | 805 | |||||||||||
Fair value basis on securities | 918 | 1,199 | |||||||||||
Fair value basis of loans | (951 | ) | 9,742 | ||||||||||
Fair value basis on deposits | — | 187 | |||||||||||
Pension and other post-retirement benefits | 1,080 | 2,754 | |||||||||||
Other real estate owned | 4,091 | 16,649 | |||||||||||
Gross unrealized securities losses | 10,215 | 838 | |||||||||||
Interest on nonperforming loans | 1,339 | 1,382 | |||||||||||
Other | 529 | 812 | |||||||||||
Subtotal deferred tax assets | 163,630 | 191,594 | |||||||||||
Less: Valuation allowance | (148,043 | ) | (182,402 | ) | |||||||||
Total deferred tax assets | 15,587 | 9,192 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Core deposit intangible | 2,051 | 2,673 | |||||||||||
Depreciable basis of premises and equipment | 495 | 721 | |||||||||||
Net deferred loan fees and costs | 1,077 | 1,010 | |||||||||||
Gross unrealized securities gains | 1,249 | 3,220 | |||||||||||
SAB 109 valuation | — | 2 | |||||||||||
Other | 500 | 728 | |||||||||||
Total deferred tax liabilities | 5,372 | 8,354 | |||||||||||
Net deferred tax assets | $ | 10,215 | $ | 838 | |||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||
Deposit Composition | ' | ||||||||||||||
The following table summarizes deposit composition at the dates indicated. | |||||||||||||||
(dollars in thousands) | 31-Dec-13 | % of | 31-Dec-12 | % of | |||||||||||
Total | Total | ||||||||||||||
Noninterest-bearing demand deposits | $ | 290,461 | 16.61 | % | $ | 251,235 | 13.17 | % | |||||||
Interest-bearing demand deposits | 347,791 | 19.89 | % | 362,406 | 19 | % | |||||||||
Savings deposits | 80,507 | 4.6 | % | 74,436 | 3.9 | % | |||||||||
Money market deposits | 447,672 | 25.6 | % | 455,734 | 23.9 | % | |||||||||
Brokered deposits | 29,219 | 1.67 | % | 55,590 | 2.92 | % | |||||||||
Time deposits less than $100,000 | 323,660 | 18.51 | % | 417,421 | 21.89 | % | |||||||||
Time deposits $100,000 or more | 229,395 | 13.12 | % | 290,166 | 15.22 | % | |||||||||
Total deposits | $ | 1,748,705 | 100 | % | $ | 1,906,988 | 100 | % | |||||||
Scheduled Maturities of Time and Brokered Deposits | ' | ||||||||||||||
The accompanying table presents the scheduled maturities of time and brokered deposits at December 31, 2013. | |||||||||||||||
(dollars in thousands) | |||||||||||||||
Year ending December 31, | |||||||||||||||
2014 | $ | 365,629 | |||||||||||||
2015 | 118,257 | ||||||||||||||
2016 | 49,622 | ||||||||||||||
2017 | 38,723 | ||||||||||||||
2018 | 10,043 | ||||||||||||||
Thereafter | — | ||||||||||||||
Total time deposits | $ | 582,274 | |||||||||||||
ShortTerm_Borrowings_and_LongT1
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||
Schedule of Short-term and Long-term Borrowings | ' | |||||||||||||||||||||
The following table stratifies COB’s borrowings as short-term and long-term at the periods indicated. | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||
Balance | Rate | Balance | Rate | |||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||
Retail customer repurchase agreements | $ | 6,917 | 0.21 | % | $ | 8,675 | 0.19 | % | ||||||||||||||
Total short-term borrowings | $ | 6,917 | $ | 8,675 | ||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||
Federal Home Loan Bank advances | $ | 73,283 | 1.8 | $ | 58,328 | 2.62 | ||||||||||||||||
Long-term notes payable | 5,263 | 1.41 | — | — | ||||||||||||||||||
Junior subordinated debt | 56,702 | 1.77 | 56,702 | 1.83 | ||||||||||||||||||
Total long-term debt | $ | 135,248 | $ | 115,030 | ||||||||||||||||||
Schedule of Retail Repurchase Agreements and Federal Funds Purchased | ' | |||||||||||||||||||||
Information concerning retail repurchase agreements and federal funds purchased is as follows: | ||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||
Retail | Retail | Retail | ||||||||||||||||||||
Repurchase | Repurchase | Repurchase | ||||||||||||||||||||
Agreements | Agreements | Agreements | ||||||||||||||||||||
Balance at December 31 | $ | 6,917 | $ | 8,675 | $ | 8,838 | ||||||||||||||||
Average balance during the year | 9,852 | 9,861 | 8,973 | |||||||||||||||||||
Maximum month end balance | 13,064 | 12,720 | 10,917 | |||||||||||||||||||
Weighted average interest rate: | ||||||||||||||||||||||
At December 31 | 0.21 | % | 0.19 | % | 0.42 | % | ||||||||||||||||
During the year | 0.21 | 0.29 | 0.58 | |||||||||||||||||||
FHLB advance [Member] | ' | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||
Scheduled Maturities of Long-term Debt | ' | |||||||||||||||||||||
At December 31, 2013, the scheduled maturities of FHLB advances payable over the next five years and thereafter, certain of which are convertible to a variable rate at the option of the FHLB before scheduled maturity, are as follows: | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||
2014 | $ | 5,000 | ||||||||||||||||||||
2015 | 3,000 | |||||||||||||||||||||
2016 | 5,000 | |||||||||||||||||||||
2017 | 5,000 | |||||||||||||||||||||
2018 | 5,283 | |||||||||||||||||||||
2019 and thereafter | 50,000 | |||||||||||||||||||||
Total FHLB advances | $ | 73,283 | ||||||||||||||||||||
Schedule of Long-term Debt | ' | |||||||||||||||||||||
Long-term debt included of the following advances from the FHLB at the periods indicated. | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
Maturity | Interest Rate | 2013 | 2012 | |||||||||||||||||||
December 29, 2014 | 3.3125 | % | $ | 5,000 | $ | 5,000 | ||||||||||||||||
September 8, 2015 | 3.71 | % | 3,000 | 3,000 | ||||||||||||||||||
27-Sep-16 | 0.93 | % | 5,000 | — | ||||||||||||||||||
27-Sep-17 | 1.42 | % | 5,000 | — | ||||||||||||||||||
March 19, 2018 | 2.81 | % | — | 10,000 | ||||||||||||||||||
July 16, 2018 | 2.43 | % | — | 20,000 | ||||||||||||||||||
July 18, 2018 | 2.33 | % | — | 20,000 | ||||||||||||||||||
August 27, 2018 | 6.15 | % | 283 | 328 | ||||||||||||||||||
27-Sep-18 | 1.84 | % | 5,000 | — | ||||||||||||||||||
15-Jun-20 | 1.6247 | % | 50,000 | — | ||||||||||||||||||
$ | 73,283 | $ | 58,328 | |||||||||||||||||||
Junior Subordinated Debentures [Member] | ' | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||
Schedule of Long-term Debt | ' | |||||||||||||||||||||
Information concerning the Junior Subordinated Debentures is as follows at the periods indicated. | ||||||||||||||||||||||
(dollars in thousands) | Commencement | |||||||||||||||||||||
Stated | of Early | As of December 31, | ||||||||||||||||||||
Maturity | Redemption | 2013 | 2012 | |||||||||||||||||||
Issuer | Date | Period | Principal | Unpaid Interest | Principal | Unpaid Interest | Interest Rate | |||||||||||||||
FNB Trust I | 12/15/35 | 12/15/10 | $ | 20,619 | $ | 753 | $ | 20,619 | $ | 403 | 3 month LIBOR + 1.37% =r clear=none/>1.616% at 12/31/13 | |||||||||||
FNB Trust II | 6/30/36 | 6/30/11 | 30,928 | 1,078 | 30,928 | 567 | 3 month LIBOR + 1.32% =r clear=none/>1.566% at 12/31/13 | |||||||||||||||
Catawba Trust II | 12/30/32 | 12/30/07 | 5,155 | 404 | 5,155 | 204 | 3 month LIBOR + 3.35% =r clear=none/>3.596% at 12/31/13 | |||||||||||||||
Total Junior Subordinated Debentures | $ | 56,702 | $ | 2,235 | $ | 56,702 | $ | 1,174 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Pension Plan [Member] | ' | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||
Schedule of Change in Benefit Obligation, Plan Assets, Funded Status and Amounts Recognized in Consolidated Statements | ' | ||||||||||||
The following table sets forth the plan’s change in benefit obligation, plan assets and the funded status of the pension plan, using a December 31 measurement date, and amounts recognized in the consolidated statements as of December 31: | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 15,342 | $ | 14,597 | |||||||||
Service cost | — | — | |||||||||||
Interest cost | 646 | 668 | |||||||||||
Net actuarial (gain) loss | (1,219 | ) | 758 | ||||||||||
Benefits paid | (804 | ) | (681 | ) | |||||||||
Benefit obligation at end of year | $ | 13,965 | $ | 15,342 | |||||||||
Change in Plan Assets | |||||||||||||
Fair value of plan assets at beginning of year | $ | 12,370 | $ | 9,234 | |||||||||
Actual return on plan assets | 1,265 | 1,017 | |||||||||||
Employer contributions | — | 2,800 | |||||||||||
Benefits paid | (804 | ) | (681 | ) | |||||||||
Fair value of plan assets at December 31 | $ | 12,831 | $ | 12,370 | |||||||||
Funded Status at End of Year | $ | (1,134 | ) | $ | (2,972 | ) | |||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||
Other Liabilities | $ | (1,134 | ) | $ | (2,972 | ) | |||||||
Amounts Recognized in Accumulated Other Comprehensive Income | |||||||||||||
Net actuarial loss | $ | 5,223 | $ | 7,312 | |||||||||
Net amount recognized | $ | 5,223 | $ | 7,312 | |||||||||
Weighted-Average Allocation of Plan Assets at End of Year | |||||||||||||
Equity securities | 65 | % | 62 | % | |||||||||
Debt securities | 35 | 36 | |||||||||||
Cash and cash equivalents | — | 2 | |||||||||||
Fixed income funds | — | — | |||||||||||
Total | 100 | % | 100 | % | |||||||||
Weighted-Average Plan Assumptions at End of Year | |||||||||||||
Discount rate | 5.1 | % | 4.25 | % | |||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | |||||||||
Rate of increase in compensation levels | 5.5 | % | 5.5 | % | |||||||||
Schedule of Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) | ' | ||||||||||||
Components of net periodic pension cost (income) and other amounts recognized in other comprehensive income are as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net Periodic Pension Cost (Income) | |||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||
Interest cost | 646 | 668 | 712 | ||||||||||
Expected return on plan assets | (958 | ) | (804 | ) | (690 | ) | |||||||
Amortization of prior service cost | — | — | — | ||||||||||
Amortization of net actuarial loss | 562 | 524 | 411 | ||||||||||
Total pension cost | $ | 250 | $ | 388 | $ | 433 | |||||||
Other Changes in Plan Assets and Benefit Obligations | |||||||||||||
Recognized in Other Comprehensive Income: | |||||||||||||
Net actuarial loss (gain) | $ | (2,089 | ) | $ | 22 | $ | 1,897 | ||||||
Amortization of prior service credit | — | — | — | ||||||||||
Total recognized in other comprehensive loss (income) | (2,089 | ) | 22 | 1,897 | |||||||||
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Loss | $ | (1,839 | ) | $ | 410 | $ | 2,330 | ||||||
Schedule of Fair Value of Plan Assets by Major Asset Category | ' | ||||||||||||
The following table provides the fair values of investments held in the pension plan by major asset category: | |||||||||||||
31-Dec-13 | |||||||||||||
(dollars in thousands) | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | ||||||||||
Value | (Level 1) | (Level 2) | |||||||||||
Equity securities | $ | 8,321 | $ | 8,321 | $ | — | |||||||
Debt securities | 4,473 | 4,473 | — | ||||||||||
Other | 37 | 37 | — | ||||||||||
Total fair value of pension assets | $ | 12,831 | $ | 12,831 | $ | — | |||||||
31-Dec-12 | |||||||||||||
(dollars in thousands) | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | ||||||||||
Value | (Level 1) | (Level 2) | |||||||||||
Equity securities | $ | 7,752 | $ | 7,752 | $ | — | |||||||
Debt securities | 4,429 | 4,429 | — | ||||||||||
Other | 189 | 189 | — | ||||||||||
Total fair value of pension assets | $ | 12,370 | $ | 12,370 | $ | — | |||||||
SERP [Member] | ' | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||
Schedule of Change in Benefit Obligation, Plan Assets, Funded Status and Amounts Recognized in Consolidated Statements | ' | ||||||||||||
The following table sets forth the change in benefit obligation, plan assets and the funded status of the three SERPs, using a December 31 measurement date, and amounts recognized in the consolidated statements as of December 31: | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 1,345 | $ | 1,980 | |||||||||
Service cost | — | — | |||||||||||
Interest cost | 84 | 107 | |||||||||||
Amendments to plan | — | — | |||||||||||
Net actuarial loss (gain) | (13 | ) | (457 | ) | |||||||||
Benefits paid | (1,153 | ) | (285 | ) | |||||||||
Benefit obligation at end of year | $ | 263 | $ | 1,345 | |||||||||
Change in Plan Assets | |||||||||||||
Employer contributions | $ | 1,153 | $ | 285 | |||||||||
Benefits paid | (1,153 | ) | (285 | ) | |||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||
Funded Status at December 31 | $ | (263 | ) | $ | (1,345 | ) | |||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||
Other Liabilities | $ | 263 | $ | 1,345 | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||
Net actuarial gain | $ | — | $ | (1,002 | ) | ||||||||
Prior service cost | — | 155 | |||||||||||
Net amount recognized | $ | — | $ | (847 | ) | ||||||||
Weighted-Average Plan Assumption at End of Year: | |||||||||||||
Discount rate | 7 | % | 7 | % | |||||||||
Schedule of Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) | ' | ||||||||||||
Components of net periodic SERP cost and other amounts recognized in other comprehensive loss are as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net Periodic SERP Cost | |||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||
Interest cost | 84 | 107 | 137 | ||||||||||
Amortization of prior service cost | 155 | 31 | 48 | ||||||||||
Amortization of net actuarial gain | (1,015 | ) | (48 | ) | (108 | ) | |||||||
Net periodic SERP cost | $ | (776 | ) | $ | 90 | $ | 77 | ||||||
Other Changes in Plan Assets and Benefit Obligations | |||||||||||||
Recognized in Other Comprehensive Income | |||||||||||||
Net actuarial loss (gain) | $ | 1,002 | $ | (409 | ) | $ | 168 | ||||||
Amortization of prior service credit | (155 | ) | (31 | ) | (48 | ) | |||||||
Total recognized in other comprehensive loss (income) | 847 | (440 | ) | 120 | |||||||||
Total Recognized in Net Periodic SERP (Income) Cost and Other Comprehensive Income (Loss) | $ | 71 | $ | (350 | ) | $ | 197 | ||||||
Other Postretirement Defined Benefit Plans [Member] | ' | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||
Schedule of Change in Benefit Obligation, Plan Assets, Funded Status and Amounts Recognized in Consolidated Statements | ' | ||||||||||||
The following table sets forth the plans change in benefit obligation, plan assets and the funded status of the postretirement plans, using a December 31 measurement date, and amounts recognized in the consolidated statements as of December 31: | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 1,377 | $ | 1,459 | |||||||||
Service cost | — | — | |||||||||||
Interest cost | 57 | 63 | |||||||||||
Net actuarial (gain) loss | (223 | ) | (84 | ) | |||||||||
Plan participant contributions | 81 | 79 | |||||||||||
Benefits paid | (154 | ) | (140 | ) | |||||||||
Benefit obligation at end of year | $ | 1,138 | $ | 1,377 | |||||||||
Change in Plan Assets | |||||||||||||
Employer contributions | $ | 73 | $ | 61 | |||||||||
Plan participant contributions | 81 | 79 | |||||||||||
Benefits paid | (154 | ) | (140 | ) | |||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||
Funded Status at December 31 | $ | (1,138 | ) | $ | (1,377 | ) | |||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||
Other Liabilities | $ | 1,138 | $ | 1,377 | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||
Net actuarial loss | $ | (138 | ) | $ | 86 | ||||||||
Prior service credit | (16 | ) | (21 | ) | |||||||||
Net amount recognized | $ | (154 | ) | $ | 65 | ||||||||
Weighted-Average Plan Assumption at End of Year: | |||||||||||||
Discount rate | 5.1 | % | 4.25 | % | |||||||||
Schedule of Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) | ' | ||||||||||||
Components of net postretirement benefit cost and other amounts recognized in other comprehensive income are as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net Periodic Postretirement Benefit Cost | |||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||
Interest cost | 57 | 63 | 74 | ||||||||||
Amortization of prior service credit | (4 | ) | (4 | ) | (4 | ) | |||||||
Amortization of net actuarial loss | — | — | — | ||||||||||
Net periodic postretirement benefit cost | $ | 53 | $ | 59 | $ | 70 | |||||||
Other Changes in Plan Assets and Benefit Obligations | |||||||||||||
Recognized in Other Comprehensive Income | |||||||||||||
Net actuarial (gain) loss | $ | (223 | ) | $ | (84 | ) | $ | (223 | ) | ||||
Amortization of prior service cost | 4 | 4 | 4 | ||||||||||
Total recognized in other comprehensive (income) loss | (219 | ) | (80 | ) | (219 | ) | |||||||
Total Recognized in Net Periodic Postretirement Benefit Cost and Other Comprehensive (Income) Loss | $ | (166 | ) | $ | (21 | ) | $ | (149 | ) |
CommunityOne_Bancrop_Parent_Co1
CommunityOne Bancrop (Parent Company) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule of Condensed Financial Statements of COB, Parent Company Only | ' | ||||||||||||
The condensed financial position as of December 31, 2013 and 2012, and the condensed results of operations and cash flows for each of the years in the three-year period ended December 31, 2013 of COB, parent company only, are presented below. | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Condensed Balance Sheets | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 637 | $ | 606 | |||||||||
Investment in subsidiaries | 143,683 | 161,007 | |||||||||||
Other assets | 505 | 81 | |||||||||||
Total Assets | $ | 144,825 | $ | 161,694 | |||||||||
Liabilities and shareholders’ equity: | |||||||||||||
Accrued liabilities | $ | 7,762 | $ | 6,547 | |||||||||
Borrowed funds | 56,702 | 56,702 | |||||||||||
Shareholders’ equity | 80,361 | 98,445 | |||||||||||
Total Shareholders’ Equity and Liabilities | $ | 144,825 | $ | 161,694 | |||||||||
2013 | 2012 | 2011 | |||||||||||
Condensed Statements of Operations | |||||||||||||
Noninterest income | $ | 31 | $ | 34 | $ | 32 | |||||||
Interest expense | (1,092 | ) | (1,157 | ) | (1,072 | ) | |||||||
Noninterest expense | (742 | ) | (970 | ) | (3,351 | ) | |||||||
Loss before tax (benefit) expense | (1,803 | ) | (2,093 | ) | (4,391 | ) | |||||||
Income tax expense (benefit) | — | (311 | ) | 723 | |||||||||
Loss before equity in undistributed net loss of subsidiaries | (1,803 | ) | (1,782 | ) | (5,114 | ) | |||||||
Equity in undistributed net loss of subsidiaries | 320 | (38,223 | ) | (132,200 | ) | ||||||||
Net loss | (1,483 | ) | (40,005 | ) | (137,314 | ) | |||||||
Preferred stock gain on retirement, net of accretion, and dividends | — | — | 44,592 | ||||||||||
Net Loss to Common Shareholders | $ | (1,483 | ) | $ | (40,005 | ) | $ | (92,722 | ) | ||||
Condensed Statements of Cash Flows | |||||||||||||
Cash flows from operating activities | |||||||||||||
Net Loss | $ | (1,483 | ) | $ | (40,005 | ) | $ | (137,314 | ) | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed net loss of subsidiaries | (320 | ) | 38,223 | 132,200 | |||||||||
Other, net | 1,153 | 503 | 6,638 | ||||||||||
Net cash provided by (used in) operating activities | (650 | ) | (1,279 | ) | 1,524 | ||||||||
Cash flows from investing activities | |||||||||||||
Downstream cash investment in subsidiary | — | (6,709 | ) | (287,711 | ) | ||||||||
Net cash used in investing activities | — | (6,709 | ) | (287,711 | ) | ||||||||
Cash flows from financing activities | |||||||||||||
Proceeds from issuance of common stock | 6,694 | 289,571 | |||||||||||
Cash dividends paid on preferred stock | — | — | (756 | ) | |||||||||
Other | 681 | (908 | ) | — | |||||||||
Net cash provided by (used in) financing activities | 681 | 5,786 | 288,815 | ||||||||||
Net increase (decrease) in cash | 31 | (2,202 | ) | 2,628 | |||||||||
Cash at beginning of period | 606 | 2,808 | 180 | ||||||||||
Cash at end of period | $ | 637 | $ | 606 | $ | 2,808 | |||||||
Capital_Matters_Tables
Capital Matters (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||||||||||||||||||||
Compliance with Regulatory Capital Requirements | ' | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require each bank to maintain minimum amounts and ratios (set forth in the accompanying table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). The minimum capital requirements to be characterized as “well-capitalized” and “adequately capitalized,” as defined by the prompt corrective action provision of federal law and CommunityOne’s capital ratios as of December 31, 2013 are noted in the following table. At December 31, 2013 CommunityOne Bank was designated as “well capitalized.” | ||||||||||||||||||||||||||
Minimum Regulatory Requirement to be Well Capitalized | ||||||||||||||||||||||||||
(dollars in thousands) | Actual | For Capital | Under Prompt | |||||||||||||||||||||||
Adequacy Purposes | Corrective Action | |||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||
Consolidated | $ | 159,146 | 12.62 | % | $ | 100,859 | 8 | % | N/A | |||||||||||||||||
CommunityOne Bank, N.A. | 166,152 | 13.2 | 100,713 | 8 | $ | 125,891 | 10 | % | ||||||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||
Consolidated | 119,499 | 9.48 | $ | 50,429 | N/A | N/A | ||||||||||||||||||||
CommunityOne Bank, N.A. | 150,274 | 11.94 | 50,356 | 4 | $ | 75,534 | 6 | % | ||||||||||||||||||
Tier 1 Capital (to Average Assets) | ||||||||||||||||||||||||||
Consolidated | 119,499 | 5.96 | $ | 80,220 | N/A | N/A | ||||||||||||||||||||
CommunityOne Bank, N.A. | 150,274 | 7.49 | 80,204 | 4 | $ | 100,256 | 5 | % | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||
Consolidated | $ | 158,993 | 12.34 | % | $ | 103,051 | 8 | % | N/A | |||||||||||||||||
CommunityOne Bank, N.A. | 103,976 | 11.4 | 72,997 | 8 | $ | 91,247 | 10 | % | ||||||||||||||||||
Bank of Granite | 60,896 | 16.3 | 29,893 | 8 | 37,366 | 10 | ||||||||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||
Consolidated | 119,242 | 9.26 | 51,525 | — | N/A | |||||||||||||||||||||
CommunityOne Bank, N.A. | 92,418 | 10.13 | 36,499 | 4 | $ | 54,748 | 6 | % | ||||||||||||||||||
Bank of Granite | 56,209 | 15.04 | 14,946 | 4 | 22,420 | 6 | ||||||||||||||||||||
Tier 1 Capital (to Average Assets) | ||||||||||||||||||||||||||
Consolidated | 119,242 | 5.45 | 87,567 | — | N/A | |||||||||||||||||||||
CommunityOne Bank, N.A. | 92,418 | 6.17 | 59,909 | 4 | $ | 74,886 | 5 | % | ||||||||||||||||||
Bank of Granite | 56,209 | 8.12 | 27,675 | 4 | 34,594 | 5 | ||||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||
Schedule of Impact of Preferred Stock Activity on Consolidated Statement of Operations | ' | |||||||||||||||||||||
The following table represents the impact of preferred stock activity on the Consolidated Statement of Operations for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||||||||||
(dollars in thousands) | December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Gain on the retirement of Series A preferred stock | $ | — | $ | — | $ | 38,625 | ||||||||||||||||
Gain on retirement of Bank preferred stock | — | — | 9,375 | |||||||||||||||||||
Total gain on the retirement of preferred stock | — | — | 48,000 | |||||||||||||||||||
Dividends and accretion on Series A preferred stock | — | — | (2,652 | ) | ||||||||||||||||||
Dividends on Bank preferred stock | — | — | (756 | ) | ||||||||||||||||||
Total dividends on preferred stock | — | — | (3,408 | ) | ||||||||||||||||||
Preferred stock gain on retirement, net of accretion, and dividends | $ | — | $ | — | $ | 44,592 | ||||||||||||||||
Summary of Stock Options Activity | ' | |||||||||||||||||||||
The following is a summary of stock option activity: | ||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average | ||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding at beginning of year | 1,125 | $ | 1,963.29 | 2,742 | $ | 1,821.79 | 3,658 | $ | 1,857.00 | |||||||||||||
Granted | 54,060 | 7.86 | — | — | — | — | ||||||||||||||||
Assumed | — | — | — | — | 78 | 267.53 | ||||||||||||||||
Exercised | — | — | — | — | — | — | ||||||||||||||||
Forfeited or expired | (484 | ) | 2,156.98 | (1,617 | ) | 1,723.34 | (994 | ) | 1,829.09 | |||||||||||||
Outstanding at end of year | 54,701 | 29.06 | 1,125 | 1,963.29 | 2,742 | 1,821.79 | ||||||||||||||||
Options exercisable at end of year | 641 | 1,817.04 | 1,125 | 1,963.29 | 2,711 | 1,825.85 | ||||||||||||||||
Schedule of Stock Options Outstanding and Exercisable by Range of Exercise Prices | ' | |||||||||||||||||||||
At December 31, 2013, information concerning stock options outstanding and exercisable is as follows: | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted | Weighted | Number | Weighted | Weighted | ||||||||||||||||
Average | Average | Exercisable | Average | Average | ||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | |||||||||||||||||||
Contractual | Price | Contractual | Price | |||||||||||||||||||
Life (Years) | Life (Years) | |||||||||||||||||||||
$1 - $10 | 54,060 | 9.29 | $ | 7.86 | — | — | $ | — | ||||||||||||||
$1,350 - $1,620 | 181 | 1.15 | 1,440.74 | 181 | 1.15 | 1,440.74 | ||||||||||||||||
$1,621 - $1,890 | 30 | 3 | 1,723.00 | 30 | 3 | 1,723.00 | ||||||||||||||||
$1,891 - $2,160 | 430 | 0.96 | 1,982.00 | 430 | 0.96 | 1,982.00 | ||||||||||||||||
Summary of Non-vested Restricted Stock Activity | ' | |||||||||||||||||||||
The following is a summary of non-vested restricted stock activity: | ||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Grant Date | Grant Date | |||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||
Non-vested at beginning of year | 110,059 | $ | 11.13 | 4 | $ | 260 | ||||||||||||||||
Granted | 158,302 | 10.71 | 110,059 | 11.13 | ||||||||||||||||||
Vested | — | — | (4 | ) | 260 | |||||||||||||||||
Forfeited or expired | — | — | — | — | ||||||||||||||||||
Non-vested at end of year | 268,361 | $ | 12.68 | 110,059 | $ | 11.13 | ||||||||||||||||
Derivatives_and_Financial_Inst1
Derivatives and Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) | ' | ||||||||||||
The table below provides data about the amount of gains and losses related to derivative instruments designated as hedges included in the “Accumulated other comprehensive loss” section of “Shareholders’ Equity” on the COB’s Consolidated Balance Sheets, and in “Other income” in the COB’s Consolidated Statements of Operations: | |||||||||||||
Gain, Net of Tax Recognized in Income | |||||||||||||
For Twelve months ended | |||||||||||||
(dollars in thousands) | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swap contracts - FHLB advances | — | — | 819 | ||||||||||
Not designated as hedges [Member] | Continuing operations [Member] | ' | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) | ' | ||||||||||||
Gain (Loss) Recognized | |||||||||||||
For Twelve Months Ended | |||||||||||||
December 31, 2013 | December 31, 2012 | 31-Dec-11 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Mortgage loan rate lock commitments | $ | 4 | $ | 152 | 55 | ||||||||
Mortgage loan forward sales | (218 | ) | 52 | (44 | ) | ||||||||
Total | $ | (214 | ) | $ | 204 | $ | 11 | ||||||
Not designated as hedges [Member] | Discontinued operations [Member] | ' | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) | ' | ||||||||||||
The table below provides data about the amount of gains and losses recognized in income on derivative instruments not designated as hedging instruments: | |||||||||||||
(dollars in thousands) | Gain/(Loss), Net of Tax Recognized in Income | ||||||||||||
For the Twelve Months Ended | |||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Mortgage loan rate lock commitments (1) | $ | — | $ | — | $ | — | |||||||
Mortgage loan forward sales and MBS (1) | — | — | (44 | ) | |||||||||
Total | $ | — | $ | — | $ | (44 | ) | ||||||
-1 | Recognized in “Net loss from discontinued operations” in the Company’s Consolidated Statements of Operations. |
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||||||
The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated: | |||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
(dollars in thousands) | Twelve Months Ended December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Beginning balance at January 1, | $ | 726 | $ | — | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings, gross | 1,131 | 750 | |||||||||||||||||||
Less amortization | (305 | ) | (24 | ) | |||||||||||||||||
Balance, end of period | $ | 1,552 | $ | 726 | |||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ' | ||||||||||||||||||||
(dollars in thousands) | Fair Value at December 31, 2013 | Valuation Techniques | Unobservable | Range | |||||||||||||||||
Input | |||||||||||||||||||||
Impaired loans, net | $ | 2,038 | Discounted appraisals | Collateral discounts | 1.00% - 30.00% | ||||||||||||||||
Other real estate owned | 18,263 | Discounted appraisals | Collateral discounts | 1.00% - 30.00% | |||||||||||||||||
Mortgage servicing rights | 1,552 | Discounted cash flows | Prepayment rate | 10.00% - 25.00% | |||||||||||||||||
Mortgage servicing rights | Discount rate | 6.00% - 10.00% | |||||||||||||||||||
(dollars in thousands) | Fair Value at | Valuation Techniques | Unobservable | Range | |||||||||||||||||
31-Dec-12 | Input | ||||||||||||||||||||
Impaired loans, net | $ | 13,575 | Discounted appraisals | Collateral discounts | 6.00%-40.00% | ||||||||||||||||
Other real estate owned | 48,480 | Discounted appraisals | Collateral discounts | 6.00%-40.00% | |||||||||||||||||
Mortgage servicing rights | 726 | Discounted cash flows | Prepayment rate | 10.00% - 30.00% | |||||||||||||||||
Mortgage servicing rights | Discount rate | 6.00% - 12.00% | |||||||||||||||||||
Continuing operations [Member] | ' | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||||
Assets and liabilities carried at fair value on a recurring basis at December 31, 2013 for continuing operations are summarized in the following table: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 2,077 | $ | — | $ | 2,077 | $ | — | |||||||||||||
Residential mortgage-backed securities-GSE | 341,147 | — | 341,147 | — | |||||||||||||||||
Residential mortgage-backed securities-Private | 20,752 | — | 20,752 | — | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 21,439 | 21,439 | |||||||||||||||||||
Commercial mortgage-backed securities-Private | 9,585 | — | 9,585 | — | |||||||||||||||||
Business Development Company investment | 2,737 | 2,737 | — | — | |||||||||||||||||
Corporate notes | 16,877 | — | 16,877 | — | |||||||||||||||||
Total available-for-sale debt securities | 414,614 | 2,737 | 411,877 | — | |||||||||||||||||
Mortgage servicing rights | 1,552 | — | — | 1,552 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 416,166 | $ | 2,737 | $ | 411,877 | $ | 1,552 | |||||||||||||
Assets and liabilities carried at fair value on a recurring basis at December 31, 2012 for continuing operations are summarized in the following table: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||
U.S. Treasury and government agencies | $ | 6,981 | $ | — | $ | 6,981 | $ | — | |||||||||||||
U.S. government sponsored agencies | 22,173 | — | 22,173 | — | |||||||||||||||||
States and political subdivisions | 6,038 | — | 6,038 | — | |||||||||||||||||
Residential mortgage-backed securities-GSE | 441,074 | — | 441,074 | — | |||||||||||||||||
Residential mortgage-backed securities-Private | 22,945 | — | 22,945 | — | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 23,359 | — | 23,359 | — | |||||||||||||||||
Commercial mortgage-backed securities-Private | 5,317 | — | 5,317 | — | |||||||||||||||||
Corporate notes | 36,963 | — | 36,963 | — | |||||||||||||||||
Total available-for-sale debt securities | 564,850 | — | 564,850 | — | |||||||||||||||||
Mortgage servicing rights | 726 | — | — | 726 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 565,576 | $ | — | $ | 564,850 | $ | 726 | |||||||||||||
Fair Value Measurements, Nonrecurring | ' | ||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis are included in the following table at December 31, 2013 for continuing operations: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Impaired loans, net | $ | 2,038 | $ | — | $ | — | $ | 2,038 | |||||||||||||
Other real estate owned | 18,263 | — | — | 18,263 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 20,301 | $ | — | $ | — | $ | 20,301 | |||||||||||||
Assets measured at fair value on a nonrecurring basis are included in the following table at December 31, 2012 for continuing operations: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Impaired loans, net | $ | 13,575 | $ | — | $ | — | $ | 13,575 | |||||||||||||
Other real estate owned | 48,480 | — | — | 48,480 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 62,055 | $ | — | $ | — | $ | 62,055 | |||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||
The estimated fair values of financial instruments for continuing operations are as follows at the periods indicated: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets of Continuing Operations: | |||||||||||||||||||||
Cash and cash equivalents | $ | 67,430 | $ | 67,430 | $ | 67,430 | $ | — | $ | — | |||||||||||
Investment securities: Available-for-sale | 414,614 | 414,614 | 2,737 | 411,877 | — | ||||||||||||||||
Investment securities: Held-to-maturity | 151,795 | 141,125 | — | 141,125 | — | ||||||||||||||||
Loans held for sale | 1,836 | 1,836 | — | 1,836 | — | ||||||||||||||||
Loans, net | 1,185,463 | 1,129,826 | — | — | 1,129,826 | ||||||||||||||||
Accrued interest receivable | 6,283 | 6,283 | — | 1,583 | 4,700 | ||||||||||||||||
Financial Liabilities of Continuing Operations: | |||||||||||||||||||||
Deposits | 1,748,705 | 1,748,685 | — | 1,748,685 | — | ||||||||||||||||
Retail repurchase agreements | 6,917 | 6,917 | — | 6,917 | — | ||||||||||||||||
Federal Home Loan Bank advances | 73,283 | 75,663 | — | 75,663 | — | ||||||||||||||||
Long-term notes payable | 5,263 | 5,263 | — | — | 5,263 | ||||||||||||||||
Junior subordinated debentures | 56,702 | 22,316 | — | — | 22,316 | ||||||||||||||||
Accrued interest payable | 2,624 | 2,624 | — | 389 | 2,235 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets of Continuing Operations: | |||||||||||||||||||||
Cash and cash equivalents | $ | 239,610 | $ | 239,610 | $ | 239,610 | $ | — | $ | — | |||||||||||
Investment securities: Available-for-sale | 564,850 | 564,850 | — | 564,850 | — | ||||||||||||||||
Loans held for sale | 6,974 | 6,974 | — | 6,974 | — | ||||||||||||||||
Loans, net | 1,147,721 | 1,140,088 | — | — | 1,140,088 | ||||||||||||||||
Accrued interest receivable | 6,102 | 6,102 | — | 1,812 | 4,290 | ||||||||||||||||
Financial Liabilities of Continuing Operations: | |||||||||||||||||||||
Deposits | 1,906,988 | 1,910,927 | — | 1,910,927 | — | ||||||||||||||||
Retail repurchase agreements | 8,675 | 8,675 | — | 8,675 | — | ||||||||||||||||
Federal Home Loan Bank advances | 58,328 | 62,950 | — | 62,950 | — | ||||||||||||||||
Junior subordinated debentures | 56,702 | 18,760 | — | — | 18,760 | ||||||||||||||||
Accrued interest payable | 2,111 | 2,111 | — | 937 | 1,174 | ||||||||||||||||
Nature_of_Operations_and_Basis3
Nature of Operations and Basis of Presentation (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
business_segments | Granite Corp. [Member] | Granite Corp. [Member] | Granite Corp. [Member] | Granite Corp. [Member] | Buildings and Improvements [Member] | Buildings and Improvements [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Core Deposits [Member] | Core Deposits [Member] | ||||
balance | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Nature of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost | $151,795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans placed on nonaccrual, period of delinquency | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change to accrual status, minimum repayment performance | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncollectible loan criteria, period of unpaid scheduled payments | '4 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance of loan losses | 26,785,000 | 29,314,000 | 39,360,000 | 93,687,000 | ' | 5,400,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | ' |
Accretable yield | ' | ' | ' | ' | ' | 20,500,000 | 16,000,000 | 4,800,000 | ' | ' | ' | ' | ' | ' |
Estimated useful lives of premises and equipment | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '50 years | '3 years | '10 years | ' | ' |
Estimated useful lives of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | '10 years |
Cumulative pre-tax loss position, period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive loss | -18,765,000 | -36,359,000 | -137,592,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax related to the components of other comprehensive loss | 11,000,000 | 200,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension Expense | 300,000 | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain recognized in other comprehensive income | 0 | 440,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer matching contribution percentage | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of pay deferred by employee eligible for employer matching contributions | 6.00% | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Matching and discretionary contributions | $500,000 | $600,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-tax qualified profit-sharing supplemental executive retirement plan, remaining balances paid | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Nature_of_Operations_and_Basis4
Nature of Operations and Basis of Presentation - Accumulated Other Comprehensive Income (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounting Policies [Abstract] | ' | ' | ' |
Net unrealized securities gains/(losses), pretax | ($23,443) | $6,032 | $470 |
Pension, other postretirement and postemployement benefit plan adjustments, pretax | -5,200 | -6,566 | -7,027 |
Accumulated other comprehensive loss, pretax | -28,643 | -534 | -6,557 |
Net unrealized securities gains/(losses), after-tax | -14,476 | 3,650 | 284 |
Pension, other postretirement and postemployement benefit plan adjustments, after-tax | -3,129 | -3,973 | -4,253 |
Accumulated other comprehensive loss, after-tax | ($17,605) | ($323) | ($3,969) |
Acquisition_of_Bank_of_Granite2
Acquisition of Bank of Granite Corporation (Merger Information) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Oct. 21, 2011 | Mar. 31, 2012 |
Granite Corp. [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Number of operating full-service branches | 17 | ' |
Granite Corp. [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Stock exchange transaction | 100.00% | ' |
Common stock, par value (in usd per share) | $1 | ' |
Shares of FNB common stock each outstanding acquiree share is convertible into | 3.375 | ' |
FNB common stock issued upon Merger | 521,595 | ' |
Additional goodwill recognized from the Merger | ' | $0.30 |
Acquisition_of_Bank_of_Granite3
Acquisition of Bank of Granite Corporation (Fair Value of Asset and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Oct. 21, 2011 |
In Thousands, unless otherwise specified | Granite Corp. [Member] | ||||
Assets acquired: | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | $99,126 |
Investment securities | ' | ' | ' | ' | 186,361 |
Loans, net | ' | ' | ' | ' | 393,653 |
Premises and equipment, net | ' | ' | ' | ' | 9,778 |
Other real estate owned | ' | ' | ' | ' | 18,136 |
Bank-owned life insurance | ' | ' | ' | ' | 4,432 |
Core deposit intangible | ' | ' | ' | ' | 4,900 |
Other assets | ' | ' | ' | ' | 7,766 |
Total assets acquired | ' | ' | ' | ' | 724,152 |
Liabilities assumed: | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | 719,443 |
Other | ' | ' | ' | ' | 3,990 |
Total liabilities assumed | ' | ' | ' | ' | 723,433 |
Total shareholdersb equity | ' | ' | ' | ' | 0 |
Total liabilities assumed and shareholdersb equity | ' | ' | ' | ' | 723,433 |
Contributed capital | ' | ' | ' | ' | 4,924 |
Total liabilities assumed and contributed capital | ' | ' | ' | ' | 728,357 |
Goodwill (excess of liabilities assumed and contributed capital over assets acquired) | $4,205 | $4,205 | $3,905 | $0 | $4,205 |
Acquisition_of_Bank_of_Granite4
Acquisition of Bank of Granite Corporation (Pro Forma Information) (Details) (Granite Corp. [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2011 |
Granite Corp. [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Revenue | $7,868 | $133,312 |
Earnings (Loss) | $2,988 | ($123,343) |
Discontinued_Operations_Balanc
Discontinued Operations (Balance Sheet) (Details) (Dover [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Dover [Member] | ' | ' |
Discontinued Operations, Balance Sheet Disclosure [Line Items] | ' | ' |
Assets from discontinued operations | $0 | $0 |
Liabilities from discontinued operations | $0 | $0 |
Discontinued_Operations_Income
Discontinued Operations (Income Statement) (Details) (Dover [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Dover [Member] | ' | ' |
Discontinued Operations, Income Statement Disclosure [Line Items] | ' | ' |
Total interest income | $0 | $67 |
Total interest expense | 0 | ' |
Net Interest Income before Provision for Loan Losses | 0 | 67 |
Provision for loan losses | 0 | 0 |
Net Interest Income after Provision for Loan Losses | 0 | 67 |
Mortgage loan loss | 0 | -167 |
Other service charges, commissions and fees, net | 0 | -11 |
Other income | 0 | 10 |
Total noninterest income | 0 | -168 |
Personnel expense | 1 | 1,444 |
Net occupancy expense | 1 | 237 |
Furniture, equipment and data processing expense | 0 | 186 |
Professional fees | 25 | 257 |
Stationery, printing and supplies | 0 | 8 |
Advertising and marketing | 0 | 27 |
Other real estate owned expense | 0 | 166 |
Provision for recourse loans | 0 | 3,317 |
Other expense | 0 | 266 |
Total noninterest expense | 27 | 5,908 |
Loss before income taxes | -27 | -6,009 |
Income tax (benefit)/expense | 0 | -213 |
Net loss from discontinued operations, net of tax | ($27) | ($5,796) |
Intangible_Assets_Goodwill_Det
Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Unamortized intangible assets (goodwill) [Roll Forward] | ' | ' | ' | ' |
Gross balance at beginning of year | $4,205 | $3,905 | $0 | ' |
Accumulated impairment balance beginning of year | ' | 0 | 0 | 0 |
Effect of Granite merger | 0 | 300 | 3,905 | ' |
Impairment | 0 | 0 | 0 | ' |
Accumulated balance at end of year | $4,205 | $4,205 | $3,905 | ' |
Intangible_Assets_Core_Deposit
Intangible Assets (Core Deposit Premium) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortized intangible assets [Roll Forward] | ' | ' | ' |
Balance at the beginning of the period | $13,102 | $13,102 | $8,202 |
Effect of Granite merger | 0 | 0 | 4,900 |
Impairment | 0 | 0 | 0 |
Balance at the end of the period | 13,102 | 13,102 | 13,102 |
Amortized intangible assets [Abstract] | ' | ' | ' |
Carrying amount | 13,102 | 13,102 | 13,102 |
Accumulated amortization | 7,739 | 6,332 | ' |
Net core deposit premium | $5,363 | $6,770 | ' |
Intangible_Assets_Estimated_Am
Intangible Assets (Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Intangible Assets, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $1,407 |
2015 | 1,386 |
2016 | 834 |
2017 | 613 |
2018 | 613 |
Thereafter | 510 |
Total | $5,363 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization of core deposit premiums | $1,407,000 | $1,407,000 | $896,000 |
Unpaid principal balance of mortgage loans serviced for others (unconsolidated) | 190,200,000 | 65,100,000 | ' |
Mortgage servicing rights, fair value | $1,600,000 | $700,000 | ' |
Investment_Securities_Other_Di
Investment Securities (Other Disclosures) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
FHLB stock | $5,900,000 | $6,300,000 |
FRBR stock | 4,300,000 | 3,100,000 |
Investment securities portfolio available as lendable collateral | 376,300,000 | 447,300,000 |
Deposits [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment securities portfolio pledged as collateral | 91,200,000 | 111,400,000 |
Retail repurchase agreements [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment securities portfolio pledged as collateral | 18,800,000 | ' |
Others [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment securities portfolio pledged as collateral | $77,400,000 | $6,100,000 |
Investment_Securities_Unrealiz
Investment Securities (Unrealized Gain/Loss Positions) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | $438,057 | $558,818 |
Gross unrealized gains | 3,048 | 7,451 |
Gross unrealized losses | 26,491 | 1,419 |
Estimated fair value | 414,614 | 564,850 |
Held-to-maturity Securities [Abstract] | ' | ' |
Amortized cost | 151,795 | ' |
Gross unrealized gains | 0 | ' |
Gross unrealized losses | 10,670 | ' |
Estimated fair value | 141,125 | ' |
Amortized cost, Total | 589,852 | ' |
Gross unrealized gains, Total | 3,048 | ' |
Gross unrealized losses, Total | 37,161 | ' |
Estimated fair value, Total | 555,739 | ' |
Obligations of U.S. Treasury and government agencies [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | ' | 6,646 |
Gross unrealized gains | ' | 335 |
Gross unrealized losses | ' | 0 |
Estimated fair value | ' | 6,981 |
Obligations of U.S. government sponsored enterprises [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 2,051 | 22,118 |
Gross unrealized gains | 26 | 55 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 2,077 | 22,173 |
Obligations of states and political subdivisions [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | ' | 5,918 |
Gross unrealized gains | ' | 120 |
Gross unrealized losses | ' | 0 |
Estimated fair value | ' | 6,038 |
Residential mortgage-backed securities - GSE [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 364,513 | 436,344 |
Gross unrealized gains | 974 | 5,678 |
Gross unrealized losses | 24,340 | 948 |
Estimated fair value | 341,147 | 441,074 |
Held-to-maturity Securities [Abstract] | ' | ' |
Amortized cost | 141,724 | ' |
Gross unrealized gains | 0 | ' |
Gross unrealized losses | 9,907 | ' |
Estimated fair value | 131,817 | ' |
Residential mortgage-backed securities - Private [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 19,770 | 22,649 |
Gross unrealized gains | 982 | 750 |
Gross unrealized losses | 0 | 454 |
Estimated fair value | 20,752 | 22,945 |
Commercial mortgage-backed securities - GSE [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 22,767 | 23,150 |
Gross unrealized gains | 0 | 209 |
Gross unrealized losses | 1,328 | 0 |
Estimated fair value | 21,439 | 23,359 |
Commercial mortgage-backed securities - Private [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 10,408 | 5,283 |
Gross unrealized gains | 0 | 34 |
Gross unrealized losses | 823 | 0 |
Estimated fair value | 9,585 | 5,317 |
Held-to-maturity Securities [Abstract] | ' | ' |
Amortized cost | 10,071 | ' |
Gross unrealized gains | 0 | ' |
Gross unrealized losses | 763 | ' |
Estimated fair value | 9,308 | ' |
Business Development Company investment [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 1,753 | ' |
Gross unrealized gains | 984 | ' |
Gross unrealized losses | 0 | ' |
Estimated fair value | 2,737 | ' |
Corporate notes [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 16,795 | 36,710 |
Gross unrealized gains | 82 | 270 |
Gross unrealized losses | 0 | 17 |
Estimated fair value | $16,877 | $36,963 |
Investment_Securities_Other_In
Investment Securities (Other Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Cost-method Investments [Line Items] | ' | ' |
Federal Home Loan Bank Stock | $5,900 | $6,300 |
Federal Reserve Bank Stock | 4,300 | 3,100 |
Other Assets [Member] | ' | ' |
Schedule of Cost-method Investments [Line Items] | ' | ' |
Federal Home Loan Bank Stock | 5,878 | 6,254 |
Federal Reserve Bank Stock | 4,264 | 3,087 |
Other investments | 10,142 | 9,342 |
Other Investments [Member] | Other Assets [Member] | ' | ' |
Schedule of Cost-method Investments [Line Items] | ' | ' |
Other investments | $0 | $1 |
Investment_Securities_Sale_of_
Investment Securities (Sale of Securities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Proceeds from sales of investment securities | $177,826 | $212,609 | $290,491 |
Gains on sales of investments securities available-for-sale | 2,953 | 4,501 | 7,400 |
Losses on sales of investment securities available-for-sale | -181 | -380 | -102 |
Total securities gains | $2,772 | $4,121 | $7,298 |
Investment_Securities_Continuo
Investment Securities (Continuous Unrealized Loss Position) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | securities | securities |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | $232,060 | $129,971 |
Less than 12 months, gross unrealized losses | 17,408 | 1,342 |
12 months or more, estimated fair value | 97,940 | 11,293 |
12 months or more, gross unrealized losses | 9,083 | 77 |
Total, estimated fair value | 330,000 | 141,264 |
Total, gross unrealized losses | 26,491 | 1,419 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 141,125 | ' |
Less than 12 months, gross unrealized losses | 10,670 | ' |
12 months or more, estimated fair value | 0 | ' |
12 months or more, gross unrealized losses | 0 | ' |
Total, estimated fair value | 141,125 | ' |
Total, gross unrealized losses | 10,670 | ' |
Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 373,185 | ' |
Less than 12 months, gross unrealized losses | 28,078 | ' |
12 months or more, estimated fair value | 97,940 | ' |
12 months or more, gross unrealized losses | 9,083 | ' |
Total, estimated fair value | 471,125 | ' |
Total, gross unrealized losses | 37,161 | ' |
12 months or more, number of securities | 10 | 4 |
Residential mortgage-backed securities - GSE [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 222,475 | 123,489 |
Less than 12 months, gross unrealized losses | 16,585 | 904 |
12 months or more, estimated fair value | 76,501 | 7,027 |
12 months or more, gross unrealized losses | 7,755 | 44 |
Total, estimated fair value | 298,976 | 130,516 |
Total, gross unrealized losses | 24,340 | 948 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 131,817 | ' |
Less than 12 months, gross unrealized losses | 9,907 | ' |
12 months or more, estimated fair value | 0 | ' |
12 months or more, gross unrealized losses | 0 | ' |
Total, estimated fair value | 131,817 | ' |
Total, gross unrealized losses | 9,907 | ' |
Residential mortgage-backed securities - Private [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 0 | 6,482 |
Less than 12 months, gross unrealized losses | 0 | 438 |
12 months or more, estimated fair value | 0 | 1,017 |
12 months or more, gross unrealized losses | 0 | 16 |
Total, estimated fair value | 0 | 7,499 |
Total, gross unrealized losses | 0 | 454 |
Commercial mortgage-backed securities - GSE [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 0 | ' |
Less than 12 months, gross unrealized losses | 0 | ' |
12 months or more, estimated fair value | 21,439 | ' |
12 months or more, gross unrealized losses | 1,328 | ' |
Total, estimated fair value | 21,439 | ' |
Total, gross unrealized losses | 1,328 | ' |
Commercial mortgage-backed securities - Private [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 9,585 | ' |
Less than 12 months, gross unrealized losses | 823 | ' |
12 months or more, estimated fair value | 0 | ' |
12 months or more, gross unrealized losses | 0 | ' |
Total, estimated fair value | 9,585 | ' |
Total, gross unrealized losses | 823 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 9,308 | ' |
Less than 12 months, gross unrealized losses | 763 | ' |
12 months or more, estimated fair value | 0 | ' |
12 months or more, gross unrealized losses | 0 | ' |
Total, estimated fair value | 9,308 | ' |
Total, gross unrealized losses | 763 | ' |
Corporate notes [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | ' | 0 |
Less than 12 months, gross unrealized losses | ' | 0 |
12 months or more, estimated fair value | ' | 3,249 |
12 months or more, gross unrealized losses | ' | 17 |
Total, estimated fair value | ' | 3,249 |
Total, gross unrealized losses | ' | $17 |
Investment_Securities_Maturity
Investment Securities (Maturity Schedule) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less, amortized cost | $8,404 | ' |
Due after one year through five years, amortized cost | 10,442 | ' |
Due after five years through 10 years, amortized cost | 0 | ' |
Due after ten years, amortized cost | 1,753 | ' |
Total, amortized cost | 20,599 | ' |
Mortgage-backed securities, amortized cost | 417,458 | ' |
Total, amortized cost | 438,057 | ' |
Estimated Fair Value | ' | ' |
Due in one year or less, estimated fair value | 8,406 | ' |
Due after one year through five years, estimated fair value | 10,548 | ' |
Due after five years through 10 years, estimated fair value | 0 | ' |
Due after ten years, estimated fair value | 2,737 | ' |
Total, estimated fair value | 21,691 | ' |
Mortgage-backed securities, estimated fair value | 392,923 | ' |
Estimated fair value | 414,614 | 564,850 |
Amortized Cost | ' | ' |
Mortgage-backed securities, amortized cost | 151,795 | ' |
Total, amortized cost | 151,795 | 0 |
Estimated Fair Value | ' | ' |
Mortgage-backed securities, estimated fair value | 141,125 | ' |
Estimated fair value | $141,125 | ' |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable [Line Items] | ' | ' | ' |
Allowance for Loan and Lease Losses, Write-offs | $13,344,000 | $30,968,000 | $128,424,000 |
Allowance for Loan Losses, Recovery | 10,292,000 | 6,873,000 | 6,735,000 |
Allowance for Loan and Lease Losses, Net Write-downs | 3,052,000 | 24,095,000 | 121,689,000 |
Loans and Leases Receivable, Ratio, Allowance for Loan and Lease Losses to Loans and Leases Receivables | 2.21% | 2.49% | 3.23% |
Real estate - mortgage, 1-4 family residential [Member] | PC [Member] | Granite Corp. [Member] | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' |
Loans purchases | 157,600,000 | 173,200,000 | ' |
Loans purchases premium | $1,300,000 | $4,000,000 | ' |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Past Due Status) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | $6,588 | $11,443 |
60 - 89 days past due | 1,318 | 5,795 |
More than 90 days past due | 25,133 | 24,060 |
Nonaccrual | 35,165 | 79,242 |
Total past due and nonaccrual | 68,204 | 120,540 |
Current and accruing | 1,144,044 | 1,056,495 |
Loans held for investment | 1,212,248 | 1,177,035 |
Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment | 72,252 | 79,704 |
Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment | 64,083 | 58,414 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment | 636,107 | 553,538 |
Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment | 394,924 | 441,836 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment | 44,882 | 43,543 |
PC [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 5,461 | 7,355 |
60 - 89 days past due | 1,293 | 999 |
More than 90 days past due | 0 | 227 |
Nonaccrual | 35,165 | 79,242 |
Total past due and nonaccrual | 41,919 | 87,823 |
Current and accruing | 1,008,677 | 860,820 |
Loans held for investment | 1,050,596 | 948,643 |
PC [Member] | Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 18 | 515 |
60 - 89 days past due | 43 | 0 |
More than 90 days past due | 0 | 50 |
Nonaccrual | 516 | 2,746 |
Total past due and nonaccrual | 577 | 3,311 |
Current and accruing | 60,946 | 61,727 |
Loans held for investment | 61,523 | 65,038 |
PC [Member] | Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 168 | 26 |
60 - 89 days past due | 634 | 119 |
More than 90 days past due | 0 | 0 |
Nonaccrual | 4,677 | 14,297 |
Total past due and nonaccrual | 5,479 | 14,442 |
Current and accruing | 48,711 | 41,290 |
Loans held for investment | 54,190 | 55,732 |
PC [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 3,454 | 6,173 |
60 - 89 days past due | 522 | 880 |
More than 90 days past due | ' | 0 |
Nonaccrual | 11,580 | 18,372 |
Total past due and nonaccrual | 15,556 | 25,425 |
Current and accruing | 593,698 | 488,898 |
Loans held for investment | 609,254 | 514,323 |
PC [Member] | Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 1,765 | 617 |
60 - 89 days past due | 77 | 0 |
More than 90 days past due | 0 | 177 |
Nonaccrual | 18,380 | 43,621 |
Total past due and nonaccrual | 20,222 | 44,415 |
Current and accruing | 261,524 | 226,948 |
Loans held for investment | 281,746 | 271,363 |
PC [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 56 | 24 |
60 - 89 days past due | 17 | 0 |
More than 90 days past due | ' | 0 |
Nonaccrual | 12 | 206 |
Total past due and nonaccrual | 85 | 230 |
Current and accruing | 43,798 | 41,957 |
Loans held for investment | 43,883 | 42,187 |
PI [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 1,127 | 4,088 |
60 - 89 days past due | 25 | 4,796 |
More than 90 days past due | 25,133 | 23,833 |
Nonaccrual | 0 | 0 |
Total past due and nonaccrual | 26,285 | 32,717 |
Current and accruing | 135,367 | 195,675 |
Loans held for investment | 161,652 | 228,392 |
PI [Member] | Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 35 | 100 |
60 - 89 days past due | 16 | 1 |
More than 90 days past due | 1,977 | 1,103 |
Nonaccrual | ' | 0 |
Total past due and nonaccrual | 2,028 | 1,204 |
Current and accruing | 8,701 | 13,462 |
Loans held for investment | 10,729 | 14,666 |
PI [Member] | Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 48 | 117 |
60 - 89 days past due | 0 | 0 |
More than 90 days past due | 2,758 | 655 |
Nonaccrual | ' | 0 |
Total past due and nonaccrual | 2,806 | 772 |
Current and accruing | 7,087 | 1,910 |
Loans held for investment | 9,893 | 2,682 |
PI [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 135 | 1,308 |
60 - 89 days past due | 9 | 495 |
More than 90 days past due | 2,907 | 4,678 |
Nonaccrual | 0 | 0 |
Total past due and nonaccrual | 3,051 | 6,481 |
Current and accruing | 23,802 | 32,734 |
Loans held for investment | 26,853 | 39,215 |
PI [Member] | Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 903 | 2,559 |
60 - 89 days past due | 0 | 4,300 |
More than 90 days past due | 17,479 | 17,384 |
Nonaccrual | ' | 0 |
Total past due and nonaccrual | 18,382 | 24,243 |
Current and accruing | 94,796 | 146,230 |
Loans held for investment | 113,178 | 170,473 |
PI [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 6 | 4 |
60 - 89 days past due | 0 | 0 |
More than 90 days past due | 12 | 13 |
Nonaccrual | ' | 0 |
Total past due and nonaccrual | 18 | 17 |
Current and accruing | 981 | 1,339 |
Loans held for investment | $999 | $1,356 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Credit Quality Indicator) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | $1,212,248,000 | $1,177,035,000 |
Loans and Leases Receivable, Deferred Income | -3,600,000 | 3,600,000 |
Servicing Assets, Unconsolidated Loans Serviced, Unpaid Principal Balance | 190,200,000 | 65,100,000 |
Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 72,252,000 | 79,704,000 |
Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 64,083,000 | 58,414,000 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 636,107,000 | 553,538,000 |
Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 394,924,000 | 441,836,000 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 44,882,000 | 43,543,000 |
Substandard or Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans purchased in the Merger | 40,500,000 | 60,600,000 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 1,070,830,000 | 952,705,000 |
Pass [Member] | Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 67,277,000 | 69,003,000 |
Pass [Member] | Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 50,138,000 | 40,117,000 |
Pass [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 601,304,000 | 504,819,000 |
Pass [Member] | Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 307,661,000 | 296,271,000 |
Pass [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 44,450,000 | 42,495,000 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 45,884,000 | 71,786,000 |
Special Mention [Member] | Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 1,262,000 | 3,447,000 |
Special Mention [Member] | Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 3,984,000 | 2,031,000 |
Special Mention [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 10,887,000 | 15,855,000 |
Special Mention [Member] | Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 29,711,000 | 50,275,000 |
Special Mention [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 40,000 | 178,000 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 95,189,000 | 151,396,000 |
Substandard [Member] | Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 3,713,000 | 6,953,000 |
Substandard [Member] | Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 9,961,000 | 16,266,000 |
Substandard [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 23,916,000 | 32,625,000 |
Substandard [Member] | Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 57,552,000 | 95,126,000 |
Substandard [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 47,000 | 426,000 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 345,000 | 1,148,000 |
Doubtful [Member] | Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 0 | 301,000 |
Doubtful [Member] | Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 0 | 0 |
Doubtful [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 0 | 239,000 |
Doubtful [Member] | Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 0 | 164,000 |
Doubtful [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | $345,000 | $444,000 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Loans Pledged) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Loans Receivable, Net [Abstract] | ' | ' |
Pledged financial instruments, Not separately reported, securities, for Federal Home Loan Bank debt | $24.10 | $0 |
Loans pledged to collateralize FHLB advances and letters of credit | 169.5 | 270.2 |
Credit availability for borrowing under FHLB advances and letters of credit | 31.8 | 19.1 |
Loans pledged to collateralize potential borrowings from Federal Reserve Discount Window | 9.6 | ' |
Pledged Financial Instruments, Not Separately Reported, investment securities, for Federal Reserve Bank | 51.2 | ' |
Borrowing capacity under Federal Reserve Discount Window | 54.7 | ' |
Federal Home Loan Bank Advances and Line of Credit, Amount of Available Borrowing | $301.80 | ' |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Impaired Loans) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Impaired loans, no individually reviewed for impairment | ' | $4,612,000 | $6,017,000 | ||
Impaired loans, individually reviewed, with no impairment | ' | 39,865,000 | 62,282,000 | ||
Impaired loans, individually reviewed, with impairment | ' | 2,965,000 | 15,312,000 | ||
Total impaired loans, excluding purchased impaired | ' | 47,442,000 | [1] | 83,611,000 | [1] |
Purchased impaired loans with subsequent deterioration | ' | 161,307,000 | 192,115,000 | ||
Purchased impaired loans with no subsequent deterioration | ' | 344,000 | 36,277,000 | ||
Impaired loan, individually reviewed, with impairment, associated reserves | ' | 927,000 | [1] | 1,737,000 | [1] |
Purchased impaired loans with subsequent deterioration, associated reserves | ' | 5,560,000 | 5,373,000 | ||
Impaired financing receivable, including deteriorated loans purchased, related allowance | ' | 6,487,000 | 7,110,000 | ||
Imparied financing receivable, simple average balance | 65,527,000 | 94,754,000 | ' | ||
Restructured loans | ' | 18,100,000 | 20,800,000 | ||
Performing [Member] | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Restructured loans | ' | $12,100,000 | $4,500,000 | ||
[1] | * Included at December 31, 2013 and December 31, 2012 were $12.1 million and $4.5 million, respectively, in restructured and performing loans. |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Nonaccrual Status) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Interest lost on nonaccrual loans | $4,700,000 | $5,400,000 |
Loans on nonaccrual status | 35,200,000 | 79,200,000 |
Loans held for investment on nonaccrual status | 35,165,000 | 79,242,000 |
Net loans held for investment | 1,185,463,000 | 1,147,721,000 |
Nonperforming [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment on nonaccrual status | 35,165,000 | 79,242,000 |
90 or more days past due and accruing | 0 | 227,000 |
Net loans held for investment | 35,165,000 | 79,469,000 |
Nonperforming [Member] | Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment on nonaccrual status | 516,000 | 2,746,000 |
Nonperforming [Member] | Real estate - construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment on nonaccrual status | 4,677,000 | 14,297,000 |
Nonperforming [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment on nonaccrual status | 11,580,000 | 18,372,000 |
Nonperforming [Member] | Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment on nonaccrual status | 18,380,000 | 43,621,000 |
Nonperforming [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans held for investment on nonaccrual status | $12,000 | $206,000 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Impaired Loans Disclosure) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | $39,865 | $62,282 |
With an allowance recorded, recorded investment | 2,965 | 15,312 |
Impaired Financing Receivable, Recorded Investment | 42,830 | 77,594 |
With no related allowance recorded, unpaid principal balance | 52,872 | 80,510 |
With an allowance recorded, unpaid principal balance | 3,032 | 18,904 |
Impaired Financing Receivable, Unpaid Principal Balance | 55,904 | 99,414 |
Related allowance | 927 | 1,737 |
Purchased impaired loans with subsequent deterioration | 161,307 | 192,115 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 172,301 | 196,617 |
Purchased impaired loans with subsequent deterioration, related allowance | 5,560 | 5,373 |
Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 398 | 1,755 |
With an allowance recorded, recorded investment | 0 | 579 |
Impaired Financing Receivable, Recorded Investment | 398 | 2,334 |
With no related allowance recorded, unpaid principal balance | 643 | 2,608 |
With an allowance recorded, unpaid principal balance | 0 | 602 |
Impaired Financing Receivable, Unpaid Principal Balance | 643 | 3,210 |
Related allowance | 0 | 282 |
Purchased impaired loans with subsequent deterioration | 10,729 | 11,533 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 10,344 | 11,728 |
Purchased impaired loans with subsequent deterioration, related allowance | 382 | 524 |
Real estate - construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 4,734 | 11,875 |
With an allowance recorded, recorded investment | 0 | 1,658 |
Impaired Financing Receivable, Recorded Investment | 4,734 | 13,533 |
With no related allowance recorded, unpaid principal balance | 8,893 | 18,553 |
With an allowance recorded, unpaid principal balance | 0 | 1,843 |
Impaired Financing Receivable, Unpaid Principal Balance | 8,893 | 20,396 |
Related allowance | 0 | 82 |
Purchased impaired loans with subsequent deterioration | 9,792 | 2,285 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 11,216 | 2,236 |
Purchased impaired loans with subsequent deterioration, related allowance | 1,015 | 200 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 11,154 | 16,437 |
With an allowance recorded, recorded investment | 2,965 | 1,681 |
Impaired Financing Receivable, Recorded Investment | 14,119 | 18,118 |
With no related allowance recorded, unpaid principal balance | 14,431 | 20,764 |
With an allowance recorded, unpaid principal balance | 3,032 | 1,745 |
Impaired Financing Receivable, Unpaid Principal Balance | 17,463 | 22,509 |
Related allowance | 927 | 607 |
Purchased impaired loans with subsequent deterioration | 26,628 | 34,961 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 28,143 | 35,802 |
Purchased impaired loans with subsequent deterioration, related allowance | 724 | 711 |
Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 23,579 | 32,215 |
With an allowance recorded, recorded investment | 0 | 11,394 |
Impaired Financing Receivable, Recorded Investment | 23,579 | 43,609 |
With no related allowance recorded, unpaid principal balance | 28,905 | 38,585 |
With an allowance recorded, unpaid principal balance | 0 | 14,714 |
Impaired Financing Receivable, Unpaid Principal Balance | 28,905 | 53,299 |
Related allowance | 0 | 766 |
Purchased impaired loans with subsequent deterioration | 113,178 | 141,974 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 121,813 | 145,704 |
Purchased impaired loans with subsequent deterioration, related allowance | 3,251 | 3,388 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 |
Related allowance | 0 | 0 |
Purchased impaired loans with subsequent deterioration | 980 | 1,362 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 785 | 1,147 |
Purchased impaired loans with subsequent deterioration, related allowance | $188 | $550 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Impaired Loans, Average Recorded Investment and Interest Income Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related alowance recorded, average recorded investment | $51,163 | $71,121 | $100,306 |
With no related allowance recorded, interest income recognized | 397 | 624 | 27 |
With an allowance recorded, average recorded investment | 7,844 | 17,301 | 112,543 |
With an allowance recorded, interest income recognized | 39 | 522 | 7 |
Impaired Financing Receivable, Average Recorded Investment | 59,007 | 88,422 | 212,849 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 436 | 1,146 | 34 |
Commercial and agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related alowance recorded, average recorded investment | 784 | 1,989 | 3,202 |
With no related allowance recorded, interest income recognized | 8 | 42 | 0 |
With an allowance recorded, average recorded investment | 283 | 706 | 4,458 |
With an allowance recorded, interest income recognized | 5 | 16 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 1,067 | 2,695 | 7,660 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 13 | 58 | 0 |
Real estate - construction [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related alowance recorded, average recorded investment | 9,075 | 15,130 | 41,164 |
With no related allowance recorded, interest income recognized | 35 | 92 | 1 |
With an allowance recorded, average recorded investment | 638 | 1,762 | 51,354 |
With an allowance recorded, interest income recognized | 9 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 9,713 | 16,892 | 92,518 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 44 | 92 | 1 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related alowance recorded, average recorded investment | 11,920 | 18,237 | 17,077 |
With no related allowance recorded, interest income recognized | 100 | 204 | 1 |
With an allowance recorded, average recorded investment | 2,713 | 1,764 | 15,740 |
With an allowance recorded, interest income recognized | 20 | 61 | 7 |
Impaired Financing Receivable, Average Recorded Investment | 14,633 | 20,001 | 32,817 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 120 | 265 | 8 |
Real estate - mortgage, commercial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related alowance recorded, average recorded investment | 29,384 | 35,765 | 38,688 |
With no related allowance recorded, interest income recognized | 254 | 286 | 25 |
With an allowance recorded, average recorded investment | 4,127 | 13,069 | 40,777 |
With an allowance recorded, interest income recognized | 4 | 445 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 33,511 | 48,834 | 79,465 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 258 | 731 | 25 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related alowance recorded, average recorded investment | 0 | 0 | 175 |
With no related allowance recorded, interest income recognized | 0 | 0 | 0 |
With an allowance recorded, average recorded investment | 83 | 0 | 214 |
With an allowance recorded, interest income recognized | 1 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 83 | 0 | 389 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $1 | $0 | $0 |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Loans Sold) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
loans | loans | |
Financing Receivable [Line Items] | ' | ' |
Number of loans sold | 3 | 2 |
Recorded investment of loans sold | $1,747 | $3,950 |
Contract pricing of loans sold | 1,244 | 4,200 |
Commercial and agricultural [Member] | ' | ' |
Financing Receivable [Line Items] | ' | ' |
Number of loans sold | 0 | 0 |
Recorded investment of loans sold | 0 | 0 |
Contract pricing of loans sold | 0 | 0 |
Real estate - construction [Member] | ' | ' |
Financing Receivable [Line Items] | ' | ' |
Number of loans sold | 0 | 0 |
Recorded investment of loans sold | 0 | 0 |
Contract pricing of loans sold | 0 | 0 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable [Line Items] | ' | ' |
Number of loans sold | 0 | 0 |
Recorded investment of loans sold | 0 | 0 |
Contract pricing of loans sold | 0 | 0 |
Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable [Line Items] | ' | ' |
Number of loans sold | 3 | 2 |
Recorded investment of loans sold | 1,747 | 3,950 |
Contract pricing of loans sold | 1,244 | 4,200 |
Consumer [Member] | ' | ' |
Financing Receivable [Line Items] | ' | ' |
Number of loans sold | 0 | 0 |
Recorded investment of loans sold | 0 | 0 |
Contract pricing of loans sold | $0 | $0 |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Granite Purchased Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financing Receivable [Line Items] | ' | ' | ' | ' |
Allowance of loan losses | $26,785 | $29,314 | $39,360 | $93,687 |
Loans held for investment | 1,212,248 | 1,177,035 | ' | ' |
Granite Corp. [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Purchased impaired | 161,652 | 228,392 | 330,836 | ' |
Purchased contractual | 28,448 | 34,844 | ' | ' |
Loans held for investment | 190,100 | 263,236 | ' | ' |
Unpaid principal balance | 202,174 | 284,636 | ' | ' |
Granite Corp. [Member] | Commercial and agricultural [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Purchased impaired | 10,729 | 14,666 | ' | ' |
Purchased contractual | 5,948 | 7,311 | ' | ' |
Loans held for investment | 16,677 | 21,977 | ' | ' |
Unpaid principal balance | 16,452 | 22,212 | ' | ' |
Granite Corp. [Member] | Real estate - construction [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Purchased impaired | 9,893 | 2,682 | ' | ' |
Purchased contractual | 0 | 0 | ' | ' |
Loans held for investment | 9,893 | 2,682 | ' | ' |
Unpaid principal balance | 11,368 | 2,974 | ' | ' |
Granite Corp. [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Purchased impaired | 26,854 | 39,215 | ' | ' |
Purchased contractual | 22,127 | 27,484 | ' | ' |
Loans held for investment | 48,981 | 66,699 | ' | ' |
Unpaid principal balance | 51,359 | 70,657 | ' | ' |
Granite Corp. [Member] | Real estate - mortgage, commercial [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Purchased impaired | 113,178 | 170,467 | ' | ' |
Purchased contractual | 373 | 49 | ' | ' |
Loans held for investment | 113,551 | 170,516 | ' | ' |
Unpaid principal balance | 122,197 | 187,646 | ' | ' |
Granite Corp. [Member] | Consumer [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Purchased impaired | 998 | 1,362 | ' | ' |
Purchased contractual | 0 | 0 | ' | ' |
Loans held for investment | 998 | 1,362 | ' | ' |
Unpaid principal balance | 798 | 1,147 | ' | ' |
PI [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans held for investment | 161,652 | 228,392 | ' | ' |
PI [Member] | Granite Corp. [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Allowance of loan losses | 5,600 | 5,400 | ' | ' |
PC [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans held for investment | 1,050,596 | 948,643 | ' | ' |
PC [Member] | Granite Corp. [Member] | ' | ' | ' | ' |
Financing Receivable [Line Items] | ' | ' | ' | ' |
Allowance of loan losses | $300 | $700 | ' | ' |
Recovered_Sheet3
Loans and Allowance for Loan Losses (Purchased Loans with Deteriorated Credity Quality) (Details) (Granite Corp. [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Granite Corp. [Member] | ' | ' |
Deterioarted Loans Acquired Movement Schedule [Roll Forward] | ' | ' |
Balance, beginning of period | $228,392 | $330,836 |
Accretion | 16,032 | 20,549 |
Increase in future accretion | 15,721 | 3,045 |
Payment received | -80,258 | -111,875 |
Foreclosed and transferred to OREO | -2,514 | -11,118 |
Subtotal before allowance | 161,652 | 228,392 |
Subtotal before provision | -5,560 | -5,373 |
Net carrying amount, end of period | 156,092 | 223,019 |
Deteriorated Loans Acquired, Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Future accretion balance, beginning of period | 30,300 | 47,804 |
Accretion | -16,032 | -20,549 |
Future accretion balance, end of period | $29,989 | $30,300 |
Recovered_Sheet4
Loans and Allowance for Loan Losses (Allowance for Loan Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $29,314 | $39,360 | $93,687 |
Provision for loan losses | 523 | 14,049 | 67,362 |
Charge-offs | -13,344 | -30,968 | -128,424 |
Recoveries | 10,292 | 6,873 | 6,735 |
Net charge-offs | -3,052 | -24,095 | -121,689 |
Balance, end of period | $26,785 | $29,314 | $39,360 |
Annualized net charge-offs during the period to average loans | 0.26% | 1.94% | 10.75% |
Annualized net charge-offs during the period to ALL | 11.39% | 82.20% | 309.17% |
Allowance for loan losses to loans held for investment | 2.21% | 2.49% | 3.23% |
Recovered_Sheet5
Loans and Allowance for Loan Losses (Allowance for Loan Losses, by Segment Portfolio) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $29,314 | $39,360 | $93,687 |
Charge-offs | -13,344 | -30,968 | -128,424 |
Recoveries | 10,292 | 6,873 | 6,735 |
Provision (Recovery) | 523 | 14,049 | 67,362 |
Balance, end of period | 26,785 | 29,314 | 39,360 |
Commercial and agricultural [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 3,238 | 5,776 | 11,144 |
Charge-offs | -1,277 | -3,494 | -10,832 |
Recoveries | 1,623 | 991 | 855 |
Provision (Recovery) | -653 | -35 | 4,609 |
Balance, end of period | 2,931 | 3,238 | 5,776 |
Real estate - construction [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 4,987 | 11,995 | 46,792 |
Charge-offs | -1,080 | -11,084 | -65,526 |
Recoveries | 2,681 | 3,237 | 2,637 |
Provision (Recovery) | -1,355 | 839 | 28,092 |
Balance, end of period | 5,233 | 4,987 | 11,995 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 8,701 | 8,885 | 7,742 |
Charge-offs | -4,032 | -6,422 | -11,384 |
Recoveries | 1,266 | 573 | 831 |
Provision (Recovery) | 2,934 | 5,665 | 11,696 |
Balance, end of period | 8,869 | 8,701 | 8,885 |
Real estate - mortgage, commercial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 9,627 | 11,063 | 26,851 |
Charge-offs | -2,808 | -5,510 | -36,998 |
Recoveries | 3,048 | 852 | 891 |
Provision (Recovery) | -2,672 | 3,222 | 20,319 |
Balance, end of period | 7,195 | 9,627 | 11,063 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 2,761 | 1,641 | 1,158 |
Charge-offs | -4,147 | -4,458 | -3,684 |
Recoveries | 1,674 | 1,220 | 1,521 |
Provision (Recovery) | 2,269 | 4,358 | 2,646 |
Balance, end of period | $2,557 | $2,761 | $1,641 |
Recovered_Sheet6
Loans and Allowance for Loan Losses (Evaluation for Impairment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
ALL, individually evaluated for impairment | $927 | $1,737 | ' | ' |
ALL, collectively evaluated for impairment | 20,298 | 22,204 | ' | ' |
ALL, PI loans evluated for credit impairment | 5,560 | 5,373 | ' | ' |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' |
Total ALL evaluated for impairment | 26,785 | 29,314 | 39,360 | 93,687 |
Loans held for investment, individually evaluated for impairment | 42,830 | 77,594 | ' | ' |
Loans held for investment, collectively evaluated for impairment | 1,007,767 | 871,049 | ' | ' |
Loans held for investment, PI loans with subsequent credit deterioration | 161,307 | 192,115 | ' | ' |
Loans held for investment, PI loans with no credit deterioration | 344 | 36,277 | ' | ' |
Loans held for investment | 1,212,248 | 1,177,035 | ' | ' |
Commercial and agricultural [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
ALL, individually evaluated for impairment | 0 | 282 | ' | ' |
ALL, collectively evaluated for impairment | 2,549 | 2,432 | ' | ' |
ALL, PI loans evluated for credit impairment | 382 | 524 | ' | ' |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' |
Total ALL evaluated for impairment | 2,931 | 3,238 | 5,776 | 11,144 |
Loans held for investment, individually evaluated for impairment | 398 | 2,334 | ' | ' |
Loans held for investment, collectively evaluated for impairment | 61,125 | 62,704 | ' | ' |
Loans held for investment, PI loans with subsequent credit deterioration | 10,729 | 11,533 | ' | ' |
Loans held for investment, PI loans with no credit deterioration | 0 | 3,133 | ' | ' |
Loans held for investment | 72,252 | 79,704 | ' | ' |
Real estate - construction [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
ALL, individually evaluated for impairment | 0 | 82 | ' | ' |
ALL, collectively evaluated for impairment | 4,218 | 4,705 | ' | ' |
ALL, PI loans evluated for credit impairment | 1,015 | 200 | ' | ' |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' |
Total ALL evaluated for impairment | 5,233 | 4,987 | 11,995 | 46,792 |
Loans held for investment, individually evaluated for impairment | 4,734 | 13,533 | ' | ' |
Loans held for investment, collectively evaluated for impairment | 49,457 | 42,199 | ' | ' |
Loans held for investment, PI loans with subsequent credit deterioration | 9,792 | 2,285 | ' | ' |
Loans held for investment, PI loans with no credit deterioration | 100 | 397 | ' | ' |
Loans held for investment | 64,083 | 58,414 | ' | ' |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
ALL, individually evaluated for impairment | 927 | 607 | ' | ' |
ALL, collectively evaluated for impairment | 7,218 | 7,383 | ' | ' |
ALL, PI loans evluated for credit impairment | 724 | 711 | ' | ' |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' |
Total ALL evaluated for impairment | 8,869 | 8,701 | 8,885 | 7,742 |
Loans held for investment, individually evaluated for impairment | 14,119 | 18,118 | ' | ' |
Loans held for investment, collectively evaluated for impairment | 595,135 | 496,205 | ' | ' |
Loans held for investment, PI loans with subsequent credit deterioration | 26,628 | 34,961 | ' | ' |
Loans held for investment, PI loans with no credit deterioration | 225 | 4,254 | ' | ' |
Loans held for investment | 636,107 | 553,538 | ' | ' |
Real estate - mortgage, commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
ALL, individually evaluated for impairment | 0 | 766 | ' | ' |
ALL, collectively evaluated for impairment | 3,944 | 5,473 | ' | ' |
ALL, PI loans evluated for credit impairment | 3,251 | 3,388 | ' | ' |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' |
Total ALL evaluated for impairment | 7,195 | 9,627 | 11,063 | 26,851 |
Loans held for investment, individually evaluated for impairment | 23,579 | 43,609 | ' | ' |
Loans held for investment, collectively evaluated for impairment | 258,167 | 227,760 | ' | ' |
Loans held for investment, PI loans with subsequent credit deterioration | 113,178 | 141,974 | ' | ' |
Loans held for investment, PI loans with no credit deterioration | 0 | 28,493 | ' | ' |
Loans held for investment | 394,924 | 441,836 | ' | ' |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
ALL, individually evaluated for impairment | 0 | 0 | ' | ' |
ALL, collectively evaluated for impairment | 2,369 | 2,211 | ' | ' |
ALL, PI loans evluated for credit impairment | 188 | 550 | ' | ' |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' |
Total ALL evaluated for impairment | 2,557 | 2,761 | 1,641 | 1,158 |
Loans held for investment, individually evaluated for impairment | 0 | 0 | ' | ' |
Loans held for investment, collectively evaluated for impairment | 43,883 | 42,181 | ' | ' |
Loans held for investment, PI loans with subsequent credit deterioration | 980 | 1,362 | ' | ' |
Loans held for investment, PI loans with no credit deterioration | 19 | 0 | ' | ' |
Loans held for investment | $44,882 | $43,543 | ' | ' |
Recovered_Sheet7
Loans and Allowance for Loan Losses (Troubled Debt Restructuring) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
loans | loans | loans | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of loans | 19 | 17 | 40 |
Pre-modification outstanding recorded investment | $9,043 | $3,562 | $16,114 |
Post-modification outstanding recorded investment | 8,814 | 2,694 | 16,114 |
Number of loans modified, extended terms | 3 | ' | ' |
Number of loans modified, interest rate | 2 | ' | ' |
Number of loans modified, extended terms and interest rate | 14 | ' | ' |
Commercial and agricultural [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of loans | 0 | 1 | 8 |
Pre-modification outstanding recorded investment | 0 | 312 | 806 |
Post-modification outstanding recorded investment | 0 | 127 | 806 |
Real estate - construction [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of loans | 2 | 8 | 8 |
Pre-modification outstanding recorded investment | 125 | 1,994 | 5,162 |
Post-modification outstanding recorded investment | 125 | 1,335 | 5,162 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of loans | 12 | 3 | 9 |
Pre-modification outstanding recorded investment | 3,387 | 566 | 406 |
Post-modification outstanding recorded investment | 3,451 | 565 | 406 |
Real estate - mortgage, commercial [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of loans | 5 | 5 | 15 |
Pre-modification outstanding recorded investment | 5,531 | 690 | 9,740 |
Post-modification outstanding recorded investment | 5,238 | 667 | 9,740 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of loans | 0 | ' | 0 |
Pre-modification outstanding recorded investment | 0 | ' | 0 |
Post-modification outstanding recorded investment | $0 | ' | $0 |
Recovered_Sheet8
Loans and Allowance for Loan Losses (Unfunded Commitment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Letters of credit [Member] | ||
Unfunded Commitments [Line Items] | ' | ' | ' |
Expected usage percentage of remaining unfunded commitments | ' | ' | 10.00% |
Reserve for unfunded commitments | $0.50 | $0.60 | ' |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Premises and equipment, net | ' | ' | ' |
Premises and equipment, gross | $108,588,000 | $115,943,000 | ' |
Accumulated depreciation and amortization | -57,699,000 | -63,218,000 | ' |
Premises and equipment, net | 50,889,000 | 52,725,000 | ' |
Depreciation and amortization expense | ' | ' | ' |
Depreciation and amortization expense | 3,700,000 | 3,800,000 | 3,300,000 |
Land [Member] | ' | ' | ' |
Premises and equipment, net | ' | ' | ' |
Premises and equipment, gross | 14,460,000 | 14,615,000 | ' |
Buildings and Improvements [Member] | ' | ' | ' |
Premises and equipment, net | ' | ' | ' |
Premises and equipment, gross | 49,463,000 | 51,538,000 | ' |
Furniture and Equipment [Member] | ' | ' | ' |
Premises and equipment, net | ' | ' | ' |
Premises and equipment, gross | 43,648,000 | 48,275,000 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Premises and equipment, net | ' | ' | ' |
Premises and equipment, gross | $1,017,000 | $1,515,000 | ' |
Other_Real_Estate_Owned_and_Pe2
Other Real Estate Owned and Personal Property Acquired in Settlement of Loans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Repossessed Assets [Abstract] | ' | ' | ' |
Decrease in total OREO and foreclosed assets | $34,700,000 | ' | ' |
Real estate acquired in settlement of loans | 28,353,000 | 62,796,000 | 110,009,000 |
Personal property acquired in settlement of loans | 42,000 | 335,000 | ' |
Total property acquired in settlement of loans | $28,395,000 | $63,131,000 | ' |
Other_Real_Estate_Owned_and_Pe3
Other Real Estate Owned and Personal Property Acquired in Settlement of Loans (Real Estate Owned) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
assets | assets | |
Real Estate Acquired Through Foreclosure [Roll Forward] | ' | ' |
Real estate acquired in settlement of loans, beginning of period | $62,796,000 | $110,009,000 |
Plus: New real estate acquired in settlement of loans | 15,001,000 | 32,565,000 |
Less: Sales of real estate acquired in settlement of loans | -45,523,000 | -57,991,000 |
Less: Write-downs and net loss on sales charged to expense | -3,921,000 | -21,787,000 |
Real estate acquired in settlement of loans, end of period | 28,353,000 | 62,796,000 |
Number of assets under contract for sale | 13 | 35 |
Net carrying value of assets under contract for sale | $5,000,000 | $22,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Beginning balance | ($323) | ($3,969) | ' |
Other comprehensive income before reclassifications | -15,416 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -1,866 | ' | ' |
Other comprehensive income/(loss), net of tax | -17,282 | 3,646 | -278 |
Ending balance | -17,605 | -323 | -3,969 |
Unrealized gains (losses) on available for sale securities [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Beginning balance | 3,650 | ' | ' |
Other comprehensive income before reclassifications | -16,447 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -1,679 | ' | ' |
Other comprehensive income/(loss), net of tax | -18,126 | ' | ' |
Ending balance | -14,476 | ' | ' |
Defined benefit plan items [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Beginning balance | -3,973 | ' | ' |
Other comprehensive income before reclassifications | 1,031 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -187 | ' | ' |
Other comprehensive income/(loss), net of tax | 844 | ' | ' |
Ending balance | ($3,129) | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Income tax benefit (expense) | ($1,326) | $1,039 | ($641) |
Net loss to common shareholders | -1,483 | -40,005 | -92,722 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Net loss to common shareholders | -1,866 | ' | ' |
Unrealized gains (losses) on available for sale securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Net realized gains on sale of securities | -2,772 | ' | ' |
Income tax benefit (expense) | 1,093 | ' | ' |
Net loss to common shareholders | -1,679 | ' | ' |
Defined benefit plan items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Personnel expense | -302 | ' | ' |
Income tax benefit (expense) | 115 | ' | ' |
Net loss to common shareholders | ($187) | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Net rental expense | $2,200,000 | $2,200,000 | $1,700,000 |
Future Obligations for Minimum Rentals Under Non-Cancelable Operating Lease Commitments | ' | ' | ' |
2014 | 1,715,000 | ' | ' |
2015 | 1,579,000 | ' | ' |
2016 | 1,449,000 | ' | ' |
2017 | 1,336,000 | ' | ' |
2018 | 993,000 | ' | ' |
Thereafter | 8,843,000 | ' | ' |
Total lease commitments | $15,915,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Lease Term, Facilities | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Lease Term, Facilities | '10 years | ' | ' |
Lease Term, Equipment | '5 years | ' | ' |
Income_Taxes_Income_Taxes_Narr
Income Taxes Income Taxes (Narrative) (Details) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax [Line Items] | ' | ' | ' |
Deferred tax valuation allowance, percent | 100.00% | ' | ' |
Net deferred tax assets | $10,215,000 | $838,000 | ' |
Amount in retained earnings for additions to the tax bad debt reserve for which no federal tax provision has been made | ' | 5,000,000 | ' |
Net unrealized built-in losses, realization period subject to limitations | '5 years | ' | ' |
Net unrealized build-in losses, carryforward period | '20 years | ' | ' |
Increase (decrease) in valuation allowance | 34,359,000 | -15,392,000 | -52,299,000 |
Deferred tax assets related to NOL carryforwards | 135,050,000 | 145,472,000 | ' |
Effective income tax rate | 39.49% | ' | ' |
Granite Corp. [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Increase (decrease) in valuation allowance | -28,300,000 | ' | ' |
Deferred tax assets related to NOL carryforwards | 2,900,000 | ' | ' |
State Jurisdiction [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Increase (decrease) in valuation allowance | ($5,300,000) | ' | ' |
State income tax rate | 6.90% | ' | ' |
Tax Year 2014 [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Effective income tax rate | 38.25% | ' | ' |
Tax Year 2014 [Member] | State Jurisdiction [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
State income tax rate | 6.00% | ' | ' |
Tax Year 2015 [Member] | State Jurisdiction [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
State income tax rate | 5.00% | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $0 | $0 | $0 |
State | 0 | 0 | 0 |
Total current taxes | 0 | 0 | 0 |
Deferred | ' | ' | ' |
Federal | 21,030 | -13,709 | -43,001 |
State | 14,655 | -2,722 | -8,657 |
Total deferred taxes | 35,685 | -16,431 | -51,658 |
Increase (decrease) in valuation allowance | -34,359 | 15,392 | 52,299 |
Total income tax (benefit) expense - continuing operations | $1,326 | ($1,039) | $641 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Amount of tax computed using Federal statutory tax rate of 35% in all years | ($55) | ($14,365) | ($45,807) |
Non-taxable income | -88 | -169 | -196 |
State income taxes, net of federal benefit | 9,526 | -1,769 | -5,627 |
Valuation allowance on deferred tax assets | -34,359 | 15,392 | 52,299 |
Reduction of deferred tax assets at Granite | 28,293 | 0 | 0 |
Other | -1,991 | -128 | -28 |
Total income tax (benefit) expense - continuing operations | $1,326 | ($1,039) | $641 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Allowance for loan losses | $10,364 | $11,754 |
Net operating loss | 135,050 | 145,472 |
Compensation and benefit plans | 995 | 805 |
Fair value basis on securities | 918 | 1,199 |
Fair value basis of loans | -951 | 9,742 |
Fair value basis on deposits | 0 | 187 |
Pension and other post-retirement benefits | 1,080 | 2,754 |
Other real estate owned | 4,091 | 16,649 |
Gross unrealized securities losses | 10,215 | 838 |
Interest on non-performing loans | 1,339 | 1,382 |
Other | 529 | 812 |
Subtotal deferred tax assets | 163,630 | 191,594 |
Less: Valuation allowance | -148,043 | -182,402 |
Total deferred tax assets | 15,587 | 9,192 |
Core deposit intangible | 2,051 | 2,673 |
Depreciable basis of premises and equipment | 495 | 721 |
Net deferred loan fees and costs | 1,077 | 1,010 |
Gross unrealized securities gains | 1,249 | 3,220 |
SAB 109 valuation | 0 | 2 |
Other | 500 | 728 |
Total deferred tax liabilities | 5,372 | 8,354 |
Net deferred tax assets | $10,215 | $838 |
Deposits_Narrative_Details
Deposits (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deposits [Abstract] | ' | ' | ' |
Minimum denomination | $100,000 | ' | ' |
Time seposits at minimum denominations of $100,000 | 229,395,000 | 290,166,000 | ' |
Overdrawn transaction deposit accounts reclassified to loans | 400,000 | 400,000 | ' |
Interest expense on time deposits of $100,000 or more | $2,600,000 | $5,000,000 | $6,100,000 |
Deposits_Deposit_Composition_D
Deposits (Deposit Composition) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits, by Component, Alternative [Abstract] | ' | ' |
Noninterest-bearing demand deposits | $290,461 | $251,235 |
Interest-bearing demand deposits | 347,791 | 362,406 |
Savings deposits | 80,507 | 74,436 |
Money market deposits | 447,672 | 455,734 |
Brokered deposits | 29,219 | 55,590 |
Time deposits less than $100,000 | 323,660 | 417,421 |
Time deposits $100,000 or more | 229,395 | 290,166 |
Total deposits | $1,748,705 | $1,906,988 |
Noninterest-bearing demand deposits, Percentage | 16.61% | 13.17% |
Interest-bearing demand deposits, Percentage | 19.89% | 19.00% |
Savings deposits, Percentage | 4.60% | 3.90% |
Money market deposits, Percentage | 25.60% | 23.90% |
Brokered deposits, Percentage | 1.67% | 2.92% |
Time deposits less than $100,000, Percentage | 18.51% | 21.89% |
Time deposits $100,000 or more, Percentage | 13.12% | 15.22% |
Total deposits, Percentage | 100.00% | 100.00% |
Deposits_Scheduled_Maturities_
Deposits (Scheduled Maturities) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Time Deposits, Fiscal Year Maturity [Abstract] | ' |
2014 | $365,629 |
2015 | 118,257 |
2016 | 49,622 |
2017 | 38,723 |
2018 | 10,043 |
Thereafter | 0 |
Total time deposits | $582,274 |
ShortTerm_Borrowings_and_LongT2
Short-Term Borrowings and Long-Term Debt (Borrowings) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Short-term borrowings: | ' | ' | ' |
Retail customer repurchase agreements | $6,917,000 | $8,675,000 | $8,838,000 |
Total short-term borrowings | 6,917,000 | 8,675,000 | ' |
Long-term debt: | ' | ' | ' |
Federal Home Loan Bank advances | 73,283,000 | 58,328,000 | ' |
Junior subordinated debt | 56,702,000 | 56,702,000 | ' |
Long-term notes payable | 5,263,000 | 0 | ' |
Total long-term debt | $135,248,000 | $115,030,000 | ' |
FHLB advance [Member] | ' | ' | ' |
Long-term debt: | ' | ' | ' |
Long-term debt, weighted average interest rate at December 31 | 1.80% | 2.62% | ' |
Long term notes payable [Member] | ' | ' | ' |
Long-term debt: | ' | ' | ' |
Long-term debt, weighted average interest rate at December 31 | 1.41% | 0.00% | ' |
Junior subordinated debt [Member] | ' | ' | ' |
Long-term debt: | ' | ' | ' |
Long-term debt, weighted average interest rate at December 31 | 1.77% | 1.83% | ' |
Retail customer repurchase agreements [Member] | ' | ' | ' |
Short-term borrowings: | ' | ' | ' |
Short-term debt, weighted average interest rate at December 31 | 0.21% | 0.19% | 0.42% |
ShortTerm_Borrowings_and_LongT3
Short-Term Borrowings and Long-Term Debt (Retail Repurchase Agreements and Federal Funds Purchased) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings | $6,917,000 | $8,675,000 | ' |
Retail customer repurchase agreements | 6,917,000 | 8,675,000 | 8,838,000 |
Federal Reserve Bank Lines of Credit [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings | ' | 0 | ' |
Retail repurchase agreements [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Average balance during the year | 9,852,000 | 9,861,000 | 8,973,000 |
Maximum month end balance | $13,064,000 | $12,720,000 | $10,917,000 |
Weighted average interest rate at December 31 | 0.21% | 0.19% | 0.42% |
Weighted average interest rate during the year | 0.21% | 0.29% | 0.58% |
ShortTerm_Borrowings_and_LongT4
Short-Term Borrowings and Long-Term Debt (FHLB Advances) (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | $73,283,000 | ' | $58,328,000 |
FHLB Advances, interest rate, ranging from | 0.93% | ' | 2.33% |
FHLB Advances, interest rate, ranging to | 6.15% | ' | 6.15% |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
2014 | 5,000,000 | ' | ' |
2015 | 3,000,000 | ' | ' |
2016 | 5,000,000 | ' | ' |
2017 | 5,000,000 | ' | ' |
2018 | 5,283,000 | ' | ' |
2019 and thereafter | 50,000,000 | ' | ' |
FHLB advances | 73,283,000 | ' | 58,328,000 |
FHLB advances restructured | ' | 50,000,000 | ' |
FHLB Advances, Maturing December 29, 2014 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 5,000,000 | ' | 5,000,000 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 5,000,000 | ' | 5,000,000 |
FHLB Advances, interest rate | 3.31% | ' | ' |
FHLB Advances, Maturing September 8, 2015 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 3,000,000 | ' | 3,000,000 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 3,000,000 | ' | 3,000,000 |
FHLB Advances, interest rate | 3.71% | ' | ' |
FHLB Advances, Maturing September 27, 2016 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 5,000,000 | ' | 0 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 5,000,000 | ' | 0 |
FHLB Advances, interest rate | 0.93% | ' | ' |
FHLB Advances, Maturing September 27, 2017 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 5,000,000 | ' | 0 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 5,000,000 | ' | 0 |
FHLB Advances, interest rate | 1.42% | ' | ' |
FHLB Advances, Maturing March 19, 2018 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 0 | ' | 10,000,000 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 0 | ' | 10,000,000 |
FHLB Advances, interest rate | 2.81% | ' | ' |
FHLB Advances, Maturing July 16, 2018 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 0 | ' | 20,000,000 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 0 | ' | 20,000,000 |
FHLB Advances, interest rate | 2.43% | ' | ' |
FHLB Advances, Maturing July 18, 2018 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 0 | ' | 20,000,000 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 0 | ' | 20,000,000 |
FHLB Advances, interest rate | 2.33% | ' | ' |
FHLB Advances, Maturing August 27, 2018 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 283,000 | ' | 328,000 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 283,000 | ' | 328,000 |
FHLB Advances, interest rate | 6.15% | ' | ' |
FHLB Advances, Maturing September 27, 2018 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 5,000,000 | ' | 0 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 5,000,000 | ' | 0 |
FHLB Advances, interest rate | 1.84% | ' | ' |
FHLB Advances, Maturing June 15, 2020 [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | 50,000,000 | ' | 0 |
Scheduled Maturities of FHLB Advances | ' | ' | ' |
FHLB advances | 50,000,000 | ' | 0 |
FHLB Advances, interest rate | 1.62% | ' | ' |
CommunityOne [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB Advances, available borrowing capacity without pledging additional collateral | 31,800,000 | ' | ' |
FHLB Advances, additional borrowing by pledging additional collateral | $301,800,000 | ' | ' |
ShortTerm_Borrowings_and_LongT5
Short-Term Borrowings and Long-Term Debt (Subordinated Debt) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 21, 2011 | Oct. 21, 2011 | Oct. 21, 2011 | Oct. 21, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | |
CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | ||||
Nonvoting, nonconvertible, nonredeemable cumulative preferred stock [Member] | Nonvoting, nonconvertible, nonredeemable cumulative preferred stock [Member] | Subordinated debt [Member] | Subordinated debt [Member] | Subordinated debt [Member] | Subordinated debt [Member] | |||||
Retained earnings [Member] | Nonvoting, nonconvertible, nonredeemable cumulative preferred stock [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt settled | ' | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | ' |
Portion of cash settlement price, percentage of aggregate principal amount | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' |
Portion of cash settlement price, percentage of unpaid and accrued interest | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Gain on extinguishment of debt | 0 | 0 | 1,625,000 | ' | ' | ' | 1,600,000 | ' | ' | ' |
Debt amount converted | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 7,500,000 | ' |
Amount of preferred stock debt was converted into | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 |
Preferred stock repurchased, liquidation preference | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' |
Portion of repurchase price, percentage of aggregate liquidation preference | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' |
Portion of repurchase price, percentage of unpaid and accrued dividends | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Increase in equity resulting from preferred stock repurchased | ' | ' | ' | ' | ' | 9,400,000 | ' | ' | ' | ' |
Subordinated debt | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
ShortTerm_Borrowings_and_LongT6
Short-Term Borrowings and Long-Term Debt (Long Term Notes Payable) (Details) (Long term notes payable [Member]) | Dec. 31, 2013 |
Long term notes payable [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest rate | 1.41% |
ShortTerm_Borrowings_and_LongT7
Short-Term Borrowings and Long-Term Debt (Junior Subordinated Debentures) (Details) (Junior Subordinated Debentures [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Issuer - FNB Trust I [Member] | Issuer - FNB Trust I [Member] | Issuer - FNB Trust I [Member] | Issuer - FNB Trust II [Member] | Issuer - FNB Trust II [Member] | Issuer - FNB Trust II [Member] | Issuer - Catawba Trust II [Member] | Issuer - Catawba Trust II [Member] | Issuer - Catawba Trust II [Member] | ||
3 month LIBOR [Member] | 3 month LIBOR [Member] | 3 month LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal | $56,702 | $56,702 | $20,619 | $20,619 | ' | $30,928 | $30,928 | ' | $5,155 | $5,155 | ' |
Interest Payable | $2,235 | $1,174 | $753 | $403 | ' | $1,078 | $567 | ' | $404 | $204 | ' |
Variable rate basis | ' | ' | ' | ' | '3 month LIBOR | ' | ' | '3 month LIBOR | ' | ' | '3 month LIBOR |
Basis spread on variable rate | ' | ' | ' | ' | 1.37% | ' | ' | 1.32% | ' | ' | 3.35% |
Interest rate at period end | ' | ' | ' | ' | 1.62% | ' | ' | 1.57% | ' | ' | 3.60% |
Employee_Benefit_Plans_Pension
Employee Benefit Plans (Pension Plan) (Details) (Pension Plan [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Eligible age for grandfathering provision at plan amendment to freeze plan | ' | ' | ' | '40 years |
Eligible vesting service period for grandfathering provision at plan amendment to freeze plan | ' | ' | ' | '10 years |
Change in Benefit Obligation | ' | ' | ' | ' |
Benefit obligation at beginning of year | $15,342,000 | $14,597,000 | ' | ' |
Service cost | 0 | 0 | 0 | ' |
Interest cost | 646,000 | 668,000 | 712,000 | ' |
Net actuarial loss | -1,219,000 | 758,000 | ' | ' |
Benefits paid | -804,000 | -681,000 | ' | ' |
Benefit obligation at end of year | 13,965,000 | 15,342,000 | 14,597,000 | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 12,370,000 | 9,234,000 | ' | ' |
Actual return on plan assets | 1,265,000 | 1,017,000 | ' | ' |
Employer contributions | 0 | 2,800,000 | ' | ' |
Benefits paid | -804,000 | -681,000 | ' | ' |
Fair value of plan assets at end of year | 12,831,000 | 12,370,000 | 9,234,000 | ' |
Funded Status at End of Year | -1,134,000 | -2,972,000 | ' | ' |
Amounts Recognized in the Consolidated Balance Sheets | ' | ' | ' | ' |
Other Liabilities | -1,134,000 | -2,972,000 | ' | ' |
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Net actuarial loss | 5,223,000 | 7,312,000 | ' | ' |
Net amount recognized | 5,223,000 | 7,312,000 | ' | ' |
Weighted-Average Allocation of Plan Assets at End of Year | ' | ' | ' | ' |
Weighted-average allocation of plan assets at end of year | 100.00% | 100.00% | ' | ' |
Weighted-Average Plan Assumptions at End of Year | ' | ' | ' | ' |
Discount rate | 5.10% | 4.25% | ' | ' |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | ' | ' |
Rate of increase in compensation levels | 5.50% | 5.50% | ' | ' |
Net Periodic Benefit Cost/(Income) | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | ' |
Interest cost | 646,000 | 668,000 | 712,000 | ' |
Expected return on plan assets | -958,000 | -804,000 | -690,000 | ' |
Amortization of prior service cost | 0 | 0 | 0 | ' |
Amortization of net actuarial loss | 562,000 | 524,000 | 411,000 | ' |
Net periodic benefit cost | 250,000 | 388,000 | 433,000 | ' |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ' | ' | ' | ' |
Net actuarial loss/(gain) | -2,089,000 | 22,000 | 1,897,000 | ' |
Amortization of prior service credit | 0 | 0 | 0 | ' |
Total recognized in other comprehensive loss/(income) | -2,089,000 | 22,000 | 1,897,000 | ' |
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Loss | -1,839,000 | 410,000 | 2,330,000 | ' |
Amounts to be Amortized from Accumulated Other Comprehensive Income/(Loss) into Net Periodic Benefit Cost over Next Year | ' | ' | ' | ' |
Net loss to be amortized from accumulated other comprehensive income/(loss) into net periodic benefit cost over the next year | 400,000 | ' | ' | ' |
Prior service cost to be amortized from accumulated other comprehensive income/(loss) into net periodic benefit cost over the next year | 0 | ' | ' | ' |
Expected Future Employer Contributions to Benefit Plans | ' | ' | ' | ' |
Expected contribution to benefit plan in 2014 | 150,000 | ' | ' | ' |
Estimated Future Benefit Payments | ' | ' | ' | ' |
Estimated benefit payments in 2014 | 800,000 | ' | ' | ' |
Estimated benefit payments in 2015 | 800,000 | ' | ' | ' |
Estimated benefit payments in 2016 | 900,000 | ' | ' | ' |
Estimated benefit payments in 2017 | 900,000 | ' | ' | ' |
Estimated benefit payments in 2018 | 900,000 | ' | ' | ' |
Estimated benefit payments in 2019 through 2023 | 4,500,000 | ' | ' | ' |
Estimated fair value [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 12,831,000 | 12,370,000 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 12,831,000 | 12,370,000 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' | ' |
Equity securities [Member] | ' | ' | ' | ' |
Weighted-Average Allocation of Plan Assets at End of Year | ' | ' | ' | ' |
Weighted-average allocation of plan assets at end of year | 65.00% | 62.00% | ' | ' |
Equity securities [Member] | Estimated fair value [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 8,321,000 | 7,752,000 | ' | ' |
Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 8,321,000 | 7,752,000 | ' | ' |
Equity securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' | ' |
Debt securities [Member] | ' | ' | ' | ' |
Weighted-Average Allocation of Plan Assets at End of Year | ' | ' | ' | ' |
Weighted-average allocation of plan assets at end of year | 35.00% | 36.00% | ' | ' |
Debt securities [Member] | Estimated fair value [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 4,473,000 | 4,429,000 | ' | ' |
Debt securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 4,473,000 | 4,429,000 | ' | ' |
Debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' | ' |
Other Defined Benefit Plan Assets [Member] | Estimated fair value [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 37,000 | 189,000 | ' | ' |
Other Defined Benefit Plan Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | 37,000 | 189,000 | ' | ' |
Other Defined Benefit Plan Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Change in Plan Assets | ' | ' | ' | ' |
Fair value of plan assets at end of year | $0 | $0 | ' | ' |
Cash and cash equivalents [Member] | ' | ' | ' | ' |
Weighted-Average Allocation of Plan Assets at End of Year | ' | ' | ' | ' |
Weighted-average allocation of plan assets at end of year | 0.00% | 2.00% | ' | ' |
Fixed income funds [Member] | ' | ' | ' | ' |
Weighted-Average Allocation of Plan Assets at End of Year | ' | ' | ' | ' |
Weighted-average allocation of plan assets at end of year | 0.00% | 0.00% | ' | ' |
Mutual funds [Member] | ' | ' | ' | ' |
Weighted-Average Allocation of Plan Assets at End of Year | ' | ' | ' | ' |
Weighted-average allocation of plan assets at end of year | 99.70% | ' | ' | ' |
Employee_Benefit_Plans_SERP_De
Employee Benefit Plans (SERP) (Details) (SERP [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
plan | |||
SERP [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Number of retirement plans | 3 | ' | ' |
Change in Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of year | $1,345,000 | $1,980,000 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 84,000 | 107,000 | 137,000 |
Amendments to plan | 0 | 0 | ' |
Net actuarial loss | -13,000 | -457,000 | ' |
Benefits paid | -1,153,000 | -285,000 | ' |
Benefit obligation at end of year | 263,000 | 1,345,000 | 1,980,000 |
Change in Plan Assets | ' | ' | ' |
Employer contributions | 1,153,000 | 285,000 | ' |
Benefits paid | -1,153,000 | -285,000 | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Funded Status at End of Year | -263,000 | -1,345,000 | ' |
Amounts Recognized in the Consolidated Balance Sheets | ' | ' | ' |
Other Liabilities | 263,000 | 1,345,000 | ' |
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ' | ' |
Net actuarial loss | 0 | -1,002,000 | ' |
Prior service cost | 0 | 155,000 | ' |
Net amount recognized | 0 | -847,000 | ' |
Weighted-Average Plan Assumptions at End of Year | ' | ' | ' |
Discount rate | 7.00% | 7.00% | ' |
Net Periodic Benefit Cost/(Income) | ' | ' | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 84,000 | 107,000 | 137,000 |
Amortization of prior service cost | 155,000 | 31,000 | 48,000 |
Amortization of net actuarial loss | -1,015,000 | -48,000 | -108,000 |
Net periodic benefit cost | -776,000 | 90,000 | 77,000 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ' | ' | ' |
Net actuarial loss/(gain) | 1,002,000 | -409,000 | 168,000 |
Amortization of prior service credit | -155,000 | -31,000 | -48,000 |
Total recognized in other comprehensive loss/(income) | 847,000 | -440,000 | 120,000 |
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Loss | 71,000 | -350,000 | 197,000 |
Amounts to be Amortized from Accumulated Other Comprehensive Income/(Loss) into Net Periodic Benefit Cost over Next Year | ' | ' | ' |
Net gain to be amortized from accumulated other comprehensive income/(loss) into net periodic benefit cost over the next year | 0 | ' | ' |
Prior service cost to be amortized from accumulated other comprehensive income/(loss) into net periodic benefit cost over the next year | 0 | ' | ' |
Expected Future Employer Contributions to Benefit Plans | ' | ' | ' |
Expected contribution to benefit plan | 0 | ' | ' |
Estimated Future Benefit Payments | ' | ' | ' |
Estimated benefit payments in 2015 | 0 | ' | ' |
Estimated benefit payments in 2016 | 0 | ' | ' |
Estimated benefit payments in 2017 | 0 | ' | ' |
Estimated benefit payments in 2018 | 0 | ' | ' |
Estimated benefit payments in 2019 through 2023 | $0 | ' | ' |
Employee_Benefit_Plans_Assumed
Employee Benefit Plans (Assumed Benefit Obligations) (Details) (CommunityOne [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Integrity Financial Corporation [Member] | Former president of acquiree [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Benefit payments, payable period | '10 years | ' | ' |
Provision expense for future benefits | $17,000 | $39,000 | $49,000 |
Payments made under provisions of the non-qualifying deferred compensation plan | 78,000 | 80,000 | 76,000 |
Integrity Financial Corporation [Member] | Former president of acquiree [Member] | Other liabilities [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Non-qualifying deferred compensation plan liability | 300,000 | 400,000 | ' |
Carolina Fincorp, Inc. [Member] | Retired executive of acquiree [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Benefit amount per year | $30,000 | ' | ' |
Benefit payments, payable period | '10 years | ' | ' |
Employee_Benefit_Plans_Other_P
Employee Benefit Plans (Other Postretirement Defined Benefit Plans) (Details) (Other Postretirement Defined Benefit Plans [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | |
Other Postretirement Defined Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Eligible age for grandfathering provision at plan amendment to freeze plan | ' | ' | ' | '40 years |
Eligible vesting service period for grandfathering provision at plan amendment to freeze plan | ' | ' | ' | '10 years |
Change in Benefit Obligation | ' | ' | ' | ' |
Benefit obligation at beginning of year | $1,377,000 | $1,459,000 | ' | ' |
Service cost | 0 | 0 | 0 | ' |
Interest cost | 57,000 | 63,000 | 74,000 | ' |
Net actuarial (gain)/loss | -223,000 | -84,000 | ' | ' |
Plan participant contributions | 81,000 | 79,000 | ' | ' |
Benefits paid | -154,000 | -140,000 | ' | ' |
Benefit obligation at end of year | 1,138,000 | 1,377,000 | 1,459,000 | ' |
Change in Plan Assets | ' | ' | ' | ' |
Employer contributions | 73,000 | 61,000 | ' | ' |
Plan participant contributions | 81,000 | 79,000 | ' | ' |
Benefits paid | -154,000 | -140,000 | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' | ' |
Funded Status at End of Year | -1,138,000 | -1,377,000 | ' | ' |
Amounts Recognized in the Consolidated Balance Sheets | ' | ' | ' | ' |
Other Liabilities | 1,138,000 | 1,377,000 | ' | ' |
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Net actuarial loss | -138,000 | 86,000 | ' | ' |
Prior service cost | -16,000 | -21,000 | ' | ' |
Net amount recognized | -154,000 | 65,000 | ' | ' |
Weighted-Average Plan Assumptions at End of Year | ' | ' | ' | ' |
Discount rate | 5.10% | 4.25% | ' | ' |
Net Periodic Benefit Cost/(Income) | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | ' |
Interest cost | 57,000 | 63,000 | 74,000 | ' |
Amortization of prior service cost | -4,000 | -4,000 | -4,000 | ' |
Amortization of net actuarial loss | 0 | 0 | 0 | ' |
Net periodic benefit cost | 53,000 | 59,000 | 70,000 | ' |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ' | ' | ' | ' |
Net actuarial loss/(gain) | -223,000 | -84,000 | -223,000 | ' |
Amortization of prior service credit | 4,000 | 4,000 | 4,000 | ' |
Total recognized in other comprehensive loss/(income) | -219,000 | -80,000 | -219,000 | ' |
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Loss | -166,000 | -21,000 | -149,000 | ' |
Amounts to be Amortized from Accumulated Other Comprehensive Income/(Loss) into Net Periodic Benefit Cost over Next Year | ' | ' | ' | ' |
Net loss to be amortized from accumulated other comprehensive income/(loss) into net periodic benefit cost over the next year | -4,000 | ' | ' | ' |
Prior service credit to be amortized from accumulated other comprehensive income/(loss) into net periodic benefit cost over the next year | -4,200 | ' | ' | ' |
Expected Future Employer Contributions to Benefit Plans | ' | ' | ' | ' |
Expected contribution to benefit plan | 0 | ' | ' | ' |
Estimated Future Benefit Payments | ' | ' | ' | ' |
Estimated benefit payments in 2014 | 65,000 | ' | ' | ' |
Estimated benefit payments in 2015 | 68,000 | ' | ' | ' |
Estimated benefit payments in 2016 | 68,000 | ' | ' | ' |
Estimated benefit payments in 2017 | 69,000 | ' | ' | ' |
Estimated benefit payments in 2018 | 70,000 | ' | ' | ' |
Estimated benefit payments in 2019 through 2023 | $400,000 | ' | ' | ' |
Employee_Benefit_Plans_Matchin
Employee Benefit Plans (Matching Retirement/Savings Plan) (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Granite Corp. [Member] | Granite Corp. [Member] | COB Matching Retirement/Savings Plan [Member] | COB Matching Retirement/Savings Plan [Member] | COB Matching Retirement/Savings Plan [Member] | Tax-Qualified Profit-Sharing and Savings Retirement Plan [Member] | Tax-Qualified Profit-Sharing and Savings Retirement Plan [Member] | Tax-Qualified Profit-Sharing and Savings Retirement Plan [Member] | Non-Tax Qualified Profit-Sharing Supplemental Executive Retirement Plan [Member] | Non-Tax Qualified Profit-Sharing Supplemental Executive Retirement Plan [Member] | ||||
balance | Granite Corp. [Member] | Granite Corp. [Member] | Granite Corp. [Member] | Granite Corp. [Member] | Granite Corp. [Member] | ||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer matching contribution percentage | 50.00% | ' | ' | 50.00% | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' |
Percentage of pay deferred by employee eligible for employer matching contributions | 6.00% | ' | ' | 6.00% | ' | 6.00% | ' | ' | 6.00% | ' | ' | ' | ' |
Discretionary contributions | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' |
Matching and discretionary contributions | $500,000 | $600,000 | $400,000 | ' | ' | $500,000 | $600,000 | $400,000 | ' | $0 | $0 | $0 | $0 |
Non-tax qualified profit-sharing supplemental executive retirement plan, remaining balances paid | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
CommunityOne_Bancrop_Parent_Co2
CommunityOne Bancrop (Parent Company) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Assets | ' | ' | ' | ' |
Other assets | $33,551 | $26,062 | ' | ' |
Total Assets | 1,985,032 | 2,151,565 | ' | ' |
Liabilities and shareholdersb equity | ' | ' | ' | ' |
Borrowed funds | 135,248 | 115,030 | ' | ' |
Shareholdersb equity | 80,361 | 98,445 | 129,015 | -28,837 |
Total Liabilities and Shareholders' Equity | 1,985,032 | 2,151,565 | ' | ' |
Condensed Statements of Operations | ' | ' | ' | ' |
Noninterest income | 20,414 | 21,958 | 21,970 | ' |
Interest expense | -10,559 | -16,708 | -23,576 | ' |
Noninterest expense | -84,481 | -110,206 | -125,040 | ' |
Loss from continuing operations, before income taxes | -157 | -41,017 | -130,877 | ' |
Income tax expense/(benefit) | 1,326 | -1,039 | 641 | ' |
Net loss | -1,483 | -40,005 | -137,314 | ' |
Preferred stock gain on retirement, net of accretion, and dividends | 0 | 0 | 44,592 | ' |
Net loss to common shareholders | -1,483 | -40,005 | -92,722 | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Net loss | -1,483 | -40,005 | -137,314 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Net cash (used in)/provided by operating activities | -4,487 | -35,961 | 53,732 | ' |
Cash flows from investing activities | ' | ' | ' | ' |
Net cash (used in) provided by investing activities | -23,080 | -63,917 | 427,498 | ' |
Cash flows from financing activities | ' | ' | ' | ' |
Issuance of common stock, net of expense | 0 | 6,694 | 289,571 | ' |
Net cash used in financing activities | -144,613 | -213,928 | -88,408 | ' |
Net (Decrease) Increase in Cash and Cash Equivalents | -172,180 | -313,806 | 392,822 | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash | 637 | 606 | 2,808 | ' |
Investment in subsidiaries | 143,683 | 161,007 | ' | ' |
Other assets | 505 | 81 | ' | ' |
Total Assets | 144,825 | 161,694 | ' | ' |
Liabilities and shareholdersb equity | ' | ' | ' | ' |
Accrued liabilities | 7,762 | 6,547 | ' | ' |
Borrowed funds | 56,702 | 56,702 | ' | ' |
Shareholdersb equity | 80,361 | 98,445 | ' | ' |
Total Liabilities and Shareholders' Equity | 144,825 | 161,694 | ' | ' |
Condensed Statements of Operations | ' | ' | ' | ' |
Noninterest income | 31 | 34 | 32 | ' |
Interest expense | -1,092 | -1,157 | -1,072 | ' |
Noninterest expense | -742 | -970 | -3,351 | ' |
Loss from continuing operations, before income taxes | -1,803 | -2,093 | -4,391 | ' |
Income tax expense/(benefit) | 0 | -311 | 723 | ' |
Loss before equity in undistributed net loss of subsidiaries | -1,803 | -1,782 | -5,114 | ' |
Equity in undistributed net loss of subsidiaries | -320 | 38,223 | 132,200 | ' |
Net loss | -1,483 | -40,005 | -137,314 | ' |
Preferred stock gain on retirement, net of accretion, and dividends | 0 | 0 | 44,592 | ' |
Net loss to common shareholders | -1,483 | -40,005 | -92,722 | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Net loss | -1,483 | -40,005 | -137,314 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Equity in undistributed net loss of subsidiaries | -320 | 38,223 | 132,200 | ' |
Other, net | 1,153 | 503 | 6,638 | ' |
Net cash (used in)/provided by operating activities | -650 | -1,279 | 1,524 | ' |
Cash flows from investing activities | ' | ' | ' | ' |
Downstream cash investment in subsidiary | 0 | -6,709 | -287,711 | ' |
Net cash (used in) provided by investing activities | 0 | -6,709 | -287,711 | ' |
Cash flows from financing activities | ' | ' | ' | ' |
Issuance of common stock, net of expense | ' | 6,694 | 289,571 | ' |
Cash dividends paid on preferred stock | 0 | 0 | -756 | ' |
Other | 681 | -908 | 0 | ' |
Net cash used in financing activities | 681 | 5,786 | 288,815 | ' |
Net (Decrease) Increase in Cash and Cash Equivalents | 31 | -2,202 | 2,628 | ' |
Cash at beginning of period | 606 | 2,808 | 180 | ' |
Cash at end of period | $637 | $606 | $2,808 | ' |
Capital_Matters_Details
Capital Matters (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consolidated Entities [Member] | ' | ' |
Total Capital (to Risk Weighted Assets) | ' | ' |
Total Capital (to Risk Weighted Assets) - Actual (Amount) | $159,146 | $158,993 |
Total Capital (to Risk Weighted Assets) - Actual (Ratio) | 12.62% | 12.34% |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | 100,859 | 103,051 |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Ratio) | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets) | ' | ' |
Tier 1 Capital (to Risk Weighted Assets) - Actual Amount | 119,499 | 119,242 |
Tier 1 Capital (to Risk Weighted Assets) - Actual Ratio | 9.48% | 9.26% |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | 50,429 | 51,525 |
Tier 1 Capital (to Average Assets) | ' | ' |
Tier 1 Capital (to Average Assets) - Actual Amount | 119,499 | 119,242 |
Tier 1 Capital (to Average Assets) - Actual Ratio | 5.96% | 5.45% |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | 80,220 | 87,567 |
CommunityOne Bank, N.A. [Member] | ' | ' |
Total Capital (to Risk Weighted Assets) | ' | ' |
Total Capital (to Risk Weighted Assets) - Actual (Amount) | 166,152 | 103,976 |
Total Capital (to Risk Weighted Assets) - Actual (Ratio) | 13.20% | 11.40% |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | 100,713 | 72,997 |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Ratio) | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Amount) | 125,891 | 91,247 |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Ratio) | 10.00% | 10.00% |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Pursuant to Order (Ratio) | ' | 12.00% |
Tier 1 Capital (to Risk Weighted Assets) | ' | ' |
Tier 1 Capital (to Risk Weighted Assets) - Actual Amount | 150,274 | 92,418 |
Tier 1 Capital (to Risk Weighted Assets) - Actual Ratio | 11.94% | 10.13% |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | 50,356 | 36,499 |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Ratio) | 4.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Amount) | 75,534 | 54,748 |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Ratio) | 6.00% | 6.00% |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Pursuant to Order (Ratio) | ' | 9.00% |
Tier 1 Capital (to Average Assets) | ' | ' |
Tier 1 Capital (to Average Assets) - Actual Amount | 150,274 | 92,418 |
Tier 1 Capital (to Average Assets) - Actual Ratio | 7.49% | 6.17% |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | 80,204 | 59,909 |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Ratio) | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Amount) | 100,256 | 74,886 |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Ratio) | 5.00% | 5.00% |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - Pursuant to Order (Ratio) | ' | 9.00% |
Bank of Granite [Member] | ' | ' |
Total Capital (to Risk Weighted Assets) | ' | ' |
Total Capital (to Risk Weighted Assets) - Actual (Amount) | ' | 60,896 |
Total Capital (to Risk Weighted Assets) - Actual (Ratio) | ' | 16.30% |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | ' | 29,893 |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Ratio) | ' | 8.00% |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Amount) | ' | 37,366 |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Ratio) | ' | 10.00% |
Total Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Pursuant to Order (Ratio) | ' | 12.00% |
Tier 1 Capital (to Risk Weighted Assets) | ' | ' |
Tier 1 Capital (to Risk Weighted Assets) - Actual Amount | ' | 56,209 |
Tier 1 Capital (to Risk Weighted Assets) - Actual Ratio | ' | 15.04% |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | ' | 14,946 |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Ratio) | ' | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Amount) | ' | 22,420 |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Ratio) | ' | 6.00% |
Tier 1 Capital (to Risk Weighted Assets) - Minimum Regulatory Requirement to be Well Capitalized - Pursuant to Order (Ratio) | ' | 8.00% |
Tier 1 Capital (to Average Assets) | ' | ' |
Tier 1 Capital (to Average Assets) - Actual Amount | ' | 56,209 |
Tier 1 Capital (to Average Assets) - Actual Ratio | ' | 8.12% |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Amount) | ' | 27,675 |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - For Capital Adequacy Purposes (Ratio) | ' | 4.00% |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Amount) | ' | $34,594 |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - Under Prompt corrective Action Provisions (Ratio) | ' | 5.00% |
Tier 1 Capital (to Average Assets) - Minimum Regulatory Requirement to be Well Capitalized - Pursuant to Order (Ratio) | ' | 8.00% |
OffBalance_Sheet_Arrangements_
Off-Balance Sheet Arrangements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Agreement to extend credit and undisbursed advances on customer lines of credit [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Commitments | $225.60 | ' |
Guarantees the performance of a customer to a third party [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Maximum potential amount of undiscounted future payments related to standby letters of credit | $0.70 | $0.90 |
Shareholders_Equity_Preferred_
Shareholders' Equity (Preferred Stock) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class of Stock [Line Items] | ' | ' | ' | ' |
Reverse stock split, conversion ratio | 0.01 | ' | 0.01 | 0.01 |
Preferred stock, shares outstanding | ' | ' | 0 | ' |
Unpaid cumulative dividends | ' | $0 | $0 | ' |
Impact of preferred stock activity on the Consolidated Statement of Operations: | ' | ' | ' | ' |
Gain on retirement of preferred stock | ' | 0 | 0 | 9,375,000 |
Preferred stock gain on retirement, net of accretion, and dividends | ' | 0 | 0 | 44,592,000 |
Preferred stock [Member] | ' | ' | ' | ' |
Impact of preferred stock activity on the Consolidated Statement of Operations: | ' | ' | ' | ' |
Gain on retirement of preferred stock | ' | 0 | 0 | 48,000,000 |
Dividends and accretion on preferred stock | ' | 0 | 0 | -3,408,000 |
Series A Preferred stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | 0 | 0 | ' |
Dividends and deferred interest paid | ' | ' | ' | 4,500,000 |
Accretion of discount on preferred stock | ' | ' | ' | 600,000 |
Impact of preferred stock activity on the Consolidated Statement of Operations: | ' | ' | ' | ' |
Gain on retirement of preferred stock | ' | 0 | 0 | 38,625,000 |
Dividends and accretion on preferred stock | ' | 0 | 0 | -2,652,000 |
Preferred stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | 0 | 0 | ' |
Impact of preferred stock activity on the Consolidated Statement of Operations: | ' | ' | ' | ' |
Gain on retirement of preferred stock | ' | 0 | 0 | 9,375,000 |
Dividends and accretion on preferred stock | ' | $0 | $0 | ($756,000) |
Shareholders_Equity_Antidiluti
Shareholders' Equity (Antidilutive Shares) (Details) | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Common sock warrant [Member] | Common sock warrant [Member] | Common sock warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares excluded from EPS calculation | 22,713 | 23,197 | 24,818 | 641 | 1,125 | 2,746 | 22,072 | 22,072 | 22,072 |
Shareholders_Equity_Sharebased
Shareholders' Equity (Share-based Compensation - Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2006 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 28, 2012 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 20, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 28, 2012 | Dec. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
plan | plan | plan | Granite Corp. [Member] | Granite Corp. [Member] | Integrity Financial Corporation [Member] | Integrity Financial Corporation [Member] | Officer [Member] | Officer [Member] | Director [Member] | Director [Member] | Director [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Restricted stock [Member] | Restricted stock [Member] | Restricted stock [Member] | Restricted stock [Member] | Restricted stock [Member] | Stock Options [Member] | 2012 Incentive Plan [Member] | 2012 Incentive Plan [Member] | 2012 Incentive Plan [Member] | 2012 Incentive Plan [Member] | 2012 Incentive Plan [Member] | 2012 Incentive Plan [Member] | Stock Compensation Plan 1993 [Member] | Stock Compensation Plan 1993 [Member] | Stock Compensation Plan 1993 [Member] | 2003 stock compensation plan [Member] | 2003 stock compensation plan [Member] | |
plan | Second Anniversary of Grant Date [Member] | Third Anniversary of Grant Date [Member] | First Anniversary of Grant Date [Member] | Second Anniversary of Grant Date [Member] | Third Anniversary of Grant Date [Member] | First Anniversary of Grant Date [Member] | Second Anniversary of Grant Date [Member] | Third Anniversary of Grant Date [Member] | Fourth Anniversary of Grant Date [Member] | Officer [Member] | Officer [Member] | Restricted stock [Member] | Restricted stock [Member] | Restricted stock [Member] | Restricted stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | ||||||||||||||
Later of Lifting of Consent Orders or Second Anniversary of Date of Grant [Member] | Later of Lifting of Consent Orders or Third Anniversary of Date of Grant [Member] | Officer [Member] | Officer [Member] | Director [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||
officer | officer | officer | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of share-based compensation plans | 5 | 5 | 5 | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $653,000 | $3,000 | $23,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense related income tax benefit | 250,000 | 1,000 | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares of COB common stock each employee may be granted during any calendar year period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,302 | 110,059 | ' | ' | ' | ' | ' | ' | 158,302 | ' | 110,059 | ' | ' | ' | ' | ' | ' |
Number of officers granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 6 | 8 | ' | ' | ' | ' | ' |
Award become exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '1 year | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '5 years | ' |
Award expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '10 years |
Number of shares available for grants | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Stock options assumed from acquisition (in shares) | 0 | 0 | 78 | 78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercisable (in shares) | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options expired (in shares) | ' | ' | ' | 78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted (in shares) | 54,060 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options granted (per share) | $3.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised, intrinsic value | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options vested, grant date fair value | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards vested, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,040 | 1,040 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting percentage | ' | ' | ' | ' | ' | ' | ' | 66.67% | 33.33% | 33.33% | 33.33% | 33.33% | 25.00% | 25.00% | 25.00% | 25.00% | ' | ' | ' | 66.67% | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested share-based compensation arrangements | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Black-Scholes option pricing model, fair value assumptions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility, period of historical volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life of options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Stock_Opti
Shareholders' Equity (Stock Options Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options, Number of Shares [Roll Forward] | ' | ' | ' |
Stock Options, Shares Outstanding at Beginning of Year | 1,125 | 2,742 | 3,658 |
Stock Options, Shares Granted | 54,060 | 0 | 0 |
Stock Options, Shares Assumed | 0 | 0 | 78 |
Stock Options, Shares Exercised | 0 | 0 | 0 |
Stock Options, Shares Forfeited/Expired | -484 | -1,617 | -994 |
Stock Options, Shares Outstanding at End of Year | 54,701 | 1,125 | 2,742 |
Stock Options, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Stock Options, Oustanding at Beginning of Year, Weighted Average Exercise Price (in usd per share) | $1,963.29 | $1,821.79 | $1,857 |
Stock Options, Granted, Weighted Average Exercise Price (in usd per share) | $7.86 | $0 | $0 |
Stock Options, Assumed, Weighted Average Exercise Price (in usd per share) | $0 | $0 | $267.53 |
Stock Options, Exercised, Weighted Average Exercise Price (in usd per share) | $0 | $0 | $0 |
Stock Options, Forfeited/Expired, Weighted Average Exercise Price (in usd per share) | $2,156.98 | $1,723.34 | $1,829.09 |
Stock Options, Oustanding at End of Year, Weighted Average Exercise Price (in usd per share) | $29.06 | $1,963.29 | $1,821.79 |
Stock Options, Exercisable at End of Year | ' | ' | ' |
Stock Options, Shares Exercisable at End of Year | 641 | 1,125 | 2,711 |
Stock Options, Exercisable at End of Year, Weighted Average Exercise Price (in usd per share) | $1,817.04 | $1,963.29 | $1,825.85 |
Shareholders_Equity_Options_Ou
Shareholders' Equity (Options Outstanding and Exercisable) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
$1 - $10 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - lower range | $1 | ' |
Range of exercise prices - upper range | $10 | ' |
Options outstanding, number of shares | ' | 54,060 |
Options outstanding, weighted average remaining contractual life | '9 years 3 months 15 days | ' |
Options outstanding, weighted average exercise price (in usd per share) | ' | $7.86 |
Options exercisable, number of shares | ' | 0 |
Options exercisable, weighted average exercise price (in usd per share) | ' | $0 |
$1,350 - $1,620 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - lower range | $1,350 | ' |
Range of exercise prices - upper range | $1,620 | ' |
Options outstanding, number of shares | ' | 181 |
Options outstanding, weighted average remaining contractual life | '1 year 1 month 24 days | ' |
Options outstanding, weighted average exercise price (in usd per share) | ' | $1,440.74 |
Options exercisable, number of shares | ' | 181 |
Options exercisable, weighted average exercise price (in usd per share) | ' | $1,440.74 |
$1,621 - $1,890 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - lower range | $1,621 | ' |
Range of exercise prices - upper range | $1,890 | ' |
Options outstanding, number of shares | ' | 30 |
Options outstanding, weighted average remaining contractual life | '3 years | ' |
Options outstanding, weighted average exercise price (in usd per share) | ' | $1,723 |
Options exercisable, number of shares | ' | 30 |
Options exercisable, weighted average exercise price (in usd per share) | ' | $1,723 |
$1,891 - $2,160 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - lower range | $1,891 | ' |
Range of exercise prices - upper range | $2,160 | ' |
Options outstanding, number of shares | ' | 430 |
Options outstanding, weighted average remaining contractual life | '11 months 16 days | ' |
Options outstanding, weighted average exercise price (in usd per share) | ' | $1,982 |
Options exercisable, number of shares | ' | 430 |
Options exercisable, weighted average exercise price (in usd per share) | ' | $1,982 |
Shareholders_Equity_Nonvested_
Shareholders' Equity (Non-vested Restricted Stock Activity) (Details) (Restricted stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted stock [Member] | ' | ' |
Non-vested Awards, Number of Shares [Roll Forward] | ' | ' |
Non-vested Awards, Shares at Beginning of Year | 110,059 | 4 |
Non-vested Awards, Shares Granted | 158,302 | 110,059 |
Non-vested Awards, Shares Vested | 0 | -4 |
Non-vested Awards, Shares Forfeited/Expired | 0 | 0 |
Non-vested Awards, Shares at End of Year | 268,361 | 110,059 |
Non-vested Awards, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Non-vested Awards, Beginning of Year, Weighted Average Grant Date Fair Value (in usd per share) | $11.13 | $260 |
Non-vested Awards, Granted, Weighted Average Grant Date Fair Value (in usd per share) | $10.71 | $11.13 |
Non-vested Awards, Vested, Weighted Average Grant Date Fair Value (in usd per share) | $0 | $260 |
Non-vested Awards, Forfeited/Expired, Weighted Average Grant Date Fair Value (in usd per share) | $0 | $0 |
Non-vested Awards, End of Year, Weighted Average Grant Date Fair Value (in usd per share) | $12.68 | $11.13 |
Derivatives_and_Financial_Inst2
Derivatives and Financial Instruments (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2011 | Mar. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Designated as hedges [Member] | Designated as hedges [Member] | Designated as hedges [Member] | CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | CommunityOne [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | ||||||||||
Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | FHLB advance [Member] | FHLB advance [Member] | Designated as hedges [Member] | Designated as hedges [Member] | Designated as hedges [Member] | Designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | Not designated as hedges [Member] | ||||||||||
FHLB advance [Member] | FHLB advance [Member] | FHLB advance [Member] | Fair value hedge [Member] | Fair value hedge [Member] | Fair value hedge [Member] | Fair value hedge [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | ||||||||||||||||||
Other Income [Member] | Other Income [Member] | Other Income [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | ||||||||||||||||||||||||||||||
FHLB advance [Member] | FHLB advance [Member] | FHLB advance [Member] | FHLB advance [Member] | |||||||||||||||||||||||||||||||||
swap | ||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of interest rate derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative terminated | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Gain on derivatives terminated | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Loss on hedged FHLB advances terminated | 0 | 0 | -1,625,000 | ' | ' | ' | 1,300,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net gains (losses) recognized in income | ' | ' | ' | $0 | $0 | $819,000 | ' | ' | ' | ' | ($1,600,000) | ' | $0 | $0 | ($44,000) | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ($44,000) | [1] | ($214,000) | $204,000 | $11,000 | $4,000 | $152,000 | $55,000 | ($218,000) | $52,000 | ($44,000) |
[1] | Recognized in bNet loss from discontinued operationsb in the Companybs Consolidated Statements of Operations. |
Fair_Values_of_Assets_and_Liab2
Fair Values of Assets and Liabilities (Measured on Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | $414,614 | $564,850 |
Mortgage servicing rights | 1,600 | 700 |
U.S, Treasury and government agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 6,981 |
U.S. government sponsored agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 2,077 | 22,173 |
States and political subdivisions debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 6,038 |
Residential mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 341,147 | 441,074 |
Residential mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 20,752 | 22,945 |
Commercial mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 21,439 | 23,359 |
Commercial mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 9,585 | 5,317 |
Business Development Company investment [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 2,737 | ' |
Corporate notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 16,877 | 36,963 |
Continuing operations [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 2,737 | 0 |
Continuing operations [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 411,877 | 564,850 |
Continuing operations [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 414,614 | 564,850 |
Mortgage servicing rights | 1,552 | 726 |
Total assets at fair value | 416,166 | 565,576 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | U.S, Treasury and government agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 6,981 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | U.S. government sponsored agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 2,077 | 22,173 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | States and political subdivisions debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 6,038 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | Residential mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 341,147 | 441,074 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | Residential mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 20,752 | 22,945 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | Commercial mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 21,439 | 23,359 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | Commercial mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 9,585 | 5,317 |
Continuing operations [Member] | Recurring [Member] | Total [Member] | Business Development Company investment [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 2,737 | ' |
Continuing operations [Member] | Recurring [Member] | Total [Member] | Corporate notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 16,877 | 36,963 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 2,737 | 0 |
Mortgage servicing rights | 0 | 0 |
Total assets at fair value | 2,737 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | U.S, Treasury and government agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 0 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | U.S. government sponsored agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | States and political subdivisions debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 0 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | Commercial mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 0 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | Commercial mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | Business Development Company investment [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 2,737 | ' |
Continuing operations [Member] | Recurring [Member] | Level 1 [Member] | Corporate notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 411,877 | 564,850 |
Mortgage servicing rights | 0 | 0 |
Total assets at fair value | 411,877 | 564,850 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | U.S, Treasury and government agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 6,981 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | U.S. government sponsored agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 2,077 | 22,173 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | States and political subdivisions debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 6,038 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 341,147 | 441,074 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 20,752 | 22,945 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | Commercial mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 21,439 | 23,359 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | Commercial mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 9,585 | 5,317 |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | Business Development Company investment [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | ' |
Continuing operations [Member] | Recurring [Member] | Level 2 [Member] | Corporate notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 16,877 | 36,963 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Mortgage servicing rights | 1,552 | 726 |
Total assets at fair value | 1,552 | 726 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | U.S, Treasury and government agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 0 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | U.S. government sponsored agencies debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | States and political subdivisions debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 0 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | Commercial mortgage-backed securities - GSE [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | ' | 0 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | Commercial mortgage-backed securities - Private [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | 0 |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | Business Development Company investment [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | 0 | ' |
Continuing operations [Member] | Recurring [Member] | Level 3 [Member] | Corporate notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale investment securities | $0 | $0 |
Fair_Values_of_Assets_and_Liab3
Fair Values of Assets and Liabilities (Unobservable Inputs Reconciliations) (Details) (Recurring [Member], Level 3 [Member], Mortgage servicing rights [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Recurring [Member] | Level 3 [Member] | Mortgage servicing rights [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' |
Beginning balance | $726 | $0 |
Total gains or losses (realized/unrealized) included in earnings | 1,131 | 750 |
Less amortization | -305 | -24 |
Ending balance | $1,552 | $726 |
Fair_Values_of_Assets_and_Liab4
Fair Values of Assets and Liabilities (Measured on Nonrecurring Basis) (Details) (Continuing operations [Member], Nonrecurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans, net | $2,038 | $13,575 |
Other real estate owned | 18,263 | 48,480 |
Total assets at fair value | 20,301 | 62,055 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans, net | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans, net | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans, net | 2,038 | 13,575 |
Other real estate owned | 18,263 | 48,480 |
Total assets at fair value | $20,301 | $62,055 |
Fair_Values_of_Assets_and_Liab5
Fair Values of Assets and Liabilities (Quantitative Information about Level 3 Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Mortgage servicing rights | 1,600 | 700 |
Level 3 [Member] | Nonrecurring [Member] | Discounted Appraisal [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Impaired loans, net | 2,038 | 13,575 |
Other real estate owned | 18,263 | 48,480 |
Level 3 [Member] | Nonrecurring [Member] | Discounted Cash Flows [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Mortgage servicing rights | 1,552 | 726 |
Level 3 [Member] | Nonrecurring [Member] | Impaired loans [Member] | Discounted Appraisal [Member] | Lower range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Collateral discounts | 1.00% | 6.00% |
Level 3 [Member] | Nonrecurring [Member] | Impaired loans [Member] | Discounted Appraisal [Member] | Upper range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Collateral discounts | 30.00% | 40.00% |
Level 3 [Member] | Nonrecurring [Member] | Other real estate owned [Member] | Discounted Appraisal [Member] | Lower range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Collateral discounts | 1.00% | 6.00% |
Level 3 [Member] | Nonrecurring [Member] | Other real estate owned [Member] | Discounted Appraisal [Member] | Upper range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Collateral discounts | 30.00% | 40.00% |
Level 3 [Member] | Nonrecurring [Member] | Mortgage servicing rights [Member] | Discounted Cash Flows [Member] | Lower range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Prepayment rate | 10.00% | 10.00% |
Discount rate | 6.00% | 6.00% |
Level 3 [Member] | Nonrecurring [Member] | Mortgage servicing rights [Member] | Discounted Cash Flows [Member] | Upper range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Prepayment rate | 25.00% | 30.00% |
Discount rate | 10.00% | 12.00% |
Continuing operations [Member] | Level 3 [Member] | Nonrecurring [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Impaired loans, net | 2,038 | 13,575 |
Other real estate owned | 18,263 | 48,480 |
Fair_Values_of_Assets_and_Liab6
Fair Values of Assets and Liabilities (Fair Value of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet [Line Items] | ' | ' |
Available-for-sale investment securities | $414,614 | $564,850 |
Fair value of held-to-maturity securities | 141,125 | ' |
Continuing operations [Member] | Carrying value [Member] | ' | ' |
Fair Value, Balance Sheet [Line Items] | ' | ' |
Cash and cash equivalents | 67,430 | 239,610 |
Available-for-sale investment securities | 414,614 | 564,850 |
Fair value of held-to-maturity securities | 151,795 | ' |
Loans held for sale | 1,836 | 6,974 |
Loans, net | 1,185,463 | 1,147,721 |
Accrued interest receivable | 6,283 | 6,102 |
Deposits | 1,748,705 | 1,906,988 |
Retail repurchase agreements | 6,917 | 8,675 |
Federal Home Loan Bank advances | 73,283 | 58,328 |
Notes Payable, Noncurrent | 5,263 | ' |
Junior subordinated debentures | 56,702 | 56,702 |
Accrued interest payable | 2,624 | 2,111 |
Continuing operations [Member] | Estimated fair value [Member] | ' | ' |
Fair Value, Balance Sheet [Line Items] | ' | ' |
Cash and cash equivalents | 67,430 | 239,610 |
Available-for-sale investment securities | 414,614 | 564,850 |
Fair value of held-to-maturity securities | 141,125 | ' |
Loans held for sale | 1,836 | 6,974 |
Loans, net | 1,129,826 | 1,140,088 |
Accrued interest receivable | 6,283 | 6,102 |
Deposits | 1,748,685 | 1,910,927 |
Retail repurchase agreements | 6,917 | 8,675 |
Federal Home Loan Bank advances | 75,663 | 62,950 |
Notes Payable, Noncurrent | 5,263 | ' |
Junior subordinated debentures | 22,316 | 18,760 |
Accrued interest payable | 2,624 | 2,111 |
Continuing operations [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet [Line Items] | ' | ' |
Cash and cash equivalents | 67,430 | 239,610 |
Available-for-sale investment securities | 2,737 | 0 |
Fair value of held-to-maturity securities | 0 | ' |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Retail repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Notes Payable, Noncurrent | 0 | ' |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Continuing operations [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Available-for-sale investment securities | 411,877 | 564,850 |
Fair value of held-to-maturity securities | 141,125 | ' |
Loans held for sale | 1,836 | 6,974 |
Loans, net | 0 | 0 |
Accrued interest receivable | 1,583 | 1,812 |
Deposits | 1,748,685 | 1,910,927 |
Retail repurchase agreements | 6,917 | 8,675 |
Federal Home Loan Bank advances | 75,663 | 62,950 |
Notes Payable, Noncurrent | 0 | ' |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 389 | 937 |
Continuing operations [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Available-for-sale investment securities | 0 | 0 |
Fair value of held-to-maturity securities | 0 | ' |
Loans held for sale | 0 | 0 |
Loans, net | 1,129,826 | 1,140,088 |
Accrued interest receivable | 4,700 | 4,290 |
Deposits | 0 | 0 |
Retail repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Notes Payable, Noncurrent | 5,263 | ' |
Junior subordinated debentures | 22,316 | 18,760 |
Accrued interest payable | $2,235 | $1,174 |
Common_Dividends_Details
Common Dividends (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Dividends [Abstract] | ' |
Common stock dividends declared | $0 |