Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'FCBC | ' | ' |
Entity Registrant Name | 'FIRST COMMUNITY BANCSHARES INC /NV/ | ' | ' |
Entity Central Index Key | '0000859070 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 18,384,279 | ' |
Entity Public Float | ' | ' | $209,940,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $43,598 | $50,405 |
Federal funds sold | 1,817 | 66,509 |
Interest-bearing deposits in banks | 11,152 | 27,933 |
Total cash and cash equivalents | 56,567 | 144,847 |
Securities available for sale | 519,820 | 534,358 |
Securities held to maturity | 568 | 816 |
Loans held for sale | 883 | 6,672 |
Loans held for investment, net of unearned income: | ' | ' |
Covered under loss share agreements | 151,682 | 207,106 |
Not covered under loss share agreements | 1,559,039 | 1,517,547 |
Less allowance for loan losses | -24,077 | -25,770 |
Loans held for investment, net | 1,686,644 | 1,698,883 |
FDIC indemnification asset | 34,691 | 48,149 |
Premises and equipment, net | 61,116 | 64,868 |
Other real estate owned: | ' | ' |
Covered under loss share agreements | 7,541 | 3,255 |
Not covered under loss share agreements | 7,318 | 5,749 |
Interest receivable | 7,521 | 7,842 |
Goodwill | 105,455 | 104,866 |
Other intangible assets | 2,866 | 3,522 |
Other assets | 111,524 | 105,040 |
Total assets | 2,602,514 | 2,728,867 |
Deposits: | ' | ' |
Noninterest-bearing | 339,680 | 343,352 |
Interest-bearing | 1,611,062 | 1,686,823 |
Total deposits | 1,950,742 | 2,030,175 |
Interest, taxes, and other liabilities | 22,770 | 28,816 |
Federal funds purchased | 16,000 | ' |
Securities sold under agreements to repurchase | 118,308 | 136,118 |
FHLB borrowings | 150,000 | 161,558 |
Other borrowings | 16,088 | 15,877 |
Total liabilities | 2,273,908 | 2,372,544 |
Stockholders' Equity | ' | ' |
Common stock, $1 par value; 50,000,000 shares authorized; 20,493,057 shares issued and 18,514,579 shares outstanding at December 31, 2013; 20,343,327 shares issued and 20,053,406 shares outstanding at December 31, 2012 | 20,493 | 20,343 |
Additional paid-in capital | 215,663 | 213,829 |
Retained earnings | 125,826 | 113,013 |
Treasury stock, at cost | -33,887 | -6,458 |
Accumulated other comprehensive loss | -14,740 | -1,825 |
Total stockholders' equity | 328,606 | 356,323 |
Total liabilities and stockholders' equity | 2,602,514 | 2,728,867 |
Designated Par Value | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock | $15,251 | $17,421 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 20,493,057 | 20,343,327 |
Common stock, shares outstanding | 18,514,579 | 20,053,406 |
Undesignated Par Value | ' | ' |
Preferred stock | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Designated Par Value | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 25,000 | 25,000 |
Preferred stock, shares outstanding | 15,251 | 17,421 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Income | ' | ' | ' |
Interest and fees on loans held for investment | $96,600 | $96,684 | $80,580 |
Interest on securities - taxable | 7,875 | 7,830 | 8,117 |
Interest on securities - nontaxable | 4,790 | 4,883 | 5,194 |
Interest on deposits in banks | 211 | 259 | 285 |
Total interest income | 109,476 | 109,656 | 94,176 |
Interest Expense | ' | ' | ' |
Interest on deposits | 8,823 | 9,972 | 12,788 |
Interest on short-term borrowings | 2,222 | 2,515 | 2,475 |
Interest on long-term debt | 6,789 | 7,113 | 6,884 |
Total interest expense | 17,834 | 19,600 | 22,147 |
Net interest income | 91,642 | 90,056 | 72,029 |
Provision for loan losses | 8,208 | 5,678 | 9,047 |
Net interest income after provision for loan losses | 83,434 | 84,378 | 62,982 |
Noninterest Income | ' | ' | ' |
Wealth management | 3,412 | 3,701 | 3,510 |
Service charges on deposit accounts | 13,558 | 14,063 | 13,238 |
Other service charges and fees | 7,151 | 6,462 | 5,722 |
Insurance commissions | 5,933 | 5,743 | 6,197 |
Impairment losses on securities | -320 | -942 | -2,285 |
Portion of losses recognized in other comprehensive income | ' | ' | ' |
Net impairment losses recognized in earnings | -320 | -942 | -2,285 |
Net gain on sale of securities | 399 | 483 | 5,264 |
Net FDIC indemnification asset (amortization) accretion | -5,597 | 458 | ' |
Other operating income | 5,235 | 6,742 | 3,888 |
Total noninterest income | 29,771 | 36,710 | 35,534 |
Noninterest Expense | ' | ' | ' |
Salaries and employee benefits | 41,235 | 38,667 | 34,126 |
Occupancy expense of bank premises | 7,033 | 6,872 | 6,280 |
Furniture and equipment | 4,966 | 4,145 | 3,490 |
Amortization of intangible assets | 729 | 804 | 1,020 |
FDIC premiums and assessments | 1,717 | 1,612 | 1,984 |
FHLB debt prepayment fees | ' | ' | 471 |
Merger related expense | 56 | 5,093 | ' |
Goodwill impairment | ' | ' | 1,239 |
Other operating expense | 23,249 | 21,190 | 20,305 |
Total noninterest expense | 78,985 | 78,383 | 68,915 |
Income before income taxes | 34,220 | 42,705 | 29,601 |
Income tax expense | 10,908 | 14,128 | 9,573 |
Net income | 23,312 | 28,577 | 20,028 |
Dividends on preferred stock | 1,024 | 1,058 | 703 |
Net income available to common shareholders | $22,288 | $27,519 | $19,325 |
Basic earnings per common share | $1.13 | $1.44 | $1.08 |
Diluted earnings per common share | $1.11 | $1.40 | $1.07 |
Cash dividends per common share | $0.48 | $0.43 | $0.40 |
Weighted average basic shares outstanding | 19,792,099 | 19,127,065 | 17,877,421 |
Weighted average diluted shares outstanding | 20,961,800 | 20,419,569 | 18,687,521 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $23,312 | $28,577 | $20,028 |
Other comprehensive (loss) income, before tax: Available-for-sale securities: | ' | ' | ' |
Unrealized (losses) gains on securities available for sale with other-than-temporary impairment | -1,277 | 1,036 | -1,247 |
Unrealized (losses) gains on securities available for sale without other-than-temporary impairment | -19,964 | 7,280 | 12,948 |
Less: reclassification adjustment for gains realized in net income | -399 | -483 | -5,264 |
Less: reclassification adjustment for credit related other-than-temporary impairments recognized in net income | 320 | 942 | 2,285 |
Unrealized (losses) gains on available-for-sale securities | -21,320 | 8,775 | 8,722 |
Defined benefit plans: | ' | ' | ' |
Net actuarial gain (loss) on pension and other postretirement benefit plans | 758 | -195 | -1,230 |
Net prior service cost attributed to plan amendments | -380 | ' | ' |
Less: reclassification adjustment for amortization of prior service cost and net actuarial loss included in net periodic benefit cost | 327 | 268 | 223 |
Unrealized gains (losses) on defined benefit plans | 705 | 73 | -1,007 |
Unrealized gains on derivative securities | ' | ' | 30 |
Other comprehensive (loss) income, before tax | -20,615 | 8,848 | 7,745 |
Income tax benefit (expense) | 7,700 | -3,345 | -2,883 |
Net comprehensive (loss) gain | -12,915 | 5,503 | 4,862 |
Total comprehensive income | $10,397 | $34,080 | $24,890 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
In Thousands | |||||||
Beginning Balance at Dec. 31, 2010 | $269,878 | ' | $18,083 | $189,239 | $81,486 | ($6,740) | ($12,190) |
Net income | 20,028 | ' | ' | ' | 20,028 | ' | ' |
Other comprehensive (loss) income | 4,862 | ' | ' | ' | ' | ' | 4,862 |
Common dividends declared - $0.48 per share in 2013 and $0.43 per share in 2012 $$0.40 per share in 2011 | -7,155 | ' | ' | ' | -7,155 | ' | ' |
Preferred dividends declared - $60.00 per share in 2013 and $60.00 per share in 2012 and per share $37.15 per share in 2011 | -703 | ' | ' | ' | -703 | ' | ' |
Issuance of preferred stock - 18,921 shares | 18,802 | 18,921 | ' | -119 | ' | ' | ' |
Repurchase of common stock warrants | -30 | ' | ' | -30 | ' | ' | ' |
Equity-based compensation expense | 98 | ' | ' | 68 | ' | 30 | ' |
Common stock options exercised - 5,850 shares in 2013 and 5,223 shares in 2012 and 2,969 shares in 2011 | 32 | ' | ' | -60 | ' | 92 | ' |
Contribution of treasury stock to 401(k) plan - 60,632 shares | 821 | ' | ' | -980 | ' | 1,801 | ' |
Purchase of treasury shares - 1,739,601 shares at $16.31 per share in 2013 and 67,438 shares at $15.00 per share in 2012 81,510 shares at $10.88 per share in 2011 | -904 | ' | ' | ' | ' | -904 | ' |
Ending Balance at Dec. 31, 2011 | 305,729 | 18,921 | 18,083 | 188,118 | 93,656 | -5,721 | -7,328 |
Net income | 28,577 | ' | ' | ' | 28,577 | ' | ' |
Other comprehensive (loss) income | 5,503 | ' | ' | ' | ' | ' | 5,503 |
Common dividends declared - $0.48 per share in 2013 and $0.43 per share in 2012 $$0.40 per share in 2011 | -8,162 | ' | ' | ' | -8,162 | ' | ' |
Preferred dividends declared - $60.00 per share in 2013 and $60.00 per share in 2012 and per share $37.15 per share in 2011 | -1,058 | ' | ' | ' | -1,058 | ' | ' |
Preferred stock converted to common stock - 149,730 shares in 2013 and 103,500 shares in 2012 | ' | -1,500 | 103 | 1,397 | ' | ' | ' |
Equity-based compensation expense | 132 | ' | ' | 115 | ' | 17 | ' |
Common stock options exercised - 5,850 shares in 2013 and 5,223 shares in 2012 and 2,969 shares in 2011 | 75 | ' | ' | -55 | ' | 130 | ' |
Restricted stock awards - 40,371 shares in 2013 and 5,300 shares in 2012 | 69 | ' | ' | -59 | ' | 128 | ' |
Purchase of treasury shares - 1,739,601 shares at $16.31 per share in 2013 and 67,438 shares at $15.00 per share in 2012 81,510 shares at $10.88 per share in 2011 | -1,012 | ' | ' | ' | ' | -1,012 | ' |
Acquisition of Peoples Bank of Virginia - 2,157,005 shares | 26,470 | ' | 2,157 | 24,313 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 356,323 | 17,421 | 20,343 | 213,829 | 113,013 | -6,458 | -1,825 |
Net income | 23,312 | ' | ' | ' | 23,312 | ' | ' |
Other comprehensive (loss) income | -12,915 | ' | ' | ' | ' | ' | -12,915 |
Common dividends declared - $0.48 per share in 2013 and $0.43 per share in 2012 $$0.40 per share in 2011 | -9,475 | ' | ' | ' | -9,475 | ' | ' |
Preferred dividends declared - $60.00 per share in 2013 and $60.00 per share in 2012 and per share $37.15 per share in 2011 | -1,024 | ' | ' | ' | -1,024 | ' | ' |
Preferred stock converted to common stock - 149,730 shares in 2013 and 103,500 shares in 2012 | ' | -2,170 | 150 | 2,020 | ' | ' | ' |
Equity-based compensation expense | 18 | ' | ' | 18 | ' | ' | ' |
Common stock options exercised - 5,850 shares in 2013 and 5,223 shares in 2012 and 2,969 shares in 2011 | 85 | ' | ' | -21 | ' | 106 | ' |
Restricted stock awards - 40,371 shares in 2013 and 5,300 shares in 2012 | 703 | ' | ' | -183 | ' | 886 | ' |
Purchase of treasury shares - 1,739,601 shares at $16.31 per share in 2013 and 67,438 shares at $15.00 per share in 2012 81,510 shares at $10.88 per share in 2011 | -28,421 | ' | ' | ' | ' | -28,421 | ' |
Ending Balance at Dec. 31, 2013 | $328,606 | $15,251 | $20,493 | $215,663 | $125,826 | ($33,887) | ($14,740) |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common dividends declared, per share | $0.48 | $0.43 | $0.40 |
Preferred dividends declared, per share | $60 | $60 | $37.15 |
Preferred stock converted to common stock, shares | 149,730 | 103,500 | ' |
Issuance of preferred stock, shares | ' | ' | 18,921 |
Common stock options exercised, shares | 5,850 | 5,223 | 2,969 |
Restricted stock awards shares | 40,371 | 5,300 | ' |
Contribution of treasury stock to 401(k) plan, shares | ' | ' | 60,632 |
Purchase of treasury shares | 1,739,601 | 67,438 | 81,510 |
Treasury stock shares acquired cost per share | $16.31 | $15 | $10.88 |
Acquisition of Peoples Bank of Virginia, shares | ' | 2,157,005 | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $23,312 | $28,577 | $20,028 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 8,208 | 5,678 | 9,047 |
Depreciation and amortization of property, plant, and equipment | 4,666 | 4,034 | 3,982 |
Amortization of premiums on investments, net | 884 | 2,329 | 1,611 |
Amortization (accretion) of FDIC indemnification asset, net | 5,597 | -458 | ' |
Amortization of intangible assets | 729 | 804 | 1,020 |
Goodwill impairment | ' | ' | 1,239 |
Gain on sale of loans | -1,211 | -1,065 | -713 |
Equity-based compensation expense | 18 | 132 | 98 |
(Gain) loss on sale of property, plant, and equipment | -158 | 82 | -157 |
Loss on sales of other real estate | 2,785 | 1,869 | 2,367 |
Gain on sale of securities | -399 | -483 | -5,264 |
Net impairment losses recognized in earnings | 320 | 942 | 2,285 |
FHLB debt prepayment fees | ' | ' | 471 |
Deferred income tax (benefit) expense | -3,654 | -896 | 2,362 |
Excess tax benefit from equity-based compensation | -9 | -6 | -5 |
Proceeds from sale of mortgage loans | 75,348 | 67,502 | 45,466 |
Origination of mortgage loans | -68,348 | -67,289 | -45,879 |
Decrease in accrued interest receivable | 321 | 2,356 | 1,482 |
Decrease (increase) in other operating activities | -7,545 | 12,531 | 14,568 |
Net cash provided by (used in) operating activities | 44,518 | 56,639 | 54,008 |
Investing activities | ' | ' | ' |
Proceeds from sale of securities available for sale | 105,934 | 155,600 | 192,847 |
Proceeds from maturities, prepayments, and calls of securities available for sale | 87,055 | 105,830 | 49,193 |
Proceeds from maturities, prepayments, and calls of securities held to maturity | 250 | 2,690 | 1,299 |
Payments to acquire securities available for sale | -201,138 | -245,344 | -234,818 |
(Originations) collections of loans, net | -11,662 | 75,091 | -28,696 |
Proceeds from the redemption of FHLB stock, net | 470 | 2,101 | 1,417 |
Net cash (paid) acquired in acquisitions | -697 | 152,283 | 835 |
Proceeds from the FDIC | 14,311 | 2,974 | ' |
Payments to acquire property, plant, and equipment | -2,772 | -8,008 | -3,065 |
Proceeds from sale of property, plant, and equipment | 480 | 1,151 | 598 |
Proceeds from sale of other real estate | 6,602 | 8,106 | 6,200 |
Net cash (used in) provided by investing activities | -1,167 | 252,474 | -14,190 |
Financing activities | ' | ' | ' |
Net (decrease) increase in noninterest-bearing deposits | -3,672 | 12,657 | 35,117 |
Net decrease in interest-bearing deposits | -75,761 | -175,132 | -112,605 |
Net increase in federal funds purchased | 16,000 | ' | ' |
Repayments of securities sold under agreements to repurchase | -17,810 | -13,172 | -11,686 |
Repayments of long-term debt | -11,594 | -25,769 | -25,260 |
Proceeds from issuance of preferred stock | ' | ' | 18,802 |
Proceeds from stock options exercised | 85 | 144 | 32 |
Excess tax benefit from equity-based compensation | 9 | 6 | 5 |
Payments for repurchase of treasury stock | -28,421 | -1,012 | -904 |
Payments for repurchase of warrants | ' | ' | -30 |
FHLB debt prepayment fees | ' | ' | -471 |
Payments of common dividends | -9,475 | -8,162 | -7,155 |
Payments of preferred dividends | -992 | -1,120 | -558 |
Net cash (used in) provided by financing activities | -131,631 | -211,560 | -104,713 |
Net increase (decrease) in cash and cash equivalents | -88,280 | 97,553 | -64,895 |
Cash and cash equivalents at beginning of period | 144,847 | 47,294 | 112,189 |
Cash and cash equivalents at end of period | 56,567 | 144,847 | 47,294 |
Supplemental transactions - noncash items | ' | ' | ' |
Transfer of loans to other real estate | 18,438 | 9,083 | 9,722 |
Loans originated to finance other real estate | 3,196 | 1,405 | 151 |
Supplemental disclosure - cash flow information | ' | ' | ' |
Cash paid for interest | 18,146 | 19,656 | 22,857 |
Cash paid for income taxes | $3,000 | $10,388 | $8,500 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Note 1. | Summary of Significant Accounting Policies | ||||||||||||
Nature of Operations | |||||||||||||
Unless the context suggests otherwise, the use of the term “Company” refers to First Community Bancshares, Inc. (“the Company”) and its subsidiaries as a consolidated entity. The Company is a financial holding company headquartered in Bluefield, Virginia that provides banking products and services to individuals and commercial customers through its wholly-owned subsidiary, First Community Bank (the “Bank”), a Virginia-chartered banking institution, from 71 locations. The Bank operates under the trade names First Community Bank in Virginia, West Virginia, and North Carolina and Peoples Community Bank, a Division of First Community Bank, in South Carolina and Tennessee. The Company offers personal and commercial insurance products and services from 9 locations through its wholly-owned subsidiary Greenpoint Insurance Group, Inc. (“Greenpoint”), which is headquartered in High Point, North Carolina. Greenpoint operates under the Greenpoint name and under the trade names First Community Insurance Services (“FCIS”) and Carolina Insurers Associates in North Carolina, Carr &Hyde Insurance and FCIS in Virginia, and FCIS in West Virginia. The Bank offers wealth management services and investment advice through its Trust Division and wholly-owned subsidiary First Community Wealth Management (“FCWM”), a registered investment advisory firm. The Trust Division and FCWM managed $706 million in combined assets as of December 31, 2013. These assets are not assets of the Company, but are managed under various fee-based arrangements as fiduciary or agent. The Company reported consolidated assets of $2.60 billion as of December 31, 2013. | |||||||||||||
The Company operates in one business segment, Community Banking, which consists of all operations, including commercial and consumer banking, lending activities, wealth management, and insurance services. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accounting and reporting policies of the Company conform to generally accepted accounting principles (“GAAP”) in the United States and to predominant practices in the banking industry. The Company’s consolidated financial statements include the accounts of all wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Assets held in an agency or fiduciary capacity are not assets of the Company and are not included in the Company’s consolidated balance sheets. | |||||||||||||
The Company has investments in certain entities that are considered variable interest entities (“VIEs”) under GAAP. These VIEs include the Company’s trust subsidiary, FCBI Capital Trust (the “Trust”), certain tax credit limited partnerships, and limited liability companies that provide aviation services, insurance brokerage, title insurance, and other related financial services. VIEs are legal entities in which the equity investors do not have sufficient equity at risk for the entity to independently finance its activities or the collective holders do not have the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the expected losses of the entity, or the right to receive expected residual returns of the entity. Consolidation of a VIE is considered appropriate if a reporting entity is the primary beneficiary, the party that has both significant influence and control over the VIE. Management periodically performs a qualitative analysis to determine if the Company is the primary beneficiary of a VIE. This analysis includes review of the VIEs’ capital structures, contractual terms, and primary activities, including the Company’s ability to direct the activities of the VIEs and obligations to absorb losses, or the right to receive benefits, significant to the VIEs. Based on the Company’s analysis for the periods presented in this report, it is not the primary beneficiary of its VIEs. Accordingly, these entities do not meet the criteria for consolidation and, therefore, are reported in other assets in the Company’s consolidated balance sheets. The carrying value and maximum potential loss exposure of VIEs totaled $2.89 million as of December 31, 2013, and $3.04 million as of December 31, 2012. | |||||||||||||
Use of Estimates | |||||||||||||
In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. The Company has identified the items that require the most subjective assumptions or complex judgments: investment securities, the allowance for loan losses, the provision for income taxes, and business combination, including intangible assets. | |||||||||||||
Reclassification | |||||||||||||
Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the Company’s results of operations, financial position, or cash flow. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include cash and due from banks, time deposits with other banks, federal funds sold, and interest-bearing balances on deposit with the Federal Home Loan Bank (“FHLB”) that are available for immediate withdrawal. | |||||||||||||
Investment Securities | |||||||||||||
Management determines the appropriate classification of securities at the time of purchase. Debt securities that management has the intent and ability to hold to maturity are classified as held-to-maturity securities and carried at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as available-for-sale securities and carried at estimated fair value. Securities classified as available for sale consist of securities management intends to hold for indefinite periods of time, including securities to be used as part of the Company’s asset/liability management strategy and securities that may be sold in response to changes in interest rates, prepayment risk, or other similar factors. Unrealized appreciation or depreciation in fair value above or below amortized cost is included in stockholders’ equity, net of income taxes, under the category of accumulated other comprehensive income (“AOCI”). Gains or losses on the call, maturity, or sale of investment securities are recorded based on the specific identification method. Purchase premiums and discounts are amortized or accreted over the life of a security into interest income. | |||||||||||||
The Company performs an extensive quarterly review to determine if impairment exists in the investment portfolio. If a security is deemed impaired, management evaluates the causes of unrealized losses to determine whether the impairment is temporary or other-than-temporary in nature. If a security is determined to be other-than-temporarily impaired, the value of the security is reduced and a corresponding charge to noninterest income is recognized. If the other-than-temporary impairment (“OTTI”) is related to a debt security, the Company determines the amount of the impairment related to the credit loss, which is recognized in noninterest income, and the amount related to all other factors, which is recognized in other comprehensive income (“OCI”). | |||||||||||||
Loans Held for Sale | |||||||||||||
Loans originated with the intent to sell in the secondary market are classified as held for sale. Loans held for sale consist primarily of one to four family residential loans and are carried at the lower of cost or estimated fair value as determined on an aggregate basis. These long-term, fixed rate loans are sold to investors on a best efforts basis; consequently, the Company does not absorb the interest rate risk involved in these loans. The fair value of loans held for sale is determined by quoted market prices for loans with similar coupon rates and terms. | |||||||||||||
The Company enters into interest rate lock commitments (“IRLCs”) with customers on mortgage loans intended to be sold in the secondary market and commitments to sell mortgages. These IRLCs and forward sale loan commitments are recorded at fair value in other assets and liabilities with any changes in fair value recognized in other income. These derivative instruments do not qualify as hedges. The fair value of IRLC derivatives is determined by quoted market prices for loans with similar coupon rates and terms. The fair value of forward sale loan commitments is based on changes in the value of the commitment, principally because of changes in interest rates. | |||||||||||||
Loans Held for Investment | |||||||||||||
Loans originated with the intent to hold for an indefinite period of time, until maturity, or until pay-off are classified as held for investment. Loans held for investment are carried at the principal amount outstanding, net of unearned income, less any write-downs necessary to reduce individual loans to net realizable value. Loan origination fees, including loan commitment and underwriting fees, are reduced by direct costs associated with loan processing, including salaries, legal review, and appraisal fees. Net deferred loan fees are deferred and amortized over the life of the related loan or commitment period. | |||||||||||||
The Company maintains an active and robust problem credit identification system through its ongoing credit review function. When a credit is identified as exhibiting characteristics of weakening, the Company assesses the credit for potential impairment. Loans are considered impaired when, in the opinion of management and based on current information and events, the collection of principal and interest payments due under the contractual terms of the loan agreements are doubtful. The impairment allowances allocated to individual loans, including individual credit relationships, and loan pools, grouped by similar risk characteristics, are reviewed by management on a quarterly basis. Factors considered in determining impairment include, but are not limited to, the borrower’s cash flow and capacity for debt repayment, the valuation of collateral, historical loss percentages, and economic conditions. | |||||||||||||
The Company’s Special Assets staff reviews loans $250 thousand and greater on a quarterly basis. Accrual of interest on loans is generally based on the daily amount of principal outstanding. Loans are considered past due when either principal or interest payments become contractually delinquent by 30 or more days. Consumer loans are generally charged off against the allowance for loan losses when the loans become 120 days past due (180 days if secured by residential real estate and 90 days if unsecured). All other loans are charged off against the allowance for loan losses after collection attempts have been exhausted, which generally is within 120 days. It is the Company’s policy to discontinue the accrual of interest, if warranted, on loans based on the payment status, evaluation of the related collateral, and the financial strength of the borrower. The accrual of interest income is normally discontinued when a loan becomes 90 days past due. Management may elect to continue the accrual of interest when the loan is well secured and in process of collection. When interest accruals are discontinued, interest accrued and not collected in the current year is reversed from income, and interest accrued and not collected from prior years is charged to the allowance for loan losses. Interest income realized on impaired loans is recognized upon receipt if the impaired loan is on a nonaccrual basis. Nonaccrual loans may be returned to accrual status if the loan is brought current and follows a period of sustained performance, including six months of regular principal and interest payments. Accrual of interest on impaired loans is generally continued unless the loan becomes delinquent 90 days or more. Recoveries of loans previously charged off are credited to the allowance for loan losses in the period received. | |||||||||||||
Loans are considered troubled debt restructurings (“TDRs”) when the Company grants concessions, for legal or economic reasons, to borrowers experiencing financial difficulty that would not otherwise be considered. The Company generally makes concessions in interest rates, loan terms, and/or amortization terms. All TDRs $250 thousand or greater are evaluated for a specific reserve based on either the collateral or net present value method, whichever is most applicable. TDRs under $250 thousand are subject to the reserve calculation for classified loans based primarily on the historical loss rate. At the date of modification, nonaccrual loans are classified as nonaccrual TDRs. TDRs classified as nonperforming at the date of modification are returned to performing status after six months of satisfactory payment performance; however, these loans remain identified as impaired until full payment or other satisfaction of the obligation occurs. | |||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses is maintained at a level management deems sufficient to absorb probable loan losses inherent in the loan portfolio. The allowance is increased by charges to earnings in the form of provisions and recoveries of prior loan charge-offs and decreased by loans charged off. The provision is calculated and charged to earnings to bring the allowance to a level that, according to a systematic process of measurement, reflects the amount management estimates is needed to absorb probable losses in the portfolio. While management utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control: the performance of the Company’s loan portfolio, the economy, changes in interest rates, the view of regulatory authorities towards loan classifications, and other factors. While management has allocated the allowance for loan losses to specific loans and general portfolio segments, the entire allowance is available for use against any type of loan loss deemed appropriate by management. | |||||||||||||
Management performs quarterly assessments to determine the appropriate level of the allowance for loan losses. The Company’s allowance is segmented into commercial, consumer real estate, and consumer and other loans with each segment divided into classes with similar characteristics, such as the type of loan and collateral. The allowance for loan losses includes specific allocations to significant individual loans and credit relationships and general reserves to the remaining loans that have been deemed impaired. Loans not specifically identified are grouped into pools based on similar risk characteristics. A loan that becomes adversely classified or graded is moved into a group of adversely classified or graded loans with similar risk characteristics for evaluation. Management’s general reserve allocations are based on judgments of qualitative and quantitative factors about macro and micro economic conditions reflected in the loan portfolio and the economy. | |||||||||||||
No allowance for loan losses is carried over or established at acquisition for purchased loans acquired in business combinations. A provision for loan losses is recorded for any credit deterioration in purchased performing loans after the acquisition date. Purchased credit impaired (“PCI”) loans are grouped into pools and evaluated separately from the non-PCI portfolio. The Company estimates cash flows to be collected on PCI loans and discounts those cash flows at a market rate of interest. If cash flows for PCI loans are expected to decline, generally a provision for loan losses is charged to earnings, resulting in an increase to the allowance for loan losses. If cash flows for PCI loans are expected to improve, any previously established allowance is first reversed to the extent of prior charges and then interest income is increased using prospective yield adjustment over the remaining life of the loan, or pool of loans. Any provision established for PCI loans covered under the Federal Deposit Insurance Corporation (“FDIC”) loss share agreements is offset by an adjustment to the FDIC indemnification asset to reflect the indemnified portion of the post-acquisition exposure. | |||||||||||||
Other Real Estate Owned | |||||||||||||
Other real estate owned (“OREO”) and acquired through foreclosure, or other settlement, is carried at the lower of cost or fair value less estimated selling costs. The fair value is generally based on current third-party appraisals. When a property is transferred into OREO, any excess of the loan balance over the net realizable fair value is charged against the allowance for loan losses. Operating expenses, gains, and losses on the sale of OREO are included in other noninterest expense in the Company’s consolidated statements of income after any fair value write-downs are recorded as valuation adjustments. | |||||||||||||
Business Combinations | |||||||||||||
The Company may engage in business combinations with other companies. These transactions are accounted for using Topic 805 of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”), which requires the use of the acquisition method of accounting. In accordance with the acquisition method of accounting, all identifiable assets acquired, including purchased loans, and liabilities are recorded at fair value. Any excess of the purchase price over the fair value of net assets acquired is recorded as goodwill. In instances where the price of the acquired business is less than the net assets acquired, a gain on the purchase is recorded. | |||||||||||||
Management makes significant estimates and judgments in accounting for business combinations. Fair values are assigned based on quoted prices for similar assets, if readily available, or appraisals by qualified independent parties for relevant asset and liability categories. Management must also make estimates for the useful or economic lives of certain acquired assets and liabilities. These lives are used in establishing the amortization and accretion of some intangible assets and liabilities, such as core deposits obtained in the acquisition of commercial banks. Fair values are subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. The results of operations of an acquired entity are included in the Company’s consolidated results of operations from the closing date of the merger. | |||||||||||||
Purchased loans are recorded using the fair value methodology outlined in Topic 820 of the FASB ASC, exclusive of loss share agreements with the FDIC. The fair value estimates associated with loans include expected prepayments and the amount and timing of expected principal, interest, and other cash flows. No allowance for loan losses is recorded at acquisition for purchased loans because the fair values of the acquired loans incorporate assumptions regarding credit risk. | |||||||||||||
When purchased loans exhibit evidence of credit deterioration after the acquisition date, and it is probable at acquisition the Company will not collect all contractually required principal and interest payments, the loans are referred to as PCI loans. PCI loans are accounted for using Topic 310-30 of the FASB ASC, formerly the American Institute of Certified Public Accountants’ Statement of Position 03-3, “Accounting for Certain Loans or Debt Securities Acquired in a Transfer.” PCI loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. In accordance with the guidance, the Company aggregates PCI loans that have common risk characteristics into loan pools. The Company has established the following loan pools related to the acquisitions of Peoples Bank of Virginia (“Peoples”) and Waccamaw Bank (“Waccamaw”) for evaluation: Waccamaw commercial, Waccamaw lines of credit, Peoples commercial, Waccamaw serviced home equity lines, Waccamaw residential, Peoples residential, and Waccamaw consumer. Evidence of credit quality deterioration at acquisition may include measures such as nonaccrual status, credit scores, declines in collateral value, current loan to value percentages, and days past due. The Company considers expected prepayments and estimates the amount and timing of expected principal, interest, and other cash flows for each loan or pool of loans identified as credit impaired. If the contractually required payments at acquisition exceed the cash flows expected to be collected, the excess is the non-accretable difference, which is available to absorb credit losses on those loans or pools of loans. If the cash flows expected at acquisition exceed the estimated fair values, the excess is the accretable yield, which is recognized in interest income over the remaining lives of those loans or pools of loans when there is a reasonable expectation about the amount and timing of such cash flows. | |||||||||||||
Purchased performing loans are accounting for using the contractual cash flow method of accounting, which results in these loans being recorded at fair value with a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated contractual lives of the loans. Additional information regarding the accounting and valuation of the allowance for loan losses related to purchased loans, intangible assets, and receivables resulting from FDIC-assisted transactions is found in this note of the consolidated financial statements. | |||||||||||||
Federal Deposit Insurance Corporation Indemnification Asset | |||||||||||||
The FDIC indemnification asset represents the carrying amount of the right to receive payments from the FDIC for losses incurred on specified assets purchased from the FDIC that are covered by loss share agreements. The FDIC indemnification asset is measured separately from related covered assets because it is not contractually embedded in the assets or transferable should the assets be disposed. In accordance with the acquisition method of accounting, the FDIC indemnification asset was recorded at fair value using projected cash flows based on expected reimbursements and applicable loss share percentages as outlined in the loss share agreements with the FDIC. The expected reimbursements did not include reimbursable amounts related to future covered expenditures. The cash flows were discounted to reflect the timing and receipt of reimbursements from the FDIC. The discount is accreted through noninterest income over future periods. The Company regularly reviews the fair value of the FDIC indemnification asset with input from a third-party provider. Post-acquisition adjustments to the indemnification asset are measured on the same basis as the underlying covered assets. Increases in the cash flows of covered loans reduce the FDIC indemnification asset balance, which is recognized as amortization through noninterest income over the shorter of the remaining life of the FDIC indemnification asset or the underlying loans. Decreases in the cash flows of covered loans increase the FDIC indemnification asset balance, which is recognized as accretion through noninterest income. The realization of the FDIC indemnification asset ultimately depends on the performance of the underlying covered assets, the passage of time, and claims paid by the FDIC; therefore, the amount the Company realizes could differ materially from the carrying value. | |||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed by the straight-line method over the estimated useful lives of the respective assets. Useful lives range from 5 to 10 years for furniture, fixtures, and equipment; 3 to 5 years for software, hardware, and data handling equipment; and 10 to 40 years for buildings and building improvements. Land improvements are amortized over a period of 20 years and leasehold improvements are amortized over the lesser of the term of the respective leases plus the first optional renewal period, when renewal is reasonably assured, or the estimated useful lives of the improvements. The Company leases various properties within its branch network. Leases generally have initial terms of up to 20 years and most contain options to renew with reasonable increases in rent. All leases are accounted for as operating leases. Maintenance and repairs are charged to current operations while improvements that extend the economic useful life of the underlying asset are capitalized. Disposition gains and losses are reflected in current operations. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets consist of goodwill, core deposit intangible assets, and other identifiable intangible assets that result from business combinations. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, and it is allocated to the appropriate reporting unit when acquired. The Company maintains two reporting units, Community Banking and Insurance Services. Goodwill is not amortized, but is tested annually in the fourth quarter using a qualitative assessment to determine if it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of either reporting unit is less than its carrying amount, the two-step quantitative goodwill impairment test is performed. Step 1 consists of calculating and comparing the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit is greater than its book value, no goodwill impairment exists. If the carrying amount of a reporting unit is greater than its calculated fair value, goodwill impairment may exist and Step 2 is required to determine the amount of the impairment loss. The Company performed its annual impairment test of goodwill as of October 31, 2013, and determined that qualitatively that it was more likely than not that goodwill was not impaired; therefore, the Step 1 and Step 2 tests were not deemed necessary. Qualitative factors considered in the analysis included macroeconomic conditions, industry and market considerations, overall financial performance, changes in stock price, and the Company’s progress towards stated objectives as compared to prior years. An impairment charge to goodwill and other intangible assets may be required in the future if the Company’s future earnings and cash flows decline or discount rates used in determining fair value increase. No events have occurred after the 2013 analysis to indicate additional impairment. | |||||||||||||
Core deposit intangible assets represent the future earnings potential of acquired deposit relationships and are amortized over their estimated remaining useful lives. Other identifiable intangible assets primarily represent the rights arising from contractual arrangements and are amortized using the straight-line method. | |||||||||||||
Other Investments | |||||||||||||
As a condition of membership in the FHLB and the Federal Reserve Bank (“FRB”), the Company is required to subscribe to a minimum level of stock in the FHLB of Atlanta (“FHLBA”) and FRB of Richmond. These securities are reported in other assets in the Company’s consolidated balance sheets. There is no market for these securities and ownership is restricted; therefore, readily determinable fair values are not available. The Company carries these nonmarketable securities at cost and reviews the FHLB of Atlanta stock quarterly for impairment. The Company believes the FHLB of Atlanta ownership position provides access to relatively inexpensive wholesale and overnight funding. During 2013 and 2012 the FHLBA repurchased excess activity-based stock and paid quarterly cash dividends. Based on publicly available information as of December 31, 2013, the Company believed that its FHLBA stock was not impaired. The investment in FHLBA stock was $10.72 million as of December 31, 2013, and $11.30 million as of December 31, 2012. The investment in FRB of Richmond stock was $5.58 million as of December 31, 2013, and $5.57 million as of December 31, 2012. | |||||||||||||
The Company maintains long-term investments in various entities, including the Trust, certain tax credit limited partnerships, and other limited liability companies that provide aviation services, insurance brokerage, title insurance, and other related financial services. These entities are reported in other assets in the Company’s consolidated balance sheets. Investments in entities that the Company has no significant influence or control over, generally ownership interests of less than 20%, are recorded using the cost method of accounting. In accordance with the cost method, these investments do not have readily determinable fair values and dividends received are generally recorded as income. Investments in entities that the Company has the ability to exercise significant influence over but not control, generally ownership interests ranging from 20% to 50%, are recorded using the equity method of accounting. In accordance with the equity method, dividends received generally reduce the carrying amount of the investment, and the investment is adjusted to recognize the Company’s share of the entity’s earnings, losses, and changes in capital, if any. Management believes any future adjustments to equity investments will be immaterial. All long-term investments are reviewed periodically for possible impairment. The carrying value and maximum potential loss of equity investments totaled $786 thousand as of December 31, 2013, and $782 thousand as of December 31, 2012. | |||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||
Securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions. Securities, generally U.S. government and federal agency securities, pledged as collateral under these arrangements can be sold or repledged only if replaced by the secured party. The fair value of the collateral provided to a third party is continually monitored and additional collateral is provided as appropriate. | |||||||||||||
Advertising Expenses | |||||||||||||
Advertising costs are generally expensed as incurred. The Company may establish accruals for anticipated advertising expenses in the course of a fiscal year. | |||||||||||||
Equity-Based Compensation | |||||||||||||
The cost of employee services received in exchange for equity instruments, such as stock options and restricted stock awards, is generally measured at fair value on the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used as the fair value of restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period for stock option awards and as the restriction period for restricted stock awards. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | |||||||||||||
Income Taxes | |||||||||||||
Income tax expense is comprised of the current and deferred tax consequences of events and transactions already recognized. The Company includes interest and penalties related to income tax liabilities in income tax expense. The effective tax rate, income tax expense as a percentage of pre-tax income, may vary significantly from statutory rates due to tax credits and permanent differences. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. | |||||||||||||
The Company and its subsidiaries’ tax filings for the years ended December 31, 2009 through 2012 are currently open to audit under statutes of limitation by the Internal Revenue Service and various state tax departments. | |||||||||||||
Earnings per Common Share | |||||||||||||
Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. In accordance with the treasury stock method of accounting, potential common stock could be issued for stock options, nonvested restricted stock awards, performance based stock awards, and convertible preferred stock. Diluted earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding for the period plus the number of dilutive potential common shares. The calculation of diluted earnings per common share excludes potential common shares that have an exercise price greater than the average market value of the Company’s common stock because the effect would be antidilutive. | |||||||||||||
The following table presents the calculation of basic and diluted earnings per common share for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands, except share and per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 23,312 | $ | 28,577 | $ | 20,028 | |||||||
Dividends on preferred stock | 1,024 | 1,058 | 703 | ||||||||||
Net income available to common shareholders | $ | 22,288 | $ | 27,519 | $ | 19,325 | |||||||
Weighted average number of common shares outstanding, basic | 19,792,099 | 19,127,065 | 17,877,421 | ||||||||||
Dilutive effect of potential common shares from: | |||||||||||||
Stock options | 19,337 | 4,549 | 1,390 | ||||||||||
Restricted stock | 5,014 | 2,107 | 343 | ||||||||||
Convertible preferred stock | 1,132,998 | 1,285,848 | 808,367 | ||||||||||
Contingently issuable shares | 12,352 | — | — | ||||||||||
Weighted average number of common shares outstanding, diluted | 20,961,800 | 20,419,569 | 18,687,521 | ||||||||||
Basic earnings per common share | $ | 1.13 | $ | 1.44 | $ | 1.08 | |||||||
Diluted earnings per common share | $ | 1.11 | $ | 1.4 | $ | 1.07 | |||||||
Antidilutive potential common shares: | |||||||||||||
Stock options | 317,420 | 420,802 | 393,133 | ||||||||||
Restricted stock | 271 | — | 2,343 | ||||||||||
Total potential antidilutive shares | 317,691 | 420,802 | 395,476 | ||||||||||
The Company’s Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”) carries a 6% dividend rate. Each share of the Series A Preferred Stock is convertible into 69 shares of the Company’s common stock at any time and mandatorily converts after five years. The Company may redeem the shares at face value after May 20, 2014. The number of Series A Preferred Stock outstanding was 15,251 as of December 31, 2013, 17,421 as of December 31, 2012, and 18,921 shares as of December 31, 2011. | |||||||||||||
Derivative Instruments | |||||||||||||
A derivative is an instrument whose value is derived from an underlying instrument or index, such as interest rates, equity security prices, currencies, commodity prices, or credit spreads. Derivatives include futures, forwards, swaps, option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies). The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. All derivative instruments are reported at fair value in the balance sheets. | |||||||||||||
If certain conditions are met, a derivative may be designated as a hedge related to fair value, cash flow, or foreign exposure risk. Changes in the fair value of a derivative instrument vary depending on the intended use of the derivative and the resulting designation. The Company accounts for fair value hedges using the regression analysis method. The hedged item is regressed with the hedging instrument and if the coefficient of determination is at least 0.80 the hedge will be deemed effective. The change in fair value of the hedging derivative and the change in fair value of the hedged exposure are recorded in earnings. Any hedge ineffectiveness is also reflected in current earnings. Changes in the fair value of derivatives not designated as hedging instruments are recognized as a gain or loss in earnings. The Company formally documents any relationships between hedging instruments and hedged items and the risk management objective and strategy for undertaking each hedged transaction. As of December 31, 2013, the Company had one interest rate swap that qualified as a fair value hedging instrument. The Company’s other derivative instruments include various IRLCs and forward sale loan commitments that do not qualify as hedging instruments. | |||||||||||||
Fair Value Measurements | |||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal, or most advantageous, market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact, and willing to transact. | |||||||||||||
The fair value hierarchy is as follows: | |||||||||||||
Level 1 Inputs – | Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||
Level 2 Inputs – | Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and provide a reasonable basis for fair value determination, such as interest rates, yield curves, volatilities, prepayment speeds, default rates, and credit risks, or inputs that are principally derived from observable market data. | ||||||||||||
Level 3 Inputs – | Unobservable inputs for determining the fair values of assets or liabilities when there is little or no market activity at the measurement date, using reasonable inputs and assumptions based on the best information at the time, to the extent that inputs are available without undue cost and effort. These inputs and assumptions may include model-derived inputs that are not corroborated by observable market data and an entity’s own assumptions. | ||||||||||||
These valuation methodologies were applied to all of the Company’s assets and liabilities carried at fair value. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon third-party models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality, the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||||||
Accounting Standards Updates | |||||||||||||
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income. An entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. This update is effective prospectively for interim and annual periods beginning on or after December 15, 2012. The Company adopted the guidance in 2013 and has included the related disclosures in Note 17, “Accumulated Other Comprehensive Income,” to the Consolidated Financial Statements of this report. | |||||||||||||
In October 2012, the FASB issued ASU 2012-06, “Business Combinations (Topic 805) – Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force),” to address the diversity in practice about how to subsequently measure an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution. The amendments in ASU 2012-06 require a reporting entity to subsequently account for a change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. ASU 2012-06 further requires that any amortization of changes in value be limited to the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets. The amendments in ASU 2012-06 are effective prospectively for fiscal years beginning on or after December 15, 2012, and early adoption is permitted. The Company adopted the guidance in 2013 and has recognized negative accretion related to the indemnification asset. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Acquisitions and Divestitures | ' | ||||||||||||
Note 2. | Acquisitions and Divestitures | ||||||||||||
Peoples Bank of Virginia | |||||||||||||
On May 31, 2012, the Company completed the acquisition of Peoples, based in Richmond, Virginia. Peoples, a full service community bank, operated 4 branches throughout the Richmond area. At acquisition, Peoples had total assets of $275.76 million, loans of $184.84 million, and deposits of $232.75 million. The purchase price was $40.28 million, including common stock valued at $26.47 million and cash consideration of $12.26 million. The Company issued 2,157,005 shares of common stock with an estimated fair value of $12.27 per share. Each outstanding share of Peoples was exchanged for $6.08 in cash and 1.07 shares of the Company’s common stock. The Company recorded goodwill of $10.32 million from the acquisition. | |||||||||||||
Waccamaw Bank | |||||||||||||
On June 8, 2012, the Company entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase certain assets and assume substantially all of the deposits and certain liabilities of Waccamaw, headquartered in Whiteville, North Carolina. Waccamaw, a full service community bank, operated 16 branches throughout North Carolina and South Carolina. At acquisition, Waccamaw had total assets of $500.64 million, loans of $318.35 million, and deposits of $414.13 million. Under the loss share agreements, the FDIC covers 80% of most loan and foreclosed real estate losses. The Company recorded an indemnification asset of $49.76 million at acquisition representing the present value of estimated losses on covered assets to be reimbursed by the FDIC. The Company recorded goodwill of $10.62 million from the acquisition. | |||||||||||||
Insurance Services | |||||||||||||
In 2013 the Company issued cash consideration of $150 thousand to purchase one agency. The acquisition terms call for further cash consideration of $253 thousand if certain operating targets are met. The fair value of these payments was booked at acquisition and added $324 thousand of goodwill and other intangibles to the Company’s consolidated balance sheet as of December 31, 2013. In 2011 Greenpoint received cash of $1.58 million from the sale of two agencies. | |||||||||||||
Acquisitions that occurred before 2009 call for issuing further cash consideration if certain operating targets are met. If those targets are met, the value of the consideration will be added to the cost of the acquisition. Earn-out payments related to these acquisitions totaled $442 thousand in 2013, $692 thousand in 2012, and $680 thousand in 2011. | |||||||||||||
Net Cash Paid (Acquired) in Acquisitions and Divestitures | |||||||||||||
The following table presents the components of net cash acquired, or paid, in acquisitions and divestitures, an investing activity in the Company’s statements of cash flows, in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Acquisitions | |||||||||||||
Fair value of assets and liabilities acquired: | |||||||||||||
Investments | $ | — | $ | 62,919 | $ | — | |||||||
Loans | 281 | 419,320 | — | ||||||||||
Premises and equipment | — | 7,535 | — | ||||||||||
Other assets | — | 255,924 | — | ||||||||||
Deposits | — | (649,184 | ) | — | |||||||||
Other liabilities | — | (60,085 | ) | — | |||||||||
Purchase price in excess of net assets acquired | 663 | 21,810 | 680 | ||||||||||
Total purchase price | 944 | 58,239 | 680 | ||||||||||
Non-cash purchase price | 247 | 26,469 | — | ||||||||||
Cash acquired | — | 184,053 | — | ||||||||||
Net cash paid (acquired) in acquisitions | 697 | (152,283 | ) | 680 | |||||||||
Divestitures | |||||||||||||
Book value of assets sold | — | — | (1,678 | ) | |||||||||
Book value of liabilities sold | — | — | 170 | ||||||||||
Sales price in excess of net liabilities assumed | — | — | (67 | ) | |||||||||
Total sales price | — | — | (1,575 | ) | |||||||||
Cash sold | — | — | — | ||||||||||
Amount due remaining on books | — | — | 60 | ||||||||||
Net cash acquired in divestitures | — | — | (1,515 | ) | |||||||||
Net cash paid (acquired) in acquisitions and divestitures | $ | 697 | $ | (152,283 | ) | $ | (835 | ) | |||||
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Note 3. | Investment Securities | ||||||||||||||||||||||||
The following tables present the amortized cost and fair value of available-for-sale securities, including gross unrealized gains and losses, as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Amortized | Unrealized | Unrealized | Fair | OTTI in | ||||||||||||||||||||
Cost | Gains | Losses | Value | AOCI (1) | |||||||||||||||||||||
U.S. Treasury securities | $ | 9,708 | $ | — | $ | (695 | ) | $ | 9,013 | $ | — | ||||||||||||||
Municipal securities | 147,049 | 1,868 | (4,637 | ) | 144,280 | — | |||||||||||||||||||
Single issue trust preferred securities | 55,764 | — | (9,530 | ) | 46,234 | — | |||||||||||||||||||
Corporate securities | 5,000 | — | (129 | ) | 4,871 | — | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Agency | 306,319 | 2,575 | (8,508 | ) | 300,386 | — | |||||||||||||||||||
Non-Agency Alt-A residential | 12,543 | — | (2,754 | ) | 9,789 | (2,754 | ) | ||||||||||||||||||
Total mortgage-backed securities | 318,862 | 2,575 | (11,262 | ) | 310,175 | (2,754 | ) | ||||||||||||||||||
Equity securities | 5,259 | 24 | (36 | ) | 5,247 | — | |||||||||||||||||||
Total | $ | 541,642 | $ | 4,467 | $ | (26,289 | ) | $ | 519,820 | $ | (2,754 | ) | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | Amortized | Unrealized | Unrealized | Fair Value | OTTI in | ||||||||||||||||||||
Cost | Gains | Losses | AOCI (1) | ||||||||||||||||||||||
Municipal securities | $ | 151,119 | $ | 8,195 | $ | (97 | ) | $ | 159,217 | $ | — | ||||||||||||||
Single issue trust preferred securities | 55,707 | — | (11,061 | ) | 44,646 | — | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Agency | 310,323 | 6,023 | (449 | ) | 315,897 | — | |||||||||||||||||||
Non-Agency Alt-A residential | 14,215 | — | (3,148 | ) | 11,067 | (3,148 | ) | ||||||||||||||||||
Total mortgage-backed securities | 324,538 | 6,023 | (3,597 | ) | 326,964 | (3,148 | ) | ||||||||||||||||||
Equity securities | 3,446 | 190 | (105 | ) | 3,531 | — | |||||||||||||||||||
Total | $ | 534,810 | $ | 14,408 | $ | (14,860 | ) | $ | 534,358 | $ | (3,148 | ) | |||||||||||||
-1 | Other-than-temporary impairment in accumulated other comprehensive income | ||||||||||||||||||||||||
The following table presents the amortized cost, fair value, and weighted-average yield of available-for-sale securities, by contractual maturity, as of December 31, 2013. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties. | |||||||||||||||||||||||||
(Amounts in thousands) | U.S. Treasury | Municipal | Corporate Notes | Total | Tax Equivalent | ||||||||||||||||||||
Securities | Securities | Purchase Yield (1) | |||||||||||||||||||||||
Amortized cost maturity: | |||||||||||||||||||||||||
Within one year | $ | — | $ | 1,386 | $ | — | $ | 1,386 | 3.85 | % | |||||||||||||||
After one year through five years | — | 14,227 | — | 14,227 | 5.69 | % | |||||||||||||||||||
After five years through ten years | 9,708 | 131,436 | 55,762 | 196,906 | 3.63 | % | |||||||||||||||||||
After ten years | — | — | 5,002 | 5,002 | 1.15 | % | |||||||||||||||||||
Amortized cost | $ | 9,708 | $ | 147,049 | $ | 60,764 | 217,521 | ||||||||||||||||||
Mortgage-backed securities | 318,862 | 2.5 | % | ||||||||||||||||||||||
Equity securities | 5,259 | 4.92 | % | ||||||||||||||||||||||
Total amortized cost | $ | 541,642 | |||||||||||||||||||||||
Tax equivalent purchase yield | 2.09 | % | 4.76 | % | 1.34 | % | 3.01 | % | |||||||||||||||||
Average contractual maturity (in years) | 9.38 | 10.42 | 13.55 | 11.25 | |||||||||||||||||||||
Fair value maturity: | |||||||||||||||||||||||||
Within one year | $ | — | $ | 1,393 | $ | — | $ | 1,393 | |||||||||||||||||
After one year through five years | — | 14,557 | — | 14,557 | |||||||||||||||||||||
After five years through ten years | 9,013 | 128,330 | 47,131 | 184,474 | |||||||||||||||||||||
After ten years | — | — | 3,974 | 3,974 | |||||||||||||||||||||
Fair value | $ | 9,013 | $ | 144,280 | $ | 51,105 | 204,398 | ||||||||||||||||||
Mortgage-backed securities | 310,175 | ||||||||||||||||||||||||
Equity securities | 5,247 | ||||||||||||||||||||||||
Total fair value | $ | 519,820 | |||||||||||||||||||||||
-1 | Fully taxable equivalent at the rate of 35%. | ||||||||||||||||||||||||
The following tables present the amortized cost and fair value of held-to-maturity securities, including gross unrealized gains and losses, as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Municipal securities | $ | 568 | $ | 11 | $ | — | $ | 579 | |||||||||||||||||
Total | $ | 568 | $ | 11 | $ | — | $ | 579 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
(Amounts in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Municipal securities | $ | 816 | $ | 16 | $ | — | $ | 832 | |||||||||||||||||
Total | $ | 816 | $ | 16 | $ | — | $ | 832 | |||||||||||||||||
The following table presents the amortized cost, fair value, and weighted-average yield of held-to-maturity securities, by contractual maturity, as of December 31, 2013. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties. | |||||||||||||||||||||||||
(Amounts in thousands) | Municipal | Tax Equivalent | |||||||||||||||||||||||
Securities | Purchase Yield (1) | ||||||||||||||||||||||||
Amortized cost maturity: | |||||||||||||||||||||||||
Within one year | $ | 190 | 8.05 | % | |||||||||||||||||||||
After one year through five years | 378 | 8.17 | % | ||||||||||||||||||||||
After five years through ten years | — | — | |||||||||||||||||||||||
After ten years | — | — | |||||||||||||||||||||||
Total amortized cost | $ | 568 | |||||||||||||||||||||||
Tax equivalent purchase yield | 8.13 | % | |||||||||||||||||||||||
Average contractual maturity (in years) | 1.33 | ||||||||||||||||||||||||
Fair value maturity: | |||||||||||||||||||||||||
Within one year | $ | 193 | |||||||||||||||||||||||
After one year through five years | 386 | ||||||||||||||||||||||||
After five years through ten years | — | ||||||||||||||||||||||||
After ten years | — | ||||||||||||||||||||||||
Total fair value | $ | 579 | |||||||||||||||||||||||
-1 | Fully taxable equivalent at the rate of 35%. | ||||||||||||||||||||||||
The following table presents municipal securities, by state, for the states where the largest volume of these securities are held in the Company’s portfolio. The table also presents the amortized cost and fair value of the municipal securities, including gross unrealized gains and losses, as of the dates indicated. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Percent of | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Municipal Portfolio | |||||||||||||||||||||||||
New York | 11.34 | % | $ | 16,161 | $ | 294 | $ | (28 | ) | $ | 16,427 | ||||||||||||||
Minnesota | 8.56 | % | 12,504 | 174 | (279 | ) | 12,399 | ||||||||||||||||||
New Jersey | 8.18 | % | 11,565 | 306 | (25 | ) | 11,846 | ||||||||||||||||||
Connecticut | 7.86 | % | 11,406 | 91 | (109 | ) | 11,388 | ||||||||||||||||||
Wisconsin | 7.83 | % | 11,815 | 118 | (584 | ) | 11,349 | ||||||||||||||||||
Ohio | 7.45 | % | 11,299 | 135 | (637 | ) | 10,797 | ||||||||||||||||||
Massachusetts | 6.85 | % | 10,102 | 119 | (295 | ) | 9,926 | ||||||||||||||||||
Texas | 6.24 | % | 9,483 | 134 | (576 | ) | 9,041 | ||||||||||||||||||
Other | 35.68 | % | 53,282 | 508 | (2,104 | ) | 51,686 | ||||||||||||||||||
Total | 100 | % | $ | 147,617 | $ | 1,879 | $ | (4,637 | ) | $ | 144,859 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Percent of | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Municipal Portfolio | |||||||||||||||||||||||||
New York | 11.04 | % | $ | 16,552 | $ | 1,114 | $ | — | $ | 17,666 | |||||||||||||||
Wisconsin | 8.66 | % | 13,266 | 602 | — | 13,868 | |||||||||||||||||||
Minnesota | 8.61 | % | 12,990 | 798 | (4 | ) | 13,784 | ||||||||||||||||||
New Jersey | 8.01 | % | 11,940 | 874 | — | 12,814 | |||||||||||||||||||
Connecticut | 7.72 | % | 11,693 | 660 | — | 12,353 | |||||||||||||||||||
Texas | 7.42 | % | 11,416 | 470 | (16 | ) | 11,870 | ||||||||||||||||||
Ohio | 7.31 | % | 11,147 | 575 | (21 | ) | 11,701 | ||||||||||||||||||
Massachusetts | 6.98 | % | 10,531 | 642 | (3 | ) | 11,170 | ||||||||||||||||||
Other | 34.25 | % | 52,400 | 2,476 | (53 | ) | 54,823 | ||||||||||||||||||
Total | 100 | % | $ | 151,935 | $ | 8,211 | $ | (97 | ) | $ | 160,049 | ||||||||||||||
The following tables present the fair values and unrealized losses for available-for-sale securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the dates indicated. There were no held-to-maturity securities in a continuous unrealized loss position as of December 31, 2013 or 2012. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | |||||||||||||||||||||||
(Amounts in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. Treasury securities | $ | 9,012 | $ | (695 | ) | $ | — | $ | — | $ | 9,012 | $ | (695 | ) | |||||||||||
Municipal securities | 57,950 | (4,147 | ) | 3,049 | (490 | ) | 60,999 | (4,637 | ) | ||||||||||||||||
Single issue trust preferred securities | — | — | 46,234 | (9,530 | ) | 46,234 | (9,530 | ) | |||||||||||||||||
Corporate securities | 4,872 | (129 | ) | — | — | 4,872 | (129 | ) | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Agency | 114,047 | (4,361 | ) | 55,706 | (4,147 | ) | 169,753 | (8,508 | ) | ||||||||||||||||
Non-Agency Alt-A residential | — | — | 9,789 | (2,754 | ) | 9,789 | (2,754 | ) | |||||||||||||||||
Total mortgage-backed securities | 114,047 | (4,361 | ) | 65,495 | (6,901 | ) | 179,542 | (11,262 | ) | ||||||||||||||||
Equity securities | 4,976 | (24 | ) | 20 | (12 | ) | 4,996 | (36 | ) | ||||||||||||||||
Total | $ | 190,857 | $ | (9,356 | ) | $ | 114,798 | $ | (16,933 | ) | $ | 305,655 | $ | (26,289 | ) | ||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | |||||||||||||||||||||||
(Amounts in thousands) | Fair Value | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Losses | Value | Losses | Value | Losses | |||||||||||||||||||||
Municipal securities | $ | 6,436 | $ | (97 | ) | $ | — | $ | — | $ | 6,436 | $ | (97 | ) | |||||||||||
Single issue trust preferred securities | — | — | 44,646 | (11,061 | ) | 44,646 | (11,061 | ) | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Agency | 74,197 | (449 | ) | 15 | — | 74,212 | (449 | ) | |||||||||||||||||
Non-Agency Alt-A residential | — | — | 11,066 | (3,148 | ) | 11,066 | (3,148 | ) | |||||||||||||||||
Total mortgage-backed securities | 74,197 | (449 | ) | 11,081 | (3,148 | ) | 85,278 | (3,597 | ) | ||||||||||||||||
Equity securities | 3,106 | (25 | ) | 108 | (80 | ) | 3,214 | (105 | ) | ||||||||||||||||
Total | $ | 83,739 | $ | (571 | ) | $ | 55,835 | $ | (14,289 | ) | $ | 139,574 | $ | (14,860 | ) | ||||||||||
As of December 31, 2013, there were 219 individual securities in an unrealized loss position, and their combined depreciation in value represented 5.06% of the available-for-sale securities portfolio. Individual securities in an unrealized loss position as of December 31, 2013, included 32 securities in a continuous unrealized loss position for 12 months or longer that the Company does not intend to sell, and that it has determined is not more likely than not going to be required to sell, prior to the maturities or recoveries of the securities. As of December 31, 2012, there were 57 individual securities in an unrealized loss position, and their combined depreciation in value represented 2.78% of the available-for-sale securities portfolio. | |||||||||||||||||||||||||
The following table presents the components of the Company’s net gain from the sale of securities in the periods indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Gross realized gains | $ | 553 | $ | 723 | $ | 6,963 | |||||||||||||||||||
Gross realized losses | (154 | ) | (240 | ) | (1,699 | ) | |||||||||||||||||||
Net gain on sale of securities | $ | 399 | $ | 483 | $ | 5,264 | |||||||||||||||||||
The carrying value of securities pledged to secure public deposits and other purposes was $284.77 million as of December 31, 2013, and $292.88 million as of December 31, 2012. | |||||||||||||||||||||||||
The Company reviews its investment portfolio on a quarterly basis for indications of OTTI. Debt securities not beneficially owned by the Company include securities issued from the U.S. Department of the Treasury (the “Treasury”), municipal securities, and single issue trust preferred securities. For debt securities not beneficially owned, the Company analyzes factors such as the severity and duration of the impairment, adverse conditions within the issuing industry, prospects for the issuer, performance of the security, changes in rating by rating agencies, and other qualitative factors to determine if the impairment will be recovered. If the evaluation suggests that the impairment will not be recovered, the Company calculates the present value of the security to determine the amount of OTTI. The security is then written down to its current present value and the Company calculates and records the amount of the loss due to credit factors in earnings through noninterest income and the amount due to other factors in stockholders’ equity through OCI. During 2013 and 2012, the Company incurred no OTTI charges related to debt securities not beneficially owned. Temporary impairment on these securities is primarily related to changes in interest rates, certain disruptions in the credit markets, destabilization in the Eurozone, and other current economic factors. | |||||||||||||||||||||||||
Debt securities beneficially owned by the Company consist of corporate FDIC securities and mortgage-backed securities (“MBS”). For debt securities beneficially owned, the Company analyzes the cash flows for each applicable security to determine if an adverse change in cash flows expected to be collected has occurred. If the projected value of cash flows at the current reporting date is less than the present value previously projected, and less than the current book value, an adverse change has occurred. The Company then compares the current present value of cash flows to the current net book value to determine the credit-related portion of the OTTI. The credit-related OTTI is recorded in earnings through noninterest income and any remaining noncredit-related OTTI is recorded in stockholders’ equity through OCI. The Company incurred credit-related OTTI charges related to debt securities beneficially owned of $320 thousand in 2013 and $942 thousand in 2012. These charges were related to a non-Agency MBS. | |||||||||||||||||||||||||
The Company uses a discounted cash flow model for the non-Agency Alt-A residential MBS with the following assumptions: constant voluntary prepayment rate of 2%, a customized constant default rate scenario that assumes approximately 16% of the remaining underlying mortgages will default over the life of the security, and a customized loss severity rate scenario that ramps the loss rate down from 55% to 10% over the course of approximately three years. The following table presents the activity for credit-related losses recognized in earnings on debt securities where a portion of an OTTI was recognized in OCI for the periods indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Beginning balance (1) | $ | 7,478 | $ | 6,536 | $ | 4,251 | |||||||||||||||||||
Additions for credit losses on securities not previously recognized | — | — | — | ||||||||||||||||||||||
Additions for credit losses on securities previously recognized | 320 | 942 | 2,285 | ||||||||||||||||||||||
Reduction for increases in cash flows | — | — | — | ||||||||||||||||||||||
Reduction for securities management no longer intends to hold to recovery | — | — | — | ||||||||||||||||||||||
Reduction for securities sold/realized losses | — | — | — | ||||||||||||||||||||||
Ending balance | $ | 7,798 | $ | 7,478 | $ | 6,536 | |||||||||||||||||||
-1 | The beginning balance includes credit related losses included in OTTI charges recognized on debt securities in prior periods. | ||||||||||||||||||||||||
For equity securities, the Company considers its intent to hold or sell the security before recovery, the severity and duration of the decline in fair value of the security below its cost, the financial condition and near-term prospects of the issuer, and whether the decline appears to be related to issuer, general market, or industry conditions to determine if the impairment will be recovered. If the Company deems the impairment other-than-temporary in nature, the security is written down to its current present value and the OTTI loss is charged to earnings. During 2013 and 2012, the Company recognized no OTTI charges related to equity securities. |
Loans
Loans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Loans | ' | ||||||||||||||||
Note 4. | Loans | ||||||||||||||||
The Company’s loans held for investment are grouped into three segments (commercial loans, consumer real estate loans, and consumer and other loans) with each segment divided into various classes. Covered loans are defined as loans acquired in FDIC-assisted transactions that are covered by loss share agreements. Deferred loan fees were $3.16 million as of December 31, 2013, $2.36 million as of December 31, 2012, and $1.69 million as of December 31, 2011. Customer overdrafts are reclassified as loans and totaled $1.42 million as of December 31, 2013, and $1.55 million as of December 31, 2012. The following table presents loans, net of unearned income and disaggregated by class, as of the periods indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Amounts in thousands) | Amount | Percent | Amount | Percent | |||||||||||||
Non-covered loans held for investment | |||||||||||||||||
Commercial loans | |||||||||||||||||
Construction, development, and other land | $ | 35,255 | 2.06 | % | $ | 57,434 | 3.33 | % | |||||||||
Commercial and industrial | 95,455 | 5.58 | % | 88,738 | 5.15 | % | |||||||||||
Multi-family residential | 70,197 | 4.1 | % | 65,694 | 3.81 | % | |||||||||||
Single family non-owner occupied | 135,559 | 7.92 | % | 135,912 | 7.88 | % | |||||||||||
Non-farm, non-residential | 475,911 | 27.82 | % | 448,810 | 26.02 | % | |||||||||||
Agricultural | 2,324 | 0.14 | % | 1,709 | 0.1 | % | |||||||||||
Farmland | 32,614 | 1.91 | % | 34,570 | 2 | % | |||||||||||
Total commercial loans | 847,315 | 49.53 | % | 832,867 | 48.29 | % | |||||||||||
Consumer real estate loans | |||||||||||||||||
Home equity lines | 111,770 | 6.53 | % | 111,081 | 6.44 | % | |||||||||||
Single family owner occupied | 496,012 | 28.99 | % | 473,547 | 27.46 | % | |||||||||||
Owner occupied construction | 28,703 | 1.68 | % | 16,223 | 0.94 | % | |||||||||||
Total consumer real estate loans | 636,485 | 37.2 | % | 600,851 | 34.84 | % | |||||||||||
Consumer and other loans | |||||||||||||||||
Consumer loans | 71,313 | 4.17 | % | 78,163 | 4.53 | % | |||||||||||
Other | 3,926 | 0.23 | % | 5,666 | 0.33 | % | |||||||||||
Total consumer and other loans | 75,239 | 4.4 | % | 83,829 | 4.86 | % | |||||||||||
Total non-covered loans | 1,559,039 | 91.13 | % | 1,517,547 | 87.99 | % | |||||||||||
Total covered loans | 151,682 | 8.87 | % | 207,106 | 12.01 | % | |||||||||||
Total loans held for investment, net of unearned income | $ | 1,710,721 | 100 | % | $ | 1,724,653 | 100 | % | |||||||||
Loans held for sale | $ | 883 | $ | 6,672 | |||||||||||||
The following table presents the components of the Company’s covered loan portfolio, disaggregated by class, as of the dates indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||||||||||
Covered loans | |||||||||||||||||
Commercial loans | |||||||||||||||||
Construction, development, and other land | $ | 15,865 | $ | 26,595 | |||||||||||||
Commercial and industrial | 3,325 | 6,948 | |||||||||||||||
Multi-family residential | 1,933 | 2,611 | |||||||||||||||
Single family non-owner occupied | 7,449 | 11,428 | |||||||||||||||
Non-farm, non-residential | 34,646 | 48,565 | |||||||||||||||
Agricultural | 164 | 144 | |||||||||||||||
Farmland | 873 | 1,091 | |||||||||||||||
Total commercial loans | 64,255 | 97,382 | |||||||||||||||
Consumer real estate loans | |||||||||||||||||
Home equity lines | 69,206 | 81,445 | |||||||||||||||
Single family owner occupied | 16,919 | 22,961 | |||||||||||||||
Owner occupied construction | 1,184 | 1,644 | |||||||||||||||
Total consumer real estate loans | 87,309 | 106,050 | |||||||||||||||
Consumer and other loans | |||||||||||||||||
Consumer loans | 118 | 3,674 | |||||||||||||||
Total covered loans | $ | 151,682 | $ | 207,106 | |||||||||||||
For information concerning off-balance sheet financing, see Note 20, “Litigation, Commitments and Contingencies,” to the Consolidated Financial Statements of this report. | |||||||||||||||||
Purchased Credit Impaired Loans | |||||||||||||||||
When the fair values of purchased loans are established at acquisition, certain loans are identified as impaired. These PCI loans are aggregated into loan pools that have common risk characteristics. The Company’s loan pools consist of Waccamaw commercial, Waccamaw lines of credit, Peoples commercial, Waccamaw serviced home equity lines, Waccamaw residential, Peoples residential, and Waccamaw consumer. The Company estimates cash flows to be collected on PCI loans and discounts those cash flows at a market rate of interest. The following table presents the carrying and contractual unpaid principal balance of PCI loans, by acquisition, as of the dates indicated: | |||||||||||||||||
(Amounts in thousands) | Peoples | Waccamaw | Other | Total | |||||||||||||
Carrying balance, January 1, 2011 | $ | 3,221 | $ | 3,221 | |||||||||||||
Carrying balance, December 31, 2011 | 2,886 | 2,886 | |||||||||||||||
Unpaid principal balance, December 31, 2011 | 6,824 | 6,824 | |||||||||||||||
Carrying balance, January 1, 2012 | $ | — | $ | — | $ | 2,886 | $ | 2,886 | |||||||||
Impaired loans acquired | 32,603 | 117,572 | — | 150,175 | |||||||||||||
Carrying balance, December 31, 2012 | 26,907 | 112,093 | 2,340 | 141,340 | |||||||||||||
Unpaid principal balance, December 31, 2012 | 34,644 | 157,781 | 5,918 | 198,343 | |||||||||||||
Carrying balance, January 1, 2013 | $ | 26,907 | $ | 112,093 | $ | 2,340 | $ | 141,340 | |||||||||
Carrying balance, December 31, 2013 | 9,196 | 70,584 | 1,931 | 81,711 | |||||||||||||
Unpaid principal balance, December 31, 2013 | 17,431 | 105,677 | 5,390 | 128,498 | |||||||||||||
The following table presents the activity in the accretable yield related to PCI loans, by acquisition, in the periods indicated: | |||||||||||||||||
(Amounts in thousands) | Peoples | Waccamaw | Other | Total | |||||||||||||
Balance, January 1, 2011 | $ | 944 | $ | 944 | |||||||||||||
Accretion | (174 | ) | (174 | ) | |||||||||||||
Reclassifications from nonaccretable difference | 149 | 149 | |||||||||||||||
Disposals | — | — | |||||||||||||||
Balance, December 31, 2011 | $ | 919 | $ | 919 | |||||||||||||
Balance, January 1, 2012 | $ | — | $ | — | $ | 919 | $ | 919 | |||||||||
Additions | 3,400 | 26,481 | — | 29,881 | |||||||||||||
Accretion | (856 | ) | (3,315 | ) | (1,089 | ) | (5,260 | ) | |||||||||
Reclassifications from nonaccretable difference | — | — | 185 | 185 | |||||||||||||
Disposals | (202 | ) | (1,280 | ) | — | (1,482 | ) | ||||||||||
Balance, December 31, 2012 | $ | 2,342 | $ | 21,886 | $ | 15 | $ | 24,243 | |||||||||
Balance, January 1, 2013 | $ | 2,342 | $ | 21,886 | $ | 15 | $ | 24,243 | |||||||||
Additions | 148 | 281 | — | 429 | |||||||||||||
Accretion | (1,840 | ) | (6,288 | ) | (119 | ) | (8,247 | ) | |||||||||
Reclassifications from (to) nonaccretable difference | 6,155 | (2,967 | ) | 112 | 3,300 | ||||||||||||
Disposals | (1,511 | ) | (2,574 | ) | — | (4,085 | ) | ||||||||||
Balance, December 31, 2013 | $ | 5,294 | $ | 10,338 | $ | 8 | $ | 15,640 | |||||||||
Credit_Quality
Credit Quality | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Credit Quality | ' | ||||||||||||||||||||||||
Note 5. | Credit Quality | ||||||||||||||||||||||||
The Company identifies loans for potential impairment through a variety of means, including, but not limited to, ongoing loan review, renewal processes, delinquency data, market communications, and public information. If the Company determines that it is probable all principal and interest amounts contractually due will not be collected, the loan is generally deemed to be impaired. | |||||||||||||||||||||||||
The following tables present the recorded investment and related information for loans considered to be impaired, excluding PCI loans, as of the periods indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Recorded | Average Annual | Unpaid | Related | |||||||||||||||||||||
Investment | Recorded Investment | Principal | Allowance | ||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | — | $ | 3,850 | $ | — | $ | — | |||||||||||||||||
Commercial and industrial | 292 | 698 | 292 | — | |||||||||||||||||||||
Multi-family residential | — | 18 | — | — | |||||||||||||||||||||
Single family non-owner occupied | 289 | 939 | 317 | — | |||||||||||||||||||||
Non-farm, non-residential | 5,352 | 7,225 | 5,682 | — | |||||||||||||||||||||
Agricultural | — | — | — | — | |||||||||||||||||||||
Farmland | 351 | 370 | 363 | — | |||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 257 | 454 | 264 | — | |||||||||||||||||||||
Single family owner occupied | 2,006 | 2,156 | 2,414 | — | |||||||||||||||||||||
Owner occupied construction | — | 15 | — | — | |||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | 3 | — | — | |||||||||||||||||||||
Total impaired loans with no related allowance | 8,547 | 15,728 | 9,332 | — | |||||||||||||||||||||
Impaired loans with a related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | — | $ | 1,057 | $ | — | $ | — | |||||||||||||||||
Commercial and industrial | 4,897 | 4,281 | 10,244 | 3,794 | |||||||||||||||||||||
Multi-family residential | — | 94 | — | — | |||||||||||||||||||||
Single family non-owner occupied | 375 | 892 | 375 | 47 | |||||||||||||||||||||
Non-farm, non-residential | 600 | 1,494 | 600 | 114 | |||||||||||||||||||||
Agricultural | — | — | — | — | |||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 215 | 304 | 230 | 52 | |||||||||||||||||||||
Single family owner occupied | 4,844 | 4,498 | 5,035 | 735 | |||||||||||||||||||||
Owner occupied construction | — | — | — | — | |||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | — | — | |||||||||||||||||||||
Total impaired loans with a related allowance | 10,931 | 12,620 | 16,484 | 4,742 | |||||||||||||||||||||
Total impaired loans | $ | 19,478 | $ | 28,348 | $ | 25,816 | $ | 4,742 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | Recorded | Average Annual | Unpaid | Related | |||||||||||||||||||||
Investment | Recorded Investment | Principal | Allowance | ||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 2,916 | $ | 935 | $ | 2,916 | $ | — | |||||||||||||||||
Commercial and industrial | 284 | 320 | 284 | — | |||||||||||||||||||||
Multi-family residential | — | 517 | — | — | |||||||||||||||||||||
Single family non-owner occupied | 383 | 1,101 | 684 | — | |||||||||||||||||||||
Non-farm, non-residential | 5,282 | 2,619 | 5,362 | — | |||||||||||||||||||||
Agricultural | — | — | — | — | |||||||||||||||||||||
Farmland | — | 93 | — | — | |||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 276 | 370 | 277 | — | |||||||||||||||||||||
Single family owner occupied | 277 | 4,441 | 383 | — | |||||||||||||||||||||
Owner occupied construction | — | — | — | — | |||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | 1 | — | — | |||||||||||||||||||||
Total impaired loans with no related allowance | 9,418 | 10,397 | 9,906 | — | |||||||||||||||||||||
Impaired loans with a related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | — | 69 | — | — | |||||||||||||||||||||
Commercial and industrial | 3,318 | 4,510 | 8,502 | 3,192 | |||||||||||||||||||||
Multi-family residential | 378 | 143 | 397 | 18 | |||||||||||||||||||||
Single family non-owner occupied | 2,411 | 2,484 | 2,460 | 996 | |||||||||||||||||||||
Non-farm, non-residential | 2,781 | 5,820 | 2,958 | 358 | |||||||||||||||||||||
Agricultural | — | — | — | — | |||||||||||||||||||||
Farmland | — | 93 | — | — | |||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 223 | 150 | 230 | 223 | |||||||||||||||||||||
Single family owner occupied | 4,673 | 3,511 | 4,903 | 806 | |||||||||||||||||||||
Owner occupied construction | — | — | — | — | |||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | — | — | |||||||||||||||||||||
Total impaired loans with a related allowance | 13,784 | 16,780 | 19,450 | 5,593 | |||||||||||||||||||||
Total impaired loans | $ | 23,202 | $ | 27,177 | $ | 29,356 | $ | 5,593 | |||||||||||||||||
The following table presents interest income recognized on impaired loans, excluding PCI loans, in the periods indicated: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 294 | $ | 3 | $ | — | |||||||||||||||||||
Commercial and industrial | 17 | 17 | 4 | ||||||||||||||||||||||
Multi-family residential | 3 | 4 | 24 | ||||||||||||||||||||||
Single family non-owner occupied | 99 | 56 | 39 | ||||||||||||||||||||||
Non-farm, non-residential | 296 | 102 | 25 | ||||||||||||||||||||||
Agricultural | — | — | — | ||||||||||||||||||||||
Farmland | 12 | — | — | ||||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 25 | 28 | 15 | ||||||||||||||||||||||
Single family owner occupied | 70 | 113 | 43 | ||||||||||||||||||||||
Owner occupied construction | 5 | — | 3 | ||||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | 2 | ||||||||||||||||||||||
Total impaired loans with no related allowance | 821 | 323 | 155 | ||||||||||||||||||||||
Impaired loans with a related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 117 | 1 | 9 | ||||||||||||||||||||||
Commercial and industrial | 18 | 948 | 21 | ||||||||||||||||||||||
Multi-family residential | 7 | 3 | — | ||||||||||||||||||||||
Single family non-owner occupied | 3 | 80 | 107 | ||||||||||||||||||||||
Non-farm, non-residential | 29 | 317 | 191 | ||||||||||||||||||||||
Agricultural | — | — | — | ||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 12 | 1 | — | ||||||||||||||||||||||
Single family owner occupied | 54 | 103 | 164 | ||||||||||||||||||||||
Owner occupied construction | — | — | — | ||||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | — | ||||||||||||||||||||||
Total impaired loans with a related allowance | 240 | 1,453 | 492 | ||||||||||||||||||||||
Total impaired loans | $ | 1,061 | $ | 1,776 | $ | 647 | |||||||||||||||||||
As of December 31, 2013, the Company determined that 4 of the 7 PCI loan pools were impaired. No impairment was recognized on loan pools before 2013. The following tables present balance and interest income related to the impaired loan pools as of the dates, and in the periods, indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Recorded investment | $ | 52,033 | $ | — | |||||||||||||||||||||
Average annual recorded investment | 35,220 | — | |||||||||||||||||||||||
Unpaid principal balance | 69,320 | — | |||||||||||||||||||||||
Allowance for loan losses | 747 | — | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Interest income recognized | $ | 1,966 | $ | — | $ | — | |||||||||||||||||||
As part of the ongoing monitoring of the Company’s loan portfolio, management tracks certain credit quality indicators that include: trends related to the risk rating of commercial loans, the level of classified commercial loans, net charge-offs, nonperforming loans, and general economic conditions. The Company’s loan review function generally analyzes all commercial loan relationships greater than $3.0 million on an annual basis and at various times during the year. In addition, smaller commercial and retail loans are sampled for review during the year. Loan risk ratings may be upgraded or downgraded to reflect current information identified during the loan review process. The Company uses a risk grading matrix to assign a risk grade to each loan in its portfolio. The general characteristics of each risk grade are as follows: | |||||||||||||||||||||||||
• | Pass – This grade is assigned to loans with acceptable credit quality and risk. The Company further segments this grade based on borrower characteristics that include: capital strength, earnings stability, liquidity leverage, and industry conditions. | ||||||||||||||||||||||||
• | Special Mention – This grade is assigned to loans that require an above average degree of supervision and attention. These loans have the characteristics of an asset with acceptable credit quality and risk; however, adverse economic or financial conditions exist that create potential weaknesses deserving of management’s close attention. If potential weaknesses are not corrected, the prospect of repayment may worsen. | ||||||||||||||||||||||||
• | Substandard – This grade is assigned to loans that have well defined weaknesses that may make payment default, or principal exposure, possible. In order to meet repayment terms, these loans will likely be dependent on collateral liquidation, secondary repayment sources, or events outside the normal course of business. | ||||||||||||||||||||||||
• | Doubtful – This grade is assigned to loans on nonaccrual status. These loans have the weaknesses inherent in substandard loans; however, the weaknesses are so severe that collection or liquidation in full is extremely unlikely based on current facts, conditions, and values. Due to certain specific pending factors, the amount of loss cannot yet be determined. | ||||||||||||||||||||||||
• | Loss – This grade is assigned to loans that will be charged off or charged down when payments, including the timing and value of payments, are determined to be uncertain. This risk grade does not imply that the asset has no recovery or salvage value, but simply means that it is not practical or desirable to defer writing off, either all or a portion of, the loan balance even though partial recovery may be realized in the future. | ||||||||||||||||||||||||
Losses on covered loans are generally reimbursable by the FDIC at the applicable loss share percentage, 80%; therefore, covered loans are disclosed separately in the following credit quality discussion. PCI loan pools are disaggregated and included in their applicable loan class in the following discussion. In addition, PCI loans are generally not classified as nonaccrual or nonperforming due to the accrual of interest income under the accretion method of accounting. | |||||||||||||||||||||||||
The following tables present loans held for investment, by internal credit risk grade, as of the periods indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Pass | Special | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Mention | |||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 30,719 | $ | 1,094 | $ | 3,139 | $ | 303 | $ | — | $ | 35,255 | |||||||||||||
Commercial and industrial | 87,589 | 1,056 | 2,919 | 3,891 | — | 95,455 | |||||||||||||||||||
Multi-family residential | 67,257 | 2,237 | 703 | — | — | 70,197 | |||||||||||||||||||
Single family non-owner occupied | 121,367 | 4,501 | 9,316 | 375 | — | 135,559 | |||||||||||||||||||
Non-farm, non-residential | 440,334 | 21,046 | 14,500 | 31 | — | 475,911 | |||||||||||||||||||
Agricultural | 2,306 | 8 | 10 | — | — | 2,324 | |||||||||||||||||||
Farmland | 27,421 | 1,721 | 3,472 | — | — | 32,614 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 107,411 | 1,355 | 2,789 | 215 | — | 111,770 | |||||||||||||||||||
Single family owner occupied | 460,166 | 8,170 | 27,507 | 169 | — | 496,012 | |||||||||||||||||||
Owner occupied construction | 28,242 | 261 | 200 | — | — | 28,703 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 69,973 | 864 | 472 | — | 4 | 71,313 | |||||||||||||||||||
Other | 3,918 | — | 8 | — | — | 3,926 | |||||||||||||||||||
Total non-covered loans | 1,446,703 | 42,313 | 65,035 | 4,984 | 4 | 1,559,039 | |||||||||||||||||||
Covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 9,722 | 1,378 | 4,714 | 51 | — | 15,865 | |||||||||||||||||||
Commercial and industrial | 2,865 | 247 | 189 | 24 | — | 3,325 | |||||||||||||||||||
Multi-family residential | 1,472 | — | 461 | — | — | 1,933 | |||||||||||||||||||
Single family non-owner occupied | 4,362 | 1,519 | 1,552 | 16 | — | 7,449 | |||||||||||||||||||
Non-farm, non-residential | 13,077 | 4,630 | 16,901 | 38 | — | 34,646 | |||||||||||||||||||
Agricultural | 164 | — | — | — | — | 164 | |||||||||||||||||||
Farmland | 572 | — | 301 | — | — | 873 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 66,797 | 1,138 | 1,269 | 2 | — | 69,206 | |||||||||||||||||||
Single family owner occupied | 10,832 | 148 | 5,939 | — | — | 16,919 | |||||||||||||||||||
Owner occupied construction | 198 | — | 986 | — | — | 1,184 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 118 | — | — | — | — | 118 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total covered loans | 110,179 | 9,060 | 32,312 | 131 | — | 151,682 | |||||||||||||||||||
Total loans | $ | 1,556,882 | $ | 51,373 | $ | 97,347 | $ | 5,115 | $ | 4 | $ | 1,710,721 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | Pass | Special | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Mention | |||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 41,850 | $ | 1,497 | $ | 13,546 | $ | 541 | $ | — | $ | 57,434 | |||||||||||||
Commercial and industrial | 77,573 | 2,506 | 4,821 | 3,838 | — | 88,738 | |||||||||||||||||||
Multi-family residential | 60,161 | 4,043 | 1,490 | — | — | 65,694 | |||||||||||||||||||
Single family non-owner occupied | 112,562 | 5,938 | 16,092 | 1,320 | — | 135,912 | |||||||||||||||||||
Non-farm, non-residential | 399,907 | 15,975 | 32,808 | 120 | — | 448,810 | |||||||||||||||||||
Agricultural | 1,657 | 19 | 33 | — | — | 1,709 | |||||||||||||||||||
Farmland | 28,887 | 2,262 | 3,421 | — | — | 34,570 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 104,750 | 2,739 | 3,592 | — | — | 111,081 | |||||||||||||||||||
Single family owner occupied | 436,587 | 9,599 | 27,319 | — | 42 | 473,547 | |||||||||||||||||||
Owner occupied construction | 15,841 | 382 | — | — | — | 16,223 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 76,787 | 867 | 501 | 8 | — | 78,163 | |||||||||||||||||||
Other | 5,657 | 8 | 1 | — | — | 5,666 | |||||||||||||||||||
Total non-covered loans | 1,362,219 | 45,835 | 103,624 | 5,827 | 42 | 1,517,547 | |||||||||||||||||||
Covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 6,463 | 2,120 | 17,834 | 178 | — | 26,595 | |||||||||||||||||||
Commercial and industrial | 6,225 | 445 | 197 | 81 | — | 6,948 | |||||||||||||||||||
Multi-family residential | 1,962 | — | 649 | — | — | 2,611 | |||||||||||||||||||
Single family non-owner occupied | 6,065 | 2,223 | 3,015 | 125 | — | 11,428 | |||||||||||||||||||
Non-farm, non-residential | 23,855 | 5,477 | 19,189 | 44 | — | 48,565 | |||||||||||||||||||
Agricultural | 143 | — | 1 | — | — | 144 | |||||||||||||||||||
Farmland | 935 | — | 156 | — | — | 1,091 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 16,323 | 11,981 | 53,116 | 25 | — | 81,445 | |||||||||||||||||||
Single family owner occupied | 16,011 | 927 | 5,786 | 237 | — | 22,961 | |||||||||||||||||||
Owner occupied construction | 484 | — | 1,160 | — | — | 1,644 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 2,987 | 562 | 125 | — | — | 3,674 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total covered loans | 81,453 | 23,735 | 101,228 | 690 | — | 207,106 | |||||||||||||||||||
Total loans | $ | 1,443,672 | $ | 69,570 | $ | 204,852 | $ | 6,517 | $ | 42 | $ | 1,724,653 | |||||||||||||
As of December 31, 2013, non-covered special mention and classified loans decreased $42.99 million, or 27.68%, compared to December 31, 2012, which was primarily due to loan workout activity across the portfolio coupled with continued credit improvement. Credit quality also significantly improved in the covered loan portfolio with special mention and classified loans declining $84.15 million, or 66.97%, as of December 31, 2013, compared to December 31, 2012. | |||||||||||||||||||||||||
The following table presents nonaccrual loans, by loan class, as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Non-covered | Covered | Total | Non-covered | Covered | Total | |||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 1,187 | $ | 761 | $ | 1,948 | $ | 405 | $ | 1,990 | $ | 2,395 | |||||||||||||
Commercial and industrial | 5,341 | 92 | 5,433 | 3,912 | 35 | 3,947 | |||||||||||||||||||
Multi-family residential | — | — | — | 378 | — | 378 | |||||||||||||||||||
Single family non-owner occupied | 1,966 | 222 | 2,188 | 7,071 | 21 | 7,092 | |||||||||||||||||||
Non-farm, non-residential | 2,685 | — | 2,685 | 5,938 | 951 | 6,889 | |||||||||||||||||||
Agricultural | — | — | — | 2 | — | 2 | |||||||||||||||||||
Farmland | 441 | 301 | 742 | — | — | — | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 765 | 232 | 997 | 872 | 436 | 1,308 | |||||||||||||||||||
Single family owner occupied | 6,567 | 1,555 | 8,122 | 5,219 | 831 | 6,050 | |||||||||||||||||||
Owner occupied construction | — | 190 | 190 | — | 59 | 59 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 201 | — | 201 | 126 | — | 126 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total | 19,153 | 3,353 | 22,506 | 23,923 | 4,323 | 28,246 | |||||||||||||||||||
Purchased impaired loans | 8 | — | 8 | 8 | — | 8 | |||||||||||||||||||
Total nonaccrual loans | $ | 19,161 | $ | 3,353 | $ | 22,514 | $ | 23,931 | $ | 4,323 | $ | 28,254 | |||||||||||||
The following tables present the aging of past due loans, by loan class, as of the dates indicated. Nonaccrual loans 30 days or more past due are included in the applicable delinquency category. There were no non-covered accruing loans contractually past due 90 days or more as of December 31, 2013, or December 31, 2012. Accruing loans contractually past due 90 days or more were $86 thousand as of December 31, 2013, which was attributed to covered home equity lines. There were no accruing loans contractually past due 90 days or more as of December 31, 2012. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | 30 - 59 Days | 60 - 89 Days | 90+ Days | Total | Current | Total | |||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Loans | ||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 118 | $ | 10 | $ | 532 | $ | 660 | $ | 34,595 | $ | 35,255 | |||||||||||||
Commercial and industrial | 93 | 39 | 2,631 | 2,763 | 92,692 | 95,455 | |||||||||||||||||||
Multi-family residential | 115 | — | — | 115 | 70,082 | 70,197 | |||||||||||||||||||
Single family non-owner occupied | 611 | 554 | 1,203 | 2,368 | 133,191 | 135,559 | |||||||||||||||||||
Non-farm, non-residential | 1,014 | 318 | 1,770 | 3,102 | 472,809 | 475,911 | |||||||||||||||||||
Agricultural | — | — | — | — | 2,324 | 2,324 | |||||||||||||||||||
Farmland | 245 | — | — | 245 | 32,369 | 32,614 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 289 | 317 | 442 | 1,048 | 110,722 | 111,770 | |||||||||||||||||||
Single family owner occupied | 7,428 | 1,228 | 145 | 8,801 | 487,211 | 496,012 | |||||||||||||||||||
Owner occupied construction | 205 | — | 2,284 | 2,489 | 26,214 | 28,703 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 811 | 86 | 105 | 1,002 | 70,311 | 71,313 | |||||||||||||||||||
Other | — | — | — | — | 3,926 | 3,926 | |||||||||||||||||||
Total non-covered loans | 10,929 | 2,552 | 9,112 | 22,593 | 1,536,446 | 1,559,039 | |||||||||||||||||||
Covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 479 | — | 453 | 932 | 14,933 | 15,865 | |||||||||||||||||||
Commercial and industrial | 5 | 44 | 92 | 141 | 3,184 | 3,325 | |||||||||||||||||||
Multi-family residential | — | — | — | — | 1,933 | 1,933 | |||||||||||||||||||
Single family non-owner occupied | — | — | 184 | 184 | 7,265 | 7,449 | |||||||||||||||||||
Non-farm, non-residential | 209 | — | — | 209 | 34,437 | 34,646 | |||||||||||||||||||
Agricultural | — | — | — | — | 164 | 164 | |||||||||||||||||||
Farmland | — | — | 301 | 301 | 572 | 873 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 488 | 86 | 163 | 737 | 68,469 | 69,206 | |||||||||||||||||||
Single family owner occupied | 197 | 120 | 1,466 | 1,783 | 15,136 | 16,919 | |||||||||||||||||||
Owner occupied construction | — | — | 190 | 190 | 994 | 1,184 | |||||||||||||||||||
Consumer and other loans | — | ||||||||||||||||||||||||
Consumer loans | — | — | — | — | 118 | 118 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total covered loans | 1,378 | 250 | 2,849 | 4,477 | 147,205 | 151,682 | |||||||||||||||||||
Total loans | $ | 12,307 | $ | 2,802 | $ | 11,961 | $ | 27,070 | $ | 1,683,651 | $ | 1,710,721 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | 30 - 59 Days | 60 - 89 Days | 90+ Days | Total | Current | Total | |||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Loans | ||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 344 | $ | — | $ | 188 | $ | 532 | $ | 56,902 | $ | 57,434 | |||||||||||||
Commercial and industrial | 387 | 84 | 1,432 | 1,903 | 86,835 | 88,738 | |||||||||||||||||||
Multi-family residential | 624 | — | — | 624 | 65,070 | 65,694 | |||||||||||||||||||
Single family non-owner occupied | 1,841 | 1,348 | 3,715 | 6,904 | 129,008 | 135,912 | |||||||||||||||||||
Non-farm, non-residential | 2,702 | 936 | 3,621 | 7,259 | 441,551 | 448,810 | |||||||||||||||||||
Agricultural | — | — | — | — | 1,709 | 1,709 | |||||||||||||||||||
Farmland | 216 | 196 | — | 412 | 34,158 | 34,570 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 315 | 93 | 495 | 903 | 110,178 | 111,081 | |||||||||||||||||||
Single family owner occupied | 6,564 | 1,176 | 1,644 | 9,384 | 464,163 | 473,547 | |||||||||||||||||||
Owner occupied construction | 382 | — | — | 382 | 15,841 | 16,223 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 715 | 73 | 47 | 835 | 77,328 | 78,163 | |||||||||||||||||||
Other | — | — | — | — | 5,666 | 5,666 | |||||||||||||||||||
Total non-covered loans | 14,090 | 3,906 | 11,142 | 29,138 | 1,488,409 | 1,517,547 | |||||||||||||||||||
Covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 252 | 161 | 1,121 | 1,534 | 25,061 | 26,595 | |||||||||||||||||||
Commercial and industrial | 45 | — | — | 45 | 6,903 | 6,948 | |||||||||||||||||||
Multi-family residential | — | — | — | — | 2,611 | 2,611 | |||||||||||||||||||
Single family non-owner occupied | 8 | — | 21 | 29 | 11,399 | 11,428 | |||||||||||||||||||
Non-farm, non-residential | 501 | — | 927 | 1,428 | 47,137 | 48,565 | |||||||||||||||||||
Agricultural | — | — | — | — | 144 | 144 | |||||||||||||||||||
Farmland | 6 | — | — | 6 | 1,085 | 1,091 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 217 | 112 | 204 | 533 | 80,912 | 81,445 | |||||||||||||||||||
Single family owner occupied | 413 | 135 | 475 | 1,023 | 21,938 | 22,961 | |||||||||||||||||||
Owner occupied construction | — | — | 59 | 59 | 1,585 | 1,644 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | — | — | 3,674 | 3,674 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total covered loans | 1,442 | 408 | 2,807 | 4,657 | 202,449 | 207,106 | |||||||||||||||||||
Total loans | $ | 15,532 | $ | 4,314 | $ | 13,949 | $ | 33,795 | $ | 1,690,858 | $ | 1,724,653 | |||||||||||||
The Company may make concessions in interest rates, loan terms and/or amortization terms when restructuring loans for borrowers experiencing financial difficulty. All restructured loans to borrowers experiencing financial difficulty in excess of $250 thousand are evaluated for a specific reserve based on either the collateral or net present value method, whichever is most applicable. Specific reserves in the allowance for loan losses attributed to TDRs totaled $1.84 million as of December 31, 2013, and $1.87 million as of December 31, 2012. Restructured loans under $250 thousand are subject to the reserve calculation at the historical loss rate for classified loans. Certain TDRs are classified as nonperforming at the time of restructuring and are returned to performing status after six months of satisfactory payment performance; however, these loans remain identified as impaired until full payment or other satisfaction of the obligation occurs. The Company recognized interest income on TDRs of $551 thousand in 2013, $640 thousand in 2012, and $411 thousand in 2011. | |||||||||||||||||||||||||
Loans acquired with credit deterioration, with a discount, are generally not considered a TDR as long as the loan remains in the assigned loan pool. There were no covered loans recorded as TDRs as of December 31, 2013 or 2012. The following table presents loans modified as TDRs, by loan class, segregated by accrual status, as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Nonaccrual (1) | Accruing | Total | Nonaccrual (1) | Accruing | Total | |||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, andother land | $ | — | $ | — | $ | — | $ | 63 | $ | — | $ | 63 | |||||||||||||
Commercial and industrial | 1,115 | — | 1,115 | 1,119 | — | 1,119 | |||||||||||||||||||
Single family non-owner occupied | 375 | — | 375 | 1,380 | — | 1,380 | |||||||||||||||||||
Non-farm, non-residential | 128 | 5,490 | 5,618 | 764 | 5,897 | 6,661 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 159 | 51 | 210 | 305 | 55 | 360 | |||||||||||||||||||
Single family owner occupied | 423 | 6,670 | 7,093 | 197 | 6,095 | 6,292 | |||||||||||||||||||
Total TDRs | $ | 2,200 | $ | 12,211 | $ | 14,411 | $ | 3,828 | $ | 12,047 | $ | 15,875 | |||||||||||||
-1 | TDRs on nonaccrual status are included in the total nonaccrual loan balance disclosed in the table above. | ||||||||||||||||||||||||
The following table presents loans modified as TDRs, by type of concession made and loan class, that were restructured during the years indicated. The post-modification recorded investment represents the loan balance immediately following modification. | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Total | Pre- | Post- | Total | Pre- | Post- | |||||||||||||||||||
Contracts | Modification | Modification | Contracts | Modification | Modification | ||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||
Below market interest rate Single family owner occupied | 2 | $ | 601 | $ | 557 | — | $ | — | $ | — | |||||||||||||||
Below market interest rate andextended payment term Single family non-owner occupied | 1 | 375 | 328 | — | — | ||||||||||||||||||||
Non-farm, non-residential | 1 | 511 | 511 | 2 | 5,822 | 5,822 | |||||||||||||||||||
Single family owner occupied | 4 | 809 | 757 | — | — | — | |||||||||||||||||||
Total | 8 | $ | 2,296 | $ | 2,153 | 3 | $ | 6,173 | $ | 6,141 | |||||||||||||||
The following table presents loans modified as TDRs, by loan class, that were restructured within the previous 12 months for which there was a payment default during the years indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Total | Recorded | Total | Recorded | |||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||
Single family non-owner occupied | 1 | $ | 375 | — | $ | — | |||||||||||||||||||
Single family owner occupied | 1 | 359 | — | — | |||||||||||||||||||||
Total | 2 | $ | 734 | — | $ | — | |||||||||||||||||||
Allowance_for_Loan_Losses
Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||
Note 6. | Allowance for Loan Losses | ||||||||||||||||
The allowance for loan losses is maintained at a level management deems adequate to absorb probable loan losses inherent in the loan portfolio. The allowance is increased by provisions charges to operations and reduced by net charge-offs. While management utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent on a variety of factors that may be beyond the Company’s control: the performance of the Company’s loan portfolio, the economy, changes in interest rates, the view of regulatory authorities towards loan classifications, and other factors. These uncertainties may result in a material change to the allowance for loan losses in the near term; however, the amount of the change cannot reasonably be estimated. | |||||||||||||||||
The Company’s allowance is comprised of specific reserves related to loans individually evaluated, including credit relationships, and general reserves related to loans not individually evaluated that are segmented into groups with similar risk characteristics, based on an internal risk grading matrix. General reserve allocations are based on management’s judgments of qualitative and quantitative factors about macro and micro economic conditions reflected within the loan portfolio and the economy. For loans acquired in a business combination, loans identified as credit impaired at the acquisition date are grouped into pools and evaluated separately from the non-PCI portfolio. The Company has aggregated PCI loans into the following pools: Waccamaw commercial, Waccamaw lines of credit, Peoples commercial, Waccamaw serviced home equity lines, Waccamaw residential, Peoples residential, and Waccamaw consumer. Provisions calculated for PCI loans are offset by an adjustment to the FDIC indemnification asset to reflect the indemnified portion, 80%, of the post-acquisition exposure. While allocations are made to specific loans, various portfolio segments, and loan pools, the allowance for loan losses is available for use against any loan loss management deems appropriate. As of December 31, 2013, management believed the allowance was adequate to absorb probable loan losses inherent in the loan portfolio. | |||||||||||||||||
The following table presents the aggregate activity in the allowance for loan losses in the periods indicated: | |||||||||||||||||
(Amounts in thousands) | Allowance Excluding | Allowance for | Total | ||||||||||||||
PCI Loans | PCI Loans | Allowance | |||||||||||||||
Balance, January 1, 2011 | $ | 26,482 | $ | — | $ | 26,482 | |||||||||||
Provision for loan losses charged to operations | 8,846 | 201 | 9,047 | ||||||||||||||
Charge-offs | (11,460 | ) | — | (11,460 | ) | ||||||||||||
Recoveries | 2,136 | — | 2,136 | ||||||||||||||
Net charge-offs | (9,324 | ) | — | (9,324 | ) | ||||||||||||
Balance, December 31, 2011 | $ | 26,004 | $ | 201 | $ | 26,205 | |||||||||||
Balance, January 1, 2012 | $ | 26,004 | $ | 201 | $ | 26,205 | |||||||||||
Provision for loan losses charged to operations | 5,871 | (193 | ) | 5,678 | |||||||||||||
Charge-offs | (7,504 | ) | — | (7,504 | ) | ||||||||||||
Recoveries | 1,391 | — | 1,391 | ||||||||||||||
Net charge-offs | (6,113 | ) | — | (6,113 | ) | ||||||||||||
Balance, December 31, 2012 | $ | 25,762 | $ | 8 | $ | 25,770 | |||||||||||
Balance, January 1, 2013 | $ | 25,762 | $ | 8 | $ | 25,770 | |||||||||||
Provision for loan losses | 7,912 | 747 | 8,659 | ||||||||||||||
Benefit attributable to the FDIC indemnification asset | — | (451 | ) | (451 | ) | ||||||||||||
Provision for loan losses charged to operations | 7,912 | 296 | 8,208 | ||||||||||||||
Provision for loan losses recorded through the FDIC indemnification asset | — | 451 | 451 | ||||||||||||||
Charge-offs | (12,527 | ) | — | (12,527 | ) | ||||||||||||
Recoveries | 2,175 | — | 2,175 | ||||||||||||||
Net charge-offs | (10,352 | ) | — | (10,352 | ) | ||||||||||||
Balance, December 31, 2013 | $ | 23,322 | $ | 755 | $ | 24,077 | |||||||||||
The following table presents the components of the activity in the allowance for loan losses, excluding PCI loans, by loan segment, in the periods indicated: | |||||||||||||||||
(Amounts in thousands) | Commercial | Consumer | Consumer | Total | |||||||||||||
Real Estate | and Other | ||||||||||||||||
Balance, January 1, 2011 | $ | 12,300 | $ | 12,641 | $ | 1,541 | $ | 26,482 | |||||||||
Provision for loan losses charged to operations | 11,806 | (2,681 | ) | (279 | ) | 8,846 | |||||||||||
Loans charged off | (7,981 | ) | (2,501 | ) | (978 | ) | (11,460 | ) | |||||||||
Recoveries credited to allowance | 1,426 | 252 | 458 | 2,136 | |||||||||||||
Net charge-offs | (6,555 | ) | (2,249 | ) | (520 | ) | (9,324 | ) | |||||||||
Balance, December 31, 2011 | $ | 17,551 | $ | 7,711 | $ | 742 | $ | 26,004 | |||||||||
Balance, January 1, 2012 | $ | 17,551 | $ | 7,711 | $ | 742 | $ | 26,004 | |||||||||
Provision for loan losses charged to operations | 2,896 | 2,608 | 367 | 5,871 | |||||||||||||
Loans charged off | (3,814 | ) | (2,702 | ) | (988 | ) | (7,504 | ) | |||||||||
Recoveries credited to allowance | 626 | 289 | 476 | 1,391 | |||||||||||||
Net charge-offs | (3,188 | ) | (2,413 | ) | (512 | ) | (6,113 | ) | |||||||||
Balance, December 31, 2012 | $ | 17,259 | $ | 7,906 | $ | 597 | $ | 25,762 | |||||||||
Balance, January 1, 2013 | $ | 17,259 | $ | 7,906 | $ | 597 | $ | 25,762 | |||||||||
Provision for loan losses charged to operations | 5,643 | 1,364 | 905 | 7,912 | |||||||||||||
Loans charged off | (7,743 | ) | (3,115 | ) | (1,669 | ) | (12,527 | ) | |||||||||
Recoveries credited to allowance | 931 | 442 | 802 | 2,175 | |||||||||||||
Net charge-offs | (6,812 | ) | (2,673 | ) | (867 | ) | (10,352 | ) | |||||||||
Balance, December 31, 2013 | $ | 16,090 | $ | 6,597 | $ | 635 | $ | 23,322 | |||||||||
The negative provision charged to operations in the consumer real estate and consumer and other segments in 2011 was due to refinement in the allowance for loan losses methodology to segment single family real estate into non-owner (commercial) and owner occupied (consumer real estate). | |||||||||||||||||
The following table presents the components of the activity in the allowance for loan losses for PCI loans, by loan segment, in the periods indicated: | |||||||||||||||||
(Amounts in thousands) | Commercial | Consumer | Consumer | Total | |||||||||||||
Real Estate | and Other | ||||||||||||||||
Balance, January 1, 2011 | $ | — | $ | — | $ | — | $ | — | |||||||||
Provision for loan losses charged to operations | 201 | — | — | 201 | |||||||||||||
Balance, December 31, 2011 | $ | 201 | $ | — | $ | — | $ | 201 | |||||||||
Balance, January 1, 2012 | $ | 201 | $ | — | $ | — | $ | 201 | |||||||||
Provision for loan losses charged to operations | (193 | ) | — | — | (193 | ) | |||||||||||
Balance, December 31, 2012 | $ | 8 | $ | — | $ | — | $ | 8 | |||||||||
Balance, January 1, 2013 | $ | 8 | $ | — | $ | — | $ | 8 | |||||||||
Purchased impaired provision | 69 | 678 | — | 747 | |||||||||||||
Benefit attributable to FDIC indemnificaton asset | (55 | ) | (396 | ) | — | (451 | ) | ||||||||||
Provision for loan losses charged to operations | 14 | 282 | — | 296 | |||||||||||||
Provision for loan losses recorded through the FDIC indemnificaton asset | 55 | 396 | — | 451 | |||||||||||||
Balance, December 31, 2013 | $ | 77 | $ | 678 | $ | — | $ | 755 | |||||||||
The following tables present the Company’s allowance for loan losses and recorded investment in loans, excluding PCI loans, by loan class, as of the dates indicated: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(Amounts in thousands) | Loans | Allowance for | Loans | Allowance for | |||||||||||||
Individually | Loans | Collectively | Loans | ||||||||||||||
Evaluated for | Individually | Evaluated for | Collectively | ||||||||||||||
Impairment | Evaluated | Impairment | Evaluated | ||||||||||||||
Commercial loans | |||||||||||||||||
Construction, development, and other land | $ | — | $ | — | $ | 46,404 | $ | 1,141 | |||||||||
Commercial and industrial | 5,189 | 3,794 | 92,612 | 1,421 | |||||||||||||
Multi-family residential | — | — | 71,669 | 1,211 | |||||||||||||
Single family non-owner occupied | 664 | 47 | 136,567 | 3,502 | |||||||||||||
Non-farm, non-residential | 5,952 | 114 | 483,126 | 4,536 | |||||||||||||
Agricultural | — | — | 2,488 | 23 | |||||||||||||
Farmland | 351 | — | 33,136 | 301 | |||||||||||||
Total commercial loans | 12,156 | 3,955 | 866,002 | 12,135 | |||||||||||||
Consumer real estate loans | |||||||||||||||||
Home equity lines | 472 | 52 | 136,896 | 1,309 | |||||||||||||
Single family owner occupied | 6,850 | 735 | 502,229 | 4,295 | |||||||||||||
Owner occupied construction | — | — | 29,090 | 206 | |||||||||||||
Total consumer real estate loans | 7,322 | 787 | 668,215 | 5,810 | |||||||||||||
Consumer and other loans | |||||||||||||||||
Consumer loans | — | — | 71,389 | 635 | |||||||||||||
Other | — | — | 3,926 | — | |||||||||||||
Total consumer and other loans | — | — | 75,315 | 635 | |||||||||||||
Total loans, excluding PCI loans | $ | 19,478 | $ | 4,742 | $ | 1,609,532 | $ | 18,580 | |||||||||
December 31, 2012 | |||||||||||||||||
(Amounts in thousands) | Loans | Allowance for | Loans | Allowance | |||||||||||||
Individually | Loans | Collectively | for Loans | ||||||||||||||
Evaluated for | Individually | Evaluated for | Collectively | ||||||||||||||
Impairment | Evaluated | Impairment | Evaluated | ||||||||||||||
Commercial loans | |||||||||||||||||
Construction, development, and other land | $ | 2,916 | $ | — | $ | 55,369 | $ | 1,214 | |||||||||
Commercial and industrial | 3,602 | 3,192 | 88,811 | 1,159 | |||||||||||||
Multi-family residential | 378 | 18 | 67,278 | 1,612 | |||||||||||||
Single family non-owner occupied | 2,794 | 996 | 134,323 | 3,371 | |||||||||||||
Non-farm, non-residential | 8,063 | 358 | 451,240 | 4,901 | |||||||||||||
Agricultural | — | — | 1,852 | 22 | |||||||||||||
Farmland | — | — | 34,779 | 416 | |||||||||||||
Total commercial loans | 17,753 | 4,564 | 833,652 | 12,695 | |||||||||||||
Consumer real estate loans | |||||||||||||||||
Home equity lines | 499 | 223 | 141,684 | 1,351 | |||||||||||||
Single family owner occupied | 4,950 | 806 | 483,553 | 5,189 | |||||||||||||
Owner occupied construction | — | — | 16,768 | 337 | |||||||||||||
Total consumer real estate loans | 5,449 | 1,029 | 642,005 | 6,877 | |||||||||||||
Consumer and other loans | |||||||||||||||||
Consumer loans | — | — | 81,037 | 597 | |||||||||||||
Other | — | — | 5,666 | — | |||||||||||||
Total consumer and other loans | — | — | 86,703 | 597 | |||||||||||||
Total loans, excluding PCI loans | $ | 23,202 | $ | 5,593 | $ | 1,562,360 | $ | 20,169 | |||||||||
The Company aggregates PCI loans into the following loan pools: Waccamaw commercial, Waccamaw lines of credit, Peoples commercial, Waccamaw serviced home equity lines, Waccamaw residential, Peoples residential, and Waccamaw consumer. The following table presents the Company’s allowance for loan losses and recorded investment in PCI loans, by loan pool, as of the dates indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Amounts in thousands) | Loan Pools With | Allowance for | Loan Pools With | Allowance for | |||||||||||||
Impairment | Loans Pools | Impairment | Loans Pools | ||||||||||||||
With | With | ||||||||||||||||
Impairment | Impairment | ||||||||||||||||
Commercial loans | |||||||||||||||||
Waccamaw commercial | $ | 19,851 | $ | — | $ | 40,688 | $ | — | |||||||||
Waccamaw lines of credit | 2,594 | 69 | 10,009 | — | |||||||||||||
Peoples commercial | 7,862 | — | 23,670 | — | |||||||||||||
Other | 1,931 | 8 | 2,340 | 8 | |||||||||||||
Total commercial loans | 32,238 | 77 | 76,707 | 8 | |||||||||||||
Consumer real estate loans | |||||||||||||||||
Waccamaw serviced home equity lines | 43,608 | 277 | 52,321 | — | |||||||||||||
Waccamaw residential | 4,497 | 217 | 8,974 | — | |||||||||||||
Peoples residential | 1,334 | 184 | 3,237 | — | |||||||||||||
Total consumer real estate loans | 49,439 | 678 | 64,532 | — | |||||||||||||
Consumer and other loans | |||||||||||||||||
Waccamaw consumer | 34 | — | 101 | — | |||||||||||||
Total consumer and other loans | 34 | — | 101 | — | |||||||||||||
Total loans | $ | 81,711 | $ | 755 | $ | 141,340 | $ | 8 | |||||||||
FDIC_Indemnification_Asset
FDIC Indemnification Asset | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
FDIC Indemnification Asset | ' | ||||||||
Note 7. | FDIC Indemnification Asset | ||||||||
The Company entered into loss share agreements with the FDIC in 2012 in connection with the FDIC-assisted acquisition of Waccamaw. Under the loss share agreements, the FDIC agreed to cover 80% of most loan and foreclosed real estate losses. Certain expenses incurred in relation to these covered assets are reimbursable by the FDIC. Estimated reimbursements are netted against the expense on covered assets in the Company’s consolidated statements of income. The following table presents activity in the FDIC indemnification asset in the periods indicated: | |||||||||
Year Ended December 31, | |||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||
Beginning balance | $ | 48,149 | $ | — | |||||
FDIC loss share receivable — Waccamaw acquisition | — | 49,755 | |||||||
Increase in estimated losses on covered loans | 451 | — | |||||||
Increase in estimated losses on covered OREO | 4,425 | 637 | |||||||
Reimbursable expenses from the FDIC | 1,574 | 273 | |||||||
Net (amortization) accretion | (5,597 | ) | 458 | ||||||
Reimbursements from the FDIC | (14,311 | ) | (2,974 | ) | |||||
Ending balance | $ | 34,691 | $ | 48,149 | |||||
Premises_Equipment_and_Leases
Premises, Equipment, and Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premises, Equipment, and Leases | ' | ||||||||
Note 8. | Premises, Equipment, and Leases | ||||||||
Premises and Equipment | |||||||||
Depreciation and amortization expense was $4.67 million in 2013, $4.03 million in 2012, and $3.98 million in 2011. The following table presents the components of premises and equipment as of the dates indicated: | |||||||||
December 31, | |||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||
Land | $ | 19,884 | $ | 19,366 | |||||
Buildings and leasehold improvements | 54,292 | 56,789 | |||||||
Equipment | 36,983 | 36,775 | |||||||
111,159 | 112,930 | ||||||||
Accumulated depreciation and amortization | 50,043 | 48,062 | |||||||
Total premises and equipment, net | $ | 61,116 | $ | 64,868 | |||||
Certain long-term investments in land and buildings were evaluated for impairment during 2013 due to the Company’s plan to close or consolidate seven branch locations in 2014. Write-downs related to these expected closures totaled $1.52 million in 2013. | |||||||||
Leases | |||||||||
The Company enters into various noncancelable operating leases. Lease expense was $1.18 million in 2013, $1.26 million in 2012, and $1.17 million in 2011. As of December 31, 2013, the Company did not sublease any portion of its noncancelable operating leases to third parties. The following schedule presents future minimum lease payments required under noncancelable operating leases, with initial or remaining terms in excess of one year, by year, as of December 31, 2013: | |||||||||
(Amounts in thousands) | |||||||||
2014 | $ | 771 | |||||||
2015 | 434 | ||||||||
2016 | 307 | ||||||||
2017 | 200 | ||||||||
2018 | 122 | ||||||||
2019 and thereafter | 1,068 | ||||||||
$ | 2,902 | ||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Note 9. | Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is allocated to the appropriate reporting unit when acquired, if applicable. Before 2009, the cash consideration for meeting certain operating targets, under the agreement terms, was added to goodwill when paid. Beginning in 2009, the estimated future value of the cash consideration is recognized as goodwill at the acquisition date. As of December 31, 2013, the total potential cash consideration remaining to be paid in connection with acquisitions that occurred before 2009 was $353 thousand, which is allocated to the Insurance Services reporting unit. The Company analyzed the carrying value of goodwill as of October 31, 2013, and determined that no impairment charge was necessary. | |||||||||||||||||||||||||
The following table presents the activity in goodwill, by reporting unit, in the periods indicated: | |||||||||||||||||||||||||
(Amounts in thousands) | Community | Insurance | Total | ||||||||||||||||||||||
Banking | Services | ||||||||||||||||||||||||
Beginning balance, January 1, 2011 | $ | 75,599 | $ | 9,315 | $ | 84,914 | |||||||||||||||||||
Acquisitions and dispositions, net | — | (1,299 | ) | (1,299 | ) | ||||||||||||||||||||
Cash consideration paid | — | 680 | 680 | ||||||||||||||||||||||
Impairment Charges | — | (1,239 | ) | (1,239 | ) | ||||||||||||||||||||
Ending balance, December 31, 2011 | $ | 75,599 | $ | 7,457 | $ | 83,056 | |||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 75,599 | $ | 7,457 | $ | 83,056 | |||||||||||||||||||
Acquisitions and dispositions, net | 21,118 | — | 21,118 | ||||||||||||||||||||||
Cash consideration paid | — | 692 | 692 | ||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 96,717 | $ | 8,149 | $ | 104,866 | |||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 96,717 | $ | 8,149 | $ | 104,866 | |||||||||||||||||||
Acquisitions and dispositions, net | (176 | ) | 324 | 148 | |||||||||||||||||||||
Cash consideration paid | — | 441 | 441 | ||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 96,541 | $ | 8,914 | $ | 105,455 | |||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||
The Company’s intangible assets also include core deposit and other identifiable intangible assets. Core deposit intangible assets are amortized over their estimated useful lives that range from 7 to 10 years. As of December 31, 2013, the remaining lives of core deposit intangible assets ranged from 2 to 5 years, and the weighted average remaining life was 4 years. Other identifiable intangible assets consist primarily of the value assigned to contractual rights arising from insurance agency acquisitions. Other identifiable intangible assets are amortized using the straight-line method. The following table presents the components of other intangible assets, by reporting unit, as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Community | Insurance | Total | Community | Insurance | Total | |||||||||||||||||||
Banking | Services | Banking | Services | ||||||||||||||||||||||
Core deposit intangibles | $ | 7,940 | $ | — | $ | 7,940 | $ | 7,940 | $ | — | $ | 7,940 | |||||||||||||
Accumulated amortization | (6,669 | ) | — | (6,669 | ) | (6,244 | ) | — | (6,244 | ) | |||||||||||||||
Core deposit intangibles, net | 1,271 | — | 1,271 | 1,696 | — | 1,696 | |||||||||||||||||||
Other identifiable intangibles | 535 | 3,711 | 4,246 | 535 | 3,638 | 4,173 | |||||||||||||||||||
Accumulated amortization | (410 | ) | (2,241 | ) | (2,651 | ) | (383 | ) | (1,964 | ) | (2,347 | ) | |||||||||||||
Other identifiable intangibles, net | 125 | 1,470 | 1,595 | 152 | 1,674 | 1,826 | |||||||||||||||||||
Total other intangible assets, net | $ | 1,396 | $ | 1,470 | $ | 2,866 | $ | 1,848 | $ | 1,674 | $ | 3,522 | |||||||||||||
Amortization expense for other intangible assets was $729 thousand in 2013, $804 thousand in 2012, and $1.02 million in 2011. The following schedule presents the estimated amortization expense for intangible assets, by year, as of December 31, 2013: | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
2014 | $ | 712 | |||||||||||||||||||||||
2015 | 712 | ||||||||||||||||||||||||
2016 | 607 | ||||||||||||||||||||||||
2017 | 381 | ||||||||||||||||||||||||
2018 | 292 | ||||||||||||||||||||||||
2019 and thereafter | — | ||||||||||||||||||||||||
$ | 2,704 | ||||||||||||||||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deposits | ' | ||||||||
Note 10. | Deposits | ||||||||
The following table presents the components of deposits as of the dates indicated: | |||||||||
December 31, | |||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||
Noninterest-bearing demand deposits | $ | 339,680 | $ | 343,352 | |||||
Interest-bearing deposits: | |||||||||
Interest-bearing demand deposits | 361,821 | 353,321 | |||||||
Money market accounts | 237,845 | 237,257 | |||||||
Savings deposits | 286,165 | 263,019 | |||||||
Certificates of deposit | 606,178 | 706,568 | |||||||
Individual retirement accounts | 119,053 | 126,658 | |||||||
Total interest-bearing deposits | 1,611,062 | 1,686,823 | |||||||
Total deposits | $ | 1,950,742 | $ | 2,030,175 | |||||
The following schedule presents the contractual maturities of time deposits as of December 31, 2013: | |||||||||
(Amounts in thousands) | |||||||||
2014 | $ | 423,272 | |||||||
2015 | 163,591 | ||||||||
2016 | 66,924 | ||||||||
2017 | 36,408 | ||||||||
2018 | 35,020 | ||||||||
2019 and thereafter | 16 | ||||||||
$ | 725,231 | ||||||||
Time deposits of $100 thousand or more were $352.84 million as of December 31, 2013, and $398.48 million as of December 31, 2012. The following schedule presents the contractual maturities of time deposits of $100 thousand or more as of December 31, 2013: | |||||||||
(Amounts in thousands) | |||||||||
Three months or less | $ | 55,836 | |||||||
Over three through six months | 79,561 | ||||||||
Over six through twelve months | 66,321 | ||||||||
Over twelve months | 151,120 | ||||||||
$ | 352,838 | ||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Borrowings | ' | ||||||||
Note 11. | Borrowings | ||||||||
The following table presents the composition of borrowings as of the dates indicated: | |||||||||
December 31, | |||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||
Federal funds purchased | $ | 16,000 | $ | — | |||||
Securities sold under agreements to repurchase: | |||||||||
Retail | 68,308 | 77,922 | |||||||
Wholesale | 50,000 | 58,196 | |||||||
Total securities sold under agreements to repurchase | 118,308 | 136,118 | |||||||
FHLB borrowings: | |||||||||
Fixed rate credit | — | 6,275 | |||||||
Advances | 150,000 | 155,283 | |||||||
Total FHLB borrowings | 150,000 | 161,558 | |||||||
Subordinated debt | 15,464 | 15,464 | |||||||
Other debt | 624 | 413 | |||||||
Total borrowings | $ | 300,396 | $ | 313,553 | |||||
Short-term borrowings consist of federal funds purchased and retail repurchase agreements, which are typically collateralized with agency MBSs. The weighted average rate of federal funds purchased was 0.36% as of December 31, 2013. The weighted average rate of retail repurchase agreements was 0.38% as of December 31, 2013, and 0.57% as of December 31, 2012. | |||||||||
Long-term borrowings consist of wholesale repurchase agreements; FHLB borrowings, including fixed rate credit and convertible and callable advances; and other obligations. The weighted average contractual rate of wholesale repurchase agreements was 3.71% as of December 31, 2013, and 3.34% as of December 31, 2012. As of December 31, 2013, the weighted average contractual maturity of wholesale repurchase agreements was 4.08 years. The weighted average contractual rate of FHLB borrowings was 4.12% as of December 31, 2013, and 3.86% as of December 31, 2012. As of December 31, 2013, the weighted average contractual maturity of FHLB borrowings was 4.57 years. The following schedule presents contractual maturities of FHLB borrowings, by year, as of December 31, 2013: | |||||||||
(Amounts in thousands) | |||||||||
2014 | $ | — | |||||||
2015 | — | ||||||||
2016 | — | ||||||||
2017 | 100,000 | ||||||||
2018 | — | ||||||||
2019 and thereafter | 50,000 | ||||||||
$ | 150,000 | ||||||||
FHLB callable advances may be redeemed by the FHLB at quarterly intervals after various lockout periods that could substantially shorten the lives of the advances. If called, the advance may be paid in full or converted into another FHLB credit product. Prepayment of an advance may result in substantial penalties based on the differential between the contractual note and current advance rate for similar maturities. FHLB advances were secured by qualifying loans that totaled $1.13 billion as of December 31, 2013, and $998.14 million as of December 31, 2012. Unused borrowing capacity with the FHLB was $324.34 million as of December 31, 2013. In 2013, the Company prepaid $8.15 million in wholesale repurchase agreements and $11.47 million in FHLB borrowings resulting in a $296 thousand gain. | |||||||||
Subordinated debt consists of junior subordinated debentures (“Debentures”) of $15.46 million that were issued by the Company in October 2003 to the Trust. The Debentures had an interest rate of three-month LIBOR plus 2.95%. The Trust was able to purchase the Debentures through the issuance of trust preferred securities, which had substantially identical terms as the Debentures. The Debentures mature on October 8, 2033 and are currently callable. Net proceeds from the offering were contributed as capital to the Bank to support further growth. The Company’s obligations under the Debentures and other relevant Trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of the Trust’s obligations. The preferred securities issued by the Trust are not included in the Company’s consolidated balance sheets; however, these securities qualify as Tier 1 capital for regulatory purposes, subject to guidelines issued by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). The Federal Reserve’s quantitative limits did not prevent the Company from including all $15.46 million in trust preferred securities outstanding in Tier 1 capital as of December 31, 2013 and 2012. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
Note 12. | Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||
The Company primarily uses derivative instruments to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. Derivative instruments represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another asset to the other party based on a notional amount and an underlying asset as specified in the contract. These derivative instruments may consist of interest rate swaps, floors, caps, collars, futures, forward contracts, and written and purchased options. Derivative instruments are subject to counterparty credit risk due to the possibility that the Company will incur a loss because a counterparty, which may be a bank, a broker-dealer or a customer, fails to meet its contractual obligations. This risk is measured as the expected positive replacement value of contracts. All derivative contracts may be executed only with exchanges or counterparties approved by the Company’s Asset/Liability Management Committee. | |||||||||||||||||||||||||
As of December 31, 2013, the Company’s derivative instruments consisted of IRLCs, forward sale loan commitments, and interest rate swaps. Generally, derivative instruments help the Company manage exposure to market risk and meet customer financing needs. Market risk represents the possibility that economic value or net interest income will be adversely affected by fluctuations in external factors such as interest rates, market-driven loan rates, prices, or other economic factors. | |||||||||||||||||||||||||
IRLCs and forward sale loan commitments. In the normal course of business, the Company enters into interest rate lock commitments (“IRLCs”) with customers on mortgage loans intended to be sold in the secondary market and commitments to sell those originated mortgage loans. The Company enters into IRLCs to provide potential borrowers an interest rate guarantee. Once a mortgage loan is closed and funded, it is included within loans held for sale and awaits sale and delivery into the secondary market. From the date we issue the commitment through the date of sale into the secondary market, the Company has exposure to interest rate movement resulting from the risk that interest rates will change from the rate quoted to the borrower. Due to these interest rate fluctuations, the Company’s balance of mortgage loans held for sale is subject to changes in fair value. Typically, the fair value of these loans declines when interest rates increase and rise when interest rates decrease. The fair values of the Company’s IRLCs and forward sale loan commitments are recorded at fair value as a component of other assets and other liabilities in the consolidated balance sheets. These derivatives do not qualify as hedging instruments; therefore, changes in fair value are recorded in earnings. | |||||||||||||||||||||||||
Interest rate swaps. The Company uses interest rate swap contracts to modify its exposure to interest rate risk caused by changes in the London InterBank Offered Rate (“LIBOR”) curve in relation to certain designated fixed rate loans. These instruments are used to convert these fixed rate loans to an effective floating rate. If the LIBOR rate falls below the loan’s stated fixed rate for a given period, the Company will owe the floating rate payer the notional amount times the difference between LIBOR and the stated fixed rate. If LIBOR is above the stated rate for a given period, the Company will receive payments based on the notional amount times the difference between LIBOR and the stated fixed rate. The Company’s interest rate swaps qualify as fair value hedging instruments; therefore, changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings in the same period. | |||||||||||||||||||||||||
In October 2013, the Company entered into a ten-year, $3.50 million notional interest rate swap agreement that was accounted for as a fair value hedge. The swap and loan hedged by the swap are recorded at fair value. The hedge was effective as of December 31, 2013. | |||||||||||||||||||||||||
The following table presents the aggregate contractual or notional amounts, as well as the fair values of the Company’s derivative instruments as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Notional or | Derivative | Derivative | Notional or | Derivative | Derivative | |||||||||||||||||||
Contractual | Assets | Liabilities | Contractual | Assets | Liabilities | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | 3,453 | $ | 43 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
IRLCs | 3,677 | — | 41 | 14,841 | 144 | 16 | |||||||||||||||||||
Forward sale loan commitments | 4,560 | 41 | — | — | — | — | |||||||||||||||||||
Total derivatives not designated as hedges | 8,237 | 41 | 41 | 14,841 | 144 | 16 | |||||||||||||||||||
Total derivatives | $ | 11,690 | $ | 84 | $ | 41 | $ | 14,841 | $ | 144 | $ | 16 | |||||||||||||
The following table presents the effect of the Company’s derivative and hedging activity, if applicable, on the statement of income in the periods indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | Income Statement Location | 2013 | 2012 | 2011 | |||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Interest rate swaps | Other income | $ | — | $ | — | $ | — | ||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
IRLCs | Other income | (169 | ) | — | 160 | ||||||||||||||||||||
Forward sale loan commitments | Other income | 41 | — | — | |||||||||||||||||||||
Total derivatives not designated as hedges | (128 | ) | — | 160 | |||||||||||||||||||||
Total derivatives | $ | (128 | ) | $ | — | $ | 160 | ||||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Note 13. | Employee Benefit Plans | ||||||||||||
Employee Stock Ownership and Savings Plan | |||||||||||||
The Company maintains the Employee Stock Ownership and Savings Plan (“KSOP”). Coverage under the plan is provided to all employees who meet minimum eligibility requirements. The KSOP held 499,075 shares of the Company’s common stock as of December 31, 2013, 561,551 shares as of December 31, 2012, and 588,656 shares as of December 31, 2011. | |||||||||||||
Employer Stock Fund | |||||||||||||
The Company made annual contributions to the stock feature within the KSOP at the discretion of the Board of Directors until December 31, 2006, when the plan was frozen to future contributions. Substantially all plan assets are invested in the Company’s common stock. All KSOP contributions beginning in 2007 have been made to the employee savings feature of the plan. | |||||||||||||
Employee Savings Plan | |||||||||||||
The Company provides a 401(k) savings feature within the KSOP. The Company makes matching contributions to employee deferrals at levels determined by the Board of Directors on an annual basis. The cost of the Company’s 100% matching contributions to qualified deferrals under the 401(k) savings component of the KSOP was $1.61 million in 2013, $1.27 million in 2012, and $1.34 million in 2011. In 2013 and 2011, all matching contributions were made in the Company’s common stock. In 2012, matching contributions were made in cash and the Company’s common stock. | |||||||||||||
Employee Welfare Plan | |||||||||||||
The Company provides various medical, dental, vision, life, accidental death and dismemberment, and long-term disability insurance benefits to all full-time employees who elect coverage under this program. The health plan is managed by a third-party administrator. Monthly employer and employee contributions are made to a tax-exempt employee benefits trust where the third-party administrator processes and pays claims. Stop-loss insurance coverage limits the Company’s risk of loss to $100 thousand for individual claims and $3.98 million aggregate claims. Expenses related to the health plan were $3.02 million in 2013, $2.25 million in 2012, and $3.49 million in 2011. | |||||||||||||
Deferred Compensation Plan | |||||||||||||
The Company maintains deferred compensation agreements with certain current and former officers that provide benefit payments, over various periods, commencing at retirement or death. Accrued benefits are based on the present values of expected payments and estimated life expectancies and totaled $455 thousand as of December 31, 2013, and $459 thousand as of December 31, 2012. Expenses related to the deferred compensation plan were $60 thousand in each of the three years ended December 31, 2013. | |||||||||||||
Supplemental Executive Retention Plan | |||||||||||||
The Company maintains the Supplemental Executive Retention Plan (the “SERP”) for key members of senior management. The domestic noncontributory, nonqualified SERP provides for a defined benefit, at normal retirement age, targeted at 35% of the participant’s projected final average compensation, subject to a defined maximum annual benefit. Benefits under the SERP generally become payable at age 62. The SERP is an unfunded plan; accordingly, there are no plan assets. The following table presents the components of the SERP’s net periodic pension cost in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Service cost | $ | 135 | $ | 153 | $ | 161 | |||||||
Interest cost | 246 | 203 | 224 | ||||||||||
Amortization of losses (gains) | 49 | 45 | — | ||||||||||
Amortization of prior service cost | 187 | 134 | 134 | ||||||||||
Net periodic cost | $ | 617 | $ | 535 | $ | 519 | |||||||
The actuarial benefit plan obligation was $5.62 million as of December 31, 2013, and December 31, 2012. The obligation as of December 31, 2013, included a $380 thousand increase as a result of an amendment in January 2013 to revise the amount of normal retirement benefit. The increase was offset by a $725 thousand actuarial gain. The assumed discount rate was increased to 5.25% as of December 31, 2013, compared to 4.20% as of December 31, 2012. The following schedule presents the projected benefit payments to be paid under the SERP, by year, as of December 31, 2013: | |||||||||||||
(Amounts in thousands) | |||||||||||||
2014 | $ | 246 | |||||||||||
2015 | 246 | ||||||||||||
2016 | 246 | ||||||||||||
2017 | 377 | ||||||||||||
2018 | 377 | ||||||||||||
2019 through 2023 | 2,171 | ||||||||||||
Directors’ Supplemental Retirement Plan | |||||||||||||
The Company maintains the Directors’ Supplemental Retirement Plan (the “Directors’ Plan”) for non-management directors. The domestic noncontributory, nonqualified Directors’ Plan provides for a defined benefit, at normal retirement age, up to 100% of the participant’s highest consecutive three-year average compensation. Benefits under the Directors’ Plan generally become payable at age 70. The Directors’ Plan is an unfunded plan; accordingly, there are no plan assets. The following table presents the components of the Directors’ Plan’s net periodic pension cost in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Service cost | $ | 26 | $ | 27 | $ | 29 | |||||||
Interest cost | 41 | 39 | 43 | ||||||||||
Amortization of gains (losses) | 1 | — | — | ||||||||||
Amortization of prior service cost | 90 | 90 | 90 | ||||||||||
Net periodic cost | $ | 158 | $ | 156 | $ | 162 | |||||||
The actuarial benefit plan obligation was $975 thousand as of December 31, 2013, and $981 thousand as of December 31, 2012. The assumed discount rate was increased to 5.25% as of December 31, 2013, compared to 4.20% as of December 31, 2012. The following schedule presents the projected benefit payments to be paid under the Directors’ Plan, by year, as of December 31, 2013: | |||||||||||||
(Amounts in thousands) | |||||||||||||
2014 | $ | 83 | |||||||||||
2015 | 81 | ||||||||||||
2016 | 79 | ||||||||||||
2017 | 109 | ||||||||||||
2018 | 107 | ||||||||||||
2019 through 2023 | 552 |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity-Based Compensation | ' | ||||||||||||||||
Note 14. | Equity-Based Compensation | ||||||||||||||||
The Company maintains equity-based compensation plans to promote the long-term success of the Company by encouraging officers, employees, directors, and other individuals performing services for the Company to focus on critical long-range objectives. The Company’s equity-based compensation plans include the 2012 Omnibus Equity Compensation Plan (“2012 Plan”), 2004 Omnibus Stock Option Plan, 2001 Director’s Option Plan, 1999 Stock Option Plan, and various other option plans. As of December 31, 2013, the 2012 Plan was the only plan available for the issuance of future grants. All plans before the 2012 Plan are frozen and no new grants may be issued; however, any options or awards unexercised and outstanding under those plans remain in effect in accordance with their respective terms. | |||||||||||||||||
The 2012 Plan made available up to 600,000 shares for potential grants of incentive stock options, nonqualified stock options, performance awards, restricted stock, restricted stock units, stock appreciation rights, bonus stock, and stock awards. Options granted pursuant to the 2012 Plan shall state the period of time the grant may be exercised, not to exceed more than ten years from the date granted. The Company’s Compensation and Retirement Committee shall determine the vesting period for each grant; however, if no vesting period is specified the vesting shall occur in 25% increments on the first four anniversaries of the grant date. | |||||||||||||||||
The following table presents the pre-tax compensation expense and excess tax benefit recognized in earnings for all equity-based compensation plans in the periods indicated: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Pre-tax compensation expense | $ | 574 | $ | 206 | $ | 98 | |||||||||||
Excess tax benefit | 9 | 6 | 5 | ||||||||||||||
Stock Options | |||||||||||||||||
The fair value of stock options is estimated at the date of grant using the Black-Scholes-Merton valuation model with the following assumptions: expected volatility is based on the weekly historical volatility of the Company’s common stock price over the expected term of the option; the expected term is generally calculated using the shortcut method; the risk-free interest rate is based on the Treasury yield curve on the grant date with a term comparable to the grant; and the dividend yield is based on the Company’s dividend yield using the most recent dividend rate paid per share and trading price of the Company’s common stock. | |||||||||||||||||
The following table presents the assumptions used to estimate the fair values of stock options at the date of grant in the periods indicated. No stock options were granted in 2013 or 2012. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected volatility | — | — | 27.96 | % | |||||||||||||
Expected term (in years) | — | — | 6.18 | ||||||||||||||
Risk-free interest rate | — | — | 1.5 | % | |||||||||||||
Expected dividend yield | — | — | 3.24 | % | |||||||||||||
Weighted average fair value of options granted (per share) | $ | — | — | $ | 2.56 | ||||||||||||
The following table presents stock option activity under the equity-based compensation plans in the period indicated: | |||||||||||||||||
(Amounts in thousands, | Option | Weighted Average | Weighted Average | Aggregate | |||||||||||||
except share and per share data) | Shares | Exercise Price | Remaining Contractual | Intrinsic | |||||||||||||
Per Share | Term (Years) | Value | |||||||||||||||
Outstanding, January 1, 2013 | 471,880 | $ | 20.87 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | 5,850 | 13.01 | |||||||||||||||
Canceled | 91,201 | 22.98 | |||||||||||||||
Outstanding, December 31, 2013 | 374,829 | $ | 20.48 | 5.4 | $ | 529 | |||||||||||
Exercisable, December 31, 2013 | 301,369 | $ | 22.53 | 4.8 | $ | 191 | |||||||||||
The aggregate intrinsic value of options exercised was $22 thousand as of December 31, 2013, $16 thousand as of December 31, 2012, and $13 thousand as of December 31, 2011. | |||||||||||||||||
As of December 31, 2013, unrecognized compensation expense related to nonvested stock options was $61 thousand, which is expected to be recognized over a weighted average period of 0.44 years. The actual compensation cost recognized will differ from this estimate due to a number of items, including new grants and changes in estimated forfeitures. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Restricted stock awards represent shares issued upon grant that are restricted and generally use a three-year vesting schedule from the grant date. The fair value of restricted stock awards is calculated using the Company’s common stock price on the grant date. The following table presents restricted stock activity under the equity-based compensation plans in the period indicated: | |||||||||||||||||
Shares | Weighted Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested, January 1, 2013 | 18,950 | $ | 12.67 | ||||||||||||||
Granted | 2,700 | 16.24 | |||||||||||||||
Vested | 6,050 | 13.23 | |||||||||||||||
Canceled | 13,000 | 12.68 | |||||||||||||||
Nonvested, December 31, 2013 | 2,600 | $ | 15.09 | ||||||||||||||
As of December 31, 2013, unrecognized compensation cost related to nonvested restricted stock awards was $23 thousand, which is expected to be recognized over a weighted average period of 0.87 years. The actual compensation cost recognized will differ from this estimate due to a number of items, including new awards granted and changes in estimated forfeitures. | |||||||||||||||||
Performance Stock Awards | |||||||||||||||||
Performance stock awards represent shares potentially issuable in the future. In 2013, the Company awarded 80,872 shares with a three-year performance period. Approximately 48% of each award vested on the grant date and the remaining shares vest in three equal installments, subject to the annual performance requirement and the recipient’s continued employment on the applicable vesting date. The performance requirement is based on an annual three-year average minimum growth rate in earnings per share. The fair value of performance stock awards is calculated using the Company’s stock price on the grant date. The following table presents performance stock activity under the 2012 Plan in the period indicated: | |||||||||||||||||
Shares | Weighted Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested, January 1, 2013 | — | $ | — | ||||||||||||||
Granted | 80,872 | 15.75 | |||||||||||||||
Vested | 39,084 | 15.75 | |||||||||||||||
Canceled | 4,854 | 15.56 | |||||||||||||||
Nonvested, December 31, 2013 | 36,934 | $ | 15.78 | ||||||||||||||
As of December 31, 2013, unrecognized compensation cost related to nonvested performance stock awards was $216 thousand, which is expected to be recognized over a weighted average period of 1.08 years. The actual compensation cost recognized will differ from this estimate due to a number of items, including new awards granted and changes in estimated forfeitures. |
Other_Operating_Income_and_Exp
Other Operating Income and Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Operating Income and Expense | ' | ||||||||||||
Note 15. | Other Operating Income and Expense | ||||||||||||
The following table presents the components of other operating income in the periods indicated: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Miscellaneous income | $ | 411 | $ | 2,459 | $ | 236 | |||||||
Other (1) | 4,824 | 4,283 | 3,652 | ||||||||||
Total other operating income | $ | 5,235 | $ | 6,742 | $ | 3,888 | |||||||
-1 | Other components of other operating income do not exceed 1% of total income. | ||||||||||||
Miscellaneous income in 2012 included the $2.39 million out-of-period adjustment to correct the understatement of pre-tax income from 2007 to 2011. | |||||||||||||
The following table presents the components of other operating expense in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Service fees | $ | 3,157 | $ | 3,736 | $ | 2,941 | |||||||
Professional fees | 2,564 | 1,912 | 1,554 | ||||||||||
Telephone and data communications | 1,707 | 1,548 | 1,616 | ||||||||||
Advertising and public relations | 1,686 | 1,421 | 1,683 | ||||||||||
ATM processing expenses | 1,605 | 1,483 | 1,515 | ||||||||||
Premises and equipment write-downs | 1,520 | — | 131 | ||||||||||
Office supplies | 1,472 | 1,688 | 1,222 | ||||||||||
Other (1) | 9,538 | 9,402 | 9,643 | ||||||||||
Total other operating expense | $ | 23,249 | $ | 21,190 | $ | 20,305 | |||||||
-1 | Other components of other operating income do not exceed 1% of total income. | ||||||||||||
Premises and equipment write-downs in 2013 consisted entirely of expenses related to branch closures and consolidations expected to occur in 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Note 16. | Income Taxes | ||||||||||||
Income tax expense is comprised of current and deferred, federal and state income taxes on the Company’s pre-tax earnings. The following table presents the components of income tax expense in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current tax expense: | |||||||||||||
Federal | $ | 12,819 | $ | 13,733 | $ | 7,101 | |||||||
State | 1,743 | 1,291 | 110 | ||||||||||
Total current tax expense | 14,562 | 15,024 | 7,211 | ||||||||||
Deferred tax (benefit) expense: | |||||||||||||
Federal | (3,136 | ) | (1,501 | ) | 1,650 | ||||||||
State | (518 | ) | 605 | 712 | |||||||||
Total deferred tax (benefit) expense | (3,654 | ) | (896 | ) | 2,362 | ||||||||
Total income tax expense | $ | 10,908 | $ | 14,128 | $ | 9,573 | |||||||
Deferred taxes derived from continuing operations reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for tax purposes. The following table presents the significant components of the net deferred tax asset as of the dates indicated: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 9,209 | $ | 9,857 | |||||||||
Unrealized losses on available-for-sale securities | 8,184 | 169 | |||||||||||
Unrealized asset losses | 8,018 | 8,023 | |||||||||||
Purchase accounting | 6,796 | 6,191 | |||||||||||
FDIC assisted transactions | 6,753 | 6,753 | |||||||||||
Intangible assets | 6,384 | 7,582 | |||||||||||
Deferred compensation assets | 4,224 | 4,235 | |||||||||||
Alternative minimum tax credit | 1,849 | 1,849 | |||||||||||
Other deferred tax assets | 2,670 | 2,763 | |||||||||||
Total deferred tax assets | 54,087 | 47,422 | |||||||||||
Deferred tax liabilities: | |||||||||||||
FDIC indemnification asset | 12,155 | 18,388 | |||||||||||
Fixed assets | 2,199 | 2,158 | |||||||||||
Odd days interest deferral | 1,958 | 2,028 | |||||||||||
Other | 1,066 | 1,054 | |||||||||||
Total deferred tax liabilities | 17,378 | 23,628 | |||||||||||
Net deferred tax asset | $ | 36,709 | $ | 23,794 | |||||||||
The Company’s effective tax rate, defined as income tax expense divided by pre-tax income, may vary significantly from the statutory rate due to permanent differences and the use of available tax credits. The Company’s most significant permanent differences, income and expense items excluded by law in the calculation of taxable income, include income on municipal securities, which are exempt from federal income tax, income on bank-owned life insurance, and tax credits generated by investments in low income housing and rehabilitation of historic structures. The following table reconciles the federal statutory tax rate to the Company’s effective tax rate from continuing operations in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
(Reduction) increase resulting from: | |||||||||||||
Tax-exempt interest | (5.14 | ) | (4.16 | ) | (6.40 | ) | |||||||
State income taxes, net of federal benefit | 2.35 | 2.35 | 2.78 | ||||||||||
Other, net | (0.33 | ) | (0.11 | ) | 0.96 | ||||||||
Effective tax rate | 31.88 | % | 33.08 | % | 32.34 | % | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Note 17. | Accumulated Other Comprehensive Income | ||||||||||||||||
The following table presents the activity in accumulated other comprehensive income (“AOCI”), net of tax, by component for the periods indicated: | |||||||||||||||||
Gains (Losses) on | Unrealized Gains (Losses) | Employee | Total | ||||||||||||||
Cash Flow Hedges | on Available-for-Sale | Benefit Plan | |||||||||||||||
Securities | |||||||||||||||||
(Amounts in thousands) | |||||||||||||||||
Beginning balance, January 1, 2011 | $ | (20 | ) | $ | (11,213 | ) | $ | (957 | ) | $ | (12,190 | ) | |||||
Other comprehensive gain (loss) before reclassifications | 20 | 7,341 | (770 | ) | 6,591 | ||||||||||||
Reclassified from AOCI | — | (1,869 | ) | 140 | (1,729 | ) | |||||||||||
Net other comprehensive gain (loss) | 20 | 5,472 | (630 | ) | 4,862 | ||||||||||||
Ending balance, December 31, 2011 | $ | — | $ | (5,741 | ) | $ | (1,587 | ) | $ | (7,328 | ) | ||||||
Beginning balance, January 1, 2012 | $ | — | $ | (5,741 | ) | $ | (1,587 | ) | $ | (7,328 | ) | ||||||
Other comprehensive gain (loss) before reclassifications | — | 5,173 | (122 | ) | 5,051 | ||||||||||||
Reclassified from AOCI | — | 285 | 167 | 452 | |||||||||||||
Net other comprehensive gain | — | 5,458 | 45 | 5,503 | |||||||||||||
Ending balance, December 31, 2012 | $ | — | $ | (283 | ) | $ | (1,542 | ) | $ | (1,825 | ) | ||||||
Beginning balance, January 1, 2013 | $ | — | $ | (283 | ) | $ | (1,542 | ) | $ | (1,825 | ) | ||||||
Other comprehensive (loss) gain before reclassifications | — | (13,307 | ) | 237 | (13,070 | ) | |||||||||||
Reclassified from AOCI | — | (50 | ) | 205 | 155 | ||||||||||||
Net comprehensive (loss) gain | — | (13,357 | ) | 442 | (12,915 | ) | |||||||||||
Ending balance, December 31, 2013 | $ | — | $ | (13,640 | ) | $ | (1,100 | ) | $ | (14,740 | ) | ||||||
The following table presents reclassifications out of AOCI by component in the periods indicated: | |||||||||||||||||
Year Ended December 31, | Income Statement | ||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | Line Item Affected | |||||||||||||
Available-for-sale securities | |||||||||||||||||
Gains realized in net income | $ | (399 | ) | $ | (483 | ) | $ | (5,264 | ) | Net gain on sale of securities | |||||||
Credit-related OTTI recognized in net income | 320 | 942 | 2,285 | Net impairment losses recognized in earnings | |||||||||||||
(79 | ) | 459 | (2,979 | ) | Income before taxes | ||||||||||||
Income tax effect | (29 | ) | 174 | (1,110 | ) | Income tax expense (benefit) | |||||||||||
(50 | ) | 285 | (1,869 | ) | Net income | ||||||||||||
Employee benefit plans | |||||||||||||||||
Amortization of prior service cost | 277 | 223 | 223 | -1 | |||||||||||||
Amortization of gains | 50 | 45 | — | -1 | |||||||||||||
327 | 268 | 223 | Income before taxes | ||||||||||||||
Income tax effect | 122 | 101 | 83 | Income tax expense (benefit) | |||||||||||||
205 | 167 | 140 | Net income | ||||||||||||||
Reclassified from AOCI, net of tax | $ | 155 | $ | 452 | $ | (1,729 | ) | Net income | |||||||||
-1 | Amortization is included in net periodic pension cost. See Note 13, “Employee Benefit Plans.” |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||
Note 18. | Fair Value | ||||||||||||||||||||
Financial Instruments Measured at Fair Value | |||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is presented in the following discussion. The fair value hierarchy prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||||||
• | Level 1 – Observable, unadjusted quoted prices in active markets | ||||||||||||||||||||
• | Level 2 – Inputs other than quoted prices included in Level 1 that are directly or indirectly observable for the asset or liability | ||||||||||||||||||||
• | Level 3 – Unobservable inputs with little or no market activity that require the Company to use reasonable inputs and assumptions | ||||||||||||||||||||
The Company uses fair value measurements to record adjustments to certain financial assets and liabilities on a recurring basis. Additionally, the Company may be required to record certain assets at fair value on a nonrecurring basis in specific circumstances, such as evidence of impairment. Methodologies used to determine fair value may be highly subjective and judgmental in nature, such as cash flow estimates, risk characteristics, credit quality measurements, and interest rates; therefore, valuations may not be precise. Since fair values are estimated as of a specific date, the amounts actually realized or paid on the settlement or maturity of these instruments may be significantly different from estimates. See Note 1, “Summary of Significant Accounting Policies,” to the Consolidated Financial Statements of this report. | |||||||||||||||||||||
Assets and Liabilities Reported at Fair Value on a Recurring Basis | |||||||||||||||||||||
Available-for-Sale Securities. Securities available for sale are reported at fair value on a recurring basis. The fair value of Level 1 securities is based on quoted market prices in active markets, if available. The Company also uses Level 1 inputs to value equity securities that are traded in active markets. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are primarily derived from or corroborated by observable market data. Level 2 securities use fair value measurements from independent pricing services obtained by the Company. These fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and bond terms and conditions. The Company’s Level 2 securities include U.S. Treasury securities, single issue trust preferred securities, corporate securities, MBS, and certain equity securities that are not actively traded. Securities are based on Level 3 inputs when there is limited activity or less transparency to the valuation inputs. In the absence of observable or corroborated market data, internally developed estimates that incorporate market-based assumptions are used when such information is available. | |||||||||||||||||||||
Fair value models may be required when trading activity has declined significantly or does not exist, prices are not current, or pricing variations are significant. For Level 3 securities, the Company obtains the cash flow of specific securities from third parties that use modeling software to determine cash flows based on market participant data and knowledge of the structures of each individual security. The fair value of Level 3 securities are determined by applying appropriate market observable discount rates to the cash flow derived from third-party models. Discount rates are developed by determining credit spreads above a benchmark rate, such as LIBOR, and adding premiums for illiquidity, which are based on a comparison of initial issuance spread to LIBOR versus a financial sector curve for recently issued debt to LIBOR. Securities with increased uncertainty regarding the receipt of cash flows are discounted at higher rates due to the addition of a deal specific credit premium based on assumptions about the performance of the underlying collateral. Finally, internal fair value model pricing and external pricing observations are combined by assigning weights to each pricing observation. Pricing is reviewed for reasonableness based on the direction of the specific markets and the general economic indicators. | |||||||||||||||||||||
Deferred Compensation Assets and Liabilities. Securities held for trading purposes are recorded at fair value on a recurring basis and included in other assets in the consolidated balance sheets. These securities include assets related to employee deferred compensation plans, which are generally invested in Level 1 equity securities. The liability associated with these deferred compensation plans are carried at the fair value of the obligation to the employee, which corresponds to the fair value of the invested assets. | |||||||||||||||||||||
Derivative Assets and Liabilities. Derivatives are recorded at fair value on a recurring basis. The Company obtains dealer quotes, Level 2 inputs, based on observable data to value derivatives. | |||||||||||||||||||||
The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, segregated by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Total | Fair Value Measurements Using | ||||||||||||||||||||
(Amounts in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
U.S. Treasury securities | $ | 9,013 | $ | — | $ | 9,013 | $ | — | |||||||||||||
Municipal securities | 144,280 | — | 144,280 | — | |||||||||||||||||
Single issue trust preferred securities | 46,234 | — | 46,234 | — | |||||||||||||||||
Corporate securities | 4,871 | — | 4,871 | — | |||||||||||||||||
Agency MBS | 300,386 | — | 300,386 | — | |||||||||||||||||
Non-Agency Alt-A residential MBS | 9,789 | — | 9,789 | — | |||||||||||||||||
Equity securities | 5,247 | 251 | 4,996 | — | |||||||||||||||||
Total available-for-sale securities | $ | 519,820 | $ | 251 | $ | 519,569 | $ | — | |||||||||||||
Deferred compensation assets | $ | 4,200 | $ | 4,200 | $ | — | $ | — | |||||||||||||
Derivatives | |||||||||||||||||||||
Interest rate swaps | $ | 43 | $ | — | $ | 43 | $ | — | |||||||||||||
Forward sale loan commitments | 41 | — | 41 | — | |||||||||||||||||
Total derivative assets | $ | 84 | $ | — | $ | 84 | $ | — | |||||||||||||
Deferred compensation liabilities | $ | 4,200 | $ | 4,200 | $ | — | $ | — | |||||||||||||
Derivative liabilities | |||||||||||||||||||||
IRLCs | $ | 41 | $ | — | $ | 41 | $ | — | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
Total | Fair Value Measurements Using | ||||||||||||||||||||
(Amounts in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Municipal securities | $ | 159,217 | $ | — | $ | 159,217 | $ | — | |||||||||||||
Single issue trust preferred securities | 44,646 | — | 44,646 | — | |||||||||||||||||
Agency MBS | 315,897 | — | 315,897 | — | |||||||||||||||||
Non-Agency Alt-A residential MBS | 11,067 | — | 11,067 | — | |||||||||||||||||
Equity securities | 3,531 | 3,511 | 20 | — | |||||||||||||||||
Total available-for-sale securities | $ | 534,358 | $ | 3,511 | $ | 530,847 | $ | — | |||||||||||||
Deferred compensation assets | $ | 3,625 | $ | 3,625 | $ | — | $ | — | |||||||||||||
Derivatives | |||||||||||||||||||||
IRLCs | $ | 144 | $ | — | $ | 144 | $ | — | |||||||||||||
Deferred compensation liabilities | $ | 3,625 | $ | 3,625 | $ | — | $ | — | |||||||||||||
Derivative liabilities | |||||||||||||||||||||
IRLCs | $ | 16 | $ | — | $ | 16 | $ | — | |||||||||||||
There were no changes in valuation techniques during the years ended December 31, 2013 or 2012. If the Company determines that a valuation technique change is necessary, the change is assumed to have occurred at the end of the respective reporting period. In addition, there were no transfers in to or out of Level 3 of the fair value hierarchy during the years ended December 31, 2013 or 2012. | |||||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||
Impaired Loans. Impaired loans are recorded at fair value on a nonrecurring basis when repayment is expected solely from the sale of the loan’s collateral. Fair value is based on appraised value adjusted for customized discounting criteria, Level 3 inputs. | |||||||||||||||||||||
The Company maintains an active and robust problem credit identification system. The impairment review includes obtaining third-party collateral valuations to assist management in identifying potential credit impairment and determining the amount of impairment to record. The Company’s Special Assets staff assumes the management and monitoring of all loans determined to be impaired. Internal collateral valuations are generally performed within two to four weeks of identifying the initial potential impairment. The internal valuation compares the original appraisal to current local real estate market conditions and considers experience and expected liquidation costs. A third-party valuation is typically received within thirty to forty-five days of completing the internal valuation. When a third-party valuation is received, it is reviewed for reasonableness. Once the valuation is reviewed and accepted, discounts are applied to fair market value, based on, but not limited to, our historical liquidation experience for like collateral, resulting in an estimated net realizable value. The estimated net realizable value is compared to the outstanding loan balance to determine the appropriate amount of specific impairment reserve. | |||||||||||||||||||||
Specific reserves are generally recorded for impaired loans while third-party valuations are in process and for impaired loans that continue to make some form of payment. While waiting to receive the third-party appraisal, the Company regularly reviews the relationship to identify any potential adverse developments and begins the tasks necessary to gain control of the collateral and prepare it for liquidation, including, but not limited to, engagement of counsel, inspection of collateral, and continued communication with the borrower, if appropriate. Generally, the only difference between the current appraised value, less liquidation costs, and the carrying amount of the loan, less the specific reserve, is any downward adjustment to the appraised value that the Company deems appropriate, such as the costs to sell the property and a deflator for the devaluation of property when banks are the sellers. Impaired loans that do not meet the aforementioned criteria and do not have a specific reserve have typically been written down through partial charge-offs to net realizable value. Based on prior experience, the Company rarely returns loans to performing status after they have been partially charged off. Credits identified as impaired move quickly through the process towards ultimate resolution except in cases involving bankruptcy and various state judicial processes, which may extend the time for ultimate resolution. | |||||||||||||||||||||
Other Real Estate Owned. OREO is recorded at fair value on a nonrecurring basis using Level 3 inputs. The Company calculates the fair value of OREO from current or prior appraisals that have been adjusted for valuation declines, estimated selling costs, and other proprietary qualitative adjustments that are deemed necessary. | |||||||||||||||||||||
Goodwill. Goodwill is recorded at fair value on a nonrecurring basis when impairment has occurred. The fair value of the Company’s reporting units use Level 3 inputs based on discounted cash flow and market multiple models. | |||||||||||||||||||||
The following tables summarize assets measured at fair value on a nonrecurring basis, segregated by the level of valuation inputs in the fair value hierarchy, in the periods indicated: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(Amounts in thousands) | Total | Fair Value Measurements Using | |||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Impaired loans not covered by loss share agreements | $ | 8,935 | — | — | $ | 8,935 | |||||||||||||||
OREO, not covered by loss share agreements | 7,180 | — | — | 7,180 | |||||||||||||||||
OREO, covered by loss share agreements | 6,433 | — | — | 6,433 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Total | Fair Value Measurements Using | ||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Impaired loans not covered by loss share agreements | $ | 8,192 | — | — | $ | 8,192 | |||||||||||||||
OREO, not covered by loss share agreements | 5,704 | — | — | 5,704 | |||||||||||||||||
OREO, covered by loss share agreements | 3,255 | — | — | 3,255 | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
The following table presents quantitative information for assets measured at fair value on a nonrecurring basis using Level 3 valuation inputs as of December 31, 2013: | |||||||||||||||||||||
Valuation Technique | Unobservable Input | Range | |||||||||||||||||||
(Weighted Average) | |||||||||||||||||||||
Impaired loans | Discounted appraisals (1) | Appraisal adjustments (2) | 6% to 100% (47%) | ||||||||||||||||||
OREO, not covered by loss share agreements | Discounted appraisals (1) | Appraisal adjustments (2) | 0% to 65% (34%) | ||||||||||||||||||
OREO, covered by loss share agreements | Discounted appraisals (1) | Appraisal adjustments (2) | 4% to 70% (41%) | ||||||||||||||||||
-1 | Fair value is generally based on appraisals of the underlying collateral. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. | ||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The Company uses various methodologies and assumptions to estimate the fair value of certain financial instruments. A description of the valuation methodologies used for instruments not previously discussed is as follows: | |||||||||||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents are reported at their carrying amount, which is considered a reasonable estimate due to the short-term nature of these instruments. | |||||||||||||||||||||
Held-to-Maturity Securities. Securities held to maturity are reported at fair value using quoted market prices or dealer quotes. | |||||||||||||||||||||
Loans Held for Sale. Loans held for sale are reported at the lower of cost or estimated fair value. Estimated fair value is based on the market price of similar loans. | |||||||||||||||||||||
Loans Held for Investment. Loans held for investment are reported at fair value using discounted future cash flows that apply current interest rates for loans with similar terms and borrower credit quality. | |||||||||||||||||||||
FDIC Indemnification Asset. The FDIC indemnification asset is reported at fair value using discounted future cash flows that apply current discount rates. | |||||||||||||||||||||
Accrued Interest Receivable/Payable. Accrued interest receivable/payable is reported at their carrying amount, which is considered a reasonable estimate due to the short-term nature of these instruments. | |||||||||||||||||||||
Deposits and Securities Sold Under Agreements to Repurchase. Deposits without a stated maturity, such as demand, interest-bearing demand, and savings, are reported at their carrying amount, the amount payable on demand as of the reporting date, which is considered a reasonable estimate of fair value. Deposits and repurchase agreements with fixed maturities and rates are reported at fair value using discounted future cash flows that apply interest rates currently available in the market for instruments with similar characteristics and maturities. | |||||||||||||||||||||
FHLB and Other Indebtedness. FHLB and other indebtedness is reported at fair value using discounted future cash flows that apply interest rates currently available to the Company for borrowings with similar characteristics and maturities. Trust preferred obligations are reported at fair value using current credit spreads in the market for similar issues. | |||||||||||||||||||||
Off-Balance Sheet Instruments. The Company believes that fair values of unfunded commitments to extend credit, standby letters of credit, and financial guarantees are not meaningful; therefore, off-balance sheet instruments are not addressed in the fair value disclosures. Due to the uncertainty and difficulty in assessing the likelihood and timing of advancing available proceeds, the lack of an established market for these instruments, and the diversity in fee structures, the Company believes it is not feasible or practicable to accurately disclose the fair values of off-balance sheet instruments. For additional information regarding the unfunded, contractual value of off-balance sheet financial instruments see Note 20, “Litigation, Commitments and Contingencies,” to the Consolidated Financial Statements of this report. | |||||||||||||||||||||
The following tables present the carrying amount and fair value of the Company’s financial instruments, segregated by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | ||||||||||||||||||||
(Amounts in thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 56,567 | $ | 56,567 | $ | 56,567 | $ | — | $ | — | |||||||||||
Available-for-sale securities | 519,820 | 519,820 | 251 | 519,569 | — | ||||||||||||||||
Held-to-maturity securities | 568 | 579 | — | 579 | — | ||||||||||||||||
Loans held for sale | 883 | 883 | — | 883 | — | ||||||||||||||||
Loans held for investment less allowance | 1,686,644 | 1,655,430 | — | — | 1,655,430 | ||||||||||||||||
FDIC indemnification asset | 34,691 | 34,691 | — | — | 34,691 | ||||||||||||||||
Accrued interest receivable | 7,521 | 7,521 | — | 7,521 | — | ||||||||||||||||
Derivative financial assets | 84 | 84 | — | 84 | — | ||||||||||||||||
Deferred compensation assets | 4,200 | 4,200 | 4,200 | — | — | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Demand deposits | $ | 339,680 | $ | 339,680 | $ | — | $ | 339,680 | $ | — | |||||||||||
Interest-bearing demand deposits | 361,821 | 361,821 | — | 361,821 | — | ||||||||||||||||
Savings deposits | 524,010 | 524,010 | — | 524,010 | — | ||||||||||||||||
Time deposits | 725,231 | 728,999 | — | 728,999 | — | ||||||||||||||||
Securities sold under agreements to repurchase | 118,308 | 121,320 | — | 121,320 | — | ||||||||||||||||
Accrued interest payable | 2,169 | 2,169 | — | 2,169 | — | ||||||||||||||||
FHLB and other indebtedness | 166,088 | 178,031 | — | 178,031 | — | ||||||||||||||||
Derivative financial liabilities | 41 | 41 | — | 41 | — | ||||||||||||||||
Deferred compensation liabilities | 4,200 | 4,200 | 4,200 | — | — | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | ||||||||||||||||||||
(Amounts in thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 144,847 | $ | 144,847 | $ | 144,847 | $ | — | $ | — | |||||||||||
Available-for-sale securities | 534,358 | 534,358 | 3,511 | 530,847 | — | ||||||||||||||||
Held-to-maturity securities | 816 | 832 | — | 832 | — | ||||||||||||||||
Loans held for sale | 6,672 | 6,774 | — | 6,774 | — | ||||||||||||||||
Loans held for investment less allowance | 1,698,883 | 1,702,128 | — | — | 1,702,128 | ||||||||||||||||
FDIC indemnification asset | 48,149 | 48,149 | — | — | 48,149 | ||||||||||||||||
Accrued interest receivable | 7,842 | 7,842 | — | 7,842 | — | ||||||||||||||||
Derivative financial assets | 144 | 144 | — | 144 | — | ||||||||||||||||
Deferred compensation assets | 3,625 | 3,625 | 3,625 | — | — | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Demand deposits | $ | 343,352 | $ | 343,352 | $ | — | $ | 343,352 | $ | — | |||||||||||
Interest-bearing demand deposits | 353,321 | 353,321 | — | 353,321 | — | ||||||||||||||||
Savings deposits | 500,276 | 500,276 | — | 500,276 | — | ||||||||||||||||
Time deposits | 833,226 | 842,331 | — | 842,331 | — | ||||||||||||||||
Securities sold under agreements to repurchase | 136,118 | 142,417 | — | 142,417 | — | ||||||||||||||||
Accrued interest payable | 2,481 | 2,481 | — | 2,481 | — | ||||||||||||||||
FHLB and other indebtedness | 177,435 | 200,418 | — | 200,418 | — | ||||||||||||||||
Derivative financial liabilities | 16 | 16 | — | 16 | — | ||||||||||||||||
Deferred compensation liabilities | 3,625 | 3,625 | 3,625 | — | — |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions | ' | ||||||||||||
Note 19. | Related Party Transactions | ||||||||||||
The Company and its subsidiaries are involved in certain transactions with directors and executive officers, their immediate families, their business interests, or affiliates of such directors and officers (collectively referred to as “related parties”) in the normal course of business. The following table summarizes deposit transactions with related parties in the periods indicated: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Beginning balance | $ | 2,589 | $ | 3,837 | $ | 17,114 | |||||||
Increase in deposits, including new accounts | 907 | 311 | 1,294 | ||||||||||
Decrease in deposits, including closed accounts | (574 | ) | (1,559 | ) | (14,571 | ) | |||||||
Ending balance | $ | 2,922 | $ | 2,589 | $ | 3,837 | |||||||
Changes in the composition of the Company’s subsidiary board members and executive officers resulted in a net increase in deposits of $103 thousand in 2013, $166 thousand in 2012, and $14.07 million in 2011. | |||||||||||||
All loans and commitments with related parties have been made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated parties. The following table summarizes loan transactions with related parties in the periods indicated: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Beginning balance | $ | 16,617 | $ | 18,406 | $ | 12,459 | |||||||
Increase in existing loans, including new loans | 2,037 | 2,580 | 10,079 | ||||||||||
Decrease in existing loans, including loans paid off | (1,473 | ) | (4,369 | ) | (4,132 | ) | |||||||
Ending balance | $ | 17,181 | $ | 16,617 | $ | 18,406 | |||||||
Changes in the composition of the Company’s subsidiary board members and executive officers resulted in a net decrease in loans of $613 thousand in 2013 and $2.79 million in 2012. Changes in loans during 2011 were not attributed to the change in composition of the Company’s directors and executive officers. | |||||||||||||
The Company’s other operating expense includes legal fees and lease expense associated with related parties. Legal fees paid to related parties totaled $57 thousand in 2013, $63 thousand in 2012, and $80 thousand in 2011. Lease expense paid to related parties totaled $134 thousand in 2013, $171 thousand in 2012, and $164 thousand in 2011. |
Litigation_Commitments_and_Con
Litigation, Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Litigation, Commitments and Contingencies | ' | ||||||||
Note 20. | Litigation, Commitments and Contingencies | ||||||||
Litigation | |||||||||
In the normal course of business, the Company is a defendant in various legal actions and asserted claims. While the Company and its legal counsel are unable to assess the ultimate outcome of each of these matters with certainty, the Company believes the resolution of these actions, singly or in the aggregate, should not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. | |||||||||
Commitments and Contingencies | |||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and financial guarantees. These instruments involve, to varying degrees, elements of credit and interest rate risk beyond the amount recognized in the balance sheets. The contractual amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. If the other party to a financial instrument does not perform, the Company’s credit loss exposure is the same as the contractual amount of the instrument. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the customer. Collateral may include accounts receivable, inventory, property, plant and equipment, and income producing commercial properties. Commitments to extend credit also include outstanding commitments related to mortgage loans that are sold on a best efforts basis into the secondary loan market. The Company maintains a reserve for the risk inherent in unfunded lending commitments, which is included in other liabilities in the consolidated balance sheets. | |||||||||
Standby letters of credit and financial guarantees are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending credit to customers. The amount of collateral obtained, if deemed necessary, to secure the customer’s performance under certain letters of credit is based on management’s credit evaluation of the customer. | |||||||||
The following table presents the Company’s off-balance sheet financial instruments as of the dates indicated: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Amounts in thousands) | |||||||||
Commitments to extend credit | $ | 216,179 | $ | 215,770 | |||||
Commitments related to secondary market mortgage loans | 3,677 | 14,840 | |||||||
Standby letters of credit and financial guarantees | 4,193 | 6,810 | |||||||
Total off-balance sheet risk | $ | 224,049 | $ | 237,420 | |||||
Reserve for unfunded commitments | $ | 326 | $ | 326 | |||||
The Company issued $15.46 million of trust preferred securities in a private placement through the Trust. In connection with the issuance, the Company has committed to irrevocably and unconditionally guarantee the following payments or distributions, with respect to the trust preferred securities to the holders thereof to the extent that the Trust has not made such payments or distributions and has the funds therefore: (i) accrued and unpaid distributions, (ii) the redemption price, and (iii) upon a dissolution or termination of the Trust, the lesser of the liquidation amount and all accrued and unpaid distributions and the amount of assets of the Trust remaining available for distribution. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements and Restrictions | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Regulatory Capital Requirements and Restrictions | ' | ||||||||||||||||||||||||
Note 21. | Regulatory Capital Requirements and Restrictions | ||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by state and federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, which applies only to the Bank, the Bank must meet specific capital guidelines that involve quantitative measures of the entity’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios for total and Tier 1 capital, as defined in the regulations, to risk-weighted assets, as defined, and of Tier 1 capital, as defined, to average assets, as defined. | |||||||||||||||||||||||||
To be categorized as well capitalized, the Bank must maintain minimum total capital to risk-weighted assets, Tier 1 capital to risk-weighted assets, and Tier 1 capital to average assets (leverage) ratios established by banking regulators. As of December 31, 2013, the Company and the Bank continued to meet all capital adequacy requirements. As of December 31, 2013, the most recent notifications from regulators continued to categorize the Bank as well capitalized under the regulatory framework for prompt corrective action. Management believes there have been no conditions or events since those notifications that would change the Bank’s classification. The following table presents the Company’s and the Bank’s capital ratios as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
First Community Bancshares, Inc. | $ | 270,636 | 16.44 | % | $ | 131,694 | 8 | % | N/A | N/A | |||||||||||||||
First Community Bank | 236,699 | 14.55 | % | 130,141 | 8 | % | $ | 162,676 | 10 | % | |||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
First Community Bancshares, Inc. | 250,012 | 15.19 | % | 65,847 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | 216,314 | 13.3 | % | 65,070 | 4 | % | 97,606 | 6 | % | ||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | |||||||||||||||||||||||||
First Community Bancshares, Inc. | 250,012 | 9.95 | % | 100,489 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | 216,314 | 8.63 | % | 100,219 | 4 | % | 125,274 | 5 | % | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
First Community Bancshares, Inc. | $ | 282,729 | 16.7 | % | $ | 135,441 | 8 | % | N/A | N/A | |||||||||||||||
First Community Bank | 255,219 | 15.23 | % | 134,087 | 8 | % | $ | 167,609 | 10 | % | |||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
First Community Bancshares, Inc. | 261,467 | 15.44 | % | 67,720 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | 234,226 | 13.97 | % | 67,043 | 4 | % | 100,565 | 6 | % | ||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | |||||||||||||||||||||||||
First Community Bancshares, Inc. | 261,467 | 9.96 | % | 104,974 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | 234,226 | 8.98 | % | 104,304 | 4 | % | 130,381 | 5 | % | ||||||||||||||||
The primary source of funds for dividends paid by the Company to shareholders is dividends received from the Bank, which are subject to banking regulation restrictions. Approval by regulatory authorities is required to declare dividends if the dividends are to be paid in something other than cash, if the cumulative dividend payment exceeds the net retained income of the current year to date plus the retained net income of the preceding two years, or if payment of the dividend would cause the Bank to become undercapitalized. | |||||||||||||||||||||||||
The Bank issues mortgages insured by the U.S. Department of Housing and Urban Development (“HUD”) as a HUD-approved Title II Supervised Mortgagee. A Title II Supervised Mortgagee must maintain an adjusted minimum net worth of $1 million. Not complying with this minimum net worth requirement may result in penalties, such as the revocation of the Bank’s license to issue HUD insured mortgages, which may have a material adverse effect on the Company’s financial condition and results of operations. The Bank’s adjusted net worth was $201.92 million as of December 31, 2013, and $205.54 million as of December 31, 2012, which significantly exceeds minimum net worth requirements. |
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Parent Company Financial Information | ' | ||||||||||||
Note 22. | Parent Company Financial Information | ||||||||||||
The following table presents condensed financial information for the parent company as of the dates and in the periods indicated: | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 10,872 | $ | 12,476 | |||||||||
Securities available for sale | 13,335 | 11,053 | |||||||||||
Investment in subsidiary | 310,748 | 343,911 | |||||||||||
Other assets | 9,697 | 4,541 | |||||||||||
Total assets | $ | 344,652 | $ | 371,981 | |||||||||
Liabilities | |||||||||||||
Other borrowings | $ | 582 | $ | 194 | |||||||||
Subordinated debt | 15,464 | 15,464 | |||||||||||
Total liabilities | 16,046 | 15,658 | |||||||||||
Stockholders’ Equity | |||||||||||||
Preferred stock | 15,251 | 17,421 | |||||||||||
Common stock | 20,493 | 20,343 | |||||||||||
Additional paid-in capital | 215,663 | 213,829 | |||||||||||
Retained earnings | 124,535 | 111,627 | |||||||||||
Treasury stock | (33,887 | ) | (6,458 | ) | |||||||||
Accumulated other comprehensive loss | (13,449 | ) | (439 | ) | |||||||||
Total stockholders’ equity | 328,606 | 356,323 | |||||||||||
Total liabilities and stockholders’ equity | $ | 344,652 | $ | 371,981 | |||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash dividends received from subsidiary bank | $ | 43,900 | $ | 8,105 | $ | — | |||||||
Other income | 726 | 445 | 2,227 | ||||||||||
Operating expense | (1,647 | ) | (1,318 | ) | (1,796 | ) | |||||||
Income tax expense | 368 | (55 | ) | (150 | ) | ||||||||
Equity in undistributed earnings of subsidiary | (20,035 | ) | 21,400 | 19,747 | |||||||||
Net income | 23,312 | 28,577 | 20,028 | ||||||||||
Dividends on preferred stock | 1,024 | 1,058 | 703 | ||||||||||
Net income available to common shareholders | $ | 22,288 | $ | 27,519 | $ | 19,325 | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Operating activities | |||||||||||||
Net income | $ | 23,312 | $ | 28,577 | $ | 20,028 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiary | 20,035 | (21,400 | ) | (19,747 | ) | ||||||||
Gain on sale of securities | (193 | ) | (49 | ) | (139 | ) | |||||||
(Increase) decrease in other assets | (5,293 | ) | 123 | (1,529 | ) | ||||||||
Increase (decrease) in other liabilities | 333 | 588 | (5,748 | ) | |||||||||
(Increase) decrease in other operating activities | (106 | ) | (58 | ) | 776 | ||||||||
Net cash provided by (used in) operating activities | 38,088 | 7,781 | (6,359 | ) | |||||||||
Investing activities | |||||||||||||
Proceeds from sales of securities available-for-sale | 3,380 | 2,151 | 2,636 | ||||||||||
Payments to acquire securities available-for-sale | (5,000 | ) | (5,137 | ) | (6 | ) | |||||||
Investment in subsidiary | — | — | (570 | ) | |||||||||
Net cash (used in) provided by investing activities | (1,620 | ) | (2,986 | ) | 2,060 | ||||||||
Financing activities | |||||||||||||
Proceeds from issuance of preferred stock | — | — | 18,802 | ||||||||||
Proceeds from stock options exercised | 789 | 144 | 32 | ||||||||||
Payments for repurchase of treasury stock | (28,421 | ) | (1,012 | ) | (904 | ) | |||||||
Payments for repurchase of warrants | — | — | (30 | ) | |||||||||
Payments of common dividends | (9,476 | ) | (8,162 | ) | (7,155 | ) | |||||||
Payments of preferred dividends | (992 | ) | (1,120 | ) | (558 | ) | |||||||
Proceeds from other financing activities | 28 | 137 | 100 | ||||||||||
Net cash (used in) provided by financing activities | (38,072 | ) | (10,013 | ) | 10,287 | ||||||||
Net (decrease) increase in cash and cash equivalents | (1,604 | ) | (5,218 | ) | 5,988 | ||||||||
Cash and cash equivalents at beginning of year | 12,476 | 17,694 | 11,706 | ||||||||||
Cash and cash equivalents at end of year | $ | 10,872 | $ | 12,476 | $ | 17,694 | |||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Note 23. | Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following table presents selected financial data by quarter for the periods indicated: | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
(Amounts in thousands, except share and per share data) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Interest income | $ | 28,004 | $ | 27,412 | $ | 26,696 | $ | 27,364 | |||||||||
Interest expense | 4,642 | 4,550 | 4,370 | 4,272 | |||||||||||||
Net interest income | 23,362 | 22,862 | 22,326 | 23,092 | |||||||||||||
Provision for loan losses | 1,142 | 3,205 | 2,333 | 1,528 | |||||||||||||
Net interest income after provision for loan losses | 22,220 | 19,657 | 19,993 | 21,564 | |||||||||||||
Other income | 7,744 | 6,735 | 8,150 | 6,743 | |||||||||||||
Net gain (loss) on sale of securities | 117 | 113 | (39 | ) | 208 | ||||||||||||
Other expenses | 19,544 | 18,533 | 20,153 | 20,755 | |||||||||||||
Income before income taxes | 10,537 | 7,972 | 7,951 | 7,760 | |||||||||||||
Income tax | 3,396 | 2,537 | 2,539 | 2,436 | |||||||||||||
Net income | 7,141 | 5,435 | 5,412 | 5,324 | |||||||||||||
Dividends on preferred stock | 258 | 253 | 261 | 252 | |||||||||||||
Net income available to common shareholders | $ | 6,883 | $ | 5,182 | $ | 5,151 | $ | 5,072 | |||||||||
Basic earnings per common share | $ | 0.34 | $ | 0.26 | $ | 0.26 | $ | 0.27 | |||||||||
Diluted earnings per common share | 0.34 | 0.26 | 0.26 | 0.26 | |||||||||||||
Dividend per common share | 0.12 | 0.12 | 0.12 | 0.12 | |||||||||||||
Weighted average basic shares outstanding | 20,032,694 | 19,997,991 | 20,008,861 | 19,136,317 | |||||||||||||
Weighted average diluted shares outstanding | 21,258,490 | 21,205,078 | 21,123,788 | 20,233,737 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
(Amounts in thousands, except share and per share data) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Interest income | $ | 22,682 | $ | 24,182 | $ | 31,536 | $ | 31,256 | |||||||||
Interest expense | 4,705 | 4,698 | 5,077 | 5,120 | |||||||||||||
Net interest income | 17,977 | 19,484 | 26,459 | 26,136 | |||||||||||||
Provision for loan losses | 922 | 1,620 | 1,916 | 1,220 | |||||||||||||
Net interest income after provision for loan losses | 17,055 | 17,864 | 24,543 | 24,916 | |||||||||||||
Other income | 7,940 | 8,352 | 10,935 | 9,000 | |||||||||||||
Net gain (loss) on sale of securities | 51 | (9 | ) | 228 | 213 | ||||||||||||
Other expenses | 16,193 | 20,132 | 20,325 | 21,733 | |||||||||||||
Income before income taxes | 8,853 | 6,075 | 15,381 | 12,396 | |||||||||||||
Income tax | 2,852 | 1,997 | 5,322 | 3,957 | |||||||||||||
Net income | 6,001 | 4,078 | 10,059 | 8,439 | |||||||||||||
Dividends on preferred stock | 283 | 283 | 220 | 272 | |||||||||||||
Net income available to common shareholders | $ | 5,718 | $ | 3,795 | $ | 9,839 | $ | 8,167 | |||||||||
Basic earnings per common share | $ | 0.32 | $ | 0.2 | $ | 0.49 | $ | 0.41 | |||||||||
Diluted earnings per common share | 0.31 | 0.21 | 0.47 | 0.4 | |||||||||||||
Dividend per common share | 0.1 | 0.11 | 0.11 | 0.11 | |||||||||||||
Weighted average basic shares outstanding | 17,849,376 | 18,561,714 | 20,013,264 | 20,063,873 | |||||||||||||
Weighted average diluted shares outstanding | 19,158,179 | 19,872,106 | 21,329,612 | 21,314,023 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The accounting and reporting policies of the Company conform to generally accepted accounting principles (“GAAP”) in the United States and to predominant practices in the banking industry. The Company’s consolidated financial statements include the accounts of all wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Assets held in an agency or fiduciary capacity are not assets of the Company and are not included in the Company’s consolidated balance sheets. | |||||||||||||
The Company has investments in certain entities that are considered variable interest entities (“VIEs”) under GAAP. These VIEs include the Company’s trust subsidiary, FCBI Capital Trust (the “Trust”), certain tax credit limited partnerships, and limited liability companies that provide aviation services, insurance brokerage, title insurance, and other related financial services. VIEs are legal entities in which the equity investors do not have sufficient equity at risk for the entity to independently finance its activities or the collective holders do not have the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the expected losses of the entity, or the right to receive expected residual returns of the entity. Consolidation of a VIE is considered appropriate if a reporting entity is the primary beneficiary, the party that has both significant influence and control over the VIE. Management periodically performs a qualitative analysis to determine if the Company is the primary beneficiary of a VIE. This analysis includes review of the VIEs’ capital structures, contractual terms, and primary activities, including the Company’s ability to direct the activities of the VIEs and obligations to absorb losses, or the right to receive benefits, significant to the VIEs. Based on the Company’s analysis for the periods presented in this report, it is not the primary beneficiary of its VIEs. Accordingly, these entities do not meet the criteria for consolidation and, therefore, are reported in other assets in the Company’s consolidated balance sheets. The carrying value and maximum potential loss exposure of VIEs totaled $2.89 million as of December 31, 2013, and $3.04 million as of December 31, 2012. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. The Company has identified the items that require the most subjective assumptions or complex judgments: investment securities, the allowance for loan losses, the provision for income taxes, and business combination, including intangible assets. | |||||||||||||
Reclassification | ' | ||||||||||||
Reclassification | |||||||||||||
Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the Company’s results of operations, financial position, or cash flow. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include cash and due from banks, time deposits with other banks, federal funds sold, and interest-bearing balances on deposit with the Federal Home Loan Bank (“FHLB”) that are available for immediate withdrawal. | |||||||||||||
Investment Securities | ' | ||||||||||||
Investment Securities | |||||||||||||
Management determines the appropriate classification of securities at the time of purchase. Debt securities that management has the intent and ability to hold to maturity are classified as held-to-maturity securities and carried at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as available-for-sale securities and carried at estimated fair value. Securities classified as available for sale consist of securities management intends to hold for indefinite periods of time, including securities to be used as part of the Company’s asset/liability management strategy and securities that may be sold in response to changes in interest rates, prepayment risk, or other similar factors. Unrealized appreciation or depreciation in fair value above or below amortized cost is included in stockholders’ equity, net of income taxes, under the category of accumulated other comprehensive income (“AOCI”). Gains or losses on the call, maturity, or sale of investment securities are recorded based on the specific identification method. Purchase premiums and discounts are amortized or accreted over the life of a security into interest income. | |||||||||||||
The Company performs an extensive quarterly review to determine if impairment exists in the investment portfolio. If a security is deemed impaired, management evaluates the causes of unrealized losses to determine whether the impairment is temporary or other-than-temporary in nature. If a security is determined to be other-than-temporarily impaired, the value of the security is reduced and a corresponding charge to noninterest income is recognized. If the other-than-temporary impairment (“OTTI”) is related to a debt security, the Company determines the amount of the impairment related to the credit loss, which is recognized in noninterest income, and the amount related to all other factors, which is recognized in other comprehensive income (“OCI”). | |||||||||||||
Loans Held for Sale | ' | ||||||||||||
Loans Held for Sale | |||||||||||||
Loans originated with the intent to sell in the secondary market are classified as held for sale. Loans held for sale consist primarily of one to four family residential loans and are carried at the lower of cost or estimated fair value as determined on an aggregate basis. These long-term, fixed rate loans are sold to investors on a best efforts basis; consequently, the Company does not absorb the interest rate risk involved in these loans. The fair value of loans held for sale is determined by quoted market prices for loans with similar coupon rates and terms. | |||||||||||||
The Company enters into interest rate lock commitments (“IRLCs”) with customers on mortgage loans intended to be sold in the secondary market and commitments to sell mortgages. These IRLCs and forward sale loan commitments are recorded at fair value in other assets and liabilities with any changes in fair value recognized in other income. These derivative instruments do not qualify as hedges. The fair value of IRLC derivatives is determined by quoted market prices for loans with similar coupon rates and terms. The fair value of forward sale loan commitments is based on changes in the value of the commitment, principally because of changes in interest rates. | |||||||||||||
Loans Held for Investment | ' | ||||||||||||
Loans Held for Investment | |||||||||||||
Loans originated with the intent to hold for an indefinite period of time, until maturity, or until pay-off are classified as held for investment. Loans held for investment are carried at the principal amount outstanding, net of unearned income, less any write-downs necessary to reduce individual loans to net realizable value. Loan origination fees, including loan commitment and underwriting fees, are reduced by direct costs associated with loan processing, including salaries, legal review, and appraisal fees. Net deferred loan fees are deferred and amortized over the life of the related loan or commitment period. | |||||||||||||
The Company maintains an active and robust problem credit identification system through its ongoing credit review function. When a credit is identified as exhibiting characteristics of weakening, the Company assesses the credit for potential impairment. Loans are considered impaired when, in the opinion of management and based on current information and events, the collection of principal and interest payments due under the contractual terms of the loan agreements are doubtful. The impairment allowances allocated to individual loans, including individual credit relationships, and loan pools, grouped by similar risk characteristics, are reviewed by management on a quarterly basis. Factors considered in determining impairment include, but are not limited to, the borrower’s cash flow and capacity for debt repayment, the valuation of collateral, historical loss percentages, and economic conditions. | |||||||||||||
The Company’s Special Assets staff reviews loans $250 thousand and greater on a quarterly basis. Accrual of interest on loans is generally based on the daily amount of principal outstanding. Loans are considered past due when either principal or interest payments become contractually delinquent by 30 or more days. Consumer loans are generally charged off against the allowance for loan losses when the loans become 120 days past due (180 days if secured by residential real estate and 90 days if unsecured). All other loans are charged off against the allowance for loan losses after collection attempts have been exhausted, which generally is within 120 days. It is the Company’s policy to discontinue the accrual of interest, if warranted, on loans based on the payment status, evaluation of the related collateral, and the financial strength of the borrower. The accrual of interest income is normally discontinued when a loan becomes 90 days past due. Management may elect to continue the accrual of interest when the loan is well secured and in process of collection. When interest accruals are discontinued, interest accrued and not collected in the current year is reversed from income, and interest accrued and not collected from prior years is charged to the allowance for loan losses. Interest income realized on impaired loans is recognized upon receipt if the impaired loan is on a nonaccrual basis. Nonaccrual loans may be returned to accrual status if the loan is brought current and follows a period of sustained performance, including six months of regular principal and interest payments. Accrual of interest on impaired loans is generally continued unless the loan becomes delinquent 90 days or more. Recoveries of loans previously charged off are credited to the allowance for loan losses in the period received. | |||||||||||||
Loans are considered troubled debt restructurings (“TDRs”) when the Company grants concessions, for legal or economic reasons, to borrowers experiencing financial difficulty that would not otherwise be considered. The Company generally makes concessions in interest rates, loan terms, and/or amortization terms. All TDRs $250 thousand or greater are evaluated for a specific reserve based on either the collateral or net present value method, whichever is most applicable. TDRs under $250 thousand are subject to the reserve calculation for classified loans based primarily on the historical loss rate. At the date of modification, nonaccrual loans are classified as nonaccrual TDRs. TDRs classified as nonperforming at the date of modification are returned to performing status after six months of satisfactory payment performance; however, these loans remain identified as impaired until full payment or other satisfaction of the obligation occurs. | |||||||||||||
Allowance for Loan Losses | ' | ||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses is maintained at a level management deems sufficient to absorb probable loan losses inherent in the loan portfolio. The allowance is increased by charges to earnings in the form of provisions and recoveries of prior loan charge-offs and decreased by loans charged off. The provision is calculated and charged to earnings to bring the allowance to a level that, according to a systematic process of measurement, reflects the amount management estimates is needed to absorb probable losses in the portfolio. While management utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control: the performance of the Company’s loan portfolio, the economy, changes in interest rates, the view of regulatory authorities towards loan classifications, and other factors. While management has allocated the allowance for loan losses to specific loans and general portfolio segments, the entire allowance is available for use against any type of loan loss deemed appropriate by management. | |||||||||||||
Management performs quarterly assessments to determine the appropriate level of the allowance for loan losses. The Company’s allowance is segmented into commercial, consumer real estate, and consumer and other loans with each segment divided into classes with similar characteristics, such as the type of loan and collateral. The allowance for loan losses includes specific allocations to significant individual loans and credit relationships and general reserves to the remaining loans that have been deemed impaired. Loans not specifically identified are grouped into pools based on similar risk characteristics. A loan that becomes adversely classified or graded is moved into a group of adversely classified or graded loans with similar risk characteristics for evaluation. Management’s general reserve allocations are based on judgments of qualitative and quantitative factors about macro and micro economic conditions reflected in the loan portfolio and the economy. | |||||||||||||
No allowance for loan losses is carried over or established at acquisition for purchased loans acquired in business combinations. A provision for loan losses is recorded for any credit deterioration in purchased performing loans after the acquisition date. Purchased credit impaired (“PCI”) loans are grouped into pools and evaluated separately from the non-PCI portfolio. The Company estimates cash flows to be collected on PCI loans and discounts those cash flows at a market rate of interest. If cash flows for PCI loans are expected to decline, generally a provision for loan losses is charged to earnings, resulting in an increase to the allowance for loan losses. If cash flows for PCI loans are expected to improve, any previously established allowance is first reversed to the extent of prior charges and then interest income is increased using prospective yield adjustment over the remaining life of the loan, or pool of loans. Any provision established for PCI loans covered under the Federal Deposit Insurance Corporation (“FDIC”) loss share agreements is offset by an adjustment to the FDIC indemnification asset to reflect the indemnified portion of the post-acquisition exposure. | |||||||||||||
Other Real Estate Owned | ' | ||||||||||||
Other Real Estate Owned | |||||||||||||
Other real estate owned (“OREO”) and acquired through foreclosure, or other settlement, is carried at the lower of cost or fair value less estimated selling costs. The fair value is generally based on current third-party appraisals. When a property is transferred into OREO, any excess of the loan balance over the net realizable fair value is charged against the allowance for loan losses. Operating expenses, gains, and losses on the sale of OREO are included in other noninterest expense in the Company’s consolidated statements of income after any fair value write-downs are recorded as valuation adjustments. | |||||||||||||
Business Combinations | ' | ||||||||||||
Business Combinations | |||||||||||||
The Company may engage in business combinations with other companies. These transactions are accounted for using Topic 805 of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”), which requires the use of the acquisition method of accounting. In accordance with the acquisition method of accounting, all identifiable assets acquired, including purchased loans, and liabilities are recorded at fair value. Any excess of the purchase price over the fair value of net assets acquired is recorded as goodwill. In instances where the price of the acquired business is less than the net assets acquired, a gain on the purchase is recorded. | |||||||||||||
Management makes significant estimates and judgments in accounting for business combinations. Fair values are assigned based on quoted prices for similar assets, if readily available, or appraisals by qualified independent parties for relevant asset and liability categories. Management must also make estimates for the useful or economic lives of certain acquired assets and liabilities. These lives are used in establishing the amortization and accretion of some intangible assets and liabilities, such as core deposits obtained in the acquisition of commercial banks. Fair values are subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. The results of operations of an acquired entity are included in the Company’s consolidated results of operations from the closing date of the merger. | |||||||||||||
Purchased loans are recorded using the fair value methodology outlined in Topic 820 of the FASB ASC, exclusive of loss share agreements with the FDIC. The fair value estimates associated with loans include expected prepayments and the amount and timing of expected principal, interest, and other cash flows. No allowance for loan losses is recorded at acquisition for purchased loans because the fair values of the acquired loans incorporate assumptions regarding credit risk. | |||||||||||||
When purchased loans exhibit evidence of credit deterioration after the acquisition date, and it is probable at acquisition the Company will not collect all contractually required principal and interest payments, the loans are referred to as PCI loans. PCI loans are accounted for using Topic 310-30 of the FASB ASC, formerly the American Institute of Certified Public Accountants’ Statement of Position 03-3, “Accounting for Certain Loans or Debt Securities Acquired in a Transfer.” PCI loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. In accordance with the guidance, the Company aggregates PCI loans that have common risk characteristics into loan pools. The Company has established the following loan pools related to the acquisitions of Peoples Bank of Virginia (“Peoples”) and Waccamaw Bank (“Waccamaw”) for evaluation: Waccamaw commercial, Waccamaw lines of credit, Peoples commercial, Waccamaw serviced home equity lines, Waccamaw residential, Peoples residential, and Waccamaw consumer. Evidence of credit quality deterioration at acquisition may include measures such as nonaccrual status, credit scores, declines in collateral value, current loan to value percentages, and days past due. The Company considers expected prepayments and estimates the amount and timing of expected principal, interest, and other cash flows for each loan or pool of loans identified as credit impaired. If the contractually required payments at acquisition exceed the cash flows expected to be collected, the excess is the non-accretable difference, which is available to absorb credit losses on those loans or pools of loans. If the cash flows expected at acquisition exceed the estimated fair values, the excess is the accretable yield, which is recognized in interest income over the remaining lives of those loans or pools of loans when there is a reasonable expectation about the amount and timing of such cash flows. | |||||||||||||
Purchased performing loans are accounting for using the contractual cash flow method of accounting, which results in these loans being recorded at fair value with a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated contractual lives of the loans. Additional information regarding the accounting and valuation of the allowance for loan losses related to purchased loans, intangible assets, and receivables resulting from FDIC-assisted transactions is found in this note of the consolidated financial statements. | |||||||||||||
Federal Deposit Insurance Corporation Indemnification Asset | ' | ||||||||||||
Federal Deposit Insurance Corporation Indemnification Asset | |||||||||||||
The FDIC indemnification asset represents the carrying amount of the right to receive payments from the FDIC for losses incurred on specified assets purchased from the FDIC that are covered by loss share agreements. The FDIC indemnification asset is measured separately from related covered assets because it is not contractually embedded in the assets or transferable should the assets be disposed. In accordance with the acquisition method of accounting, the FDIC indemnification asset was recorded at fair value using projected cash flows based on expected reimbursements and applicable loss share percentages as outlined in the loss share agreements with the FDIC. The expected reimbursements did not include reimbursable amounts related to future covered expenditures. The cash flows were discounted to reflect the timing and receipt of reimbursements from the FDIC. The discount is accreted through noninterest income over future periods. The Company regularly reviews the fair value of the FDIC indemnification asset with input from a third-party provider. Post-acquisition adjustments to the indemnification asset are measured on the same basis as the underlying covered assets. Increases in the cash flows of covered loans reduce the FDIC indemnification asset balance, which is recognized as amortization through noninterest income over the shorter of the remaining life of the FDIC indemnification asset or the underlying loans. Decreases in the cash flows of covered loans increase the FDIC indemnification asset balance, which is recognized as accretion through noninterest income. The realization of the FDIC indemnification asset ultimately depends on the performance of the underlying covered assets, the passage of time, and claims paid by the FDIC; therefore, the amount the Company realizes could differ materially from the carrying value. | |||||||||||||
Premises and Equipment | ' | ||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed by the straight-line method over the estimated useful lives of the respective assets. Useful lives range from 5 to 10 years for furniture, fixtures, and equipment; 3 to 5 years for software, hardware, and data handling equipment; and 10 to 40 years for buildings and building improvements. Land improvements are amortized over a period of 20 years and leasehold improvements are amortized over the lesser of the term of the respective leases plus the first optional renewal period, when renewal is reasonably assured, or the estimated useful lives of the improvements. The Company leases various properties within its branch network. Leases generally have initial terms of up to 20 years and most contain options to renew with reasonable increases in rent. All leases are accounted for as operating leases. Maintenance and repairs are charged to current operations while improvements that extend the economic useful life of the underlying asset are capitalized. Disposition gains and losses are reflected in current operations. | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets consist of goodwill, core deposit intangible assets, and other identifiable intangible assets that result from business combinations. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, and it is allocated to the appropriate reporting unit when acquired. The Company maintains two reporting units, Community Banking and Insurance Services. Goodwill is not amortized, but is tested annually in the fourth quarter using a qualitative assessment to determine if it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of either reporting unit is less than its carrying amount, the two-step quantitative goodwill impairment test is performed. Step 1 consists of calculating and comparing the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit is greater than its book value, no goodwill impairment exists. If the carrying amount of a reporting unit is greater than its calculated fair value, goodwill impairment may exist and Step 2 is required to determine the amount of the impairment loss. The Company performed its annual impairment test of goodwill as of October 31, 2013, and determined that qualitatively that it was more likely than not that goodwill was not impaired; therefore, the Step 1 and Step 2 tests were not deemed necessary. Qualitative factors considered in the analysis included macroeconomic conditions, industry and market considerations, overall financial performance, changes in stock price, and the Company’s progress towards stated objectives as compared to prior years. An impairment charge to goodwill and other intangible assets may be required in the future if the Company’s future earnings and cash flows decline or discount rates used in determining fair value increase. No events have occurred after the 2013 analysis to indicate additional impairment. | |||||||||||||
Core deposit intangible assets represent the future earnings potential of acquired deposit relationships and are amortized over their estimated remaining useful lives. Other identifiable intangible assets primarily represent the rights arising from contractual arrangements and are amortized using the straight-line method. | |||||||||||||
Other Investments | ' | ||||||||||||
Other Investments | |||||||||||||
As a condition of membership in the FHLB and the Federal Reserve Bank (“FRB”), the Company is required to subscribe to a minimum level of stock in the FHLB of Atlanta (“FHLBA”) and FRB of Richmond. These securities are reported in other assets in the Company’s consolidated balance sheets. There is no market for these securities and ownership is restricted; therefore, readily determinable fair values are not available. The Company carries these nonmarketable securities at cost and reviews the FHLB of Atlanta stock quarterly for impairment. The Company believes the FHLB of Atlanta ownership position provides access to relatively inexpensive wholesale and overnight funding. During 2013 and 2012 the FHLBA repurchased excess activity-based stock and paid quarterly cash dividends. Based on publicly available information as of December 31, 2013, the Company believed that its FHLBA stock was not impaired. The investment in FHLBA stock was $10.72 million as of December 31, 2013, and $11.30 million as of December 31, 2012. The investment in FRB of Richmond stock was $5.58 million as of December 31, 2013, and $5.57 million as of December 31, 2012. | |||||||||||||
The Company maintains long-term investments in various entities, including the Trust, certain tax credit limited partnerships, and other limited liability companies that provide aviation services, insurance brokerage, title insurance, and other related financial services. These entities are reported in other assets in the Company’s consolidated balance sheets. Investments in entities that the Company has no significant influence or control over, generally ownership interests of less than 20%, are recorded using the cost method of accounting. In accordance with the cost method, these investments do not have readily determinable fair values and dividends received are generally recorded as income. Investments in entities that the Company has the ability to exercise significant influence over but not control, generally ownership interests ranging from 20% to 50%, are recorded using the equity method of accounting. In accordance with the equity method, dividends received generally reduce the carrying amount of the investment, and the investment is adjusted to recognize the Company’s share of the entity’s earnings, losses, and changes in capital, if any. Management believes any future adjustments to equity investments will be immaterial. All long-term investments are reviewed periodically for possible impairment. The carrying value and maximum potential loss of equity investments totaled $786 thousand as of December 31, 2013, and $782 thousand as of December 31, 2012. | |||||||||||||
Securities Sold Under Agreements to Repurchase | ' | ||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||
Securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions. Securities, generally U.S. government and federal agency securities, pledged as collateral under these arrangements can be sold or repledged only if replaced by the secured party. The fair value of the collateral provided to a third party is continually monitored and additional collateral is provided as appropriate. | |||||||||||||
Advertising Expenses | ' | ||||||||||||
Advertising Expenses | |||||||||||||
Advertising costs are generally expensed as incurred. The Company may establish accruals for anticipated advertising expenses in the course of a fiscal year. | |||||||||||||
Equity-Based Compensation | ' | ||||||||||||
Equity-Based Compensation | |||||||||||||
The cost of employee services received in exchange for equity instruments, such as stock options and restricted stock awards, is generally measured at fair value on the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used as the fair value of restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period for stock option awards and as the restriction period for restricted stock awards. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income tax expense is comprised of the current and deferred tax consequences of events and transactions already recognized. The Company includes interest and penalties related to income tax liabilities in income tax expense. The effective tax rate, income tax expense as a percentage of pre-tax income, may vary significantly from statutory rates due to tax credits and permanent differences. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. | |||||||||||||
The Company and its subsidiaries’ tax filings for the years ended December 31, 2009 through 2012 are currently open to audit under statutes of limitation by the Internal Revenue Service and various state tax departments. | |||||||||||||
Earnings per Common Share | ' | ||||||||||||
Earnings per Common Share | |||||||||||||
Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. In accordance with the treasury stock method of accounting, potential common stock could be issued for stock options, nonvested restricted stock awards, performance based stock awards, and convertible preferred stock. Diluted earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding for the period plus the number of dilutive potential common shares. The calculation of diluted earnings per common share excludes potential common shares that have an exercise price greater than the average market value of the Company’s common stock because the effect would be antidilutive. | |||||||||||||
The following table presents the calculation of basic and diluted earnings per common share for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands, except share and per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 23,312 | $ | 28,577 | $ | 20,028 | |||||||
Dividends on preferred stock | 1,024 | 1,058 | 703 | ||||||||||
Net income available to common shareholders | $ | 22,288 | $ | 27,519 | $ | 19,325 | |||||||
Weighted average number of common shares outstanding, basic | 19,792,099 | 19,127,065 | 17,877,421 | ||||||||||
Dilutive effect of potential common shares from: | |||||||||||||
Stock options | 19,337 | 4,549 | 1,390 | ||||||||||
Restricted stock | 5,014 | 2,107 | 343 | ||||||||||
Convertible preferred stock | 1,132,998 | 1,285,848 | 808,367 | ||||||||||
Contingently issuable shares | 12,352 | — | — | ||||||||||
Weighted average number of common shares outstanding, diluted | 20,961,800 | 20,419,569 | 18,687,521 | ||||||||||
Basic earnings per common share | $ | 1.13 | $ | 1.44 | $ | 1.08 | |||||||
Diluted earnings per common share | $ | 1.11 | $ | 1.4 | $ | 1.07 | |||||||
Antidilutive potential common shares: | |||||||||||||
Stock options | 317,420 | 420,802 | 393,133 | ||||||||||
Restricted stock | 271 | — | 2,343 | ||||||||||
Total potential antidilutive shares | 317,691 | 420,802 | 395,476 | ||||||||||
The Company’s Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”) carries a 6% dividend rate. Each share of the Series A Preferred Stock is convertible into 69 shares of the Company’s common stock at any time and mandatorily converts after five years. The Company may redeem the shares at face value after May 20, 2014. The number of Series A Preferred Stock outstanding was 15,251 as of December 31, 2013, 17,421 as of December 31, 2012, and 18,921 shares as of December 31, 2011. | |||||||||||||
Derivative Instruments | ' | ||||||||||||
Derivative Instruments | |||||||||||||
A derivative is an instrument whose value is derived from an underlying instrument or index, such as interest rates, equity security prices, currencies, commodity prices, or credit spreads. Derivatives include futures, forwards, swaps, option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies). The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. All derivative instruments are reported at fair value in the balance sheets. | |||||||||||||
If certain conditions are met, a derivative may be designated as a hedge related to fair value, cash flow, or foreign exposure risk. Changes in the fair value of a derivative instrument vary depending on the intended use of the derivative and the resulting designation. The Company accounts for fair value hedges using the regression analysis method. The hedged item is regressed with the hedging instrument and if the coefficient of determination is at least 0.80 the hedge will be deemed effective. The change in fair value of the hedging derivative and the change in fair value of the hedged exposure are recorded in earnings. Any hedge ineffectiveness is also reflected in current earnings. Changes in the fair value of derivatives not designated as hedging instruments are recognized as a gain or loss in earnings. The Company formally documents any relationships between hedging instruments and hedged items and the risk management objective and strategy for undertaking each hedged transaction. As of December 31, 2013, the Company had one interest rate swap that qualified as a fair value hedging instrument. The Company’s other derivative instruments include various IRLCs and forward sale loan commitments that do not qualify as hedging instruments. | |||||||||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal, or most advantageous, market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact, and willing to transact. | |||||||||||||
The fair value hierarchy is as follows: | |||||||||||||
Level 1 Inputs – | Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||
Level 2 Inputs – | Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and provide a reasonable basis for fair value determination, such as interest rates, yield curves, volatilities, prepayment speeds, default rates, and credit risks, or inputs that are principally derived from observable market data. | ||||||||||||
Level 3 Inputs – | Unobservable inputs for determining the fair values of assets or liabilities when there is little or no market activity at the measurement date, using reasonable inputs and assumptions based on the best information at the time, to the extent that inputs are available without undue cost and effort. These inputs and assumptions may include model-derived inputs that are not corroborated by observable market data and an entity’s own assumptions. | ||||||||||||
These valuation methodologies were applied to all of the Company’s assets and liabilities carried at fair value. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon third-party models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality, the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||||||
Accounting Standards Updates | ' | ||||||||||||
Accounting Standards Updates | |||||||||||||
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income. An entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. This update is effective prospectively for interim and annual periods beginning on or after December 15, 2012. The Company adopted the guidance in 2013 and has included the related disclosures in Note 17, “Accumulated Other Comprehensive Income,” to the Consolidated Financial Statements of this report. | |||||||||||||
In October 2012, the FASB issued ASU 2012-06, “Business Combinations (Topic 805) – Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force),” to address the diversity in practice about how to subsequently measure an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution. The amendments in ASU 2012-06 require a reporting entity to subsequently account for a change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. ASU 2012-06 further requires that any amortization of changes in value be limited to the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets. The amendments in ASU 2012-06 are effective prospectively for fiscal years beginning on or after December 15, 2012, and early adoption is permitted. The Company adopted the guidance in 2013 and has recognized negative accretion related to the indemnification asset. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Calculation for Basic and Diluted Earnings per Common Share | ' | ||||||||||||
The following table presents the calculation of basic and diluted earnings per common share for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands, except share and per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 23,312 | $ | 28,577 | $ | 20,028 | |||||||
Dividends on preferred stock | 1,024 | 1,058 | 703 | ||||||||||
Net income available to common shareholders | $ | 22,288 | $ | 27,519 | $ | 19,325 | |||||||
Weighted average number of common shares outstanding, basic | 19,792,099 | 19,127,065 | 17,877,421 | ||||||||||
Dilutive effect of potential common shares from: | |||||||||||||
Stock options | 19,337 | 4,549 | 1,390 | ||||||||||
Restricted stock | 5,014 | 2,107 | 343 | ||||||||||
Convertible preferred stock | 1,132,998 | 1,285,848 | 808,367 | ||||||||||
Contingently issuable shares | 12,352 | — | — | ||||||||||
Weighted average number of common shares outstanding, diluted | 20,961,800 | 20,419,569 | 18,687,521 | ||||||||||
Basic earnings per common share | $ | 1.13 | $ | 1.44 | $ | 1.08 | |||||||
Diluted earnings per common share | $ | 1.11 | $ | 1.4 | $ | 1.07 | |||||||
Antidilutive potential common shares: | |||||||||||||
Stock options | 317,420 | 420,802 | 393,133 | ||||||||||
Restricted stock | 271 | — | 2,343 | ||||||||||
Total potential antidilutive shares | 317,691 | 420,802 | 395,476 | ||||||||||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Net Cash (Acquired) Paid in Acquisitions and Divestitures | ' | ||||||||||||
The following table presents the components of net cash acquired, or paid, in acquisitions and divestitures, an investing activity in the Company’s statements of cash flows, in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Acquisitions | |||||||||||||
Fair value of assets and liabilities acquired: | |||||||||||||
Investments | $ | — | $ | 62,919 | $ | — | |||||||
Loans | 281 | 419,320 | — | ||||||||||
Premises and equipment | — | 7,535 | — | ||||||||||
Other assets | — | 255,924 | — | ||||||||||
Deposits | — | (649,184 | ) | — | |||||||||
Other liabilities | — | (60,085 | ) | — | |||||||||
Purchase price in excess of net assets acquired | 663 | 21,810 | 680 | ||||||||||
Total purchase price | 944 | 58,239 | 680 | ||||||||||
Non-cash purchase price | 247 | 26,469 | — | ||||||||||
Cash acquired | — | 184,053 | — | ||||||||||
Net cash paid (acquired) in acquisitions | 697 | (152,283 | ) | 680 | |||||||||
Divestitures | |||||||||||||
Book value of assets sold | — | — | (1,678 | ) | |||||||||
Book value of liabilities sold | — | — | 170 | ||||||||||
Sales price in excess of net liabilities assumed | — | — | (67 | ) | |||||||||
Total sales price | — | — | (1,575 | ) | |||||||||
Cash sold | — | — | — | ||||||||||
Amount due remaining on books | — | — | 60 | ||||||||||
Net cash acquired in divestitures | — | — | (1,515 | ) | |||||||||
Net cash paid (acquired) in acquisitions and divestitures | $ | 697 | $ | (152,283 | ) | $ | (835 | ) | |||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Amortized Cost and Fair Value of Available-For-Sale Securities, Including Gross Unrealized Gains and Losses | ' | ||||||||||||||||||||||||
The following tables present the amortized cost and fair value of available-for-sale securities, including gross unrealized gains and losses, as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Amortized | Unrealized | Unrealized | Fair | OTTI in | ||||||||||||||||||||
Cost | Gains | Losses | Value | AOCI (1) | |||||||||||||||||||||
U.S. Treasury securities | $ | 9,708 | $ | — | $ | (695 | ) | $ | 9,013 | $ | — | ||||||||||||||
Municipal securities | 147,049 | 1,868 | (4,637 | ) | 144,280 | — | |||||||||||||||||||
Single issue trust preferred securities | 55,764 | — | (9,530 | ) | 46,234 | — | |||||||||||||||||||
Corporate securities | 5,000 | — | (129 | ) | 4,871 | — | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Agency | 306,319 | 2,575 | (8,508 | ) | 300,386 | — | |||||||||||||||||||
Non-Agency Alt-A residential | 12,543 | — | (2,754 | ) | 9,789 | (2,754 | ) | ||||||||||||||||||
Total mortgage-backed securities | 318,862 | 2,575 | (11,262 | ) | 310,175 | (2,754 | ) | ||||||||||||||||||
Equity securities | 5,259 | 24 | (36 | ) | 5,247 | — | |||||||||||||||||||
Total | $ | 541,642 | $ | 4,467 | $ | (26,289 | ) | $ | 519,820 | $ | (2,754 | ) | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | Amortized | Unrealized | Unrealized | Fair Value | OTTI in | ||||||||||||||||||||
Cost | Gains | Losses | AOCI (1) | ||||||||||||||||||||||
Municipal securities | $ | 151,119 | $ | 8,195 | $ | (97 | ) | $ | 159,217 | $ | — | ||||||||||||||
Single issue trust preferred securities | 55,707 | — | (11,061 | ) | 44,646 | — | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Agency | 310,323 | 6,023 | (449 | ) | 315,897 | — | |||||||||||||||||||
Non-Agency Alt-A residential | 14,215 | — | (3,148 | ) | 11,067 | (3,148 | ) | ||||||||||||||||||
Total mortgage-backed securities | 324,538 | 6,023 | (3,597 | ) | 326,964 | (3,148 | ) | ||||||||||||||||||
Equity securities | 3,446 | 190 | (105 | ) | 3,531 | — | |||||||||||||||||||
Total | $ | 534,810 | $ | 14,408 | $ | (14,860 | ) | $ | 534,358 | $ | (3,148 | ) | |||||||||||||
-1 | Other-than-temporary impairment in accumulated other comprehensive income | ||||||||||||||||||||||||
Amortized Cost, Fair Value, and Weighted-Average Yield of Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The following table presents the amortized cost, fair value, and weighted-average yield of held-to-maturity securities, by contractual maturity, as of December 31, 2013. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties. | |||||||||||||||||||||||||
(Amounts in thousands) | Municipal | Tax Equivalent | |||||||||||||||||||||||
Securities | Purchase Yield (1) | ||||||||||||||||||||||||
Amortized cost maturity: | |||||||||||||||||||||||||
Within one year | $ | 190 | 8.05 | % | |||||||||||||||||||||
After one year through five years | 378 | 8.17 | % | ||||||||||||||||||||||
After five years through ten years | — | — | |||||||||||||||||||||||
After ten years | — | — | |||||||||||||||||||||||
Total amortized cost | $ | 568 | |||||||||||||||||||||||
Tax equivalent purchase yield | 8.13 | % | |||||||||||||||||||||||
Average contractual maturity (in years) | 1.33 | ||||||||||||||||||||||||
Fair value maturity: | |||||||||||||||||||||||||
Within one year | $ | 193 | |||||||||||||||||||||||
After one year through five years | 386 | ||||||||||||||||||||||||
After five years through ten years | — | ||||||||||||||||||||||||
After ten years | — | ||||||||||||||||||||||||
Total fair value | $ | 579 | |||||||||||||||||||||||
-1 | Fully taxable equivalent at the rate of 35%. | ||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities, Including Gross Unrealized Gains and Losses | ' | ||||||||||||||||||||||||
The following tables present the amortized cost and fair value of held-to-maturity securities, including gross unrealized gains and losses, as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Municipal securities | $ | 568 | $ | 11 | $ | — | $ | 579 | |||||||||||||||||
Total | $ | 568 | $ | 11 | $ | — | $ | 579 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
(Amounts in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Municipal securities | $ | 816 | $ | 16 | $ | — | $ | 832 | |||||||||||||||||
Total | $ | 816 | $ | 16 | $ | — | $ | 832 | |||||||||||||||||
Amortized Cost and Fair Value of Municipal Securities by State, Including Gross Unrealized Gains and Losses | ' | ||||||||||||||||||||||||
The following table presents municipal securities, by state, for the states where the largest volume of these securities are held in the Company’s portfolio. The table also presents the amortized cost and fair value of the municipal securities, including gross unrealized gains and losses, as of the dates indicated. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Percent of | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Municipal Portfolio | |||||||||||||||||||||||||
New York | 11.34 | % | $ | 16,161 | $ | 294 | $ | (28 | ) | $ | 16,427 | ||||||||||||||
Minnesota | 8.56 | % | 12,504 | 174 | (279 | ) | 12,399 | ||||||||||||||||||
New Jersey | 8.18 | % | 11,565 | 306 | (25 | ) | 11,846 | ||||||||||||||||||
Connecticut | 7.86 | % | 11,406 | 91 | (109 | ) | 11,388 | ||||||||||||||||||
Wisconsin | 7.83 | % | 11,815 | 118 | (584 | ) | 11,349 | ||||||||||||||||||
Ohio | 7.45 | % | 11,299 | 135 | (637 | ) | 10,797 | ||||||||||||||||||
Massachusetts | 6.85 | % | 10,102 | 119 | (295 | ) | 9,926 | ||||||||||||||||||
Texas | 6.24 | % | 9,483 | 134 | (576 | ) | 9,041 | ||||||||||||||||||
Other | 35.68 | % | 53,282 | 508 | (2,104 | ) | 51,686 | ||||||||||||||||||
Total | 100 | % | $ | 147,617 | $ | 1,879 | $ | (4,637 | ) | $ | 144,859 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Percent of | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Municipal Portfolio | |||||||||||||||||||||||||
New York | 11.04 | % | $ | 16,552 | $ | 1,114 | $ | — | $ | 17,666 | |||||||||||||||
Wisconsin | 8.66 | % | 13,266 | 602 | — | 13,868 | |||||||||||||||||||
Minnesota | 8.61 | % | 12,990 | 798 | (4 | ) | 13,784 | ||||||||||||||||||
New Jersey | 8.01 | % | 11,940 | 874 | — | 12,814 | |||||||||||||||||||
Connecticut | 7.72 | % | 11,693 | 660 | — | 12,353 | |||||||||||||||||||
Texas | 7.42 | % | 11,416 | 470 | (16 | ) | 11,870 | ||||||||||||||||||
Ohio | 7.31 | % | 11,147 | 575 | (21 | ) | 11,701 | ||||||||||||||||||
Massachusetts | 6.98 | % | 10,531 | 642 | (3 | ) | 11,170 | ||||||||||||||||||
Other | 34.25 | % | 52,400 | 2,476 | (53 | ) | 54,823 | ||||||||||||||||||
Total | 100 | % | $ | 151,935 | $ | 8,211 | $ | (97 | ) | $ | 160,049 | ||||||||||||||
Available-For-Sale Securities in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following tables present the fair values and unrealized losses for available-for-sale securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the dates indicated. There were no held-to-maturity securities in a continuous unrealized loss position as of December 31, 2013 or 2012. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | |||||||||||||||||||||||
(Amounts in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. Treasury securities | $ | 9,012 | $ | (695 | ) | $ | — | $ | — | $ | 9,012 | $ | (695 | ) | |||||||||||
Municipal securities | 57,950 | (4,147 | ) | 3,049 | (490 | ) | 60,999 | (4,637 | ) | ||||||||||||||||
Single issue trust preferred securities | — | — | 46,234 | (9,530 | ) | 46,234 | (9,530 | ) | |||||||||||||||||
Corporate securities | 4,872 | (129 | ) | — | — | 4,872 | (129 | ) | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Agency | 114,047 | (4,361 | ) | 55,706 | (4,147 | ) | 169,753 | (8,508 | ) | ||||||||||||||||
Non-Agency Alt-A residential | — | — | 9,789 | (2,754 | ) | 9,789 | (2,754 | ) | |||||||||||||||||
Total mortgage-backed securities | 114,047 | (4,361 | ) | 65,495 | (6,901 | ) | 179,542 | (11,262 | ) | ||||||||||||||||
Equity securities | 4,976 | (24 | ) | 20 | (12 | ) | 4,996 | (36 | ) | ||||||||||||||||
Total | $ | 190,857 | $ | (9,356 | ) | $ | 114,798 | $ | (16,933 | ) | $ | 305,655 | $ | (26,289 | ) | ||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | |||||||||||||||||||||||
(Amounts in thousands) | Fair Value | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Losses | Value | Losses | Value | Losses | |||||||||||||||||||||
Municipal securities | $ | 6,436 | $ | (97 | ) | $ | — | $ | — | $ | 6,436 | $ | (97 | ) | |||||||||||
Single issue trust preferred securities | — | — | 44,646 | (11,061 | ) | 44,646 | (11,061 | ) | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Agency | 74,197 | (449 | ) | 15 | — | 74,212 | (449 | ) | |||||||||||||||||
Non-Agency Alt-A residential | — | — | 11,066 | (3,148 | ) | 11,066 | (3,148 | ) | |||||||||||||||||
Total mortgage-backed securities | 74,197 | (449 | ) | 11,081 | (3,148 | ) | 85,278 | (3,597 | ) | ||||||||||||||||
Equity securities | 3,106 | (25 | ) | 108 | (80 | ) | 3,214 | (105 | ) | ||||||||||||||||
Total | $ | 83,739 | $ | (571 | ) | $ | 55,835 | $ | (14,289 | ) | $ | 139,574 | $ | (14,860 | ) | ||||||||||
Company's Gross Gains and Gross Losses Realized from Sale of Securities | ' | ||||||||||||||||||||||||
The following table presents the components of the Company’s net gain from the sale of securities in the periods indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Gross realized gains | $ | 553 | $ | 723 | $ | 6,963 | |||||||||||||||||||
Gross realized losses | (154 | ) | (240 | ) | (1,699 | ) | |||||||||||||||||||
Net gain on sale of securities | $ | 399 | $ | 483 | $ | 5,264 | |||||||||||||||||||
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities for Which Portion of OTTI Recognized in OCI | ' | ||||||||||||||||||||||||
The following table presents the activity for credit-related losses recognized in earnings on debt securities where a portion of an OTTI was recognized in OCI for the periods indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Beginning balance (1) | $ | 7,478 | $ | 6,536 | $ | 4,251 | |||||||||||||||||||
Additions for credit losses on securities not previously recognized | — | — | — | ||||||||||||||||||||||
Additions for credit losses on securities previously recognized | 320 | 942 | 2,285 | ||||||||||||||||||||||
Reduction for increases in cash flows | — | — | — | ||||||||||||||||||||||
Reduction for securities management no longer intends to hold to recovery | — | — | — | ||||||||||||||||||||||
Reduction for securities sold/realized losses | — | — | — | ||||||||||||||||||||||
Ending balance | $ | 7,798 | $ | 7,478 | $ | 6,536 | |||||||||||||||||||
-1 | The beginning balance includes credit related losses included in OTTI charges recognized on debt securities in prior periods. | ||||||||||||||||||||||||
Held-to-maturity Securities | ' | ||||||||||||||||||||||||
Amortized Cost, Fair Value, and Weighted-Average Yield of Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The following table presents the amortized cost, fair value, and weighted-average yield of available-for-sale securities, by contractual maturity, as of December 31, 2013. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties. | |||||||||||||||||||||||||
(Amounts in thousands) | U.S. Treasury | Municipal | Corporate Notes | Total | Tax Equivalent | ||||||||||||||||||||
Securities | Securities | Purchase Yield (1) | |||||||||||||||||||||||
Amortized cost maturity: | |||||||||||||||||||||||||
Within one year | $ | — | $ | 1,386 | $ | — | $ | 1,386 | 3.85 | % | |||||||||||||||
After one year through five years | — | 14,227 | — | 14,227 | 5.69 | % | |||||||||||||||||||
After five years through ten years | 9,708 | 131,436 | 55,762 | 196,906 | 3.63 | % | |||||||||||||||||||
After ten years | — | — | 5,002 | 5,002 | 1.15 | % | |||||||||||||||||||
Amortized cost | $ | 9,708 | $ | 147,049 | $ | 60,764 | 217,521 | ||||||||||||||||||
Mortgage-backed securities | 318,862 | 2.5 | % | ||||||||||||||||||||||
Equity securities | 5,259 | 4.92 | % | ||||||||||||||||||||||
Total amortized cost | $ | 541,642 | |||||||||||||||||||||||
Tax equivalent purchase yield | 2.09 | % | 4.76 | % | 1.34 | % | 3.01 | % | |||||||||||||||||
Average contractual maturity (in years) | 9.38 | 10.42 | 13.55 | 11.25 | |||||||||||||||||||||
Fair value maturity: | |||||||||||||||||||||||||
Within one year | $ | — | $ | 1,393 | $ | — | $ | 1,393 | |||||||||||||||||
After one year through five years | — | 14,557 | — | 14,557 | |||||||||||||||||||||
After five years through ten years | 9,013 | 128,330 | 47,131 | 184,474 | |||||||||||||||||||||
After ten years | — | — | 3,974 | 3,974 | |||||||||||||||||||||
Fair value | $ | 9,013 | $ | 144,280 | $ | 51,105 | 204,398 | ||||||||||||||||||
Mortgage-backed securities | 310,175 | ||||||||||||||||||||||||
Equity securities | 5,247 | ||||||||||||||||||||||||
Total fair value | $ | 519,820 | |||||||||||||||||||||||
-1 | Fully taxable equivalent at the rate of 35%. |
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Loans, Net of Unearned Income | ' | ||||||||||||||||
The following table presents loans, net of unearned income and disaggregated by class, as of the periods indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Amounts in thousands) | Amount | Percent | Amount | Percent | |||||||||||||
Non-covered loans held for investment | |||||||||||||||||
Commercial loans | |||||||||||||||||
Construction, development, and other land | $ | 35,255 | 2.06 | % | $ | 57,434 | 3.33 | % | |||||||||
Commercial and industrial | 95,455 | 5.58 | % | 88,738 | 5.15 | % | |||||||||||
Multi-family residential | 70,197 | 4.1 | % | 65,694 | 3.81 | % | |||||||||||
Single family non-owner occupied | 135,559 | 7.92 | % | 135,912 | 7.88 | % | |||||||||||
Non-farm, non-residential | 475,911 | 27.82 | % | 448,810 | 26.02 | % | |||||||||||
Agricultural | 2,324 | 0.14 | % | 1,709 | 0.1 | % | |||||||||||
Farmland | 32,614 | 1.91 | % | 34,570 | 2 | % | |||||||||||
Total commercial loans | 847,315 | 49.53 | % | 832,867 | 48.29 | % | |||||||||||
Consumer real estate loans | |||||||||||||||||
Home equity lines | 111,770 | 6.53 | % | 111,081 | 6.44 | % | |||||||||||
Single family owner occupied | 496,012 | 28.99 | % | 473,547 | 27.46 | % | |||||||||||
Owner occupied construction | 28,703 | 1.68 | % | 16,223 | 0.94 | % | |||||||||||
Total consumer real estate loans | 636,485 | 37.2 | % | 600,851 | 34.84 | % | |||||||||||
Consumer and other loans | |||||||||||||||||
Consumer loans | 71,313 | 4.17 | % | 78,163 | 4.53 | % | |||||||||||
Other | 3,926 | 0.23 | % | 5,666 | 0.33 | % | |||||||||||
Total consumer and other loans | 75,239 | 4.4 | % | 83,829 | 4.86 | % | |||||||||||
Total non-covered loans | 1,559,039 | 91.13 | % | 1,517,547 | 87.99 | % | |||||||||||
Total covered loans | 151,682 | 8.87 | % | 207,106 | 12.01 | % | |||||||||||
Total loans held for investment, net of unearned income | $ | 1,710,721 | 100 | % | $ | 1,724,653 | 100 | % | |||||||||
Loans held for sale | $ | 883 | $ | 6,672 | |||||||||||||
Components of Covered Loan Portfolio, Disaggregated by Class | ' | ||||||||||||||||
The following table presents the components of the Company’s covered loan portfolio, disaggregated by class, as of the dates indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||||||||||
Covered loans | |||||||||||||||||
Commercial loans | |||||||||||||||||
Construction, development, and other land | $ | 15,865 | $ | 26,595 | |||||||||||||
Commercial and industrial | 3,325 | 6,948 | |||||||||||||||
Multi-family residential | 1,933 | 2,611 | |||||||||||||||
Single family non-owner occupied | 7,449 | 11,428 | |||||||||||||||
Non-farm, non-residential | 34,646 | 48,565 | |||||||||||||||
Agricultural | 164 | 144 | |||||||||||||||
Farmland | 873 | 1,091 | |||||||||||||||
Total commercial loans | 64,255 | 97,382 | |||||||||||||||
Consumer real estate loans | |||||||||||||||||
Home equity lines | 69,206 | 81,445 | |||||||||||||||
Single family owner occupied | 16,919 | 22,961 | |||||||||||||||
Owner occupied construction | 1,184 | 1,644 | |||||||||||||||
Total consumer real estate loans | 87,309 | 106,050 | |||||||||||||||
Consumer and other loans | |||||||||||||||||
Consumer loans | 118 | 3,674 | |||||||||||||||
Total covered loans | $ | 151,682 | $ | 207,106 | |||||||||||||
Carrying and Contractual Unpaid Principal Balance of PCI loans, by Acquisition | ' | ||||||||||||||||
The following table presents the carrying and contractual unpaid principal balance of PCI loans, by acquisition, as of the dates indicated: | |||||||||||||||||
(Amounts in thousands) | Peoples | Waccamaw | Other | Total | |||||||||||||
Carrying balance, January 1, 2011 | $ | 3,221 | $ | 3,221 | |||||||||||||
Carrying balance, December 31, 2011 | 2,886 | 2,886 | |||||||||||||||
Unpaid principal balance, December 31, 2011 | 6,824 | 6,824 | |||||||||||||||
Carrying balance, January 1, 2012 | $ | — | $ | — | $ | 2,886 | $ | 2,886 | |||||||||
Impaired loans acquired | 32,603 | 117,572 | — | 150,175 | |||||||||||||
Carrying balance, December 31, 2012 | 26,907 | 112,093 | 2,340 | 141,340 | |||||||||||||
Unpaid principal balance, December 31, 2012 | 34,644 | 157,781 | 5,918 | 198,343 | |||||||||||||
Carrying balance, January 1, 2013 | $ | 26,907 | $ | 112,093 | $ | 2,340 | $ | 141,340 | |||||||||
Carrying balance, December 31, 2013 | 9,196 | 70,584 | 1,931 | 81,711 | |||||||||||||
Unpaid principal balance, December 31, 2013 | 17,431 | 105,677 | 5,390 | 128,498 | |||||||||||||
Activity in Accretable Yield Related to PCI loans, by Acquisition | ' | ||||||||||||||||
The following table presents the activity in the accretable yield related to PCI loans, by acquisition, in the periods indicated: | |||||||||||||||||
(Amounts in thousands) | Peoples | Waccamaw | Other | Total | |||||||||||||
Balance, January 1, 2011 | $ | 944 | $ | 944 | |||||||||||||
Accretion | (174 | ) | (174 | ) | |||||||||||||
Reclassifications from nonaccretable difference | 149 | 149 | |||||||||||||||
Disposals | — | — | |||||||||||||||
Balance, December 31, 2011 | $ | 919 | $ | 919 | |||||||||||||
Balance, January 1, 2012 | $ | — | $ | — | $ | 919 | $ | 919 | |||||||||
Additions | 3,400 | 26,481 | — | 29,881 | |||||||||||||
Accretion | (856 | ) | (3,315 | ) | (1,089 | ) | (5,260 | ) | |||||||||
Reclassifications from nonaccretable difference | — | — | 185 | 185 | |||||||||||||
Disposals | (202 | ) | (1,280 | ) | — | (1,482 | ) | ||||||||||
Balance, December 31, 2012 | $ | 2,342 | $ | 21,886 | $ | 15 | $ | 24,243 | |||||||||
Balance, January 1, 2013 | $ | 2,342 | $ | 21,886 | $ | 15 | $ | 24,243 | |||||||||
Additions | 148 | 281 | — | 429 | |||||||||||||
Accretion | (1,840 | ) | (6,288 | ) | (119 | ) | (8,247 | ) | |||||||||
Reclassifications from (to) nonaccretable difference | 6,155 | (2,967 | ) | 112 | 3,300 | ||||||||||||
Disposals | (1,511 | ) | (2,574 | ) | — | (4,085 | ) | ||||||||||
Balance, December 31, 2013 | $ | 5,294 | $ | 10,338 | $ | 8 | $ | 15,640 | |||||||||
Credit_Quality_Tables
Credit Quality (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Recorded Investment and Related Information for Loans Considered to be Impaired | ' | ||||||||||||||||||||||||
The following tables present the recorded investment and related information for loans considered to be impaired, excluding PCI loans, as of the periods indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Recorded | Average Annual | Unpaid | Related | |||||||||||||||||||||
Investment | Recorded Investment | Principal | Allowance | ||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | — | $ | 3,850 | $ | — | $ | — | |||||||||||||||||
Commercial and industrial | 292 | 698 | 292 | — | |||||||||||||||||||||
Multi-family residential | — | 18 | — | — | |||||||||||||||||||||
Single family non-owner occupied | 289 | 939 | 317 | — | |||||||||||||||||||||
Non-farm, non-residential | 5,352 | 7,225 | 5,682 | — | |||||||||||||||||||||
Agricultural | — | — | — | — | |||||||||||||||||||||
Farmland | 351 | 370 | 363 | — | |||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 257 | 454 | 264 | — | |||||||||||||||||||||
Single family owner occupied | 2,006 | 2,156 | 2,414 | — | |||||||||||||||||||||
Owner occupied construction | — | 15 | — | — | |||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | 3 | — | — | |||||||||||||||||||||
Total impaired loans with no related allowance | 8,547 | 15,728 | 9,332 | — | |||||||||||||||||||||
Impaired loans with a related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | — | $ | 1,057 | $ | — | $ | — | |||||||||||||||||
Commercial and industrial | 4,897 | 4,281 | 10,244 | 3,794 | |||||||||||||||||||||
Multi-family residential | — | 94 | — | — | |||||||||||||||||||||
Single family non-owner occupied | 375 | 892 | 375 | 47 | |||||||||||||||||||||
Non-farm, non-residential | 600 | 1,494 | 600 | 114 | |||||||||||||||||||||
Agricultural | — | — | — | — | |||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 215 | 304 | 230 | 52 | |||||||||||||||||||||
Single family owner occupied | 4,844 | 4,498 | 5,035 | 735 | |||||||||||||||||||||
Owner occupied construction | — | — | — | — | |||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | — | — | |||||||||||||||||||||
Total impaired loans with a related allowance | 10,931 | 12,620 | 16,484 | 4,742 | |||||||||||||||||||||
Total impaired loans | $ | 19,478 | $ | 28,348 | $ | 25,816 | $ | 4,742 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | Recorded | Average Annual | Unpaid | Related | |||||||||||||||||||||
Investment | Recorded Investment | Principal | Allowance | ||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 2,916 | $ | 935 | $ | 2,916 | $ | — | |||||||||||||||||
Commercial and industrial | 284 | 320 | 284 | — | |||||||||||||||||||||
Multi-family residential | — | 517 | — | — | |||||||||||||||||||||
Single family non-owner occupied | 383 | 1,101 | 684 | — | |||||||||||||||||||||
Non-farm, non-residential | 5,282 | 2,619 | 5,362 | — | |||||||||||||||||||||
Agricultural | — | — | — | — | |||||||||||||||||||||
Farmland | — | 93 | — | — | |||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 276 | 370 | 277 | — | |||||||||||||||||||||
Single family owner occupied | 277 | 4,441 | 383 | — | |||||||||||||||||||||
Owner occupied construction | — | — | — | — | |||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | 1 | — | — | |||||||||||||||||||||
Total impaired loans with no related allowance | 9,418 | 10,397 | 9,906 | — | |||||||||||||||||||||
Impaired loans with a related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | — | 69 | — | — | |||||||||||||||||||||
Commercial and industrial | 3,318 | 4,510 | 8,502 | 3,192 | |||||||||||||||||||||
Multi-family residential | 378 | 143 | 397 | 18 | |||||||||||||||||||||
Single family non-owner occupied | 2,411 | 2,484 | 2,460 | 996 | |||||||||||||||||||||
Non-farm, non-residential | 2,781 | 5,820 | 2,958 | 358 | |||||||||||||||||||||
Agricultural | — | — | — | — | |||||||||||||||||||||
Farmland | — | 93 | — | — | |||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 223 | 150 | 230 | 223 | |||||||||||||||||||||
Single family owner occupied | 4,673 | 3,511 | 4,903 | 806 | |||||||||||||||||||||
Owner occupied construction | — | — | — | — | |||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | — | — | |||||||||||||||||||||
Total impaired loans with a related allowance | 13,784 | 16,780 | 19,450 | 5,593 | |||||||||||||||||||||
Total impaired loans | $ | 23,202 | $ | 27,177 | $ | 29,356 | $ | 5,593 | |||||||||||||||||
Interest Income Recognized on Impaired Loans | ' | ||||||||||||||||||||||||
The following table presents interest income recognized on impaired loans, excluding PCI loans, in the periods indicated: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Impaired loans with no related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 294 | $ | 3 | $ | — | |||||||||||||||||||
Commercial and industrial | 17 | 17 | 4 | ||||||||||||||||||||||
Multi-family residential | 3 | 4 | 24 | ||||||||||||||||||||||
Single family non-owner occupied | 99 | 56 | 39 | ||||||||||||||||||||||
Non-farm, non-residential | 296 | 102 | 25 | ||||||||||||||||||||||
Agricultural | — | — | — | ||||||||||||||||||||||
Farmland | 12 | — | — | ||||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 25 | 28 | 15 | ||||||||||||||||||||||
Single family owner occupied | 70 | 113 | 43 | ||||||||||||||||||||||
Owner occupied construction | 5 | — | 3 | ||||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | 2 | ||||||||||||||||||||||
Total impaired loans with no related allowance | 821 | 323 | 155 | ||||||||||||||||||||||
Impaired loans with a related allowance: | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 117 | 1 | 9 | ||||||||||||||||||||||
Commercial and industrial | 18 | 948 | 21 | ||||||||||||||||||||||
Multi-family residential | 7 | 3 | — | ||||||||||||||||||||||
Single family non-owner occupied | 3 | 80 | 107 | ||||||||||||||||||||||
Non-farm, non-residential | 29 | 317 | 191 | ||||||||||||||||||||||
Agricultural | — | — | — | ||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 12 | 1 | — | ||||||||||||||||||||||
Single family owner occupied | 54 | 103 | 164 | ||||||||||||||||||||||
Owner occupied construction | — | — | — | ||||||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | — | ||||||||||||||||||||||
Total impaired loans with a related allowance | 240 | 1,453 | 492 | ||||||||||||||||||||||
Total impaired loans | $ | 1,061 | $ | 1,776 | $ | 647 | |||||||||||||||||||
Balance and Interest Income Related to Impaired Loan Pools | ' | ||||||||||||||||||||||||
The following tables present balance and interest income related to the impaired loan pools as of the dates, and in the periods, indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Recorded investment | $ | 52,033 | $ | — | |||||||||||||||||||||
Average annual recorded investment | 35,220 | — | |||||||||||||||||||||||
Unpaid principal balance | 69,320 | — | |||||||||||||||||||||||
Allowance for loan losses | 747 | — | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Interest income recognized | $ | 1,966 | $ | — | $ | — | |||||||||||||||||||
Loans Held for Investment by Internal Credit Risk Grade | ' | ||||||||||||||||||||||||
The following tables present loans held for investment, by internal credit risk grade, as of the periods indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | Pass | Special | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Mention | |||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 30,719 | $ | 1,094 | $ | 3,139 | $ | 303 | $ | — | $ | 35,255 | |||||||||||||
Commercial and industrial | 87,589 | 1,056 | 2,919 | 3,891 | — | 95,455 | |||||||||||||||||||
Multi-family residential | 67,257 | 2,237 | 703 | — | — | 70,197 | |||||||||||||||||||
Single family non-owner occupied | 121,367 | 4,501 | 9,316 | 375 | — | 135,559 | |||||||||||||||||||
Non-farm, non-residential | 440,334 | 21,046 | 14,500 | 31 | — | 475,911 | |||||||||||||||||||
Agricultural | 2,306 | 8 | 10 | — | — | 2,324 | |||||||||||||||||||
Farmland | 27,421 | 1,721 | 3,472 | — | — | 32,614 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 107,411 | 1,355 | 2,789 | 215 | — | 111,770 | |||||||||||||||||||
Single family owner occupied | 460,166 | 8,170 | 27,507 | 169 | — | 496,012 | |||||||||||||||||||
Owner occupied construction | 28,242 | 261 | 200 | — | — | 28,703 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 69,973 | 864 | 472 | — | 4 | 71,313 | |||||||||||||||||||
Other | 3,918 | — | 8 | — | — | 3,926 | |||||||||||||||||||
Total non-covered loans | 1,446,703 | 42,313 | 65,035 | 4,984 | 4 | 1,559,039 | |||||||||||||||||||
Covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 9,722 | 1,378 | 4,714 | 51 | — | 15,865 | |||||||||||||||||||
Commercial and industrial | 2,865 | 247 | 189 | 24 | — | 3,325 | |||||||||||||||||||
Multi-family residential | 1,472 | — | 461 | — | — | 1,933 | |||||||||||||||||||
Single family non-owner occupied | 4,362 | 1,519 | 1,552 | 16 | — | 7,449 | |||||||||||||||||||
Non-farm, non-residential | 13,077 | 4,630 | 16,901 | 38 | — | 34,646 | |||||||||||||||||||
Agricultural | 164 | — | — | — | — | 164 | |||||||||||||||||||
Farmland | 572 | — | 301 | — | — | 873 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 66,797 | 1,138 | 1,269 | 2 | — | 69,206 | |||||||||||||||||||
Single family owner occupied | 10,832 | 148 | 5,939 | — | — | 16,919 | |||||||||||||||||||
Owner occupied construction | 198 | — | 986 | — | — | 1,184 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 118 | — | — | — | — | 118 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total covered loans | 110,179 | 9,060 | 32,312 | 131 | — | 151,682 | |||||||||||||||||||
Total loans | $ | 1,556,882 | $ | 51,373 | $ | 97,347 | $ | 5,115 | $ | 4 | $ | 1,710,721 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | Pass | Special | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Mention | |||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 41,850 | $ | 1,497 | $ | 13,546 | $ | 541 | $ | — | $ | 57,434 | |||||||||||||
Commercial and industrial | 77,573 | 2,506 | 4,821 | 3,838 | — | 88,738 | |||||||||||||||||||
Multi-family residential | 60,161 | 4,043 | 1,490 | — | — | 65,694 | |||||||||||||||||||
Single family non-owner occupied | 112,562 | 5,938 | 16,092 | 1,320 | — | 135,912 | |||||||||||||||||||
Non-farm, non-residential | 399,907 | 15,975 | 32,808 | 120 | — | 448,810 | |||||||||||||||||||
Agricultural | 1,657 | 19 | 33 | — | — | 1,709 | |||||||||||||||||||
Farmland | 28,887 | 2,262 | 3,421 | — | — | 34,570 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 104,750 | 2,739 | 3,592 | — | — | 111,081 | |||||||||||||||||||
Single family owner occupied | 436,587 | 9,599 | 27,319 | — | 42 | 473,547 | |||||||||||||||||||
Owner occupied construction | 15,841 | 382 | — | — | — | 16,223 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 76,787 | 867 | 501 | 8 | — | 78,163 | |||||||||||||||||||
Other | 5,657 | 8 | 1 | — | — | 5,666 | |||||||||||||||||||
Total non-covered loans | 1,362,219 | 45,835 | 103,624 | 5,827 | 42 | 1,517,547 | |||||||||||||||||||
Covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 6,463 | 2,120 | 17,834 | 178 | — | 26,595 | |||||||||||||||||||
Commercial and industrial | 6,225 | 445 | 197 | 81 | — | 6,948 | |||||||||||||||||||
Multi-family residential | 1,962 | — | 649 | — | — | 2,611 | |||||||||||||||||||
Single family non-owner occupied | 6,065 | 2,223 | 3,015 | 125 | — | 11,428 | |||||||||||||||||||
Non-farm, non-residential | 23,855 | 5,477 | 19,189 | 44 | — | 48,565 | |||||||||||||||||||
Agricultural | 143 | — | 1 | — | — | 144 | |||||||||||||||||||
Farmland | 935 | — | 156 | — | — | 1,091 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 16,323 | 11,981 | 53,116 | 25 | — | 81,445 | |||||||||||||||||||
Single family owner occupied | 16,011 | 927 | 5,786 | 237 | — | 22,961 | |||||||||||||||||||
Owner occupied construction | 484 | — | 1,160 | — | — | 1,644 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 2,987 | 562 | 125 | — | — | 3,674 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total covered loans | 81,453 | 23,735 | 101,228 | 690 | — | 207,106 | |||||||||||||||||||
Total loans | $ | 1,443,672 | $ | 69,570 | $ | 204,852 | $ | 6,517 | $ | 42 | $ | 1,724,653 | |||||||||||||
Nonaccrual Loans by Loan Class | ' | ||||||||||||||||||||||||
The following table presents nonaccrual loans, by loan class, as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Non-covered | Covered | Total | Non-covered | Covered | Total | |||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 1,187 | $ | 761 | $ | 1,948 | $ | 405 | $ | 1,990 | $ | 2,395 | |||||||||||||
Commercial and industrial | 5,341 | 92 | 5,433 | 3,912 | 35 | 3,947 | |||||||||||||||||||
Multi-family residential | — | — | — | 378 | — | 378 | |||||||||||||||||||
Single family non-owner occupied | 1,966 | 222 | 2,188 | 7,071 | 21 | 7,092 | |||||||||||||||||||
Non-farm, non-residential | 2,685 | — | 2,685 | 5,938 | 951 | 6,889 | |||||||||||||||||||
Agricultural | — | — | — | 2 | — | 2 | |||||||||||||||||||
Farmland | 441 | 301 | 742 | — | — | — | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 765 | 232 | 997 | 872 | 436 | 1,308 | |||||||||||||||||||
Single family owner occupied | 6,567 | 1,555 | 8,122 | 5,219 | 831 | 6,050 | |||||||||||||||||||
Owner occupied construction | — | 190 | 190 | — | 59 | 59 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 201 | — | 201 | 126 | — | 126 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total | 19,153 | 3,353 | 22,506 | 23,923 | 4,323 | 28,246 | |||||||||||||||||||
Purchased impaired loans | 8 | — | 8 | 8 | — | 8 | |||||||||||||||||||
Total nonaccrual loans | $ | 19,161 | $ | 3,353 | $ | 22,514 | $ | 23,931 | $ | 4,323 | $ | 28,254 | |||||||||||||
Aging of Past Due Loans by Loan Class | ' | ||||||||||||||||||||||||
The following tables present the aging of past due loans, by loan class, as of the dates indicated. Nonaccrual loans 30 days or more past due are included in the applicable delinquency category. There were no non-covered accruing loans contractually past due 90 days or more as of December 31, 2013, or December 31, 2012. Accruing loans contractually past due 90 days or more were $86 thousand as of December 31, 2013, which was attributed to covered home equity lines. There were no accruing loans contractually past due 90 days or more as of December 31, 2012. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | 30 - 59 Days | 60 - 89 Days | 90+ Days | Total | Current | Total | |||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Loans | ||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 118 | $ | 10 | $ | 532 | $ | 660 | $ | 34,595 | $ | 35,255 | |||||||||||||
Commercial and industrial | 93 | 39 | 2,631 | 2,763 | 92,692 | 95,455 | |||||||||||||||||||
Multi-family residential | 115 | — | — | 115 | 70,082 | 70,197 | |||||||||||||||||||
Single family non-owner occupied | 611 | 554 | 1,203 | 2,368 | 133,191 | 135,559 | |||||||||||||||||||
Non-farm, non-residential | 1,014 | 318 | 1,770 | 3,102 | 472,809 | 475,911 | |||||||||||||||||||
Agricultural | — | — | — | — | 2,324 | 2,324 | |||||||||||||||||||
Farmland | 245 | — | — | 245 | 32,369 | 32,614 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 289 | 317 | 442 | 1,048 | 110,722 | 111,770 | |||||||||||||||||||
Single family owner occupied | 7,428 | 1,228 | 145 | 8,801 | 487,211 | 496,012 | |||||||||||||||||||
Owner occupied construction | 205 | — | 2,284 | 2,489 | 26,214 | 28,703 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 811 | 86 | 105 | 1,002 | 70,311 | 71,313 | |||||||||||||||||||
Other | — | — | — | — | 3,926 | 3,926 | |||||||||||||||||||
Total non-covered loans | 10,929 | 2,552 | 9,112 | 22,593 | 1,536,446 | 1,559,039 | |||||||||||||||||||
Covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 479 | — | 453 | 932 | 14,933 | 15,865 | |||||||||||||||||||
Commercial and industrial | 5 | 44 | 92 | 141 | 3,184 | 3,325 | |||||||||||||||||||
Multi-family residential | — | — | — | — | 1,933 | 1,933 | |||||||||||||||||||
Single family non-owner occupied | — | — | 184 | 184 | 7,265 | 7,449 | |||||||||||||||||||
Non-farm, non-residential | 209 | — | — | 209 | 34,437 | 34,646 | |||||||||||||||||||
Agricultural | — | — | — | — | 164 | 164 | |||||||||||||||||||
Farmland | — | — | 301 | 301 | 572 | 873 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 488 | 86 | 163 | 737 | 68,469 | 69,206 | |||||||||||||||||||
Single family owner occupied | 197 | 120 | 1,466 | 1,783 | 15,136 | 16,919 | |||||||||||||||||||
Owner occupied construction | — | — | 190 | 190 | 994 | 1,184 | |||||||||||||||||||
Consumer and other loans | — | ||||||||||||||||||||||||
Consumer loans | — | — | — | — | 118 | 118 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total covered loans | 1,378 | 250 | 2,849 | 4,477 | 147,205 | 151,682 | |||||||||||||||||||
Total loans | $ | 12,307 | $ | 2,802 | $ | 11,961 | $ | 27,070 | $ | 1,683,651 | $ | 1,710,721 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | 30 - 59 Days | 60 - 89 Days | 90+ Days | Total | Current | Total | |||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Loans | ||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | $ | 344 | $ | — | $ | 188 | $ | 532 | $ | 56,902 | $ | 57,434 | |||||||||||||
Commercial and industrial | 387 | 84 | 1,432 | 1,903 | 86,835 | 88,738 | |||||||||||||||||||
Multi-family residential | 624 | — | — | 624 | 65,070 | 65,694 | |||||||||||||||||||
Single family non-owner occupied | 1,841 | 1,348 | 3,715 | 6,904 | 129,008 | 135,912 | |||||||||||||||||||
Non-farm, non-residential | 2,702 | 936 | 3,621 | 7,259 | 441,551 | 448,810 | |||||||||||||||||||
Agricultural | — | — | — | — | 1,709 | 1,709 | |||||||||||||||||||
Farmland | 216 | 196 | — | 412 | 34,158 | 34,570 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 315 | 93 | 495 | 903 | 110,178 | 111,081 | |||||||||||||||||||
Single family owner occupied | 6,564 | 1,176 | 1,644 | 9,384 | 464,163 | 473,547 | |||||||||||||||||||
Owner occupied construction | 382 | — | — | 382 | 15,841 | 16,223 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | 715 | 73 | 47 | 835 | 77,328 | 78,163 | |||||||||||||||||||
Other | — | — | — | — | 5,666 | 5,666 | |||||||||||||||||||
Total non-covered loans | 14,090 | 3,906 | 11,142 | 29,138 | 1,488,409 | 1,517,547 | |||||||||||||||||||
Covered loans | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, and other land | 252 | 161 | 1,121 | 1,534 | 25,061 | 26,595 | |||||||||||||||||||
Commercial and industrial | 45 | — | — | 45 | 6,903 | 6,948 | |||||||||||||||||||
Multi-family residential | — | — | — | — | 2,611 | 2,611 | |||||||||||||||||||
Single family non-owner occupied | 8 | — | 21 | 29 | 11,399 | 11,428 | |||||||||||||||||||
Non-farm, non-residential | 501 | — | 927 | 1,428 | 47,137 | 48,565 | |||||||||||||||||||
Agricultural | — | — | — | — | 144 | 144 | |||||||||||||||||||
Farmland | 6 | — | — | 6 | 1,085 | 1,091 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 217 | 112 | 204 | 533 | 80,912 | 81,445 | |||||||||||||||||||
Single family owner occupied | 413 | 135 | 475 | 1,023 | 21,938 | 22,961 | |||||||||||||||||||
Owner occupied construction | — | — | 59 | 59 | 1,585 | 1,644 | |||||||||||||||||||
Consumer and other loans | |||||||||||||||||||||||||
Consumer loans | — | — | — | — | 3,674 | 3,674 | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total covered loans | 1,442 | 408 | 2,807 | 4,657 | 202,449 | 207,106 | |||||||||||||||||||
Total loans | $ | 15,532 | $ | 4,314 | $ | 13,949 | $ | 33,795 | $ | 1,690,858 | $ | 1,724,653 | |||||||||||||
Loans Modified as Troubled Debt Restructurings by Loan Class Segregated by Accrual Status | ' | ||||||||||||||||||||||||
The following table presents loans modified as TDRs, by loan class, segregated by accrual status, as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Nonaccrual (1) | Accruing | Total | Nonaccrual (1) | Accruing | Total | |||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||
Construction, development, andother land | $ | — | $ | — | $ | — | $ | 63 | $ | — | $ | 63 | |||||||||||||
Commercial and industrial | 1,115 | — | 1,115 | 1,119 | — | 1,119 | |||||||||||||||||||
Single family non-owner occupied | 375 | — | 375 | 1,380 | — | 1,380 | |||||||||||||||||||
Non-farm, non-residential | 128 | 5,490 | 5,618 | 764 | 5,897 | 6,661 | |||||||||||||||||||
Consumer real estate loans | |||||||||||||||||||||||||
Home equity lines | 159 | 51 | 210 | 305 | 55 | 360 | |||||||||||||||||||
Single family owner occupied | 423 | 6,670 | 7,093 | 197 | 6,095 | 6,292 | |||||||||||||||||||
Total TDRs | $ | 2,200 | $ | 12,211 | $ | 14,411 | $ | 3,828 | $ | 12,047 | $ | 15,875 | |||||||||||||
-1 | TDRs on nonaccrual status are included in the total nonaccrual loan balance disclosed in the table above. | ||||||||||||||||||||||||
Loans Modified as Troubled Debt Restructurings by Type of Concession Made and Loan Class | ' | ||||||||||||||||||||||||
The following table presents loans modified as TDRs, by type of concession made and loan class, that were restructured during the years indicated. The post-modification recorded investment represents the loan balance immediately following modification. | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Total | Pre- | Post- | Total | Pre- | Post- | |||||||||||||||||||
Contracts | Modification | Modification | Contracts | Modification | Modification | ||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||
Below market interest rate Single family owner occupied | 2 | $ | 601 | $ | 557 | — | $ | — | $ | — | |||||||||||||||
Below market interest rate andextended payment term Single family non-owner occupied | 1 | 375 | 328 | — | — | ||||||||||||||||||||
Non-farm, non-residential | 1 | 511 | 511 | 2 | 5,822 | 5,822 | |||||||||||||||||||
Single family owner occupied | 4 | 809 | 757 | — | — | — | |||||||||||||||||||
Total | 8 | $ | 2,296 | $ | 2,153 | 3 | $ | 6,173 | $ | 6,141 | |||||||||||||||
Loans Modified as Troubled Debt Restructurings by Loan Class for which there was Payment Default | ' | ||||||||||||||||||||||||
The following table presents loans modified as TDRs, by loan class, that were restructured within the previous 12 months for which there was a payment default during the years indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Total | Recorded | Total | Recorded | |||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||
Single family non-owner occupied | 1 | $ | 375 | — | $ | — | |||||||||||||||||||
Single family owner occupied | 1 | 359 | — | — | |||||||||||||||||||||
Total | 2 | $ | 734 | — | $ | — | |||||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Aggregate Activity in Allowance for Loan Losses | ' | ||||||||||||||||
The following table presents the aggregate activity in the allowance for loan losses in the periods indicated: | |||||||||||||||||
(Amounts in thousands) | Allowance Excluding | Allowance for | Total | ||||||||||||||
PCI Loans | PCI Loans | Allowance | |||||||||||||||
Balance, January 1, 2011 | $ | 26,482 | $ | — | $ | 26,482 | |||||||||||
Provision for loan losses charged to operations | 8,846 | 201 | 9,047 | ||||||||||||||
Charge-offs | (11,460 | ) | — | (11,460 | ) | ||||||||||||
Recoveries | 2,136 | — | 2,136 | ||||||||||||||
Net charge-offs | (9,324 | ) | — | (9,324 | ) | ||||||||||||
Balance, December 31, 2011 | $ | 26,004 | $ | 201 | $ | 26,205 | |||||||||||
Balance, January 1, 2012 | $ | 26,004 | $ | 201 | $ | 26,205 | |||||||||||
Provision for loan losses charged to operations | 5,871 | (193 | ) | 5,678 | |||||||||||||
Charge-offs | (7,504 | ) | — | (7,504 | ) | ||||||||||||
Recoveries | 1,391 | — | 1,391 | ||||||||||||||
Net charge-offs | (6,113 | ) | — | (6,113 | ) | ||||||||||||
Balance, December 31, 2012 | $ | 25,762 | $ | 8 | $ | 25,770 | |||||||||||
Balance, January 1, 2013 | $ | 25,762 | $ | 8 | $ | 25,770 | |||||||||||
Provision for loan losses | 7,912 | 747 | 8,659 | ||||||||||||||
Benefit attributable to the FDIC indemnification asset | — | (451 | ) | (451 | ) | ||||||||||||
Provision for loan losses charged to operations | 7,912 | 296 | 8,208 | ||||||||||||||
Provision for loan losses recorded through the FDIC indemnification asset | — | 451 | 451 | ||||||||||||||
Charge-offs | (12,527 | ) | — | (12,527 | ) | ||||||||||||
Recoveries | 2,175 | — | 2,175 | ||||||||||||||
Net charge-offs | (10,352 | ) | — | (10,352 | ) | ||||||||||||
Balance, December 31, 2013 | $ | 23,322 | $ | 755 | $ | 24,077 | |||||||||||
Allowance for Loan Losses and Recorded Investment in Loans , Excluding PCI Loans | ' | ||||||||||||||||
The following tables present the Company’s allowance for loan losses and recorded investment in loans, excluding PCI loans, by loan class, as of the dates indicated: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(Amounts in thousands) | Loans | Allowance for | Loans | Allowance for | |||||||||||||
Individually | Loans | Collectively | Loans | ||||||||||||||
Evaluated for | Individually | Evaluated for | Collectively | ||||||||||||||
Impairment | Evaluated | Impairment | Evaluated | ||||||||||||||
Commercial loans | |||||||||||||||||
Construction, development, and other land | $ | — | $ | — | $ | 46,404 | $ | 1,141 | |||||||||
Commercial and industrial | 5,189 | 3,794 | 92,612 | 1,421 | |||||||||||||
Multi-family residential | — | — | 71,669 | 1,211 | |||||||||||||
Single family non-owner occupied | 664 | 47 | 136,567 | 3,502 | |||||||||||||
Non-farm, non-residential | 5,952 | 114 | 483,126 | 4,536 | |||||||||||||
Agricultural | — | — | 2,488 | 23 | |||||||||||||
Farmland | 351 | — | 33,136 | 301 | |||||||||||||
Total commercial loans | 12,156 | 3,955 | 866,002 | 12,135 | |||||||||||||
Consumer real estate loans | |||||||||||||||||
Home equity lines | 472 | 52 | 136,896 | 1,309 | |||||||||||||
Single family owner occupied | 6,850 | 735 | 502,229 | 4,295 | |||||||||||||
Owner occupied construction | — | — | 29,090 | 206 | |||||||||||||
Total consumer real estate loans | 7,322 | 787 | 668,215 | 5,810 | |||||||||||||
Consumer and other loans | |||||||||||||||||
Consumer loans | — | — | 71,389 | 635 | |||||||||||||
Other | — | — | 3,926 | — | |||||||||||||
Total consumer and other loans | — | — | 75,315 | 635 | |||||||||||||
Total loans, excluding PCI loans | $ | 19,478 | $ | 4,742 | $ | 1,609,532 | $ | 18,580 | |||||||||
December 31, 2012 | |||||||||||||||||
(Amounts in thousands) | Loans | Allowance for | Loans | Allowance | |||||||||||||
Individually | Loans | Collectively | for Loans | ||||||||||||||
Evaluated for | Individually | Evaluated for | Collectively | ||||||||||||||
Impairment | Evaluated | Impairment | Evaluated | ||||||||||||||
Commercial loans | |||||||||||||||||
Construction, development, and other land | $ | 2,916 | $ | — | $ | 55,369 | $ | 1,214 | |||||||||
Commercial and industrial | 3,602 | 3,192 | 88,811 | 1,159 | |||||||||||||
Multi-family residential | 378 | 18 | 67,278 | 1,612 | |||||||||||||
Single family non-owner occupied | 2,794 | 996 | 134,323 | 3,371 | |||||||||||||
Non-farm, non-residential | 8,063 | 358 | 451,240 | 4,901 | |||||||||||||
Agricultural | — | — | 1,852 | 22 | |||||||||||||
Farmland | — | — | 34,779 | 416 | |||||||||||||
Total commercial loans | 17,753 | 4,564 | 833,652 | 12,695 | |||||||||||||
Consumer real estate loans | |||||||||||||||||
Home equity lines | 499 | 223 | 141,684 | 1,351 | |||||||||||||
Single family owner occupied | 4,950 | 806 | 483,553 | 5,189 | |||||||||||||
Owner occupied construction | — | — | 16,768 | 337 | |||||||||||||
Total consumer real estate loans | 5,449 | 1,029 | 642,005 | 6,877 | |||||||||||||
Consumer and other loans | |||||||||||||||||
Consumer loans | — | — | 81,037 | 597 | |||||||||||||
Other | — | — | 5,666 | — | |||||||||||||
Total consumer and other loans | — | — | 86,703 | 597 | |||||||||||||
Total loans, excluding PCI loans | $ | 23,202 | $ | 5,593 | $ | 1,562,360 | $ | 20,169 | |||||||||
Allowance Excluding Purchased Credit Impaired | ' | ||||||||||||||||
Aggregate Activity in Allowance for Loan Losses | ' | ||||||||||||||||
The following table presents the components of the activity in the allowance for loan losses, excluding PCI loans, by loan segment, in the periods indicated: | |||||||||||||||||
(Amounts in thousands) | Commercial | Consumer | Consumer | Total | |||||||||||||
Real Estate | and Other | ||||||||||||||||
Balance, January 1, 2011 | $ | 12,300 | $ | 12,641 | $ | 1,541 | $ | 26,482 | |||||||||
Provision for loan losses charged to operations | 11,806 | (2,681 | ) | (279 | ) | 8,846 | |||||||||||
Loans charged off | (7,981 | ) | (2,501 | ) | (978 | ) | (11,460 | ) | |||||||||
Recoveries credited to allowance | 1,426 | 252 | 458 | 2,136 | |||||||||||||
Net charge-offs | (6,555 | ) | (2,249 | ) | (520 | ) | (9,324 | ) | |||||||||
Balance, December 31, 2011 | $ | 17,551 | $ | 7,711 | $ | 742 | $ | 26,004 | |||||||||
Balance, January 1, 2012 | $ | 17,551 | $ | 7,711 | $ | 742 | $ | 26,004 | |||||||||
Provision for loan losses charged to operations | 2,896 | 2,608 | 367 | 5,871 | |||||||||||||
Loans charged off | (3,814 | ) | (2,702 | ) | (988 | ) | (7,504 | ) | |||||||||
Recoveries credited to allowance | 626 | 289 | 476 | 1,391 | |||||||||||||
Net charge-offs | (3,188 | ) | (2,413 | ) | (512 | ) | (6,113 | ) | |||||||||
Balance, December 31, 2012 | $ | 17,259 | $ | 7,906 | $ | 597 | $ | 25,762 | |||||||||
Balance, January 1, 2013 | $ | 17,259 | $ | 7,906 | $ | 597 | $ | 25,762 | |||||||||
Provision for loan losses charged to operations | 5,643 | 1,364 | 905 | 7,912 | |||||||||||||
Loans charged off | (7,743 | ) | (3,115 | ) | (1,669 | ) | (12,527 | ) | |||||||||
Recoveries credited to allowance | 931 | 442 | 802 | 2,175 | |||||||||||||
Net charge-offs | (6,812 | ) | (2,673 | ) | (867 | ) | (10,352 | ) | |||||||||
Balance, December 31, 2013 | $ | 16,090 | $ | 6,597 | $ | 635 | $ | 23,322 | |||||||||
Purchased Credit Impaired | ' | ||||||||||||||||
Aggregate Activity in Allowance for Loan Losses | ' | ||||||||||||||||
The following table presents the components of the activity in the allowance for loan losses for PCI loans, by loan segment, in the periods indicated: | |||||||||||||||||
(Amounts in thousands) | Commercial | Consumer | Consumer | Total | |||||||||||||
Real Estate | and Other | ||||||||||||||||
Balance, January 1, 2011 | $ | — | $ | — | $ | — | $ | — | |||||||||
Provision for loan losses charged to operations | 201 | — | — | 201 | |||||||||||||
Balance, December 31, 2011 | $ | 201 | $ | — | $ | — | $ | 201 | |||||||||
Balance, January 1, 2012 | $ | 201 | $ | — | $ | — | $ | 201 | |||||||||
Provision for loan losses charged to operations | (193 | ) | — | — | (193 | ) | |||||||||||
Balance, December 31, 2012 | $ | 8 | $ | — | $ | — | $ | 8 | |||||||||
Balance, January 1, 2013 | $ | 8 | $ | — | $ | — | $ | 8 | |||||||||
Purchased impaired provision | 69 | 678 | — | 747 | |||||||||||||
Benefit attributable to FDIC indemnificaton asset | (55 | ) | (396 | ) | — | (451 | ) | ||||||||||
Provision for loan losses charged to operations | 14 | 282 | — | 296 | |||||||||||||
Provision for loan losses recorded through the FDIC indemnificaton asset | 55 | 396 | — | 451 | |||||||||||||
Balance, December 31, 2013 | $ | 77 | $ | 678 | $ | — | $ | 755 | |||||||||
Allowance for Loan Losses and Recorded Investment in PCI Loans, by Loan Pool | ' | ||||||||||||||||
The Company aggregates PCI loans into the following loan pools: Waccamaw commercial, Waccamaw lines of credit, Peoples commercial, Waccamaw serviced home equity lines, Waccamaw residential, Peoples residential, and Waccamaw consumer. The following table presents the Company’s allowance for loan losses and recorded investment in PCI loans, by loan pool, as of the dates indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Amounts in thousands) | Loan Pools With | Allowance for | Loan Pools With | Allowance for | |||||||||||||
Impairment | Loans Pools | Impairment | Loans Pools | ||||||||||||||
With | With | ||||||||||||||||
Impairment | Impairment | ||||||||||||||||
Commercial loans | |||||||||||||||||
Waccamaw commercial | $ | 19,851 | $ | — | $ | 40,688 | $ | — | |||||||||
Waccamaw lines of credit | 2,594 | 69 | 10,009 | — | |||||||||||||
Peoples commercial | 7,862 | — | 23,670 | — | |||||||||||||
Other | 1,931 | 8 | 2,340 | 8 | |||||||||||||
Total commercial loans | 32,238 | 77 | 76,707 | 8 | |||||||||||||
Consumer real estate loans | |||||||||||||||||
Waccamaw serviced home equity lines | 43,608 | 277 | 52,321 | — | |||||||||||||
Waccamaw residential | 4,497 | 217 | 8,974 | — | |||||||||||||
Peoples residential | 1,334 | 184 | 3,237 | — | |||||||||||||
Total consumer real estate loans | 49,439 | 678 | 64,532 | — | |||||||||||||
Consumer and other loans | |||||||||||||||||
Waccamaw consumer | 34 | — | 101 | — | |||||||||||||
Total consumer and other loans | 34 | — | 101 | — | |||||||||||||
Total loans | $ | 81,711 | $ | 755 | $ | 141,340 | $ | 8 | |||||||||
FDIC_Indemnification_Asset_Tab
FDIC Indemnification Asset (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Changes in Receivable from FDIC | ' | ||||||||
The following table presents activity in the FDIC indemnification asset in the periods indicated: | |||||||||
Year Ended December 31, | |||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||
Beginning balance | $ | 48,149 | $ | — | |||||
FDIC loss share receivable — Waccamaw acquisition | — | 49,755 | |||||||
Increase in estimated losses on covered loans | 451 | — | |||||||
Increase in estimated losses on covered OREO | 4,425 | 637 | |||||||
Reimbursable expenses from the FDIC | 1,574 | 273 | |||||||
Net (amortization) accretion | (5,597 | ) | 458 | ||||||
Reimbursements from the FDIC | (14,311 | ) | (2,974 | ) | |||||
Ending balance | $ | 34,691 | $ | 48,149 | |||||
Premises_Equipment_and_Leases_
Premises, Equipment, and Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Premises and Equipment | ' | ||||||||
The following table presents the components of premises and equipment as of the dates indicated: | |||||||||
December 31, | |||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||
Land | $ | 19,884 | $ | 19,366 | |||||
Buildings and leasehold improvements | 54,292 | 56,789 | |||||||
Equipment | 36,983 | 36,775 | |||||||
111,159 | 112,930 | ||||||||
Accumulated depreciation and amortization | 50,043 | 48,062 | |||||||
Total premises and equipment, net | $ | 61,116 | $ | 64,868 | |||||
Future Minimum Lease Payments Required Under Operating Leases | ' | ||||||||
The following schedule presents future minimum lease payments required under noncancelable operating leases, with initial or remaining terms in excess of one year, by year, as of December 31, 2013: | |||||||||
(Amounts in thousands) | |||||||||
2014 | $ | 771 | |||||||
2015 | 434 | ||||||||
2016 | 307 | ||||||||
2017 | 200 | ||||||||
2018 | 122 | ||||||||
2019 and thereafter | 1,068 | ||||||||
$ | 2,902 | ||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Activity in Goodwill, by Reporting Unit | ' | ||||||||||||||||||||||||
The following table presents the activity in goodwill, by reporting unit, in the periods indicated: | |||||||||||||||||||||||||
(Amounts in thousands) | Community | Insurance | Total | ||||||||||||||||||||||
Banking | Services | ||||||||||||||||||||||||
Beginning balance, January 1, 2011 | $ | 75,599 | $ | 9,315 | $ | 84,914 | |||||||||||||||||||
Acquisitions and dispositions, net | — | (1,299 | ) | (1,299 | ) | ||||||||||||||||||||
Cash consideration paid | — | 680 | 680 | ||||||||||||||||||||||
Impairment Charges | — | (1,239 | ) | (1,239 | ) | ||||||||||||||||||||
Ending balance, December 31, 2011 | $ | 75,599 | $ | 7,457 | $ | 83,056 | |||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 75,599 | $ | 7,457 | $ | 83,056 | |||||||||||||||||||
Acquisitions and dispositions, net | 21,118 | — | 21,118 | ||||||||||||||||||||||
Cash consideration paid | — | 692 | 692 | ||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 96,717 | $ | 8,149 | $ | 104,866 | |||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 96,717 | $ | 8,149 | $ | 104,866 | |||||||||||||||||||
Acquisitions and dispositions, net | (176 | ) | 324 | 148 | |||||||||||||||||||||
Cash consideration paid | — | 441 | 441 | ||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 96,541 | $ | 8,914 | $ | 105,455 | |||||||||||||||||||
Components of Other Intangible Assets, by Reporting Unit | ' | ||||||||||||||||||||||||
The following table presents the components of other intangible assets, by reporting unit, as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Community | Insurance | Total | Community | Insurance | Total | |||||||||||||||||||
Banking | Services | Banking | Services | ||||||||||||||||||||||
Core deposit intangibles | $ | 7,940 | $ | — | $ | 7,940 | $ | 7,940 | $ | — | $ | 7,940 | |||||||||||||
Accumulated amortization | (6,669 | ) | — | (6,669 | ) | (6,244 | ) | — | (6,244 | ) | |||||||||||||||
Core deposit intangibles, net | 1,271 | — | 1,271 | 1,696 | — | 1,696 | |||||||||||||||||||
Other identifiable intangibles | 535 | 3,711 | 4,246 | 535 | 3,638 | 4,173 | |||||||||||||||||||
Accumulated amortization | (410 | ) | (2,241 | ) | (2,651 | ) | (383 | ) | (1,964 | ) | (2,347 | ) | |||||||||||||
Other identifiable intangibles, net | 125 | 1,470 | 1,595 | 152 | 1,674 | 1,826 | |||||||||||||||||||
Total other intangible assets, net | $ | 1,396 | $ | 1,470 | $ | 2,866 | $ | 1,848 | $ | 1,674 | $ | 3,522 | |||||||||||||
Estimated Amortization Expense for Intangible Assets, by Year | ' | ||||||||||||||||||||||||
The following schedule presents the estimated amortization expense for intangible assets, by year, as of December 31, 2013: | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
2014 | $ | 712 | |||||||||||||||||||||||
2015 | 712 | ||||||||||||||||||||||||
2016 | 607 | ||||||||||||||||||||||||
2017 | 381 | ||||||||||||||||||||||||
2018 | 292 | ||||||||||||||||||||||||
2019 and thereafter | — | ||||||||||||||||||||||||
$ | 2,704 | ||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Deposits | ' | ||||||||
The following table presents the components of deposits as of the dates indicated: | |||||||||
December 31, | |||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||
Noninterest-bearing demand deposits | $ | 339,680 | $ | 343,352 | |||||
Interest-bearing deposits: | |||||||||
Interest-bearing demand deposits | 361,821 | 353,321 | |||||||
Money market accounts | 237,845 | 237,257 | |||||||
Savings deposits | 286,165 | 263,019 | |||||||
Certificates of deposit | 606,178 | 706,568 | |||||||
Individual retirement accounts | 119,053 | 126,658 | |||||||
Total interest-bearing deposits | 1,611,062 | 1,686,823 | |||||||
Total deposits | $ | 1,950,742 | $ | 2,030,175 | |||||
Scheduled Maturities of Time Deposits | ' | ||||||||
The following schedule presents the contractual maturities of time deposits as of December 31, 2013: | |||||||||
(Amounts in thousands) | |||||||||
2014 | $ | 423,272 | |||||||
2015 | 163,591 | ||||||||
2016 | 66,924 | ||||||||
2017 | 36,408 | ||||||||
2018 | 35,020 | ||||||||
2019 and thereafter | 16 | ||||||||
$ | 725,231 | ||||||||
Scheduled Maturities of Certificates of Deposit of $100 Thousand or More | ' | ||||||||
The following schedule presents the contractual maturities of time deposits of $100 thousand or more as of December 31, 2013: | |||||||||
(Amounts in thousands) | |||||||||
Three months or less | $ | 55,836 | |||||||
Over three through six months | 79,561 | ||||||||
Over six through twelve months | 66,321 | ||||||||
Over twelve months | 151,120 | ||||||||
$ | 352,838 | ||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Composition of Borrowings | ' | ||||||||
The following table presents the composition of borrowings as of the dates indicated: | |||||||||
December 31, | |||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||
Federal funds purchased | $ | 16,000 | $ | — | |||||
Securities sold under agreements to repurchase: | |||||||||
Retail | 68,308 | 77,922 | |||||||
Wholesale | 50,000 | 58,196 | |||||||
Total securities sold under agreements to repurchase | 118,308 | 136,118 | |||||||
FHLB borrowings: | |||||||||
Fixed rate credit | — | 6,275 | |||||||
Advances | 150,000 | 155,283 | |||||||
Total FHLB borrowings | 150,000 | 161,558 | |||||||
Subordinated debt | 15,464 | 15,464 | |||||||
Other debt | 624 | 413 | |||||||
Total borrowings | $ | 300,396 | $ | 313,553 | |||||
Contractual Maturities of FHLB Borrowings, by Year | ' | ||||||||
The following schedule presents contractual maturities of FHLB borrowings, by year, as of December 31, 2013: | |||||||||
(Amounts in thousands) | |||||||||
2014 | $ | — | |||||||
2015 | — | ||||||||
2016 | — | ||||||||
2017 | 100,000 | ||||||||
2018 | — | ||||||||
2019 and thereafter | 50,000 | ||||||||
$ | 150,000 | ||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Aggregate Contractual or Notional Amounts and Fair Value of Derivative Financial Instruments | ' | ||||||||||||||||||||||||
The following table presents the aggregate contractual or notional amounts, as well as the fair values of the Company’s derivative instruments as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | Notional or | Derivative | Derivative | Notional or | Derivative | Derivative | |||||||||||||||||||
Contractual | Assets | Liabilities | Contractual | Assets | Liabilities | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | 3,453 | $ | 43 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
IRLCs | 3,677 | — | 41 | 14,841 | 144 | 16 | |||||||||||||||||||
Forward sale loan commitments | 4,560 | 41 | — | — | — | — | |||||||||||||||||||
Total derivatives not designated as hedges | 8,237 | 41 | 41 | 14,841 | 144 | 16 | |||||||||||||||||||
Total derivatives | $ | 11,690 | $ | 84 | $ | 41 | $ | 14,841 | $ | 144 | $ | 16 | |||||||||||||
Effect of Derivative and Hedging Activity, on Statement of Income | ' | ||||||||||||||||||||||||
The following table presents the effect of the Company’s derivative and hedging activity, if applicable, on the statement of income in the periods indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | Income Statement Location | 2013 | 2012 | 2011 | |||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Interest rate swaps | Other income | $ | — | $ | — | $ | — | ||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
IRLCs | Other income | (169 | ) | — | 160 | ||||||||||||||||||||
Forward sale loan commitments | Other income | 41 | — | — | |||||||||||||||||||||
Total derivatives not designated as hedges | (128 | ) | — | 160 | |||||||||||||||||||||
Total derivatives | $ | (128 | ) | $ | — | $ | 160 | ||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Defined SERP | ' | ||||||||||||
Net Periodic Benefit Cost | ' | ||||||||||||
The following table presents the components of the SERP’s net periodic pension cost in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Service cost | $ | 135 | $ | 153 | $ | 161 | |||||||
Interest cost | 246 | 203 | 224 | ||||||||||
Amortization of losses (gains) | 49 | 45 | — | ||||||||||
Amortization of prior service cost | 187 | 134 | 134 | ||||||||||
Net periodic cost | $ | 617 | $ | 535 | $ | 519 | |||||||
Projected Benefit Payments | ' | ||||||||||||
The following schedule presents the projected benefit payments to be paid under the SERP, by year, as of December 31, 2013: | |||||||||||||
(Amounts in thousands) | |||||||||||||
2014 | $ | 246 | |||||||||||
2015 | 246 | ||||||||||||
2016 | 246 | ||||||||||||
2017 | 377 | ||||||||||||
2018 | 377 | ||||||||||||
2019 through 2023 | 2,171 | ||||||||||||
Directors Plan | ' | ||||||||||||
Net Periodic Benefit Cost | ' | ||||||||||||
The following table presents the components of the Directors’ Plan’s net periodic pension cost in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Service cost | $ | 26 | $ | 27 | $ | 29 | |||||||
Interest cost | 41 | 39 | 43 | ||||||||||
Amortization of gains (losses) | 1 | — | — | ||||||||||
Amortization of prior service cost | 90 | 90 | 90 | ||||||||||
Net periodic cost | $ | 158 | $ | 156 | $ | 162 | |||||||
Projected Benefit Payments | ' | ||||||||||||
The following schedule presents the projected benefit payments to be paid under the Directors’ Plan, by year, as of December 31, 2013: | |||||||||||||
(Amounts in thousands) | |||||||||||||
2014 | $ | 83 | |||||||||||
2015 | 81 | ||||||||||||
2016 | 79 | ||||||||||||
2017 | 109 | ||||||||||||
2018 | 107 | ||||||||||||
2019 through 2023 | 552 |
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Pre-tax Compensation Expense and Excess Tax Benefit Recognized in Earnings | ' | ||||||||||||||||
The following table presents the pre-tax compensation expense and excess tax benefit recognized in earnings for all equity-based compensation plans in the periods indicated: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Pre-tax compensation expense | $ | 574 | $ | 206 | $ | 98 | |||||||||||
Excess tax benefit | 9 | 6 | 5 | ||||||||||||||
Assumptions Used to Estimate Fair Values of Stock Options | ' | ||||||||||||||||
The following table presents the assumptions used to estimate the fair values of stock options at the date of grant in the periods indicated. No stock options were granted in 2013 or 2012. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected volatility | — | — | 27.96 | % | |||||||||||||
Expected term (in years) | — | — | 6.18 | ||||||||||||||
Risk-free interest rate | — | — | 1.5 | % | |||||||||||||
Expected dividend yield | — | — | 3.24 | % | |||||||||||||
Weighted average fair value of options granted (per share) | $ | — | — | $ | 2.56 | ||||||||||||
Stock Option Activity | ' | ||||||||||||||||
The following table presents stock option activity under the equity-based compensation plans in the period indicated: | |||||||||||||||||
(Amounts in thousands, | Option | Weighted Average | Weighted Average | Aggregate | |||||||||||||
except share and per share data) | Shares | Exercise Price | Remaining Contractual | Intrinsic | |||||||||||||
Per Share | Term (Years) | Value | |||||||||||||||
Outstanding, January 1, 2013 | 471,880 | $ | 20.87 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | 5,850 | 13.01 | |||||||||||||||
Canceled | 91,201 | 22.98 | |||||||||||||||
Outstanding, December 31, 2013 | 374,829 | $ | 20.48 | 5.4 | $ | 529 | |||||||||||
Exercisable, December 31, 2013 | 301,369 | $ | 22.53 | 4.8 | $ | 191 | |||||||||||
Restricted Stock Activity | ' | ||||||||||||||||
The following table presents restricted stock activity under the equity-based compensation plans in the period indicated: | |||||||||||||||||
Shares | Weighted Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested, January 1, 2013 | 18,950 | $ | 12.67 | ||||||||||||||
Granted | 2,700 | 16.24 | |||||||||||||||
Vested | 6,050 | 13.23 | |||||||||||||||
Canceled | 13,000 | 12.68 | |||||||||||||||
Nonvested, December 31, 2013 | 2,600 | $ | 15.09 | ||||||||||||||
Performance Stock Activity | ' | ||||||||||||||||
The following table presents performance stock activity under the 2012 Plan in the period indicated: | |||||||||||||||||
Shares | Weighted Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested, January 1, 2013 | — | $ | — | ||||||||||||||
Granted | 80,872 | 15.75 | |||||||||||||||
Vested | 39,084 | 15.75 | |||||||||||||||
Canceled | 4,854 | 15.56 | |||||||||||||||
Nonvested, December 31, 2013 | 36,934 | $ | 15.78 | ||||||||||||||
Other_Operating_Income_and_Exp1
Other Operating Income and Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Other Operating Income | ' | ||||||||||||
The following table presents the components of other operating income in the periods indicated: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Miscellaneous income | $ | 411 | $ | 2,459 | $ | 236 | |||||||
Other (1) | 4,824 | 4,283 | 3,652 | ||||||||||
Total other operating income | $ | 5,235 | $ | 6,742 | $ | 3,888 | |||||||
-1 | Other components of other operating income do not exceed 1% of total income. | ||||||||||||
Components of Other Operating Expense | ' | ||||||||||||
The following table presents the components of other operating expense in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Service fees | $ | 3,157 | $ | 3,736 | $ | 2,941 | |||||||
Professional fees | 2,564 | 1,912 | 1,554 | ||||||||||
Telephone and data communications | 1,707 | 1,548 | 1,616 | ||||||||||
Advertising and public relations | 1,686 | 1,421 | 1,683 | ||||||||||
ATM processing expenses | 1,605 | 1,483 | 1,515 | ||||||||||
Premises and equipment write-downs | 1,520 | — | 131 | ||||||||||
Office supplies | 1,472 | 1,688 | 1,222 | ||||||||||
Other (1) | 9,538 | 9,402 | 9,643 | ||||||||||
Total other operating expense | $ | 23,249 | $ | 21,190 | $ | 20,305 | |||||||
-1 | Other components of other operating income do not exceed 1% of total income. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
The following table presents the components of income tax expense in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current tax expense: | |||||||||||||
Federal | $ | 12,819 | $ | 13,733 | $ | 7,101 | |||||||
State | 1,743 | 1,291 | 110 | ||||||||||
Total current tax expense | 14,562 | 15,024 | 7,211 | ||||||||||
Deferred tax (benefit) expense: | |||||||||||||
Federal | (3,136 | ) | (1,501 | ) | 1,650 | ||||||||
State | (518 | ) | 605 | 712 | |||||||||
Total deferred tax (benefit) expense | (3,654 | ) | (896 | ) | 2,362 | ||||||||
Total income tax expense | $ | 10,908 | $ | 14,128 | $ | 9,573 | |||||||
Significant Components of Net Deferred Tax Asset | ' | ||||||||||||
The following table presents the significant components of the net deferred tax asset as of the dates indicated: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 9,209 | $ | 9,857 | |||||||||
Unrealized losses on available-for-sale securities | 8,184 | 169 | |||||||||||
Unrealized asset losses | 8,018 | 8,023 | |||||||||||
Purchase accounting | 6,796 | 6,191 | |||||||||||
FDIC assisted transactions | 6,753 | 6,753 | |||||||||||
Intangible assets | 6,384 | 7,582 | |||||||||||
Deferred compensation assets | 4,224 | 4,235 | |||||||||||
Alternative minimum tax credit | 1,849 | 1,849 | |||||||||||
Other deferred tax assets | 2,670 | 2,763 | |||||||||||
Total deferred tax assets | 54,087 | 47,422 | |||||||||||
Deferred tax liabilities: | |||||||||||||
FDIC indemnification asset | 12,155 | 18,388 | |||||||||||
Fixed assets | 2,199 | 2,158 | |||||||||||
Odd days interest deferral | 1,958 | 2,028 | |||||||||||
Other | 1,066 | 1,054 | |||||||||||
Total deferred tax liabilities | 17,378 | 23,628 | |||||||||||
Net deferred tax asset | $ | 36,709 | $ | 23,794 | |||||||||
Reconciliation of Statutory Federal Tax Rate and Effective Tax Rate from Continuing Operations | ' | ||||||||||||
The following table reconciles the federal statutory tax rate to the Company’s effective tax rate from continuing operations in the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
(Reduction) increase resulting from: | |||||||||||||
Tax-exempt interest | (5.14 | ) | (4.16 | ) | (6.40 | ) | |||||||
State income taxes, net of federal benefit | 2.35 | 2.35 | 2.78 | ||||||||||
Other, net | (0.33 | ) | (0.11 | ) | 0.96 | ||||||||
Effective tax rate | 31.88 | % | 33.08 | % | 32.34 | % | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Components of Accumulated Other Comprehensive Income, Net of Tax | ' | ||||||||||||||||
The following table presents the activity in accumulated other comprehensive income (“AOCI”), net of tax, by component for the periods indicated: | |||||||||||||||||
Gains (Losses) on | Unrealized Gains (Losses) | Employee | Total | ||||||||||||||
Cash Flow Hedges | on Available-for-Sale | Benefit Plan | |||||||||||||||
Securities | |||||||||||||||||
(Amounts in thousands) | |||||||||||||||||
Beginning balance, January 1, 2011 | $ | (20 | ) | $ | (11,213 | ) | $ | (957 | ) | $ | (12,190 | ) | |||||
Other comprehensive gain (loss) before reclassifications | 20 | 7,341 | (770 | ) | 6,591 | ||||||||||||
Reclassified from AOCI | — | (1,869 | ) | 140 | (1,729 | ) | |||||||||||
Net other comprehensive gain (loss) | 20 | 5,472 | (630 | ) | 4,862 | ||||||||||||
Ending balance, December 31, 2011 | $ | — | $ | (5,741 | ) | $ | (1,587 | ) | $ | (7,328 | ) | ||||||
Beginning balance, January 1, 2012 | $ | — | $ | (5,741 | ) | $ | (1,587 | ) | $ | (7,328 | ) | ||||||
Other comprehensive gain (loss) before reclassifications | — | 5,173 | (122 | ) | 5,051 | ||||||||||||
Reclassified from AOCI | — | 285 | 167 | 452 | |||||||||||||
Net other comprehensive gain | — | 5,458 | 45 | 5,503 | |||||||||||||
Ending balance, December 31, 2012 | $ | — | $ | (283 | ) | $ | (1,542 | ) | $ | (1,825 | ) | ||||||
Beginning balance, January 1, 2013 | $ | — | $ | (283 | ) | $ | (1,542 | ) | $ | (1,825 | ) | ||||||
Other comprehensive (loss) gain before reclassifications | — | (13,307 | ) | 237 | (13,070 | ) | |||||||||||
Reclassified from AOCI | — | (50 | ) | 205 | 155 | ||||||||||||
Net comprehensive (loss) gain | — | (13,357 | ) | 442 | (12,915 | ) | |||||||||||
Ending balance, December 31, 2013 | $ | — | $ | (13,640 | ) | $ | (1,100 | ) | $ | (14,740 | ) | ||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following table presents reclassifications out of AOCI by component in the periods indicated: | |||||||||||||||||
Year Ended December 31, | Income Statement | ||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | Line Item Affected | |||||||||||||
Available-for-sale securities | |||||||||||||||||
Gains realized in net income | $ | (399 | ) | $ | (483 | ) | $ | (5,264 | ) | Net gain on sale of securities | |||||||
Credit-related OTTI recognized in net income | 320 | 942 | 2,285 | Net impairment losses recognized in earnings | |||||||||||||
(79 | ) | 459 | (2,979 | ) | Income before taxes | ||||||||||||
Income tax effect | (29 | ) | 174 | (1,110 | ) | Income tax expense (benefit) | |||||||||||
(50 | ) | 285 | (1,869 | ) | Net income | ||||||||||||
Employee benefit plans | |||||||||||||||||
Amortization of prior service cost | 277 | 223 | 223 | -1 | |||||||||||||
Amortization of gains | 50 | 45 | — | -1 | |||||||||||||
327 | 268 | 223 | Income before taxes | ||||||||||||||
Income tax effect | 122 | 101 | 83 | Income tax expense (benefit) | |||||||||||||
205 | 167 | 140 | Net income | ||||||||||||||
Reclassified from AOCI, net of tax | $ | 155 | $ | 452 | $ | (1,729 | ) | Net income | |||||||||
-1 | Amortization is included in net periodic pension cost. See Note 13, “Employee Benefit Plans.” |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, segregated by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Total | Fair Value Measurements Using | ||||||||||||||||||||
(Amounts in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
U.S. Treasury securities | $ | 9,013 | $ | — | $ | 9,013 | $ | — | |||||||||||||
Municipal securities | 144,280 | — | 144,280 | — | |||||||||||||||||
Single issue trust preferred securities | 46,234 | — | 46,234 | — | |||||||||||||||||
Corporate securities | 4,871 | — | 4,871 | — | |||||||||||||||||
Agency MBS | 300,386 | — | 300,386 | — | |||||||||||||||||
Non-Agency Alt-A residential MBS | 9,789 | — | 9,789 | — | |||||||||||||||||
Equity securities | 5,247 | 251 | 4,996 | — | |||||||||||||||||
Total available-for-sale securities | $ | 519,820 | $ | 251 | $ | 519,569 | $ | — | |||||||||||||
Deferred compensation assets | $ | 4,200 | $ | 4,200 | $ | — | $ | — | |||||||||||||
Derivatives | |||||||||||||||||||||
Interest rate swaps | $ | 43 | $ | — | $ | 43 | $ | — | |||||||||||||
Forward sale loan commitments | 41 | — | 41 | — | |||||||||||||||||
Total derivative assets | $ | 84 | $ | — | $ | 84 | $ | — | |||||||||||||
Deferred compensation liabilities | $ | 4,200 | $ | 4,200 | $ | — | $ | — | |||||||||||||
Derivative liabilities | |||||||||||||||||||||
IRLCs | $ | 41 | $ | — | $ | 41 | $ | — | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
Total | Fair Value Measurements Using | ||||||||||||||||||||
(Amounts in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Municipal securities | $ | 159,217 | $ | — | $ | 159,217 | $ | — | |||||||||||||
Single issue trust preferred securities | 44,646 | — | 44,646 | — | |||||||||||||||||
Agency MBS | 315,897 | — | 315,897 | — | |||||||||||||||||
Non-Agency Alt-A residential MBS | 11,067 | — | 11,067 | — | |||||||||||||||||
Equity securities | 3,531 | 3,511 | 20 | — | |||||||||||||||||
Total available-for-sale securities | $ | 534,358 | $ | 3,511 | $ | 530,847 | $ | — | |||||||||||||
Deferred compensation assets | $ | 3,625 | $ | 3,625 | $ | — | $ | — | |||||||||||||
Derivatives | |||||||||||||||||||||
IRLCs | $ | 144 | $ | — | $ | 144 | $ | — | |||||||||||||
Deferred compensation liabilities | $ | 3,625 | $ | 3,625 | $ | — | $ | — | |||||||||||||
Derivative liabilities | |||||||||||||||||||||
IRLCs | $ | 16 | $ | — | $ | 16 | $ | — | |||||||||||||
Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||
The following tables summarize assets measured at fair value on a nonrecurring basis, segregated by the level of valuation inputs in the fair value hierarchy, in the periods indicated: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(Amounts in thousands) | Total | Fair Value Measurements Using | |||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Impaired loans not covered by loss share agreements | $ | 8,935 | — | — | $ | 8,935 | |||||||||||||||
OREO, not covered by loss share agreements | 7,180 | — | — | 7,180 | |||||||||||||||||
OREO, covered by loss share agreements | 6,433 | — | — | 6,433 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Total | Fair Value Measurements Using | ||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Impaired loans not covered by loss share agreements | $ | 8,192 | — | — | $ | 8,192 | |||||||||||||||
OREO, not covered by loss share agreements | 5,704 | — | — | 5,704 | |||||||||||||||||
OREO, covered by loss share agreements | 3,255 | — | — | 3,255 | |||||||||||||||||
Quantitative Information for Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents quantitative information for assets measured at fair value on a nonrecurring basis using Level 3 valuation inputs as of December 31, 2013: | |||||||||||||||||||||
Valuation Technique | Unobservable Input | Range | |||||||||||||||||||
(Weighted Average) | |||||||||||||||||||||
Impaired loans | Discounted appraisals (1) | Appraisal adjustments (2) | 6% to 100% (47%) | ||||||||||||||||||
OREO, not covered by loss share agreements | Discounted appraisals (1) | Appraisal adjustments (2) | 0% to 65% (34%) | ||||||||||||||||||
OREO, covered by loss share agreements | Discounted appraisals (1) | Appraisal adjustments (2) | 4% to 70% (41%) | ||||||||||||||||||
-1 | Fair value is generally based on appraisals of the underlying collateral. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. | ||||||||||||||||||||
Carrying Amount and Fair Value of Company's Financial Instruments | ' | ||||||||||||||||||||
The following tables present the carrying amount and fair value of the Company’s financial instruments, segregated by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | ||||||||||||||||||||
(Amounts in thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 56,567 | $ | 56,567 | $ | 56,567 | $ | — | $ | — | |||||||||||
Available-for-sale securities | 519,820 | 519,820 | 251 | 519,569 | — | ||||||||||||||||
Held-to-maturity securities | 568 | 579 | — | 579 | — | ||||||||||||||||
Loans held for sale | 883 | 883 | — | 883 | — | ||||||||||||||||
Loans held for investment less allowance | 1,686,644 | 1,655,430 | — | — | 1,655,430 | ||||||||||||||||
FDIC indemnification asset | 34,691 | 34,691 | — | — | 34,691 | ||||||||||||||||
Accrued interest receivable | 7,521 | 7,521 | — | 7,521 | — | ||||||||||||||||
Derivative financial assets | 84 | 84 | — | 84 | — | ||||||||||||||||
Deferred compensation assets | 4,200 | 4,200 | 4,200 | — | — | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Demand deposits | $ | 339,680 | $ | 339,680 | $ | — | $ | 339,680 | $ | — | |||||||||||
Interest-bearing demand deposits | 361,821 | 361,821 | — | 361,821 | — | ||||||||||||||||
Savings deposits | 524,010 | 524,010 | — | 524,010 | — | ||||||||||||||||
Time deposits | 725,231 | 728,999 | — | 728,999 | — | ||||||||||||||||
Securities sold under agreements to repurchase | 118,308 | 121,320 | — | 121,320 | — | ||||||||||||||||
Accrued interest payable | 2,169 | 2,169 | — | 2,169 | — | ||||||||||||||||
FHLB and other indebtedness | 166,088 | 178,031 | — | 178,031 | — | ||||||||||||||||
Derivative financial liabilities | 41 | 41 | — | 41 | — | ||||||||||||||||
Deferred compensation liabilities | 4,200 | 4,200 | 4,200 | — | — | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | ||||||||||||||||||||
(Amounts in thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 144,847 | $ | 144,847 | $ | 144,847 | $ | — | $ | — | |||||||||||
Available-for-sale securities | 534,358 | 534,358 | 3,511 | 530,847 | — | ||||||||||||||||
Held-to-maturity securities | 816 | 832 | — | 832 | — | ||||||||||||||||
Loans held for sale | 6,672 | 6,774 | — | 6,774 | — | ||||||||||||||||
Loans held for investment less allowance | 1,698,883 | 1,702,128 | — | — | 1,702,128 | ||||||||||||||||
FDIC indemnification asset | 48,149 | 48,149 | — | — | 48,149 | ||||||||||||||||
Accrued interest receivable | 7,842 | 7,842 | — | 7,842 | — | ||||||||||||||||
Derivative financial assets | 144 | 144 | — | 144 | — | ||||||||||||||||
Deferred compensation assets | 3,625 | 3,625 | 3,625 | — | — | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Demand deposits | $ | 343,352 | $ | 343,352 | $ | — | $ | 343,352 | $ | — | |||||||||||
Interest-bearing demand deposits | 353,321 | 353,321 | — | 353,321 | — | ||||||||||||||||
Savings deposits | 500,276 | 500,276 | — | 500,276 | — | ||||||||||||||||
Time deposits | 833,226 | 842,331 | — | 842,331 | — | ||||||||||||||||
Securities sold under agreements to repurchase | 136,118 | 142,417 | — | 142,417 | — | ||||||||||||||||
Accrued interest payable | 2,481 | 2,481 | — | 2,481 | — | ||||||||||||||||
FHLB and other indebtedness | 177,435 | 200,418 | — | 200,418 | — | ||||||||||||||||
Derivative financial liabilities | 16 | 16 | — | 16 | — | ||||||||||||||||
Deferred compensation liabilities | 3,625 | 3,625 | 3,625 | — | — |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Deposit and Loan Transactions with Related Parties | ' | ||||||||||||
The following table summarizes deposit transactions with related parties in the periods indicated: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Beginning balance | $ | 2,589 | $ | 3,837 | $ | 17,114 | |||||||
Increase in deposits, including new accounts | 907 | 311 | 1,294 | ||||||||||
Decrease in deposits, including closed accounts | (574 | ) | (1,559 | ) | (14,571 | ) | |||||||
Ending balance | $ | 2,922 | $ | 2,589 | $ | 3,837 | |||||||
The following table summarizes loan transactions with related parties in the periods indicated: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Beginning balance | $ | 16,617 | $ | 18,406 | $ | 12,459 | |||||||
Increase in existing loans, including new loans | 2,037 | 2,580 | 10,079 | ||||||||||
Decrease in existing loans, including loans paid off | (1,473 | ) | (4,369 | ) | (4,132 | ) | |||||||
Ending balance | $ | 17,181 | $ | 16,617 | $ | 18,406 | |||||||
Litigation_Commitments_and_Con1
Litigation, Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Off-Balance Sheet Financial Instruments | ' | ||||||||
The following table presents the Company’s off-balance sheet financial instruments as of the dates indicated: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Amounts in thousands) | |||||||||
Commitments to extend credit | $ | 216,179 | $ | 215,770 | |||||
Commitments related to secondary market mortgage loans | 3,677 | 14,840 | |||||||
Standby letters of credit and financial guarantees | 4,193 | 6,810 | |||||||
Total off-balance sheet risk | $ | 224,049 | $ | 237,420 | |||||
Reserve for unfunded commitments | $ | 326 | $ | 326 |
Regulatory_Capital_Requirement1
Regulatory Capital Requirements and Restrictions (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Company's and Bank's Capital Ratios | ' | ||||||||||||||||||||||||
The following table presents the Company’s and the Bank’s capital ratios as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
First Community Bancshares, Inc. | $ | 270,636 | 16.44 | % | $ | 131,694 | 8 | % | N/A | N/A | |||||||||||||||
First Community Bank | 236,699 | 14.55 | % | 130,141 | 8 | % | $ | 162,676 | 10 | % | |||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
First Community Bancshares, Inc. | 250,012 | 15.19 | % | 65,847 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | 216,314 | 13.3 | % | 65,070 | 4 | % | 97,606 | 6 | % | ||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | |||||||||||||||||||||||||
First Community Bancshares, Inc. | 250,012 | 9.95 | % | 100,489 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | 216,314 | 8.63 | % | 100,219 | 4 | % | 125,274 | 5 | % | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
First Community Bancshares, Inc. | $ | 282,729 | 16.7 | % | $ | 135,441 | 8 | % | N/A | N/A | |||||||||||||||
First Community Bank | 255,219 | 15.23 | % | 134,087 | 8 | % | $ | 167,609 | 10 | % | |||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
First Community Bancshares, Inc. | 261,467 | 15.44 | % | 67,720 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | 234,226 | 13.97 | % | 67,043 | 4 | % | 100,565 | 6 | % | ||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | |||||||||||||||||||||||||
First Community Bancshares, Inc. | 261,467 | 9.96 | % | 104,974 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | 234,226 | 8.98 | % | 104,304 | 4 | % | 130,381 | 5 | % |
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Balance Sheets | ' | ||||||||||||
The following table presents condensed financial information for the parent company as of the dates and in the periods indicated: | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 10,872 | $ | 12,476 | |||||||||
Securities available for sale | 13,335 | 11,053 | |||||||||||
Investment in subsidiary | 310,748 | 343,911 | |||||||||||
Other assets | 9,697 | 4,541 | |||||||||||
Total assets | $ | 344,652 | $ | 371,981 | |||||||||
Liabilities | |||||||||||||
Other borrowings | $ | 582 | $ | 194 | |||||||||
Subordinated debt | 15,464 | 15,464 | |||||||||||
Total liabilities | 16,046 | 15,658 | |||||||||||
Stockholders’ Equity | |||||||||||||
Preferred stock | 15,251 | 17,421 | |||||||||||
Common stock | 20,493 | 20,343 | |||||||||||
Additional paid-in capital | 215,663 | 213,829 | |||||||||||
Retained earnings | 124,535 | 111,627 | |||||||||||
Treasury stock | (33,887 | ) | (6,458 | ) | |||||||||
Accumulated other comprehensive loss | (13,449 | ) | (439 | ) | |||||||||
Total stockholders’ equity | 328,606 | 356,323 | |||||||||||
Total liabilities and stockholders’ equity | $ | 344,652 | $ | 371,981 | |||||||||
Condensed Statements of Income | ' | ||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash dividends received from subsidiary bank | $ | 43,900 | $ | 8,105 | $ | — | |||||||
Other income | 726 | 445 | 2,227 | ||||||||||
Operating expense | (1,647 | ) | (1,318 | ) | (1,796 | ) | |||||||
Income tax expense | 368 | (55 | ) | (150 | ) | ||||||||
Equity in undistributed earnings of subsidiary | (20,035 | ) | 21,400 | 19,747 | |||||||||
Net income | 23,312 | 28,577 | 20,028 | ||||||||||
Dividends on preferred stock | 1,024 | 1,058 | 703 | ||||||||||
Net income available to common shareholders | $ | 22,288 | $ | 27,519 | $ | 19,325 | |||||||
Condensed Statements of Cash Flows | ' | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Operating activities | |||||||||||||
Net income | $ | 23,312 | $ | 28,577 | $ | 20,028 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiary | 20,035 | (21,400 | ) | (19,747 | ) | ||||||||
Gain on sale of securities | (193 | ) | (49 | ) | (139 | ) | |||||||
(Increase) decrease in other assets | (5,293 | ) | 123 | (1,529 | ) | ||||||||
Increase (decrease) in other liabilities | 333 | 588 | (5,748 | ) | |||||||||
(Increase) decrease in other operating activities | (106 | ) | (58 | ) | 776 | ||||||||
Net cash provided by (used in) operating activities | 38,088 | 7,781 | (6,359 | ) | |||||||||
Investing activities | |||||||||||||
Proceeds from sales of securities available-for-sale | 3,380 | 2,151 | 2,636 | ||||||||||
Payments to acquire securities available-for-sale | (5,000 | ) | (5,137 | ) | (6 | ) | |||||||
Investment in subsidiary | — | — | (570 | ) | |||||||||
Net cash (used in) provided by investing activities | (1,620 | ) | (2,986 | ) | 2,060 | ||||||||
Financing activities | |||||||||||||
Proceeds from issuance of preferred stock | — | — | 18,802 | ||||||||||
Proceeds from stock options exercised | 789 | 144 | 32 | ||||||||||
Payments for repurchase of treasury stock | (28,421 | ) | (1,012 | ) | (904 | ) | |||||||
Payments for repurchase of warrants | — | — | (30 | ) | |||||||||
Payments of common dividends | (9,476 | ) | (8,162 | ) | (7,155 | ) | |||||||
Payments of preferred dividends | (992 | ) | (1,120 | ) | (558 | ) | |||||||
Proceeds from other financing activities | 28 | 137 | 100 | ||||||||||
Net cash (used in) provided by financing activities | (38,072 | ) | (10,013 | ) | 10,287 | ||||||||
Net (decrease) increase in cash and cash equivalents | (1,604 | ) | (5,218 | ) | 5,988 | ||||||||
Cash and cash equivalents at beginning of year | 12,476 | 17,694 | 11,706 | ||||||||||
Cash and cash equivalents at end of year | $ | 10,872 | $ | 12,476 | $ | 17,694 | |||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Quarterly Earnings | ' | ||||||||||||||||
The following table presents selected financial data by quarter for the periods indicated: | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
(Amounts in thousands, except share and per share data) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Interest income | $ | 28,004 | $ | 27,412 | $ | 26,696 | $ | 27,364 | |||||||||
Interest expense | 4,642 | 4,550 | 4,370 | 4,272 | |||||||||||||
Net interest income | 23,362 | 22,862 | 22,326 | 23,092 | |||||||||||||
Provision for loan losses | 1,142 | 3,205 | 2,333 | 1,528 | |||||||||||||
Net interest income after provision for loan losses | 22,220 | 19,657 | 19,993 | 21,564 | |||||||||||||
Other income | 7,744 | 6,735 | 8,150 | 6,743 | |||||||||||||
Net gain (loss) on sale of securities | 117 | 113 | (39 | ) | 208 | ||||||||||||
Other expenses | 19,544 | 18,533 | 20,153 | 20,755 | |||||||||||||
Income before income taxes | 10,537 | 7,972 | 7,951 | 7,760 | |||||||||||||
Income tax | 3,396 | 2,537 | 2,539 | 2,436 | |||||||||||||
Net income | 7,141 | 5,435 | 5,412 | 5,324 | |||||||||||||
Dividends on preferred stock | 258 | 253 | 261 | 252 | |||||||||||||
Net income available to common shareholders | $ | 6,883 | $ | 5,182 | $ | 5,151 | $ | 5,072 | |||||||||
Basic earnings per common share | $ | 0.34 | $ | 0.26 | $ | 0.26 | $ | 0.27 | |||||||||
Diluted earnings per common share | 0.34 | 0.26 | 0.26 | 0.26 | |||||||||||||
Dividend per common share | 0.12 | 0.12 | 0.12 | 0.12 | |||||||||||||
Weighted average basic shares outstanding | 20,032,694 | 19,997,991 | 20,008,861 | 19,136,317 | |||||||||||||
Weighted average diluted shares outstanding | 21,258,490 | 21,205,078 | 21,123,788 | 20,233,737 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
(Amounts in thousands, except share and per share data) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Interest income | $ | 22,682 | $ | 24,182 | $ | 31,536 | $ | 31,256 | |||||||||
Interest expense | 4,705 | 4,698 | 5,077 | 5,120 | |||||||||||||
Net interest income | 17,977 | 19,484 | 26,459 | 26,136 | |||||||||||||
Provision for loan losses | 922 | 1,620 | 1,916 | 1,220 | |||||||||||||
Net interest income after provision for loan losses | 17,055 | 17,864 | 24,543 | 24,916 | |||||||||||||
Other income | 7,940 | 8,352 | 10,935 | 9,000 | |||||||||||||
Net gain (loss) on sale of securities | 51 | (9 | ) | 228 | 213 | ||||||||||||
Other expenses | 16,193 | 20,132 | 20,325 | 21,733 | |||||||||||||
Income before income taxes | 8,853 | 6,075 | 15,381 | 12,396 | |||||||||||||
Income tax | 2,852 | 1,997 | 5,322 | 3,957 | |||||||||||||
Net income | 6,001 | 4,078 | 10,059 | 8,439 | |||||||||||||
Dividends on preferred stock | 283 | 283 | 220 | 272 | |||||||||||||
Net income available to common shareholders | $ | 5,718 | $ | 3,795 | $ | 9,839 | $ | 8,167 | |||||||||
Basic earnings per common share | $ | 0.32 | $ | 0.2 | $ | 0.49 | $ | 0.41 | |||||||||
Diluted earnings per common share | 0.31 | 0.21 | 0.47 | 0.4 | |||||||||||||
Dividend per common share | 0.1 | 0.11 | 0.11 | 0.11 | |||||||||||||
Weighted average basic shares outstanding | 17,849,376 | 18,561,714 | 20,013,264 | 20,063,873 | |||||||||||||
Weighted average diluted shares outstanding | 19,158,179 | 19,872,106 | 21,329,612 | 21,314,023 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Assets managed by the Company | 706,000,000 | ' | ' |
Assets | 2,602,514,000 | 2,728,867,000 | ' |
Number of business segment | 1 | ' | ' |
Carrying value and maximum potential loss exposure of VIEs | 2,890,000 | 3,040,000 | ' |
Special assets staff reviews loans, amount | 250,000 | ' | ' |
Loan payments delinquency period beyond which loan is considered non-accrual | '90 days | ' | ' |
TDRs evaluated for specific reserve based on collateral or net present value method | 250,000 | ' | ' |
TDRs subject to resrve based on historical loss rate | 250,000 | ' | ' |
Operating lease term | '20 years | ' | ' |
Reporting units | 2 | ' | ' |
Carrying value and maximum potential loss of equity investments | 786,000 | 782,000 | ' |
Each share convertible into shares | 69 | ' | ' |
Minimum time for conversion | '5 years | ' | ' |
Date for redeem shares at face value | 20-May-14 | ' | ' |
Series A Preferred Stock | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Dividend Rate | 6.00% | ' | ' |
Number of Series A Noncumulative Preferred Stock Shares | 15,251 | 17,421 | 18,921 |
Investment in FHLB of Atlanta | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Investment owned, at cost | 10,720,000 | 11,300,000 | ' |
FRB Richmond Stock | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Investment owned, at cost | 5,580,000 | 5,570,000 | ' |
Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Loan delinquent period | '30 days | ' | ' |
Long-term investments in various entities, ownership interests | 20.00% | ' | ' |
Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Long-term investments in various entities, ownership interests | 50.00% | ' | ' |
Furniture, Fixtures and Equipment | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful life | '5 years | ' | ' |
Furniture, Fixtures and Equipment | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful life | '10 years | ' | ' |
Software, Hardware, and Data Handling Equipment | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful life | '3 years | ' | ' |
Software, Hardware, and Data Handling Equipment | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful life | '5 years | ' | ' |
Building and Building Improvements | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful life | '10 years | ' | ' |
Building and Building Improvements | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful life | '40 years | ' | ' |
Land Improvements | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful life | '20 years | ' | ' |
Consumer Loan | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Loans charged against the allowance for loan losses, past due days | '120 days | ' | ' |
Consumer Loan | Residential Real Estate | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Loans charged against the allowance for loan losses, past due days | '180 days | ' | ' |
Consumer Loan | Unsecured Loan | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Loans charged against the allowance for loan losses, past due days | '90 days | ' | ' |
Other Loans | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Loans charged against the allowance for loan losses, past due days | '120 days | ' | ' |
First Community Bank | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations the Company provides services | 71 | ' | ' |
GreenPoint Insurance Group | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations the Company provides services | 9 | ' | ' |
Calculation_for_Basic_and_Dilu
Calculation for Basic and Diluted Earnings per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Calculation For Basic And Diluted Earnings Per Common Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $5,324 | $5,412 | $5,435 | $7,141 | $8,439 | $10,059 | $4,078 | $6,001 | $23,312 | $28,577 | $20,028 |
Dividends on preferred stock | 252 | 261 | 253 | 258 | 272 | 220 | 283 | 283 | 1,024 | 1,058 | 703 |
Net income available to common shareholders | $5,072 | $5,151 | $5,182 | $6,883 | $8,167 | $9,839 | $3,795 | $5,718 | $22,288 | $27,519 | $19,325 |
Weighted average number of common shares outstanding, basic | 19,136,317 | 20,008,861 | 19,997,991 | 20,032,694 | 20,063,873 | 20,013,264 | 18,561,714 | 17,849,376 | 19,792,099 | 19,127,065 | 17,877,421 |
Convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,132,998 | 1,285,848 | 808,367 |
Contingently issuable shares | ' | ' | ' | ' | ' | ' | ' | ' | 12,352 | ' | ' |
Weighted average number of common shares outstanding, diluted | 20,233,737 | 21,123,788 | 21,205,078 | 21,258,490 | 21,314,023 | 21,329,612 | 19,872,106 | 19,158,179 | 20,961,800 | 20,419,569 | 18,687,521 |
Basic earnings per common share | $0.27 | $0.26 | $0.26 | $0.34 | $0.41 | $0.49 | $0.20 | $0.32 | $1.13 | $1.44 | $1.08 |
Diluted earnings per common share | $0.26 | $0.26 | $0.26 | $0.34 | $0.40 | $0.47 | $0.21 | $0.31 | $1.11 | $1.40 | $1.07 |
Total potential antidilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 317,691 | 420,802 | 395,476 |
Stock Option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Calculation For Basic And Diluted Earnings Per Common Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock attributable to share based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 19,337 | 4,549 | 1,390 |
Total potential antidilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 317,420 | 420,802 | 393,133 |
Restricted Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Calculation For Basic And Diluted Earnings Per Common Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock attributable to share based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 5,014 | 2,107 | 343 |
Total potential antidilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 271 | ' | 2,343 |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 31-May-12 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 08, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Peoples Bank of Virginia | Waccamaw Bank | Waccamaw Bank | Waccamaw Bank | Insurance Services | Insurance Services | Insurance Services | Greenpoint | Greenpoint | Greenpoint | |||||
Branch | Branch | Entity | Entity | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating branches | ' | ' | ' | ' | 4 | 16 | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held on acquisition date by acquiree | ' | ' | ' | ' | $275,760,000 | ' | ' | $500,640,000 | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | 184,840,000 | ' | ' | 318,350,000 | ' | ' | ' | ' | ' | ' |
Deposit held on acquisition date by acquiree | ' | ' | ' | ' | 232,750,000 | ' | ' | 414,130,000 | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | 40,280,000 | ' | ' | ' | 150,000 | ' | ' | 944,000 | 58,239,000 | 680,000 |
Common stock valued | ' | ' | ' | ' | 26,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash consideration of common stock | ' | ' | ' | ' | 12,260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 2,157,005 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | ' | ' | ' | ' | $12.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received | ' | ' | ' | ' | $6.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' | $1.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions to goodwill | 105,455,000 | 104,866,000 | 83,056,000 | 84,914,000 | 10,320,000 | ' | ' | 10,620,000 | ' | ' | ' | ' | ' | ' |
FDIC loan and foreclosed real estate losses | ' | ' | ' | ' | ' | 80.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' |
Indemnification asset recorded at acquisition | ' | ' | ' | ' | ' | ' | ' | 49,760,000 | ' | ' | ' | ' | ' | ' |
Number of insurance agencies acquired | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Additional cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | 253,000 | ' | ' | ' | ' | ' |
Goodwill and intangible asset added from acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 324,000 | ' | ' | ' | ' | ' |
Cash received from sale of insurance agencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,575,000 |
Number of insurance agencies sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Earn-out payments related to acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | $442,000 | $692,000 | $680,000 | ' | ' | ' |
Net_Cash_Acquired_Paid_in_Acqu
Net Cash (Acquired) Paid in Acquisitions and Divestitures (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair value of assets and liabilities acquired: | ' | ' | ' |
Net cash paid (acquired) in acquisitions | $697 | ($152,283) | ($835) |
Greenpoint | ' | ' | ' |
Fair value of assets and liabilities acquired: | ' | ' | ' |
Investments | ' | 62,919 | ' |
Loans | 281 | 419,320 | ' |
Premises and equipment | ' | 7,535 | ' |
Other assets | ' | 255,924 | ' |
Deposits | ' | -649,184 | ' |
Other liabilities | ' | -60,085 | ' |
Purchase price in excess of net assets acquired | 663 | 21,810 | 680 |
Total purchase price | 944 | 58,239 | 680 |
Non-cash purchase price | 247 | 26,469 | ' |
Cash acquired | ' | 184,053 | ' |
Net cash paid (acquired) in acquisitions | 697 | -152,283 | 680 |
Book value of assets sold | ' | ' | -1,678 |
Book value of liabilities sold | ' | ' | 170 |
Sales price in excess of net liabilities assumed | ' | ' | -67 |
Total sales price | ' | ' | -1,575 |
Cash sold | ' | ' | ' |
Amount due remaining on books | ' | ' | 60 |
Net cash acquired in divestitures | ' | ' | ($1,515) |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Available-For-Sale Securities, Including Gross Unrealized Gains and Losses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $541,642 | $534,810 | ||
Unrealized Gains | 4,467 | 14,408 | ||
Unrealized Losses | -26,289 | -14,860 | ||
Fair Value | 519,820 | 534,358 | ||
OTTI in AOCI | -2,754 | [1] | -3,148 | [1] |
Municipal securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 147,049 | 151,119 | ||
Unrealized Gains | 1,868 | 8,195 | ||
Unrealized Losses | -4,637 | -97 | ||
Fair Value | 144,280 | 159,217 | ||
Single Issue Trust Preferred Securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 55,764 | 55,707 | ||
Unrealized Losses | -9,530 | -11,061 | ||
Fair Value | 46,234 | 44,646 | ||
Mortgage-backed securities Agency | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 306,319 | 310,323 | ||
Unrealized Gains | 2,575 | 6,023 | ||
Unrealized Losses | -8,508 | -449 | ||
Fair Value | 300,386 | 315,897 | ||
Mortgage-backed securities Non-Agency Alt-A residential | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 12,543 | 14,215 | ||
Unrealized Losses | -2,754 | -3,148 | ||
Fair Value | 9,789 | 11,067 | ||
OTTI in AOCI | -2,754 | [1] | -3,148 | [1] |
Total Mortgage Backed Securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 318,862 | 324,538 | ||
Unrealized Gains | 2,575 | 6,023 | ||
Unrealized Losses | -11,262 | -3,597 | ||
Fair Value | 310,175 | 326,964 | ||
OTTI in AOCI | -2,754 | [1] | -3,148 | [1] |
Equity Securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 5,259 | 3,446 | ||
Unrealized Gains | 24 | 190 | ||
Unrealized Losses | -36 | -105 | ||
Fair Value | 5,247 | 3,531 | ||
US Treasury Securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 9,708 | ' | ||
Unrealized Losses | -695 | ' | ||
Fair Value | 9,013 | ' | ||
Corporate securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 5,000 | ' | ||
Unrealized Losses | -129 | ' | ||
Fair Value | $4,871 | ' | ||
[1] | Other-than-temporary impairment in accumulated other comprehensive income |
Amortized_Cost_Fair_Value_and_
Amortized Cost, Fair Value, and Weighted-Average Yield of Securities by Contractual Maturity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Available-for-Sale | ' | ' | |
Due within one year, Amortized cost | $1,386 | ' | |
Due after one year but within five years, Amortized cost | 14,227 | ' | |
Due after five years but within ten years, Amortized cost | 196,906 | ' | |
Due after ten years, Amortized cost | 5,002 | ' | |
Amortized cost | 541,642 | ' | |
Amortized Cost | 541,642 | 534,810 | |
Tax equivalent purchase yield | 3.01% | ' | |
Average contractual maturity (in years) | '11 years 3 months | ' | |
Due within one year, Fair value | 1,393 | ' | |
Due after one year but within five years, Fair value | 14,557 | ' | |
Due after five years but within ten years, Fair value | 184,474 | ' | |
Due after ten years, Fair value | 3,974 | ' | |
Fair Value | 519,820 | 534,358 | |
Due within one year, tax equivalent purchase yield | 3.85% | [1] | ' |
Due after one year through five years, tax equivalent purchase yield | 5.69% | [1] | ' |
Due after five years through ten years, tax equivalent purchase yield | 3.63% | [1] | ' |
Due after ten years, tax equivalent purchase yield | 1.15% | [1] | ' |
Held-to-Maturity | ' | ' | |
Total amortized cost | 568 | 816 | |
Fair Value | 579 | 832 | |
Due within one year, tax equivalent purchase yield | 8.05% | [1] | ' |
Due after one year through five years, tax equivalent purchase yield | 8.17% | [1] | ' |
Due after five years through ten years, tax equivalent purchase yield | ' | [1] | ' |
Due after ten years, tax equivalent purchase yield | ' | [1] | ' |
US Treasury Securities | ' | ' | |
Available-for-Sale | ' | ' | |
Due after five years but within ten years, Amortized cost | 9,708 | ' | |
Tax equivalent purchase yield | 2.09% | ' | |
Average contractual maturity (in years) | '9 years 4 months 17 days | ' | |
Due after five years but within ten years, Fair value | 9,013 | ' | |
Municipal securities | ' | ' | |
Available-for-Sale | ' | ' | |
Due within one year, Amortized cost | 1,386 | ' | |
Due after one year but within five years, Amortized cost | 14,227 | ' | |
Due after five years but within ten years, Amortized cost | 131,436 | ' | |
Tax equivalent purchase yield | 4.76% | ' | |
Average contractual maturity (in years) | '10 years 5 months 1 day | ' | |
Due within one year, Fair value | 1,393 | ' | |
Due after one year but within five years, Fair value | 14,557 | ' | |
Due after five years but within ten years, Fair value | 128,330 | ' | |
Held-to-Maturity | ' | ' | |
Due within one year, Amortized cost | 190 | ' | |
Due after one year but within five years, Amortized cost | 378 | ' | |
Due after five years but within ten years, Amortized cost | ' | ' | |
Due after ten years, Amortized cost | ' | ' | |
Total amortized cost | 568 | ' | |
Tax equivalent purchase yield | 8.13% | ' | |
Average contractual maturity (in years) | '1 year 3 months 29 days | ' | |
Due within one year, Fair value | 193 | ' | |
Due after one year but within five years, Fair value | 386 | ' | |
Due after five years but within ten years, Fair value | ' | ' | |
Due after ten years, Fair value | ' | ' | |
Fair Value | 579 | ' | |
Corporate securities | ' | ' | |
Available-for-Sale | ' | ' | |
Due after five years but within ten years, Amortized cost | 55,762 | ' | |
Due after ten years, Amortized cost | 5,002 | ' | |
Tax equivalent purchase yield | 1.34% | ' | |
Average contractual maturity (in years) | '13 years 6 months 18 days | ' | |
Due after five years but within ten years, Fair value | 47,131 | ' | |
Due after ten years, Fair value | 3,974 | ' | |
Total Mortgage Backed Securities | ' | ' | |
Available-for-Sale | ' | ' | |
Amortized Cost | 318,862 | 324,538 | |
Tax equivalent purchase yield | 2.50% | [1] | ' |
Fair Value | 310,175 | 326,964 | |
Equity Securities | ' | ' | |
Available-for-Sale | ' | ' | |
Amortized Cost | 5,259 | 3,446 | |
Tax equivalent purchase yield | 4.92% | [1] | ' |
Fair Value | 5,247 | 3,531 | |
Debt Securities | ' | ' | |
Available-for-Sale | ' | ' | |
Amortized cost | 217,521 | ' | |
Fair Value | 204,398 | ' | |
Debt Securities | US Treasury Securities | ' | ' | |
Available-for-Sale | ' | ' | |
Amortized cost | 9,708 | ' | |
Fair Value | 9,013 | ' | |
Debt Securities | Municipal securities | ' | ' | |
Available-for-Sale | ' | ' | |
Amortized cost | 147,049 | ' | |
Fair Value | 144,280 | ' | |
Debt Securities | Corporate securities | ' | ' | |
Available-for-Sale | ' | ' | |
Amortized cost | 60,764 | ' | |
Fair Value | $51,105 | ' | |
[1] | Fully taxable equivalent at the rate of 35%. |
Amortized_Cost_Fair_Value_and_1
Amortized Cost, Fair Value, and Weighted-Average Yield of Securities by Contractual Maturity (Parenthetical) (Detail) | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fully taxable equivalent at rate | 35.00% |
Amortized_Cost_and_Fair_Value_1
Amortized Cost and Fair Value of Municipal Securities by State, Including Gross Unrealized Gains and Losses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $568 | $816 |
Unrealized Gains | 11 | 16 |
Unrealized Losses | ' | ' |
Fair Value | 579 | 832 |
Amortized Cost | 541,642 | 534,810 |
Unrealized Gains | 4,467 | 14,408 |
Unrealized Losses | -26,289 | -14,860 |
Fair Value | 519,820 | 534,358 |
Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 100.00% | 100.00% |
Amortized Cost | 147,617 | 151,935 |
Unrealized Gains | 1,879 | 8,211 |
Unrealized Losses | -4,637 | -97 |
Fair Value | 144,859 | 160,049 |
New York | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 11.34% | 11.04% |
Amortized Cost | 16,161 | 16,552 |
Unrealized Gains | 294 | 1,114 |
Unrealized Losses | -28 | ' |
Fair Value | 16,427 | 17,666 |
Wisconsin | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 7.83% | 8.66% |
Amortized Cost | 11,815 | 13,266 |
Unrealized Gains | 118 | 602 |
Unrealized Losses | -584 | ' |
Fair Value | 11,349 | 13,868 |
Minnesota | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 8.56% | 8.61% |
Amortized Cost | 12,504 | 12,990 |
Unrealized Gains | 174 | 798 |
Unrealized Losses | -279 | -4 |
Fair Value | 12,399 | 13,784 |
New Jersey | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 8.18% | 8.01% |
Amortized Cost | 11,565 | 11,940 |
Unrealized Gains | 306 | 874 |
Unrealized Losses | -25 | ' |
Fair Value | 11,846 | 12,814 |
Connecticut | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 7.86% | 7.72% |
Amortized Cost | 11,406 | 11,693 |
Unrealized Gains | 91 | 660 |
Unrealized Losses | -109 | ' |
Fair Value | 11,388 | 12,353 |
Texas | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 6.24% | 7.42% |
Amortized Cost | 9,483 | 11,416 |
Unrealized Gains | 134 | 470 |
Unrealized Losses | -576 | -16 |
Fair Value | 9,041 | 11,870 |
Ohio | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 7.45% | 7.31% |
Amortized Cost | 11,299 | 11,147 |
Unrealized Gains | 135 | 575 |
Unrealized Losses | -637 | -21 |
Fair Value | 10,797 | 11,701 |
Massachusetts | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 6.85% | 6.98% |
Amortized Cost | 10,102 | 10,531 |
Unrealized Gains | 119 | 642 |
Unrealized Losses | -295 | -3 |
Fair Value | 9,926 | 11,170 |
Other | Municipal Securities by State | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Percent of Municipal Portfolio | 35.68% | 34.25% |
Amortized Cost | 53,282 | 52,400 |
Unrealized Gains | 508 | 2,476 |
Unrealized Losses | -2,104 | -53 |
Fair Value | 51,686 | 54,823 |
Municipal securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 568 | 816 |
Unrealized Gains | 11 | 16 |
Unrealized Losses | ' | ' |
Fair Value | $579 | $832 |
AvailableForSale_Securities_in
Available-For-Sale Securities in Continuous Unrealized Loss Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $190,857 | $83,739 |
Less than 12 Months, Unrealized Losses | -9,356 | -571 |
12 Months or Longer, Fair Value | 114,798 | 55,835 |
12 Months or Longer, Unrealized Losses | -16,933 | -14,289 |
Fair Value | 305,655 | 139,574 |
Unrealized Losses | -26,289 | -14,860 |
Municipal securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 57,950 | 6,436 |
Less than 12 Months, Unrealized Losses | -4,147 | -97 |
12 Months or Longer, Fair Value | 3,049 | ' |
12 Months or Longer, Unrealized Losses | -490 | ' |
Fair Value | 60,999 | 6,436 |
Unrealized Losses | -4,637 | -97 |
Single Issue Trust Preferred Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
12 Months or Longer, Fair Value | 46,234 | 44,646 |
12 Months or Longer, Unrealized Losses | -9,530 | -11,061 |
Fair Value | 46,234 | 44,646 |
Unrealized Losses | -9,530 | -11,061 |
Mortgage-backed securities Agency | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 114,047 | 74,197 |
Less than 12 Months, Unrealized Losses | -4,361 | -449 |
12 Months or Longer, Fair Value | 55,706 | 15 |
12 Months or Longer, Unrealized Losses | -4,147 | ' |
Fair Value | 169,753 | 74,212 |
Unrealized Losses | -8,508 | -449 |
Mortgage-backed securities Non-Agency Alt-A residential | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
12 Months or Longer, Fair Value | 9,789 | 11,066 |
12 Months or Longer, Unrealized Losses | -2,754 | -3,148 |
Fair Value | 9,789 | 11,066 |
Unrealized Losses | -2,754 | -3,148 |
Total Mortgage Backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 114,047 | 74,197 |
Less than 12 Months, Unrealized Losses | -4,361 | -449 |
12 Months or Longer, Fair Value | 65,495 | 11,081 |
12 Months or Longer, Unrealized Losses | -6,901 | -3,148 |
Fair Value | 179,542 | 85,278 |
Unrealized Losses | -11,262 | -3,597 |
Equity Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 4,976 | 3,106 |
Less than 12 Months, Unrealized Losses | -24 | -25 |
12 Months or Longer, Fair Value | 20 | 108 |
12 Months or Longer, Unrealized Losses | -12 | -80 |
Fair Value | 4,996 | 3,214 |
Unrealized Losses | -36 | -105 |
US Treasury Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 9,012 | ' |
Less than 12 Months, Unrealized Losses | -695 | ' |
Fair Value | 9,012 | ' |
Unrealized Losses | -695 | ' |
Corporate securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 4,872 | ' |
Less than 12 Months, Unrealized Losses | -129 | ' |
Fair Value | 4,872 | ' |
Unrealized Losses | ($129) | ' |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Securities | Securities | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities in an unrealized loss position | 219 | 57 |
Percentage of combined depreciation of the combined reported value of the aggregate securities portfolio | 5.06% | 2.78% |
Carrying value of securities pledged | $284,770,000 | $292,880,000 |
OTTI charges incurred | $320,000 | $942,000 |
Reduced severity rate | 10.00% | ' |
Severity rate reduction period | '3 years | ' |
Continuous Loss Position More Than Twelve Months | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities in an unrealized loss position | 32 | ' |
Mortgage-backed securities Non-Agency Alt-A residential | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Voluntary constant prepayment rate | 2.00% | ' |
Constant default rate scenario | 16.00% | ' |
Severity rate | 55.00% | ' |
Companys_Gross_Gains_and_Gross
Company's Gross Gains and Gross Losses Realized from Sale of Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross realized gains | ' | ' | ' | ' | ' | ' | ' | ' | $553 | $723 | $6,963 |
Gross realized losses | ' | ' | ' | ' | ' | ' | ' | ' | -154 | -240 | -1,699 |
Net gain on sale of securities | $208 | ($39) | $113 | $117 | $213 | $228 | ($9) | $51 | $399 | $483 | $5,264 |
Cumulative_Roll_Forward_of_Cre
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities for Which Portion of OTTI Recognized in OCI (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | |||
Beginning balance | $7,478 | [1] | $6,536 | [1] | $4,251 | [1] |
Additions for credit losses on securities not previously recognized | ' | ' | ' | |||
Additions for credit losses on securities previously recognized | 320 | 942 | 2,285 | |||
Reduction for increases in cash flows | ' | ' | ' | |||
Reduction for securities management no longer intends to hold to recovery | ' | ' | ' | |||
Reduction for securities sold/realized losses | ' | ' | ' | |||
Ending balance | $7,798 | $7,478 | [1] | $6,536 | [1] | |
[1] | The beginning balance includes credit related losses included in OTTI charges recognized on debt securities in prior periods. |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Number of loan portfolio segments | 3 | ' | ' |
Deferred loan fees | $3.16 | $2.36 | $1.69 |
Customer overdraft | $1.42 | $1.55 | ' |
Summary_of_Loans_Net_of_Unearn
Summary of Loans, Net of Unearned Income (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | $1,559,039 | $1,517,547 |
Covered under loss share agreements | 151,682 | 207,106 |
Total Loans held for investment, net of unearned income | 1,710,721 | 1,724,653 |
Loans held for sale | 883 | 6,672 |
Loans held for investment, net of unearned income, percentage | 91.13% | 87.99% |
Covered loan percentage | 8.87% | 12.01% |
Loans and leases receivable net reported amount covered and not covered percentage | 100.00% | 100.00% |
Commercial Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 847,315 | 832,867 |
Loans held for investment, net of unearned income, percentage | 49.53% | 48.29% |
Commercial Loans | Construction Development And Other Land | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 35,255 | 57,434 |
Covered under loss share agreements | 15,865 | 26,595 |
Loans held for investment, net of unearned income, percentage | 2.06% | 3.33% |
Commercial Loans | Commercial and Industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 95,455 | 88,738 |
Covered under loss share agreements | 3,325 | 6,948 |
Loans held for investment, net of unearned income, percentage | 5.58% | 5.15% |
Commercial Loans | Multi-family Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 70,197 | 65,694 |
Covered under loss share agreements | 1,933 | 2,611 |
Loans held for investment, net of unearned income, percentage | 4.10% | 3.81% |
Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 135,559 | 135,912 |
Covered under loss share agreements | 7,449 | 11,428 |
Loans held for investment, net of unearned income, percentage | 7.92% | 7.88% |
Commercial Loans | Non-farm Non-residential Loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 475,911 | 448,810 |
Covered under loss share agreements | 34,646 | 48,565 |
Loans held for investment, net of unearned income, percentage | 27.82% | 26.02% |
Commercial Loans | Agricultural | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 2,324 | 1,709 |
Covered under loss share agreements | 164 | 144 |
Loans held for investment, net of unearned income, percentage | 0.14% | 0.10% |
Commercial Loans | Farmland Loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 32,614 | 34,570 |
Covered under loss share agreements | 873 | 1,091 |
Loans held for investment, net of unearned income, percentage | 1.91% | 2.00% |
Consumer Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 636,485 | 600,851 |
Loans held for investment, net of unearned income, percentage | 37.20% | 34.84% |
Consumer Real Estate | Home Equity Lines | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 111,770 | 111,081 |
Covered under loss share agreements | 69,206 | 81,445 |
Loans held for investment, net of unearned income, percentage | 6.53% | 6.44% |
Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 496,012 | 473,547 |
Covered under loss share agreements | 16,919 | 22,961 |
Loans held for investment, net of unearned income, percentage | 28.99% | 27.46% |
Consumer Real Estate | Owner Occupied Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 28,703 | 16,223 |
Covered under loss share agreements | 1,184 | 1,644 |
Loans held for investment, net of unearned income, percentage | 1.68% | 0.94% |
Consumer and Other Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 75,239 | 83,829 |
Loans held for investment, net of unearned income, percentage | 4.40% | 4.86% |
Consumer and Other Loans | Consumer Loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | 71,313 | 78,163 |
Covered under loss share agreements | 118 | 3,674 |
Loans held for investment, net of unearned income, percentage | 4.17% | 4.53% |
Consumer and Other Loans | Other Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for investment, net of unearned income | $3,926 | $5,666 |
Loans held for investment, net of unearned income, percentage | 0.23% | 0.33% |
Components_of_Covered_Loan_Por
Components of Covered Loan Portfolio, Disaggregated by Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | $151,682 | $207,106 |
Commercial Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 64,255 | 97,382 |
Commercial Loans | Construction Development And Other Land | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 15,865 | 26,595 |
Commercial Loans | Commercial and Industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 3,325 | 6,948 |
Commercial Loans | Multi-family Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 1,933 | 2,611 |
Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 7,449 | 11,428 |
Commercial Loans | Non-farm Non-residential Loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 34,646 | 48,565 |
Commercial Loans | Agricultural | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 164 | 144 |
Commercial Loans | Farmland Loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 873 | 1,091 |
Consumer Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 87,309 | 106,050 |
Consumer Real Estate | Home Equity Lines | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 69,206 | 81,445 |
Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 16,919 | 22,961 |
Consumer Real Estate | Owner Occupied Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | 1,184 | 1,644 |
Consumer and Other Loans | Consumer Loan | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans held for investment, net of unearned income | $118 | $3,674 |
Carrying_and_Contractual_Unpai
Carrying and Contractual Unpaid Principal Balance of PCI loans, by Acquisition (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Unpaid principal ending balance | $29,356 | $25,816 | ' | ' |
PCI loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Carrying value,beginning balance | 2,886 | 81,711 | ' | 3,221 |
Impaired loans acquired | 150,175 | ' | ' | ' |
Carrying value,ending balance | 141,340 | 81,711 | ' | 3,221 |
Unpaid principal ending balance | 198,343 | 128,498 | 6,824 | ' |
Peoples | PCI loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Carrying value,beginning balance | ' | 9,196 | ' | ' |
Impaired loans acquired | 32,603 | ' | ' | ' |
Carrying value,ending balance | 26,907 | 9,196 | ' | ' |
Unpaid principal ending balance | 34,644 | 17,431 | ' | ' |
Waccamaw Bank | PCI loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Carrying value,beginning balance | ' | 70,584 | ' | ' |
Impaired loans acquired | 117,572 | ' | ' | ' |
Carrying value,ending balance | 112,093 | 70,584 | ' | ' |
Unpaid principal ending balance | 157,781 | 105,677 | ' | ' |
Other | PCI loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Carrying value,beginning balance | ' | 1,931 | 2,886 | 3,221 |
Carrying value,ending balance | 2,340 | 1,931 | 2,886 | 3,221 |
Unpaid principal ending balance | $5,918 | $5,390 | $6,824 | ' |
Activity_in_Accretable_Yield_R
Activity in Accretable Yield Related to PCI loans, by Acquisition (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, accretable Yield | ' | ' | ' |
Accretable yield, Beginning Balance | $24,243 | $919 | $944 |
Additions | 429 | 29,881 | ' |
Accretion | -8,247 | -5,260 | -174 |
Reclassifications from (to) nonaccretable difference | 3,300 | 185 | 149 |
Disposals | -4,085 | -1,482 | ' |
Accretable yield, Ending Balance | 15,640 | 24,243 | 919 |
Peoples | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, accretable Yield | ' | ' | ' |
Accretable yield, Beginning Balance | 2,342 | ' | ' |
Additions | 148 | 3,400 | ' |
Accretion | -1,840 | -856 | ' |
Reclassifications from (to) nonaccretable difference | 6,155 | ' | ' |
Disposals | -1,511 | -202 | ' |
Accretable yield, Ending Balance | 5,294 | 2,342 | ' |
Waccamaw Bank | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, accretable Yield | ' | ' | ' |
Accretable yield, Beginning Balance | 21,886 | ' | ' |
Additions | 281 | 26,481 | ' |
Accretion | -6,288 | -3,315 | ' |
Reclassifications from (to) nonaccretable difference | -2,967 | ' | ' |
Disposals | -2,574 | -1,280 | ' |
Accretable yield, Ending Balance | 10,338 | 21,886 | ' |
Other | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, accretable Yield | ' | ' | ' |
Accretable yield, Beginning Balance | 15 | 919 | 944 |
Accretion | -119 | -1,089 | -174 |
Reclassifications from (to) nonaccretable difference | 112 | 185 | 149 |
Accretable yield, Ending Balance | $8 | $15 | $919 |
Recorded_Investment_and_Relate
Recorded Investment and Related Information for Loans Considered to be Impaired Excluding Purchased Credit Impaired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | $8,547 | $9,418 |
Impaired loans with a related allowance, Recorded Investment | 10,931 | 13,784 |
Total impaired loans, Recorded Investment | 19,478 | 23,202 |
Impaired loans with no related allowance, Average Recorded Investment | 15,728 | 10,397 |
Impaired loans with a related allowance, Average Recorded Investment | 12,620 | 16,780 |
Total impaired loans, Average Recorded Investment | 28,348 | 27,177 |
Impaired loans with no related allowance, Unpaid Principal balance | 9,332 | 9,906 |
Impaired loans with a related allowance, Unpaid Principal Balance | 16,484 | 19,450 |
Total impaired loans, Unpaid Principal Balance | 25,816 | 29,356 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Impaired loans with a related allowance, Related Allowance | 4,742 | 5,593 |
Total impaired loans, Related Allowance | 4,742 | 5,593 |
Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | ' | 2,916 |
Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | ' | 284 |
Impaired loans with a related allowance, Recorded Investment | ' | 3,318 |
Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with a related allowance, Recorded Investment | ' | 378 |
Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | ' | 383 |
Impaired loans with a related allowance, Recorded Investment | ' | 2,411 |
Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | ' | 5,282 |
Impaired loans with a related allowance, Recorded Investment | ' | 2,781 |
Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | ' | 276 |
Impaired loans with a related allowance, Recorded Investment | ' | 223 |
Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | ' | 277 |
Impaired loans with a related allowance, Recorded Investment | ' | 4,673 |
Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Average Recorded Investment | 3,850 | 935 |
Impaired loans with a related allowance, Average Recorded Investment | 1,057 | 69 |
Impaired loans with no related allowance, Unpaid Principal balance | ' | 2,916 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 292 | ' |
Impaired loans with a related allowance, Recorded Investment | 4,897 | ' |
Impaired loans with no related allowance, Average Recorded Investment | 698 | 320 |
Impaired loans with a related allowance, Average Recorded Investment | 4,281 | 4,510 |
Impaired loans with no related allowance, Unpaid Principal balance | 292 | 284 |
Impaired loans with a related allowance, Unpaid Principal Balance | 10,244 | 8,502 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Impaired loans with a related allowance, Related Allowance | 3,794 | 3,192 |
Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Average Recorded Investment | 18 | 517 |
Impaired loans with a related allowance, Average Recorded Investment | 94 | 143 |
Impaired loans with a related allowance, Unpaid Principal Balance | ' | 397 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Impaired loans with a related allowance, Related Allowance | ' | 18 |
Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 289 | ' |
Impaired loans with a related allowance, Recorded Investment | 375 | ' |
Impaired loans with no related allowance, Average Recorded Investment | 939 | 1,101 |
Impaired loans with a related allowance, Average Recorded Investment | 892 | 2,484 |
Impaired loans with no related allowance, Unpaid Principal balance | 317 | 684 |
Impaired loans with a related allowance, Unpaid Principal Balance | 375 | 2,460 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Impaired loans with a related allowance, Related Allowance | 47 | 996 |
Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 5,352 | ' |
Impaired loans with a related allowance, Recorded Investment | 600 | ' |
Impaired loans with no related allowance, Average Recorded Investment | 7,225 | 2,619 |
Impaired loans with a related allowance, Average Recorded Investment | 1,494 | 5,820 |
Impaired loans with no related allowance, Unpaid Principal balance | 5,682 | 5,362 |
Impaired loans with a related allowance, Unpaid Principal Balance | 600 | 2,958 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Impaired loans with a related allowance, Related Allowance | 114 | 358 |
Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 351 | ' |
Impaired loans with no related allowance, Average Recorded Investment | 370 | 93 |
Impaired loans with a related allowance, Average Recorded Investment | ' | 93 |
Impaired loans with no related allowance, Unpaid Principal balance | 363 | ' |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 257 | ' |
Impaired loans with a related allowance, Recorded Investment | 215 | ' |
Impaired loans with no related allowance, Average Recorded Investment | 454 | 370 |
Impaired loans with a related allowance, Average Recorded Investment | 304 | 150 |
Impaired loans with no related allowance, Unpaid Principal balance | 264 | 277 |
Impaired loans with a related allowance, Unpaid Principal Balance | 230 | 230 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Impaired loans with a related allowance, Related Allowance | 52 | 223 |
Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Recorded Investment | 2,006 | ' |
Impaired loans with a related allowance, Recorded Investment | 4,844 | ' |
Impaired loans with no related allowance, Average Recorded Investment | 2,156 | 4,441 |
Impaired loans with a related allowance, Average Recorded Investment | 4,498 | 3,511 |
Impaired loans with no related allowance, Unpaid Principal balance | 2,414 | 383 |
Impaired loans with a related allowance, Unpaid Principal Balance | 5,035 | 4,903 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Impaired loans with a related allowance, Related Allowance | 735 | 806 |
Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Average Recorded Investment | 15 | ' |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Impaired loans with no related allowance, Average Recorded Investment | 3 | 1 |
Impaired loans with no related allowance, Related Allowance | ' | ' |
Interest_Income_Recognized_on_
Interest Income Recognized on Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total impaired loans, Interest Income Recognized | $1,966 | ' | ' |
Interest Income | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 821 | 323 | 155 |
Impaired loans with a related allowance, Interest Income Recognized | 240 | 1,453 | 492 |
Total impaired loans, Interest Income Recognized | 1,061 | 1,776 | 647 |
Interest Income | Commercial Loans | Construction Development And Other Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 294 | 3 | ' |
Impaired loans with a related allowance, Interest Income Recognized | 117 | 1 | 9 |
Interest Income | Commercial Loans | Commercial and Industrial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 17 | 17 | 4 |
Impaired loans with a related allowance, Interest Income Recognized | 18 | 948 | 21 |
Interest Income | Commercial Loans | Multi-family Residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 3 | 4 | 24 |
Impaired loans with a related allowance, Interest Income Recognized | 7 | 3 | ' |
Interest Income | Commercial Loans | Single-family Non-owner Occupied | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 99 | 56 | 39 |
Impaired loans with a related allowance, Interest Income Recognized | 3 | 80 | 107 |
Interest Income | Commercial Loans | Non-farm, Non-residential | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 296 | 102 | 25 |
Impaired loans with a related allowance, Interest Income Recognized | 29 | 317 | 191 |
Interest Income | Commercial Loans | Farmland Loan | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 12 | ' | ' |
Interest Income | Consumer Real Estate | Home Equity Lines | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 25 | 28 | 15 |
Impaired loans with a related allowance, Interest Income Recognized | 12 | 1 | ' |
Interest Income | Consumer Real Estate | Single Family Owner Occupied | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 70 | 113 | 43 |
Impaired loans with a related allowance, Interest Income Recognized | 54 | 103 | 164 |
Interest Income | Consumer Real Estate | Owner occupied construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | 5 | ' | 3 |
Interest Income | Consumer and Other | Consumer Loan | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired loans with no related allowance, Interest Income Recognized | ' | ' | $2 |
Credit_Quality_Additional_info
Credit Quality - Additional information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Minimum commercial loan relationships to be reviewed by loan review function | $3,000,000 | ' | ' |
Restructured loans to borrowers experiencing financial difficulty in excess of | 250,000 | ' | ' |
Performing status returned period | '6 months | ' | ' |
Allowance for loan losses | 1,840,000 | 1,870,000 | ' |
Interest income recognized on loan restructurings | 551,000 | 640,000 | 411,000 |
Covered Loans | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing loans contractually past due 90 days or more | 86,000 | ' | ' |
Waccamaw Bank | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Percentage of loan and foreclosed real estate losses covered by FDIC | 80.00% | 80.00% | ' |
Amount of non-covered loans decreased | 42,990,000 | ' | ' |
Percentage of non-covered loans decreased | 27.68% | ' | ' |
Amount of covered loans decreased | $84,150,000 | ' | ' |
Percentage of covered loans decreased | 66.97% | ' | ' |
Minimum | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Number of impaired loans | 4 | ' | ' |
Maximum | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Number of impaired loans | 7 | ' | ' |
Balance_and_Interest_Income_Re
Balance and Interest Income Related to Impaired Loan Pools (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Recorded investment | $8,547 | $9,418 |
Average annual recorded investment | 15,728 | 10,397 |
Unpaid principal balance | 9,332 | 9,906 |
Interest income recognized | 1,966 | ' |
PCI loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Recorded investment | 52,033 | ' |
Average annual recorded investment | 35,220 | ' |
Unpaid principal balance | 69,320 | ' |
Allowance for loan losses | $747 | ' |
Loans_Held_for_Investment_by_I
Loans Held for Investment by Internal Credit Risk Grade (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | $1,559,039 | $1,517,547 |
Covered under loss share agreements | 151,682 | 207,106 |
Total loans | 1,710,721 | 1,724,653 |
Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 35,255 | 57,434 |
Covered under loss share agreements | 15,865 | 26,595 |
Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 95,455 | 88,738 |
Covered under loss share agreements | 3,325 | 6,948 |
Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 70,197 | 65,694 |
Covered under loss share agreements | 1,933 | 2,611 |
Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 135,559 | 135,912 |
Covered under loss share agreements | 7,449 | 11,428 |
Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 475,911 | 448,810 |
Covered under loss share agreements | 34,646 | 48,565 |
Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 2,324 | 1,709 |
Covered under loss share agreements | 164 | 144 |
Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 32,614 | 34,570 |
Covered under loss share agreements | 873 | 1,091 |
Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 111,770 | 111,081 |
Covered under loss share agreements | 69,206 | 81,445 |
Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 496,012 | 473,547 |
Covered under loss share agreements | 16,919 | 22,961 |
Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 28,703 | 16,223 |
Covered under loss share agreements | 1,184 | 1,644 |
Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 71,313 | 78,163 |
Covered under loss share agreements | 118 | 3,674 |
Consumer and Other | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 3,926 | 5,666 |
Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 1,446,703 | 1,362,219 |
Covered under loss share agreements | 110,179 | 81,453 |
Total loans | 1,556,882 | 1,443,672 |
Pass | Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 30,719 | 41,850 |
Covered under loss share agreements | 9,722 | 6,463 |
Pass | Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 87,589 | 77,573 |
Covered under loss share agreements | 2,865 | 6,225 |
Pass | Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 67,257 | 60,161 |
Covered under loss share agreements | 1,472 | 1,962 |
Pass | Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 121,367 | 112,562 |
Covered under loss share agreements | 4,362 | 6,065 |
Pass | Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 440,334 | 399,907 |
Covered under loss share agreements | 13,077 | 23,855 |
Pass | Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 2,306 | 1,657 |
Covered under loss share agreements | 164 | 143 |
Pass | Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 27,421 | 28,887 |
Covered under loss share agreements | 572 | 935 |
Pass | Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 107,411 | 104,750 |
Covered under loss share agreements | 66,797 | 16,323 |
Pass | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 460,166 | 436,587 |
Covered under loss share agreements | 10,832 | 16,011 |
Pass | Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 28,242 | 15,841 |
Covered under loss share agreements | 198 | 484 |
Pass | Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 69,973 | 76,787 |
Covered under loss share agreements | 118 | 2,987 |
Pass | Consumer and Other | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 3,918 | 5,657 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 42,313 | 45,835 |
Covered under loss share agreements | 9,060 | 23,735 |
Total loans | 51,373 | 69,570 |
Special Mention | Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 1,094 | 1,497 |
Covered under loss share agreements | 1,378 | 2,120 |
Special Mention | Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 1,056 | 2,506 |
Covered under loss share agreements | 247 | 445 |
Special Mention | Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 2,237 | 4,043 |
Special Mention | Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 4,501 | 5,938 |
Covered under loss share agreements | 1,519 | 2,223 |
Special Mention | Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 21,046 | 15,975 |
Covered under loss share agreements | 4,630 | 5,477 |
Special Mention | Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 8 | 19 |
Special Mention | Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 1,721 | 2,262 |
Special Mention | Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 1,355 | 2,739 |
Covered under loss share agreements | 1,138 | 11,981 |
Special Mention | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 8,170 | 9,599 |
Covered under loss share agreements | 148 | 927 |
Special Mention | Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 261 | 382 |
Special Mention | Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 864 | 867 |
Covered under loss share agreements | ' | 562 |
Special Mention | Consumer and Other | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | ' | 8 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 65,035 | 103,624 |
Covered under loss share agreements | 32,312 | 101,228 |
Total loans | 97,347 | 204,852 |
Substandard | Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 3,139 | 13,546 |
Covered under loss share agreements | 4,714 | 17,834 |
Substandard | Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 2,919 | 4,821 |
Covered under loss share agreements | 189 | 197 |
Substandard | Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 703 | 1,490 |
Covered under loss share agreements | 461 | 649 |
Substandard | Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 9,316 | 16,092 |
Covered under loss share agreements | 1,552 | 3,015 |
Substandard | Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 14,500 | 32,808 |
Covered under loss share agreements | 16,901 | 19,189 |
Substandard | Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 10 | 33 |
Covered under loss share agreements | ' | 1 |
Substandard | Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 3,472 | 3,421 |
Covered under loss share agreements | 301 | 156 |
Substandard | Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 2,789 | 3,592 |
Covered under loss share agreements | 1,269 | 53,116 |
Substandard | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 27,507 | 27,319 |
Covered under loss share agreements | 5,939 | 5,786 |
Substandard | Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 200 | ' |
Covered under loss share agreements | 986 | 1,160 |
Substandard | Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 472 | 501 |
Covered under loss share agreements | ' | 125 |
Substandard | Consumer and Other | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 8 | 1 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 4,984 | 5,827 |
Covered under loss share agreements | 131 | 690 |
Total loans | 5,115 | 6,517 |
Doubtful | Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 303 | 541 |
Covered under loss share agreements | 51 | 178 |
Doubtful | Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 3,891 | 3,838 |
Covered under loss share agreements | 24 | 81 |
Doubtful | Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 375 | 1,320 |
Covered under loss share agreements | 16 | 125 |
Doubtful | Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 31 | 120 |
Covered under loss share agreements | 38 | 44 |
Doubtful | Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 215 | ' |
Covered under loss share agreements | 2 | 25 |
Doubtful | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 169 | ' |
Covered under loss share agreements | ' | 237 |
Doubtful | Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | ' | 8 |
Loss | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | 4 | 42 |
Total loans | 4 | 42 |
Loss | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | ' | 42 |
Loss | Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Not covered under loss share agreements | $4 | ' |
Nonaccrual_Loans_by_Loan_Class
Nonaccrual Loans by Loan Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | $22,506 | $28,246 |
Purchased impaired loans | 8 | 8 |
Total nonaccrual loans | 22,514 | 28,254 |
Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 1,948 | 2,395 |
Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 5,433 | 3,947 |
Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | ' | 378 |
Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 2,188 | 7,092 |
Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 2,685 | 6,889 |
Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | ' | 2 |
Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 742 | ' |
Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 997 | 1,308 |
Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 8,122 | 6,050 |
Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 190 | 59 |
Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 201 | 126 |
Non Covered Loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 19,153 | 23,923 |
Purchased impaired loans | 8 | 8 |
Total nonaccrual loans | 19,161 | 23,931 |
Non Covered Loans | Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 1,187 | 405 |
Non Covered Loans | Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 5,341 | 3,912 |
Non Covered Loans | Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | ' | 378 |
Non Covered Loans | Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 1,966 | 7,071 |
Non Covered Loans | Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 2,685 | 5,938 |
Non Covered Loans | Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | ' | 2 |
Non Covered Loans | Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 441 | ' |
Non Covered Loans | Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 765 | 872 |
Non Covered Loans | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 6,567 | 5,219 |
Non Covered Loans | Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 201 | 126 |
Covered Loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 3,353 | 4,323 |
Total nonaccrual loans | 3,353 | 4,323 |
Covered Loans | Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 761 | 1,990 |
Covered Loans | Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 92 | 35 |
Covered Loans | Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 222 | 21 |
Covered Loans | Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | ' | 951 |
Covered Loans | Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 301 | ' |
Covered Loans | Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 232 | 436 |
Covered Loans | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | 1,555 | 831 |
Covered Loans | Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total | $190 | $59 |
Aging_of_Past_Due_Loans_by_Loa
Aging of Past Due Loans by Loan Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | $12,307 | $15,532 |
60 - 89 Days Past Due | 2,802 | 4,314 |
90+ Days Past Due | 11,961 | 13,949 |
Total Past Due | 27,070 | 33,795 |
Current Loans | 1,683,651 | 1,690,858 |
Total loans | 1,710,721 | 1,724,653 |
Non Covered Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 10,929 | 14,090 |
60 - 89 Days Past Due | 2,552 | 3,906 |
90+ Days Past Due | 9,112 | 11,142 |
Total Past Due | 22,593 | 29,138 |
Current Loans | 1,536,446 | 1,488,409 |
Total loans | 1,559,039 | 1,517,547 |
Non Covered Loans | Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 118 | 344 |
60 - 89 Days Past Due | 10 | ' |
90+ Days Past Due | 532 | 188 |
Total Past Due | 660 | 532 |
Current Loans | 34,595 | 56,902 |
Total loans | 35,255 | 57,434 |
Non Covered Loans | Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 93 | 387 |
60 - 89 Days Past Due | 39 | 84 |
90+ Days Past Due | 2,631 | 1,432 |
Total Past Due | 2,763 | 1,903 |
Current Loans | 92,692 | 86,835 |
Total loans | 95,455 | 88,738 |
Non Covered Loans | Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 115 | 624 |
Total Past Due | 115 | 624 |
Current Loans | 70,082 | 65,070 |
Total loans | 70,197 | 65,694 |
Non Covered Loans | Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 611 | 1,841 |
60 - 89 Days Past Due | 554 | 1,348 |
90+ Days Past Due | 1,203 | 3,715 |
Total Past Due | 2,368 | 6,904 |
Current Loans | 133,191 | 129,008 |
Total loans | 135,559 | 135,912 |
Non Covered Loans | Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,014 | 2,702 |
60 - 89 Days Past Due | 318 | 936 |
90+ Days Past Due | 1,770 | 3,621 |
Total Past Due | 3,102 | 7,259 |
Current Loans | 472,809 | 441,551 |
Total loans | 475,911 | 448,810 |
Non Covered Loans | Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current Loans | 2,324 | 1,709 |
Total loans | 2,324 | 1,709 |
Non Covered Loans | Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 245 | 216 |
60 - 89 Days Past Due | ' | 196 |
Total Past Due | 245 | 412 |
Current Loans | 32,369 | 34,158 |
Total loans | 32,614 | 34,570 |
Non Covered Loans | Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 289 | 315 |
60 - 89 Days Past Due | 317 | 93 |
90+ Days Past Due | 442 | 495 |
Total Past Due | 1,048 | 903 |
Current Loans | 110,722 | 110,178 |
Total loans | 111,770 | 111,081 |
Non Covered Loans | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 7,428 | 6,564 |
60 - 89 Days Past Due | 1,228 | 1,176 |
90+ Days Past Due | 145 | 1,644 |
Total Past Due | 8,801 | 9,384 |
Current Loans | 487,211 | 464,163 |
Total loans | 496,012 | 473,547 |
Non Covered Loans | Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 205 | 382 |
90+ Days Past Due | 2,284 | ' |
Total Past Due | 2,489 | 382 |
Current Loans | 26,214 | 15,841 |
Total loans | 28,703 | 16,223 |
Non Covered Loans | Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 811 | 715 |
60 - 89 Days Past Due | 86 | 73 |
90+ Days Past Due | 105 | 47 |
Total Past Due | 1,002 | 835 |
Current Loans | 70,311 | 77,328 |
Total loans | 71,313 | 78,163 |
Non Covered Loans | Consumer and Other | Other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current Loans | 3,926 | 5,666 |
Total loans | 3,926 | 5,666 |
Covered Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,378 | 1,442 |
60 - 89 Days Past Due | 250 | 408 |
90+ Days Past Due | 2,849 | 2,807 |
Total Past Due | 4,477 | 4,657 |
Current Loans | 147,205 | 202,449 |
Total loans | 151,682 | 207,106 |
Covered Loans | Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 479 | 252 |
60 - 89 Days Past Due | ' | 161 |
90+ Days Past Due | 453 | 1,121 |
Total Past Due | 932 | 1,534 |
Current Loans | 14,933 | 25,061 |
Total loans | 15,865 | 26,595 |
Covered Loans | Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 5 | 45 |
60 - 89 Days Past Due | 44 | ' |
90+ Days Past Due | 92 | ' |
Total Past Due | 141 | 45 |
Current Loans | 3,184 | 6,903 |
Total loans | 3,325 | 6,948 |
Covered Loans | Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current Loans | 1,933 | 2,611 |
Total loans | 1,933 | 2,611 |
Covered Loans | Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | ' | 8 |
90+ Days Past Due | 184 | 21 |
Total Past Due | 184 | 29 |
Current Loans | 7,265 | 11,399 |
Total loans | 7,449 | 11,428 |
Covered Loans | Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 209 | 501 |
90+ Days Past Due | ' | 927 |
Total Past Due | 209 | 1,428 |
Current Loans | 34,437 | 47,137 |
Total loans | 34,646 | 48,565 |
Covered Loans | Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current Loans | 164 | 144 |
Total loans | 164 | 144 |
Covered Loans | Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | ' | 6 |
90+ Days Past Due | 301 | ' |
Total Past Due | 301 | 6 |
Current Loans | 572 | 1,085 |
Total loans | 873 | 1,091 |
Covered Loans | Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 488 | 217 |
60 - 89 Days Past Due | 86 | 112 |
90+ Days Past Due | 163 | 204 |
Total Past Due | 737 | 533 |
Current Loans | 68,469 | 80,912 |
Total loans | 69,206 | 81,445 |
Covered Loans | Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 197 | 413 |
60 - 89 Days Past Due | 120 | 135 |
90+ Days Past Due | 1,466 | 475 |
Total Past Due | 1,783 | 1,023 |
Current Loans | 15,136 | 21,938 |
Total loans | 16,919 | 22,961 |
Covered Loans | Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
90+ Days Past Due | 190 | 59 |
Total Past Due | 190 | 59 |
Current Loans | 994 | 1,585 |
Total loans | 1,184 | 1,644 |
Covered Loans | Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current Loans | 118 | 3,674 |
Total loans | $118 | $3,674 |
Loans_Modified_as_Troubled_Deb
Loans Modified as Troubled Debt Restructurings by Loan Class Segregated by Accrual Status (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | $14,411 | $15,875 | ||
Commercial Loans | Construction Development And Other Land | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | ' | 63 | ||
Commercial Loans | Commercial and Industrial | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 1,115 | 1,119 | ||
Commercial Loans | Single-family Non-owner Occupied | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 375 | 1,380 | ||
Commercial Loans | Non-farm, Non-residential | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 5,618 | 6,661 | ||
Consumer Real Estate | Home Equity Lines | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 210 | 360 | ||
Consumer Real Estate | Single Family Owner Occupied | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 7,093 | 6,292 | ||
Nonaccrual | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 2,200 | [1] | 3,828 | [1] |
Nonaccrual | Commercial Loans | Construction Development And Other Land | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | ' | 63 | [1] | |
Nonaccrual | Commercial Loans | Commercial and Industrial | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 1,115 | [1] | 1,119 | [1] |
Nonaccrual | Commercial Loans | Single-family Non-owner Occupied | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 375 | [1] | 1,380 | [1] |
Nonaccrual | Commercial Loans | Non-farm, Non-residential | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 128 | [1] | 764 | [1] |
Nonaccrual | Consumer Real Estate | Home Equity Lines | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 159 | [1] | 305 | [1] |
Nonaccrual | Consumer Real Estate | Single Family Owner Occupied | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 423 | [1] | 197 | [1] |
Accrual | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 12,211 | 12,047 | ||
Accrual | Commercial Loans | Non-farm, Non-residential | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 5,490 | 5,897 | ||
Accrual | Consumer Real Estate | Home Equity Lines | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | 51 | 55 | ||
Accrual | Consumer Real Estate | Single Family Owner Occupied | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Total TDRs | $6,670 | $6,095 | ||
[1] | TDRs on nonaccrual status are included in the total nonaccrual loan balance disclosed in the table above. |
Loans_Modified_as_Troubled_Deb1
Loans Modified as Troubled Debt Restructurings by Type of Concession Made and Loan Class (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Contracts | 8 | 3 |
Pre-Modification Recorded Investment | $2,296 | $6,173 |
Post-Modification Recorded Investment | 2,153 | 6,141 |
Below Market Interest Rate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Contracts | 2 | ' |
Pre-Modification Recorded Investment | 601 | ' |
Post-Modification Recorded Investment | 557 | ' |
Below Market Interest Rate And Extended Payment Term | Single Family Owner Occupied | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Contracts | 4 | ' |
Pre-Modification Recorded Investment | 809 | ' |
Post-Modification Recorded Investment | 757 | ' |
Below Market Interest Rate And Extended Payment Term | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Contracts | 1 | ' |
Pre-Modification Recorded Investment | 375 | ' |
Post-Modification Recorded Investment | 328 | ' |
Below Market Interest Rate And Extended Payment Term | Non-farm, Non-residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Contracts | 1 | 2 |
Pre-Modification Recorded Investment | 511 | 5,822 |
Post-Modification Recorded Investment | $511 | $5,822 |
Loans_Modified_as_Troubled_Deb2
Loans Modified as Troubled Debt Restructurings by Loan Class for which there was Payment Default (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Contract | |
Financing Receivable, Modifications [Line Items] | ' |
Total Contracts | 2 |
Recorded Investment | $734 |
Single-family Non-owner Occupied | ' |
Financing Receivable, Modifications [Line Items] | ' |
Total Contracts | 1 |
Recorded Investment | 375 |
Single Family Owner Occupied | ' |
Financing Receivable, Modifications [Line Items] | ' |
Total Contracts | 1 |
Recorded Investment | $359 |
Allowance_for_Loan_Losses_Addi
Allowance for Loan Losses - Additional Information (Detail) | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Indemnified portion percentage | 80.00% |
Aggregate_Activity_in_Allowanc
Aggregate Activity in Allowance For Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | $25,770 | $26,205 | $26,482 |
Provision for loan losses | 8,659 | ' | ' |
Benefit attributable to the FDIC indemnification asset | -451 | ' | ' |
Provision for loan losses charged to operations | 8,208 | 5,678 | 9,047 |
Provision for loan losses recorded through the FDIC indemnification asset | 451 | ' | ' |
Charge-offs | -12,527 | -7,504 | -11,460 |
Recoveries | 2,175 | 1,391 | 2,136 |
Net charge-offs | -10,352 | -6,113 | -9,324 |
Ending balance | 24,077 | 25,770 | 26,205 |
Allowance Excluding Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 25,762 | 26,004 | 26,482 |
Provision for loan losses | 7,912 | ' | ' |
Provision for loan losses charged to operations | 7,912 | 5,871 | 8,846 |
Charge-offs | -12,527 | -7,504 | -11,460 |
Recoveries | 2,175 | 1,391 | 2,136 |
Net charge-offs | -10,352 | -6,113 | -9,324 |
Ending balance | 23,322 | 25,762 | 26,004 |
Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 8 | 201 | ' |
Provision for loan losses | 747 | ' | ' |
Benefit attributable to the FDIC indemnification asset | -451 | ' | ' |
Provision for loan losses charged to operations | 296 | -193 | 201 |
Provision for loan losses recorded through the FDIC indemnification asset | 451 | ' | ' |
Ending balance | $755 | $8 | $201 |
Allowance_for_Loan_Losses_by_P
Allowance for Loan Losses, by Portfolio Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | $25,770 | $26,205 | $26,482 |
Provision for loan losses charged to operations | 8,208 | 5,678 | 9,047 |
Loans charged off | -12,527 | -7,504 | -11,460 |
Recoveries credited to allowance | 2,175 | 1,391 | 2,136 |
Net charge-offs | -10,352 | -6,113 | -9,324 |
Ending balance | 24,077 | 25,770 | 26,205 |
Allowance Excluding Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 25,762 | 26,004 | 26,482 |
Provision for loan losses charged to operations | 7,912 | 5,871 | 8,846 |
Loans charged off | -12,527 | -7,504 | -11,460 |
Recoveries credited to allowance | 2,175 | 1,391 | 2,136 |
Net charge-offs | -10,352 | -6,113 | -9,324 |
Ending balance | 23,322 | 25,762 | 26,004 |
Commercial Loans | Allowance Excluding Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 17,259 | 17,551 | 12,300 |
Provision for loan losses charged to operations | 5,643 | 2,896 | 11,806 |
Loans charged off | -7,743 | -3,814 | -7,981 |
Recoveries credited to allowance | 931 | 626 | 1,426 |
Net charge-offs | -6,812 | -3,188 | -6,555 |
Ending balance | 16,090 | 17,259 | 17,551 |
Consumer Real Estate | Allowance Excluding Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 7,906 | 7,711 | 12,641 |
Provision for loan losses charged to operations | 1,364 | 2,608 | -2,681 |
Loans charged off | -3,115 | -2,702 | -2,501 |
Recoveries credited to allowance | 442 | 289 | 252 |
Net charge-offs | -2,673 | -2,413 | -2,249 |
Ending balance | 6,597 | 7,906 | 7,711 |
Consumer and Other | Allowance Excluding Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 597 | 742 | 1,541 |
Provision for loan losses charged to operations | 905 | 367 | -279 |
Loans charged off | -1,669 | -988 | -978 |
Recoveries credited to allowance | 802 | 476 | 458 |
Net charge-offs | -867 | -512 | -520 |
Ending balance | $635 | $597 | $742 |
Allowance_For_Loan_Losses_for_
Allowance For Loan Losses for PCI Loans, by Loan Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | $25,770 | $26,205 | $26,482 |
Purchased impaired provision | 8,659 | ' | ' |
Benefit attributable to FDIC indemnification asset | -451 | ' | ' |
Provision for loan losses charged to operations | 8,208 | 5,678 | 9,047 |
Provision for loan losses recorded through the FDIC indemnification asset | 8,208 | 5,678 | 9,047 |
Ending balance | 24,077 | 25,770 | 26,205 |
Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 8 | 201 | ' |
Purchased impaired provision | 747 | ' | ' |
Benefit attributable to FDIC indemnification asset | -451 | ' | ' |
Provision for loan losses charged to operations | 296 | -193 | 201 |
Provision for loan losses recorded through the FDIC indemnification asset | 451 | ' | ' |
Ending balance | 755 | 8 | 201 |
Commercial Loans | Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 8 | 201 | ' |
Purchased impaired provision | 69 | ' | ' |
Benefit attributable to FDIC indemnification asset | -55 | ' | ' |
Provision for loan losses charged to operations | 14 | -193 | 201 |
Provision for loan losses recorded through the FDIC indemnification asset | 55 | ' | ' |
Ending balance | 77 | 8 | 201 |
Consumer Real Estate | Purchased Credit Impaired | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Purchased impaired provision | 678 | ' | ' |
Benefit attributable to FDIC indemnification asset | -396 | ' | ' |
Provision for loan losses charged to operations | 282 | ' | ' |
Provision for loan losses recorded through the FDIC indemnification asset | 396 | ' | ' |
Ending balance | $678 | ' | ' |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Recorded Investment in Loans , Excluding PCI Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | $19,478 | $23,202 |
Allowance for Loans Individually Evaluated | 4,742 | 5,593 |
Collectively Evaluated Impairment | 1,609,532 | 1,562,360 |
Allowance for Loans Collectively Evaluated | 18,580 | 20,169 |
Commercial Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | 12,156 | 17,753 |
Allowance for Loans Individually Evaluated | 3,955 | 4,564 |
Collectively Evaluated Impairment | 866,002 | 833,652 |
Allowance for Loans Collectively Evaluated | 12,135 | 12,695 |
Commercial Loans | Construction Development And Other Land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | ' | 2,916 |
Collectively Evaluated Impairment | 46,404 | 55,369 |
Allowance for Loans Collectively Evaluated | 1,141 | 1,214 |
Commercial Loans | Commercial and Industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | 5,189 | 3,602 |
Allowance for Loans Individually Evaluated | 3,794 | 3,192 |
Collectively Evaluated Impairment | 92,612 | 88,811 |
Allowance for Loans Collectively Evaluated | 1,421 | 1,159 |
Commercial Loans | Multi-family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | ' | 378 |
Allowance for Loans Individually Evaluated | ' | 18 |
Collectively Evaluated Impairment | 71,669 | 67,278 |
Allowance for Loans Collectively Evaluated | 1,211 | 1,612 |
Commercial Loans | Single-family Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | 664 | 2,794 |
Allowance for Loans Individually Evaluated | 47 | 996 |
Collectively Evaluated Impairment | 136,567 | 134,323 |
Allowance for Loans Collectively Evaluated | 3,502 | 3,371 |
Commercial Loans | Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | 5,952 | 8,063 |
Allowance for Loans Individually Evaluated | 114 | 358 |
Collectively Evaluated Impairment | 483,126 | 451,240 |
Allowance for Loans Collectively Evaluated | 4,536 | 4,901 |
Commercial Loans | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Collectively Evaluated Impairment | 2,488 | 1,852 |
Allowance for Loans Collectively Evaluated | 23 | 22 |
Commercial Loans | Farmland Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | 351 | ' |
Collectively Evaluated Impairment | 33,136 | 34,779 |
Allowance for Loans Collectively Evaluated | 301 | 416 |
Consumer Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | 7,322 | 5,449 |
Allowance for Loans Individually Evaluated | 787 | 1,029 |
Collectively Evaluated Impairment | 668,215 | 642,005 |
Allowance for Loans Collectively Evaluated | 5,810 | 6,877 |
Consumer Real Estate | Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | 472 | 499 |
Allowance for Loans Individually Evaluated | 52 | 223 |
Collectively Evaluated Impairment | 136,896 | 141,684 |
Allowance for Loans Collectively Evaluated | 1,309 | 1,351 |
Consumer Real Estate | Single Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Individually Evaluated for Impairment | 6,850 | 4,950 |
Allowance for Loans Individually Evaluated | 735 | 806 |
Collectively Evaluated Impairment | 502,229 | 483,553 |
Allowance for Loans Collectively Evaluated | 4,295 | 5,189 |
Consumer Real Estate | Owner occupied construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Collectively Evaluated Impairment | 29,090 | 16,768 |
Allowance for Loans Collectively Evaluated | 206 | 337 |
Consumer and Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Collectively Evaluated Impairment | 75,315 | 86,703 |
Allowance for Loans Collectively Evaluated | 635 | 597 |
Consumer and Other | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Collectively Evaluated Impairment | 71,389 | 81,037 |
Allowance for Loans Collectively Evaluated | 635 | 597 |
Consumer and Other | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Collectively Evaluated Impairment | $3,926 | $5,666 |
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Recorded Investment in PCI Loans, by Loan Pool (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | $81,711 | $141,340 |
Allowance for Acquired Impaired Loans Evaluated | 755 | 8 |
Commercial Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 32,238 | 76,707 |
Allowance for Acquired Impaired Loans Evaluated | 77 | 8 |
Commercial Loans | Waccamaw Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 19,851 | 40,688 |
Commercial Loans | Waccamaw Lines Of Credit | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 2,594 | 10,009 |
Allowance for Acquired Impaired Loans Evaluated | 69 | ' |
Commercial Loans | Peoples Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 7,862 | 23,670 |
Commercial Loans | Commercial Loan Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 1,931 | 2,340 |
Allowance for Acquired Impaired Loans Evaluated | 8 | 8 |
Consumer Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 49,439 | 64,532 |
Allowance for Acquired Impaired Loans Evaluated | 678 | ' |
Consumer Real Estate | Waccamaw Serviced Home Equity Lines | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 43,608 | 52,321 |
Allowance for Acquired Impaired Loans Evaluated | 277 | ' |
Consumer Real Estate | Waccamaw Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 4,497 | 8,974 |
Allowance for Acquired Impaired Loans Evaluated | 217 | ' |
Consumer Real Estate | Peoples Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 1,334 | 3,237 |
Allowance for Acquired Impaired Loans Evaluated | 184 | ' |
Consumer and Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | 34 | 101 |
Consumer and Other | Waccamaw Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Acquired Impaired Loans Evaluated for Impairment | $34 | $101 |
FDIC_Indemnification_Asset_Add
FDIC Indemnification Asset - Additional Information (Detail) (Waccamaw Bank) | Dec. 31, 2013 | Dec. 31, 2012 |
Waccamaw Bank | ' | ' |
Resale Agreement Counterparty [Line Items] | ' | ' |
Percentage of loan and foreclosed real estate losses covered by FDIC | 80.00% | 80.00% |
Changes_in_Receivable_from_FDI
Changes in Receivable from FDIC (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the receivable from the FDIC | ' | ' |
Beginning balance | $48,149 | ' |
FDIC loss share receivable - Waccamaw acquisition | ' | 49,755 |
Increase in estimated losses on covered loans | 451 | ' |
Increase in estimated losses on covered OREO | 4,425 | 637 |
Reimbursable expenses from the FDIC | 1,574 | 273 |
Net (amortization) accretion | -5,597 | 458 |
Reimbursements from the FDIC | -14,311 | -2,974 |
Ending balance | $34,691 | $48,149 |
Premises_Equipment_and_Leases_1
Premises, Equipment and Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Branch | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization expense | $4,666,000 | $4,034,000 | $3,982,000 |
Number of branches to be closed or consolidated | 7 | ' | ' |
Write-downs of long-term investments in land and buildings related to expected closures | 1,520,000 | ' | ' |
Lease expense | $1,180,000 | $1,260,000 | $1,170,000 |
Components_of_Premises_and_Equ
Components of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land | $19,884 | $19,366 |
Buildings and leasehold improvements | 54,292 | 56,789 |
Equipment | 36,983 | 36,775 |
Property, Plant and Equipment, Gross, Total | 111,159 | 112,930 |
Accumulated depreciation and amortization | 50,043 | 48,062 |
Total premises and equipment, net | $61,116 | $64,868 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments Required Under Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases Future Minimum Payments [Line Items] | ' |
2014 | $771 |
2015 | 434 |
2016 | 307 |
2017 | 200 |
2018 | 122 |
2019 and thereafter | 1,068 |
Total | $2,902 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Potential cash consideration remaining to be paid | $353 | ' | ' |
Amortization expense for other intangible assets | $729 | $804 | $1,020 |
Core deposit intangible assets | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Weighted average remaining life of intangibles | '4 years | ' | ' |
Core deposit intangible assets | Minimum | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Estimated useful lives of intangibles | '7 years | ' | ' |
Remaining lives of intangible assets | '2 years | ' | ' |
Core deposit intangible assets | Maximum | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Estimated useful lives of intangibles | '10 years | ' | ' |
Remaining lives of intangible assets | '5 years | ' | ' |
Activity_in_Goodwill_by_Report
Activity in Goodwill, by Reporting Unit (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Community Banking | Community Banking | Community Banking | Insurance Services | Insurance Services | Insurance Services | ||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, January 1, 2011 | $104,866 | $83,056 | $84,914 | $96,717 | $75,599 | $75,599 | $8,149 | $7,457 | $9,315 |
Acquisitions and dispositions, net | 148 | 21,118 | -1,299 | -176 | 21,118 | ' | 324 | ' | -1,299 |
Cash consideration paid | 441 | 692 | 680 | ' | ' | ' | 441 | 692 | 680 |
Impairment Charges | ' | ' | -1,239 | ' | ' | ' | ' | ' | -1,239 |
Ending balance, December 31, 2011 | $105,455 | $104,866 | $83,056 | $96,541 | $96,717 | $75,599 | $8,914 | $8,149 | $7,457 |
Components_of_Other_Intangible
Components of Other Intangible Assets, by Reporting Unit (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Liabilities [Line Items] | ' | ' |
Finite lived intangibles, net | $2,704 | ' |
Total other intangible assets, net | 2,866 | 3,522 |
Core deposit intangible assets | ' | ' |
Finite-Lived Intangible Liabilities [Line Items] | ' | ' |
Finite lived intangibles, gross | 7,940 | 7,940 |
Accumulated amortization | -6,669 | -6,244 |
Finite lived intangibles, net | 1,271 | 1,696 |
Other Intangible Assets | ' | ' |
Finite-Lived Intangible Liabilities [Line Items] | ' | ' |
Finite lived intangibles, gross | 4,246 | 4,173 |
Accumulated amortization | -2,651 | -2,347 |
Finite lived intangibles, net | 1,595 | 1,826 |
Community Banking | ' | ' |
Finite-Lived Intangible Liabilities [Line Items] | ' | ' |
Total other intangible assets, net | 1,396 | 1,848 |
Community Banking | Core deposit intangible assets | ' | ' |
Finite-Lived Intangible Liabilities [Line Items] | ' | ' |
Finite lived intangibles, gross | 7,940 | 7,940 |
Accumulated amortization | -6,669 | -6,244 |
Finite lived intangibles, net | 1,271 | 1,696 |
Community Banking | Other Intangible Assets | ' | ' |
Finite-Lived Intangible Liabilities [Line Items] | ' | ' |
Finite lived intangibles, gross | 535 | 535 |
Accumulated amortization | -410 | -383 |
Finite lived intangibles, net | 125 | 152 |
Insurance Services | ' | ' |
Finite-Lived Intangible Liabilities [Line Items] | ' | ' |
Total other intangible assets, net | 1,470 | 1,674 |
Insurance Services | Other Intangible Assets | ' | ' |
Finite-Lived Intangible Liabilities [Line Items] | ' | ' |
Finite lived intangibles, gross | 3,711 | 3,638 |
Accumulated amortization | -2,241 | -1,964 |
Finite lived intangibles, net | $1,470 | $1,674 |
Estimated_Amortization_Expense
Estimated Amortization Expense for Intangible Assets, by Year (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Liabilities [Line Items] | ' |
2014 | $712 |
2015 | 712 |
2016 | 607 |
2017 | 381 |
2018 | 292 |
2019 and thereafter | ' |
Finite lived intangibles, net | $2,704 |
Components_of_Deposits_Detail
Components of Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits By Type [Line Items] | ' | ' |
Noninterest-bearing demand deposits | $339,680 | $343,352 |
Interest-bearing deposits: | ' | ' |
Interest-bearing demand deposits | 361,821 | 353,321 |
Money market accounts | 237,845 | 237,257 |
Savings deposits | 286,165 | 263,019 |
Certificates of deposit | 606,178 | 706,568 |
Individual retirement accounts | 119,053 | 126,658 |
Total interest-bearing deposits | 1,611,062 | 1,686,823 |
Total deposits | $1,950,742 | $2,030,175 |
Scheduled_Maturities_of_Time_D
Scheduled Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Time deposits | ' |
2014 | $423,272 |
2015 | 163,591 |
2016 | 66,924 |
2017 | 36,408 |
2018 | 35,020 |
2019 and thereafter | 16 |
Time Deposits, Total | $725,231 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deposit Liabilities [Line Items] | ' | ' |
Time deposit of $100 thousand or more | $352,838,000 | $398,480,000 |
Scheduled_Maturities_of_Certif
Scheduled Maturities of Certificates of Deposit of $100 Thousand or More (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Time deposit of $100 thousand or more | ' | ' |
Three months or less | $55,836,000 | ' |
Over three to six months | 79,561,000 | ' |
Over six to twelve months | 66,321,000 | ' |
Over twelve months | 151,120,000 | ' |
Total | $352,838,000 | $398,480,000 |
Composition_of_Borrowings_Deta
Composition of Borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Federal funds purchased | $16,000 | ' |
Securities sold under agreements to repurchase: | ' | ' |
Securities sold under agreements to repurchase | 118,308 | 136,118 |
FHLB borrowings: | ' | ' |
Fixed rate credit | ' | 6,275 |
Advances | 150,000 | 155,283 |
Total | 150,000 | 161,558 |
Subordinated debt | 15,464 | 15,464 |
Other debt | 624 | 413 |
Total borrowings | 300,396 | 313,553 |
Retail | ' | ' |
Securities sold under agreements to repurchase: | ' | ' |
Securities sold under agreements to repurchase | 68,308 | 77,922 |
Wholesale | ' | ' |
Securities sold under agreements to repurchase: | ' | ' |
Securities sold under agreements to repurchase | $50,000 | $58,196 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average rate of federal funds purchased | 0.36% | ' | ' |
Weighted average rate of retail repurchase agreements | 0.38% | ' | 0.57% |
Qualifying loans | $1,130,000,000 | ' | $998,140,000 |
Gain on repayment of FHLB borrowings | ' | -471,000 | ' |
Junior subordinated debentures issued | 15,460,000 | ' | ' |
Libor rate | 2.95% | ' | ' |
FHLB Borrowings | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average contractual rate | 4.12% | ' | 3.86% |
Weighted average contractual maturity period | '4 years 6 months 26 days | ' | ' |
Unused borrowing capacity | 324,340,000 | ' | ' |
FHLB Prepaid borrowing amount | 11,470,000 | ' | ' |
Gain on repayment of FHLB borrowings | 296,000 | ' | ' |
Wholesale Repurchase Agreement | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average contractual rate | 3.71% | ' | 3.34% |
Weighted average contractual maturity period | '4 years 29 days | ' | ' |
FHLB Prepaid borrowing amount | $8,150,000 | ' | ' |
Contractual_Maturities_of_FHLB
Contractual Maturities of FHLB Borrowings, by Year (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Contractual maturities of FHLB borrowings | ' | ' |
2014 | ' | ' |
2015 | ' | ' |
2016 | ' | ' |
2017 | 100,000 | ' |
2018 | ' | ' |
2019 and thereafter | 50,000 | ' |
Total | $150,000 | $161,558 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | Interest Rate Swap Agreement | ||
Derivative [Line Items] | ' | ' | ' |
Interest rate swap agreement, term | ' | ' | '10 years |
Notional amount | $11,690 | $14,841 | $3,500 |
Aggregate_Contractual_or_Notio
Aggregate Contractual or Notional Amounts and Fair Value of Derivative Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Derivatives Not Designated As Hedges | Derivatives Not Designated As Hedges | Interest Rate Swap Agreement | Interest Rate Swap Agreement | IRLCs | IRLCs | Forward Sale Loan Commitments | ||
Designated as Hedging Instrument | Derivatives Not Designated As Hedges | Derivatives Not Designated As Hedges | Derivatives Not Designated As Hedges | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional or Contractual Amount | $11,690 | $14,841 | $8,237 | $14,841 | $3,500 | $3,453 | $3,677 | $14,841 | $4,560 |
Derivative Assets | 84 | 144 | 41 | 144 | ' | 43 | ' | 144 | 41 |
Derivative Liabilities | $41 | $16 | $41 | $16 | ' | ' | $41 | $16 | ' |
Effect_of_Derivative_and_Hedgi
Effect of Derivative and Hedging Activity, on Statement of Income (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Derivatives designated as hedges | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ($128) | $160 |
Derivatives Not Designated As Hedges | ' | ' |
Derivatives designated as hedges | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -128 | 160 |
IRLCs | Derivatives Not Designated As Hedges | Other Income | ' | ' |
Derivatives designated as hedges | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -169 | 160 |
Forward Sale Loan Commitments | Derivatives Not Designated As Hedges | Other Income | ' | ' |
Derivatives designated as hedges | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | $41 | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Common stock held in employer stock fund | 499,075 | 561,551 | 588,656 |
Total Company expenses under the health plan | $3,020,000 | $2,250,000 | $3,490,000 |
Deferred Compensation Liability | 455,000 | 459,000 | ' |
Deferred compensation Expense | 60,000 | 60,000 | 60,000 |
Employees Four Zero One K Savings Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Employer Matching Contributions | 1,610,000 | 1,270,000 | 1,340,000 |
Defined Contribution Plan Employer Contribution Percentage | 100.00% | ' | ' |
Supplemental Executive Retirement Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan Maximum Employee Contribution As Percentage Of Average Compensation | 35.00% | ' | ' |
Defined Benefit Plan, Employee Contribution, Age | 62 | ' | ' |
Defined benefit plan, actuarial obligation | 5,620,000 | 5,620,000 | ' |
Defined benefit plan, actuarial obligation increase | 380,000 | ' | ' |
Defined benefit plan, actuarial obligation gain | 725,000 | ' | ' |
Defined benefit plan, actuarial discount rate assumption | 5.25% | 4.20% | ' |
Directors Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Employee Contribution, Age | 70 | ' | ' |
Defined benefit plan, actuarial obligation | 975,000 | 981,000 | ' |
Defined benefit plan, actuarial discount rate assumption | 5.25% | 4.20% | ' |
Defined Contribution Plan Maximum Employee Contribution As Percentage Of Base Salary | 100.00% | ' | ' |
Individual Counterparty | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Stop Loss Insurance Liability | 100,000 | ' | ' |
Aggregate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Stop Loss Insurance Liability | $3,980,000 | ' | ' |
Net_Periodic_Benefit_Cost_Deta
Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Executive Retirement Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $135 | $153 | $161 |
Interest cost | 246 | 203 | 224 |
Amortization of gains (losses) | 49 | 45 | ' |
Amortization of prior service cost | 187 | 134 | 134 |
Net periodic cost | 617 | 535 | 519 |
Directors Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 26 | 27 | 29 |
Interest cost | 41 | 39 | 43 |
Amortization of gains (losses) | 1 | ' | ' |
Amortization of prior service cost | 90 | 90 | 90 |
Net periodic cost | $158 | $156 | $162 |
Projected_Benefit_Payments_Det
Projected Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Directors Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $83 |
2015 | 81 |
2016 | 79 |
2017 | 109 |
2018 | 107 |
2019 through 2023 | 552 |
Supplemental Executive Retirement Plan (SERP) | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 246 |
2015 | 246 |
2016 | 246 |
2017 | 377 |
2018 | 377 |
2019 through 2023 | $2,171 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options granted | ' | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options granted | 0 | 0 | ' |
Aggregate intrinsic value of options exercised | $22 | $16 | $13 |
Unrecognized compensation cost related to nonvested stock options | 61 | ' | ' |
Unrecognized compensation cost expected to be recognized over a weighted average period | '5 months 9 days | ' | ' |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost expected to be recognized over a weighted average period | '10 months 13 days | ' | ' |
Unrecognized compensation cost related to nonvested stock awards | 23 | ' | ' |
Performance Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost expected to be recognized over a weighted average period | '1 year 29 days | ' | ' |
Unrecognized compensation cost related to nonvested stock awards | $216 | ' | ' |
Shares awarded | 80,872 | ' | ' |
Performance period of shares awarded | '3 years | ' | ' |
Vesting percentage of shares awarded | 48.00% | ' | ' |
2012 Plan | Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for potential grants | 600,000 | ' | ' |
Option granted, maximum exercise period | '10 years | ' | ' |
Percentage of stock award vesting | 25.00% | ' | ' |
Pretax_Compensation_Expense_an
Pre-tax Compensation Expense and Excess Tax Benefit Recognized in Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Pre-tax compensation expense | $574 | $206 | $98 |
Excess tax benefit | $9 | $6 | $5 |
Assumptions_Used_to_Estimate_F
Assumptions Used to Estimate Fair Values of Stock Options (Detail) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility | ' | ' | 27.96% |
Expected term (in years) | '0 years | '0 years | '6 years 2 months 5 days |
Risk-free interest rate | ' | ' | 1.50% |
Expected dividend yield | ' | ' | 3.24% |
Weighted average fair value of options granted (per share) | ' | ' | $2.56 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Option shares | ' | ' | ' |
Options Outstanding at beginning of period | 471,880 | ' | ' |
Granted | ' | ' | ' |
Exercised | 5,850 | 5,223 | 2,969 |
Canceled | 91,201 | ' | ' |
Options Outstanding at end of period | 374,829 | 471,880 | ' |
Options Exercisable at end of period | 301,369 | ' | ' |
Weighted average exercise price per share | ' | ' | ' |
Options Outstanding at beginning of period | $20.87 | ' | ' |
Granted | ' | ' | ' |
Exercised | $13.01 | ' | ' |
Canceled | $22.98 | ' | ' |
Options Outstanding at end of period | $20.48 | $20.87 | ' |
Options Exercisable at end of period | $22.53 | ' | ' |
Weighted average remaining contractual term (years) | ' | ' | ' |
Options Outstanding at end of period | '5 years 4 months 24 days | ' | ' |
Options Exercisable at end of period | '4 years 9 months 18 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Options Outstanding at end of period | $529 | ' | ' |
Options Exercisable at end of period | $191 | ' | ' |
Restricted_Stock_Activity_Deta
Restricted Stock Activity (Detail) (Restricted Stock, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock | ' |
Number of Shares | ' |
Nonvested shares at beginning of period | 18,950 |
Granted | 2,700 |
Vested | 6,050 |
Canceled | 13,000 |
Nonvested shares at end of period | 2,600 |
Weighted-Average Grant Date Fair Value per Share | ' |
Nonvested shares at beginning of period | $12.67 |
Granted | $16.24 |
Vested | $13.23 |
Canceled | $12.68 |
Nonvested shares at end of period | $15.09 |
Performance_Stock_Activity_Det
Performance Stock Activity (Detail) (Performance Shares, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Performance Shares | ' |
Number of Shares | ' |
Granted | 80,872 |
Vested | 39,084 |
Canceled | 4,854 |
Nonvested shares at end of period | 36,934 |
Weighted-Average Grant Date Fair Value per Share | ' |
Granted | $15.75 |
Vested | $15.75 |
Canceled | $15.56 |
Nonvested shares at end of period | $15.78 |
Components_of_Other_Operating_
Components of Other Operating Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Components of Other Operating Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Miscellaneous income | ' | ' | ' | ' | ' | ' | ' | ' | $411 | $2,459 | $236 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 4,824 | [1] | 4,283 | [1] | 3,652 | [1] |
Total other operating income | $6,743 | $8,150 | $6,735 | $7,744 | $9,000 | $10,935 | $8,352 | $7,940 | $5,235 | $6,742 | $3,888 | |||
[1] | Other components of other operating income do not exceed 1% of total income. |
Components_of_Other_Operating_1
Components of Other Operating Income (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Components of Other Operating Income [Line Items] | ' |
Percentage of other operating income | 1.00% |
Other_Operating_Income_and_Exp2
Other Operating Income and Expense - Additional Information (Detail) (Reclassifications, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Reclassifications | ' |
Component of Operating Other Cost and Expense [Abstract] | ' |
Adjustment of pre-tax income for the prior periods | $2.39 |
Components_of_Other_Operating_2
Components of Other Operating Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Service fees | ' | ' | ' | ' | ' | ' | ' | ' | $3,157 | $3,736 | $2,941 | |||
Professional fees | ' | ' | ' | ' | ' | ' | ' | ' | 2,564 | 1,912 | 1,554 | |||
Telephone and data communications | ' | ' | ' | ' | ' | ' | ' | ' | 1,707 | 1,548 | 1,616 | |||
Advertising and public relations | ' | ' | ' | ' | ' | ' | ' | ' | 1,686 | 1,421 | 1,683 | |||
ATM processing expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,605 | 1,483 | 1,515 | |||
Premises and equipment write-downs | ' | ' | ' | ' | ' | ' | ' | ' | 1,520 | ' | 131 | |||
Office supplies | ' | ' | ' | ' | ' | ' | ' | ' | 1,472 | 1,688 | 1,222 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 9,538 | [1] | 9,402 | [1] | 9,643 | [1] |
Total other operating expense | $20,755 | $20,153 | $18,533 | $19,544 | $21,733 | $20,325 | $20,132 | $16,193 | $23,249 | $21,190 | $20,305 | |||
[1] | Other components of other operating income do not exceed 1% of total income. |
Components_of_Other_Operating_3
Components of Other Operating Expense (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Component of Operating Other Cost and Expense [Abstract] | ' |
Percentage of other operating income | 1.00% |
Components_of_Income_Tax_Expen
Components of Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current tax expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $12,819 | $13,733 | $7,101 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 1,743 | 1,291 | 110 |
Total current tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,562 | 15,024 | 7,211 |
Deferred tax (benefit) expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -3,136 | -1,501 | 1,650 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -518 | 605 | 712 |
Total deferred tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,654 | -896 | 2,362 |
Total income tax expense | $2,436 | $2,539 | $2,537 | $3,396 | $3,957 | $5,322 | $1,997 | $2,852 | $10,908 | $14,128 | $9,573 |
Significant_Components_of_Net_
Significant Components of Net Deferred Tax Asset (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $9,209 | $9,857 |
Unrealized losses on available-for-sale securities | 8,184 | 169 |
Unrealized asset losses | 8,018 | 8,023 |
Purchase accounting | 6,796 | 6,191 |
FDIC assisted transactions | 6,753 | 6,753 |
Intangible assets | 6,384 | 7,582 |
Deferred compensation assets | 4,224 | 4,235 |
Alternative minimum tax credit | 1,849 | 1,849 |
Other deferred tax assets | 2,670 | 2,763 |
Total deferred tax assets | 54,087 | 47,422 |
Deferred tax liabilities: | ' | ' |
FDIC indemnification asset | 12,155 | 18,388 |
Fixed assets | 2,199 | 2,158 |
Odd days interest deferral | 1,958 | 2,028 |
Other | 1,066 | 1,054 |
Total deferred tax liabilities | 17,378 | 23,628 |
Net deferred tax asset | $36,709 | $23,794 |
Reconciliation_of_Statutory_Fe
Reconciliation of Statutory Federal Tax Rate and Effective Tax Rate from Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
(Reduction) increase resulting from: | ' | ' | ' |
Tax-exempt interest | -5.14% | -4.16% | -6.40% |
State income taxes, net of federal benefit | 2.35% | 2.35% | 2.78% |
Other, net | -0.33% | -0.11% | 0.96% |
Effective tax rate | 31.88% | 33.08% | 32.34% |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income, Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | ($1,825) | ($7,328) | ($12,190) |
Other comprehensive (loss) gain before reclassifications | -13,070 | 5,051 | 6,591 |
Reclassified from AOCI | 155 | 452 | -1,729 |
Net comprehensive (loss) gain | -12,915 | 5,503 | 4,862 |
Ending balance | -14,740 | -1,825 | -7,328 |
Gains (Losses) On Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | ' | ' | -20 |
Other comprehensive (loss) gain before reclassifications | ' | ' | 20 |
Net comprehensive (loss) gain | ' | ' | 20 |
Available-for-Sale Securities | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -283 | -5,741 | -11,213 |
Other comprehensive (loss) gain before reclassifications | -13,307 | 5,173 | 7,341 |
Reclassified from AOCI | -50 | 285 | -1,869 |
Net comprehensive (loss) gain | -13,357 | 5,458 | 5,472 |
Ending balance | -13,640 | -283 | -5,741 |
Employee Benefit Plan | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -1,542 | -1,587 | -957 |
Other comprehensive (loss) gain before reclassifications | 237 | -122 | -770 |
Reclassified from AOCI | 205 | 167 | 140 |
Net comprehensive (loss) gain | 442 | 45 | -630 |
Ending balance | ($1,100) | ($1,542) | ($1,587) |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net gain on sale of securities | $208 | ($39) | $113 | $117 | $213 | $228 | ($9) | $51 | $399 | $483 | $5,264 | |||
Income before income taxes | 7,760 | 7,951 | 7,972 | 10,537 | 12,396 | 15,381 | 6,075 | 8,853 | 34,220 | 42,705 | 29,601 | |||
Income tax (benefit) expense | 2,436 | 2,539 | 2,537 | 3,396 | 3,957 | 5,322 | 1,997 | 2,852 | 10,908 | 14,128 | 9,573 | |||
Net income | 5,324 | 5,412 | 5,435 | 7,141 | 8,439 | 10,059 | 4,078 | 6,001 | 23,312 | 28,577 | 20,028 | |||
Reclassified from AOCI, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 155 | 452 | -1,729 | |||
Available-for-Sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassified from AOCI, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -50 | 285 | -1,869 | |||
Employee Benefit Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassified from AOCI, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 205 | 167 | 140 | |||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassified from AOCI, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 155 | 452 | -1,729 | |||
Reclassification out of Accumulated Other Comprehensive Income | Available-for-Sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net gain on sale of securities | ' | ' | ' | ' | ' | ' | ' | ' | -399 | -483 | -5,264 | |||
Net impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | 320 | 942 | 2,285 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -79 | 459 | -2,979 | |||
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -29 | 174 | -1,110 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -50 | 285 | -1,869 | |||
Reclassification out of Accumulated Other Comprehensive Income | Employee Benefit Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 277 | [1] | 223 | [1] | 223 | [1] |
Amortization of gains | ' | ' | ' | ' | ' | ' | ' | ' | 50 | [1] | 45 | [1] | ' | |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 327 | 268 | 223 | |||
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 101 | 83 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $205 | $167 | $140 | |||
[1] | Amortization is included in net periodic pension cost. See Note 13, "Employee Benefit Plans." |
Summary_of_Financial_Assets_an
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | $519,820 | $534,358 |
Derivatives | 84 | 144 |
Derivative Liabilities | 41 | 16 |
Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 519,820 | 534,358 |
Deferred compensation assets | 4,200 | 3,625 |
Derivatives | 84 | ' |
Deferred compensation liabilities | 4,200 | 3,625 |
Recurring | US Treasury Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 9,013 | ' |
Recurring | Municipal securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 144,280 | 159,217 |
Recurring | Single Issue Trust Preferred Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 46,234 | 44,646 |
Recurring | Corporate securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 4,871 | ' |
Recurring | Agency Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 300,386 | 315,897 |
Recurring | Non Agency Alt Residential Mbs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 9,789 | ' |
Recurring | Equity Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 5,247 | 3,531 |
Recurring | IRLCs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | ' | 144 |
Derivative Liabilities | 41 | 16 |
Recurring | Interest Rate Swap Agreement | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 43 | ' |
Recurring | Non Agency Residential Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | ' | 11,067 |
Recurring | Forward Sale Loan Commitments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 41 | ' |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 251 | 3,511 |
Level 1 | Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 251 | 3,511 |
Deferred compensation assets | 4,200 | 3,625 |
Deferred compensation liabilities | 4,200 | 3,625 |
Level 1 | Recurring | Equity Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 251 | 3,511 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 519,569 | 530,847 |
Derivatives | 84 | 144 |
Derivative Liabilities | 41 | 16 |
Level 2 | Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 519,569 | 530,847 |
Derivatives | 84 | ' |
Level 2 | Recurring | US Treasury Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 9,013 | ' |
Level 2 | Recurring | Municipal securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 144,280 | 159,217 |
Level 2 | Recurring | Single Issue Trust Preferred Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 46,234 | 44,646 |
Level 2 | Recurring | Corporate securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 4,871 | ' |
Level 2 | Recurring | Agency Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 300,386 | 315,897 |
Level 2 | Recurring | Non Agency Alt Residential Mbs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 9,789 | ' |
Level 2 | Recurring | Equity Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 4,996 | 20 |
Level 2 | Recurring | IRLCs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | ' | 144 |
Derivative Liabilities | 41 | 16 |
Level 2 | Recurring | Interest Rate Swap Agreement | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 43 | ' |
Level 2 | Recurring | Non Agency Residential Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | ' | 11,067 |
Level 2 | Recurring | Forward Sale Loan Commitments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | $41 | ' |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Nonrecurring Basis (Detail) (Fair Value on Nonrecurring Basis, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Fair value | $8,935 | $8,192 |
OREO | Not covered by loss share agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Fair value | 7,180 | 5,704 |
OREO | Covered by loss share agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Fair value | 6,433 | 3,255 |
Level 3 | Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Fair value | 8,935 | 8,192 |
Level 3 | OREO | Not covered by loss share agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Fair value | 7,180 | 5,704 |
Level 3 | OREO | Covered by loss share agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Fair value | $6,433 | $3,255 |
Quantitative_Information_for_A
Quantitative Information for Assets Measured at Fair Value on Nonrecurring Basis (Detail) (Fair Value on Nonrecurring Basis) | 12 Months Ended | |
Dec. 31, 2013 | ||
Impaired Loans | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Valuation Technique | 'Discounted appraisals | [1] |
Unobservable Input | 'Appraisal adjustments | [2] |
OREO | Not covered by loss share agreements | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Valuation Technique | 'Discounted appraisals | [1] |
Unobservable Input | 'Appraisal adjustments | [2] |
OREO | Covered by loss share agreements | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Valuation Technique | 'Discounted appraisals | [1] |
Unobservable Input | 'Appraisal adjustments | [2] |
Minimum | Impaired Loans | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 6.00% | |
Minimum | OREO | Not covered by loss share agreements | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 0.00% | |
Minimum | OREO | Covered by loss share agreements | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 4.00% | |
Maximum | Impaired Loans | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 100.00% | |
Maximum | OREO | Not covered by loss share agreements | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 65.00% | |
Maximum | OREO | Covered by loss share agreements | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 70.00% | |
Average | Impaired Loans | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 47.00% | |
Average | OREO | Not covered by loss share agreements | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 34.00% | |
Average | OREO | Covered by loss share agreements | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Weighted Average | 41.00% | |
[1] | Fair value is generally based on appraisals of the underlying collateral. | |
[2] | Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. |
Carrying_Amount_and_Fair_Value
Carrying Amount and Fair Value of Company's Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Available-for-sale securities | $519,820 | $534,358 |
Held-to-maturity securities | 579 | 832 |
FDIC indemnification asset | 34,691 | 48,149 |
Accrued interest receivable | 7,521 | 7,842 |
Derivative financial assets | 84 | 144 |
Liabilities | ' | ' |
Derivative financial liabilities | 41 | 16 |
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 56,567 | 144,847 |
Available-for-sale securities | 519,820 | 534,358 |
Held-to-maturity securities | 568 | 816 |
Loans held for sale | 883 | 6,672 |
Loans held for investment less allowance | 1,686,644 | 1,698,883 |
FDIC indemnification asset | 34,691 | 48,149 |
Accrued interest receivable | 7,521 | 7,842 |
Derivative financial assets | 84 | 144 |
Deferred compensation assets | 4,200 | 3,625 |
Liabilities | ' | ' |
Securities sold under agreements to repurchase | 118,308 | 136,118 |
Accrued interest payable | 2,169 | 2,481 |
FHLB and other indebtedness | 166,088 | 177,435 |
Derivative financial liabilities | 41 | 16 |
Deferred compensation liabilities | 4,200 | 3,625 |
Carrying (Reported) Amount, Fair Value Disclosure | Demand Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 339,680 | 343,352 |
Carrying (Reported) Amount, Fair Value Disclosure | Interest-bearing Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 361,821 | 353,321 |
Carrying (Reported) Amount, Fair Value Disclosure | Savings Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 524,010 | 500,276 |
Carrying (Reported) Amount, Fair Value Disclosure | Bank Time Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 725,231 | 833,226 |
Estimate of Fair Value, Fair Value Disclosure | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 56,567 | 144,847 |
Available-for-sale securities | 519,820 | 534,358 |
Held-to-maturity securities | 579 | 832 |
Loans held for sale | 883 | 6,774 |
Loans held for investment less allowance | 1,655,430 | 1,702,128 |
FDIC indemnification asset | 34,691 | 48,149 |
Accrued interest receivable | 7,521 | 7,842 |
Derivative financial assets | 84 | 144 |
Deferred compensation assets | 4,200 | 3,625 |
Liabilities | ' | ' |
Securities sold under agreements to repurchase | 121,320 | 142,417 |
Accrued interest payable | 2,169 | 2,481 |
FHLB and other indebtedness | 178,031 | 200,418 |
Derivative financial liabilities | 41 | 16 |
Deferred compensation liabilities | 4,200 | 3,625 |
Estimate of Fair Value, Fair Value Disclosure | Demand Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 339,680 | 343,352 |
Estimate of Fair Value, Fair Value Disclosure | Interest-bearing Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 361,821 | 353,321 |
Estimate of Fair Value, Fair Value Disclosure | Savings Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 524,010 | 500,276 |
Estimate of Fair Value, Fair Value Disclosure | Bank Time Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 728,999 | 842,331 |
Level 1 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 56,567 | 144,847 |
Available-for-sale securities | 251 | 3,511 |
Deferred compensation assets | 4,200 | 3,625 |
Liabilities | ' | ' |
Deferred compensation liabilities | 4,200 | 3,625 |
Level 2 | ' | ' |
Assets | ' | ' |
Available-for-sale securities | 519,569 | 530,847 |
Held-to-maturity securities | 579 | 832 |
Loans held for sale | 883 | 6,774 |
Accrued interest receivable | 7,521 | 7,842 |
Derivative financial assets | 84 | 144 |
Liabilities | ' | ' |
Securities sold under agreements to repurchase | 121,320 | 142,417 |
Accrued interest payable | 2,169 | 2,481 |
FHLB and other indebtedness | 178,031 | 200,418 |
Derivative financial liabilities | 41 | 16 |
Level 2 | Demand Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 339,680 | 343,352 |
Level 2 | Interest-bearing Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 361,821 | 353,321 |
Level 2 | Savings Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 524,010 | 500,276 |
Level 2 | Bank Time Deposits | ' | ' |
Liabilities | ' | ' |
Deposits Fair Value | 728,999 | 842,331 |
Level 3 | ' | ' |
Assets | ' | ' |
Loans held for investment less allowance | 1,655,430 | 1,702,128 |
FDIC indemnification asset | $34,691 | $48,149 |
Deposit_Transactions_with_Rela
Deposit Transactions with Related Parties (Detail) (Related Party, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Beginning balance | $2,589 | $3,837 | $17,114 |
Increase in deposits, including new accounts | 907 | 311 | 1,294 |
Decrease in deposits, including closed accounts | -574 | -1,559 | -14,571 |
Ending balance | $2,922 | $2,589 | $3,837 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Loan to related parties, decreases | ($1,473) | ($4,369) | ($4,132) |
Related party fees | 57 | 63 | 80 |
Lease expense | 1,180 | 1,260 | 1,170 |
Related Parties | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Lease expense | 134 | 171 | 164 |
Subsidiary Board Members and Executive Officers | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Net increase in related party deposit | 103 | 166 | 14,070 |
Loan to related parties, decreases | ($613) | ($2,790) | ' |
Loan_Transactions_with_Related
Loan Transactions with Related Parties (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Beginning balance | $16,617 | $18,406 | $12,459 |
Increase in existing loans, including new loans | 2,037 | 2,580 | 10,079 |
Decrease in existing loans, including loans paid off | -1,473 | -4,369 | -4,132 |
Ending balance | $17,181 | $16,617 | $18,406 |
OffBalance_Sheet_Financial_Ins
Off-Balance Sheet Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to extend credit | $216,179 | $215,770 |
Commitments related to secondary market mortgage loans | 3,677 | 14,840 |
Standby letters of credit and financial guarantees | 4,193 | 6,810 |
Total off-balance sheet risk | 224,049 | 237,420 |
Reserve for unfunded commitments | $326 | $326 |
Litigation_Commitments_and_Con2
Litigation, Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Line Items] | ' |
Trust preferred securities | $15.46 |
Companys_and_Banks_Capital_Rat
Company's and Bank's Capital Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
First Community Bancshares, Inc. | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital to Risk-Weighted Assets, actual amount | $270,636 | $282,729 |
Tier 1 Capital to Risk-Weighted Assets, actual amount | 250,012 | 261,467 |
Tier 1 Capital to Average Assets (Leverage), actual amount | 250,012 | 261,467 |
Total Capital to Risk-Weighted Assets, actual (ratio) | 16.44% | 16.70% |
Tier 1 Capital to Risk-Weighted Assets, actual (ratio) | 15.19% | 15.44% |
Tier 1 Capital to Average Assets (Leverage), actual (ratio) | 9.95% | 9.96% |
Total Capital to Risk-Weighted Assets, for capital adequacy purposes amount | 131,694 | 135,441 |
Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes amount | 65,847 | 67,720 |
Tier 1 Capital to Average Assets (Leverage), for capital adequacy purposes amount | 100,489 | 104,974 |
Total Capital to Risk-Weighted Assets, for capital adequacy purposes (ratio) | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes (ratio) | 4.00% | 4.00% |
Tier 1 Capital to Average Assets (Leverage), for capital adequacy purposes (ratio) | 4.00% | 4.00% |
First Community Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital to Risk-Weighted Assets, actual amount | 236,699 | 255,219 |
Tier 1 Capital to Risk-Weighted Assets, actual amount | 216,314 | 234,226 |
Tier 1 Capital to Average Assets (Leverage), actual amount | 216,314 | 234,226 |
Total Capital to Risk-Weighted Assets, actual (ratio) | 14.55% | 15.23% |
Tier 1 Capital to Risk-Weighted Assets, actual (ratio) | 13.30% | 13.97% |
Tier 1 Capital to Average Assets (Leverage), actual (ratio) | 8.63% | 8.98% |
Total Capital to Risk-Weighted Assets, for capital adequacy purposes amount | 130,141 | 134,087 |
Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes amount | 65,070 | 67,043 |
Tier 1 Capital to Average Assets (Leverage), for capital adequacy purposes amount | 100,219 | 104,304 |
Total Capital to Risk-Weighted Assets, for capital adequacy purposes (ratio) | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes (ratio) | 4.00% | 4.00% |
Tier 1 Capital to Average Assets (Leverage), for capital adequacy purposes (ratio) | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, to be well capitalized under prompt corrective action provision amount | 162,676 | 167,609 |
Tier 1 Capital to Risk-Weighted Assets, to be well capitalized under prompt corrective action provision amount | 97,606 | 100,565 |
Tier 1 Capital to Average Assets (Leverage), to be well capitalized under prompt corrective action provision amount | $125,274 | $130,381 |
Total Capital to Risk-Weighted Assets, to be well capitalized under prompt corrective action provision (ratio) | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, to be well capitalized under prompt corrective action provision (ratio) | 6.00% | 6.00% |
Tier 1 Capital to Average Assets (Leverage), to be well capitalized under prompt corrective action provision (ratio) | 5.00% | 5.00% |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements And Restrictions - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Minimum net worth required | $1 | ' |
Net worth | $201.92 | $205.54 |
Condensed_Balance_Sheets_of_Pa
Condensed Balance Sheets of Parent Company (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and due from banks | $43,598 | $50,405 | ' | ' |
Securities available for sale | 519,820 | 534,358 | ' | ' |
Investment in subsidiary | 786 | 782 | ' | ' |
Other assets | 111,524 | 105,040 | ' | ' |
Total assets | 2,602,514 | 2,728,867 | ' | ' |
Liabilities | ' | ' | ' | ' |
Other borrowings | 16,088 | 15,877 | ' | ' |
Subordinated debt | 15,464 | 15,464 | ' | ' |
Total liabilities | 2,273,908 | 2,372,544 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Common stock | 20,493 | 20,343 | ' | ' |
Additional paid-in capital | 215,663 | 213,829 | ' | ' |
Retained earnings | 125,826 | 113,013 | ' | ' |
Treasury stock | -33,887 | -6,458 | ' | ' |
Accumulated other comprehensive loss | -14,740 | -1,825 | -7,328 | -12,190 |
Total stockholders' equity | 328,606 | 356,323 | 305,729 | 269,878 |
Total liabilities and stockholders' equity | 2,602,514 | 2,728,867 | ' | ' |
First Community Bancshares, Inc. | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and due from banks | 10,872 | 12,476 | ' | ' |
Securities available for sale | 13,335 | 11,053 | ' | ' |
Investment in subsidiary | 310,748 | 343,911 | ' | ' |
Other assets | 9,697 | 4,541 | ' | ' |
Total assets | 344,652 | 371,981 | ' | ' |
Liabilities | ' | ' | ' | ' |
Other borrowings | 582 | 194 | ' | ' |
Subordinated debt | 15,464 | 15,464 | ' | ' |
Total liabilities | 16,046 | 15,658 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred stock | 15,251 | 17,421 | ' | ' |
Common stock | 20,493 | 20,343 | ' | ' |
Additional paid-in capital | 215,663 | 213,829 | ' | ' |
Retained earnings | 124,535 | 111,627 | ' | ' |
Treasury stock | -33,887 | -6,458 | ' | ' |
Accumulated other comprehensive loss | -13,449 | -439 | ' | ' |
Total stockholders' equity | 328,606 | 356,323 | ' | ' |
Total liabilities and stockholders' equity | $344,652 | $371,981 | ' | ' |
Condensed_Statements_of_Income
Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | $411 | $2,459 | $236 |
Income tax expense | -2,436 | -2,539 | -2,537 | -3,396 | -3,957 | -5,322 | -1,997 | -2,852 | -10,908 | -14,128 | -9,573 |
Net income | 5,324 | 5,412 | 5,435 | 7,141 | 8,439 | 10,059 | 4,078 | 6,001 | 23,312 | 28,577 | 20,028 |
Dividends on preferred stock | -252 | -261 | -253 | -258 | -272 | -220 | -283 | -283 | -1,024 | -1,058 | -703 |
Net income available to common shareholders | 5,072 | 5,151 | 5,182 | 6,883 | 8,167 | 9,839 | 3,795 | 5,718 | 22,288 | 27,519 | 19,325 |
First Community Bancshares, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends received from subsidiary bank | ' | ' | ' | ' | ' | ' | ' | ' | 43,900 | 8,105 | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 726 | 445 | 2,227 |
Operating expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,647 | -1,318 | -1,796 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 368 | -55 | -150 |
Equity in undistributed earnings of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -20,035 | 21,400 | 19,747 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 23,312 | 28,577 | 20,028 |
Dividends on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,024 | 1,058 | 703 |
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $22,288 | $27,519 | $19,325 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $23,312 | $28,577 | $20,028 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Gain on sale of securities | -399 | -483 | -5,264 |
Net cash provided by (used in) operating activities | 44,518 | 56,639 | 54,008 |
Investing activities | ' | ' | ' |
Proceeds from sales of securities available-for-sale | 105,934 | 155,600 | 192,847 |
Payments to acquire securities available-for-sale | -201,138 | -245,344 | -234,818 |
Net cash (used in) provided by investing activities | -1,167 | 252,474 | -14,190 |
Financing activities | ' | ' | ' |
Proceeds from stock options exercised | 85 | 144 | 32 |
Payments for repurchase of treasury stock | -28,421 | -1,012 | -904 |
Payments for repurchase of warrants | ' | ' | -30 |
Payments of common dividends | -9,475 | -8,162 | -7,155 |
Payments of preferred dividends | -992 | -1,120 | -558 |
Net cash (used in) provided by financing activities | -131,631 | -211,560 | -104,713 |
Net (decrease) increase in cash and cash equivalents | -88,280 | 97,553 | -64,895 |
Cash and cash equivalents at beginning of period | 144,847 | 47,294 | 112,189 |
Cash and cash equivalents at end of period | 56,567 | 144,847 | 47,294 |
First Community Bancshares, Inc. | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | 23,312 | 28,577 | 20,028 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed earnings of subsidiary | 20,035 | -21,400 | -19,747 |
Gain on sale of securities | -193 | -49 | -139 |
(Increase) decrease in other assets | -5,293 | 123 | -1,529 |
Increase (decrease) in other liabilities | 333 | 588 | -5,748 |
(Increase) decrease in other operating activities | -106 | -58 | 776 |
Net cash provided by (used in) operating activities | 38,088 | 7,781 | -6,359 |
Investing activities | ' | ' | ' |
Proceeds from sales of securities available-for-sale | 3,380 | 2,151 | 2,636 |
Payments to acquire securities available-for-sale | -5,000 | -5,137 | -6 |
Investment in subsidiary | ' | ' | -570 |
Net cash (used in) provided by investing activities | -1,620 | -2,986 | 2,060 |
Financing activities | ' | ' | ' |
Proceeds from issuance of preferred stock | ' | ' | 18,802 |
Proceeds from stock options exercised | 789 | 144 | 32 |
Payments for repurchase of treasury stock | -28,421 | -1,012 | -904 |
Payments for repurchase of warrants | ' | ' | -30 |
Payments of common dividends | -9,476 | -8,162 | -7,155 |
Payments of preferred dividends | -992 | -1,120 | -558 |
Proceeds from other financing activities | 28 | 137 | 100 |
Net cash (used in) provided by financing activities | -38,072 | -10,013 | 10,287 |
Net (decrease) increase in cash and cash equivalents | -1,604 | -5,218 | 5,988 |
Cash and cash equivalents at beginning of period | 12,476 | 17,694 | 11,706 |
Cash and cash equivalents at end of period | $10,872 | $12,476 | $17,694 |
Summary_of_Quarterly_Earnings_
Summary of Quarterly Earnings (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $27,364 | $26,696 | $27,412 | $28,004 | $31,256 | $31,536 | $24,182 | $22,682 | $109,476 | $109,656 | $94,176 |
Interest expense | 4,272 | 4,370 | 4,550 | 4,642 | 5,120 | 5,077 | 4,698 | 4,705 | 17,834 | 19,600 | 22,147 |
Net interest income | 23,092 | 22,326 | 22,862 | 23,362 | 26,136 | 26,459 | 19,484 | 17,977 | 91,642 | 90,056 | 72,029 |
Provision for loan losses | 1,528 | 2,333 | 3,205 | 1,142 | 1,220 | 1,916 | 1,620 | 922 | 8,208 | 5,678 | 9,047 |
Net interest income after provision for loan losses | 21,564 | 19,993 | 19,657 | 22,220 | 24,916 | 24,543 | 17,864 | 17,055 | 83,434 | 84,378 | 62,982 |
Other income | 6,743 | 8,150 | 6,735 | 7,744 | 9,000 | 10,935 | 8,352 | 7,940 | 5,235 | 6,742 | 3,888 |
Net gain (loss) on sale of securities | 208 | -39 | 113 | 117 | 213 | 228 | -9 | 51 | 399 | 483 | 5,264 |
Other expenses | 20,755 | 20,153 | 18,533 | 19,544 | 21,733 | 20,325 | 20,132 | 16,193 | 23,249 | 21,190 | 20,305 |
Income before income taxes | 7,760 | 7,951 | 7,972 | 10,537 | 12,396 | 15,381 | 6,075 | 8,853 | 34,220 | 42,705 | 29,601 |
Income tax | 2,436 | 2,539 | 2,537 | 3,396 | 3,957 | 5,322 | 1,997 | 2,852 | 10,908 | 14,128 | 9,573 |
Net income | 5,324 | 5,412 | 5,435 | 7,141 | 8,439 | 10,059 | 4,078 | 6,001 | 23,312 | 28,577 | 20,028 |
Dividends on preferred stock | 252 | 261 | 253 | 258 | 272 | 220 | 283 | 283 | 1,024 | 1,058 | 703 |
Net income available to common shareholders | $5,072 | $5,151 | $5,182 | $6,883 | $8,167 | $9,839 | $3,795 | $5,718 | $22,288 | $27,519 | $19,325 |
Basic earnings per common share | $0.27 | $0.26 | $0.26 | $0.34 | $0.41 | $0.49 | $0.20 | $0.32 | $1.13 | $1.44 | $1.08 |
Diluted earnings per common share | $0.26 | $0.26 | $0.26 | $0.34 | $0.40 | $0.47 | $0.21 | $0.31 | $1.11 | $1.40 | $1.07 |
Dividend per common share | $0.12 | $0.12 | $0.12 | $0.12 | $0.11 | $0.11 | $0.11 | $0.10 | $0.48 | $0.43 | $0.40 |
Weighted average basic shares outstanding | 19,136,317 | 20,008,861 | 19,997,991 | 20,032,694 | 20,063,873 | 20,013,264 | 18,561,714 | 17,849,376 | 19,792,099 | 19,127,065 | 17,877,421 |
Weighted average diluted shares outstanding | 20,233,737 | 21,123,788 | 21,205,078 | 21,258,490 | 21,314,023 | 21,329,612 | 19,872,106 | 19,158,179 | 20,961,800 | 20,419,569 | 18,687,521 |