Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 0-15572 | |
Entity Registrant Name | FIRST BANCORP | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1421916 | |
Entity Address, Address Line One | 300 SW Broad St., | |
Entity Address, City or Town | Southern Pines, | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28387 | |
City Area Code | (910) | |
Local Phone Number | 246-2500 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | FBNC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 29,717,223 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Central Index Key | 0000811589 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
ASSETS | |||
Cash and due from banks, noninterest-bearing | $ 52,679 | $ 56,050 | $ 97,163 |
Due from banks, interest-bearing | 286,781 | 406,848 | 462,972 |
Total cash and cash equivalents | 339,460 | 462,898 | 560,135 |
Securities available for sale | 691,971 | 501,351 | 334,068 |
Securities held to maturity (fair values of $79,044, $99,906, and $107,068) | 79,050 | 101,237 | 108,265 |
Presold mortgages in process of settlement | 6,222 | 4,279 | 9,311 |
Loans | 4,339,497 | 4,249,064 | 4,149,390 |
Allowance for loan losses | (20,789) | (21,039) | (23,298) |
Net loans | 4,318,708 | 4,228,025 | 4,126,092 |
Premises and equipment | 136,901 | 119,000 | 113,774 |
Accrued interest receivable | 16,909 | 16,004 | 13,930 |
Goodwill | 234,368 | 234,368 | 232,458 |
Other intangible assets | 19,401 | 21,112 | 23,152 |
Foreclosed properties | 5,107 | 7,440 | 8,296 |
Bank-owned life insurance | 103,154 | 101,878 | 100,413 |
Other assets | 60,788 | 66,524 | 87,706 |
Total assets | 6,012,039 | 5,864,116 | 5,717,600 |
LIABILITIES | |||
Noninterest bearing checking accounts | 1,441,064 | 1,320,131 | 1,252,214 |
Interest bearing checking accounts | 931,945 | 916,374 | 915,666 |
Money market accounts | 1,104,052 | 1,035,523 | 1,021,659 |
Savings accounts | 413,065 | 432,389 | 440,475 |
Time deposits of $100,000 or more | 690,734 | 690,922 | 647,206 |
Other time deposits | 262,194 | 264,000 | 276,401 |
Total deposits | 4,843,054 | 4,659,339 | 4,553,621 |
Borrowings | 301,140 | 406,609 | 407,076 |
Accrued interest payable | 2,258 | 1,976 | 1,651 |
Other liabilities | 50,418 | 31,962 | 30,530 |
Total liabilities | 5,196,870 | 5,099,886 | 4,992,878 |
Commitments and contingencies | |||
SHAREHOLDERS’ EQUITY | |||
Preferred stock, no par value per share. Authorized: 5,000,000 shares Issued & outstanding: none, none, and none | 0 | 0 | 0 |
Common stock, no par value per share. Authorized: 40,000,000 shares Issued & outstanding: 29,717,223, 29,724,874, and 29,702,912 shares | 432,533 | 434,453 | 434,117 |
Retained earnings | 380,748 | 341,738 | 301,800 |
Stock in rabbi trust assumed in acquisition | (2,866) | (3,235) | (3,214) |
Rabbi trust obligation | 2,866 | 3,235 | 3,214 |
Accumulated other comprehensive income (loss) | 1,888 | (11,961) | (11,195) |
Total shareholders’ equity | 815,169 | 764,230 | 724,722 |
Total liabilities and shareholders’ equity | $ 6,012,039 | $ 5,864,116 | $ 5,717,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | |||
Securities held to maturity fair values | $ 79,044 | $ 99,906 | $ 107,068 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 29,717,223 | 29,724,874 | 29,702,912 |
Common stock, shares outstanding (in shares) | 29,717,223 | 29,724,874 | 29,702,912 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 55,652 | $ 51,451 | $ 109,612 | $ 101,621 |
Interest on investment securities: | ||||
Taxable interest income | 4,993 | 2,465 | 9,730 | 5,051 |
Tax-exempt interest income | 271 | 368 | 608 | 748 |
Other, principally overnight investments | 2,106 | 2,451 | 4,807 | 4,376 |
Total interest income | 63,022 | 56,735 | 124,757 | 111,796 |
INTEREST EXPENSE | ||||
Savings, checking and money market accounts | 2,335 | 1,132 | 4,344 | 2,111 |
Time deposits of $100,000 or more | 3,522 | 1,850 | 6,700 | 3,325 |
Other time deposits | 467 | 251 | 857 | 470 |
Borrowings | 2,289 | 2,270 | 5,086 | 4,151 |
Total interest expense | 8,613 | 5,503 | 16,987 | 10,057 |
Net interest income | 54,409 | 51,232 | 107,770 | 101,739 |
Provision (reversal) for loan losses | (308) | (710) | 192 | (4,369) |
Net interest income after provision for loan losses | 54,717 | 51,942 | 107,578 | 106,108 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 3,210 | 3,122 | 6,155 | 6,385 |
Other service charges, commissions and fees | 5,786 | 4,674 | 11,034 | 9,159 |
Fees from presold mortgage loans | 857 | 796 | 1,402 | 1,655 |
Commissions from sales of insurance and financial products | 2,204 | 2,119 | 4,233 | 4,059 |
SBA consulting fees | 921 | 1,126 | 2,184 | 2,267 |
SBA loan sale gains | 3,069 | 2,598 | 5,131 | 6,400 |
Bank-owned life insurance income | 631 | 628 | 1,277 | 1,251 |
Foreclosed property gains (losses), net | (381) | (99) | (626) | (387) |
Other gains (losses), net | (308) | 908 | (226) | 912 |
Total noninterest income | 15,989 | 15,872 | 30,564 | 31,701 |
NONINTEREST EXPENSES | ||||
Salaries expense | 19,732 | 18,446 | 38,697 | 37,844 |
Employee benefits expense | 4,418 | 4,084 | 9,006 | 8,691 |
Total personnel expense | 24,150 | 22,530 | 47,703 | 46,535 |
Occupancy expense | 2,729 | 2,543 | 5,483 | 5,345 |
Equipment related expenses | 1,183 | 1,241 | 2,552 | 2,493 |
Merger and acquisition expenses | 103 | 640 | 213 | 3,401 |
Intangibles amortization expense | 1,242 | 1,506 | 2,574 | 3,066 |
Other operating expenses | 11,032 | 10,174 | 21,185 | 21,280 |
Total noninterest expenses | 40,439 | 38,634 | 79,710 | 82,120 |
Income before income taxes | 30,267 | 29,180 | 58,432 | 55,689 |
Income tax expense | 6,408 | 6,450 | 12,288 | 12,286 |
Net income | $ 23,859 | $ 22,730 | $ 46,144 | $ 43,403 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.80 | $ 0.77 | $ 1.55 | $ 1.47 |
Diluted (in dollars per share) | 0.80 | 0.77 | 1.55 | 1.46 |
Dividends declared per common share (in dollars per share) | $ 0.12 | $ 0.10 | $ 0.24 | $ 0.20 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 29,626,931 | 29,544,747 | 29,607,074 | 29,539,308 |
Diluted (in shares) | 29,796,941 | 29,632,738 | 29,808,859 | 29,630,822 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 23,859 | $ 22,730 | $ 46,144 | $ 43,403 |
Unrealized gains (losses) on securities available for sale: | ||||
Unrealized holding gains (losses) arising during the period, pretax | 11,701 | (2,012) | 17,604 | (9,302) |
Tax (expense) benefit | (2,714) | 471 | (4,094) | 2,174 |
Postretirement Plans: | ||||
Amortization of unrecognized net actuarial loss | 228 | 51 | 456 | 103 |
Tax benefit | (63) | (12) | (117) | (24) |
Other comprehensive income (loss) | 9,152 | (1,502) | 13,849 | (7,049) |
Comprehensive income | $ 33,011 | $ 21,228 | $ 59,993 | $ 36,354 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Stock in Rabbi Trust Assumed in Acquisition | Rabbi Trust Obligation | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2017 | 29,639,000 | |||||
Beginning balance at Dec. 31, 2017 | $ 692,979 | $ 432,794 | $ 264,331 | $ (3,581) | $ 3,581 | $ (4,146) |
Net income | 43,403 | 43,403 | ||||
Cash dividends declared | (5,934) | (5,934) | ||||
Change in Rabbi Trust Obligation | 0 | 367 | (367) | |||
Stock option exercises (in shares) | 25,000 | |||||
Stock option exercises | 324 | $ 324 | ||||
Stock withheld for payment of taxes (in shares) | (4,000) | |||||
Stock withheld for payment of taxes | 0 | $ 0 | ||||
Stock-based compensation (in shares) | 43,000 | |||||
Stock-based compensation | 999 | $ 999 | ||||
Other comprehensive income (loss) | $ (7,049) | (7,049) | ||||
Ending balance (in shares) at Jun. 30, 2018 | 29,702,912 | 29,703,000 | ||||
Ending balance at Jun. 30, 2018 | $ 724,722 | $ 434,117 | 301,800 | (3,214) | 3,214 | (11,195) |
Beginning balance (in shares) at Mar. 31, 2018 | 29,661,000 | |||||
Beginning balance at Mar. 31, 2018 | 705,650 | $ 433,305 | 282,038 | (3,588) | 3,588 | (9,693) |
Net income | 22,730 | 22,730 | ||||
Cash dividends declared | (2,968) | (2,968) | ||||
Change in Rabbi Trust Obligation | 0 | 374 | (374) | |||
Stock option exercises (in shares) | 17,000 | |||||
Stock option exercises | 216 | $ 216 | ||||
Stock withheld for payment of taxes (in shares) | (4,000) | |||||
Stock withheld for payment of taxes | 0 | $ 0 | ||||
Stock-based compensation (in shares) | 29,000 | |||||
Stock-based compensation | 596 | $ 596 | ||||
Other comprehensive income (loss) | $ (1,502) | (1,502) | ||||
Ending balance (in shares) at Jun. 30, 2018 | 29,702,912 | 29,703,000 | ||||
Ending balance at Jun. 30, 2018 | $ 724,722 | $ 434,117 | 301,800 | (3,214) | 3,214 | (11,195) |
Beginning balance (in shares) at Dec. 31, 2018 | 29,724,874 | 29,725,000 | ||||
Beginning balance at Dec. 31, 2018 | $ 764,230 | $ 434,453 | 341,738 | (3,235) | 3,235 | (11,961) |
Net income | 46,144 | 46,144 | ||||
Cash dividends declared | (7,134) | (7,134) | ||||
Change in Rabbi Trust Obligation | 0 | 369 | (369) | |||
Equity issued related to acquisition earn-out (in shares) | 78,000 | |||||
Equity issued related to acquisition earn-out | 3,070 | $ 3,070 | ||||
Stock repurchased (in shares) | (182,000) | |||||
Stock repurchases | $ (6,524) | $ (6,524) | ||||
Stock option exercises (in shares) | 9,000 | 9,000 | ||||
Stock option exercises | $ 129 | $ 129 | ||||
Stock withheld for payment of taxes (in shares) | (2,000) | |||||
Stock withheld for payment of taxes | (91) | $ (91) | ||||
Stock-based compensation (in shares) | 89,000 | |||||
Stock-based compensation | 1,496 | $ 1,496 | ||||
Other comprehensive income (loss) | $ 13,849 | 13,849 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 29,717,223 | 29,717,000 | ||||
Ending balance at Jun. 30, 2019 | $ 815,169 | $ 432,533 | 380,748 | (2,866) | 2,866 | 1,888 |
Beginning balance (in shares) at Mar. 31, 2019 | 29,746,000 | |||||
Beginning balance at Mar. 31, 2019 | 788,139 | $ 434,948 | 360,455 | (3,245) | 3,245 | (7,264) |
Net income | 23,859 | 23,859 | ||||
Cash dividends declared | (3,566) | (3,566) | ||||
Change in Rabbi Trust Obligation | 0 | 379 | (379) | |||
Equity issued related to acquisition earn-out (in shares) | 78,000 | |||||
Equity issued related to acquisition earn-out | 3,070 | $ 3,070 | ||||
Stock repurchased (in shares) | (182,000) | |||||
Stock repurchases | (6,524) | $ (6,524) | ||||
Stock option exercises (in shares) | 9,000 | |||||
Stock option exercises | 129 | $ 129 | ||||
Stock-based compensation (in shares) | 65,000 | |||||
Stock-based compensation | 910 | $ 910 | ||||
Other comprehensive income (loss) | $ 9,152 | 9,152 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 29,717,223 | 29,717,000 | ||||
Ending balance at Jun. 30, 2019 | $ 815,169 | $ 432,533 | $ 380,748 | $ (2,866) | $ 2,866 | $ 1,888 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per common share (in dollars per share) | $ 0.12 | $ 0.10 | $ 0.24 | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Cash Flows From Operating Activities | |||||
Net income | $ 23,859 | $ 22,730 | $ 46,144 | $ 43,403 | |
Reconciliation of net income to net cash provided by operating activities: | |||||
Provision (reversal) for loan losses | (308) | (710) | 192 | (4,369) | $ (3,589) |
Net security premium amortization | 1,104 | 1,476 | |||
Loan discount accretion | (3,149) | (4,407) | |||
Other purchase accounting accretion and amortization, net | (18) | (125) | |||
Foreclosed property (gains) losses and write-downs, net | 381 | 99 | 626 | 387 | |
Other losses (gains) | 226 | (912) | |||
Increase in net deferred loan costs | (485) | (955) | |||
Depreciation of premises and equipment | 2,886 | 2,859 | |||
Amortization of operating lease right-of-use assets | 911 | 0 | |||
Repayments of lease obligations | (1,198) | 0 | |||
Stock-based compensation expense | 1,202 | 827 | |||
Amortization of intangible assets | 1,242 | 1,506 | 2,574 | 3,066 | |
Amortization of SBA servicing assets | 621 | 351 | |||
Fees/gains from sale of presold mortgages and SBA loans | (6,533) | (8,055) | |||
Origination of presold mortgage loans in process of settlement | (53,390) | (70,056) | |||
Proceeds from sales of presold mortgage loans in process of settlement | 52,878 | 74,729 | |||
Origination of SBA loans for sale | (91,323) | (110,116) | |||
Proceeds from sales of SBA loans | 73,313 | 88,811 | |||
(Increase) decrease in accrued interest receivable | (905) | 164 | |||
Decrease (increase) in other assets | 80 | (14,988) | |||
Increase in accrued interest payable | 282 | 416 | |||
Decrease in other liabilities | (1,382) | (7,504) | |||
Net cash provided (used) by operating activities | 24,656 | (4,998) | |||
Cash Flows From Investing Activities | |||||
Purchases of securities available for sale | (256,609) | (18,850) | |||
Proceeds from maturities/issuer calls of securities available for sale | 82,952 | 17,835 | |||
Proceeds from maturities/issuer calls of securities held to maturity | 21,725 | 9,679 | |||
Redemptions (purchases) of FRB and FHLB stock, net | 4,207 | ||||
Redemptions (purchases) of FRB and FHLB stock, net | (6,099) | ||||
Net increase in loans | (67,139) | (73,471) | |||
Proceeds from sales of foreclosed properties | 3,262 | 4,619 | |||
Purchases of premises and equipment | (1,968) | (1,959) | |||
Proceeds from sales of premises and equipment | 240 | 2,579 | |||
Net cash used by investing activities | (213,330) | (65,667) | |||
Cash Flows From Financing Activities | |||||
Net increase in deposits | 183,823 | 146,882 | |||
Net decrease in borrowings | (105,559) | (558) | |||
Cash dividends paid – common stock | (6,542) | (5,338) | |||
Net cash provided (used) by operating activities | (6,524) | 0 | |||
Proceeds from stock option exercises | 129 | 216 | 129 | 324 | |
Stock withheld for payment of taxes | (91) | 0 | |||
Net cash provided by financing activities | 65,236 | 141,310 | |||
(Decrease) increase in cash and cash equivalents | (123,438) | 70,645 | |||
Cash and cash equivalents, beginning of period | 462,898 | 489,490 | 489,490 | ||
Cash and cash equivalents, end of period | $ 339,460 | $ 560,135 | 339,460 | 560,135 | $ 462,898 |
Cash paid (received) during the period for: | |||||
Interest | 16,705 | 9,641 | |||
Income taxes | 13,196 | 10,190 | |||
Non-cash transactions: | |||||
Unrealized gain (loss) on securities available for sale, net of taxes | 13,510 | (7,128) | |||
Foreclosed loans transferred to other real estate | 1,555 | $ 1,913 | |||
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 | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 June 30, 2019 and 2018 and the consolidated results of operations and consolidated cash flows for the periods ended June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | 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. Also, in May 2019, the FASB issued additional guidance to provide entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, upon the adoption of the CECL model, but the Company does not expect to elect this option. 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 Company expects the adoption of this guidance to significantly increase its allowance for loan losses. The impact of adoption is expected to be significantly influenced by the composition, characteristics and quality of the Company's 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 . The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this guidance and delay adoption of the additional disclosures until their effective date. The Company does not expect these amendments to have a material effect on its 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 | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain amounts reported in the period ended June 30, 2018 have been reclassified to conform to the presentation for June 30, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company recorded total stock-based compensation expense of $801,000 and $596,000 for the three months ended June 30, 2019 and 2018 , respectively, and $ 1,202,000 and $ 827,000 for the six months ended June 30, 2019 and 2018 , respectively. Stock-based compensation expense for the Company relates to equity awards granted to employees and directors. At June 30, 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 June 30, 2019 , the First Bancorp 2014 Equity Plan was the only plan that had shares available for future grants, and there were 662,551 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 to employees have been made in the form of 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 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. In addition to employee equity awards, the Company's practice is to grant 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. On June 1, 2019, the Company granted 9,030 shares of common stock to non-employee directors ( 903 shares per director), at a fair market value of $ 35.41 per share, which was the closing price of the Company's common stock on that date, and resulted in $ 320,000 in expense. On June 1, 2018, the Company granted 8,393 shares of common stock to non-employee directors ( 763 shares per director), at a fair market value of $ 41.93 per share, which was the closing price of the Company's common stock on that date, and resulted in $ 352,000 in expense. The expense associated with director grants is classified as "other operating expense" in the Consolidated Statements of Income. The following table presents information regarding the activity for the first six months of 2019 related to the Company’s outstanding restricted stock: Long-Term Restricted Stock Number of Units Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2019 129,251 $ 32.39 Granted during the period 82,411 36.37 Vested during the period (8,844 ) 26.97 Forfeited or expired during the period (954 ) 41.93 Nonvested at June 30, 2019 201,864 $ 34.21 Total unrecognized compensation expense as of June 30, 2019 amounted to $4,154,000 with a weighted-average remaining term of 2.4 years . The Company expects to record $2,006,000 in compensation expense in the next twelve months, $ 1,062,000 of which will be recorded in the remaining quarters of 2019 . Prior to 2010, stock options were the primary form of stock-based compensation utilized by the Company. At June 30, 2019 , there were no stock options outstanding. The following table presents information regarding the activity for the first six months of 2019 related to the Company’s outstanding stock options: Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Balance at January 1, 2019 9,000 $ 14.35 Granted — — Exercised (9,000 ) 14.35 Forfeited — — Expired — — Outstanding at June 30, 2019 — $ — 0 $ — Exercisable at June 30, 2019 — $ — 0 $ — During the three months ended June 30, 2019 and 2018 , the Company received $129,000 and $216,000 , respectively, as a result of stock option exercises. During the six months ended June 30, 2019 and 2018 , the Company received $ 129,000 and $ 324,000 , respectively, as a result of stock option exercises. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic Earnings Per Common Share is calculated by dividing net income, less income allocated to participating securities, by the weighted average number of common shares outstanding during the period, excluding unvested shares of restricted stock. For the Company, participating securities include 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, as well as contingently issuable shares. 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 total number of weighted average unvested shares outstanding. 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 weighted average 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 June 30, 2019 2018 ($ in thousands except per share amounts) Per Share Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS: Net income $ 23,859 $ 22,730 Less: income allocated to participating securities (114 ) — Basic EPS per common share $ 23,745 29,626,931 $ 0.80 $ 22,730 29,544,747 $ 0.77 Diluted EPS: Net income $ 23,859 29,626,931 $ 22,730 29,544,747 Effect of Dilutive Securities — 170,010 — 87,991 Diluted EPS per common share $ 23,859 29,796,941 $ 0.80 $ 22,730 29,632,738 $ 0.77 For the Six Months Ended June 30, 2019 2018 ($ in thousands except per share amounts) Per Share Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS: Net income $ 46,144 $ 43,403 Less: income allocated to participating securities (227 ) — Basic EPS per common share $ 45,917 29,607,074 $ 1.55 $ 43,403 29,539,308 $ 1.47 Diluted EPS: Net income $ 46,144 29,607,074 $ 43,403 29,539,308 Effect of Dilutive Securities — 201,785 — 91,514 Diluted EPS per common share $ 46,144 29,808,859 $ 1.55 $ 43,403 29,630,822 $ 1.46 For both the three and six months ended June 30, 2019 and 2018 , there were no options that were antidilutive. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The book values and approximate fair values of investment securities at June 30, 2019 and December 31, 2018 are summarized as follows: ($ in thousands) June 30, 2019 December 31, 2018 Amortized Cost Fair Value Unrealized Amortized Cost Fair Value Unrealized Gains (Losses) Gains (Losses) Securities available for sale: Government-sponsored enterprise securities $ 59,202 59,477 313 (38 ) 82,995 82,662 63 (396 ) Mortgage-backed securities 593,824 598,024 7,088 (2,888 ) 396,995 385,551 39 (11,483 ) Corporate bonds 33,731 34,470 869 (130 ) 33,751 33,138 76 (689 ) Total available for sale $ 686,757 691,971 8,270 (3,056 ) 513,741 501,351 178 (12,568 ) Securities held to maturity: Mortgage-backed securities $ 46,447 45,998 — (449 ) 52,048 50,241 — (1,807 ) State and local governments 32,603 33,046 444 (1 ) 49,189 49,665 525 (49 ) Total held to maturity $ 79,050 79,044 444 (450 ) 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 $1.0 million as of June 30, 2019 and December 31, 2018 . The following table presents information regarding securities with unrealized losses at June 30, 2019 : ($ in thousands) Securities in an Unrealized Loss Position for Less than 12 Months Securities in an Unrealized Loss Position for More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government-sponsored enterprise securities $ — — 13,962 38 13,962 38 Mortgage-backed securities — — 276,614 3,337 276,614 3,337 Corporate bonds — — 870 130 870 130 State and local governments — — 946 1 946 1 Total temporarily impaired securities $ — — 292,392 3,506 292,392 3,506 The following table presents information regarding securities with unrealized losses at December 31, 2018 : ($ in thousands) Securities in an Unrealized Loss Position for Less than 12 Months Securities in an Unrealized Loss Position for More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 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 June 30, 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 June 30, 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 ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Securities Due within one year $ — — 1,165 1,169 Due after one year but within five years 77,691 78,421 22,463 22,813 Due after five years but within ten years 10,242 10,473 8,110 8,165 Due after ten years 5,000 5,053 865 899 Mortgage-backed securities 593,824 598,024 46,447 45,998 Total securities $ 686,757 691,971 79,050 79,044 At June 30, 2019 and December 31, 2018 investment securities with carrying values of $303,878,000 and $234,382,000 , 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 $33,260,000 and $37,468,000 at June 30, 2019 and December 31, 2018 , respectively. The FHLB stock had a cost of $15,789,000 and $20,036,000 at June 30, 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 $17,471,000 and $17,432,000 at June 30, 2019 and December 31, 2018 , respectively, and is a requirement for FRB member bank qualification. Periodically, both the FHLB and FRB recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end. The Company owns 12,356 Class B shares of Visa, Inc. (“Visa”) stock that were received upon Visa’s initial public offering. These shares are expected to convert into Class A Visa shares subsequent to the settlement of certain litigation against Visa. The Class B shares have transfer restrictions, and the conversion rate into Class A shares is periodically adjusted as Visa settles litigation. The conversion rate at June 30, 2019 was approximately 1.63 , which means the Company would receive approximately 20,140 Class A shares if the stock had converted on that date. This stock does not have a readily determinable fair value and is therefore carried at its cost basis of zero. If a readily determinable fair value becomes available for the Class B shares, or upon the conversion to Class A shares, the Company will adjust the carrying value of the stock to its market value with a credit to earnings. |
Loans and Asset Quality Informa
Loans and Asset Quality Information | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Asset Quality Information | Loans and Asset Quality Information The following is a summary of the major categories of total loans outstanding: ($ in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Amount Percentage Amount Percentage Amount Percentage All loans: Commercial, financial, and agricultural $ 471,188 11 % $ 457,037 11 % $ 417,366 10 % Real estate – construction, land development & other land loans 456,781 10 % 518,976 12 % 600,031 14 % Real estate – mortgage – residential (1-4 family) first mortgages 1,090,601 25 % 1,054,176 25 % 1,000,189 24 % Real estate – mortgage – home equity loans / lines of credit 349,355 8 % 359,162 8 % 369,875 9 % Real estate – mortgage – commercial and other 1,900,188 44 % 1,787,022 42 % 1,690,175 41 % Installment loans to individuals 69,600 2 % 71,392 2 % 71,823 2 % Subtotal 4,337,713 100 % 4,247,765 100 % 4,149,459 100 % Unamortized net deferred loan costs (fees) 1,784 1,299 (69 ) Total loans $ 4,339,497 $ 4,249,064 $ 4,149,390 Included in the table above are the following amounts of SBA loans: ($ in thousands) June 30, December 31, June 30, Guaranteed portions of SBA Loans included in table above $ 43,157 53,205 20,466 Unguaranteed portions of SBA Loans included in table above 106,154 97,572 98,013 Total SBA loans included in the table above $ 149,311 150,777 118,479 Sold portions of SBA loans with servicing retained - not included in table above $ 288,914 230,424 171,462 At June 30, 2019 and December 31, 2018 , there was a remaining unaccreted discount on the retained portion of sold SBA loans amounting to $6.9 million and $5.7 million , respectively. As of June 30, 2019 and December 31, 2018 , there was a remaining accretable discount of $13.0 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. PCI loans For the Six Months Ended June 30, For the Year Ended December 31, Balance at beginning of period $ 17,393 23,165 Change due to payments received and accretion (3,273 ) (5,799 ) Change due to loan charge-offs (11 ) (10 ) Transfers to foreclosed real estate — (4 ) Other 66 41 Balance at end of period $ 14,175 17,393 The following table presents changes in the accretable yield for PCI loans. Accretable Yield for PCI loans For the Six Months Ended June 30, For the Year Ended December 31, Balance at beginning of period $ 4,750 4,688 Accretion (811 ) (2,050 ) Reclassification from (to) nonaccretable difference 502 849 Other, net (89 ) 1,263 Balance at end of period $ 4,352 4,750 During the six months of 2019, the Company received $290,000 in payments that exceeded the carrying amount of the related PCI loans, of which $263,000 was recognized as loan discount accretion income and $27,000 was recorded as additional loan interest income. During the first six months of 2018, the Company received $190,000 in payments that exceeded the carrying amount of the related PCI loans, of which $149,000 was recognized as loan discount accretion income and $41,000 was recorded as additional loan interest income. Nonperforming assets are defined as nonaccrual loans, troubled debt restructured (“TDR”) loans, loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows. ($ in thousands) June 30, December 31, June 30, Nonperforming assets Nonaccrual loans $ 17,375 22,575 25,494 TDRs- accruing 11,890 13,418 17,386 Accruing loans > 90 days past due — — — Total nonperforming loans 29,265 35,993 42,880 Foreclosed real estate 5,107 7,440 8,296 Total nonperforming assets $ 34,372 43,433 51,176 Purchased credit impaired loans not included above (1) $ 14,175 17,393 20,832 (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 June 30, 2019 , December 31, 2018 , and June 30, 2018 , respectively, that were contractually past due 90 days or more. At June 30, 2019 and December 31, 2018 , the Company had $1.3 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) June 30, December 31, Commercial, financial, and agricultural $ 1,490 919 Real estate – construction, land development & other land loans 1,420 2,265 Real estate – mortgage – residential (1-4 family) first mortgages 8,697 10,115 Real estate – mortgage – home equity loans / lines of credit 1,404 1,685 Real estate – mortgage – commercial and other 4,260 7,452 Installment loans to individuals 104 139 Total $ 17,375 22,575 The following table presents an analysis of the payment status of the Company’s loans as of June 30, 2019 . ($ in thousands) Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90 Days or More Past Due Nonaccrual Loans Accruing Current Total Loans Receivable Commercial, financial, and agricultural $ 3,716 606 — 1,490 465,112 470,924 Real estate – construction, land development & other land loans 299 — — 1,420 454,890 456,609 Real estate – mortgage – residential (1-4 family) first mortgages 4,821 101 — 8,697 1,071,040 1,084,659 Real estate – mortgage – home equity loans / lines of credit 856 620 — 1,404 346,265 349,145 Real estate – mortgage – commercial and other 1,007 2,514 — 4,260 1,884,964 1,892,745 Installment loans to individuals 354 77 — 104 68,921 69,456 Purchased credit impaired 167 174 622 — 13,212 14,175 Total $ 11,220 4,092 622 17,375 4,304,404 4,337,713 Unamortized net deferred loan costs 1,784 Total loans $ 4,339,497 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2018 . ($ in thousands) Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90 Days or More Past Due Nonaccrual Loans Accruing Current Total Loans Receivable Commercial, financial, and agricultural $ 191 5 — 919 455,691 456,806 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 1,022,262 1,047,924 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 and six months ended June 30, 2019 . ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallocated Total As of and for the three months ended June 30, 2019 Beginning balance $ 3,709 2,284 4,510 1,374 8,120 1,006 92 21,095 Charge-offs (690 ) (29 ) (155 ) (66 ) (2 ) (155 ) — (1,097 ) Recoveries 191 202 222 327 103 54 — 1,099 Provisions 8 (642 ) (454 ) (364 ) 631 306 207 (308 ) Ending balance $ 3,218 1,815 4,123 1,271 8,852 1,211 299 20,789 As of and for the six months ended June 30, 2019 Beginning balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Charge-offs (936 ) (293 ) (185 ) (146 ) (838 ) (436 ) — (2,834 ) Recoveries 605 489 382 455 374 87 — 2,392 Provisions 660 (624 ) (1,271 ) (703 ) 1,333 608 189 192 Ending balance $ 3,218 1,815 4,123 1,271 8,852 1,211 299 20,789 Ending balance as of June 30, 2019: Allowance for loan losses Individually evaluated for impairment $ 435 44 770 — 783 — — 2,032 Collectively evaluated for impairment $ 2,776 1,771 3,289 1,271 8,013 1,195 299 18,614 Purchased credit impaired $ 7 — 64 — 56 16 — 143 Loans receivable as of June 30, 2019 Ending balance – total $ 471,188 456,781 1,090,601 349,355 1,900,188 69,600 — 4,337,713 Unamortized net deferred loan costs 1,784 Total loans $ 4,339,497 Ending balances as of June 30, 2019: Loans Individually evaluated for impairment $ 992 1,020 10,334 21 7,451 — — 19,818 Collectively evaluated for impairment $ 469,932 455,589 1,074,325 349,124 1,885,294 69,456 — 4,303,720 Purchased credit impaired $ 264 172 5,942 210 7,443 144 — 14,175 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2018 . ($ in thousands) Commercial, Financial, and Agricultural Real Estate – Construction, Land Development & Other Land Loans Real Estate – Residential (1-4 Family) First Mortgages Real Estate – Mortgage – Home Equity Lines of Credit Real Estate – Mortgage – Commercial and Other Installment Loans to Individuals Unallocated 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 and six months ended June 30, 2018 . ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallocated Total As of and for the three months ended June 30, 2018 Beginning balance $ 2,536 2,317 5,892 2,266 5,991 844 3,452 23,298 Charge-offs (370 ) (30 ) (172 ) (10 ) (271 ) (144 ) — (997 ) Recoveries 313 341 371 90 542 50 — 1,707 Provisions (211 ) 64 968 (96 ) 1,033 147 (2,615 ) (710 ) Ending balance $ 2,268 2,692 7,059 2,250 7,295 897 837 23,298 As of and for the six months ended June 30, 2018 Beginning balance $ 3,111 2,816 6,147 1,827 6,475 950 1,972 23,298 Charge-offs (609 ) (32 ) (415 ) (186 ) (312 ) (262 ) — (1,816 ) Recoveries 812 3,387 516 243 1,124 103 — 6,185 Provisions (1,046 ) (3,479 ) 811 366 8 106 (1,135 ) (4,369 ) Ending balance $ 2,268 2,692 7,059 2,250 7,295 897 837 23,298 Ending balances as of June 30, 2018: Allowance for loan losses Individually evaluated for impairment $ 277 302 2,756 415 1,231 6 — 4,987 Collectively evaluated for impairment $ 1,991 2,390 4,133 1,794 6,052 891 837 18,088 Purchased credit impaired $ — — 170 41 12 — — 223 Loans receivable as of June 30, 2018 Ending balance – total $ 417,366 600,031 1,000,189 369,875 1,690,175 71,823 — 4,149,459 Unamortized net deferred loan fees (69 ) Total loans 4,149,390 Ending balances as of June 30, 2018: Loans Individually evaluated for impairment $ 3,208 3,549 15,247 671 10,333 10 — 33,018 Collectively evaluated for impairment $ 413,889 596,157 977,549 368,831 1,667,700 71,483 — 4,095,609 Purchased credit impaired $ 269 325 7,393 373 12,142 330 — 20,832 The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of June 30, 2019 . ($ in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ — — — 113 Real estate – mortgage – construction, land development & other land loans 439 766 — 461 Real estate – mortgage – residential (1-4 family) first mortgages 4,645 4,972 — 4,687 Real estate – mortgage –home equity loans / lines of credit 21 30 — 21 Real estate – mortgage –commercial and other 3,287 4,276 — 3,593 Installment loans to individuals — — — — Total impaired loans with no allowance $ 8,392 10,044 — 8,875 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 992 1,323 435 798 Real estate – mortgage – construction, land development & other land loans 581 581 44 593 Real estate – mortgage – residential (1-4 family) first mortgages 5,689 5,881 770 6,519 Real estate – mortgage –home equity loans / lines of credit — — — 91 Real estate – mortgage –commercial and other 4,164 4,763 783 4,865 Installment loans to individuals — — — — Total impaired loans with allowance $ 11,426 12,548 2,032 12,866 Interest income recorded on impaired loans during the six months ended June 30, 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 Investment Unpaid Principal Balance Related Allowance Average Recorded Investment 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. 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 (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc. The following table presents the Company’s recorded investment in loans by credit quality indicators as of June 30, 2019 . ($ in thousands) Pass Special Mention Loans Classified Accruing Loans Classified Nonaccrual Loans Total Commercial, financial, and agricultural $ 460,804 7,643 987 1,490 470,924 Real estate – construction, land development & other land loans 447,686 4,680 2,823 1,420 456,609 Real estate – mortgage – residential (1-4 family) first mortgages 1,040,778 16,274 18,910 8,697 1,084,659 Real estate – mortgage – home equity loans / lines of credit 340,085 1,361 6,295 1,404 349,145 Real estate – mortgage – commercial and other 1,857,389 20,539 10,557 4,260 1,892,745 Installment loans to individuals 68,190 223 939 104 69,456 Purchased credit impaired 8,060 2,884 3,231 — 14,175 Total $ 4,222,992 53,604 43,742 17,375 4,337,713 Unamortized net deferred loan costs 1,784 Total loans 4,339,497 The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2018 . ($ in thousands) Pass Special Mention Loans Classified Accruing Loans Classified Nonaccrual Loans 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 June 30, 2019 and 2018 . ($ in thousands) For the three months ended For the three months ended Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural 1 $ 143 $ 143 — $ — $ — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages — — — 1 18 18 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 — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages — — — — — — 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 $ 143 $ 143 1 $ 18 $ 18 The following table presents information related to loans modified in a troubled debt restructuring during the six months ended June 30, 2019 and 2018 . ($ in thousands) For the six months ended For the six months ended Number of Contracts Pre- Modification Restructured Balances Post- Modification Restructured Balances Number of Contracts Pre- Modification Restructured Balances Post- Modification Restructured Balances TDRs – Accruing Commercial, financial, and agricultural 1 $ 143 $ 143 — $ — $ — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 55 55 1 18 18 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 2 $ 198 $ 198 4 $ 333 $ 343 Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three months ended June 30, 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 June 30, 2019 For the Three Months Ended June 30, 2018 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — 1 $ 60 Real estate – mortgage – commercial and other — — 2 763 Total accruing TDRs that subsequently defaulted — $ — 3 $ 823 Accruing restructured loans that were modified in the previous 12 months and that defaulted during the six months ended June 30, 2019 and 2018 are presented in the table below. ($ in thousands) For the Six Months Ended June 30, 2019 For the Six Months Ended June 30, 2018 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — 1 $ 60 Real estate – mortgage – commercial and other — — 2 763 Total accruing TDRs that subsequently defaulted — $ — 3 $ 823 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of June 30, 2019 , December 31, 2018 , and June 30, 2018 and the carrying amount of unamortized intangible assets as of those same dates. June 30, 2019 December 31, 2018 June 30, 2018 ($ in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists $ 6,013 1,911 6,013 1,637 6,013 1,185 Core deposit intangibles 28,440 18,648 28,440 16,469 28,440 12,803 SBA servicing asset 6,956 1,674 5,472 1,053 3,348 319 Other 1,303 1,078 1,303 957 1,303 718 Total $ 42,712 23,311 41,228 20,116 39,104 15,025 Unamortizable intangible assets: Goodwill $ 234,368 234,368 232,458 The Company recorded $1,484,000 and $1,972,000 in servicing assets associated with the guaranteed portion of SBA loans originated and sold during the first six months of 2019 and 2018 , respectively. During the first six months of 2019 and 2018 , the Company recorded $621,000 and $351,000 , 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 $ 1,242,000 and $ 1,506,000 for the three months ended June 30, 2019 and 2018 , respectively, and $2,574,000 and $3,066,000 for the six months ended June 30, 2019 and 2018 , respectively. The following table presents the estimated amortization expense schedule related to acquisition-related amortizable intangible assets. These amounts will be recorded as "Intangibles amortization expense" within the noninterest expense section of the Consolidated Statements of Income. 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. Additionally, as noted in the table above, the Company has a SBA servicing asset at June 30, 2019 with a remaining book value of $ 5,282,000 . This servicing asset will be amortized over the lives of the related loans, with such amortization expense recorded as a reduction of servicing income within the line item "Other service charges, commissions and fees" of the Consolidated Statements of Income. ($ in thousands) Estimated Amortization Expense July 1 to December 31, 2019 $ 2,284 2020 3,841 2021 2,927 2022 2,022 2023 1,041 Thereafter 2,004 Total $ 14,119 |
Pension Plans
Pension Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plans | 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 (income) totaling $244,000 and $(93,000) for the three months ended June 30, 2019 and 2018 , respectively, and $ 488,000 and $ 272,000 for the six months ended June 30, 2019 and 2018 , respectively. The following table contains the components of the pension cost. For the Three Months Ended June 30, ($ in thousands) 2019 2018 2019 2018 2019 Total 2018 Total Service cost $ — — — 33 — 33 Interest cost 372 326 41 53 413 379 Expected return on plan assets (397 ) (556 ) — — (397 ) (556 ) Amortization of net (gain)/loss 223 59 5 (8 ) 228 51 Net periodic pension cost (income) $ 198 (171 ) 46 78 244 (93 ) For the Six Months Ended June 30, ($ in thousands) 2019 2018 2019 2018 2019 Total 2018 Total Service cost $ — — — 62 — 62 Interest cost 744 656 82 110 826 766 Expected return on plan assets (794 ) (659 ) — — (794 ) (659 ) Amortization of net (gain)/loss 446 119 10 (16 ) 456 103 Net periodic pension cost $ 396 116 92 156 488 272 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 no t contribute to the Pension Plan in the first six months of 2019 and does no t expect to contribute to the Pension Plan in the remainder of 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) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | 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) June 30, 2019 December 31, 2018 June 30, 2018 Unrealized gain (loss) on securities available for sale $ 5,214 (12,390 ) (11,513 ) Deferred tax asset (liability) (1,198 ) 2,896 2,691 Net unrealized gain (loss) on securities available for sale 4,016 (9,494 ) (8,822 ) Additional pension asset (liability) (2,764 ) (3,220 ) (3,097 ) Deferred tax asset (liability) 636 753 724 Net additional pension asset (liability) (2,128 ) (2,467 ) (2,373 ) Total accumulated other comprehensive income (loss) $ 1,888 (11,961 ) (11,195 ) The following table discloses the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2019 (all amounts are net of tax). ($ in thousands) Unrealized Gain (Loss) on Securities Available for Sale Additional Pension Asset (Liability) Total Beginning balance at January 1, 2019 $ (9,494 ) (2,467 ) (11,961 ) Other comprehensive income (loss) before reclassifications 13,510 — 13,510 Amounts reclassified from accumulated other comprehensive income — 339 339 Net current-period other comprehensive income (loss) 13,510 339 13,849 Ending balance at June 30, 2019 $ 4,016 (2,128 ) 1,888 The following table discloses the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2018 (all amounts are net of tax). ($ in thousands) Unrealized Gain (Loss) on Securities Available for Sale Additional Pension Asset (Liability) Total Beginning balance at January 1, 2018 $ (1,694 ) (2,452 ) (4,146 ) Other comprehensive income (loss) before reclassifications (7,128 ) — (7,128 ) Amounts reclassified from accumulated other comprehensive income — 79 79 Net current-period other comprehensive income (loss) (7,128 ) 79 (7,049 ) Ending balance at June 30, 2018 $ (8,822 ) (2,373 ) (11,195 ) |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 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 June 30, 2019 . ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Securities available for sale: Government-sponsored enterprise securities $ 59,477 — 59,477 — Mortgage-backed securities 598,024 — 598,024 — Corporate bonds 34,470 — 34,470 — Total available for sale securities $ 691,971 — 691,971 — Nonrecurring Impaired loans $ 11,351 — — 11,351 Foreclosed real estate 2,539 — — 2,539 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 Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 June 30, 2019 , the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Technique Significant Unobservable Inputs Range of Significant Unobservable Input Values Impaired loans $ 11,351 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 2,539 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 Technique Significant Unobservable Inputs Range of Significant Unobservable Input Values 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 six months ended June 30, 2019 or 2018 . For the six months ended June 30, 2019 and 2018 , the increase (decrease) in the fair value of securities available for sale was $17,604,000 and ($9,302,000) , respectively, which is included in other comprehensive income (net of tax benefit (expense) of ($4,094,000) and $2,174,000 , respectively). Fair value measurement methods at June 30, 2019 and 2018 are consistent with those used in prior reporting periods. The carrying amounts and estimated fair values of financial instruments at June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 December 31, 2018 ($ in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and due from banks, noninterest-bearing Level 1 $ 52,679 52,679 56,050 56,050 Due from banks, interest-bearing Level 1 286,781 286,781 406,848 406,848 Securities available for sale Level 2 691,971 691,791 501,351 501,351 Securities held to maturity Level 2 79,050 79,044 101,237 99,906 Presold mortgages in process of settlement Level 1 6,222 6,222 4,279 4,279 Total loans, net of allowance Level 3 4,318,708 4,264,663 4,228,025 4,181,139 Accrued interest receivable Level 1 16,909 16,909 16,004 16,004 Bank-owned life insurance Level 1 103,154 103,154 101,878 101,878 SBA Servicing Asset Level 3 5,284 5,807 4,419 4,617 Deposits Level 2 4,843,054 4,839,229 4,659,339 4,653,522 Borrowings Level 2 301,140 295,309 406,609 402,556 Accrued interest payable Level 2 2,258 2,258 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 | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers All of the Company’s revenues that are in the scope of the “ Revenue from Contracts with Customers ” accounting standard (“Topic 606”) are recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three and six months ended June 30, 2019 and 2018 . Items outside the scope of Topic 606 are noted as such. For the Three Months Ended For the Six Months Ended $ in thousands June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Noninterest Income In-scope of Topic 606: Service charges on deposit accounts: $ 3,210 3,122 6,155 6,385 Other service charges, commissions, and fees: Interchange income 4,228 3,482 7,779 6,543 Other service charges and fees 1,558 1,192 3,255 2,616 Commissions from sales of insurance and financial products: Insurance income 1,304 1,489 2,672 2,903 Wealth management income 900 630 1,561 1,156 SBA consulting fees 921 1,126 2,184 2,267 Foreclosed property gains (losses), net (381 ) (99 ) (626 ) (387 ) Noninterest income (in-scope of Topic 606) 11,740 10,942 22,980 21,483 Noninterest income (out-of-scope of Topic 606) 4,249 4,930 7,584 10,218 Total noninterest income $ 15,989 15,872 30,564 31,701 A description of the Company’s revenue streams accounted for under Topic 606 is detailed below. Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Overdraft fees are recognized at the point in time that the overdraft occurs. Maintenance and activity fees include account maintenance fees and transaction-based fees. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Service charges on deposits are withdrawn from the customer’s account balance. Other service charges, commissions, and fees: The Company earns interchange income on its customers’ debit and credit card usage and earns fees from other services utilized by its customers. Interchange income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as MasterCard. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, ATM surcharge fees, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Commissions from the sale of insurance and financial products: The Company earns commissions from the sale of insurance policies and wealth management 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: The Company earns fees for its consulting services related to the origination of SBA loans. Fees are based on a percentage of the dollar amount of the originated loans and are recorded when the performance obligation has been satisfied, upon closing the loan. Foreclosed property gains (losses), net: The Company records a gain or loss from the sale of foreclosed property when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of foreclosed property to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed property asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. 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 | 6 Months Ended |
Jun. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Leases | Leases Effective January 1, 2019, the Company adopted new accounting guidance regarding Leases (Topic 842). As of June 30, 2019 , the Company leased eight branch offices for which the land and buildings are leased and nine branch offices for which the land is leased but the building is owned. The Company also leases one loan production office and office space for several operational departments. All of the Company’s leases have historically qualified as operating leases under prior accounting guidance, and therefore, were not previously recognized on the Company’s Consolidated Balance Sheets. The lease agreements have maturity dates ranging from January 2021 through May 2076, some of which include options for multiple five- and ten-year extensions. The weighted average remaining life of the lease term for these leases was 20.83 years as of June 30, 2019 . 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 June 30, 2019 . Total operating lease expense was $1.2 million for the six months ended June 30, 2019 . The right-of-use assets, included in premises and equipment, and lease liabilities, included in other liabilities, were $19.1 million and $19.2 million as of June 30, 2019 , respectively. Estimated lease payments for the Company’s operating leases with initial terms of one year or more as of June 30, 2019 were as follows. ($ in thousands) Estimated Amortization Expense July 1 to December 31, 2019 $ 1,164 2020 2,332 2021 2,135 2022 1,741 2023 1,643 Thereafter 19,776 Total estimated lease payments 28,791 Less effect of discounting (9,558 ) Present value of estimated lease payments (lease liability) $ 19,233 Future obligations for minimum rentals under noncancealable operating leases at December 31, 2018 were as follows: ($ in thousands) Future obligations for minimum rentals under noncancelable operating leases 2019 $ 2,268 2020 1,973 2021 1,344 2022 869 2023 768 Thereafter 4,082 Total estimated lease payments $ 11,304 |
Equity Issuance
Equity Issuance | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Equity Issuance | Equity Issuance On May 5, 2016, the Company acquired SBA Complete, Inc. (“SBA Complete”), a firm that provides services to financial institutions across the country related to Small Business Administration (“SBA”) loan origination and servicing. Per the terms of the acquisition agreement, the former owners of SBA Complete were eligible for a contingent earn-out payment to be paid in shares of Company stock based on achieving predetermined profitability goals over a cumulative three year period. The Company initially valued the earn-out at $3.0 million and adjusted the value quarterly thereafter based on updated estimates. On May 5, 2019, the three year earn-out period concluded, and based on the terms of the earn-out, the Company issued 78,353 shares of common stock with a value of $3.1 million , which increased shareholders' equity. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 June 30, 2019 and 2018 and the consolidated results of operations and consolidated cash flows for the periods ended June 30, 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 June 30, 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 Standards Adopted and Pending Adoption | 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. Also, in May 2019, the FASB issued additional guidance to provide entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, upon the adoption of the CECL model, but the Company does not expect to elect this option. 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 Company expects the adoption of this guidance to significantly increase its allowance for loan losses. The impact of adoption is expected to be significantly influenced by the composition, characteristics and quality of the Company's 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 . The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this guidance and delay adoption of the additional disclosures until their effective date. The Company does not expect these amendments to have a material effect on its 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 Certain amounts reported in the period ended June 30, 2018 have been reclassified to conform to the presentation for June 30, 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 (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of outstanding restricted stock | The following table presents information regarding the activity for the first six months of 2019 related to the Company’s outstanding restricted stock: Long-Term Restricted Stock Number of Units Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2019 129,251 $ 32.39 Granted during the period 82,411 36.37 Vested during the period (8,844 ) 26.97 Forfeited or expired during the period (954 ) 41.93 Nonvested at June 30, 2019 201,864 $ 34.21 |
Schedule of Company's stock options outstanding | The following table presents information regarding the activity for the first six months of 2019 related to the Company’s outstanding stock options: Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Balance at January 1, 2019 9,000 $ 14.35 Granted — — Exercised (9,000 ) 14.35 Forfeited — — Expired — — Outstanding at June 30, 2019 — $ — 0 $ — Exercisable at June 30, 2019 — $ — 0 $ — |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
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 June 30, 2019 2018 ($ in thousands except per share amounts) Per Share Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS: Net income $ 23,859 $ 22,730 Less: income allocated to participating securities (114 ) — Basic EPS per common share $ 23,745 29,626,931 $ 0.80 $ 22,730 29,544,747 $ 0.77 Diluted EPS: Net income $ 23,859 29,626,931 $ 22,730 29,544,747 Effect of Dilutive Securities — 170,010 — 87,991 Diluted EPS per common share $ 23,859 29,796,941 $ 0.80 $ 22,730 29,632,738 $ 0.77 For the Six Months Ended June 30, 2019 2018 ($ in thousands except per share amounts) Per Share Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS: Net income $ 46,144 $ 43,403 Less: income allocated to participating securities (227 ) — Basic EPS per common share $ 45,917 29,607,074 $ 1.55 $ 43,403 29,539,308 $ 1.47 Diluted EPS: Net income $ 46,144 29,607,074 $ 43,403 29,539,308 Effect of Dilutive Securities — 201,785 — 91,514 Diluted EPS per common share $ 46,144 29,808,859 $ 1.55 $ 43,403 29,630,822 $ 1.46 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Securities | The book values and approximate fair values of investment securities at June 30, 2019 and December 31, 2018 are summarized as follows: ($ in thousands) June 30, 2019 December 31, 2018 Amortized Cost Fair Value Unrealized Amortized Cost Fair Value Unrealized Gains (Losses) Gains (Losses) Securities available for sale: Government-sponsored enterprise securities $ 59,202 59,477 313 (38 ) 82,995 82,662 63 (396 ) Mortgage-backed securities 593,824 598,024 7,088 (2,888 ) 396,995 385,551 39 (11,483 ) Corporate bonds 33,731 34,470 869 (130 ) 33,751 33,138 76 (689 ) Total available for sale $ 686,757 691,971 8,270 (3,056 ) 513,741 501,351 178 (12,568 ) Securities held to maturity: Mortgage-backed securities $ 46,447 45,998 — (449 ) 52,048 50,241 — (1,807 ) State and local governments 32,603 33,046 444 (1 ) 49,189 49,665 525 (49 ) Total held to maturity $ 79,050 79,044 444 (450 ) 101,237 99,906 525 (1,856 ) |
Schedule of Unrealized Losses on Investment Securities | The following table presents information regarding securities with unrealized losses at June 30, 2019 : ($ in thousands) Securities in an Unrealized Loss Position for Less than 12 Months Securities in an Unrealized Loss Position for More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government-sponsored enterprise securities $ — — 13,962 38 13,962 38 Mortgage-backed securities — — 276,614 3,337 276,614 3,337 Corporate bonds — — 870 130 870 130 State and local governments — — 946 1 946 1 Total temporarily impaired securities $ — — 292,392 3,506 292,392 3,506 The following table presents information regarding securities with unrealized losses at December 31, 2018 : ($ in thousands) Securities in an Unrealized Loss Position for Less than 12 Months Securities in an Unrealized Loss Position for More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 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 Contractual Maturity of Investment Securities | The book values and approximate fair values of investment securities at June 30, 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 ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Securities Due within one year $ — — 1,165 1,169 Due after one year but within five years 77,691 78,421 22,463 22,813 Due after five years but within ten years 10,242 10,473 8,110 8,165 Due after ten years 5,000 5,053 865 899 Mortgage-backed securities 593,824 598,024 46,447 45,998 Total securities $ 686,757 691,971 79,050 79,044 |
Loans and Asset Quality Infor_2
Loans and Asset Quality Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Major Categories of Total Loans Outstanding | The following is a summary of the major categories of total loans outstanding: ($ in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Amount Percentage Amount Percentage Amount Percentage All loans: Commercial, financial, and agricultural $ 471,188 11 % $ 457,037 11 % $ 417,366 10 % Real estate – construction, land development & other land loans 456,781 10 % 518,976 12 % 600,031 14 % Real estate – mortgage – residential (1-4 family) first mortgages 1,090,601 25 % 1,054,176 25 % 1,000,189 24 % Real estate – mortgage – home equity loans / lines of credit 349,355 8 % 359,162 8 % 369,875 9 % Real estate – mortgage – commercial and other 1,900,188 44 % 1,787,022 42 % 1,690,175 41 % Installment loans to individuals 69,600 2 % 71,392 2 % 71,823 2 % Subtotal 4,337,713 100 % 4,247,765 100 % 4,149,459 100 % Unamortized net deferred loan costs (fees) 1,784 1,299 (69 ) Total loans $ 4,339,497 $ 4,249,064 $ 4,149,390 Included in the table above are the following amounts of SBA loans: ($ in thousands) June 30, December 31, June 30, Guaranteed portions of SBA Loans included in table above $ 43,157 53,205 20,466 Unguaranteed portions of SBA Loans included in table above 106,154 97,572 98,013 Total SBA loans included in the table above $ 149,311 150,777 118,479 Sold portions of SBA loans with servicing retained - not included in table above $ 288,914 230,424 171,462 |
Schedule of Activity in Purchased Credit Impaired Loans | The following table presents changes in the recorded investment of purchased credit impaired (“PCI”) loans. PCI loans For the Six Months Ended June 30, For the Year Ended December 31, Balance at beginning of period $ 17,393 23,165 Change due to payments received and accretion (3,273 ) (5,799 ) Change due to loan charge-offs (11 ) (10 ) Transfers to foreclosed real estate — (4 ) Other 66 41 Balance at end of period $ 14,175 17,393 The following table presents changes in the accretable yield for PCI loans. Accretable Yield for PCI loans For the Six Months Ended June 30, For the Year Ended December 31, Balance at beginning of period $ 4,750 4,688 Accretion (811 ) (2,050 ) Reclassification from (to) nonaccretable difference 502 849 Other, net (89 ) 1,263 Balance at end of period $ 4,352 4,750 |
Schedule of Nonperforming Assets and Nonaccrual Loans | 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) June 30, December 31, June 30, Nonperforming assets Nonaccrual loans $ 17,375 22,575 25,494 TDRs- accruing 11,890 13,418 17,386 Accruing loans > 90 days past due — — — Total nonperforming loans 29,265 35,993 42,880 Foreclosed real estate 5,107 7,440 8,296 Total nonperforming assets $ 34,372 43,433 51,176 Purchased credit impaired loans not included above (1) $ 14,175 17,393 20,832 (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 $0.5 million in PCI loans at June 30, 2019 , December 31, 2018 , and June 30, 2018 , respectively, that were contractually past due 90 days or more. The following is a summary of the Company’s nonaccrual loans by major categories. ($ in thousands) June 30, December 31, Commercial, financial, and agricultural $ 1,490 919 Real estate – construction, land development & other land loans 1,420 2,265 Real estate – mortgage – residential (1-4 family) first mortgages 8,697 10,115 Real estate – mortgage – home equity loans / lines of credit 1,404 1,685 Real estate – mortgage – commercial and other 4,260 7,452 Installment loans to individuals 104 139 Total $ 17,375 22,575 |
Schedule of Analysis of Payment Status | The following table presents an analysis of the payment status of the Company’s loans as of June 30, 2019 . ($ in thousands) Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90 Days or More Past Due Nonaccrual Loans Accruing Current Total Loans Receivable Commercial, financial, and agricultural $ 3,716 606 — 1,490 465,112 470,924 Real estate – construction, land development & other land loans 299 — — 1,420 454,890 456,609 Real estate – mortgage – residential (1-4 family) first mortgages 4,821 101 — 8,697 1,071,040 1,084,659 Real estate – mortgage – home equity loans / lines of credit 856 620 — 1,404 346,265 349,145 Real estate – mortgage – commercial and other 1,007 2,514 — 4,260 1,884,964 1,892,745 Installment loans to individuals 354 77 — 104 68,921 69,456 Purchased credit impaired 167 174 622 — 13,212 14,175 Total $ 11,220 4,092 622 17,375 4,304,404 4,337,713 Unamortized net deferred loan costs 1,784 Total loans $ 4,339,497 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2018 . ($ in thousands) Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90 Days or More Past Due Nonaccrual Loans Accruing Current Total Loans Receivable Commercial, financial, and agricultural $ 191 5 — 919 455,691 456,806 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 1,022,262 1,047,924 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 Allowance for Loan Losses | The following table presents the activity in the allowance for loan losses for all loans for the three and six months ended June 30, 2019 . ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallocated Total As of and for the three months ended June 30, 2019 Beginning balance $ 3,709 2,284 4,510 1,374 8,120 1,006 92 21,095 Charge-offs (690 ) (29 ) (155 ) (66 ) (2 ) (155 ) — (1,097 ) Recoveries 191 202 222 327 103 54 — 1,099 Provisions 8 (642 ) (454 ) (364 ) 631 306 207 (308 ) Ending balance $ 3,218 1,815 4,123 1,271 8,852 1,211 299 20,789 As of and for the six months ended June 30, 2019 Beginning balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Charge-offs (936 ) (293 ) (185 ) (146 ) (838 ) (436 ) — (2,834 ) Recoveries 605 489 382 455 374 87 — 2,392 Provisions 660 (624 ) (1,271 ) (703 ) 1,333 608 189 192 Ending balance $ 3,218 1,815 4,123 1,271 8,852 1,211 299 20,789 Ending balance as of June 30, 2019: Allowance for loan losses Individually evaluated for impairment $ 435 44 770 — 783 — — 2,032 Collectively evaluated for impairment $ 2,776 1,771 3,289 1,271 8,013 1,195 299 18,614 Purchased credit impaired $ 7 — 64 — 56 16 — 143 Loans receivable as of June 30, 2019 Ending balance – total $ 471,188 456,781 1,090,601 349,355 1,900,188 69,600 — 4,337,713 Unamortized net deferred loan costs 1,784 Total loans $ 4,339,497 Ending balances as of June 30, 2019: Loans Individually evaluated for impairment $ 992 1,020 10,334 21 7,451 — — 19,818 Collectively evaluated for impairment $ 469,932 455,589 1,074,325 349,124 1,885,294 69,456 — 4,303,720 Purchased credit impaired $ 264 172 5,942 210 7,443 144 — 14,175 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2018 . ($ in thousands) Commercial, Financial, and Agricultural Real Estate – Construction, Land Development & Other Land Loans Real Estate – Residential (1-4 Family) First Mortgages Real Estate – Mortgage – Home Equity Lines of Credit Real Estate – Mortgage – Commercial and Other Installment Loans to Individuals Unallocated 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 and six months ended June 30, 2018 . ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Unallocated Total As of and for the three months ended June 30, 2018 Beginning balance $ 2,536 2,317 5,892 2,266 5,991 844 3,452 23,298 Charge-offs (370 ) (30 ) (172 ) (10 ) (271 ) (144 ) — (997 ) Recoveries 313 341 371 90 542 50 — 1,707 Provisions (211 ) 64 968 (96 ) 1,033 147 (2,615 ) (710 ) Ending balance $ 2,268 2,692 7,059 2,250 7,295 897 837 23,298 As of and for the six months ended June 30, 2018 Beginning balance $ 3,111 2,816 6,147 1,827 6,475 950 1,972 23,298 Charge-offs (609 ) (32 ) (415 ) (186 ) (312 ) (262 ) — (1,816 ) Recoveries 812 3,387 516 243 1,124 103 — 6,185 Provisions (1,046 ) (3,479 ) 811 366 8 106 (1,135 ) (4,369 ) Ending balance $ 2,268 2,692 7,059 2,250 7,295 897 837 23,298 Ending balances as of June 30, 2018: Allowance for loan losses Individually evaluated for impairment $ 277 302 2,756 415 1,231 6 — 4,987 Collectively evaluated for impairment $ 1,991 2,390 4,133 1,794 6,052 891 837 18,088 Purchased credit impaired $ — — 170 41 12 — — 223 Loans receivable as of June 30, 2018 Ending balance – total $ 417,366 600,031 1,000,189 369,875 1,690,175 71,823 — 4,149,459 Unamortized net deferred loan fees (69 ) Total loans 4,149,390 Ending balances as of June 30, 2018: Loans Individually evaluated for impairment $ 3,208 3,549 15,247 671 10,333 10 — 33,018 Collectively evaluated for impairment $ 413,889 596,157 977,549 368,831 1,667,700 71,483 — 4,095,609 Purchased credit impaired $ 269 325 7,393 373 12,142 330 — 20,832 |
Schedule of Loans Individually Evaluated for Impairment | The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of June 30, 2019 . ($ in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ — — — 113 Real estate – mortgage – construction, land development & other land loans 439 766 — 461 Real estate – mortgage – residential (1-4 family) first mortgages 4,645 4,972 — 4,687 Real estate – mortgage –home equity loans / lines of credit 21 30 — 21 Real estate – mortgage –commercial and other 3,287 4,276 — 3,593 Installment loans to individuals — — — — Total impaired loans with no allowance $ 8,392 10,044 — 8,875 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 992 1,323 435 798 Real estate – mortgage – construction, land development & other land loans 581 581 44 593 Real estate – mortgage – residential (1-4 family) first mortgages 5,689 5,881 770 6,519 Real estate – mortgage –home equity loans / lines of credit — — — 91 Real estate – mortgage –commercial and other 4,164 4,763 783 4,865 Installment loans to individuals — — — — Total impaired loans with allowance $ 11,426 12,548 2,032 12,866 Interest income recorded on impaired loans during the six months ended June 30, 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 Investment Unpaid Principal Balance Related Allowance Average Recorded Investment 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 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 (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc. The following table presents the Company’s recorded investment in loans by credit quality indicators as of June 30, 2019 . ($ in thousands) Pass Special Mention Loans Classified Accruing Loans Classified Nonaccrual Loans Total Commercial, financial, and agricultural $ 460,804 7,643 987 1,490 470,924 Real estate – construction, land development & other land loans 447,686 4,680 2,823 1,420 456,609 Real estate – mortgage – residential (1-4 family) first mortgages 1,040,778 16,274 18,910 8,697 1,084,659 Real estate – mortgage – home equity loans / lines of credit 340,085 1,361 6,295 1,404 349,145 Real estate – mortgage – commercial and other 1,857,389 20,539 10,557 4,260 1,892,745 Installment loans to individuals 68,190 223 939 104 69,456 Purchased credit impaired 8,060 2,884 3,231 — 14,175 Total $ 4,222,992 53,604 43,742 17,375 4,337,713 Unamortized net deferred loan costs 1,784 Total loans 4,339,497 The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2018 . ($ in thousands) Pass Special Mention Loans Classified Accruing Loans Classified Nonaccrual Loans 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 June 30, 2019 and 2018 . ($ in thousands) For the three months ended For the three months ended Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural 1 $ 143 $ 143 — $ — $ — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages — — — 1 18 18 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 — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages — — — — — — 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 $ 143 $ 143 1 $ 18 $ 18 The following table presents information related to loans modified in a troubled debt restructuring during the six months ended June 30, 2019 and 2018 . ($ in thousands) For the six months ended For the six months ended Number of Contracts Pre- Modification Restructured Balances Post- Modification Restructured Balances Number of Contracts Pre- Modification Restructured Balances Post- Modification Restructured Balances TDRs – Accruing Commercial, financial, and agricultural 1 $ 143 $ 143 — $ — $ — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 55 55 1 18 18 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 2 $ 198 $ 198 4 $ 333 $ 343 Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three months ended June 30, 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 June 30, 2019 For the Three Months Ended June 30, 2018 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — 1 $ 60 Real estate – mortgage – commercial and other — — 2 763 Total accruing TDRs that subsequently defaulted — $ — 3 $ 823 Accruing restructured loans that were modified in the previous 12 months and that defaulted during the six months ended June 30, 2019 and 2018 are presented in the table below. ($ in thousands) For the Six Months Ended June 30, 2019 For the Six Months Ended June 30, 2018 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — 1 $ 60 Real estate – mortgage – commercial and other — — 2 763 Total accruing TDRs that subsequently defaulted — $ — 3 $ 823 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets and goodwill | The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of June 30, 2019 , December 31, 2018 , and June 30, 2018 and the carrying amount of unamortized intangible assets as of those same dates. June 30, 2019 December 31, 2018 June 30, 2018 ($ in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists $ 6,013 1,911 6,013 1,637 6,013 1,185 Core deposit intangibles 28,440 18,648 28,440 16,469 28,440 12,803 SBA servicing asset 6,956 1,674 5,472 1,053 3,348 319 Other 1,303 1,078 1,303 957 1,303 718 Total $ 42,712 23,311 41,228 20,116 39,104 15,025 Unamortizable intangible assets: Goodwill $ 234,368 234,368 232,458 |
Schedule of the estimated amortization expense for the five succeeding fiscal years | The following table presents the estimated amortization expense schedule related to acquisition-related amortizable intangible assets. These amounts will be recorded as "Intangibles amortization expense" within the noninterest expense section of the Consolidated Statements of Income. 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. Additionally, as noted in the table above, the Company has a SBA servicing asset at June 30, 2019 with a remaining book value of $ 5,282,000 . This servicing asset will be amortized over the lives of the related loans, with such amortization expense recorded as a reduction of servicing income within the line item "Other service charges, commissions and fees" of the Consolidated Statements of Income. ($ in thousands) Estimated Amortization Expense July 1 to December 31, 2019 $ 2,284 2020 3,841 2021 2,927 2022 2,022 2023 1,041 Thereafter 2,004 Total $ 14,119 |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of the components of pension (income) expense | The following table contains the components of the pension cost. For the Three Months Ended June 30, ($ in thousands) 2019 2018 2019 2018 2019 Total 2018 Total Service cost $ — — — 33 — 33 Interest cost 372 326 41 53 413 379 Expected return on plan assets (397 ) (556 ) — — (397 ) (556 ) Amortization of net (gain)/loss 223 59 5 (8 ) 228 51 Net periodic pension cost (income) $ 198 (171 ) 46 78 244 (93 ) For the Six Months Ended June 30, ($ in thousands) 2019 2018 2019 2018 2019 Total 2018 Total Service cost $ — — — 62 — 62 Interest cost 744 656 82 110 826 766 Expected return on plan assets (794 ) (659 ) — — (794 ) (659 ) Amortization of net (gain)/loss 446 119 10 (16 ) 456 103 Net periodic pension cost $ 396 116 92 156 488 272 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) for the Company are as follows: ($ in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Unrealized gain (loss) on securities available for sale $ 5,214 (12,390 ) (11,513 ) Deferred tax asset (liability) (1,198 ) 2,896 2,691 Net unrealized gain (loss) on securities available for sale 4,016 (9,494 ) (8,822 ) Additional pension asset (liability) (2,764 ) (3,220 ) (3,097 ) Deferred tax asset (liability) 636 753 724 Net additional pension asset (liability) (2,128 ) (2,467 ) (2,373 ) Total accumulated other comprehensive income (loss) $ 1,888 (11,961 ) (11,195 ) The following table discloses the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2019 (all amounts are net of tax). ($ in thousands) Unrealized Gain (Loss) on Securities Available for Sale Additional Pension Asset (Liability) Total Beginning balance at January 1, 2019 $ (9,494 ) (2,467 ) (11,961 ) Other comprehensive income (loss) before reclassifications 13,510 — 13,510 Amounts reclassified from accumulated other comprehensive income — 339 339 Net current-period other comprehensive income (loss) 13,510 339 13,849 Ending balance at June 30, 2019 $ 4,016 (2,128 ) 1,888 The following table discloses the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2018 (all amounts are net of tax). ($ in thousands) Unrealized Gain (Loss) on Securities Available for Sale Additional Pension Asset (Liability) Total Beginning balance at January 1, 2018 $ (1,694 ) (2,452 ) (4,146 ) Other comprehensive income (loss) before reclassifications (7,128 ) — (7,128 ) Amounts reclassified from accumulated other comprehensive income — 79 79 Net current-period other comprehensive income (loss) (7,128 ) 79 (7,049 ) Ending balance at June 30, 2018 $ (8,822 ) (2,373 ) (11,195 ) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [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 June 30, 2019 . ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Securities available for sale: Government-sponsored enterprise securities $ 59,477 — 59,477 — Mortgage-backed securities 598,024 — 598,024 — Corporate bonds 34,470 — 34,470 — Total available for sale securities $ 691,971 — 691,971 — Nonrecurring Impaired loans $ 11,351 — — 11,351 Foreclosed real estate 2,539 — — 2,539 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 Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 |
Schedule of significant unobservable inputs | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of June 30, 2019 , the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Technique Significant Unobservable Inputs Range of Significant Unobservable Input Values Impaired loans $ 11,351 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 2,539 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 Technique Significant Unobservable Inputs Range of Significant Unobservable Input Values 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 June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 December 31, 2018 ($ in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and due from banks, noninterest-bearing Level 1 $ 52,679 52,679 56,050 56,050 Due from banks, interest-bearing Level 1 286,781 286,781 406,848 406,848 Securities available for sale Level 2 691,971 691,791 501,351 501,351 Securities held to maturity Level 2 79,050 79,044 101,237 99,906 Presold mortgages in process of settlement Level 1 6,222 6,222 4,279 4,279 Total loans, net of allowance Level 3 4,318,708 4,264,663 4,228,025 4,181,139 Accrued interest receivable Level 1 16,909 16,909 16,004 16,004 Bank-owned life insurance Level 1 103,154 103,154 101,878 101,878 SBA Servicing Asset Level 3 5,284 5,807 4,419 4,617 Deposits Level 2 4,843,054 4,839,229 4,659,339 4,653,522 Borrowings Level 2 301,140 295,309 406,609 402,556 Accrued interest payable Level 2 2,258 2,258 1,976 1,972 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Noninterest Income | The following table presents the Company’s sources of noninterest income for the three and six months ended June 30, 2019 and 2018 . Items outside the scope of Topic 606 are noted as such. For the Three Months Ended For the Six Months Ended $ in thousands June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Noninterest Income In-scope of Topic 606: Service charges on deposit accounts: $ 3,210 3,122 6,155 6,385 Other service charges, commissions, and fees: Interchange income 4,228 3,482 7,779 6,543 Other service charges and fees 1,558 1,192 3,255 2,616 Commissions from sales of insurance and financial products: Insurance income 1,304 1,489 2,672 2,903 Wealth management income 900 630 1,561 1,156 SBA consulting fees 921 1,126 2,184 2,267 Foreclosed property gains (losses), net (381 ) (99 ) (626 ) (387 ) Noninterest income (in-scope of Topic 606) 11,740 10,942 22,980 21,483 Noninterest income (out-of-scope of Topic 606) 4,249 4,930 7,584 10,218 Total noninterest income $ 15,989 15,872 30,564 31,701 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Schedule of Estimated Lease Payments | Estimated lease payments for the Company’s operating leases with initial terms of one year or more as of June 30, 2019 were as follows. ($ in thousands) Estimated Amortization Expense July 1 to December 31, 2019 $ 1,164 2020 2,332 2021 2,135 2022 1,741 2023 1,643 Thereafter 19,776 Total estimated lease payments 28,791 Less effect of discounting (9,558 ) Present value of estimated lease payments (lease liability) $ 19,233 |
Schedule of Future Obligations for Leases | Future obligations for minimum rentals under noncancealable operating leases at December 31, 2018 were as follows: ($ in thousands) Future obligations for minimum rentals under noncancelable operating leases 2019 $ 2,268 2020 1,973 2021 1,344 2022 869 2023 768 Thereafter 4,082 Total estimated lease payments $ 11,304 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease liabilities | $ 19,233 | |
Lease right-of-use assets | $ 19,100 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease liabilities | $ 19,400 | |
Lease right-of-use assets | $ 19,400 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Thousands | Jun. 01, 2019USD ($)$ / sharesshares | Jun. 01, 2018USD ($)$ / sharesshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)director$ / sharesshares | Jun. 30, 2018USD ($) | Dec. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock based compensation expense | $ 801 | $ 596 | $ 1,202 | $ 827 | |||
Stock options outstanding (in shares) | shares | 0 | 0 | 9,000 | ||||
Proceeds from stock options exercised | $ 129 | $ 216 | $ 129 | $ 324 | |||
Non-Employee Director Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock based compensation expense | $ 320 | $ 352 | |||||
Director equity grants granted, value | $ 32 | ||||||
Number of directors | director | 11 | ||||||
Granted during the period (in shares) | shares | 9,030 | 8,393 | |||||
Granted during the period, per director (in shares) | shares | 903 | 763 | |||||
Granted during the period (in dollars per share) | $ / shares | $ 35.41 | $ 41.93 | |||||
Long-Term Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted during the period (in shares) | shares | 82,411 | ||||||
Granted during the period (in dollars per share) | $ / shares | $ 36.37 | ||||||
Unrecognized compensation expense | 4,154 | $ 4,154 | |||||
Unrecognized compensation expense, period for recognition | 2 years 4 months 24 days | ||||||
Long-Term Restricted Stock | Next Twelve Months | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expense | 2,006 | $ 2,006 | |||||
Long-Term Restricted Stock | Remaining Quarters of 2019 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expense | $ 1,062 | $ 1,062 | |||||
First Bancorp 2014 Equity Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares remaining available for grant (in shares) | shares | 662,551 | 662,551 | |||||
First Bancorp Plans | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options outstanding (in shares) | shares | 0 | 0 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Schedule of Outstanding Restricted Stock) (Details) - Long-Term Restricted Stock | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Number of Units | |
Nonvested, beginning (in shares) | shares | 129,251 |
Granted during the period (in shares) | shares | 82,411 |
Vested during the period (in shares) | shares | (8,844) |
Forfeited or expired during the period (in shares) | shares | (954) |
Nonvested, ending (in shares) | shares | 201,864 |
Weighted-Average Grant-Date Fair Value | |
Nonvested, beginning (in dollars per share) | $ / shares | $ 32.39 |
Granted during the period (in dollars per share) | $ / shares | 36.37 |
Vested during the period (in dollars per share) | $ / shares | 26.97 |
Forfeited or expired during the period (in dollars per share) | $ / shares | 41.93 |
Nonvested, ending (in dollars per share) | $ / shares | $ 34.21 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Schedule of Company's Stock Options Outstanding) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Number of Shares | |
Balance options outstanding, beginning (in shares) | shares | 9,000 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (9,000) |
Forfeited (in shares) | shares | 0 |
Expired (in shares) | shares | 0 |
Balance options outstanding, end (in shares) | shares | 0 |
Exercisable, end of period (in shares) | shares | 0 |
Weighted- Average Exercise Price | |
Balance, beginning (in dollars per share) | $ / shares | $ 14.35 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 14.35 |
Forfeited (in dollars per share) | $ / shares | 0 |
Expired (in dollars per share) | $ / shares | 0 |
Balance, ending (in dollars per share) | $ / shares | 0 |
Exercisable (in dollars per share) | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted- Average Contractual Term (years), outstanding | 0 years |
Weighted- Average Contractual Term (years), exercisable | 0 years |
Aggregate Intrinsic Value, outstanding | $ | $ 0 |
Aggregate Intrinsic Value, exercisable | $ | $ 0 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Numerators And Denominators ) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic EPS: | ||||
Net income | $ 23,859 | $ 22,730 | $ 46,144 | $ 43,403 |
Less: income allocated to participating securities | (114) | 0 | (227) | 0 |
Basic EPS per common share | $ 23,745 | $ 22,730 | $ 45,917 | $ 43,403 |
Basic (in shares) | 29,626,931 | 29,544,747 | 29,607,074 | 29,539,308 |
Basic (in dollars per share) | $ 0.80 | $ 0.77 | $ 1.55 | $ 1.47 |
Diluted EPS: | ||||
Net income | $ 23,859 | $ 22,730 | $ 46,144 | $ 43,403 |
Effect of Dilutive Securities | 0 | 0 | 0 | 0 |
Diluted EPS per common share | $ 23,859 | $ 22,730 | $ 46,144 | $ 43,403 |
Basic (in shares) | 29,626,931 | 29,544,747 | 29,607,074 | 29,539,308 |
Effect of Dilutive Securities (in shares) | 170,010 | 87,991 | 201,785 | 91,514 |
Diluted (in shares) | 29,796,941 | 29,632,738 | 29,808,859 | 29,630,822 |
Diluted (in dollars per share) | $ 0.80 | $ 0.77 | $ 1.55 | $ 1.46 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Number of anti-dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Securities (Summary of Book Val
Securities (Summary of Book Values and Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value | |||
Amortized Cost | $ 686,757 | $ 513,741 | |
Fair Value | 691,971 | 501,351 | $ 334,068 |
Unrealized Gains | 8,270 | 178 | |
Unrealized (Losses) | (3,056) | (12,568) | |
Debt Securities, Held-to-maturity, Maturity [Abstract] | |||
Amortized Cost | 79,050 | 101,237 | 108,265 |
Fair Value | 79,044 | 99,906 | $ 107,068 |
Unrealized Gains | 444 | 525 | |
Unrealized (Losses) | (450) | (1,856) | |
Government-sponsored enterprise securities | |||
Fair Value | |||
Amortized Cost | 59,202 | 82,995 | |
Fair Value | 59,477 | 82,662 | |
Unrealized Gains | 313 | 63 | |
Unrealized (Losses) | (38) | (396) | |
Mortgage-backed securities | |||
Fair Value | |||
Amortized Cost | 593,824 | 396,995 | |
Fair Value | 598,024 | 385,551 | |
Unrealized Gains | 7,088 | 39 | |
Unrealized (Losses) | (2,888) | (11,483) | |
Debt Securities, Held-to-maturity, Maturity [Abstract] | |||
Amortized Cost | 46,447 | 52,048 | |
Fair Value | 45,998 | 50,241 | |
Unrealized Gains | 0 | 0 | |
Unrealized (Losses) | (449) | (1,807) | |
Corporate bonds | |||
Fair Value | |||
Amortized Cost | 33,731 | 33,751 | |
Fair Value | 34,470 | 33,138 | |
Unrealized Gains | 869 | 76 | |
Unrealized (Losses) | (130) | (689) | |
State and local governments | |||
Debt Securities, Held-to-maturity, Maturity [Abstract] | |||
Amortized Cost | 32,603 | 49,189 | |
Fair Value | 33,046 | 49,665 | |
Unrealized Gains | 444 | 525 | |
Unrealized (Losses) | $ (1) | $ (49) |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Private mortgage-backed security fair value | $ 1,000,000 | $ 1,000,000 |
Other than temporary impairment losses | 0 | 0 |
Investment securities, pledged as collateral for public deposits | 303,878,000 | 234,382,000 |
FHLB stock and FRB stock, cost | 33,260,000 | 37,468,000 |
FHLB, cost | 15,789,000 | 20,036,000 |
FRB stock | $ 17,471,000 | $ 17,432,000 |
Visa, Inc | Common Class B | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Stock owned (in shares) | 12,356 | |
Visa, Inc | Common Class A | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Conversion price (in dollars per share) | $ 1.63 | |
Conversion of stock (in shares) | 20,140 |
Securities (Schedule of Informa
Securities (Schedule of Information Regarding Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS and HTM | $ 0 | $ 108,745 |
Unrealized Losses, AFS and HTM | 0 | 863 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS and HTM | 292,392 | 320,445 |
Unrealized Losses, AFS and HTM | 3,506 | 13,561 |
Total | ||
Fair Value, AFS and HTM | 292,392 | 429,190 |
Unrealized Losses, AFS and HTM | 3,506 | 14,424 |
Government-sponsored enterprise securities | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS | 0 | 4,921 |
Unrealized Losses, AFS | 0 | 78 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS | 13,962 | 13,682 |
Unrealized Losses, AFS | 38 | 318 |
Total | ||
Fair Value, AFS | 13,962 | 18,603 |
Unrealized Losses, AFS | 38 | 396 |
Mortgage-backed securities | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS and HTM | 0 | 82,525 |
Unrealized Losses, AFS and HTM | 0 | 351 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS and HTM | 276,614 | 294,305 |
Unrealized Losses, AFS and HTM | 3,337 | 12,939 |
Total | ||
Fair Value, AFS and HTM | 276,614 | 376,830 |
Unrealized Losses, AFS and HTM | 3,337 | 13,290 |
Corporate bonds | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS | 0 | 20,704 |
Unrealized Losses, AFS | 0 | 433 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS | 870 | 5,817 |
Unrealized Losses, AFS | 130 | 256 |
Total | ||
Fair Value, AFS | 870 | 26,521 |
Unrealized Losses, AFS | 130 | 689 |
State and local governments | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, HTM | 0 | 595 |
Unrealized Losses, HTM | 0 | 1 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, HTM | 946 | 6,641 |
Unrealized Losses, HTM | 1 | 48 |
Total | ||
Fair Value, HTM | 946 | 7,236 |
Unrealized Losses, HTM | $ 1 | $ 49 |
Securities (Schedule of Book Va
Securities (Schedule of Book Values and Fair Values of Investment Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Amortized Cost | |||
Due within one year | $ 0 | ||
Due after one year but within five years | 77,691 | ||
Due after five years but within ten years | 10,242 | ||
Due after ten years | 5,000 | ||
Mortgage-backed securities | 593,824 | ||
Amortized Cost | 686,757 | $ 513,741 | |
Fair Value | |||
Due within one year | 0 | ||
Due after one year but within five years | 78,421 | ||
Due after five years but within ten years | 10,473 | ||
Due after ten years | 5,053 | ||
Mortgage-backed securities | 598,024 | ||
Total securities | 691,971 | 501,351 | $ 334,068 |
Amortized Cost | |||
Due within one year | 1,165 | ||
Due after one year but within five years | 22,463 | ||
Due after five years but within ten years | 8,110 | ||
Due after ten years | 865 | ||
Mortgage-backed securities | 46,447 | ||
Amortized Cost | 79,050 | 101,237 | 108,265 |
Fair Value | |||
Due within one year | 1,169 | ||
Due after one year but within five years | 22,813 | ||
Due after five years but within ten years | 8,165 | ||
Due after ten years | 899 | ||
Mortgage-backed securities | 45,998 | ||
Total securities | $ 79,044 | $ 99,906 | $ 107,068 |
Loans and Asset Quality Infor_3
Loans and Asset Quality Information (Summary of Major Categories of Total Loans Outstanding) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 4,337,713 | $ 4,149,459 | $ 4,247,765 |
Unamortized net deferred loan costs (fees) | 1,784 | (69) | 1,299 |
Total loans | $ 4,339,497 | $ 4,149,390 | $ 4,249,064 |
Percentage | 100.00% | 100.00% | 100.00% |
SBA Loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 149,311 | $ 118,479 | $ 150,777 |
SBA Loans, Guaranteed Portion | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 43,157 | 20,466 | 53,205 |
SBA Loans, Unguaranteed Portion | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 106,154 | 98,013 | 97,572 |
SBA Loans, Sold Portion | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 288,914 | 171,462 | 230,424 |
Commercial, financial, and agricultural | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 471,188 | $ 417,366 | $ 457,037 |
Percentage | 11.00% | 10.00% | 11.00% |
Real estate, commercial | Real estate – construction, land development & other land loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 456,781 | $ 600,031 | $ 518,976 |
Percentage | 10.00% | 14.00% | 12.00% |
Real estate, commercial | Real estate – mortgage – commercial and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 1,900,188 | $ 1,690,175 | $ 1,787,022 |
Percentage | 44.00% | 41.00% | 42.00% |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 1,090,601 | $ 1,000,189 | $ 1,054,176 |
Percentage | 25.00% | 24.00% | 25.00% |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 349,355 | $ 369,875 | $ 359,162 |
Percentage | 8.00% | 9.00% | 8.00% |
Installment loans to individuals | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 69,600 | $ 71,823 | $ 71,392 |
Percentage | 2.00% | 2.00% | 2.00% |
Loans and Asset Quality Infor_4
Loans and Asset Quality Information (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Payments that exceeded carrying amount of PCI loans | $ 290 | $ 190 | |
Loan discount accretion income | 263 | 149 | |
Additional loan interest income | 27 | $ 41 | |
SBA Loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Remaining unaccreted discount | 6,900 | $ 5,700 | |
Purchased Non-Impaired Loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Remaining unaccreted discount | 13,000 | 15,000 | |
Real estate – mortgage – residential (1-4 family) first mortgages | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Nonaccrual loans in process of foreclosure | $ 1,300 | $ 700 |
Loans and Asset Quality Infor_5
Loans and Asset Quality Information (Changes in Recorded Investment and Accretable Yield of PCI Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
PCI Loans | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 17,393 | $ 23,165 | |
Accretion | (3,273) | (5,799) | |
Change due to loan charge-offs | (11) | (10) | |
Transfers to foreclosed real estate | 0 | (4) | |
Other, net | 66 | 41 | |
Balance at end of period | $ 14,175 | 14,175 | 17,393 |
PCI Loans, Accretable Discount | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 4,750 | 4,688 | |
Accretion | (811) | (2,050) | |
Reclassification from (to) nonaccretable difference | 502 | 849 | |
Other, net | (89) | 1,263 | |
Balance at end of period | $ 4,352 | $ 4,352 | $ 4,750 |
Loans and Asset Quality Infor_6
Loans and Asset Quality Information (Summary of Nonperforming Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Oct. 01, 2017 | Mar. 03, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Nonaccrual loans | $ 17,375 | $ 22,575 | |||
Total loans | 4,337,713 | 4,247,765 | $ 4,149,459 | ||
Foreclosed properties | 5,107 | 7,440 | 8,296 | ||
Purchased credit impaired loans not included above | 14,175 | 17,393 | 20,832 | ||
Nonperforming assets | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Nonaccrual loans | 17,375 | 22,575 | 25,494 | ||
TDRs- accruing | 11,890 | 13,418 | 17,386 | ||
Accruing loans 90 days past due | 0 | 0 | 0 | ||
Total loans | 29,265 | 35,993 | 42,880 | ||
Foreclosed properties | 5,107 | 7,440 | 8,296 | ||
Total nonperforming assets | 34,372 | 43,433 | 51,176 | ||
Purchased Impaired Loans | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Recorded loans with a fair value | $ 9,900 | $ 19,300 | |||
Carolina Bank Holdings, Inc. | Accruing 90 Days or More Past Due | Purchased Impaired Loans | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Recorded loans with a fair value | $ 600 | $ 600 | $ 500 |
Loans and Asset Quality Infor_7
Loans and Asset Quality Information (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | $ 17,375 | $ 22,575 |
Commercial, financial, and agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 1,490 | 919 |
Real estate, commercial | Real estate – construction, land development & other land loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 1,420 | 2,265 |
Real estate, commercial | Real estate – mortgage – commercial and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 4,260 | 7,452 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 8,697 | 10,115 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 1,404 | 1,685 |
Installment loans to individuals | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | $ 104 | $ 139 |
Loans and Asset Quality Infor_8
Loans and Asset Quality Information (Schedule of Analysis of Payment Status of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | $ 17,375 | $ 22,575 | |
Accruing Current | 4,304,404 | 4,203,565 | |
Loans | 4,337,713 | 4,247,765 | $ 4,149,459 |
Unamortized net deferred loan costs (fees) | 1,784 | 1,299 | (69) |
Total loans | 4,339,497 | 4,249,064 | 4,149,390 |
Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 11,220 | 18,324 | |
Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 4,092 | 2,718 | |
Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 622 | 583 | |
PCI Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 0 | 0 | |
Accruing Current | 13,212 | 15,682 | |
Loans | 14,175 | 17,393 | |
PCI Loans | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 167 | 990 | |
PCI Loans | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 174 | 138 | |
PCI Loans | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 622 | 583 | |
Commercial, financial, and agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 1,490 | 919 | |
Accruing Current | 465,112 | 455,691 | |
Loans | 471,188 | 457,037 | 417,366 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 3,716 | 191 | |
Commercial, financial, and agricultural | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 606 | 5 | |
Commercial, financial, and agricultural | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Real estate, commercial | Real estate – mortgage – commercial and other | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 4,260 | 7,452 | |
Accruing Current | 1,884,964 | 1,768,205 | |
Loans | 1,900,188 | 1,787,022 | 1,690,175 |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 1,007 | 709 | |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 2,514 | 520 | |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Real estate, commercial | Real estate – construction, land development & other land loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 1,420 | 2,265 | |
Accruing Current | 454,890 | 515,472 | |
Loans | 456,781 | 518,976 | 600,031 |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 299 | 849 | |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 212 | |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 1,404 | 1,685 | |
Accruing Current | 346,265 | 355,831 | |
Loans | 349,355 | 359,162 | 369,875 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 856 | 1,048 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 620 | 254 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 8,697 | 10,115 | |
Accruing Current | 1,071,040 | 1,022,262 | |
Loans | 1,090,601 | 1,054,176 | 1,000,189 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 4,821 | 14,178 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 101 | 1,369 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Installment loans to individuals | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 104 | 139 | |
Accruing Current | 68,921 | 70,422 | |
Loans | 69,600 | 71,392 | $ 71,823 |
Installment loans to individuals | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 354 | 359 | |
Installment loans to individuals | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 77 | 220 | |
Installment loans to individuals | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 470,924 | 456,806 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | Real estate – mortgage – commercial and other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,892,745 | 1,776,886 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | Real estate – construction, land development & other land loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 456,609 | 518,798 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 349,145 | 358,818 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,084,659 | 1,047,924 | |
Loans, Excluding Purchased Credit Impaired Loans | Installment loans to individuals | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 69,456 | $ 71,140 |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | $ 21,095 | $ 23,298 | $ 21,039 | $ 23,298 | $ 23,298 |
Charge-offs | (1,097) | (997) | (2,834) | (1,816) | (6,971) |
Recoveries | 1,099 | 1,707 | 2,392 | 6,185 | 8,301 |
Provisions | (308) | (710) | 192 | (4,369) | (3,589) |
Ending balance | 20,789 | 23,298 | 20,789 | 23,298 | 21,039 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 2,032 | 4,987 | 2,032 | 4,987 | 2,269 |
Collectively evaluated for impairment | 18,614 | 18,088 | 18,614 | 18,088 | 18,642 |
Purchased credit impaired | 143 | 223 | 143 | 223 | 128 |
Loans receivable: | |||||
Loans | 4,337,713 | 4,149,459 | 4,337,713 | 4,149,459 | 4,247,765 |
Unamortized net deferred loan costs (fees) | 1,784 | (69) | 1,784 | (69) | 1,299 |
Total loans | 4,339,497 | 4,149,390 | 4,339,497 | 4,149,390 | 4,249,064 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 19,818 | 33,018 | 19,818 | 33,018 | 24,253 |
Collectively evaluated for impairment | 4,303,720 | 4,095,609 | 4,303,720 | 4,095,609 | 4,206,119 |
Purchased credit impaired | 14,175 | 20,832 | 14,175 | 20,832 | 17,393 |
Commercial, financial, and agricultural | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 3,709 | 2,536 | 2,889 | 3,111 | 3,111 |
Charge-offs | (690) | (370) | (936) | (609) | (2,128) |
Recoveries | 191 | 313 | 605 | 812 | 1,195 |
Provisions | 8 | (211) | 660 | (1,046) | 711 |
Ending balance | 3,218 | 2,268 | 3,218 | 2,268 | 2,889 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 435 | 277 | 435 | 277 | 226 |
Collectively evaluated for impairment | 2,776 | 1,991 | 2,776 | 1,991 | 2,661 |
Purchased credit impaired | 7 | 0 | 7 | 0 | 2 |
Loans receivable: | |||||
Loans | 471,188 | 417,366 | 471,188 | 417,366 | 457,037 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 992 | 3,208 | 992 | 3,208 | 696 |
Collectively evaluated for impairment | 469,932 | 413,889 | 469,932 | 413,889 | 456,111 |
Purchased credit impaired | 264 | 269 | 264 | 269 | 230 |
Installment loans to individuals | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1,006 | 844 | 952 | 950 | 950 |
Charge-offs | (155) | (144) | (436) | (262) | (781) |
Recoveries | 54 | 50 | 87 | 103 | 309 |
Provisions | 306 | 147 | 608 | 106 | 474 |
Ending balance | 1,211 | 897 | 1,211 | 897 | 952 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 0 | 6 | 0 | 6 | 0 |
Collectively evaluated for impairment | 1,195 | 891 | 1,195 | 891 | 941 |
Purchased credit impaired | 16 | 0 | 16 | 0 | 11 |
Loans receivable: | |||||
Loans | 69,600 | 71,823 | 69,600 | 71,823 | 71,392 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 0 | 10 | 0 | 10 | 0 |
Collectively evaluated for impairment | 69,456 | 71,483 | 69,456 | 71,483 | 71,140 |
Purchased credit impaired | 144 | 330 | 144 | 330 | 252 |
Unallocated | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 92 | 3,452 | 110 | 1,972 | 1,972 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provisions | 207 | (2,615) | 189 | (1,135) | (1,862) |
Ending balance | 299 | 837 | 299 | 837 | 110 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 299 | 837 | 299 | 837 | 110 |
Purchased credit impaired | 0 | 0 | 0 | 0 | 0 |
Loans receivable: | |||||
Loans | 0 | 0 | 0 | 0 | 0 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Purchased credit impaired | 0 | 0 | 0 | 0 | 0 |
Real estate – construction, land development & other land loans | Real estate, commercial | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 2,284 | 2,317 | 2,243 | 2,816 | 2,816 |
Charge-offs | (29) | (30) | (293) | (32) | (158) |
Recoveries | 202 | 341 | 489 | 3,387 | 4,097 |
Provisions | (642) | 64 | (624) | (3,479) | (4,512) |
Ending balance | 1,815 | 2,692 | 1,815 | 2,692 | 2,243 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 44 | 302 | 44 | 302 | 134 |
Collectively evaluated for impairment | 1,771 | 2,390 | 1,771 | 2,390 | 2,109 |
Purchased credit impaired | 0 | 0 | 0 | 0 | 0 |
Loans receivable: | |||||
Loans | 456,781 | 600,031 | 456,781 | 600,031 | 518,976 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 1,020 | 3,549 | 1,020 | 3,549 | 1,345 |
Collectively evaluated for impairment | 455,589 | 596,157 | 455,589 | 596,157 | 517,453 |
Purchased credit impaired | 172 | 325 | 172 | 325 | 178 |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 4,510 | 5,892 | 5,197 | 6,147 | 6,147 |
Charge-offs | (155) | (172) | (185) | (415) | (1,734) |
Recoveries | 222 | 371 | 382 | 516 | 833 |
Provisions | (454) | 968 | (1,271) | 811 | (49) |
Ending balance | 4,123 | 7,059 | 4,123 | 7,059 | 5,197 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 770 | 2,756 | 770 | 2,756 | 955 |
Collectively evaluated for impairment | 3,289 | 4,133 | 3,289 | 4,133 | 4,143 |
Purchased credit impaired | 64 | 170 | 64 | 170 | 99 |
Loans receivable: | |||||
Loans | 1,090,601 | 1,000,189 | 1,090,601 | 1,000,189 | 1,054,176 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 10,334 | 15,247 | 10,334 | 15,247 | 12,391 |
Collectively evaluated for impairment | 1,074,325 | 977,549 | 1,074,325 | 977,549 | 1,035,532 |
Purchased credit impaired | 5,942 | 7,393 | 5,942 | 7,393 | 6,253 |
Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1,374 | 2,266 | 1,665 | 1,827 | 1,827 |
Charge-offs | (66) | (10) | (146) | (186) | (711) |
Recoveries | 327 | 90 | 455 | 243 | 364 |
Provisions | (364) | (96) | (703) | 366 | 185 |
Ending balance | 1,271 | 2,250 | 1,271 | 2,250 | 1,665 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 0 | 415 | 0 | 415 | 48 |
Collectively evaluated for impairment | 1,271 | 1,794 | 1,271 | 1,794 | 1,608 |
Purchased credit impaired | 0 | 41 | 0 | 41 | 9 |
Loans receivable: | |||||
Loans | 349,355 | 369,875 | 349,355 | 369,875 | 359,162 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 21 | 671 | 21 | 671 | 296 |
Collectively evaluated for impairment | 349,124 | 368,831 | 349,124 | 368,831 | 358,522 |
Purchased credit impaired | 210 | 373 | 210 | 373 | 344 |
Real estate – mortgage – commercial and other | Real estate, commercial | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 8,120 | 5,991 | 7,983 | 6,475 | 6,475 |
Charge-offs | (2) | (271) | (838) | (312) | (1,459) |
Recoveries | 103 | 542 | 374 | 1,124 | 1,503 |
Provisions | 631 | 1,033 | 1,333 | 8 | 1,464 |
Ending balance | 8,852 | 7,295 | 8,852 | 7,295 | 7,983 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 783 | 1,231 | 783 | 1,231 | 906 |
Collectively evaluated for impairment | 8,013 | 6,052 | 8,013 | 6,052 | 7,070 |
Purchased credit impaired | 56 | 12 | 56 | 12 | 7 |
Loans receivable: | |||||
Loans | 1,900,188 | 1,690,175 | 1,900,188 | 1,690,175 | 1,787,022 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 7,451 | 10,333 | 7,451 | 10,333 | 9,525 |
Collectively evaluated for impairment | 1,885,294 | 1,667,700 | 1,885,294 | 1,667,700 | 1,767,361 |
Purchased credit impaired | $ 7,443 | $ 12,142 | $ 7,443 | $ 12,142 | $ 10,136 |
Loans and Asset Quality Info_10
Loans and Asset Quality Information (Schedule of Impaired Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | $ 8,392 | $ 8,918 |
Impaired loans with no related allowance - Unpaid Principal Balance | 10,044 | 10,329 |
Impaired loans with no related allowance - Average Recorded Investment | 8,875 | 11,888 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 11,426 | 15,335 |
Impaired loans with allowance - Unpaid Principal Balance | 12,548 | 15,484 |
Impaired loans with related allowance - Related Allowance | 2,032 | 2,269 |
Impaired loans with related allowance - Average Recorded Investment | 12,866 | 15,867 |
Commercial, financial, and agricultural | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 0 | 310 |
Impaired loans with no related allowance - Unpaid Principal Balance | 0 | 310 |
Impaired loans with no related allowance - Average Recorded Investment | 113 | 957 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 992 | 386 |
Impaired loans with allowance - Unpaid Principal Balance | 1,323 | 387 |
Impaired loans with related allowance - Related Allowance | 435 | 226 |
Impaired loans with related allowance - Average Recorded Investment | 798 | 422 |
Installment loans to individuals | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 0 | 0 |
Impaired loans with no related allowance - Unpaid Principal Balance | 0 | 0 |
Impaired loans with no related allowance - Average Recorded Investment | 0 | 0 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 0 | 0 |
Impaired loans with allowance - Unpaid Principal Balance | 0 | 0 |
Impaired loans with related allowance - Related Allowance | 0 | 0 |
Impaired loans with related allowance - Average Recorded Investment | 0 | 2 |
Real estate – construction, land development & other land loans | Real estate, commercial | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 439 | 485 |
Impaired loans with no related allowance - Unpaid Principal Balance | 766 | 803 |
Impaired loans with no related allowance - Average Recorded Investment | 461 | 2,366 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 581 | 860 |
Impaired loans with allowance - Unpaid Principal Balance | 581 | 864 |
Impaired loans with related allowance - Related Allowance | 44 | 134 |
Impaired loans with related allowance - Average Recorded Investment | 593 | 385 |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 4,645 | 4,626 |
Impaired loans with no related allowance - Unpaid Principal Balance | 4,972 | 4,948 |
Impaired loans with no related allowance - Average Recorded Investment | 4,687 | 4,804 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 5,689 | 7,765 |
Impaired loans with allowance - Unpaid Principal Balance | 5,881 | 7,904 |
Impaired loans with related allowance - Related Allowance | 770 | 955 |
Impaired loans with related allowance - Average Recorded Investment | 6,519 | 8,963 |
Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | ||
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 | 0 | 274 |
Impaired loans with allowance - Unpaid Principal Balance | 0 | 275 |
Impaired loans with related allowance - Related Allowance | 0 | 48 |
Impaired loans with related allowance - Average Recorded Investment | 91 | 184 |
Real estate – mortgage – commercial and other | Real estate, commercial | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 3,287 | 3,475 |
Impaired loans with no related allowance - Unpaid Principal Balance | 4,276 | 4,237 |
Impaired loans with no related allowance - Average Recorded Investment | 3,593 | 3,670 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 4,164 | 6,050 |
Impaired loans with allowance - Unpaid Principal Balance | 4,763 | 6,054 |
Impaired loans with related allowance - Related Allowance | 783 | 906 |
Impaired loans with related allowance - Average Recorded Investment | $ 4,865 | $ 5,911 |
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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 4,337,713 | $ 4,247,765 | $ 4,149,459 |
Unamortized net deferred loan costs (fees) | 1,784 | 1,299 | (69) |
Total loans | 4,339,497 | 4,249,064 | 4,149,390 |
Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 471,188 | 457,037 | 417,366 |
Installment loans to individuals | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 69,600 | 71,392 | 71,823 |
Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 470,924 | 456,806 | |
Loans, Excluding Purchased Credit Impaired Loans | Installment loans to individuals | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 69,456 | 71,140 | |
Real estate – construction, land development & other land loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 456,781 | 518,976 | 600,031 |
Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 456,609 | 518,798 | |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,090,601 | 1,054,176 | 1,000,189 |
Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,084,659 | 1,047,924 | |
Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 349,355 | 359,162 | 369,875 |
Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 349,145 | 358,818 | |
Real estate – mortgage – commercial and other | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,900,188 | 1,787,022 | $ 1,690,175 |
Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,892,745 | 1,776,886 | |
PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 14,175 | 17,393 | |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,222,992 | 4,144,395 | |
Pass | Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 460,804 | 452,372 | |
Pass | Loans, Excluding Purchased Credit Impaired Loans | Installment loans to individuals | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 68,190 | 70,357 | |
Pass | Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 447,686 | 509,251 | |
Pass | Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,040,778 | 1,004,458 | |
Pass | Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 340,085 | 348,792 | |
Pass | Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,857,389 | 1,750,810 | |
Pass | PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 8,060 | 8,355 | |
Special Mention Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 53,604 | 42,579 | |
Special Mention Loans | Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 7,643 | 3,056 | |
Special Mention Loans | Loans, Excluding Purchased Credit Impaired Loans | Installment loans to individuals | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 223 | 231 | |
Special Mention Loans | Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,680 | 5,668 | |
Special Mention Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 16,274 | 12,238 | |
Special Mention Loans | Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,361 | 1,688 | |
Special Mention Loans | Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 20,539 | 14,484 | |
Special Mention Loans | PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,884 | 5,214 | |
Classified Accruing Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 43,742 | 38,216 | |
Classified Accruing Loans | Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 987 | 459 | |
Classified Accruing Loans | Loans, Excluding Purchased Credit Impaired Loans | Installment loans to individuals | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 939 | 413 | |
Classified Accruing Loans | Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,823 | 1,614 | |
Classified Accruing Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 18,910 | 21,113 | |
Classified Accruing Loans | Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 6,295 | 6,653 | |
Classified Accruing Loans | Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 10,557 | 4,140 | |
Classified Accruing Loans | PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3,231 | 3,824 | |
Classified Nonaccrual Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 17,375 | 22,575 | |
Classified Nonaccrual Loans | Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,490 | 919 | |
Classified Nonaccrual Loans | Loans, Excluding Purchased Credit Impaired Loans | Installment loans to individuals | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 104 | 139 | |
Classified Nonaccrual Loans | Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,420 | 2,265 | |
Classified Nonaccrual Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 8,697 | 10,115 | |
Classified Nonaccrual Loans | Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,404 | 1,685 | |
Classified Nonaccrual Loans | Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,260 | 7,452 | |
Classified Nonaccrual Loans | PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 0 | $ 0 |
Loans and Asset Quality Info_12
Loans and Asset Quality Information (Schedule of Information of Loans Modified in Troubled Debt Restructuring) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 1 | 2 | 4 |
Pre- Modification Restructured Balances | $ 143 | $ 18 | $ 198 | $ 333 |
Post- Modification Restructured Balances | $ 143 | $ 18 | $ 198 | $ 343 |
Commercial, financial, and agricultural | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 0 | 1 | 0 |
Pre- Modification Restructured Balances | $ 143 | $ 0 | $ 143 | $ 0 |
Post- Modification Restructured Balances | $ 143 | $ 0 | $ 143 | $ 0 |
Commercial, financial, and agricultural | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate, commercial | Real estate – construction, land development & other land loans | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate, commercial | Real estate – construction, land development & other land loans | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 1 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 61 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 61 |
Real estate, commercial | Real estate – mortgage – commercial and other | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate, commercial | Real estate – mortgage – commercial and other | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 1 | 1 | 1 |
Pre- Modification Restructured Balances | $ 0 | $ 18 | $ 55 | $ 18 |
Post- Modification Restructured Balances | $ 0 | $ 18 | $ 55 | $ 18 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 2 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 254 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 264 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Installment loans to individuals | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Installment loans to individuals | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Asset Quality Info_13
Loans and Asset Quality Information (Schedule of Accruing Restructured Loans Defaulted in Period) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | 0 | 3 | 0 | 3 |
Recorded Investment | $ 0 | $ 823 | $ 0 | $ 823 |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | 0 | 1 | 0 | 1 |
Recorded Investment | $ 0 | $ 60 | $ 0 | $ 60 |
Real estate – mortgage – commercial and other | Real estate, commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | 0 | 2 | 0 | 2 |
Recorded Investment | $ 0 | $ 763 | $ 0 | $ 763 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Summary of the Gross Carrying Amount and Accumulated Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Amortizable intangible assets: | |||
Gross Carrying Amount | $ 42,712 | $ 41,228 | $ 39,104 |
Accumulated Amortization | 23,311 | 20,116 | 15,025 |
Unamortizable intangible assets: | |||
Goodwill | 234,368 | 234,368 | 232,458 |
Customer lists | |||
Amortizable intangible assets: | |||
Gross Carrying Amount | 6,013 | 6,013 | 6,013 |
Accumulated Amortization | 1,911 | 1,637 | 1,185 |
Core deposit intangibles | |||
Amortizable intangible assets: | |||
Gross Carrying Amount | 28,440 | 28,440 | 28,440 |
Accumulated Amortization | 18,648 | 16,469 | 12,803 |
SBA servicing asset | |||
Amortizable intangible assets: | |||
Gross Carrying Amount | 6,956 | 5,472 | 3,348 |
Accumulated Amortization | 1,674 | 1,053 | 319 |
Other | |||
Amortizable intangible assets: | |||
Gross Carrying Amount | 1,303 | 1,303 | 1,303 |
Accumulated Amortization | $ 1,078 | $ 957 | $ 718 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Servicing assets recorded | $ 1,484 | $ 1,972 | ||
Amortization of SBA servicing assets | 621 | 351 | ||
Amortization of intangible assets | $ 1,242 | $ 1,506 | 2,574 | $ 3,066 |
Servicing asset, remaining amortization | $ 5,282 | $ 5,282 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of the Estimated Amortization Expense) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
July 1 to December 31, 2019 | $ 2,284 |
2020 | 3,841 |
2021 | 2,927 |
2022 | 2,022 |
2023 | 1,041 |
Thereafter | 2,004 |
Total | $ 14,119 |
Pension Plans (Narrative) (Deta
Pension Plans (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)plan | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)plan | Jun. 30, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of defined benefit plans | plan | 2 | 2 | ||
Net periodic pension cost (income) | $ 244,000 | $ (93,000) | $ 488,000 | $ 272,000 |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost (income) | 198,000 | $ (171,000) | 396,000 | $ 116,000 |
Contributions to plan | 0 | |||
Expected contributions to plan | $ 0 | $ 0 |
Pension Plans (Components of Pe
Pension Plans (Components of Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 33 | $ 0 | $ 62 |
Interest cost | 413 | 379 | 826 | 766 |
Expected return on plan assets | (397) | (556) | (794) | (659) |
Amortization of net (gain)/loss | 228 | 51 | 456 | 103 |
Net periodic pension cost (income) | 244 | (93) | 488 | 272 |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 372 | 326 | 744 | 656 |
Expected return on plan assets | (397) | (556) | (794) | (659) |
Amortization of net (gain)/loss | 223 | 59 | 446 | 119 |
Net periodic pension cost (income) | 198 | (171) | 396 | 116 |
SERP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 33 | 0 | 62 |
Interest cost | 41 | 53 | 82 | 110 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net (gain)/loss | 5 | (8) | 10 | (16) |
Net periodic pension cost (income) | $ 46 | $ 78 | $ 92 | $ 156 |
Comprehensive Income (Loss) (Sc
Comprehensive Income (Loss) (Schedule of Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive income (loss) | $ 1,888 | $ (11,961) | $ (11,195) |
Unrealized Gain (Loss) on Securities Available for Sale | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive income (loss) | 5,214 | (12,390) | (11,513) |
Deferred tax asset (liability) | (1,198) | 2,896 | 2,691 |
Total accumulated other comprehensive income (loss) | 4,016 | (9,494) | (8,822) |
Additional Pension Asset (Liability) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive income (loss) | (2,764) | (3,220) | (3,097) |
Deferred tax asset (liability) | 636 | 753 | 724 |
Total accumulated other comprehensive income (loss) | (2,128) | (2,467) | (2,373) |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive income (loss) | $ 1,888 | $ (11,961) | $ (11,195) |
Comprehensive Income (Loss) (_2
Comprehensive Income (Loss) (Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 764,230 | $ 692,979 |
Other comprehensive income (loss) before reclassifications | 13,510 | (7,128) |
Amounts reclassified from accumulated other comprehensive income | 339 | 79 |
Net current-period other comprehensive income (loss) | 13,849 | (7,049) |
Ending balance | 815,169 | 724,722 |
Unrealized Gain (Loss) on Securities Available for Sale | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (9,494) | (1,694) |
Other comprehensive income (loss) before reclassifications | 13,510 | (7,128) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current-period other comprehensive income (loss) | 13,510 | (7,128) |
Ending balance | 4,016 | (8,822) |
Additional Pension Asset (Liability) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2,467) | (2,452) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 339 | 79 |
Net current-period other comprehensive income (loss) | 339 | 79 |
Ending balance | (2,128) | (2,373) |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (11,961) | (4,146) |
Ending balance | $ 1,888 | $ (11,195) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | ||||
Asset transfers, level 1 to level 2 | $ 0 | $ 0 | $ 0 | $ 0 |
Liability transfers, level 1 to level 2 | 0 | 0 | 0 | 0 |
Asset transfers, level 2 to level 1 | 0 | 0 | 0 | 0 |
Liability transfers, level 2 to level 1 | 0 | 0 | 0 | 0 |
Unrealized holding gains (losses) arising during the period, pretax | 11,701,000 | (2,012,000) | 17,604,000 | (9,302,000) |
Tax (expense) benefit | $ (2,714,000) | $ 471,000 | $ (4,094,000) | $ 2,174,000 |
Fair Value (Financial instrumen
Fair Value (Financial instruments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 691,971 | $ 501,351 | $ 334,068 |
Foreclosed properties | 5,107 | 7,440 | $ 8,296 |
Government-sponsored enterprise securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 59,477 | 82,662 | |
Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 598,024 | 385,551 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Government-sponsored enterprise securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Foreclosed properties | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 691,971 | 501,351 | |
Significant Other Observable Inputs (Level 2) | Recurring | Government-sponsored enterprise securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 59,477 | 82,662 | |
Significant Other Observable Inputs (Level 2) | Recurring | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 598,024 | 385,551 | |
Significant Other Observable Inputs (Level 2) | Recurring | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 34,470 | 33,138 | |
Significant Other Observable Inputs (Level 2) | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Foreclosed properties | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 11,351 | 13,071 | |
Foreclosed properties | 2,539 | 7,440 | |
Significant Unobservable Inputs (Level 3) | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring | Government-sponsored enterprise securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 11,351 | 13,071 | |
Foreclosed properties | 2,539 | 7,440 | |
Estimated Fair Value | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 691,971 | 501,351 | |
Estimated Fair Value | Recurring | Government-sponsored enterprise securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 59,477 | 82,662 | |
Estimated Fair Value | Recurring | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 598,024 | 385,551 | |
Estimated Fair Value | Recurring | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 34,470 | 33,138 | |
Estimated Fair Value | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 11,351 | 13,071 | |
Foreclosed properties | 2,539 | 7,440 | |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 691,791 | $ 501,351 |
Fair Value (Level 3 Assets and
Fair Value (Level 3 Assets and Liabilities Measured at Fair Value) (Details) $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Foreclosed properties | $ 5,107 | $ 7,440 | $ 8,296 |
Significant Unobservable Inputs (Level 3) | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impaired loans | 11,351 | 13,071 | |
Foreclosed properties | $ 2,539 | $ 7,440 | |
Significant Unobservable Inputs (Level 3) | Minimum | Appraised value; PV of expected cash flows | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impaired loans, measurement input | 0 | 0 | |
Foreclosed real estate, measurement input | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Maximum | Appraised value; PV of expected cash flows | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impaired loans, measurement input | 0.10 | 0.10 | |
Foreclosed real estate, measurement input | 0.10 | 0.10 |
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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and due from banks, noninterest-bearing | $ 52,679 | $ 56,050 | $ 97,163 |
Securities available for sale | 691,971 | 501,351 | 334,068 |
Securities held to maturity | 79,050 | 101,237 | 108,265 |
Total loans, net of allowance | 4,318,708 | 4,228,025 | 4,126,092 |
Accrued interest receivable | 16,909 | 16,004 | 13,930 |
Bank-owned life insurance | 103,154 | 101,878 | 100,413 |
Accrued interest payable | 2,258 | 1,976 | $ 1,651 |
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and due from banks, noninterest-bearing | 52,679 | 56,050 | |
Due from banks, interest-bearing | 286,781 | 406,848 | |
Presold mortgages in process of settlement | 6,222 | 4,279 | |
Accrued interest receivable | 16,909 | 16,004 | |
Bank-owned life insurance | 103,154 | 101,878 | |
Carrying Amount | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 691,971 | 501,351 | |
Securities held to maturity | 79,050 | 101,237 | |
Deposits | 4,843,054 | 4,659,339 | |
Borrowings | 301,140 | 406,609 | |
Accrued interest payable | 2,258 | 1,976 | |
Carrying Amount | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of allowance | 4,318,708 | 4,228,025 | |
SBA Servicing Asset | 5,284 | 4,419 | |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and due from banks, noninterest-bearing | 52,679 | 56,050 | |
Due from banks, interest-bearing | 286,781 | 406,848 | |
Presold mortgages in process of settlement | 6,222 | 4,279 | |
Accrued interest receivable | 16,909 | 16,004 | |
Bank-owned life insurance | 103,154 | 101,878 | |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 691,791 | 501,351 | |
Securities held to maturity | 79,044 | 99,906 | |
Deposits | 4,839,229 | 4,653,522 | |
Borrowings | 295,309 | 402,556 | |
Accrued interest payable | 2,258 | 1,972 | |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of allowance | 4,264,663 | 4,181,139 | |
SBA Servicing Asset | $ 5,807 | $ 4,617 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Schedule of Noninterest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Noninterest Income [Abstract] | ||||
Service Charges On Deposit Accounts | $ 3,210 | $ 3,122 | $ 6,155 | $ 6,385 |
Other service charges, commissions, and fees: | ||||
Interchange Income | 4,228 | 3,482 | 7,779 | 6,543 |
Other service charges and fees | 1,558 | 1,192 | 3,255 | 2,616 |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions, Alternative Presentation for Banks [Abstract] | ||||
Insurance income | 1,304 | 1,489 | 2,672 | 2,903 |
Wealth management income | 900 | 630 | 1,561 | 1,156 |
SBA Consulting Fees | 921 | 1,126 | 2,184 | 2,267 |
Foreclosed property gains (losses), net | (381) | (99) | (626) | (387) |
Noninterest income (in-scope of Topic 606) | 11,740 | 10,942 | 22,980 | 21,483 |
Noninterest Income (Out-Of-Scope Of Topic 606) | 4,249 | 4,930 | 7,584 | 10,218 |
Total noninterest income | $ 15,989 | $ 15,872 | $ 30,564 | $ 31,701 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)branch_office | |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 20 years 9 months 29 days |
Weighted average discount rate | 3.42% |
Total operating lease expense | $ | $ 1,200 |
Lease right-of-use assets | $ | 19,100 |
Lease liabilities | $ | $ 19,233 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Option extension period | 5 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Option extension period | 10 years |
Land and Building | |
Lessee, Lease, Description [Line Items] | |
Number of branch locations | branch_office | 8 |
Land | |
Lessee, Lease, Description [Line Items] | |
Number of branch locations | branch_office | 9 |
Loan Production Office And Office Space | |
Lessee, Lease, Description [Line Items] | |
Number of branch locations | branch_office | 1 |
Leases (Schedule of Estimated L
Leases (Schedule of Estimated Lease Payments) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
July 1 to December 31, 2019 | $ 1,164 |
2020 | 2,332 |
2021 | 2,135 |
2022 | 1,741 |
2023 | 1,643 |
Thereafter | 19,776 |
Total estimated lease payments | 28,791 |
Less effect of discounting | (9,558) |
Present value of estimated lease payments (lease liability) | $ 19,233 |
Leases (Schedule of Future Obli
Leases (Schedule of Future Obligations for Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Lessee Disclosure [Abstract] | |
2019 | $ 2,268 |
2020 | 1,973 |
2021 | 1,344 |
2022 | 869 |
2023 | 768 |
Thereafter | 4,082 |
Total estimated lease payments | $ 11,304 |
Equity Issuance (Details)
Equity Issuance (Details) - USD ($) $ in Thousands | May 05, 2019 | May 06, 2016 | Jun. 30, 2019 | Jun. 30, 2019 | May 05, 2016 |
Business Acquisition [Line Items] | |||||
Equity issued related to acquisition earn-out | $ 3,070 | $ 3,070 | |||
SBA Complete | |||||
Business Acquisition [Line Items] | |||||
Earn-out liability, payment period | 3 years | ||||
Earn-out liability | $ 3,000 | ||||
Equity issued related to acquisition earn-out (in shares) | 78,353 | ||||
Equity issued related to acquisition earn-out | $ 3,100 |