Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | FIRST BANCORP /NC/ | |
Entity Central Index Key | 0000811589 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 29,746,455 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
ASSETS | |||
Cash and due from banks, noninterest-bearing | $ 80,620 | $ 56,050 | $ 78,217 |
Due from banks, interest-bearing | 366,187 | 406,848 | 448,515 |
Total cash and cash equivalents | 446,807 | 462,898 | 526,732 |
Securities available for sale | 639,609 | 501,351 | 341,001 |
Securities held to maturity (fair values of $90,280, $99,906, and $111,201) | 90,903 | 101,237 | 112,058 |
Presold mortgages in process of settlement | 3,318 | 4,279 | 6,029 |
Loans | 4,303,787 | 4,249,064 | 4,113,785 |
Allowance for loan losses | (21,095) | (21,039) | (23,298) |
Net loans | 4,282,692 | 4,228,025 | 4,090,487 |
Premises and equipment | 137,725 | 119,000 | 115,542 |
Accrued interest receivable | 16,516 | 16,004 | 13,270 |
Goodwill | 234,368 | 234,368 | 231,681 |
Other intangible assets | 20,081 | 21,112 | 24,079 |
Foreclosed real estate | 6,390 | 7,440 | 11,307 |
Bank-owned life insurance | 102,524 | 101,878 | 99,786 |
Other assets | 69,315 | 66,524 | 69,555 |
Total assets | 6,050,248 | 5,864,116 | 5,641,527 |
LIABILITIES | |||
Deposits: Noninterest bearing checking accounts | 1,390,516 | 1,320,131 | 1,227,608 |
Interest bearing checking accounts | 922,254 | 916,374 | 896,189 |
Money market accounts | 1,079,002 | 1,035,523 | 1,035,261 |
Savings accounts | 417,812 | 432,389 | 445,405 |
Time deposits of $100,000 or more | 726,192 | 690,922 | 606,313 |
Other time deposits | 261,462 | 264,000 | 284,932 |
Total deposits | 4,797,238 | 4,659,339 | 4,495,708 |
Borrowings | 406,125 | 406,609 | 407,059 |
Accrued interest payable | 2,341 | 1,976 | 1,306 |
Other liabilities | 56,405 | 31,962 | 31,804 |
Total liabilities | 5,262,109 | 5,099,886 | 4,935,877 |
Commitments and contingencies | |||
SHAREHOLDERS' EQUITY | |||
Preferred stock, no par value per share. Authorized: 5,000,000 shares Issued & outstanding: none, none, and none | |||
Common stock, no par value per share. Authorized: 40,000,000 shares Issued & outstanding:29,746,455, 29,724,874, and 29,660,990 shares | 434,948 | 434,453 | 433,305 |
Retained earnings | 360,455 | 341,738 | 282,038 |
Stock in rabbi trust assumed in acquisition | (3,245) | (3,235) | (3,588) |
Rabbi trust obligation | 3,245 | 3,235 | 3,588 |
Accumulated other comprehensive income (loss) | (7,264) | (11,961) | (9,693) |
Total shareholders' equity | 788,139 | 764,230 | 705,650 |
Total liabilities and shareholders' equity | $ 6,050,248 | $ 5,864,116 | $ 5,641,527 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Securities held to maturity fair values | $ 90,280 | $ 99,906 | $ 111,201 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued | 29,746,455 | 29,724,874 | 29,660,967 |
Common stock, shares outstanding | 29,746,455 | 29,724,874 | 29,660,967 |
Series C Preferred Stock [Member] | |||
Preferred stock, shares issued | |||
Preferred stock, shares outstanding |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 53,960 | $ 50,170 |
Interest on investment securities: | ||
Taxable interest income | 4,737 | 2,586 |
Tax-exempt interest income | 337 | 380 |
Other, principally overnight investments | 2,701 | 1,925 |
Total interest income | 61,735 | 55,061 |
INTEREST EXPENSE | ||
Savings, checking and money market accounts | 2,009 | 979 |
Time deposits | 3,178 | 1,411 |
Other time deposits | 390 | 283 |
Borrowings | 2,797 | 1,881 |
Total interest expense | 8,374 | 4,554 |
Net interest income | 53,361 | 50,507 |
Provision (reversal) for loan losses | 500 | (3,659) |
Net interest income after provision for loan losses | 52,861 | 54,166 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | 2,945 | 3,263 |
Other service charges, commissions and fees | 5,248 | 4,485 |
Fees from presold mortgage loans | 545 | 859 |
Commissions from sales of insurance and financial products | 2,029 | 1,940 |
SBA consulting fees | 1,263 | 1,141 |
SBA loan sale gains | 2,062 | 3,802 |
Bank-owned life insurance income | 646 | 623 |
Foreclosed property gains (losses), net | (245) | (288) |
Other gains (losses), net | 82 | 4 |
Total noninterest income | 14,575 | 15,829 |
NONINTEREST EXPENSES | ||
Salaries expense | 18,965 | 19,398 |
Employee benefits expense | 4,588 | 4,607 |
Total personnel expense | 23,553 | 24,005 |
Occupancy expense | 2,754 | 2,802 |
Equipment related expenses | 1,369 | 1,252 |
Merger and acquisition expenses | 110 | 2,761 |
Intangibles amortization expense | 1,332 | 1,560 |
Other operating expenses | 10,153 | 11,106 |
Total noninterest expenses | 39,271 | 43,486 |
Income before income taxes | 28,165 | 26,509 |
Income tax expense | 5,880 | 5,836 |
Net income available to common shareholders | $ 22,285 | $ 20,673 |
Earnings per common share: | ||
Basic | $ 0.75 | $ 0.70 |
Diluted | 0.75 | 0.70 |
Dividends declared per common share | $ 0.12 | $ 0.10 |
Weighted average common shares outstanding: | ||
Basic | 29,587,217 | 29,533,869 |
Diluted | 29,743,395 | 29,624,150 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 22,285 | $ 20,673 |
Unrealized gains (losses) on securities available for sale: | ||
Unrealized holding gains (losses) arising during the period, pretax | 5,903 | (7,290) |
Tax (expense) benefit | (1,380) | 1,703 |
Postretirement Plans: | ||
Amortization of unrecognized net actuarial loss | 228 | 52 |
Tax benefit | (54) | (12) |
Other comprehensive income (loss) | 4,697 | (5,547) |
Comprehensive income | $ 26,982 | $ 15,126 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Stock in Rabbi Trust Assumed in Acquisition [Member] | Rabbi Trust Obligation [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning balance at Dec. 31, 2017 | $ 432,794 | $ 264,331 | $ (3,581) | $ 3,581 | $ (4,146) | $ 692,979 |
Beginning balance, shares at Dec. 31, 2017 | 29,639 | 29,639,374 | ||||
Net income | 20,673 | $ 20,673 | ||||
Cash dividends declared | (2,966) | (2,966) | ||||
Change in Rabbi Trust Obligation | (7) | 7 | ||||
Stock option exercises | $ 108 | 108 | ||||
Stock option exercises, shares | 8 | |||||
Stock-based compensation | $ 403 | 403 | ||||
Stock-based compensation, shares | 14 | |||||
Other comprehensive income (loss) | (5,547) | (5,547) | ||||
Ending balance at Mar. 31, 2018 | $ 433,305 | 282,038 | (3,588) | 3,588 | (9,693) | $ 705,650 |
Ending balance, shares at Mar. 31, 2018 | 29,661 | 29,660,967 | ||||
Beginning balance at Dec. 31, 2018 | $ 434,453 | 341,738 | (3,235) | 3,235 | (11,961) | $ 764,230 |
Beginning balance, shares at Dec. 31, 2018 | 29,725 | 29,724,874 | ||||
Net income | 22,285 | $ 22,285 | ||||
Cash dividends declared | (3,568) | (3,568) | ||||
Change in Rabbi Trust Obligation | (10) | 10 | ||||
Stock withheld for payment of taxes | $ (91) | (91) | ||||
Stock withheld for payment of taxes, shares | (3) | |||||
Stock-based compensation | $ 586 | 586 | ||||
Stock-based compensation, shares | 24 | |||||
Other comprehensive income (loss) | 4,697 | 4,697 | ||||
Ending balance at Mar. 31, 2019 | $ 434,948 | $ 360,455 | $ (3,245) | $ 3,245 | $ (7,264) | $ 788,139 |
Ending balance, shares at Mar. 31, 2019 | 29,746 | 29,746,455 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared, per share | $ 0.12 | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Cash Flows From Operating Activities | |||
Net income | $ 22,285 | $ 20,673 | |
Reconciliation of net incometo net cash provided by operating activities: | |||
Provision (reversal) for loan losses | 500 | (3,659) | $ (3,589) |
Net security premium amortization | 459 | 685 | |
Loan discount accretion | (1,419) | (2,111) | |
Other purchase accounting accretion and amortization, net | (13) | (71) | |
Foreclosed property (gains) losses and write-downs, net | 245 | 288 | |
Other losses (gains) | (82) | (4) | |
Increase in net deferred loan costs | (325) | (786) | |
Depreciation of premises and equipment | 1,468 | 1,445 | |
Amortization of operating lease right-of-use assets | 475 | ||
Repayments of lease obligations | (455) | ||
Stock-based compensation expense | 403 | 231 | |
Amortization of intangible assets | 1,332 | 1,560 | |
Fees/gains from sale of presold mortgages and SBA loans | (2,607) | (4,661) | |
Origination of presold mortgage loans in process of settlement | (19,025) | (33,834) | |
Proceeds from sales of presold mortgage loans in process of settlement | 20,506 | 40,945 | |
Origination of SBA loans for sale | (38,329) | (63,040) | |
Proceeds from sales of SBA loans | 30,678 | 50,996 | |
(Increase) decrease in accrued interest receivable | (512) | 824 | |
(Increase) decrease in other assets | (4,194) | 2,142 | |
Increase in accrued interest payable | 365 | 71 | |
Increase (decrease) in other liabilities | 5,254 | (6,279) | |
Net cash provided by operating activities | 17,009 | 5,415 | |
Cash Flows From Investing Activities | |||
Purchases of securities available for sale | (161,892) | (13,182) | |
Proceeds from maturities/issuer calls of securities available for sale | 29,313 | 7,764 | |
Proceeds from maturities/issuer calls of securities held to maturity | 10,098 | 6,159 | |
Purchases of Federal Reserve and Federal Home Loan Bank stock, net | (308) | (6,099) | |
Net increase in loans | (45,018) | (49,662) | |
Proceeds from sales of foreclosed real estate | 1,513 | 1,455 | |
Purchases of premises and equipment | (1,450) | (1,224) | |
Proceeds from sales of premises and equipment | 279 | 540 | |
Net cash used by investing activities | (167,465) | (54,249) | |
Cash Flows From Financing Activities | |||
Net increase in deposits | 137,957 | 88,869 | |
Net decrease in borrowings | (529) | (529) | |
Cash dividends paid - common stock | (2,972) | (2,372) | |
Proceeds from stock option exercises | 108 | ||
Stock withheld for payment of taxes | (91) | ||
Net cash provided by financing activities | 134,365 | 86,076 | |
(Decrease) increase in cash and cash equivalents | (16,091) | 37,242 | |
Cash and cash equivalents, beginning of period | 462,898 | 489,490 | 489,490 |
Cash and cash equivalents, end of period | 446,807 | 526,732 | $ 462,898 |
Cash paid (received) during the period for: | |||
Interest | 8,009 | 4,483 | |
Income taxes | 103 | (181) | |
Non-cash transactions: | |||
Unrealized gain (loss) on securities available for sale, net of taxes | 4,523 | (5,587) | |
Foreclosed loans transferred to other real estate | 708 | 648 | |
Initial recognition of operating lease right-of-use assets | 19,459 | ||
Initial recognition of operating lease liabilities | $ 19,459 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of March 31, 2019 and 2018 and the consolidated results of operations and consolidated cash flows for the periods ended March 31, 2019 and 2018. All such adjustments were of a normal, recurring nature. Reference is made to the 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for a discussion of accounting policies and other relevant information with respect to the financial statements. The results of operations for the periods ended March 31, 2019 and 2018 are not necessarily indicative of the results to be expected for the full year. The Company has evaluated all subsequent events through the date the financial statements were issued. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 2 – Accounting Policies Note 1 to the 2018 Annual Report on Form 10-K filed with the SEC contains a description of the accounting policies followed by the Company and a discussion of recent accounting pronouncements. The following paragraphs update that information as necessary. Accounting Standards Adopted in 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance on accounting for leases, which generally requires all leases to be recognized in the statement of financial position by recording an asset representing its right to use the underlying asset and recording a liability, which represents the Company’s obligation to make lease payments. The new standard was adopted by the Company on January 1, 2019. The guidance provides for a modified retrospective transition approach requiring lessees to recognize and measure leases on the balance sheet at the beginning of either the earliest period presented or as of the beginning of the period of adoption. The Company elected to apply the guidance as of the beginning of the period of adoption (January 1, 2019) and will not restate comparative periods. Adoption of the guidance resulted in the recognition of lease liabilities and the recognition of right-of-use assets totaling $19.4 million as of the date of adoption. Lease liabilities and right-of-use assets are reflected in other liabilities and premises and equipment, respectively. The initial balance sheet gross-up upon adoption was related to operating leases of certain real estate properties. The Company has no finance leases or material subleases or leasing arrangements for which it is the lessor of property or equipment. The Company elected to apply the package of practical expedients allowed by the new standard under which the Company need not reassess whether any expired or existing contracts are leases or contain leases, the Company need not reassess the lease classification for any expired or existing lease, and the Company need not reassess initial direct costs for any existing leases. Adoption of this guidance did not have a material impact on the consolidated statements of income or the consolidated statements of cash flows. See Note 13 – Leases for additional disclosures related to leases. In March 2017, the FASB amended the requirements in the Receivables—Nonrefundable Fees and Other Costs topic of the Accounting Standards Codification related to the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for the premium to the earliest call date. The amendments were effective for the Company on January 1, 2019 and adoption did not have a material effect on its financial statements. In June 2018, the FASB amended the Compensation—Stock Compensation Topic of the Accounting Standards Codification. The amendments expand the scope of this Topic to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments were effective for the Company on January 1, 2019 and the adoption did not have a material effect on its financial statements. Accounting Standards Pending Adoption In June 2016, the FASB issued guidance to change the accounting for credit losses. The guidance requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in earlier recognition of credit losses. The guidance also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. The Company will apply the guidance through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. While early adoption is permitted beginning in first quarter 2019, the Company did not elect that option. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The Company continues its ongoing analysis on the impact of this guidance on its consolidated financial statements. In that regard, a cross-functional working group has been formed, under the direction of the Company's Chief Financial Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and information technology, among others. Implementation efforts continue with model development, ongoing system requirements evaluation and the identification of data and resource needs, among other things. The Company has also engaged a third-party vendor solution to assist in the application of the new guidance. The Company has provided core data to the vendor and continues to validate and enhance the data. The Company is currently running models under both the current methodology and the CECL methodology. While the Company is currently unable to reasonably estimate the impact of adopting the guidance, the impact of adoption is expected to be significantly influenced by the composition, characteristics and quality of loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. In January 2017, the FASB amended the Goodwill and Other Intangibles topic of the Accounting Standards Codification to simplify the accounting for goodwill impairment for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendment removes Step 2 of the goodwill impairment test. The amount of goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The effective date and transition requirements for the technical corrections will be effective for the Company for reporting periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect this amendment to have a material effect on its financial statements. In August 2018, the FASB amended the Fair Value Measurement Topic of the Accounting Standards Codification. The amendments remove, modify, and add certain fair value disclosure requirements based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements In August 2018, the FASB amended the Compensation - Retirement Benefits – Defined Benefit Plans Topic of the Accounting Standards Codification to improve disclosure requirements for employers that sponsor defined benefit pension and other postretirement plans. The guidance removes disclosures that are no longer considered cost-beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. In March 2019, the FASB issued guidance to address concerns companies had raised about an accounting exception they would lose when assessing the fair value of underlying assets under the leases standard and clarify that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new standard. The amendments will be effective for the Company for reporting periods beginning after December 15, 2019. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. 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 the Company’s financial position, results of operations or cash flows. |
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 31, 2019 | |
Reclassifications [Abstract] | |
Reclassifications | Note 3 – Reclassifications Certain amounts reported in the period ended March 31, 2018 have been reclassified to conform to the presentation for March 31, 2019. These reclassifications had no effect on net income or shareholders’ equity for the periods presented, nor did they materially impact trends in financial information. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2019 | |
Equity-Based Compensation Plans [Abstract] | |
Stock-Based Compensation Plans | Note 4 – Stock-Based Compensation Plans The Company recorded total stock-based compensation expense of $403,000 and $231,000 for the three months ended March 31, 2019 and 2018, respectively. Stock based compensation is reflected as an adjustment to cash flows from operating activities on the Company’s consolidated statement of cash flows. The Company recognized $94,000 and $54,000 of income tax benefits related to stock based compensation expense in its consolidated income statement for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019, the Company had the following stock-based compensation plans: the First Bancorp 2014 Equity Plan and the First Bancorp 2007 Equity Plan. The Company’s shareholders approved each plan. The First Bancorp 2014 Equity Plan became effective upon the approval of shareholders on May 8, 2014. As of March 31, 2019, the First Bancorp 2014 Equity Plan was the only plan that had shares available for future grants, and there were 727,934 shares remaining available for grant. The First Bancorp 2014 Equity Plan is intended to serve as a means to attract, retain and motivate key employees and directors and to associate the interests of the Plan’s participants with those of the Company and its shareholders. The First Bancorp 2014 Equity Plan allows for both grants of stock options and other types of equity-based compensation, including stock appreciation rights, restricted stock, restricted performance stock, unrestricted stock, and performance units. Recent equity awards have been shares of restricted stock with service vesting conditions only. Compensation expense for these awards is recorded over the requisite service periods. Upon forfeiture, any previously recognized compensation cost is reversed. Upon a change in control (as defined in the plans), unless the awards remain outstanding or substitute equivalent awards are provided, the awards become immediately vested. Certain of the Company’s stock awards contain terms that provide for a graded vesting schedule whereby portions of the award vest in increments over the requisite service period. The Company recognizes compensation expense for awards with graded vesting schedules on a straight-line basis over the requisite service period for each incremental award. Compensation expense is based on the estimated number of stock options and awards that will ultimately vest. Over the past five years, there have only been minimal amounts of forfeitures, and therefore the Company assumes that all awards granted with service conditions only will vest. The Company issues new shares of common stock when options are exercised. As it relates to director equity awards, the Company grants common shares, valued at approximately $32,000 to each non-employee director (currently 11 in total) in June of each year. Compensation expense associated with these director awards is recognized on the date of award since there are no vesting conditions. The following table presents information regarding the activity for the first three months of 2019 related to the Company’s outstanding restricted stock: Long-Term Restricted Stock Number of Units Weighted-Average Nonvested at January 1, 2019 129,251 $32.39 Granted during the period 25,104 37.73 Vested during the period (5,266 ) 19.00 Forfeited or expired during the period — — Nonvested at March 31, 2019 149,089 $ 33.76 Total unrecognized compensation expense as of March 31, 2019 amounted to $2,737,000 with a weighted-average remaining term of 2.2 years. The Company expects to record $379,000 in compensation expense during each remaining quarter of 2019. Prior to 2010, stock options were the primary form of equity based compensation utilized by the Company. The stock options had a term of ten years. At March 31, 2019, there were 9,000 stock options outstanding each having an exercise price of $14.35 and an expiration date of June 1, 2019. The following table presents information regarding the activity for the first three months of 2019 related to the Company’s outstanding stock options: Options Outstanding Number of Weighted- Weighted- Aggregate Balance at January 1, 2019 9,000 $ 14.35 Granted — — Exercised — — Forfeited — — Expired — — Outstanding at March 31, 2019 9,000 $ 14.35 0.17 $ 183,690 Exercisable at March 31, 2019 9,000 $ 14.35 0.17 $ 183,690 During the three months ended March 31, 2019 and 2018, the Company received $0 and $108,000, respectively, as a result of stock option exercises. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings per common share: | |
Earnings Per Common Share | Note 5 – Earnings Per Common Share Basic Earnings Per Common Share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period, excluding unvested shares of restricted stock. Diluted Earnings Per Common Share is computed by assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. For the periods presented, the Company’s potentially dilutive common stock issuances related to unvested shares of restricted stock and stock option grants under the Company’s equity-based plans. In computing Diluted Earnings Per Common Share, adjustments are made to the computation of Basic Earnings Per Common shares, as follows. As it relates to unvested shares of restricted stock, the number of shares added to the denominator is equal to the number of unvested shares less the assumed number of shares bought back by the Company in the open market at the average market price with the amount of proceeds being equal to the average deferred compensation for the reporting period. As it relates to stock options, it is assumed that all dilutive stock options are exercised during the reporting period at their respective exercise prices, with the proceeds from the exercises used by the Company to buy back stock in the open market at the average market price in effect during the reporting period. The difference between the number of shares assumed to be exercised and the number of shares bought back is included in the calculation of dilutive securities. As it relates to contingently issuable shares, the number of shares that are included in the calculation of dilutive securities is based on the number of shares that are issuable if the end of the reporting period were the end of the contingency period. If any of the potentially dilutive common stock issuances have an anti-dilutive effect, the potentially dilutive common stock issuance is disregarded. The following is a reconciliation of the numerators and denominators used in computing Basic and Diluted Earnings Per Common Share: For the Three Months Ended March 31, 2019 2018 ($ in thousands except per share amounts) Income Shares Per Share Income Shares Per Share Basic EPS Net income available to common shareholders $ 22,285 29,587,217 $ 0.75 $ 20,673 29,533,869 $ 0.70 Effect of Dilutive Securities — 156,178 — 90,281 Diluted EPS per common share $ 22,285 29,743,395 $ 0.75 $ 20,673 29,624,150 $ 0.70 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Securities [Abstract] | |
Securities | Note 6 – Securities The book values and approximate fair values of investment securities at March 31, 2019 and December 31, 2018 are summarized as follows: March 31, 2019 December 31, 2018 Amortized Fair Unrealized Amortized Fair Unrealized ($ in thousands) Cost Value Gains (Losses) Cost Value Gains (Losses) Securities available for sale: Government-sponsored enterprise securities $ 78,995 78,887 84 (192 ) 82,995 82,662 63 (396 ) Mortgage-backed securities 533,360 526,948 1,089 (7,501 ) 396,995 385,551 39 (11,483 ) Corporate bonds 33,741 33,774 203 (170 ) 33,751 33,138 76 (689 ) Total available for sale $ 646,096 639,609 1,376 (7,863 ) 513,741 501,351 178 (12,568 ) Securities held to maturity: Mortgage-backed securities $ 49,361 48,291 — (1,070 ) 52,048 50,241 — (1,807 ) State and local governments 41,542 41,989 465 (18 ) 49,189 49,665 525 (49 ) Total held to maturity $ 90,903 90,280 465 (1,088 ) 101,237 99,906 525 (1,856 ) All of the Company’s mortgage-backed securities were issued by government-sponsored corporations, except for private mortgage-backed securities with a fair value of $1.0 million as of March 31, 2019 and December 31, 2018. The following table presents information regarding securities with unrealized losses at March 31, 2019: ($ in thousands) Securities in an Unrealized Securities in an Unrealized Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government-sponsored enterprise securities $ — — 18,808 192 18,808 192 Mortgage-backed securities 70,478 346 298,133 8,225 368,611 8,571 Corporate bonds 2,480 60 9,049 110 11,529 170 State and local governments — — 5,823 18 5,823 18 Total temporarily impaired securities $ 72,958 406 331,813 8,545 404,771 8,951 The following table presents information regarding securities with unrealized losses at December 31, 2018: ($ in thousands) Securities in an Unrealized Securities in an Unrealized Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government-sponsored enterprise securities $ 4,921 78 13,682 318 18,603 396 Mortgage-backed securities 82,525 351 294,305 12,939 376,830 13,290 Corporate bonds 20,704 433 5,817 256 26,521 689 State and local governments 595 1 6,641 48 7,236 49 Total temporarily impaired securities $ 108,745 863 320,445 13,561 429,190 14,424 In the above tables, all of the securities that were in an unrealized loss position at March 31, 2019 and December 31, 2018 were bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. The Company evaluated the collectability of each of these bonds and concluded that there was no other-than-temporary impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The book values and approximate fair values of investment securities at March 31, 2019, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities Available for Sale Securities Held to Maturity Amortized Fair Amortized Fair ($ in thousands) Cost Value Cost Value Securities Due within one year $ — — 865 868 Due after one year but within five years 105,196 105,195 26,571 26,860 Due after five years but within ten years 2,540 2,480 12,427 12,559 Due after ten years 5,000 4,986 1,679 1,702 Mortgage-backed securities 533,360 526,948 49,361 48,291 Total securities $ 646,096 639,609 90,903 90,280 At March 31, 2019 and December 31, 2018 investment securities with carrying values of $245,711,000 and $284,382,000, respectively, were pledged as collateral for public deposits. Included in “other assets” in the Consolidated Balance Sheets are cost-method investments in Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank of Richmond (“FRB”) stock totaling $37,776,000 and $37,468,000 at March 31, 2019 and December 31, 2018, respectively. The FHLB stock had a cost of $20,322,000 and $20,036,000 at March 31, 2019 and December 31, 2018, respectively, and serves as part of the collateral for the Company’s line of credit with the FHLB and is also a requirement for membership in the FHLB system. The FRB stock had a cost of $17,454,000 and $17,432,000 at March 31, 2019 and December 31, 2018, respectively, and is a requirement for FRB member bank qualification. Periodically, both the FHLB and FRB recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end. The Company owns 12,356 Class B shares of Visa, Inc. (“Visa”) stock that were received upon Visa’s initial public offering. These shares are expected to convert into Class A Visa shares subsequent to the settlement of certain litigation against Visa. The Class B shares have transfer restrictions, and the conversion rate into Class A shares is periodically adjusted as Visa settles litigation. The conversion rate at March 31, 2019 was approximately 1.63, which means the Company would receive approximately 20,140 Class A shares if the stock had converted on that date. This stock does not have a readily determinable fair value and is therefore carried at its cost basis of zero. If a readily determinable fair value becomes available for the Class B shares, or upon the conversion to Class A shares, the Company will adjust the carrying value of the stock to its market value with a credit to earnings. |
Loans and Asset Quality Informa
Loans and Asset Quality Information | 3 Months Ended |
Mar. 31, 2019 | |
Loans and Asset Quality Information [Abstract] | |
Loans and Asset Quality Information | Note 7 – Loans and Asset Quality Information The following is a summary of the major categories of total loans outstanding: ($ in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Amount Percentage Amount Percentage Amount Percentage All loans: Commercial, financial, and agricultural $ 468,388 11% $ 457,037 11% $ 411,662 10% Real estate – construction, land development & other land loans 553,760 13% 518,976 12% 542,960 13% Real estate – mortgage – residential (1-4 family) first mortgages 1,061,049 25% 1,054,176 25% 995,662 24% Real estate – mortgage – home equity loans / lines of credit 354,669 8% 359,162 8% 373,797 9% Real estate – mortgage – commercial and other 1,794,794 42% 1,787,022 42% 1,718,698 42% Installment loans to individuals 69,503 1% 71,392 2% 71,257 2% Subtotal 4,302,163 100% 4,247,765 100% 4,114,036 100% Unamortized net deferred loan costs (fees) 1,624 1,299 (251 ) Total loans $ 4,303,787 $ 4,249,064 $ 4,113,785 At March 31, 2019 and December 31, 2018, there was a remaining unaccreted discount on the retained portion of sold SBA loans amounting to $6.2 million and $5.7 million, respectively. As of March 31, 2019 and December 31, 2018, there was a remaining accretable discount of $14.1 million and $15.0 million, respectively, related to purchased non-impaired loans. Both types of discounts are amortized as yield adjustments over the respective lives of the loans, so long as the loans perform. The following table presents changes in the recorded investment of purchased credit impaired (“PCI”) loans. ($ in thousands) PCI loans For the For the Year For the Balance at beginning of period $ 17,393 23,165 23,165 Change due to payments received and accretion (1,556 ) (5,799 ) (1,023 ) Change due to loan charge-offs (8 ) (10 ) — Transfers to foreclosed real estate — (4 ) — Other 38 41 5 Balance at end of period $ 15,867 17,393 22,147 The following table presents changes in the accretable yield for PCI loans. ($ in thousands) Accretable Yield for PCI loans For the For the Year For the Balance at beginning of period $ 4,750 4,688 4,688 Accretion (392 ) (2,050 ) (374 ) Reclassification from (to) nonaccretable difference 237 849 155 Other, net 550 1,263 (73 ) Balance at end of period $ 5,145 4,750 4,396 During the first three months of 2019, the Company received $133,000 in payments that exceeded the carrying amount of the related PCI loans, of which $112,000 was recognized as loan discount accretion income and $21,000 was recorded as additional loan interest income. During the first three months of 2018, the Company received $68,000 in payments that exceeded the carrying amount of the related PCI loans, all of which was recognized as loan discount accretion income. Nonperforming assets are defined as nonaccrual loans, troubled debt restructured (“TDR”) loans, loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows. ($ in thousands) March 31, December 31, March 31, Nonperforming assets Nonaccrual loans $ 20,684 22,575 21,849 TDRs- accruing 12,457 13,418 18,495 Accruing loans > 90 days past due — — — Total nonperforming loans 33,141 35,993 40,344 Foreclosed real estate 6,390 7,440 11,307 Total nonperforming assets $ 39,531 43,433 51,651 Purchased credit impaired loans not included above (1) $ 15,867 17,393 22,147 (1) In the March 3, 2017 acquisition of Carolina Bank, and the October 1, 2017 acquisition of Asheville Savings Bank, the Company acquired $19.3 million and $9.9 million, respectively, in PCI loans in accordance with ASC 310-30 accounting guidance. These loans are excluded from nonperforming loans, including $0.6 million, $0.6 million, and $0.5 million in PCI loans at March 31, 2019, December 31, 2018, and March 31, 2018, respectively, that were contractually past due 90 days or more. At March 31, 2019 and December 31, 2018, the Company had $1.5 million and $0.7 million in residential mortgage loans in process of foreclosure, respectively. The following is a summary of the Company’s nonaccrual loans by major categories. ($ in thousands) March 31, December 31, Commercial, financial, and agricultural $ 980 919 Real estate – construction, land development & other land loans 1,677 2,265 Real estate – mortgage – residential (1-4 family) first mortgages 9,958 10,115 Real estate – mortgage – home equity loans / lines of credit 1,632 1,685 Real estate – mortgage – commercial and other 6,280 7,452 Installment loans to individuals 157 139 Total $ 20,684 22,575 The following table presents an analysis of the payment status of the Company’s loans as of March 31, 2019. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 817 319 — 980 466,067 468,183 Real estate – construction, land development & other land loans 369 93 — 1,677 551,446 553,585 Real estate – mortgage – residential (1-4 family) first mortgages 6,480 485 — 9,958 1,038,072 1,054,995 Real estate – mortgage – home equity loans / lines of credit 624 — — 1,632 352,081 354,337 Real estate – mortgage – commercial and other 438 275 — 6,280 1,778,884 1,785,877 Installment loans to individuals 526 51 — 157 68,585 69,319 Purchased credit impaired 340 389 551 — 14,587 15,867 Total $ 9,594 1,612 551 20,684 4,269,722 4,302,163 Unamortized net deferred loan costs 1,624 Total loans $ 4,303,787 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2018. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 191 5 — 919 455,692 456,807 Real estate – construction, land development & other land loans 849 212 — 2,265 515,472 518,798 Real estate – mortgage – residential (1-4 family) first mortgages 14,178 1,369 — 10,115 1,022,261 1,047,923 Real estate – mortgage – home equity loans / lines of credit 1,048 254 — 1,685 355,831 358,818 Real estate – mortgage – commercial and other 709 520 — 7,452 1,768,205 1,776,886 Installment loans to individuals 359 220 — 139 70,422 71,140 Purchased credit impaired 990 138 583 — 15,682 17,393 Total $ 18,324 2,718 583 22,575 4,203,565 4,247,765 Unamortized net deferred loan costs 1,299 Total loans $ 4,249,064 The following table presents the activity in the allowance for loan losses for all loans for the three months ended March 31, 2019. ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallo Total As of and for the three months ended March 31, 2019 Beginning balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Charge-offs (246 ) (264 ) (30 ) (80 ) (836 ) (281 ) — (1,737 ) Recoveries 414 287 160 128 271 33 — 1,293 Provisions 652 18 (817 ) (339 ) 702 302 (18 ) 500 Ending balance $ 3,709 2,284 4,510 1,374 8,120 1,006 92 21,095 Ending balances as of March 31, 2019: Allowance for loan losses Individually evaluated for impairment $ 857 28 858 — 312 — — 2,055 Collectively evaluated for impairment $ 2,852 2,256 3,596 1,362 7,723 990 92 18,871 Purchased credit impaired $ — — 56 12 85 16 — 169 Loans receivable as of March 31, 2019: Ending balance – total $ 468,388 553,760 1,061,049 354,669 1,794,794 69,503 — 4,302,163 Unamortized net deferred loan costs 1,624 Total loans $ 4,303,787 Ending balances as of March 31, 2019: Loans Individually evaluated for impairment $ 1,044 797 10,891 21 8,396 — — 21,149 Collectively evaluated for impairment $ 467,139 552,788 1,044,104 354,316 1,777,481 69,319 — 4,265,147 Purchased credit impaired $ 205 175 6,054 332 8,917 184 — 15,867 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2018. ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallo Total As of and for the year ended December 31, 2018 Beginning balance $ 3,111 2,816 6,147 1,827 6,475 950 1,972 23,298 Charge-offs (2,128 ) (158 ) (1,734 ) (711 ) (1,459 ) (781 ) — (6,971 ) Recoveries 1,195 4,097 833 364 1,503 309 — 8,301 Provisions 711 (4,512 ) (49 ) 185 1,464 474 (1,862 ) (3,589 ) Ending balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Ending balances as of December 31, 2018: Allowance for loan losses Individually evaluated for impairment $ 226 134 955 48 906 — — 2,269 Collectively evaluated for impairment $ 2,661 2,109 4,143 1,608 7,070 941 110 18,642 Purchased credit impaired $ 2 — 99 9 7 11 — 128 Loans receivable as of December 31, 2018: Ending balance – total $ 457,037 518,976 1,054,176 359,162 1,787,022 71,392 — 4,247,765 Unamortized net deferred loan costs 1,299 Total loans $ 4,249,064 Ending balances as of December 31, 2018: Loans Individually evaluated for impairment $ 696 1,345 12,391 296 9,525 — — 24,253 Collectively evaluated for impairment $ 456,111 517,453 1,035,532 358,522 1,767,361 71,140 — 4,206,119 Purchased credit impaired $ 230 178 6,253 344 10,136 252 — 17,393 The following table presents the activity in the allowance for loan losses for all loans for the three months ended March 31, 2018. ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallo Total As of and for the three months ended March 31, 2018 Beginning balance $ 3,111 2,816 6,147 1,827 6,475 950 1,972 23,298 Charge-offs (239 ) (2 ) (243 ) (176 ) (41 ) (118 ) — (819 ) Recoveries 499 3,046 145 153 582 53 — 4,478 Provisions (835 ) (3,543 ) (157 ) 462 (1,025 ) (41 ) 1,480 (3,659 ) Ending balance $ 2,536 2,317 5,892 2,266 5,991 844 3,452 23,298 Ending balances as of March 31, 2018: Allowance for loan losses Individually evaluated for impairment $ 143 22 1,120 — 398 — — 1,683 Collectively evaluated for impairment $ 2,391 2,295 4,598 2,225 5,581 844 3,452 21,386 Purchased credit impaired $ 2 — 174 41 12 — — 229 Loans receivable as of March 31, 2018: Ending balance – total $ 411,662 542,960 995,662 373,797 1,718,698 71,257 — 4,114,036 Unamortized net deferred loan fees (251 ) Total loans $ 4,113,785 Ending balances as of March 31, 2018: Loans Individually evaluated for impairment $ 433 3,242 13,783 23 9,063 — — 26,544 Collectively evaluated for impairment $ 410,816 539,317 973,550 373,501 1,697,319 70,842 — 4,065,345 Purchased credit impaired $ 413 401 8,329 273 12,316 415 — 22,147 The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of March 31, 2019. ($ in thousands) Recorded Unpaid Related Average Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 28 29 — 169 Real estate – mortgage – construction, land development & other land loans 458 782 — 472 Real estate – mortgage – residential (1-4 family) first mortgages 4,789 5,112 — 4,708 Real estate – mortgage –home equity loans / lines of credit 21 30 — 21 Real estate – mortgage –commercial and other 4,016 4,808 — 3,745 Installment loans to individuals — — — — Total impaired loans with no allowance $ 9,312 10,761 — 9,115 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 1,016 1,016 857 701 Real estate – mortgage – construction, land development & other land loans 339 339 28 599 Real estate – mortgage – residential (1-4 family) first mortgages 6,102 6,303 858 6,934 Real estate – mortgage –home equity loans / lines of credit — — — 137 Real estate – mortgage –commercial and other 4,380 4,998 312 5,215 Installment loans to individuals — — — — Total impaired loans with allowance $ 11,837 12,655 2,055 13,586 Interest income recorded on impaired loans during the three months ended March 31, 2019 was insignificant. The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2018. ($ in thousands) Recorded Unpaid Related Average Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 310 310 — 957 Real estate – mortgage – construction, land development & other land loans 485 803 — 2,366 Real estate – mortgage – residential (1-4 family) first mortgages 4,626 4,948 — 4,804 Real estate – mortgage –home equity loans / lines of credit 22 31 — 91 Real estate – mortgage –commercial and other 3,475 4,237 — 3,670 Installment loans to individuals — — — — Total impaired loans with no allowance $ 8,918 10,329 — 11,888 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 386 387 226 422 Real estate – mortgage – construction, land development & other land loans 860 864 134 385 Real estate – mortgage – residential (1-4 family) first mortgages 7,765 7,904 955 8,963 Real estate – mortgage –home equity loans / lines of credit 274 275 48 184 Real estate – mortgage –commercial and other 6,050 6,054 906 5,911 Installment loans to individuals — — — 2 Total impaired loans with allowance $ 15,335 15,484 2,269 15,867 Interest income recorded on impaired loans during the year ended December 31, 2018 was insignificant. Interest income recorded on impaired loans during the three months ended March 31, 2018 was insignificant. The Company tracks credit quality based on its internal risk ratings. Upon origination, a loan is assigned an initial risk grade, which is generally based on several factors such as the borrower’s credit score, the loan-to-value ratio, the debt-to-income ratio, etc. Loans that are risk-graded as substandard during the origination process are declined. After loans are initially graded, they are monitored regularly for credit quality based on many factors, such as payment history, the borrower’s financial status, and changes in collateral value. Loans can be downgraded or upgraded depending on management’s evaluation of these factors. Internal risk-grading policies are consistent throughout each loan type. The following describes the Company’s internal risk grades in ascending order of likelihood of loss: Risk Grade Description Pass: 1 Loans with virtually no risk, including cash secured loans. 2 Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation. 3 Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances. 4 Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability. 5 Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory. P (Pass) Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines. Special Mention: 6 Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank. Classified: 7 An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. 8 Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain. 9 Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed. F (Fail) Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc. The following table presents the Company’s recorded investment in loans by credit quality indicators as of March 31, 2019. ($ in thousands) Pass Special Classified Classified Total Commercial, financial, and agricultural $ 460,963 4,667 1,573 980 468,183 Real estate – construction, land development & other land loans 544,496 5,960 1,452 1,677 553,585 Real estate – mortgage – residential (1-4 family) first mortgages 1,009,860 16,271 18,905 9,958 1,054,994 Real estate – mortgage – home equity loans / lines of credit 345,187 1,466 6,052 1,632 354,337 Real estate – mortgage – commercial and other 1,752,757 18,664 8,177 6,280 1,785,878 Installment loans to individuals 68,606 227 329 157 69,319 Purchased credit impaired 8,148 4,025 3,694 — 15,867 Total $ 4,190,017 51,280 40,182 20,684 4,302,163 Unamortized net deferred loan costs 1,624 Total loans 4,303,787 The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2018. ($ in thousands) Pass Special Classified Classified Total Commercial, financial, and agricultural $ 452,372 3,056 459 919 456,806 Real estate – construction, land development & other land loans 509,251 5,668 1,614 2,265 518,798 Real estate – mortgage – residential (1-4 family) first mortgages 1,004,458 12,238 21,113 10,115 1,047,924 Real estate – mortgage – home equity loans / lines of credit 348,792 1,688 6,653 1,685 358,818 Real estate – mortgage – commercial and other 1,750,810 14,484 4,140 7,452 1,776,886 Installment loans to individuals 70,357 231 413 139 71,140 Purchased credit impaired 8,355 5,214 3,824 — 17,393 Total $ 4,144,395 42,579 38,216 22,575 4,247,765 Unamortized net deferred loan costs 1,299 Total loans 4,249,064 Troubled Debt Restructurings The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. The vast majority of the Company’s troubled debt restructurings are due to interest rate reductions combined with restructured amortization schedules. The Company does not generally grant principal forgiveness. All loans classified as troubled debt restructurings are considered to be impaired and are evaluated as such for determination of the allowance for loan losses. The Company’s troubled debt restructurings can be classified as either nonaccrual or accruing based on the loan’s payment status. The troubled debt restructurings that are nonaccrual are reported within the nonaccrual loan totals presented previously. The following table presents information related to loans modified in a troubled debt restructuring during the three months ended March 31, 2019 and 2018. ($ in thousands) For three months ended For the three months ended Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural — $ — $ — — $ — $ — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 55 55 — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Installment loans to individuals — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural — — — — — — Real estate – construction, land development & other land loans — — — 1 61 61 Real estate – mortgage – residential (1-4 family) first mortgages — — — 2 254 264 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Installment loans to individuals — — — — — — Total TDRs arising during period 1 $ 55 $ 55 3 $ 315 $ 325 Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three months ended March 31, 2019 and 2018 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate. ($ in thousands) For the three months ended For the three months ended Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) 1 $ 93 — $ — Real estate – mortgage – commercial and other — — 1 570 Total accruing TDRs that subsequently defaulted 1 $ 93 1 $ 570 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 8 – Goodwill and Other Intangible Assets The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of March 31, 2019, December 31, 2018, and March 31, 2018 and the carrying amount of unamortized intangible assets as of those same dates. March 31, 2019 December 31, 2018 March 31, 2018 ($ in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists $ 6,013 1,774 6,013 1,637 6,013 1,185 Core deposit intangibles 28,440 17,585 28,440 16,469 28,440 12,803 SBA servicing asset 6,072 1,352 5,472 1,053 3,348 319 Other 1,303 1,036 1,303 957 1,303 718 Total $ 41,828 21,747 41,228 20,116 39,104 15,025 Unamortizable intangible assets: Goodwill $ 234,368 234,368 231,681 The Company recorded $600,000 and $1,154,000 in servicing assets associated with the guaranteed portion of SBA loans originated and sold during the first quarters of 2019 and 2018, respectively. During the first quarters of 2019 and 2018, the Company recorded $299,000 and $112,000, respectively, in related amortization expense. Servicing assets are recorded for loans, or portions thereof, that the Company has sold but continue to service for a fee. Servicing assets are recorded at fair value and amortized over the expected lives of the related loans and are tested for impairment on a quarterly basis. SBA servicing asset amortization expense is recorded within noninterest income to offset SBA servicing fees. Amortization expense of all other intangible assets totaled $1,332,000 and $1,560,000 for the three months ended March 31, 2019 and 2018, respectively. The following table presents the estimated amortization expense related to amortizable intangible assets for the last three quarters of calendar year 2019 and for each of the four calendar years ending December 31, 2023 and the estimated amount amortizable thereafter. These estimates are subject to change in future periods to the extent management determines it is necessary to make adjustments to the carrying value or estimated useful lives of amortized intangible assets. ($ in thousands) Estimated Amortization April 1 to December 31, 2019 $ 4,191 2020 4,641 2021 3,628 2022 2,525 2023 1,453 Thereafter 3,643 Total $ 20,081 |
Pension Plans
Pension Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plans | Note 9 – Pension Plans The Company has historically sponsored two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which was generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which was for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze both plans for all participants. Although no previously accrued benefits were lost, employees no longer accrue benefits for service subsequent to 2012. The Company recorded periodic pension cost totaling $244,000 and $365,000 for the three months ended March 31, 2019 and 2018, respectively. The following table contains the components of the pension cost. For the Three Months Ended March 31, 2019 2018 2019 2018 2019 Total 2018 Total ($ in thousands) Pension Plan Pension Plan SERP SERP Both Plans Both Plans Service cost $ — — — 29 — 29 Interest cost 372 330 41 57 413 387 Expected return on plan assets (397 ) (103 ) — — (397 ) (103 ) Amortization of net (gain)/loss 223 60 5 (8 ) 228 52 Net periodic pension cost $ 198 287 46 78 244 365 The service cost component of net periodic pension cost is included in salaries and benefits expense and all other components of net periodic pension cost are included in other noninterest expense. The Company’s contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to be deductible for income tax purposes. The Company did not contribute to the Pension Plan in the first quarter 2019 and does not expect to contribute to the Pension Plan in 2019. The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) | Note 10 – Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period for non-owner transactions and is divided into net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes revenues, expenses, gains, and losses that are excluded from earnings under current accounting standards. The components of accumulated other comprehensive income (loss) for the Company are as follows: ($ in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Unrealized gain (loss) on securities available for sale $ (6,487 ) (12,390 ) (9,501 ) Deferred tax asset (liability) 1,516 2,896 2,220 Net unrealized gain (loss) on securities available for sale (4,971 ) (9,494 ) (7,281 ) Additional pension asset (liability) (2,992 ) (3,220 ) (3,148 ) Deferred tax asset (liability) 699 753 736 Net additional pension asset (liability) (2,293 ) (2,467 ) (2,412 ) Total accumulated other comprehensive income (loss) $ (7,264 ) (11,961 ) (9,693 ) The following table discloses the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2019 (all amounts are net of tax). ($ in thousands) Unrealized Gain Additional Total Beginning balance at January 1, 2019 $ (9,494 ) (2,467 ) (11,961 ) Other comprehensive income (loss) before reclassifications 4,523 — 4,523 Amounts reclassified from accumulated other comprehensive income — 174 174 Net current-period other comprehensive income (loss) 4,523 174 4,697 Ending balance at March 31, 2019 $ (4,971 ) (2,293 ) (7,264 ) The following table discloses the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2018 (all amounts are net of tax). ($ in thousands) Unrealized Gain Additional Total Beginning balance at January 1, 2018 $ (1,694 ) (2,452 ) (4,146 ) Other comprehensive income (loss) before reclassifications (5,587 ) — (5,587 ) Amounts reclassified from accumulated other comprehensive income — 40 40 Net current-period other comprehensive income (loss) (5,587 ) 40 (5,547 ) Ending balance at March 31, 2018 $ (7,281 ) (2,412 ) (9,693 ) |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value [Abstract] | |
Fair Value | Note 11 – Fair Value Relevant accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at March 31, 2019. ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Significant Other Significant Recurring Securities available for sale: Government-sponsored enterprise securities $ 78,887 — 78,887 — Mortgage-backed securities 526,948 — 526,948 — Corporate bonds 33,774 — 33,774 — Total available for sale securities $ 639,609 — 639,609 — Nonrecurring Impaired loans $ 10,820 — — 10,820 Foreclosed real estate 6,390 — — 6,390 The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2018. ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Significant Other Significant Recurring Securities available for sale: Government-sponsored enterprise securities $ 82,662 — 82,662 — Mortgage-backed securities 385,551 — 385,551 — Corporate bonds 33,138 — 33,138 — Total available for sale securities $ 501,351 — 501,351 — Nonrecurring Impaired loans $ 13,071 — — 13,071 Foreclosed real estate 7,440 — — 7,440 The following is a description of the valuation methodologies used for instruments measured at fair value. Securities Available for Sale — When quoted market prices are available in an active market, the securities are classified as Level 1 in the valuation hierarchy. If quoted market prices are not available, but fair values can be estimated by observing quoted prices of securities with similar characteristics, the securities are classified as Level 2 on the valuation hierarchy. Most of the fair values for the Company’s Level 2 securities are determined by our third-party bond accounting provider using matrix pricing. Matrix pricing is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. For the Company, Level 2 securities include mortgage-backed securities, collateralized mortgage obligations, government-sponsored enterprise securities, and corporate bonds. In cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. The Company reviews the pricing methodologies utilized by the bond accounting provider to ensure the fair value determination is consistent with the applicable accounting guidance and that the investments are properly classified in the fair value hierarchy. Further, the Company validates the fair values for a sample of securities in the portfolio by comparing the fair values provided by the bond accounting provider to prices from other independent sources for the same or similar securities. The Company analyzes unusual or significant variances and conducts additional research with the portfolio manager, if necessary, and takes appropriate action based on its findings. Impaired loans — Fair values for impaired loans in the above table are measured on a non-recurring basis and are based on the underlying collateral values securing the loans, adjusted for estimated selling costs, or the net present value of the cash flows expected to be received for such loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined using an income or market valuation approach based on an appraisal conducted by an independent, licensed third party appraiser (Level 3). The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable borrower’s financial statements if not considered significant. Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3). Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. Foreclosed real estate – Foreclosed real estate, consisting of properties obtained through foreclosure or in satisfaction of loans, is reported at the lower of cost or fair value. Fair value is measured on a non-recurring basis and is based upon independent market prices or current appraisals that are generally prepared using an income or market valuation approach and conducted by an independent, licensed third party appraiser, adjusted for estimated selling costs (Level 3). At the time of foreclosure, any excess of the loan balance over the fair value of the real estate held as collateral is treated as a charge against the allowance for loan losses. For any real estate valuations subsequent to foreclosure, any excess of the real estate recorded value over the fair value of the real estate is treated as a foreclosed real estate write-down on the Consolidated Statements of Income. For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Significant Unobservable Range Impaired loans $ 10,820 Appraised value; PV of expected cash flows Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 0-10% Foreclosed real estate 6,390 Appraised value; List or contract price Discounts to reflect current market conditions, abbreviated holding period and estimated costs to sell 0-10% For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Significant Unobservable Range Impaired loans $ 13,071 Appraised value; PV of expected cash flows Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 0-10% Foreclosed real estate 7,440 Appraised value; List or contract price Discounts to reflect current market conditions and estimated costs to sell 0-10% Transfers of assets or liabilities between levels within the fair value hierarchy are recognized when an event or change in circumstances occurs. There were no transfers between Level 1 and Level 2 for assets or liabilities measured on a recurring basis during the three months ended March 31, 2019 or 2018. For the three months ended March 31, 2019 and 2018, the increase (decrease) in the fair value of securities available for sale was $5,903,000 and ($7,290,000), respectively, which is included in other comprehensive income (net of tax benefit (expense) of ($1,380,000) and $1,703,000, respectively). Fair value measurement methods at March 31, 2019 and 2018 are consistent with those used in prior reporting periods. The carrying amounts and estimated fair values of financial instruments at March 31, 2019 and December 31, 2018 are as follows: March 31, 2019 December 31, 2018 ($ in thousands) Level in Fair Carrying Estimated Carrying Estimated Cash and due from banks, noninterest-bearing Level 1 $ 80,620 80,620 56,050 56,050 Due from banks, interest-bearing Level 1 366,187 366,187 406,848 406,848 Securities available for sale Level 2 639,609 639,609 501,351 501,351 Securities held to maturity Level 2 90,903 90,280 101,237 99,906 Presold mortgages in process of settlement Level 1 3,318 3,318 4,279 4,279 Total loans, net of allowance Level 3 4,282,692 4,228,688 4,228,025 4,181,139 Accrued interest receivable Level 1 16,516 16,516 16,004 16,004 Bank-owned life insurance Level 1 102,524 102,524 101,878 101,878 SBA Servicing Asset Level 3 4,720 4,990 4,419 4,617 Deposits Level 2 4,797,238 4,792,368 4,659,339 4,653,522 Borrowings Level 2 406,125 401,064 406,609 402,556 Accrued interest payable Level 2 2,341 2,341 1,976 1,972 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 the Company’s entire holdings of a particular financial instrument. Because no highly liquid market exists for a significant portion of the Company’s 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 estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include net premises and equipment, intangible and other assets such as deferred income taxes, prepaid expense accounts, income taxes currently payable and other various accrued expenses. In addition, the income tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 12 – Revenue from Contracts with Customers All of the Company’s revenues that are in the scope of the “ Revenue from Contracts with Customers For the Three Months Ended $ in thousands March 31, 2019 March 31, 2018 Noninterest Income In-scope of Topic 606: Service charges on deposit accounts: $ 2,945 3,263 Other service charges, commissions, and fees: Interchange income 3,551 3,061 Other service charges and fees 1,697 1,424 Commissions from sales of insurance and financial products: Insurance income 1,368 1,414 Wealth management income 661 526 SBA consulting fees 1,263 1,141 Foreclosed property gains (losses), net (245 ) (288 ) Noninterest income (in-scope of Topic 606) 11,240 10,541 Noninterest income (out-of-scope of Topic 606) 3,335 5,288 Total noninterest income $ 14,575 15,829 A description of the Company’s revenue streams accounted for under Topic 606 is detailed below. Service Charges on Deposit Accounts: Other service charges, commissions, and fees: Commissions from the sale of insurance and financial products: Insurance income generally consists of commissions from the sale of insurance policies and performance-based commissions from insurance companies. The Company recognizes commission income from the sale of insurance policies when it acts as an agent between the insurance company and the policyholder. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Shortly after the policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. Performance-based commissions from insurance companies are recognized at a point in time as policies are sold. Wealth Management Income primarily consists of commissions received on financial product sales, such as annuities. The Company’s performance obligation is generally satisfied upon the issuance of the financial product. Shortly after the policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. The Company also earns some fees from asset management, which is billed quarterly for services rendered in the most recent period. SBA Consulting fees: Foreclosed property gains (losses), net: The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from the above-described contracts with customers. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Leases | Note 13 – Leases Effective January 1, 2019, the Company adopted new accounting guidance regarding Leases The discount rate that was determined for each lease was based on the Company’s incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. The weighted average discount rate for leases was 3.42% as of March 31, 2019. Total operating lease expense was $0.6 million for the three months ended March 31, 2019. The right-of-use assets, included in premises and equipment, and lease liabilities, included in other liabilities, were $18.9 million and $19.0 million as of March 31, 2019, respectively. Estimated lease payments for the Company’s operating leases with initial terms of one year or more as of March 31, 2019 were as follows. ($ in thousands) Estimated Amortization April 1 to December 31, 2019 $ 2,206 2020 2,175 2021 1,986 2022 1,699 2023 1,607 Thereafter 19,571 Total estimated lease payments 29,244 Less effect of discounting (10,268 ) Present value of estimated lease payments (lease liability) $ 18,976 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity-Based Compensation Plans [Abstract] | |
Schedule of outstanding restricted stock | The following table presents information regarding the activity for the first three months of 2019 related to the Company’s outstanding restricted stock: Long-Term Restricted Stock Number of Units Weighted-Average Nonvested at January 1, 2019 129,251 $32.39 Granted during the period 25,104 37.73 Vested during the period (5,266 ) 19.00 Forfeited or expired during the period — — Nonvested at March 31, 2019 149,089 $ 33.76 |
Schedule of Company's stock options outstanding | The following table presents information regarding the activity for the first three months of 2019 related to the Company’s outstanding stock options: Options Outstanding Number of Weighted- Weighted- Aggregate Balance at January 1, 2019 9,000 $ 14.35 Granted — — Exercised — — Forfeited — — Expired — — Outstanding at March 31, 2019 9,000 $ 14.35 0.17 $ 183,690 Exercisable at March 31, 2019 9,000 $ 14.35 0.17 $ 183,690 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings per common share: | |
Schedule of reconciliation of the numerators and denominators used in computing Basic and Diluted Earnings Per Common Share | The following is a reconciliation of the numerators and denominators used in computing Basic and Diluted Earnings Per Common Share: For the Three Months Ended March 31, 2019 2018 ($ in thousands except per share amounts) Income Shares Per Share Income Shares Per Share Basic EPS Net income available to common shareholders $ 22,285 29,587,217 $ 0.75 $ 20,673 29,533,869 $ 0.70 Effect of Dilutive Securities — 156,178 — 90,281 Diluted EPS per common share $ 22,285 29,743,395 $ 0.75 $ 20,673 29,624,150 $ 0.70 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Securities [Abstract] | |
Book values and approximate fair values of investment securities | The book values and approximate fair values of investment securities at March 31, 2019 and December 31, 2018 are summarized as follows: March 31, 2019 December 31, 2018 Amortized Fair Unrealized Amortized Fair Unrealized ($ in thousands) Cost Value Gains (Losses) Cost Value Gains (Losses) Securities available for sale: Government-sponsored enterprise securities $ 78,995 78,887 84 (192 ) 82,995 82,662 63 (396 ) Mortgage-backed securities 533,360 526,948 1,089 (7,501 ) 396,995 385,551 39 (11,483 ) Corporate bonds 33,741 33,774 203 (170 ) 33,751 33,138 76 (689 ) Total available for sale $ 646,096 639,609 1,376 (7,863 ) 513,741 501,351 178 (12,568 ) Securities held to maturity: Mortgage-backed securities $ 49,361 48,291 — (1,070 ) 52,048 50,241 — (1,807 ) State and local governments 41,542 41,989 465 (18 ) 49,189 49,665 525 (49 ) Total held to maturity $ 90,903 90,280 465 (1,088 ) 101,237 99,906 525 (1,856 ) |
Schedule of information regarding securities with unrealized losses | The following table presents information regarding securities with unrealized losses at March 31, 2019: ($ in thousands) Securities in an Unrealized Securities in an Unrealized Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government-sponsored enterprise securities $ — — 18,808 192 18,808 192 Mortgage-backed securities 70,478 346 298,133 8,225 368,611 8,571 Corporate bonds 2,480 60 9,049 110 11,529 170 State and local governments — — 5,823 18 5,823 18 Total temporarily impaired securities $ 72,958 406 331,813 8,545 404,771 8,951 The following table presents information regarding securities with unrealized losses at December 31, 2018: ($ in thousands) Securities in an Unrealized Securities in an Unrealized Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government-sponsored enterprise securities $ 4,921 78 13,682 318 18,603 396 Mortgage-backed securities 82,525 351 294,305 12,939 376,830 13,290 Corporate bonds 20,704 433 5,817 256 26,521 689 State and local governments 595 1 6,641 48 7,236 49 Total temporarily impaired securities $ 108,745 863 320,445 13,561 429,190 14,424 |
Schedule of book values and approximate fair values of investment securities by contractual maturity | The book values and approximate fair values of investment securities at March 31, 2019, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities Available for Sale Securities Held to Maturity Amortized Fair Amortized Fair ($ in thousands) Cost Value Cost Value Securities Due within one year $ — — 865 868 Due after one year but within five years 105,196 105,195 26,571 26,860 Due after five years but within ten years 2,540 2,480 12,427 12,559 Due after ten years 5,000 4,986 1,679 1,702 Mortgage-backed securities 533,360 526,948 49,361 48,291 Total securities $ 646,096 639,609 90,903 90,280 |
Loans and Asset Quality Infor_2
Loans and Asset Quality Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of the major categories of total loans outstanding | The following is a summary of the major categories of total loans outstanding: ($ in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Amount Percentage Amount Percentage Amount Percentage All loans: Commercial, financial, and agricultural $ 468,388 11% $ 457,037 11% $ 411,662 10% Real estate – construction, land development & other land loans 553,760 13% 518,976 12% 542,960 13% Real estate – mortgage – residential (1-4 family) first mortgages 1,061,049 25% 1,054,176 25% 995,662 24% Real estate – mortgage – home equity loans / lines of credit 354,669 8% 359,162 8% 373,797 9% Real estate – mortgage – commercial and other 1,794,794 42% 1,787,022 42% 1,718,698 42% Installment loans to individuals 69,503 1% 71,392 2% 71,257 2% Subtotal 4,302,163 100% 4,247,765 100% 4,114,036 100% Unamortized net deferred loan costs (fees) 1,624 1,299 (251 ) Total loans $ 4,303,787 $ 4,249,064 $ 4,113,785 |
Schedule of activity in purchased credit impaired loans | The following table presents changes in the recorded investment of purchased credit impaired (“PCI”) loans. ($ in thousands) PCI loans For the For the Year For the Balance at beginning of period $ 17,393 23,165 23,165 Change due to payments received and accretion (1,556 ) (5,799 ) (1,023 ) Change due to loan charge-offs (8 ) (10 ) — Transfers to foreclosed real estate — (4 ) — Other 38 41 5 Balance at end of period $ 15,867 17,393 22,147 The following table presents changes in the accretable yield for PCI loans. ($ in thousands) Accretable Yield for PCI loans For the For the Year For the Balance at beginning of period $ 4,750 4,688 4,688 Accretion (392 ) (2,050 ) (374 ) Reclassification from (to) nonaccretable difference 237 849 155 Other, net 550 1,263 (73 ) Balance at end of period $ 5,145 4,750 4,396 |
Summary of nonperforming assets | 90 days past due — — —
Total nonperforming loans 33,141 35,993 40,344
Foreclosed real estate 6,390 7,440 11,307
Total nonperforming assets $ 39,531 43,433 51,651
Purchased credit impaired loans not included above (1) $ 15,867 17,393 22,147 (1) In the March 3, 2017 acquisition of Carolina Bank, and the October
1, 2017 acquisition of Asheville Savings Bank, the Company acquired $19.3 million and $9.9 million, respectively, in PCI loans
in accordance with ASC 310-30 accounting guidance. These loans are excluded from nonperforming loans, including $0.6 million, $0.6
million, and $0.5 million in PCI loans at March 31, 2019, December 31, 2018, and March 31, 2018, respectively, that were contractually
past due 90 days or more." id="sjs-B5">Nonperforming assets are defined as nonaccrual loans, troubled debt restructured ("TDR") loans, loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows. ($ in thousands) March 31, December 31, March 31, Nonperforming assets Nonaccrual loans $ 20,684 22,575 21,849 TDRs- accruing 12,457 13,418 18,495 Accruing loans > 90 days past due — — — Total nonperforming loans 33,141 35,993 40,344 Foreclosed real estate 6,390 7,440 11,307 Total nonperforming assets $ 39,531 43,433 51,651 Purchased credit impaired loans not included above (1) $ 15,867 17,393 22,147 (1) In the March 3, 2017 acquisition of Carolina Bank, and the October 1, 2017 acquisition of Asheville Savings Bank, the Company acquired $19.3 million and $9.9 million, respectively, in PCI loans in accordance with ASC 310-30 accounting guidance. These loans are excluded from nonperforming loans, including $0.6 million, $0.6 million, and $0.5 million in PCI loans at March 31, 2019, December 31, 2018, and March 31, 2018, respectively, that were contractually past due 90 days or more. |
Schedule of nonaccrual loans | The following is a summary of the Company’s nonaccrual loans by major categories. ($ in thousands) March 31, December 31, Commercial, financial, and agricultural $ 980 919 Real estate – construction, land development & other land loans 1,677 2,265 Real estate – mortgage – residential (1-4 family) first mortgages 9,958 10,115 Real estate – mortgage – home equity loans / lines of credit 1,632 1,685 Real estate – mortgage – commercial and other 6,280 7,452 Installment loans to individuals 157 139 Total $ 20,684 22,575 |
Schedule of analysis of the payment status of loans | The following table presents an analysis of the payment status of the Company’s loans as of March 31, 2019. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 817 319 — 980 466,067 468,183 Real estate – construction, land development & other land loans 369 93 — 1,677 551,446 553,585 Real estate – mortgage – residential (1-4 family) first mortgages 6,480 485 — 9,958 1,038,072 1,054,995 Real estate – mortgage – home equity loans / lines of credit 624 — — 1,632 352,081 354,337 Real estate – mortgage – commercial and other 438 275 — 6,280 1,778,884 1,785,877 Installment loans to individuals 526 51 — 157 68,585 69,319 Purchased credit impaired 340 389 551 — 14,587 15,867 Total $ 9,594 1,612 551 20,684 4,269,722 4,302,163 Unamortized net deferred loan costs 1,624 Total loans $ 4,303,787 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2018. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 191 5 — 919 455,692 456,807 Real estate – construction, land development & other land loans 849 212 — 2,265 515,472 518,798 Real estate – mortgage – residential (1-4 family) first mortgages 14,178 1,369 — 10,115 1,022,261 1,047,923 Real estate – mortgage – home equity loans / lines of credit 1,048 254 — 1,685 355,831 358,818 Real estate – mortgage – commercial and other 709 520 — 7,452 1,768,205 1,776,886 Installment loans to individuals 359 220 — 139 70,422 71,140 Purchased credit impaired 990 138 583 — 15,682 17,393 Total $ 18,324 2,718 583 22,575 4,203,565 4,247,765 Unamortized net deferred loan costs 1,299 Total loans $ 4,249,064 |
Schedule of activity in the allowance for loan losses for non-covered and covered loans | The following table presents the activity in the allowance for loan losses for all loans for the three months ended March 31, 2019. ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallo Total As of and for the three months ended March 31, 2019 Beginning balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Charge-offs (246 ) (264 ) (30 ) (80 ) (836 ) (281 ) — (1,737 ) Recoveries 414 287 160 128 271 33 — 1,293 Provisions 652 18 (817 ) (339 ) 702 302 (18 ) 500 Ending balance $ 3,709 2,284 4,510 1,374 8,120 1,006 92 21,095 Ending balances as of March 31, 2019: Allowance for loan losses Individually evaluated for impairment $ 857 28 858 — 312 — — 2,055 Collectively evaluated for impairment $ 2,852 2,256 3,596 1,362 7,723 990 92 18,871 Purchased credit impaired $ — — 56 12 85 16 — 169 Loans receivable as of March 31, 2019: Ending balance – total $ 468,388 553,760 1,061,049 354,669 1,794,794 69,503 — 4,302,163 Unamortized net deferred loan costs 1,624 Total loans $ 4,303,787 Ending balances as of March 31, 2019: Loans Individually evaluated for impairment $ 1,044 797 10,891 21 8,396 — — 21,149 Collectively evaluated for impairment $ 467,139 552,788 1,044,104 354,316 1,777,481 69,319 — 4,265,147 Purchased credit impaired $ 205 175 6,054 332 8,917 184 — 15,867 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2018. ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallo Total As of and for the year ended December 31, 2018 Beginning balance $ 3,111 2,816 6,147 1,827 6,475 950 1,972 23,298 Charge-offs (2,128 ) (158 ) (1,734 ) (711 ) (1,459 ) (781 ) — (6,971 ) Recoveries 1,195 4,097 833 364 1,503 309 — 8,301 Provisions 711 (4,512 ) (49 ) 185 1,464 474 (1,862 ) (3,589 ) Ending balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Ending balances as of December 31, 2018: Allowance for loan losses Individually evaluated for impairment $ 226 134 955 48 906 — — 2,269 Collectively evaluated for impairment $ 2,661 2,109 4,143 1,608 7,070 941 110 18,642 Purchased credit impaired $ 2 — 99 9 7 11 — 128 Loans receivable as of December 31, 2018: Ending balance – total $ 457,037 518,976 1,054,176 359,162 1,787,022 71,392 — 4,247,765 Unamortized net deferred loan costs 1,299 Total loans $ 4,249,064 Ending balances as of December 31, 2018: Loans Individually evaluated for impairment $ 696 1,345 12,391 296 9,525 — — 24,253 Collectively evaluated for impairment $ 456,111 517,453 1,035,532 358,522 1,767,361 71,140 — 4,206,119 Purchased credit impaired $ 230 178 6,253 344 10,136 252 — 17,393 The following table presents the activity in the allowance for loan losses for all loans for the three months ended March 31, 2018. ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallo Total As of and for the three months ended March 31, 2018 Beginning balance $ 3,111 2,816 6,147 1,827 6,475 950 1,972 23,298 Charge-offs (239 ) (2 ) (243 ) (176 ) (41 ) (118 ) — (819 ) Recoveries 499 3,046 145 153 582 53 — 4,478 Provisions (835 ) (3,543 ) (157 ) 462 (1,025 ) (41 ) 1,480 (3,659 ) Ending balance $ 2,536 2,317 5,892 2,266 5,991 844 3,452 23,298 Ending balances as of March 31, 2018: Allowance for loan losses Individually evaluated for impairment $ 143 22 1,120 — 398 — — 1,683 Collectively evaluated for impairment $ 2,391 2,295 4,598 2,225 5,581 844 3,452 21,386 Purchased credit impaired $ 2 — 174 41 12 — — 229 Loans receivable as of March 31, 2018: Ending balance – total $ 411,662 542,960 995,662 373,797 1,718,698 71,257 — 4,114,036 Unamortized net deferred loan fees (251 ) Total loans $ 4,113,785 Ending balances as of March 31, 2018: Loans Individually evaluated for impairment $ 433 3,242 13,783 23 9,063 — — 26,544 Collectively evaluated for impairment $ 410,816 539,317 973,550 373,501 1,697,319 70,842 — 4,065,345 Purchased credit impaired $ 413 401 8,329 273 12,316 415 — 22,147 |
Schedule of impaired loans individually evaluated | The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of March 31, 2019. ($ in thousands) Recorded Unpaid Related Average Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 28 29 — 169 Real estate – mortgage – construction, land development & other land loans 458 782 — 472 Real estate – mortgage – residential (1-4 family) first mortgages 4,789 5,112 — 4,708 Real estate – mortgage –home equity loans / lines of credit 21 30 — 21 Real estate – mortgage –commercial and other 4,016 4,808 — 3,745 Installment loans to individuals — — — — Total impaired loans with no allowance $ 9,312 10,761 — 9,115 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 1,016 1,016 857 701 Real estate – mortgage – construction, land development & other land loans 339 339 28 599 Real estate – mortgage – residential (1-4 family) first mortgages 6,102 6,303 858 6,934 Real estate – mortgage –home equity loans / lines of credit — — — 137 Real estate – mortgage –commercial and other 4,380 4,998 312 5,215 Installment loans to individuals — — — — Total impaired loans with allowance $ 11,837 12,655 2,055 13,586 Interest income recorded on impaired loans during the three months ended March 31, 2019 was insignificant. The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2018. ($ in thousands) Recorded Unpaid Related Average Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 310 310 — 957 Real estate – mortgage – construction, land development & other land loans 485 803 — 2,366 Real estate – mortgage – residential (1-4 family) first mortgages 4,626 4,948 — 4,804 Real estate – mortgage –home equity loans / lines of credit 22 31 — 91 Real estate – mortgage –commercial and other 3,475 4,237 — 3,670 Installment loans to individuals — — — — Total impaired loans with no allowance $ 8,918 10,329 — 11,888 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 386 387 226 422 Real estate – mortgage – construction, land development & other land loans 860 864 134 385 Real estate – mortgage – residential (1-4 family) first mortgages 7,765 7,904 955 8,963 Real estate – mortgage –home equity loans / lines of credit 274 275 48 184 Real estate – mortgage –commercial and other 6,050 6,054 906 5,911 Installment loans to individuals — — — 2 Total impaired loans with allowance $ 15,335 15,484 2,269 15,867 |
Schedule of recorded investment in loans by credit quality indicators | The following table presents the Company’s recorded investment in loans by credit quality indicators as of March 31, 2019. ($ in thousands) Pass Special Classified Classified Total Commercial, financial, and agricultural $ 460,963 4,667 1,573 980 468,183 Real estate – construction, land development & other land loans 544,496 5,960 1,452 1,677 553,585 Real estate – mortgage – residential (1-4 family) first mortgages 1,009,860 16,271 18,905 9,958 1,054,994 Real estate – mortgage – home equity loans / lines of credit 345,187 1,466 6,052 1,632 354,337 Real estate – mortgage – commercial and other 1,752,757 18,664 8,177 6,280 1,785,878 Installment loans to individuals 68,606 227 329 157 69,319 Purchased credit impaired 8,148 4,025 3,694 — 15,867 Total $ 4,190,017 51,280 40,182 20,684 4,302,163 Unamortized net deferred loan costs 1,624 Total loans 4,303,787 The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2018. ($ in thousands) Pass Special Classified Classified Total Commercial, financial, and agricultural $ 452,372 3,056 459 919 456,806 Real estate – construction, land development & other land loans 509,251 5,668 1,614 2,265 518,798 Real estate – mortgage – residential (1-4 family) first mortgages 1,004,458 12,238 21,113 10,115 1,047,924 Real estate – mortgage – home equity loans / lines of credit 348,792 1,688 6,653 1,685 358,818 Real estate – mortgage – commercial and other 1,750,810 14,484 4,140 7,452 1,776,886 Installment loans to individuals 70,357 231 413 139 71,140 Purchased credit impaired 8,355 5,214 3,824 — 17,393 Total $ 4,144,395 42,579 38,216 22,575 4,247,765 Unamortized net deferred loan costs 1,299 Total loans 4,249,064 |
Schedule of information related to loans modified in a troubled debt restructuring | The following table presents information related to loans modified in a troubled debt restructuring during the three months ended March 31, 2019 and 2018. ($ in thousands) For three months ended For the three months ended Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural — $ — $ — — $ — $ — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 55 55 — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Installment loans to individuals — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural — — — — — — Real estate – construction, land development & other land loans — — — 1 61 61 Real estate – mortgage – residential (1-4 family) first mortgages — — — 2 254 264 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Installment loans to individuals — — — — — — Total TDRs arising during period 1 $ 55 $ 55 3 $ 315 $ 325 |
Schedule of accruing restructured loans that defaulted in the period | Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three months ended March 31, 2019 and 2018 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate. ($ in thousands) For the three months ended For the three months ended Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) 1 $ 93 — $ — Real estate – mortgage – commercial and other — — 1 570 Total accruing TDRs that subsequently defaulted 1 $ 93 1 $ 570 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Other Intangible Assets [Abstract] | |
Summary of the gross carrying amount and accumulated amortization of amortizable intangible assets and the carrying amount of unamortized intangible assets | The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of March 31, 2019, December 31, 2018, and March 31, 2018 and the carrying amount of unamortized intangible assets as of those same dates. March 31, 2019 December 31, 2018 March 31, 2018 ($ in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists $ 6,013 1,774 6,013 1,637 6,013 1,185 Core deposit intangibles 28,440 17,585 28,440 16,469 28,440 12,803 SBA servicing asset 6,072 1,352 5,472 1,053 3,348 319 Other 1,303 1,036 1,303 957 1,303 718 Total $ 41,828 21,747 41,228 20,116 39,104 15,025 Unamortizable intangible assets: Goodwill $ 234,368 234,368 231,681 |
Schedule of the estimated amortization expense for the five succeeding fiscal years | The following table presents the estimated amortization expense related to amortizable intangible assets for the last three quarters of calendar year 2019 and for each of the four calendar years ending December 31, 2023 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. ($ in thousands) Estimated Amortization April 1 to December 31, 2019 $ 4,191 2020 4,641 2021 3,628 2022 2,525 2023 1,453 Thereafter 3,643 Total $ 20,081 |
Pension Plans (Tables)
Pension Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of the components of pension (income) expense | The Company recorded periodic pension cost totaling $244,000 and $365,000 for the three months ended March 31, 2019 and 2018, respectively. The following table contains the components of the pension cost. For the Three Months Ended March 31, 2019 2018 2019 2018 2019 Total 2018 Total ($ in thousands) Pension Plan Pension Plan SERP SERP Both Plans Both Plans Service cost $ — — — 29 — 29 Interest cost 372 330 41 57 413 387 Expected return on plan assets (397 ) (103 ) — — (397 ) (103 ) Amortization of net (gain)/loss 223 60 5 (8 ) 228 52 Net periodic pension cost $ 198 287 46 78 244 365 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Comprehensive Income [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | Comprehensive income (loss) is defined as the change in equity during a period for non-owner transactions and is divided into net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes revenues, expenses, gains, and losses that are excluded from earnings under current accounting standards. The components of accumulated other comprehensive income (loss) for the Company are as follows: ($ in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Unrealized gain (loss) on securities available for sale $ (6,487 ) (12,390 ) (9,501 ) Deferred tax asset (liability) 1,516 2,896 2,220 Net unrealized gain (loss) on securities available for sale (4,971 ) (9,494 ) (7,281 ) Additional pension asset (liability) (2,992 ) (3,220 ) (3,148 ) Deferred tax asset (liability) 699 753 736 Net additional pension asset (liability) (2,293 ) (2,467 ) (2,412 ) Total accumulated other comprehensive income (loss) $ (7,264 ) (11,961 ) (9,693 ) |
Schedule of changes in accumulated other comprehensive income (loss) | The following table discloses the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2019 (all amounts are net of tax). ($ in thousands) Unrealized Gain Additional Total Beginning balance at January 1, 2019 $ (9,494 ) (2,467 ) (11,961 ) Other comprehensive income (loss) before reclassifications 4,523 — 4,523 Amounts reclassified from accumulated other comprehensive income — 174 174 Net current-period other comprehensive income (loss) 4,523 174 4,697 Ending balance at March 31, 2019 $ (4,971 ) (2,293 ) (7,264 ) The following table discloses the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2018 (all amounts are net of tax). ($ in thousands) Unrealized Gain Additional Total Beginning balance at January 1, 2018 $ (1,694 ) (2,452 ) (4,146 ) Other comprehensive income (loss) before reclassifications (5,587 ) — (5,587 ) Amounts reclassified from accumulated other comprehensive income — 40 40 Net current-period other comprehensive income (loss) (5,587 ) 40 (5,547 ) Ending balance at March 31, 2018 $ (7,281 ) (2,412 ) (9,693 ) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value [Abstract] | |
Financial instruments that were measured at fair value on a recurring and nonrecurring basis | The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at March 31, 2019. ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Significant Other Significant Recurring Securities available for sale: Government-sponsored enterprise securities $ 78,887 — 78,887 — Mortgage-backed securities 526,948 — 526,948 — Corporate bonds 33,774 — 33,774 — Total available for sale securities $ 639,609 — 639,609 — Nonrecurring Impaired loans $ 10,820 — — 10,820 Foreclosed real estate 6,390 — — 6,390 The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2018. ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Significant Other Significant Recurring Securities available for sale: Government-sponsored enterprise securities $ 82,662 — 82,662 — Mortgage-backed securities 385,551 — 385,551 — Corporate bonds 33,138 — 33,138 — Total available for sale securities $ 501,351 — 501,351 — Nonrecurring Impaired loans $ 13,071 — — 13,071 Foreclosed real estate 7,440 — — 7,440 |
Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Significant Unobservable Range Impaired loans $ 10,820 Appraised value; PV of expected cash flows Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 0-10% Foreclosed real estate 6,390 Appraised value; List or contract price Discounts to reflect current market conditions, abbreviated holding period and estimated costs to sell 0-10% For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Significant Unobservable Range Impaired loans $ 13,071 Appraised value; PV of expected cash flows Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 0-10% Foreclosed real estate 7,440 Appraised value; List or contract price Discounts to reflect current market conditions and estimated costs to sell 0-10% |
Schedule of the carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments at March 31, 2019 and December 31, 2018 are as follows: March 31, 2019 December 31, 2018 ($ in thousands) Level in Fair Carrying Estimated Carrying Estimated Cash and due from banks, noninterest-bearing Level 1 $ 80,620 80,620 56,050 56,050 Due from banks, interest-bearing Level 1 366,187 366,187 406,848 406,848 Securities available for sale Level 2 639,609 639,609 501,351 501,351 Securities held to maturity Level 2 90,903 90,280 101,237 99,906 Presold mortgages in process of settlement Level 1 3,318 3,318 4,279 4,279 Total loans, net of allowance Level 3 4,282,692 4,228,688 4,228,025 4,181,139 Accrued interest receivable Level 1 16,516 16,516 16,004 16,004 Bank-owned life insurance Level 1 102,524 102,524 101,878 101,878 SBA Servicing Asset Level 3 4,720 4,990 4,419 4,617 Deposits Level 2 4,797,238 4,792,368 4,659,339 4,653,522 Borrowings Level 2 406,125 401,064 406,609 402,556 Accrued interest payable Level 2 2,341 2,341 1,976 1,972 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Noninterest Income | All of the Company’s revenues that are in the scope of the “ Revenue from Contracts with Customers For the Three Months Ended $ in thousands March 31, 2019 March 31, 2018 Noninterest Income In-scope of Topic 606: Service charges on deposit accounts: $ 2,945 3,263 Other service charges, commissions, and fees: Interchange income 3,551 3,061 Other service charges and fees 1,697 1,424 Commissions from sales of insurance and financial products: Insurance income 1,368 1,414 Wealth management income 661 526 SBA consulting fees 1,263 1,141 Foreclosed property gains (losses), net (245 ) (288 ) Noninterest income (in-scope of Topic 606) 11,240 10,541 Noninterest income (out-of-scope of Topic 606) 3,335 5,288 Total noninterest income $ 14,575 15,829 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of estimated lease payments for operating leases | Estimated lease payments for the Company’s operating leases with initial terms of one year or more as of March 31, 2019 were as follows. ($ in thousands) Estimated Amortization April 1 to December 31, 2019 $ 2,206 2020 2,175 2021 1,986 2022 1,699 2023 1,607 Thereafter 19,571 Total estimated lease payments 29,244 Less effect of discounting (10,268 ) Present value of estimated lease payments (lease liability) $ 18,976 |
Accounting Policies (Details)
Accounting Policies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |
Reclassified amount between Accumulated Other Comprehensive Income and Retained Earnings | |
Lease liabilities and right-of-use assets | $ 19,400 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock based compensation expense | $ 403,000 | $ 231,000 |
Unrecognized compensation cost | $ 2,737,000 | |
Unrecognized compensation cost, weighted-average remaining term | 2 years 2 months 12 days | |
Stock-based compensation expense expected to be recorded | $ 379,000 | |
Stock based compensation, income tax benefit | 94,000 | 54,000 |
Proceeds from stock options exercised | $ 108,000 | |
First Bancorp 2014 Equity Plan [Member] | ||
Shares remaining available for grant | 727,934 | |
First Bancorp Plans [Member] | ||
Stock options outstanding | 9,000 | |
Exercise price | $ 14.35 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Schedule of Outstanding Restricted Stock) (Details) - Long-Term Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Number of Units | |
Nonvested, beginning | shares | 129,251 |
Granted during the period | shares | 25,104 |
Vested during the period | shares | (5,266) |
Forfeited or expired during the period | shares | |
Nonvested, ending | shares | 149,089 |
Weighted-Average Grant-Date Fair Value | |
Nonvested, beginning | $ / shares | $ 32.39 |
Granted during the period | $ / shares | 37.73 |
Vested during the period | $ / shares | 19 |
Forfeited or expired during the period | $ / shares | |
Nonvested, ending | $ / shares | $ 33.76 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Schedule of Company's Stock Options Outstanding) (Details) - Stock Options [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Number of shares: | |
Balance options outstanding, beginning | shares | 9,000 |
Granted | shares | |
Exercised | shares | |
Forfeited | shares | |
Expired | shares | |
Balance options outstanding, end | shares | 9,000 |
Exercisable, end of period | shares | 9,000 |
Weighted Average Exercise Price | |
Balance, beginning | $ / shares | $ 14.53 |
Granted | $ / shares | |
Exercised | $ / shares | |
Forfeited | $ / shares | |
Expired | $ / shares | |
Outstanding | $ / shares | 14.35 |
Exercisable | $ / shares | $ 14.35 |
Weighted- Average Contractual Term (years), outstanding | 2 months 1 day |
Weighted- Average Contractual Term (years), exercisable | 2 months 1 day |
Aggregate Intrinsic Value, outstanding | $ | $ 183,690 |
Aggregate Intrinsic Value, exercisable | $ | $ 183,690 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive securities |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Numerators And Denominators ) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Basic EPS | ||
Net income available to common shareholders | $ 22,285 | $ 20,673 |
Shares (denominator) | 29,587,217 | 29,533,869 |
Basic EPS | $ 0.75 | $ 0.70 |
Effect of Dilutive Securities Income (numerator) | ||
Effect of Dilutive Securities Shares (denominator) | 156,178 | 90,281 |
Diluted EPS per common share | ||
Income (numerator) | $ 22,285 | $ 20,673 |
Shares (denominator) | 29,743,395 | 29,624,150 |
Diluted EPS per common share | $ 0.75 | $ 0.70 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Private mortgage-backed security fair value | $ 1,000 | $ 1,000 |
Investment securities, pledged as collateral for public deposits | 245,711 | 234,382 |
Federal Home Loan Bank stock and Federal Reserve Bank stock, cost | 37,776 | 37,468 |
Federal Home Loan Bank Stock, cost | 20,322 | 20,036 |
Federal Reserve Bank, cost | $ 17,454 | $ 17,432 |
Visa, Inc [Member] | Class A [Member] | ||
Conversion price | $ 1.63 | |
Conversion of stock | 20,140 | |
Visa, Inc [Member] | Class B [Member] | ||
Stock owned | 12,356 |
Securities (Summary of Book Val
Securities (Summary of Book Values and Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Securities available for sale: | |||
Amortized Cost | $ 646,096 | $ 513,741 | |
Fair Value | 639,609 | 501,351 | $ 341,001 |
Unrealized Gains | 1,376 | 178 | |
Unrealized (Losses) | (7,863) | (12,568) | |
Securities held to maturity: | |||
Amortized Cost | 90,903 | 101,237 | 112,058 |
Fair Value | 90,280 | 99,906 | $ 111,201 |
Unrealized Gains | 465 | 525 | |
Unrealized (Losses) | (1,088) | (1,856) | |
Government-sponsored enterprise securities [Member] | |||
Securities available for sale: | |||
Amortized Cost | 78,995 | 82,995 | |
Fair Value | 78,887 | 82,662 | |
Unrealized Gains | 84 | 63 | |
Unrealized (Losses) | (192) | (396) | |
Mortgage-backed securities [Member] | |||
Securities available for sale: | |||
Amortized Cost | 533,360 | 396,995 | |
Fair Value | 526,948 | 385,551 | |
Unrealized Gains | 1,089 | 39 | |
Unrealized (Losses) | (7,501) | (11,483) | |
Securities held to maturity: | |||
Amortized Cost | 49,361 | 52,048 | |
Fair Value | 48,291 | 50,241 | |
Unrealized Gains | |||
Unrealized (Losses) | (1,070) | (1,807) | |
State and local governments [Member] | |||
Securities held to maturity: | |||
Amortized Cost | 41,542 | 49,189 | |
Fair Value | 41,989 | 49,665 | |
Unrealized Gains | 465 | 525 | |
Unrealized (Losses) | (18) | (49) | |
Corporate bonds [Member] | |||
Securities available for sale: | |||
Amortized Cost | 33,741 | 33,751 | |
Fair Value | 33,774 | 33,138 | |
Unrealized Gains | 203 | 76 | |
Unrealized (Losses) | $ (170) | $ (689) |
Securities (Schedule of Informa
Securities (Schedule of Information Regarding Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Total temporarily impaired securities Fair Value | $ 72,958 | $ 108,745 |
Total temporarily impaired securities Unrealized Losses | 406 | 863 |
Total temporarily impaired securities Fair Value | 331,813 | 320,445 |
Total temporarily impaired securities Unrealized Losses | 8,545 | 13,561 |
Total temporarily impaired securities Fair Value | 404,771 | 429,190 |
Total temporarily impaired securities Unrealized Losses | 8,951 | 14,424 |
Government-sponsored enterprise securities [Member] | ||
AFS Fair Value | 4,921 | |
AFS Unrealized Losses | 78 | |
AFS Fair Value | 18,808 | 13,682 |
AFS Unrealized Losses | 192 | 318 |
Total temporarily impaired securities Fair Value | 18,808 | 18,603 |
Total temporarily impaired securities Unrealized Losses | 192 | 396 |
Mortgage-backed securities [Member] | ||
AFS Fair Value | 70,478 | 82,525 |
AFS Unrealized Losses | 346 | 351 |
AFS Fair Value | 298,133 | 294,305 |
AFS Unrealized Losses | 8,225 | 12,939 |
Total temporarily impaired securities Fair Value | 368,611 | 376,830 |
Total temporarily impaired securities Unrealized Losses | 8,571 | 13,290 |
Corporate bonds [Member] | ||
AFS Fair Value | 2,480 | 20,704 |
AFS Unrealized Losses | 60 | 433 |
AFS Fair Value | 9,049 | 5,817 |
AFS Unrealized Losses | 110 | 256 |
Total temporarily impaired securities Fair Value | 11,529 | 26,521 |
Total temporarily impaired securities Unrealized Losses | 170 | 689 |
State and local governments [Member] | ||
HTM Fair Value | 595 | |
HTM Unrealized Losses | 1 | |
AFS Fair Value | 5,823 | 6,641 |
AFS Unrealized Losses | 18 | 48 |
Total temporarily impaired securities Fair Value | 5,823 | 7,236 |
Total temporarily impaired securities Unrealized Losses | $ 18 | $ 49 |
Securities (Schedule of Book Va
Securities (Schedule of Book Values and Fair Values of Investment Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Securities Available for Sale - Amortized Cost | |||
Due within one year | |||
Due after one year but within five years | 105,196 | ||
Due after five years but within ten years | 2,540 | ||
Due after ten years | 5,000 | ||
Mortgage-backed securities | 533,360 | ||
Total debt securities | 646,096 | ||
Securities Available for Sale - Fair Value | |||
Due within one year | |||
Due after one year but within five years | 105,195 | ||
Due after five years but within ten years | 2,480 | ||
Due after ten years | 4,986 | ||
Mortgage-backed securities | 526,948 | ||
Total debt securities | 639,609 | ||
Securities Held to Maturity - Amortized Cost | |||
Due within one year | 865 | ||
Due after one year but within five years | 26,571 | ||
Due after five years but within ten years | 12,427 | ||
Due after ten years | 1,679 | ||
Mortgage-backed securities | 49,361 | ||
Total debt securities | 90,903 | $ 101,237 | $ 112,058 |
Securities Held to Maturity - Fair Value | |||
Due within one year | 868 | ||
Due after one year but within five years | 26,860 | ||
Due after five years but within ten years | 12,559 | ||
Due after ten years | 1,702 | ||
Mortgage-backed securities | 48,291 | ||
Securities held to maturity | $ 90,280 | $ 99,906 | $ 111,201 |
Loans and Asset Quality Infor_3
Loans and Asset Quality Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Oct. 01, 2017 | Mar. 03, 2017 | |
Recorded loans with a fair value | $ 606,200 | $ 497,500 | |||
Payments that exceeded the initial carrying amount on purchased impaired loans | $ 133 | $ 68 | |||
Discount accretion loan interest income - purchased impaired loans paid off | 112 | ||||
Additional loan interest income - purchased impaired loans paid off | 21 | ||||
SBA Loans [Member] | |||||
Remaining unaccreted discount | 6,200 | $ 5,700 | |||
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | |||||
Nonaccrual loans in process of foreclosure | 1,500 | 700 | |||
Purchased Impaired Loans [Member] | |||||
Recorded loans with a fair value | $ 9,900 | $ 19,300 | |||
Purchased Impaired Loans [Member] | Carolina Bank Holdings, Inc. [Member] | 90 Days or More Past Due [Member] | |||||
Recorded loans with a fair value | 600 | $ 500 | 600 | ||
Purchased Non-Impaired Loans [Member] | |||||
Remaining accretable discount on purchased non-impaired loans | $ 14,100 | $ 15,000 |
Loans and Asset Quality Infor_4
Loans and Asset Quality Information (Summary of Major Categories of Total Loans Outstanding) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
All loans (non-covered and covered): | |||
Amount of loans | $ 4,302,163 | $ 4,247,765 | $ 4,114,036 |
Percentage of Loans | 100.00% | 100.00% | 100.00% |
Unamortized net deferred loan costs (fees) | $ 1,624 | $ 1,299 | $ (251) |
Total loans | 4,303,787 | 4,249,064 | 4,113,785 |
Commercial, financial, and agricultural [Member] | |||
All loans (non-covered and covered): | |||
Amount of loans | $ 468,388 | $ 457,037 | $ 411,662 |
Percentage of Loans | 11.00% | 11.00% | 10.00% |
Real estate - construction, land development & other land loans [Member] | |||
All loans (non-covered and covered): | |||
Amount of loans | $ 553,760 | $ 518,976 | $ 542,960 |
Percentage of Loans | 13.00% | 12.00% | 13.00% |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | |||
All loans (non-covered and covered): | |||
Amount of loans | $ 1,061,049 | $ 1,054,176 | $ 995,662 |
Percentage of Loans | 25.00% | 25.00% | 24.00% |
Real estate - mortgage - home equity loans / lines of credit [Member] | |||
All loans (non-covered and covered): | |||
Amount of loans | $ 354,669 | $ 359,162 | $ 373,797 |
Percentage of Loans | 8.00% | 8.00% | 9.00% |
Real estate - mortgage - commercial and other [Member] | |||
All loans (non-covered and covered): | |||
Amount of loans | $ 1,794,794 | $ 1,787,022 | $ 1,718,698 |
Percentage of Loans | 42.00% | 42.00% | 42.00% |
Installment loans to individuals [Member] | |||
All loans (non-covered and covered): | |||
Amount of loans | $ 69,503 | $ 71,392 | $ 71,257 |
Percentage of Loans | 1.00% | 2.00% | 2.00% |
Loans and Asset Quality Infor_5
Loans and Asset Quality Information (Schedule of Applied Cost Recovery Method of Purchased Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Purchased Credit Impaired Loans | |||
Balance, beginning, carrying value | $ 17,393 | $ 23,165 | $ 23,165 |
Change due to payments received and accretion | (1,556) | (1,023) | (5,799) |
Change due to loan charge-offs | (8) | (10) | |
Transfers to foreclosed real estate | (4) | ||
Other | 38 | 5 | 41 |
Balance, ending, carrying value | 15,867 | 22,147 | 17,393 |
Accretable Yield for PCI loans [Member] | |||
Purchased Credit Impaired Loans | |||
Balance, beginning, carrying value | 4,750 | 4,688 | 4,688 |
Accretion | (392) | (374) | (2,050) |
Reclassification from (to) nonaccretable difference | 237 | 155 | 849 |
Other | 550 | (73) | 1,263 |
Balance, ending, carrying value | $ 5,145 | $ 4,396 | $ 4,750 |
Loans and Asset Quality Infor_6
Loans and Asset Quality Information (Summary of Nonperforming Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Nonperforming assets: | ||||
Nonaccrual loans | $ 20,684 | $ 22,575 | $ 21,849 | |
TDRs- accruing | 12,457 | 13,418 | 18,495 | |
Accruing loans > 90 days past due | ||||
Total nonperforming loans | 33,141 | 35,993 | 40,344 | |
Foreclosed real estate | 6,390 | 7,440 | 11,307 | |
Total nonperforming assets | 39,531 | 43,433 | 51,651 | |
Purchased credit impaired loans not included above | [1] | $ 15,867 | $ 17,393 | $ 22,147 |
[1] | In the March 3, 2017 acquisition of Carolina Bank, and the October 1, 2017 acquisition of Asheville Savings Bank, the Company acquired $19.3 million and $9.9 million, respectively, in PCI loans in accordance with ASC 310-30 accounting guidance.These loans are excluded from nonperforming loans, including $0.6 million, $0.6 million, and $0.5 million in PCI loans at March 31, 2019, December 31, 2018, and March 31, 2018, respectively, that were contractually past due 90 days or more. |
Loans and Asset Quality Infor_7
Loans and Asset Quality Information (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Company's nonaccrual loans: | |||
Nonaccrual loans | $ 20,684 | $ 22,575 | $ 21,849 |
Commercial, financial, and agricultural [Member] | |||
Company's nonaccrual loans: | |||
Nonaccrual loans | 980 | 919 | |
Real estate construction, land development & other land loans [Member] | |||
Company's nonaccrual loans: | |||
Nonaccrual loans | 1,677 | 2,265 | |
Real estate mortgage residential (1-4 family) first mortgages [Member] | |||
Company's nonaccrual loans: | |||
Nonaccrual loans | 9,958 | 10,115 | |
Real estate mortgage home equity loans / lines of credit [Member] | |||
Company's nonaccrual loans: | |||
Nonaccrual loans | 1,632 | 1,685 | |
Real estate mortgage commercial and other [Member] | |||
Company's nonaccrual loans: | |||
Nonaccrual loans | 6,280 | 7,452 | |
Installment loans to individuals [Member] | |||
Company's nonaccrual loans: | |||
Nonaccrual loans | $ 157 | $ 139 |
Loans and Asset Quality Infor_8
Loans and Asset Quality Information (Schedule of Analysis of Payment Status of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Analysis of the payment status of loans | |||
Nonaccrual loans | $ 20,684 | $ 22,575 | $ 21,849 |
Total loans | 4,303,787 | 4,249,064 | 4,113,785 |
Unamortized net deferred loan fees | 1,624 | 1,299 | $ (251) |
Commercial, financial, and agricultural [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 980 | 919 | |
Real estate construction, land development & other land loans [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 1,677 | 2,265 | |
Real estate mortgage residential (1-4 family) first mortgages [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 9,958 | 10,115 | |
Real estate mortgage home equity loans / lines of credit [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 1,632 | 1,685 | |
Real estate mortgage commercial and other [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 6,280 | 7,452 | |
Installment loans to individuals [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 157 | 139 | |
All Total Loans [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 20,684 | 22,575 | |
Current | 4,269,722 | 4,203,565 | |
Total loans | 4,302,163 | 4,247,765 | |
Unamortized net deferred loan fees | 1,624 | 1,299 | |
Total loans | 4,303,787 | 4,249,064 | |
All Total Loans [Member] | 30-59 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 9,594 | 18,324 | |
All Total Loans [Member] | 60-89 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 1,612 | 2,718 | |
All Total Loans [Member] | 90 Days or More Past Due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 551 | 583 | |
All Total Loans [Member] | Commercial, financial, and agricultural [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 980 | 919 | |
Current | 466,067 | 455,692 | |
Total loans | 468,183 | 456,807 | |
All Total Loans [Member] | Commercial, financial, and agricultural [Member] | 30-59 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 817 | 191 | |
All Total Loans [Member] | Commercial, financial, and agricultural [Member] | 60-89 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 319 | 5 | |
All Total Loans [Member] | Commercial, financial, and agricultural [Member] | 90 Days or More Past Due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | |||
All Total Loans [Member] | Real estate construction, land development & other land loans [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 1,677 | 2,265 | |
Current | 551,446 | 515,472 | |
Total loans | 553,585 | 518,798 | |
All Total Loans [Member] | Real estate construction, land development & other land loans [Member] | 30-59 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 369 | 849 | |
All Total Loans [Member] | Real estate construction, land development & other land loans [Member] | 60-89 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 93 | 212 | |
All Total Loans [Member] | Real estate construction, land development & other land loans [Member] | 90 Days or More Past Due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | |||
All Total Loans [Member] | Real estate mortgage residential (1-4 family) first mortgages [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 9,958 | 10,115 | |
Current | 1,038,072 | 1,022,261 | |
Total loans | 1,054,995 | 1,047,923 | |
All Total Loans [Member] | Real estate mortgage residential (1-4 family) first mortgages [Member] | 30-59 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 6,480 | 14,178 | |
All Total Loans [Member] | Real estate mortgage residential (1-4 family) first mortgages [Member] | 60-89 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 485 | 1,369 | |
All Total Loans [Member] | Real estate mortgage residential (1-4 family) first mortgages [Member] | 90 Days or More Past Due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | |||
All Total Loans [Member] | Real estate mortgage home equity loans / lines of credit [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 1,632 | 1,685 | |
Current | 352,081 | 355,831 | |
Total loans | 354,337 | 358,818 | |
All Total Loans [Member] | Real estate mortgage home equity loans / lines of credit [Member] | 30-59 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 624 | 1,048 | |
All Total Loans [Member] | Real estate mortgage home equity loans / lines of credit [Member] | 60-89 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 254 | ||
All Total Loans [Member] | Real estate mortgage home equity loans / lines of credit [Member] | 90 Days or More Past Due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | |||
All Total Loans [Member] | Real estate mortgage commercial and other [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 6,280 | 7,452 | |
Current | 1,778,884 | 1,768,205 | |
Total loans | 1,785,877 | 1,776,886 | |
All Total Loans [Member] | Real estate mortgage commercial and other [Member] | 30-59 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 438 | 709 | |
All Total Loans [Member] | Real estate mortgage commercial and other [Member] | 60-89 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 275 | 520 | |
All Total Loans [Member] | Real estate mortgage commercial and other [Member] | 90 Days or More Past Due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | |||
All Total Loans [Member] | Installment loans to individuals [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | 157 | 139 | |
Current | 68,585 | 70,422 | |
Total loans | 69,319 | 71,140 | |
All Total Loans [Member] | Installment loans to individuals [Member] | 30-59 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 526 | 359 | |
All Total Loans [Member] | Installment loans to individuals [Member] | 60-89 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 51 | 220 | |
All Total Loans [Member] | Installment loans to individuals [Member] | 90 Days or More Past Due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | |||
All Total Loans [Member] | Purchased credit impaired [Member] | |||
Analysis of the payment status of loans | |||
Nonaccrual loans | |||
Current | 14,587 | 15,682 | |
Total loans | 15,867 | 17,393 | |
All Total Loans [Member] | Purchased credit impaired [Member] | 30-59 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 340 | 990 | |
All Total Loans [Member] | Purchased credit impaired [Member] | 60-89 Days past due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | 389 | 138 | |
All Total Loans [Member] | Purchased credit impaired [Member] | 90 Days or More Past Due [Member] | |||
Analysis of the payment status of loans | |||
Financing receivable, past due | $ 551 | $ 583 |
Loans and Asset Quality Infor_9
Loans and Asset Quality Information (Schedule of Activity in Allowance for Loan Losses for Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Beginning balance | $ 21,039 | $ 23,298 | $ 23,298 |
Charge-offs | (1,737) | (819) | (6,971) |
Recoveries | 1,293 | 4,478 | 8,301 |
Provisions | 500 | (3,659) | (3,589) |
Ending balance | 21,095 | 23,298 | 21,039 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 2,055 | 1,683 | 2,269 |
Collectively evaluated for impairment | 18,871 | 21,386 | 18,642 |
Purchased credit impaired | 169 | 229 | 128 |
Loans receivable: | |||
Ending balance - total | 4,302,163 | 4,114,036 | 4,247,765 |
Unamortized net deferred loan fees | 1,624 | (251) | 1,299 |
Total loans | 4,303,787 | 4,113,785 | 4,249,064 |
Ending balances: Loans | |||
Individually evaluated for impairment | 21,149 | 26,544 | 24,253 |
Collectively evaluated for impairment | 4,265,147 | 4,065,345 | 4,206,119 |
Purchased credit impaired | 15,867 | 22,147 | 17,393 |
Commercial, financial, and agricultural [Member] | |||
Beginning balance | 2,889 | 3,111 | 3,111 |
Charge-offs | (246) | (239) | (2,128) |
Recoveries | 414 | 499 | 1,195 |
Provisions | 652 | (835) | 711 |
Ending balance | 3,709 | 2,536 | 2,889 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 857 | 143 | 226 |
Collectively evaluated for impairment | 2,852 | 2,391 | 2,661 |
Purchased credit impaired | 2 | 2 | |
Loans receivable: | |||
Ending balance - total | 468,388 | 411,662 | 457,037 |
Ending balances: Loans | |||
Individually evaluated for impairment | 1,044 | 433 | 696 |
Collectively evaluated for impairment | 467,139 | 410,816 | 456,111 |
Purchased credit impaired | 205 | 413 | 230 |
Real estate - construction, land development & other land loans [Member] | |||
Beginning balance | 2,243 | 2,816 | 2,816 |
Charge-offs | (264) | (2) | (158) |
Recoveries | 287 | 3,046 | 4,097 |
Provisions | 18 | (3,543) | (4,512) |
Ending balance | 2,284 | 2,317 | 2,243 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 28 | 22 | 134 |
Collectively evaluated for impairment | 2,256 | 2,295 | 2,109 |
Purchased credit impaired | |||
Loans receivable: | |||
Ending balance - total | 553,760 | 542,960 | 518,976 |
Ending balances: Loans | |||
Individually evaluated for impairment | 797 | 3,242 | 1,345 |
Collectively evaluated for impairment | 552,788 | 539,317 | 517,453 |
Purchased credit impaired | 175 | 401 | 178 |
Real estate mortgage residential (1-4 family) first mortgages [Member] | |||
Beginning balance | 5,197 | 6,147 | 6,147 |
Charge-offs | (30) | (243) | (1,734) |
Recoveries | 160 | 145 | 833 |
Provisions | (817) | (157) | (49) |
Ending balance | 4,510 | 5,892 | 5,197 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 858 | 1,120 | 955 |
Collectively evaluated for impairment | 3,596 | 4,598 | 4,143 |
Purchased credit impaired | 56 | 174 | 99 |
Loans receivable: | |||
Ending balance - total | 1,061,049 | 995,662 | 1,054,176 |
Ending balances: Loans | |||
Individually evaluated for impairment | 10,891 | 13,783 | 12,391 |
Collectively evaluated for impairment | 1,044,104 | 973,550 | 1,035,532 |
Purchased credit impaired | 6,054 | 8,329 | 6,253 |
Real estate mortgage home equity loans / lines of credit [Member] | |||
Beginning balance | 1,665 | 1,827 | 1,827 |
Charge-offs | (80) | (176) | (711) |
Recoveries | 128 | 153 | 364 |
Provisions | (339) | 462 | 185 |
Ending balance | 1,374 | 2,266 | 1,665 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 48 | ||
Collectively evaluated for impairment | 1,362 | 2,225 | 1,608 |
Purchased credit impaired | 12 | 41 | 9 |
Loans receivable: | |||
Ending balance - total | 354,669 | 373,797 | 359,162 |
Ending balances: Loans | |||
Individually evaluated for impairment | 21 | 23 | 296 |
Collectively evaluated for impairment | 354,316 | 373,501 | 358,522 |
Purchased credit impaired | 332 | 273 | 344 |
Real estate - mortgage - commercial and other [Member] | |||
Beginning balance | 7,983 | 6,475 | 6,475 |
Charge-offs | (836) | (41) | (1,459) |
Recoveries | 271 | 582 | 1,503 |
Provisions | 702 | (1,025) | 1,464 |
Ending balance | 8,120 | 5,991 | 7,983 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 312 | 398 | 906 |
Collectively evaluated for impairment | 7,723 | 5,581 | 7,070 |
Purchased credit impaired | 85 | 12 | 7 |
Loans receivable: | |||
Ending balance - total | 1,794,794 | 1,718,698 | 1,787,022 |
Ending balances: Loans | |||
Individually evaluated for impairment | 8,396 | 9,063 | 9,525 |
Collectively evaluated for impairment | 1,777,481 | 1,697,319 | 1,767,361 |
Purchased credit impaired | 8,917 | 12,316 | 10,136 |
Installment loans to individuals [Member] | |||
Beginning balance | 952 | 950 | 950 |
Charge-offs | (281) | (118) | (781) |
Recoveries | 33 | 53 | 309 |
Provisions | 302 | (41) | 474 |
Ending balance | 1,006 | 844 | 952 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 990 | 844 | 941 |
Purchased credit impaired | 16 | 11 | |
Loans receivable: | |||
Ending balance - total | 69,503 | 71,257 | 71,392 |
Ending balances: Loans | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 69,319 | 70,842 | 71,140 |
Purchased credit impaired | 184 | 415 | 252 |
Unallocated [Member] | |||
Beginning balance | 110 | 1,972 | 1,972 |
Charge-offs | |||
Recoveries | |||
Provisions | (18) | 1,480 | (1,862) |
Ending balance | 92 | 3,452 | 110 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 92 | 3,452 | 110 |
Purchased credit impaired | |||
Loans receivable: | |||
Ending balance - total | |||
Ending balances: Loans | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | |||
Purchased credit impaired |
Loans and Asset Quality Info_10
Loans and Asset Quality Information (Schedule of Impaired Loans) (Details) - All Total Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | $ 9,312 | $ 8,918 |
Impaired loans with no related allowance - Unpaid Principal Balance | 10,761 | 10,329 |
Impaired loans with no related allowance - Average Recorded Investment | 9,115 | 11,888 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 11,837 | 15,335 |
Impaired loans with allowance - Unpaid Principal Balance | 12,655 | 15,484 |
Impaired loans with related allowance - Related Allowance | 2,055 | 2,269 |
Impaired loans with related allowance - Average Recorded Investment | 13,586 | 15,867 |
Commercial, financial, and agricultural [Member] | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 28 | 310 |
Impaired loans with no related allowance - Unpaid Principal Balance | 29 | 310 |
Impaired loans with no related allowance - Average Recorded Investment | 169 | 957 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 1,016 | 386 |
Impaired loans with allowance - Unpaid Principal Balance | 1,016 | 387 |
Impaired loans with related allowance - Related Allowance | 857 | 226 |
Impaired loans with related allowance - Average Recorded Investment | 701 | 422 |
Real estate - construction, land development & other land loans [Member] | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 458 | 485 |
Impaired loans with no related allowance - Unpaid Principal Balance | 782 | 803 |
Impaired loans with no related allowance - Average Recorded Investment | 472 | 2,366 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 339 | 860 |
Impaired loans with allowance - Unpaid Principal Balance | 339 | 864 |
Impaired loans with related allowance - Related Allowance | 28 | 134 |
Impaired loans with related allowance - Average Recorded Investment | 599 | 385 |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 4,789 | 4,626 |
Impaired loans with no related allowance - Unpaid Principal Balance | 5,112 | 4,948 |
Impaired loans with no related allowance - Average Recorded Investment | 4,708 | 4,804 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 6,102 | 7,765 |
Impaired loans with allowance - Unpaid Principal Balance | 6,303 | 7,904 |
Impaired loans with related allowance - Related Allowance | 858 | 955 |
Impaired loans with related allowance - Average Recorded Investment | 6,934 | 8,963 |
Real estate - mortgage - home equity loans / lines of credit [Member] | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 21 | 22 |
Impaired loans with no related allowance - Unpaid Principal Balance | 30 | 31 |
Impaired loans with no related allowance - Average Recorded Investment | 21 | 91 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 274 | |
Impaired loans with allowance - Unpaid Principal Balance | 275 | |
Impaired loans with related allowance - Related Allowance | 48 | |
Impaired loans with related allowance - Average Recorded Investment | 137 | 184 |
Real estate - mortgage - commercial and other [Member] | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 4,016 | 3,475 |
Impaired loans with no related allowance - Unpaid Principal Balance | 4,808 | 4,237 |
Impaired loans with no related allowance - Average Recorded Investment | 3,745 | 3,670 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 4,380 | 6,050 |
Impaired loans with allowance - Unpaid Principal Balance | 4,998 | 6,054 |
Impaired loans with related allowance - Related Allowance | 312 | 906 |
Impaired loans with related allowance - Average Recorded Investment | 5,215 | 5,911 |
Installment loans to individuals [Member] | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | ||
Impaired loans with no related allowance - Unpaid Principal Balance | ||
Impaired loans with no related allowance - Average Recorded Investment | ||
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | ||
Impaired loans with allowance - Unpaid Principal Balance | ||
Impaired loans with related allowance - Related Allowance | ||
Impaired loans with related allowance - Average Recorded Investment |
Loans and Asset Quality Info_11
Loans and Asset Quality Information (Schedule of Recorded Investment in Loans by Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Recorded investment in loans by credit quality indicators: | |||
Total | $ 4,302,163 | $ 4,247,765 | |
Unamortized net deferred loan costs | 1,624 | 1,299 | $ (251) |
Total loans | 4,303,787 | 4,249,064 | $ 4,113,785 |
Pass [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 4,190,017 | 4,144,395 | |
Special Mention Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 51,280 | 42,579 | |
Classified Accruing Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 40,182 | 38,216 | |
Classified Nonaccrual Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 20,684 | 22,575 | |
Commercial, financial, and agricultural [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 468,183 | 456,806 | |
Commercial, financial, and agricultural [Member] | Pass [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 460,963 | 452,372 | |
Commercial, financial, and agricultural [Member] | Special Mention Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 4,667 | 3,056 | |
Commercial, financial, and agricultural [Member] | Classified Accruing Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,573 | 459 | |
Commercial, financial, and agricultural [Member] | Classified Nonaccrual Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 980 | 919 | |
Real estate construction, land development & other land loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 553,585 | 518,798 | |
Real estate construction, land development & other land loans [Member] | Pass [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 544,496 | 509,251 | |
Real estate construction, land development & other land loans [Member] | Special Mention Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 5,960 | 5,668 | |
Real estate construction, land development & other land loans [Member] | Classified Accruing Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,452 | 1,614 | |
Real estate construction, land development & other land loans [Member] | Classified Nonaccrual Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,677 | 2,265 | |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,054,994 | 1,047,924 | |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | Pass [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,009,860 | 1,004,458 | |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | Special Mention Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 16,271 | 12,238 | |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | Classified Accruing Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 18,905 | 21,113 | |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | Classified Nonaccrual Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 9,958 | 10,115 | |
Real estate mortgage home equity loans / lines of credit [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 354,337 | 358,818 | |
Real estate mortgage home equity loans / lines of credit [Member] | Pass [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 345,187 | 348,792 | |
Real estate mortgage home equity loans / lines of credit [Member] | Special Mention Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,466 | 1,688 | |
Real estate mortgage home equity loans / lines of credit [Member] | Classified Accruing Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 6,052 | 6,653 | |
Real estate mortgage home equity loans / lines of credit [Member] | Classified Nonaccrual Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,632 | 1,685 | |
Real estate mortgage commercial and other [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,785,878 | 1,776,886 | |
Real estate mortgage commercial and other [Member] | Pass [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 1,752,757 | 1,750,810 | |
Real estate mortgage commercial and other [Member] | Special Mention Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 18,664 | 14,484 | |
Real estate mortgage commercial and other [Member] | Classified Accruing Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 8,177 | 4,140 | |
Real estate mortgage commercial and other [Member] | Classified Nonaccrual Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 6,280 | 7,452 | |
Installment loans to individuals [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 69,319 | 71,140 | |
Installment loans to individuals [Member] | Pass [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 68,606 | 70,357 | |
Installment loans to individuals [Member] | Special Mention Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 227 | 231 | |
Installment loans to individuals [Member] | Classified Accruing Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 329 | 413 | |
Installment loans to individuals [Member] | Classified Nonaccrual Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 157 | 139 | |
Purchased credit impaired [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 15,867 | 17,393 | |
Purchased credit impaired [Member] | Pass [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 8,148 | 8,355 | |
Purchased credit impaired [Member] | Special Mention Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 4,025 | 5,214 | |
Purchased credit impaired [Member] | Classified Accruing Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total | 3,694 | 3,824 | |
Purchased credit impaired [Member] | Classified Nonaccrual Loans [Member] | |||
Recorded investment in loans by credit quality indicators: | |||
Total |
Loans and Asset Quality Info_12
Loans and Asset Quality Information (Schedule of Information of Loans Modified in Troubled Debt Restructuring) (Details) - All Total Loans [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Information related to loans modified in a troubled debt restructuring: | ||
Number of contracts, TDRs | 1 | 3 |
Pre-Modification Restructured Balances, TDRs | $ 55 | $ 315 |
Post-Modification Restructured Balances, TDRs | $ 55 | $ 325 |
Commercial, financial, and agricultural [Member] | ||
Information related to loans modified in a troubled debt restructuring: | ||
Number of contracts, TDRs Accruing | ||
Pre-Modification Restructured Balances, TDRs - Accruing | ||
Post-Modification Restructured Balances, TDRs - Accruing | ||
Number of contracts, TDRs Nonaccrual | ||
Pre-Modification Restructured Balances, TDRs Nonaccrual | ||
Post-Modification Restructured Balances, TDRs Nonaccrual | ||
Real estate - construction, land development & other land loans [Member] | ||
Information related to loans modified in a troubled debt restructuring: | ||
Number of contracts, TDRs Accruing | ||
Pre-Modification Restructured Balances, TDRs - Accruing | ||
Post-Modification Restructured Balances, TDRs - Accruing | ||
Number of contracts, TDRs Nonaccrual | 1 | |
Pre-Modification Restructured Balances, TDRs Nonaccrual | $ 61 | |
Post-Modification Restructured Balances, TDRs Nonaccrual | $ 61 | |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | ||
Information related to loans modified in a troubled debt restructuring: | ||
Number of contracts, TDRs Accruing | ||
Pre-Modification Restructured Balances, TDRs - Accruing | ||
Post-Modification Restructured Balances, TDRs - Accruing | ||
Number of contracts, TDRs Nonaccrual | 1 | 2 |
Pre-Modification Restructured Balances, TDRs Nonaccrual | $ 55 | $ 254 |
Post-Modification Restructured Balances, TDRs Nonaccrual | $ 55 | $ 264 |
Real estate - mortgage - home equity loans / lines of credit [Member] | ||
Information related to loans modified in a troubled debt restructuring: | ||
Number of contracts, TDRs Accruing | ||
Pre-Modification Restructured Balances, TDRs - Accruing | ||
Post-Modification Restructured Balances, TDRs - Accruing | ||
Number of contracts, TDRs Nonaccrual | ||
Pre-Modification Restructured Balances, TDRs Nonaccrual | ||
Post-Modification Restructured Balances, TDRs Nonaccrual | ||
Real estate - mortgage - commercial and other [Member] | ||
Information related to loans modified in a troubled debt restructuring: | ||
Number of contracts, TDRs Accruing | ||
Pre-Modification Restructured Balances, TDRs - Accruing | ||
Post-Modification Restructured Balances, TDRs - Accruing | ||
Number of contracts, TDRs Nonaccrual | ||
Pre-Modification Restructured Balances, TDRs Nonaccrual | ||
Post-Modification Restructured Balances, TDRs Nonaccrual | ||
Installment loans to individuals [Member] | ||
Information related to loans modified in a troubled debt restructuring: | ||
Number of contracts, TDRs Accruing | ||
Pre-Modification Restructured Balances, TDRs - Accruing | ||
Post-Modification Restructured Balances, TDRs - Accruing | ||
Number of contracts, TDRs Nonaccrual | ||
Pre-Modification Restructured Balances, TDRs Nonaccrual | ||
Post-Modification Restructured Balances, TDRs Nonaccrual |
Loans and Asset Quality Info_13
Loans and Asset Quality Information (Schedule of Accruing Restructured Loans Defaulted in Period) (Details) - All Total Loans [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Accruing TDRs that subsequently defaulted | ||
Number of Contracts - Subsequent Default | 1 | 1 |
Recorded Investment - Subsequently defaulted | $ 93 | $ 570 |
Real estate - mortgage - residential (1-4 family) first mortgages [Member] | ||
Accruing TDRs that subsequently defaulted | ||
Number of Contracts - Subsequent Default | 1 | |
Recorded Investment - Subsequently defaulted | $ 93 | |
Real estate - mortgage - commercial and other [Member] | ||
Accruing TDRs that subsequently defaulted | ||
Number of Contracts - Subsequent Default | 1 | |
Recorded Investment - Subsequently defaulted | $ 570 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill And Other Intangible Assets [Abstract] | ||
Amortization expense of intangible assets | $ 1,332 | $ 1,560 |
Additional amortization expense of servicing assets | 299 | 112 |
Servicing assets | $ 600 | $ 1,154 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Summary of the Gross Carrying Amount and Accumulated Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Amortizable intangible assets: | |||
Gross Carrying Amount | $ 41,828 | $ 41,228 | $ 39,104 |
Accumulated Amortization | 21,747 | 20,116 | 15,025 |
Unamortizable intangible assets: | |||
Goodwill | 234,368 | 234,368 | 231,681 |
Customer Lists [Member] | |||
Amortizable intangible assets: | |||
Gross Carrying Amount | 6,013 | 6,013 | 6,013 |
Accumulated Amortization | 1,774 | 1,637 | 1,185 |
Core Deposit Intangible [Member] | |||
Amortizable intangible assets: | |||
Gross Carrying Amount | 28,440 | 28,440 | 28,440 |
Accumulated Amortization | 17,585 | 16,469 | 12,803 |
SBA servicing asset [Member] | |||
Amortizable intangible assets: | |||
Gross Carrying Amount | 6,072 | 5,472 | 3,348 |
Accumulated Amortization | 1,352 | 1,053 | 319 |
Other Intangible Assets [Member] | |||
Amortizable intangible assets: | |||
Gross Carrying Amount | 1,303 | 1,303 | 1,303 |
Accumulated Amortization | $ 1,036 | $ 957 | $ 718 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of the Estimated Amortization Expense) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
The estimated amortization expense for five succeeding years: | |
April 1 to December 31, 2019 | $ 4,191 |
2020 | 4,641 |
2021 | 3,628 |
2022 | 2,525 |
2023 | 1,453 |
Thereafter | 3,643 |
Total | $ 20,081 |
Pension Plans (Narrative) (Deta
Pension Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Net periodic pension cost (income) | $ 244 | $ 365 |
Pension Plans (Details)
Pension Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Service cost | $ 29 | |
Interest cost | 413 | 387 |
Expected return on plan assets | (397) | (103) |
Amortization of net (gain)/loss | 228 | 52 |
Net periodic pension cost | 244 | 365 |
Pension Plan [Member] | ||
Service cost | ||
Interest cost | 372 | 330 |
Expected return on plan assets | (397) | (103) |
Amortization of net (gain)/loss | 223 | 60 |
Net periodic pension cost | 198 | 287 |
SERP [Member] | ||
Service cost | 29 | |
Interest cost | 41 | 57 |
Expected return on plan assets | ||
Amortization of net (gain)/loss | 5 | (8) |
Net periodic pension cost | $ 46 | $ 78 |
Comprehensive Income (Loss) (Sc
Comprehensive Income (Loss) (Schedule of Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
The components of accumulated other comprehensive income (loss): | ||||
Total accumulated other comprehensive income (loss) | $ (7,264) | $ (11,961) | $ (9,693) | $ (4,146) |
Unrealized gain (loss) on securities available for sale [Member] | ||||
The components of accumulated other comprehensive income (loss): | ||||
Total accumulated other comprehensive income (loss) | (6,487) | (12,390) | (9,501) | |
Deferred tax asset (liability) | 1,516 | 2,896 | 2,220 | |
Total accumulated other comprehensive income (loss) | (4,971) | (9,494) | (7,281) | (1,694) |
Additional pension asset (liability) [Member] | ||||
The components of accumulated other comprehensive income (loss): | ||||
Total accumulated other comprehensive income (loss) | (2,992) | (3,220) | (3,148) | |
Deferred tax asset (liability) | 699 | 753 | 736 | |
Total accumulated other comprehensive income (loss) | $ (2,293) | $ (2,467) | $ (2,412) | $ (2,452) |
Comprehensive Income (Loss) (_2
Comprehensive Income (Loss) (Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated other comprehensive income (loss), beginning balance | $ (11,961) | $ (4,146) |
Other comprehensive income (loss) before reclassifications | 4,523 | (5,587) |
Amounts reclassified from accumulated other comprehensive income | 174 | 40 |
Net current-period other comprehensive income (loss) | 4,697 | (5,547) |
Accumulated other comprehensive income (loss), ending balance | (7,264) | (9,693) |
Unrealized gain (loss) on securities available for sale [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (9,494) | (1,694) |
Other comprehensive income (loss) before reclassifications | 4,523 | (5,587) |
Amounts reclassified from accumulated other comprehensive income | ||
Net current-period other comprehensive income (loss) | 4,523 | (5,587) |
Accumulated other comprehensive income (loss), ending balance | (4,971) | (7,281) |
Additional pension asset (liability) [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (2,467) | (2,452) |
Other comprehensive income (loss) before reclassifications | ||
Amounts reclassified from accumulated other comprehensive income | 174 | 40 |
Net current-period other comprehensive income (loss) | 174 | 40 |
Accumulated other comprehensive income (loss), ending balance | $ (2,293) | $ (2,412) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value [Abstract] | ||
Increase in fair value of securities available for sale | $ 5,903 | $ (7,290) |
Tax expense of increase in fair value of securities available for sale | $ (1,380) | $ 1,703 |
Fair Value (Financial instrumen
Fair Value (Financial instruments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Securities available for sale: | |||
Total available for sale securities | $ 639,609 | $ 501,351 | $ 341,001 |
Impaired loans and foreclosed real estate: | |||
Foreclosed real estate | 6,390 | 7,440 | $ 11,307 |
Fair Value [Member] | |||
Securities available for sale: | |||
Total available for sale securities | 639,609 | 501,351 | |
Recurring [Member] | Quoted Prices in Markets for Identical Assets (Level 1) [Member] | |||
Securities available for sale: | |||
Government-sponsored enterprise securities | |||
Mortgage-backed securities | |||
Corporate bonds | |||
Total available for sale securities | |||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Securities available for sale: | |||
Government-sponsored enterprise securities | 78,887 | 82,662 | |
Mortgage-backed securities | 526,948 | 385,551 | |
Corporate bonds | 33,774 | 33,138 | |
Total available for sale securities | 639,609 | 501,351 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Securities available for sale: | |||
Government-sponsored enterprise securities | |||
Mortgage-backed securities | |||
Corporate bonds | |||
Total available for sale securities | |||
Recurring [Member] | Fair Value [Member] | |||
Securities available for sale: | |||
Government-sponsored enterprise securities | 78,887 | 82,662 | |
Mortgage-backed securities | 526,948 | 385,551 | |
Corporate bonds | 33,774 | 33,138 | |
Total available for sale securities | 639,609 | 501,351 | |
Nonrecurring [Member] | Quoted Prices in Markets for Identical Assets (Level 1) [Member] | |||
Impaired loans and foreclosed real estate: | |||
Impaired loans | |||
Foreclosed real estate | |||
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Impaired loans and foreclosed real estate: | |||
Impaired loans | |||
Foreclosed real estate | |||
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Impaired loans and foreclosed real estate: | |||
Impaired loans | 10,820 | 13,071 | |
Foreclosed real estate | 6,390 | 7,440 | |
Nonrecurring [Member] | Fair Value [Member] | |||
Impaired loans and foreclosed real estate: | |||
Impaired loans | 10,820 | 13,071 | |
Foreclosed real estate | $ 6,390 | $ 7,440 |
Fair Value (Level 3 assets and
Fair Value (Level 3 assets and liabilities measured at fair value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Impaired loans | $ 10,820 | $ 13,071 | |
Foreclosed real estate | $ 6,390 | $ 7,440 | $ 11,307 |
Impaired Loans [Member] | |||
Valuation technique | Appraised value; PV of expected cash flows | Appraised value; PV of expected cash flows | |
Significant unobservable inputs | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell | |
General range of significant input values, minimum | 0.00% | 0.00% | |
General range of significant input values, maximum | 10.00% | 10.00% | |
Foreclosed Real Estate [Member] | |||
Valuation technique | Appraised value; List or contract price | Appraised value; List or contract price | |
Significant unobservable inputs | Discounts to reflect current market conditions, abbreviated holding period and estimated costs to sell | Discounts to reflect current market conditions and estimated costs to sell | |
General range of significant input values, minimum | 0.00% | 0.00% | |
General range of significant input values, maximum | 10.00% | 10.00% |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Carrying amounts and estimated fair values of financial instruments: | |||
Cash and due from banks, noninterest-bearing | $ 80,620 | $ 56,050 | $ 78,217 |
Securities available for sale | 639,609 | 501,351 | 341,001 |
Securities held to maturity | 90,903 | 101,237 | 112,058 |
Total loans, net of allowance | 4,282,692 | 4,228,025 | 4,090,487 |
Accrued interest receivable | 16,516 | 16,004 | 13,270 |
Bank-owned life insurance | 102,524 | 101,878 | 99,786 |
Accrued interest payable | 2,341 | 1,976 | $ 1,306 |
Level in Fair Value Hierachy [Member] | |||
Carrying amounts and estimated fair values of financial instruments: | |||
Cash and due from banks, noninterest-bearing | 1 | 1 | |
Due from banks, interest-bearing | 1 | 1 | |
Securities available for sale | 2 | 2 | |
Securities held to maturity | 2 | 2 | |
Presold mortgages in process of settlement | 1 | 1 | |
Total loans, net of allowance | 3 | 3 | |
Accrued interest receivable | 1 | 1 | |
Bank-owned life insurance | 1 | 1 | |
SBA Servicing Asset | 3 | 3 | |
Deposits | 2 | 2 | |
Borrowings | 2 | 2 | |
Accrued interest payable | 2 | 2 | |
Carrying Amount [Member] | |||
Carrying amounts and estimated fair values of financial instruments: | |||
Cash and due from banks, noninterest-bearing | 80,620 | 56,050 | |
Due from banks, interest-bearing | 366,187 | 406,848 | |
Securities available for sale | 639,609 | 501,351 | |
Securities held to maturity | 90,903 | 101,237 | |
Presold mortgages in process of settlement | 3,318 | 4,279 | |
Total loans, net of allowance | 4,282,692 | 4,228,025 | |
Accrued interest receivable | 16,516 | 16,004 | |
Bank-owned life insurance | 102,524 | 101,878 | |
SBA Servicing Asset | 4,720 | 4,419 | |
Deposits | 4,797,238 | 4,659,339 | |
Borrowings | 406,125 | 406,609 | |
Accrued interest payable | 2,341 | 1,976 | |
Fair Value [Member] | |||
Carrying amounts and estimated fair values of financial instruments: | |||
Cash and due from banks, noninterest-bearing | 80,620 | 56,050 | |
Due from banks, interest-bearing | 366,187 | 406,848 | |
Securities available for sale | 639,609 | 501,351 | |
Securities held to maturity | 90,280 | 99,906 | |
Presold mortgages in process of settlement | 3,318 | 4,279 | |
Total loans, net of allowance | 4,228,688 | 4,181,139 | |
Accrued interest receivable | 16,516 | 16,004 | |
Bank-owned life insurance | 102,524 | 101,878 | |
SBA Servicing Asset | 4,990 | 4,617 | |
Deposits | 4,792,368 | 4,653,522 | |
Borrowings | 401,064 | 402,556 | |
Accrued interest payable | $ 2,341 | $ 1,972 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Schedule of Noninterest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Noninterest Income In-scope of Topic 606: | ||
Service charges on deposit accounts: | $ 2,945 | $ 3,263 |
Other service charges, commissions, and fees: | ||
Interchange income | 3,551 | 3,061 |
Other service charges and fees | 1,697 | 1,424 |
Commissions from sales of insurance and financial products: | ||
Insurance income | 1,368 | 1,414 |
Wealth management income | 661 | 526 |
SBA consulting fees | 1,263 | 1,141 |
Foreclosed property gains (losses), net | (245) | (288) |
Noninterest income (in-scope of Topic 606) | 11,240 | 10,541 |
Noninterest income (out-of-scope of Topic 606) | 3,335 | 5,288 |
Total noninterest income | $ 14,575 | $ 15,829 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee Disclosure [Abstract] | |
Weighted average remaining lease term | 21 years 2 months 8 days |
Weighted average discount rate | 3.42% |
Total operating lease expense | $ 600 |
Operating lease right-of-use assets | 18,900 |
Operating lease liabilities | $ 18,976 |
Leases (Schedule of Estimated L
Leases (Schedule of Estimated Lease Payments for Operating Leases) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
The estimated amortization expense for five succeeding years: | |
April 1 to December 31, 2019 | $ 2,206 |
2020 | 2,175 |
2021 | 1,986 |
2022 | 1,699 |
2023 | 1,607 |
Thereafter | 19,571 |
Total estimated lease payments | 29,244 |
Less effect of discounting | (10,268) |
Present value of estimated lease payments (lease liability) | $ 18,976 |