Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 07, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | CAROLINA FINANCIAL CORP | |
Entity Central Index Key | 0000870385 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,315,126 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 25,757 | $ 28,857 |
Interest-bearing cash | 34,251 | 33,276 |
Cash and cash equivalents | 60,008 | 62,133 |
Securities available-for-sale (cost of $808,192 at March 31, 2019 and $844,461 at December 31, 2018) | 813,257 | 842,801 |
Federal Home Loan Bank stock, at cost | 18,349 | 21,696 |
Other investments | 3,473 | 3,450 |
Derivative assets | 3,176 | 4,032 |
Loans held for sale | 23,799 | 16,972 |
Loans receivable, net of allowance for loan losses of $15,021 at March 31, 2019 and $14,463 at December 31, 2018 | 2,575,589 | 2,509,873 |
Premises and equipment, net | 60,547 | 60,866 |
Right of use operating lease asset | 18,004 | |
Accrued interest receivable | 13,618 | 13,494 |
Real estate acquired through foreclosure, net | 1,335 | 1,534 |
Deferred tax assets, net | 4,270 | 5,786 |
Mortgage servicing rights | 32,033 | 32,933 |
Cash value life insurance | 58,896 | 58,728 |
Core deposit intangible | 15,713 | 16,462 |
Goodwill | 127,592 | 127,592 |
Other assets | 12,521 | 12,396 |
Total assets | 3,842,180 | 3,790,748 |
Liabilities [Abstract] | ||
Noninterest-bearing deposits | 575,990 | 547,022 |
Interest-bearing deposits | 2,241,080 | 2,171,171 |
Total deposits | 2,817,070 | 2,718,193 |
Short-term borrowed funds | 321,000 | 405,500 |
Long-term debt | 59,480 | 59,436 |
Right of use operating lease liability | 18,296 | |
Derivative liabilities | 2,492 | 1,232 |
Drafts outstanding | 7,610 | 8,129 |
Advances from borrowers for insurance and taxes | 5,934 | 4,100 |
Accrued interest payable | 2,371 | 1,591 |
Reserve for mortgage repurchase losses | 1,192 | 1,292 |
Dividends payable to shareholders | 1,785 | 1,576 |
Accrued expenses and other liabilities | 15,800 | 14,414 |
Total liabilities | 3,253,030 | 3,215,463 |
Stockholders' equity: | ||
Preferred stock, par value $.01; 1,000,000 shares authorized at March 31, 2019 and December 31, 2018; no shares issued or outstanding | ||
Common stock, par value $.01; 50,000,000 shares authorized at March 31, 2019 and December 31, 2018, respectively; 22,296,372 and 22,387,009 issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 223 | 224 |
Additional paid-in capital | 404,869 | 408,224 |
Retained earnings | 179,845 | 167,173 |
Accumulated other comprehensive income (loss) | 4,213 | (336) |
Total stockholders' equity | 589,150 | 575,285 |
Total liabilities and stockholders' equity | $ 3,842,180 | $ 3,790,748 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Securities available for sale at cost | $ 808,192 | $ 844,461 |
Loans, allowance for loan losses | $ 15,021 | $ 14,463 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 22,296,372 | 22,387,009 |
Common stock, shares outstanding | 22,296,372 | 22,387,009 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | ||
Loans | $ 34,977 | $ 31,663 |
Investment securities | 7,355 | 5,707 |
Dividends from Federal Home Loan Bank stock | 262 | 175 |
Other interest income | 187 | 131 |
Total interest income | 42,781 | 37,676 |
Interest expense | ||
Deposits | 6,303 | 3,642 |
Short-term borrowed funds | 2,316 | 1,253 |
Long-term debt | 691 | 650 |
Total interest expense | 9,310 | 5,545 |
Net interest income | 33,471 | 32,131 |
Provision for loan losses | 700 | |
Net interest income after provision for loan losses | 32,771 | 32,131 |
Noninterest income | ||
Mortgage banking income | 3,418 | 3,801 |
Deposit service charges | 1,667 | 2,024 |
Net (loss) gain on sale of securities | 1,194 | (697) |
Fair value adjustments on interest rate swaps | (1,371) | 803 |
Net increase in cash value life insurance | 398 | 390 |
Mortgage loan servicing income | 2,638 | 2,025 |
Debit card income, net | 975 | 927 |
Other | 952 | 775 |
Total noninterest income | 9,871 | 10,048 |
Noninterest expense | ||
Salaries and employee benefits | 13,471 | 13,668 |
Occupancy and equipment | 4,121 | 3,652 |
Marketing and public relations | 426 | 376 |
FDIC insurance | 255 | 255 |
Recovery of mortgage loan repurchase losses | (100) | (150) |
Legal expense | 86 | 76 |
Other real estate (income) expense, net | 186 | (94) |
Mortgage subservicing expense | 706 | 565 |
Amortization of mortgage servicing rights | 1,236 | 979 |
Amortization of core deposit intangible | 749 | 806 |
Merger related expenses | 14,710 | |
Other | 3,011 | 2,755 |
Total noninterest expense | 24,147 | 37,598 |
Income before income taxes | 18,495 | 4,581 |
Income tax expense (benefit) | 3,950 | 525 |
Net income | $ 14,545 | $ 4,056 |
Earnings per common share: | ||
Basic (per share) | $ 0.66 | $ 0.19 |
Diluted (per share) | 0.65 | 0.19 |
Dividends declared per common share (per share) | $ 0.08 | $ 0.05 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 22,193,861 | 20,908,225 |
Diluted (in shares) | 22,381,809 | 21,119,316 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Statements Of Comprehensive Income | ||
Net income | $ 14,545 | $ 4,056 |
Other comprehensive income (loss), net of tax: | ||
Unrealized (losses) gains on securities | 7,937 | (6,564) |
Tax effect | (1,984) | 1,641 |
Reclassification adjustment for loss (gain) included in earnings | (1,194) | 697 |
Tax effect | 298 | (174) |
Unrealized gain on interest rate swaps designated as cash flow hedges | (678) | 1,007 |
Tax effect | 170 | (252) |
Other comprehensive (loss) income, net of tax | 4,549 | (3,645) |
Comprehensive income | $ 19,094 | $ 411 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance at Dec. 31, 2017 | $ 210 | $ 348,037 | $ 123,537 | $ 3,597 | $ 475,381 |
Beginning Balance (in shares) at Dec. 31, 2017 | 21,022,202 | ||||
Stock awards | $ 1 | 105 | 106 | ||
Stock awards (in shares) | 42,807 | ||||
Vested stock awards surrendered in cashless exercise | (210) | (279) | (489) | ||
Vested stock awards surrendered in cashless exercise (in shares) | (12,534) | ||||
Stock options exercised | 56 | 56 | |||
Stock options exercised (in shares) | 5,064 | ||||
Stock repurchase plan, net of commissions | |||||
Stock-based compensation expense, net | 633 | 633 | |||
Net income | 4,056 | 4,056 | |||
Dividends declared to stockholders | (1,052) | (1,052) | |||
Other comprehensive (loss) income, net of tax | (3,645) | (3,645) | |||
Ending Balance at Mar. 31, 2018 | $ 211 | 348,621 | 126,262 | (48) | 475,046 |
Ending Balance (in shares) at Mar. 31, 2018 | 21,057,539 | ||||
Beginning Balance at Dec. 31, 2018 | $ 224 | 408,224 | 167,173 | (336) | 575,285 |
Beginning Balance (in shares) at Dec. 31, 2018 | 22,387,009 | ||||
Stock awards | 124 | 124 | |||
Stock awards (in shares) | 35,708 | ||||
Vested stock awards surrendered in cashless exercise | (315) | (88) | (403) | ||
Vested stock awards surrendered in cashless exercise (in shares) | (11,421) | ||||
Stock options exercised | 246 | 246 | |||
Stock options exercised (in shares) | 13,674 | ||||
Stock repurchase plan, net of commissions | $ (1) | (4,156) | (4,157) | ||
Stock repurchase plan, net of commissions (in shares) | (128,598) | ||||
Stock-based compensation expense, net | 746 | 746 | |||
Net income | 14,545 | 14,545 | |||
Dividends declared to stockholders | (1,785) | (1,785) | |||
Other comprehensive (loss) income, net of tax | 4,549 | 4,549 | |||
Ending Balance at Mar. 31, 2019 | $ 223 | $ 404,869 | $ 179,845 | $ 4,213 | $ 589,150 |
Ending Balance (in shares) at Mar. 31, 2019 | 22,296,372 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 14,545 | $ 4,056 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 700 | |
Amortization of unearned discount/premiums on investments, net | 1,036 | 1,289 |
Amortization of deferred loan fees | (596) | (788) |
Accretion of acquired loans | (1,518) | (2,898) |
Amortization of core deposit intangibles | 749 | 806 |
Loss (gain) on sale of available-for-sale securities, net | (1,194) | 697 |
Mortgage banking income | (3,418) | (3,801) |
Originations of loans held for sale | (160,689) | (211,921) |
Proceeds from sale of loans held for sale | 157,280 | 226,396 |
Amortization of fair value adjustments on subordinated debentures | 44 | 44 |
Recovery of mortgage loan repurchase losses | (100) | (150) |
Fair value adjustments on interest rate swaps | 1,371 | (803) |
Stock-based compensation | 746 | 633 |
Increase in cash surrender value of bank owned life insurance | (398) | (390) |
Depreciation | 1,077 | 964 |
Gain on sale of real estate acquired through foreclosure | 127 | (92) |
Originations of mortgage servicing assets | (336) | (1,695) |
Amortization of mortgage servicing assets | 1,236 | 979 |
Accrued interest receivable | (124) | 490 |
Other assets | (3) | 8,810 |
Increase (decrease) in: | ||
Accrued interest payable | 780 | 162 |
Dividends payable to shareholders | 209 | 2 |
Accrued expenses and other liabilities | 1,569 | (3,697) |
Cash flows provided by operating activities | 13,093 | 19,093 |
Activity in available-for-sale securities: | ||
Purchases | (56,250) | (93,296) |
Maturities, payments and calls | 21,643 | 21,324 |
Proceeds from sales | 71,034 | 51,178 |
Increase in Federal Home Loan Bank stock | 3,347 | 1,152 |
Increase in loans receivable, net | (64,668) | (55,591) |
Purchase of premises and equipment | (758) | (2,150) |
Proceeds from sale of real estate acquired through foreclosure | 438 | 1,252 |
Cash flows used in investing activities | (25,214) | (76,131) |
Cash flows from financing activities: | ||
Net increase in deposit accounts | 98,877 | 72,040 |
Net decrease in Federal Home Loan Bank advances | (84,500) | (37,000) |
Net (decrease) increase in drafts outstanding | (519) | 2,809 |
Net increase in advances from borrowers for insurance and taxes | 1,834 | 297 |
Cash dividends paid on common stock | (1,785) | (1,052) |
Proceeds from issuance of common stock | 246 | 56 |
Cash paid for common stock repurchase | (4,157) | |
Cash flows provided by financing activities | 9,996 | 37,150 |
Net decrease in cash and cash equivalents | (2,125) | (19,888) |
Cash and cash equivalents at beginning of year | 62,133 | 81,252 |
Cash and cash equivalents at end of year | 60,008 | 61,364 |
Supplemental disclosure | ||
Cash paid for Interest on deposits and borrowed funds | 8,530 | 5,383 |
Cash paid for Income taxes paid, net of refunds | 59 | 24 |
Noncash investing and financing activities: | ||
Transfer of loans receivable to real estate acquired through foreclosure | $ 366 | $ 17 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Carolina Financial Corporation (“Carolina Financial” or the “Company”), incorporated under the laws of the State of Delaware, is a financial holding company with one wholly-owned subsidiary, CresCom Bank (the “Bank”). CresCom Bank operates Crescent Mortgage Company, Carolina Services Corporation of Charleston (“Carolina Services”), DTFS, Inc., and CresCom Leasing, LLC. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. In consolidation, all material intercompany accounts and transactions have been eliminated. The results of operations of the businesses acquired in transactions accounted for as purchases are included only from the dates of acquisition. All majority-owned subsidiaries are consolidated unless control is temporary or does not rest with the Company. At March 31, 2019, statutory business trusts (“Trusts”) created or acquired by the Company had outstanding trust preferred securities with an aggregate par value of $36.0 million. The principal assets of the Trusts are $37.1 million of the Company’s subordinated debentures with identical rates of interest and maturities as the trust preferred securities. The Trusts have issued $1.1 million of common securities to the Company and are included in other investments in the accompanying consolidated balance sheets. The Trusts are not consolidated subsidiaries of the Company. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2019. There have been no significant changes to the accounting policies as disclosed in the Company’s Form 10-K, except as reflected in Recently Adopted Accounting Pronouncements of this Note 1 – Summary of Significant Accounting Policies. Management’s Estimates The financial statements are prepared in accordance with GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, including valuation for impaired loans, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, the valuation of securities, the valuation of derivative instruments, the valuation of assets acquired and liabilities assumed in business combinations, the valuation of mortgage servicing rights, the determination of the reserve for mortgage loan repurchase losses, asserted and unasserted legal claims and deferred tax assets or liabilities. In connection with the determination of the allowance for loan losses and foreclosed real estate, management obtains independent appraisals for significant properties. Management must also make estimates in determining the estimated useful lives and methods for depreciating premises and equipment. Management uses available information to recognize losses on loans and foreclosed real estate. However, future additions to the allowance may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and foreclosed real estate. It is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. Earnings Per Share Basic earnings per share (“EPS”) represents income available to common stockholders divided by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflects additional shares that would have been outstanding if dilutive potential shares had been issued. Potential shares that may be issued by the Company relate solely to outstanding stock options, restricted stock (non-vested shares), restricted stock units (“RSUs”) and warrants, and are determined using the treasury stock method. Under the treasury stock method, the number of incremental shares is determined by assuming the issuance of stock for the outstanding stock options, unvested restricted stock, RSUs, and warrants, reduced by the number of shares assumed to be repurchased from the issuance proceeds, using the average market price for the period of the Company’s stock. All share, earnings per share, and per share data have been retroactively adjusted to reflect the stock splits for all periods presented in accordance with GAAP. Subsequent Events Subsequent events are material events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the statement of financial condition but arose after that date. Management has reviewed events occurring through the date the financial statements were issued and no subsequent events occurred requiring accrual or disclosure except as follows: On April 24, 2019, the Company’s Board of Directors declared a $0.09 dividend per common share, payable on July 5, 2019, to stockholders of record on June 14, 2019. Reclassification Certain reclassifications of accounts reported for previous periods have been made in these consolidated financial statements. Such reclassifications had no effect on stockholders’ equity or the net income as previously reported. Recently Adopted Accounting Pronouncements During the first quarter of 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) We adopted the guidance using the modified retrospective approach on January 1, 2019 and elected the practical expedients for transition including the transition option provided in ASU 2018-11, Leases (Topic 842) Targeted Improvements, Leases The Company implemented internal controls as well as lease accounting software to facilitate the preparation of financial information. The Company is largely accounting for our existing operating leases consistent with prior guidance except for the incremental balance sheet recognition for leases. There was no cumulative effect adjustment to retained earnings as of January 1, 2019. On January 1, 2019, the Company recorded a ROU operating lease asset and corresponding operating lease liability of $18.4 million and $18.8 million, respectively, on the consolidated balance sheet. The new standard did not have a material impact on the Company’s results of operations or cash flows. During the first quarter of 2019, the Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities During the first quarter of 2019, the Company adopted ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Cost (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities During the first quarter of 2018, the Company adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Liabilities In May 2017, Financial Accounting Standards Board (the “FASB”) issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers Deposit service charges: Debit card income: The Company has evaluated ASU 2016-08 and 2014-09 and determined that this guidance did not have a material impact on the way the Company currently recognizes revenue or the way it recognizes expenses related to those revenue streams. The Company adopted ASU No. 2014-09 and its related amendments on its required effective date of January 1, 2018 utilizing the modified retrospective approach. Since there was no net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Consistent with the modified retrospective approach, the Company did not adjust prior period amounts. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In January 2017, the FASB issued ASU No. 2017-04, Intangible-Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment In June 2016, the FASB ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
BUSINESS COMBINATION
BUSINESS COMBINATION | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | NOTE 2 – BUSINESS COMBINATIONS Acquisition of First South On November 1, 2017, the Company acquired all of the common stock of First South Bancorp, Inc., the holding company for First South Bank (“First South”). Under the terms of the merger agreement, each share of First South common stock was converted into the right to receive 0.5064 shares of the Company’s common stock. The following table presents a summary of total consideration paid by the Company at the acquisition date (dollars in thousand). Common stock issued (4,822,540 shares at $36.85 per share) $ 177,711 Cash in lieu of fractional shares and fair value of stock options 983 Total consideration paid $ 178,694 The assets acquired and liabilities assumed from First South were recorded at their fair value as of the closing date of the merger. Fair values were preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values became available. Goodwill of $90.3 million was recorded at the time of the acquisition. The following table summarizes the consideration paid by the Company in the merger with First South and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. November 1, 2017 As Reported by Fair Value As Recorded by (In thousands) Assets Cash and cash equivalents $ 66,109 — 66,109 Securities available-for-sale 186,038 — 186,038 Federal Home Loan Bank stock 1,593 — 1,593 Loans held for sale 1,282 — 1,282 Loans receivable 783,779 (24,620 )(a) 759,159 Allowance for loan losses (9,495 ) 9,495 (b) — Premises and equipment 10,761 1,500 (c) 12,261 Foreclosed assets 1,922 (556 )(d) 1,366 Core deposit intangible 1,410 11,090 (e) 12,500 Deferred tax asset, net 3,961 238 (f) 4,199 Other assets 33,552 (3,417 )(g) 30,135 Total assets acquired $ 1,080,912 (6,270 ) 1,074,642 Liabilities Deposits $ 952,573 78 (h) 952,651 Borrowings 26,810 (1,439 )(i) 25,371 Other liabilities 8,515 (284 )(j) 8,231 Total liabilities assumed $ 987,898 (1,645 ) 986,253 Net identifiable assets acquired over liabilities assumed 88,389 Total consideration paid 178,694 Goodwill $ 90,305 Explanation of fair value adjustments: (a) Represents the amount necessary to adjust loans to their fair value due to interest rate and credit factors. (b) Reflects the elimination of First South’s historical allowance for loan losses. (c) Reflects fair value adjustments on acquired branch and administrative offices based on the Company’s assessment. (d) Reflects the impact of acquisition accounting fair value adjustments. (e) Reflects the fair value adjustment to record the estimated core deposit intangible based on the Company’s assessment. (f) Reflects the tax impact of acquisition accounting fair value adjustments. (g) Reflects the fair value adjustment based on the Company’s evaluation of acquired other assets. (h) Represents the fair value adjustment due to interest rate factors. (i) Represents the fair value adjustment due to interest rate factors. (j) Reflects the fair value adjustment based on the Company’s evaluation of acquired other liabilities. Acquisition of Greer Bancshares Incorporated On March 18, 2017, the Company completed its acquisition of Greer Bancshares Incorporated (“Greer”), the holding company for Greer State Bank. Under the terms of the merger agreement, each share of Greer common stock was converted into the right to receive $18.00 in cash or 0.782 shares of the Company’s common stock, or a combination thereof, subject to certain limitations. The following table presents a summary of total consideration paid by the Company at the acquisition date (dollars in thousand). Common stock issued (1,789,523 shares at $30.30 per share) $ 54,223 Cash payments to common stockholders 4,422 Total consideration paid $ 58,645 The assets acquired and liabilities assumed from Greer were recorded at their fair value as of the closing date of the merger. Fair values were preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values became available. Goodwill of $33.0 million was recorded at the time of the acquisition. The following table summarizes the consideration paid by the Company in the merger with Greer and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. As Reported Fair Value As Recorded by March 18, 2017 by Greer Adjustments the Company (In thousands) Assets Cash and cash equivalents $ 42,187 — 42,187 Securities available for sale 121,374 — 121,374 Loans held for sale 105 — 105 Loans receivable 205,209 (10,559 )(a) 194,650 Allowance for loan losses (3,198 ) 3,198 (b) — Premises and equipment 3,928 4,202 (c) 8,130 Foreclosed assets 42 — 42 Core deposit intangible — 4,480 (d) 4,480 Deferred tax asset, net 3,831 (1,434 )(e) 2,397 Other assets 11,367 (241 )(f) 11,126 Total assets acquired $ 384,845 (354 ) 384,491 Liabilities Deposits $ 310,866 200 (g) 311,066 Borrowings 43,712 (3,510 )(h) 40,202 Other liabilities 7,086 512 (i) 7,598 Total liabilities assumed $ 361,664 (2,798 ) 358,866 Net identifiable assets acquired over liabilities assumed 25,625 Total consideration paid 58,645 Goodwill $ 33,020 Explanation of fair value adjustments: (a) Adjustment represents the amount necessary to adjust loans to their fair value due to interest rate and credit factors. (b) Adjustment reflects the elimination of Greer’s historical allowance for loan losses. (c) Adjustment reflects fair value adjustments on acquired branch and administrative offices based on third party appraisals. (d) Adjustment reflects the fair value adjustment to record the estimated core deposit intangible based on the Company’s third party valuation report. (e) Adjustment reflects the tax impact of acquisition accounting fair value adjustments. (f) Adjustment reflects the fair value adjustment based on the Company’s evaluation of acquired other assets. (g) Adjustment represents the fair value adjustment due to interest rate factors. (h) Adjustment represents the fair value adjustment due to interest rate factors. (i) Adjustment reflects the fair value adjustment based on the Company’s evaluation of acquired other liabilities. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE 3 – SECURITIES The amortized cost, gross unrealized gains, gross unrealized losses and fair value of securities available-for-sale at March 31, 2019 and December 31, 2018 follows: March 31, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value (In thousands) Securities available-for-sale: Municipal securities $ 196,055 5,381 (231 ) 201,205 212,215 2,768 (1,269 ) 213,714 US government agencies 22,312 381 — 22,693 24,772 505 — 25,277 Collateralized loan obligations 228,174 184 (1,235 ) 227,123 231,172 119 (592 ) 230,699 Corporate securities 6,921 65 (24 ) 6,962 6,915 69 (24 ) 6,960 Mortgage-backed securities: Agency 190,574 1,225 (1,119 ) 190,680 199,518 427 (2,425 ) 197,520 Non-agency 153,069 1,010 (564 ) 153,515 158,803 423 (1,695 ) 157,531 Total mortgage-backed securities 343,643 2,235 (1,683 ) 344,195 358,321 850 (4,120 ) 355,051 Trust preferred securities 11,087 1,694 (1,702 ) 11,079 11,066 1,713 (1,679 ) 11,100 Total $ 808,192 9,940 (4,875 ) 813,257 844,461 6,024 (7,684 ) 842,801 The Company had no held-to-maturity securities as of March 31, 2019 or December 31, 2018. The amortized cost and fair value of debt securities by contractual maturity at March 31, 2019 follows: At March 31, 2019 Amortized Fair Cost Value (In thousands) Securities available-for-sale: Less than one year $ 1,268 1,262 One to five years 7,324 7,415 Six to ten years 99,405 100,775 After ten years 700,195 703,805 Total $ 808,192 813,257 The contractual maturity dates of the securities were used for mortgage-backed securities and asset-backed securities. No estimates were made to anticipate principal repayments. The following table summarizes the gross realized gains and losses from sales of investment securities available-for-sale for the periods indicated. For the Three Months Ended March 31, 2019 2018 (In thousands) Proceeds $ 71,034 51,178 Realized gains $ 1,446 14 Realized losses (252 ) (711 ) Total investment securities gains (losses), net $ 1,194 (697 ) At March 31, 2019, the Company had pledged securities with a market value of $82.8 million for Federal Home Loan Bank (“FHLB”) advances. At December 31, 2018, the Company had pledged securities with a market value of $84.3 million for FHLB advances. At March 31, 2019, the Company has pledged $155.7 million of securities to secure public agency funds. At December 31, 2018, the Company has pledged $165.5 million of securities to secure public agency funds. The following tables summarize gross unrealized losses on investment securities and the fair market value of the related securities at March 31, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. At March 31, 2019 Less than 12 Months 12 Months or Greater Total Amortized Fair Unrealized Amortized Fair Unrealized Amortized Fair Unrealized Cost Value Losses Cost Value Losses Cost Value Losses (In thousands) Available-for-sale: Municipal securities $ 5,680 5,661 (19 ) 14,790 14,578 (212 ) 20,470 20,239 (231 ) US government agencies — — — — — — — — — Collateralized loan obligations 137,569 136,412 (1,157 ) 9,500 9,422 (78 ) 147,069 145,834 (1,235 ) Corporate securities 481 457 (24 ) — — — 481 457 (24 ) Mortgage-backed securities: Agency 3,988 3,966 (22 ) 80,604 79,507 (1,097 ) 84,592 83,473 (1,119 ) Non-agency 113 112 (1 ) 61,411 60,848 (563 ) 61,524 60,960 (564 ) Total mortgage-backed securities 4,101 4,078 (23 ) 142,015 140,355 (1,660 ) 146,116 144,433 (1,683 ) Trust preferred securities — — — 8,196 6,494 (1,702 ) 8,196 6,494 (1,702 ) Total $ 147,831 146,608 (1,223 ) 174,501 170,849 (3,652 ) 322,332 317,457 (4,875 ) At December 31, 2018 Less than 12 Months 12 Months or Greater Total Amortized Fair Unrealized Amortized Fair Unrealized Amortized Fair Unrealized Cost Value Losses Cost Value Losses Cost Value Losses (In thousands) Available-for-sale: Municipal securities $ 12,395 12,331 (64 ) 55,189 53,984 (1,205 ) 67,584 66,315 (1,269 ) US government agencies — — — — — — — — — Collateralized loan obligations 146,913 146,344 (569 ) 5,000 4,977 (23 ) 151,913 151,321 (592 ) Corporate securities 2,980 2,956 (24 ) — — — 2,980 2,956 (24 ) Mortgage-backed securities: Agency 14,615 14,450 (165 ) 120,325 118,065 (2,260 ) 134,940 132,515 (2,425 ) Non-agency 71,376 70,709 (667 ) 43,138 42,110 (1,028 ) 114,514 112,819 (1,695 ) Total mortgage-backed securities 85,991 85,159 (832 ) 163,463 160,175 (3,288 ) 249,454 245,334 (4,120 ) Trust preferred securities — — — 8,214 6,535 (1,679 ) 8,214 6,535 (1,679 ) Total $ 248,279 246,790 (1,489 ) 231,866 225,671 (6,195 ) 480,145 472,461 (7,684 ) The Company reviews its investment securities portfolio at least quarterly and more frequently when economic conditions warrant, assessing whether there is any indication of other-than-temporary impairment (“OTTI”). Factors considered in the review include estimated future cash flows, length of time and extent to which market value has been less than cost, the financial condition and near term prospect of the issuer, and our intent and ability to retain the security to allow for an anticipated recovery in market value. If the review determines that there is OTTI, then an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made, or a portion may be recognized in other comprehensive income. The fair value of investments on which OTTI is recognized then becomes the new cost basis of the investment. At March 31, 2019 and December 31, 2018, the Company had 128 and 214, respectively, individual investments available-for-sale that were in an unrealized loss position. The unrealized losses on the Company’s investments were attributable primarily to changes in interest rates. Management has performed various analyses, including cash flows testing as needed, and determined that no OTTI expense was necessary during 2019 or 2018. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | NOTE 4 – DERIVATIVES In the ordinary course of business, the Company enters into various types of derivative transactions. For its related mortgage banking activities, the Company holds derivative instruments, which consist of rate lock agreements related to expected funding of fixed-rate mortgage loans to customers (interest rate lock commitments) and forward commitments to sell mortgage-backed securities and individual fixed-rate mortgage loans. The Company’s objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the interest rate lock commitments and the mortgage loans that are held for sale. Derivative instruments not related to mortgage banking activities primarily relate to interest rate swap agreements. The derivative positions of the Company at March 31, 2019 and December 31, 2018 are as follows: At March 31, At December 31, 2019 2018 Fair Notional Fair Notional Value Value Value Value (In thousands) Derivative assets: Cash flow hedges: Interest rate swaps $ 554 45,000 1,232 45,000 Non-hedging derivatives: Interest rate swaps 780 50,000 1,198 50,000 Mortgage loan interest rate lock commitments 1,369 107,116 1,199 76,571 Mortgage loan forward sales commitments 473 18,074 403 13,241 Total derivative assets $ 3,176 220,190 4,032 184,812 Derivative liabilities: Non-hedging derivatives: Interest rate swaps $ 2,022 50,000 937 50,000 Mortgage-backed securities forward sales commitments 470 79,000 295 52,000 Total derivative liabilities $ 2,492 129,000 1,232 102,000 Non-Designated Hedges Derivative Loan Commitments and Forward Sales Commitments The Company enters into mortgage loan commitments that are also referred to as derivative loan commitments, if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that these loans will subsequently be sold in the secondary market. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments typically decreases. Conversely, if interest rates decrease, the value of these loan commitments typically increases. To protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. Derivatives related to these commitments are recorded as either a derivative asset or a derivative liability on the balance sheet and are measured at fair value. Both the interest rate lock commitments and the forward commitments are reported at fair value, with adjustments recorded in current period earnings in “mortgage banking income” within noninterest income in the consolidated statements of operations. Interest Rate Swaps The Company enters into interest rate swaps that do not meet the hedge accounting requirements and are recorded at fair value as a derivative asset or liability. Interest rate swaps that are not designated as hedges are primarily used to more closely match the interest rate characteristics of assets and liabilities and to mitigate the risks arising from timing mismatches between assets and liabilities including duration mismatches. Fair value changes are recognized in noninterest income as “fair value adjustments on interest rate swaps.” Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using certain interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company has entered into interest rate swaps to reduce the exposure to variability in interest-related cash outflows attributable to changes in forecasted LIBOR-based FHLB borrowings. These derivative instruments are designated as cash flow hedges. The hedged item is the LIBOR portion of the series of future adjustable rate borrowings over the term of the interest rate swap. Accordingly, changes to the amount of interest payment cash flows for the hedged transactions attributable to a change in credit risk are excluded from our assessment of hedge effectiveness. The Company tests for hedging effectiveness on a quarterly basis. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company has not recorded any hedge ineffectiveness since inception. Risk Management Objective of Using Derivatives When using derivatives to hedge fair value and cash flow risks, the Company exposes itself to potential credit risk from the counterparty to the hedging instrument. This credit risk is normally a small percentage of the notional amount and fluctuates as interest rates change. The Company analyzes and approves credit risk for all potential derivative counterparties prior to execution of any derivative transaction. The Company seeks to minimize credit risk by dealing with highly rated counterparties and by obtaining collateralization for exposures above certain predetermined limits. If significant counterparty risk is determined, the Company would adjust the fair value of the derivative recorded asset balance to consider such risk. |
LOANS RECEIVABLE, NET
LOANS RECEIVABLE, NET | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
LOANS RECEIVABLE, NET | NOTE 5 - LOANS RECEIVABLE, NET We emphasize a range of lending services, including commercial and residential real estate mortgage loans, real estate construction loans, commercial and industrial loans, commercial leases, and consumer loans. Our customers are generally individuals and small to medium-sized businesses and professional firms that are located in or conduct a substantial portion of their business in our market areas. We have focused our lending activities primarily on the professional market, including small business to medium-sized owners and commercial real estate developers. Certain credit risks are inherent in making loans. These include prepayment risks, risks resulting from uncertainties in the future value of collateral, risks resulting from changes in economic and industry conditions, and risks inherent in dealing with individual borrowers. We attempt to mitigate repayment risks by adhering to internal credit policies and procedures. These policies and procedures include officer and customer lending limits, with approval processes for larger loans, documentation examination, and follow-up procedures for any exceptions to credit policies. Our loan approval policies provide for various levels of officer lending authority. When the amount of aggregate loans to a single borrower exceeds the maximum senior officer’s lending authority, the loan request will be considered by the management loan committee, or MLC, which is comprised of five members, all of whom are part of the senior management team of the Bank. The MLC meets weekly to approve loans with total loan commitment relationships generally exceeding $2.5 million. The loan authority of the MLC is equal to two-thirds of the legal lending limit of the Bank which is equivalent to the in-house loan limit. Total credit exposure above the in-house limit requires approval by the majority of the board of directors. We do not make any loans to any director, executive officer of the Bank, or the related interests of each, unless the loan is approved by the full Board of Directors of the Bank and is on terms not more favorable than would be available to a person not affiliated with the Bank. The following is a description of the risk characteristics of the material loan portfolio segments: Residential Mortgage Loans and Home Equity Loans Commercial Real Estate Real Estate Construction and Development Loans. Commercial Loans. The Company’s primary markets are generally concentrated in real estate lending. However, in order to diversify our lending portfolio, the Company purchases nationally syndicated commercial and industrial loans. These loans typically have terms of seven years and are generally tied to a floating rate index such as LIBOR or prime. To effectively manage this line of business, the Company has an experienced senior lending executive who leads a team with relevant experience to manage this area of this segment of the loan portfolio. In addition, the Company engaged a consulting firm that specializes in syndicated loans to assist in monitoring performance analytics. As of March 31, 2019, and December 31, 2018, there were approximately $105.4 million and $99.8 million in broadly syndicated loans outstanding. Syndicated loans are grouped within commercial business loans below. The Bank originates leases, primarily on equipment utilized for business purposes, with terms that generally range from 12 to 60 months and include options to purchase the leased equipment at the end of the lease. Most leases provide 100% of the cost of the equipment and are secured by the leased equipment. The Company requires the leased equipment to be insured and that we be listed as a loss payee and named as an additional insured on the insurance policy. We manage credit risk associated with our lease financing loan class based upon the dollar amount of the lease and the level of credit risk. We follow a formal review process that entails analysis of the following factors: equipment value/residual value, exposure levels, jurisdiction risk, industry risk, guarantor requirements, and regulatory compliance. As of March 31, 2019, and December 31, 2018, there were approximately $21.4 million and $23.1 million in lease receivables outstanding. Lease receivables are grouped within commercial business loans below. Consumer Loans. Loans receivable, net at March 31, 2019 and December 31, 2018 are summarized by category as follows: At March 31, At December 31, 2019 2018 % of Total % of Total All Loans: Amount Loans Amount Loans (Dollars in thousands) Loans secured by real estate: One-to-four family $ 725,441 28.00 % 732,717 29.03 % Home equity 81,654 3.15 % 83,770 3.32 % Commercial real estate 1,051,786 40.60 % 1,034,117 40.96 % Construction and development 317,263 12.25 % 290,494 11.51 % Consumer loans 22,411 0.87 % 23,845 0.94 % Commercial business loans 392,055 15.13 % 359,393 14.24 % Total gross loans receivable 2,590,610 100.00 % 2,524,336 100.00 % Less: Allowance for loan losses 15,021 14,463 Total loans receivable, net $ 2,575,589 2,509,873 Loans receivable, net at March 31, 2019 and December 31, 2018 for purchased non-credit impaired loans and nonacquired loans are summarized by category as follows: At March 31, At December 31, 2019 2018 Purchased Non-Credit Impaired Loans % of Total % of Total (ASC 310-20) and Nonacquired Loans: Amount Loans Amount Loans (Dollars in thousands) Loans secured by real estate: One-to-four family $ 717,305 28.20 % 723,641 29.24 % Home equity 81,601 3.21 % 83,717 3.38 % Commercial real estate 1,024,066 40.27 % 1,004,420 40.59 % Construction and development 314,420 12.36 % 287,673 11.63 % Consumer loans 22,364 0.88 % 23,792 0.96 % Commercial business loans 383,526 15.08 % 351,194 14.20 % Total gross loans receivable 2,543,282 100.00 % 2,474,437 100.00 % Less: Allowance for loan losses 14,858 14,463 Total loans receivable, net $ 2,528,424 2,459,974 Loans receivable, net at March 31, 2019 and December 31, 2018 for purchased credit impaired loans are summarized by category below. At March 31, At December 31, 2019 2018 Purchased Credit Impaired % of Total % of Total Loans (ASC 310-30): Amount Loans Amount Loans (Dollars in thousands) Loans secured by real estate: One-to-four family $ 8,136 17.19 % 9,077 18.19 % Home equity 53 0.11 % 53 0.11 % Commercial real estate 27,720 58.57 % 29,696 59.51 % Construction and development 2,843 6.01 % 2,821 5.65 % Consumer loans 47 0.10 % 53 0.11 % Commercial business loans 8,529 18.02 % 8,199 16.43 % Total gross loans receivable 47,328 100.00 % 49,899 100.00 % Less: Allowance for loan losses 163 — Total loans receivable, net $ 47,165 49,899 Included in the loan totals, net of purchase discount, were $644.5 million and $686.4 million in loans acquired through acquisitions at March 31, 2019 and December 31, 2018, respectively. At March 31, 2019 and December 31, 2018, the purchase discount on acquired non-credit impaired loans was $9.9 million and $10.9 million, respectively. No allowance for loan losses related to the acquired loans was recorded on the acquisition date because the fair value of the loans acquired incorporates assumptions regarding credit risk. There are two methods to account for acquired loans as part of a business combination. Acquired loans that contain evidence of credit deterioration on the date of purchase are carried at the net present value of expected future proceeds in accordance with ASC 310-30 and are considered purchased credit impaired (“PCI”) loans. All other acquired loans are recorded at their initial fair value, adjusted for subsequent advances, pay downs, amortization or accretion of any premium or discount on purchase, charge-offs and any other adjustment to carrying value in accordance with ASC 310-20. PCI loans are aggregated into pools of loans based on common risk characteristics such as the type of loan, payment status, or collateral type. The Company estimates the amount and timing of expected cash flows for each purchased loan pool and the expected cash flows in excess of the amount paid are recorded as interest income over the remaining life of the pool (accretable yield). The excess of the pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. At March 31, 2019, the outstanding balance and recorded investment of PCI loans was $60.6 million and $47.3 million, respectively. At December 31, 2018, the outstanding balance and recorded investment of PCI loans was $63.7 million and $49.9 million, respectively. The following table presents changes in the value of PCI loans receivable for the three months ended March 31, 2019 and 2018: For the Three Months 2019 2018 (In thousands) Balance at beginning of period $ 49,899 78,415 Net reductions for payments, foreclosures, and accretion (2,571 ) (7,385 ) Balance at end of period $ 47,328 71,030 The following table presents changes in the value of the accretable yield for PCI loans for the three months ended March 31, 2019 and 2018: For the Three Months 2019 2018 (In thousands) Accretable yield, beginning of period $ 19,908 12,536 Accretion and interest income (1,312 ) (1,332 ) Reclassification from nonaccretable balance, net (a) 474 3,196 Other changes, net (b) 1,101 1,345 Accretable yield, end of period $ 20,171 15,745 (a) Reclassifications from the nonaccretable balance in the quarter ended March 31, 2019 were driven by improvement in credit quality, primarily delinquencies. (b) Other changes, net include the impact of changes in expectations of cash flows, which may vary from period to period due to the impact of modifications and changes to prepayment assumptions, as well as the impact of changes in interest rates on variable rate loans. The composition of gross loans outstanding, net of undisbursed amounts, by rate type is as follows: At March 31, At December 31, 2019 2018 (Dollars in thousands) Variable rate loans $ 981,531 37.89 % 942,348 37.33 % Fixed rate loans 1,609,079 62.11 % 1,581,988 62.67 % Total loans outstanding $ 2,590,610 100.00 % 2,524,336 100.00 % The following table presents activity in the allowance for loan losses for the period indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for loan losses: For the Three Months Ended March 31, 2019 Loans Secured by Real Estate One-to- Commercial Construction four Home real and Commercial family equity estate development Consumer business Unallocated Total (In thousands) Balance, beginning of period $ 3,540 203 5,097 1,969 352 2,940 362 14,463 Provision for loan losses 36 88 54 126 41 345 10 700 Charge-offs (55 ) (71 ) — (9 ) (64 ) (18 ) — (217 ) Recoveries 5 5 9 5 21 30 — 75 Balance, end of period $ 3,526 225 5,160 2,091 350 3,297 372 15,021 Allowance for purchased non-credit impaired and non purchased loans $ 3,460 225 5,160 2,080 348 3,213 372 14,858 Allowance for purchased credit impaired loans 66 — — 11 2 84 — 163 Balance, end of period $ 3,526 225 5,160 2,091 350 3,297 372 15,021 For the Three Months Ended March 31, 2018 Loans Secured by Real Estate One-to- Commercial Construction four Home real and Commercial family equity estate development Consumer business Unallocated Total (In thousands) Balance, beginning of period $ 2,719 168 3,986 1,201 79 2,840 485 11,478 Provision for loan losses 286 50 187 (204 ) (35 ) (147 ) (137 ) — Charge-offs — — (34 ) (1 ) (9 ) (89 ) — (133 ) Recoveries 5 8 5 1,036 40 269 — 1,363 Balance, end of period $ 3,010 226 4,144 2,032 75 2,873 348 12,708 The following table disaggregates our allowance for loan losses and recorded investment in loans by impairment methodology. Loans Secured by Real Estate One-to- Commercial Construction four Home real and Commercial family equity estate development Consumer business Unallocated Total (In thousands) At March 31, 2019: Allowance for loan losses ending balances: Individually evaluated for impairment $ 106 — 192 515 — — — 813 Collectively evaluated for impairment 3,354 225 4,968 1,565 348 3,213 372 14,045 Purchased credit impaired 66 — — 11 2 84 — 163 $ 3,526 225 5,160 2,091 350 3,297 372 15,021 Loans receivable ending balances: Individually evaluated for impairment $ 6,145 108 8,101 2,085 58 2,619 — 19,116 Collectively evaluated for impairment 711,160 81,493 1,015,965 312,335 22,306 380,907 — 2,524,166 Purchased credit impaired 8,136 53 27,720 2,843 47 8,529 — 47,328 Total loans receivable $ 725,441 81,654 1,051,786 317,263 22,411 392,055 — 2,590,610 At December 31, 2018: Allowance for loan losses ending balances: Individually evaluated for impairment $ 176 — 145 515 — 24 — 860 Collectively evaluated for impairment 3,364 203 4,952 1,454 352 2,916 362 13,603 $ 3,540 203 5,097 1,969 352 2,940 362 14,463 Loans receivable ending balances: Individually evaluated for impairment $ 4,687 249 5,105 1,866 31 2,853 — 14,791 Collectively evaluated for impairment 718,953 83,468 999,316 285,807 23,761 348,341 — 2,459,646 Purchased credit impaired 9,077 53 29,696 2,821 53 8,199 — 49,899 Total loans receivable $ 732,717 83,770 1,034,117 290,494 23,845 359,393 — 2,524,336 The following table presents impaired loans individually evaluated for impairment in the segmented portfolio categories and the corresponding allowance for loan losses as of March 31, 2019 and December 31, 2018. The recorded investment is defined as the original amount of the loan, net of any deferred costs and fees, less any principal reductions and direct charge-offs. Unpaid principal balance includes amounts previously included in charge-offs. At March 31, 2019 At December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (In thousands) With no related allowance recorded: Loans secured by real estate: One-to-four family $ 5,010 5,108 — 3,083 3,241 — Home equity 108 108 — 249 249 — Commercial real estate 4,779 4,779 — 2,679 2,694 — Construction and development 702 702 — 323 323 — Consumer loans 58 59 — 31 31 — Commercial business loans 2,619 2,633 — 2,697 2,698 — 13,276 13,389 — 9,062 9,236 — With an allowance recorded: Loans secured by real estate: One-to-four family 1,135 1,117 106 1,604 1,665 176 Home equity — — — — — — Commercial real estate 3,322 3,322 192 2,426 2,426 145 Construction and development 1,383 1,383 515 1,543 1,543 515 Consumer loans — — — — — — Commercial business loans — — — 156 156 24 5,840 5,822 813 5,729 5,790 860 Total: Loans secured by real estate: One-to-four family 6,145 6,225 106 4,687 4,906 176 Home equity 108 108 — 249 249 — Commercial real estate 8,101 8,101 192 5,105 5,120 145 Construction and development 2,085 2,085 515 1,866 1,866 515 Consumer loans 58 59 — 31 31 — Commercial business loans 2,619 2,633 — 2,853 2,854 24 $ 19,116 19,211 813 14,791 15,026 860 The following table presents the average recorded investment and interest income recognized on impaired loans individually evaluated for impairment in the segmented portfolio categories for the three months ended March 31, 2019 and 2018. For the Three Months Ended March 31, 2019 2018 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) With no related allowance recorded: Loans secured by real estate: One-to-four family $ 4,028 58 2,739 16 Home equity 105 — 20 1 Commercial real estate 3,615 237 3,483 81 Construction and development 565 9 408 3 Consumer loans 37 1 28 1 Commercial business loans 1,964 48 168 5 10,314 353 6,846 107 With an allowance recorded: Loans secured by real estate: One-to-four family 1,065 10 1,372 11 Home equity — — 103 3 Commercial real estate 3,113 31 1,647 21 Construction and development 1,511 60 396 (4 ) Consumer loans — — — — Commercial business loans 7 — 168 2 5,696 101 3,686 33 Total: Loans secured by real estate: One-to-four family 5,093 68 4,111 27 Home equity 105 — 123 4 Commercial real estate 6,728 268 5,130 102 Construction and development 2,076 69 804 (1 ) Consumer loans 37 1 28 1 Commercial business loans 1,971 48 336 7 $ 16,010 454 10,532 140 A loan is considered past due if the required principal and interest payment has not been received as of the due date. The following schedule is an aging of past due loans receivable by portfolio segment as of March 31, 2019 and December 31, 2018. At March 31, 2019 Real Estate Loans One-to- Commercial Construction four Home real and Commercial All Loans: family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 2,162 343 1,385 217 327 322 4,756 60-89 days past due 676 65 66 35 25 123 990 90 days or more past due 3,829 115 3,082 93 50 978 8,147 Total past due 6,667 523 4,533 345 402 1,423 13,893 Current 718,774 81,131 1,047,253 316,918 22,009 390,632 2,576,717 Total loans receivable $ 725,441 81,654 1,051,786 317,263 22,411 392,055 2,590,610 At March 31, 2019 Purchased Non-Credit Real Estate Loans Impaired Loans One-to- Commercial Construction (ASC 310-20) and four Home real and Commercial Nonacquired Loans: family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 2,075 343 1,385 182 327 322 4,634 60-89 days past due 548 65 17 35 16 123 804 90 days or more past due 3,630 115 2,921 93 50 978 7,787 Total past due 6,253 523 4,323 310 393 1,423 13,225 Current 711,052 81,078 1,019,743 314,110 21,971 382,103 2,530,057 Total loans receivable $ 717,305 81,601 1,024,066 314,420 22,364 383,526 2,543,282 At March 31, 2019 Real Estate Loans One-to- Commercial Construction Purchased Credit Impaired four Home real and Commercial Loans (ASC 310-30): family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 87 — — 35 — — 122 60-89 days past due 128 — 49 — 9 — 186 90 days or more past due 199 — 161 — — — 360 Total past due 414 — 210 35 9 — 668 Current 7,722 53 27,510 2,808 38 8,529 46,660 Total loans receivable $ 8,136 53 27,720 2,843 47 8,529 47,328 At December 31, 2018 Real Estate Loans One-to- Commercial Construction four Home real and Commercial All Loans: family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 503 723 1,780 180 296 793 4,275 60-89 days past due 1,677 213 120 588 31 632 3,261 90 days or more past due 4,133 373 3,054 105 117 602 8,384 Total past due 6,313 1,309 4,954 873 444 2,027 15,920 Current 726,404 82,461 1,029,163 289,621 23,401 357,366 2,508,416 Total loans receivable $ 732,717 83,770 1,034,117 290,494 23,845 359,393 2,524,336 At December 31, 2018 Purchased Non-Credit Real Estate Loans Impaired Loans One-to- Commercial Construction (ASC 310-20) and four Home real and Commercial Nonpurchased Loans: family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 378 720 1,037 172 296 793 3,396 60-89 days past due 1,313 213 120 559 31 632 2,868 90 days or more past due 3,686 373 2,895 106 117 602 7,779 Total past due 5,377 1,306 4,052 837 444 2,027 14,043 Current 718,264 82,411 1,000,368 286,836 23,348 349,167 2,460,394 Total loans receivable $ 723,641 83,717 1,004,420 287,673 23,792 351,194 2,474,437 At December 31, 2018 Real Estate Loans One-to- Commercial Construction Purchased Credit Impaired four Home real and Commercial Loans (ASC 310-30): family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 126 3 743 7 — — 879 60-89 days past due 364 — — 30 — — 394 90 days or more past due 447 — 158 — — — 605 Total past due 937 3 901 37 — — 1,878 Current 8,140 50 28,795 2,784 53 8,199 48,021 Total loans receivable $ 9,077 53 29,696 2,821 53 8,199 49,899 Loans are generally placed in nonaccrual status when the collection of principal and interest is 90 days or more past due, unless the obligation is both well-secured and in the process of collection. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest payments received while the loan is on nonaccrual are applied to the principal balance. No interest income was recognized on impaired loans subsequent to the nonaccrual status designation. A loan is returned to accrual status when the borrower makes consistent payments according to contractual terms and future payments are reasonably assured. The following is a schedule of loans receivable, by portfolio segment, on nonaccrual at March 31, 2019 and December 31, 2018. At March 31, At December 31, 2019 2018 (In thousands) Loans secured by real estate: One-to-four family $ 4,834 4,471 Home equity 217 454 Commercial real estate 3,455 3,663 Construction and development 1,788 1,675 Consumer loans 59 107 Commercial business loans 1,227 1,351 $ 11,580 11,721 There were no non-PCI loans past due 90 days and still accruing at March 31, 2019 and one non-PCI loan past due 90 days and still accruing for $20,000 at December 31, 2018. The Company uses several metrics as credit quality indicators of current or potential risks as part of the ongoing monitoring of credit quality of its loan portfolio. The credit quality indicators are periodically reviewed and updated on a case-by-case basis. The Company uses the following definitions for the internal risk rating grades, listed from the least risk to the highest risk. Pass: Special mention: Substandard: Doubtful: The Company uses the following definitions in the tables below: Nonperforming: Performing: The following is a schedule of the credit quality of loans receivable, by portfolio segment, as of March 31, 2019 and December 31, 2018. At March 31, 2019 Real Estate Loans One-to- Commercial Construction four Home real and Commercial Total Loans: family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 718,054 81,297 1,030,490 313,815 22,236 388,136 2,554,199 Special Mention 428 133 9,544 844 100 180 11,058 Substandard 6,959 224 11,752 2,604 75 3,739 25,353 Total loans receivable $ 725,441 81,654 1,051,786 317,263 22,411 392,055 2,590,610 Performing $ 720,408 81,437 1,048,170 315,475 22,352 390,828 2,578,670 Nonperforming: 90 days past due still accruing 199 — 161 — — — 360 Nonaccrual 4,834 217 3,455 1,788 59 1,227 11,580 Total nonperforming 5,033 217 3,616 1,788 59 1,227 11,940 Total loans receivable $ 725,441 81,654 1,051,786 317,263 22,411 392,055 2,590,610 At March 31, 2019 Purchased Non-Credit Real Estate Loans Impaired Loans One-to- Commercial Construction (ASC 310-20) and four Home real and Commercial Nonacquired Loans: family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 710,970 81,251 1,011,975 312,128 22,198 380,687 2,519,209 Special Mention 213 133 4,765 448 100 — 5,659 Substandard 6,122 217 7,326 1,844 66 2,839 18,414 Total loans receivable $ 717,305 81,601 1,024,066 314,420 22,364 383,526 2,543,282 Performing $ 712,471 81,384 1,020,611 312,632 22,305 382,299 2,531,702 Nonperforming: 90 days past due still accruing — — — — — — — Nonaccrual 4,834 217 3,455 1,788 59 1,227 11,580 Total nonperforming 4,834 217 3,455 1,788 59 1,227 11,580 Total loans receivable $ 717,305 81,601 1,024,066 314,420 22,364 383,526 2,543,282 At March 31, 2019 Real Estate Loans One-to- Commercial Construction Purchased Credit Impaired four Home real and Commercial Loans (ASC 310-30): family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 7,084 46 18,515 1,687 38 7,449 34,819 Special Mention 215 — 4,779 396 — 180 5,570 Substandard 837 7 4,426 760 9 900 6,939 Total loans receivable $ 8,136 53 27,720 2,843 47 8,529 47,328 Performing $ 7,937 53 27,559 2,843 47 8,529 46,968 Nonperforming: 90 days past due still accruing 199 — 161 — — — 360 Nonaccrual — — — — — — — Total nonperforming 199 — 161 — — — 360 Total loans receivable $ 8,136 53 27,720 2,843 47 8,529 47,328 At December 31, 2018 Real Estate Loans One-to- Commercial Construction four Home real and Commercial Total Loans: family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 727,921 83,382 1,016,064 287,559 23,613 353,742 2,492,281 Special Mention 417 — 9,914 534 103 2,166 13,134 Substandard 4,379 388 8,139 2,401 129 3,485 18,921 Total loans receivable $ 732,717 83,770 1,034,117 290,494 23,845 359,393 2,524,336 Performing $ 727,799 83,316 1,030,296 288,819 23,718 358,042 2,511,990 Nonperforming: 90 days past due still accruing 447 — 158 — 20 — 625 Nonaccrual 4,471 454 3,663 1,675 107 1,351 11,721 Total nonperforming 4,918 454 3,821 1,675 127 1,351 12,346 Total loans receivable $ 732,717 83,770 1,034,117 290,494 23,845 359,393 2,524,336 At December 31, 2018 Purchased Non-Credit Real Estate Loans Impaired Loans One-to- Commercial Construction (ASC 310-20) and four Home real and Commercial Nonpurchased Loans: family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 720,177 83,336 995,319 285,927 23,571 346,487 2,454,817 Special Mention — — 5,524 71 103 1,379 7,077 Substandard 3,464 381 3,577 1,675 118 3,328 12,543 Total loans receivable $ 723,641 83,717 1,004,420 287,673 23,792 351,194 2,474,437 Performing $ 719,170 83,263 1,000,757 285,998 23,665 349,843 2,462,696 Nonperforming: 90 days past due still accruing — — — — 20 — 20 Nonaccrual 4,471 454 3,663 1,675 107 1,351 11,721 Total nonperforming 4,471 454 3,663 1,675 127 1,351 11,741 Total loans receivable $ 723,641 83,717 1,004,420 287,673 23,792 351,194 2,474,437 At December 31, 2018 Real Estate Loans One-to- Commercial Construction Purchased Credit Impaired four Home real and Commercial Loans (ASC 310-30): family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 7,745 45 20,745 1,632 42 7,255 37,464 Special Mention 418 — 4,390 463 — 787 6,058 Substandard 914 8 4,561 726 11 157 6,377 Total loans receivable $ 9,077 53 29,696 2,821 53 8,199 49,899 Performing $ 8,630 53 29,538 2,821 53 8,199 49,294 Nonperforming: 90 days past due still accruing 447 — 158 — — — 605 Nonaccrual — — — — — — — Total nonperforming 447 — 158 — — — 605 Total loans receivable $ 9,077 53 29,696 2,821 53 8,199 49,899 The Company is 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. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. Troubled Debt Restructurings At March 31, 2019, there were $8.6 million in loans designated as troubled debt restructurings of which $5.7 million were accruing. At March 31, 2018, there were $6.5 million in loans designated as troubled debt restructurings of which $5.1 million were accruing. At December 31, 2018, there were $6.4 million in loans designated as troubled debt restructurings of which $3.3 million were accruing. There was one one-to-four family loan and four commercial real estate loans designated as a troubled debt restructuring during the three months ended March 31, 2019. All loans were designated as a troubled debt restructuring due to a payment structure change. The pre-modification and post-modification recorded investment were $2.7 million. There was one commercial real estate loan and one construction and development loan designated as a troubled debt restructuring during the three months ended March 31, 2018. All loans were designated as a troubled debt restructuring due to an interest rate change. The pre-modification and post-modification recorded investment were $1.7 million. No loans previously restructured in the twelve months prior to March 31, 2019 and 2018 went into default during the three months ended March 31, 2019 and 2018. |
REAL ESTATE ACQUIRED THROUGH FO
REAL ESTATE ACQUIRED THROUGH FORECLOSURE | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
REAL ESTATE ACQUIRED THROUGH FORECLOSURE | NOTE 6 – REAL ESTATE ACQUIRED THROUGH FORECLOSURE The following presents summarized activity in real estate acquired through foreclosure for the three months ended March 31, 2019 and 2018: March 31, 2019 2018 (In thousands) Balance at beginning of period $ 1,534 3,106 Additions 366 17 Sales (565 ) (1,160 ) Balance at end of period $ 1,335 1,963 A summary of the composition of real estate acquired through foreclosure follows: At March 31, At December 31, 2019 2018 (In thousands) Real estate loans: One-to-four family $ 530 204 Construction and development 805 1,330 $ 1,335 1,534 As of March 31, 2019, and December 31, 2018, the Company had approximately $4.5 million of loans in the process of foreclosure. |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
DEPOSITS | NOTE 7 - DEPOSITS Deposits outstanding by type of account at March 31, 2019 and December 31, 2018 are summarized as follows: At March 31, At December 31, 2019 2018 (In thousands) Noninterest-bearing demand accounts $ 575,990 547,022 Interest-bearing demand accounts 581,424 566,527 Savings accounts 188,725 192,322 Money market accounts 458,575 431,246 Certificates of deposit: Less than $250,000 923,709 875,749 $250,000 or more 88,647 105,327 Total certificates of deposit 1,012,356 981,076 Total deposits $ 2,817,070 2,718,193 The aggregate amount of brokered certificates of deposit was $187.1 million and $174.1 million at March 31, 2019 and December 31, 2018, respectively. Brokered certificates of deposit are included in the table above under certificates of deposit less than $250,000. The aggregate amount of institutional certificates of deposit was $49.3 million and $39.4 million at March 31, 2019 and December 31, 2018, respectively. |
ESTIMATED FAIR VALUE OF FINANCI
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 8 – ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS Current accounting literature requires disclosures about the fair value of all financial instruments whether or not recognized in the balance sheet, for which it is practicable to estimate the value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized through immediate settlement of the instrument. The fair value of a financial instrument is an amount at which the asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced sale. Fair values are estimated at a specific point in time based on relevant market information and information about the financial instruments. Because no market value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. The Company has used management’s best estimate of fair value based on the above assumptions. Thus, the fair values presented may not be the amounts that could be realized in an immediate sale or settlement of the instrument. In addition, any income taxes or other expenses that would be incurred in an actual sale or settlement are not taken into consideration in the fair values presented. The Company determines the fair value of its financial instruments based on the fair value hierarchy established under ASC 820-10, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the financial instrument’s fair value measurement in its entirety. There are three levels of inputs that may be used to measure fair value. The three levels of inputs of the valuation hierarchy are defined below: Level 1 Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued. Level 1 assets include marketable equity securities as well as U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined by using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. U.S. Government sponsored agency securities, mortgage-backed securities issued by U.S. Government sponsored enterprises and agencies, obligations of states and municipalities, collateralized mortgage obligations issued by U.S. Government sponsored enterprises, and mortgage loans held-for-sale are generally included in this category. Certain private equity investments that invest in publicly traded companies are also considered Level 2 assets. Level 3 Unobservable inputs that are supported by little, if any, market activity for the asset or liability. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow models and similar techniques, and may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. These methods of valuation may result in a significant portion of the fair value being derived from unobservable assumptions that reflect The Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. This category primarily includes collateral-dependent impaired loans, other real estate, certain equity investments, and certain private equity investments. Assets and liabilities measured at fair value on a recurring basis are as follows as of March 31, 2019 and December 31, 2018: Quoted market Significant other Significant other price in active observable inputs unobservable inputs markets (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2019 Available-for-sale investment securities: Municipal securities $ — 201,205 — US government agencies — 22,693 — Collateralized loan obligations — 227,123 — Corporate securities — 6,962 — Mortgage-backed securities: Agency — 190,680 — Non-agency — 153,515 — Trust preferred securities — 11,079 — Loans held for sale — 23,799 — Derivative assets: Cash flow hedges: Interest rate swaps 554 — — Non-hedging derivatives: Interest rate swaps 780 — — Mortgage loan interest rate lock commitments — 1,369 — Mortgage loan forward sales commitments — 473 — Derivative liabilities: Non-hedging derivatives: Interest rate swaps 2,022 — — Mortgage-backed securities forward sales commitments — 470 — December 31, 2018 Available-for-sale investment securities: Municipal securities $ — 213,714 — US government agencies — 25,277 — Collateralized loan obligations — 230,699 — Corporate securities — 6,960 — Mortgage-backed securities: Agency — 197,520 — Non-agency — 157,531 — Trust preferred securities — 11,100 — Loans held for sale — 16,972 — Derivative assets: Cash flow hedges: Interest rate swaps 1,232 — — Non-hedging derivatives: Interest rate swaps 1,198 — — Mortgage loan interest rate lock commitments — 1,199 — Mortgage loan forward sales commitments — 403 — Derivative liabilities: Non-hedging derivatives: Interest rate swaps 937 — — Mortgage-backed securities forward sales commitments — 295 — Securities Available-for-Sale Fair values for investment securities available-for-sale are measured on a recurring basis upon quoted market prices, if available. If quoted market prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for prepayment assumptions, projected credit losses, and liquidity. At March 31, 2019 and December 31, 2018 the Company’s investment securities available-for-sale are recurring Level 2. Mortgage Loans Held for Sale Mortgage loans held for sale are recorded at either fair value, if elected, or the lower of cost or fair value on an individual loan basis on a recurring basis. Origination fees and costs for loans held for sale recorded at lower of cost or market are capitalized in the basis of the loan and are included in the calculation of realized gains and losses upon sale. Origination fees and costs are recognized in earnings at the time of origination for loans held for sale that are recorded at fair value. Fair value is derived from observable current market prices, when available, and includes loan servicing value. When observable market prices are not available, the Company uses judgment and estimates fair value using internal models, in which the Company uses its best estimates of assumptions it believes would be used by market participants in estimating fair value. Mortgage loans held for sale are classified within Level 2 of the valuation hierarchy. Derivative Assets and Liabilities Fair values for derivative assets and liabilities are measured on a recurring basis. The primary use of derivative instruments is related to the mortgage banking activities of the Company. The Company’s wholesale mortgage banking subsidiary enters into interest rate lock commitments related to expected funding of residential mortgage loans at specified times in the future. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative instruments under applicable accounting guidance. As such, the Company records its interest rate lock commitments and forward loan sales commitments at fair value, determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, the mortgage subsidiary enters into contractual interest rate lock commitments to extend credit, if approved, at a fixed interest rate and with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within the time frames established by the mortgage banking subsidiary. Market risk arises if interest rates move adversely between the time of the interest rate lock by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing interest rate lock commitments to borrowers, the mortgage banking subsidiary enters into best efforts forward sales contracts with third party investors. The forward sales contracts lock in a price for the sale of loans similar to the specific interest rate lock commitments. Both the interest rate lock commitments to the borrowers and the forward sales contracts to the investors that extend through to the date the loan may close are derivatives, and accordingly, are marked to fair value through earnings. In estimating the fair value of an interest rate lock commitment, the Company assigns a probability to the interest rate lock commitment based on an expectation that it will be exercised and the loan will be funded. The fair value of the interest rate lock commitment is derived from the fair value of related mortgage loans, which is based on observable market data and includes the expected net future cash flows related to servicing of the loans. The fair value of the interest rate lock commitment is also derived from inputs that include guarantee fees negotiated with the agencies and private investors, buy-up and buy-down values provided by the agencies and private investors, and interest rate spreads for the difference between retail and wholesale mortgage rates. The Company also applies fall-out ratio assumptions for those interest rate lock commitments for which we do not close a mortgage loan. The fall-out ratio assumptions are based on the mortgage subsidiary’s historical experience, conversion ratios for similar loan commitments, and market conditions. While fall-out tendencies are not exact predictions of which loans will or will not close, historical performance review of loan-level data provides the basis for determining the appropriate hedge ratios. In addition, on a periodic basis, the mortgage banking subsidiary performs analysis of actual rate lock fall-out experience to determine the sensitivity of the mortgage pipeline to interest rate changes from the date of the commitment through loan origination, and then period end, using applicable published mortgage-backed investment security prices. The expected fall-out ratios (or conversely the “pull-through” percentages) are applied to the determined fair value of the unclosed mortgage pipeline in accordance with GAAP. Changes to the fair value of interest rate lock commitments are recognized based on interest rate changes, changes in the probability that the commitment will be exercised, and the passage of time. The fair value of the forward sales contracts to investors considers the market price movement of the same type of security between the trade date and the balance sheet date. These instruments are defined as Level 2 within the valuation hierarchy. Derivative instruments not related to mortgage banking activities include interest rate swap agreements. Fair values for these instruments are based on quoted market prices, when available. As such, the fair value adjustments for derivatives with fair values based on quoted market prices in an active market are recurring Level 1. Assets measured at fair value on a nonrecurring basis are as follows as of March 31, 2019 and December 31, 2018: Quoted market price Significant other Significant other in active markets observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2019 Impaired loans: Loans secured by real estate: One-to-four family $ — — 6,039 Home equity — — 108 Commercial real estate — — 7,909 Construction and development — — 1,570 Consumer loans — — 58 Commercial business loans — — 2,619 Real estate owned: One-to-four family — — 530 Construction and development — — 805 Mortgage servicing rights — — 40,230 December 31, 2018 Impaired loans: Loans secured by real estate: One-to-four family $ — — 4,511 Home equity — — 249 Commercial real estate — — 4,960 Construction and development — — 1,351 Consumer loans — — 31 Commercial business loans — — 2,829 Real estate owned: One-to-four family — — 204 Construction and development — — 1,330 Mortgage servicing rights — — 40,880 For Level 3 assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2019 and December 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2019 and December 31, 2018 Significant Significant Unobservable Valuation Technique Observable Inputs Inputs Impaired Loans Appraisal Value Appraisals and or sales of Appraisals discounted 10% to 20% for comparable properties sales commissions and other holding costs Real estate owned Appraisal Value/ Appraisals and or sales of Appraisals discounted 10% to 20% for Comparison Sales comparable properties sales commissions and other holding costs Mortgage Servicing Rights Discounted cash flows Comparable sales Weighted average discount rates averaging 10% - 12% in 2019 Weighted average discount rates averaging 12% - 13% in 2018 Weighted average prepayment rates averaging 9% -10.5% in 2019 Weighted average prepayment rates averaging 6-7% in 2018 Impaired Loans Loans that are considered impaired are recorded at fair value on a nonrecurring basis. Once a loan is considered impaired, the fair value is measured using one of several methods, including collateral liquidation value, market value of similar debt and discounted cash flows. Those impaired loans not requiring a specific charge against the allowance represent loans for which the fair value of the expected repayments or collateral meet or exceed the recorded investment in the loan. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Other Real Estate Owned (“OREO”) OREO is carried at the lower of carrying value or fair value on a nonrecurring basis. Fair value is based upon independent appraisals or management’s estimation of the collateral and is considered a Level 3 measurement. When the OREO value is based upon a current appraisal or when a current appraisal is not available or there is estimated further impairment, the measurement is considered a Level 3 measurement. Mortgage Servicing Rights A mortgage servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans are expected to more than adequately compensate the Company for performing the servicing. The Company initially measures servicing assets and liabilities retained related to the sale of residential loans held for sale (“mortgage servicing rights”) at fair value, if practicable. For subsequent measurement purposes, the Company measures servicing assets and liabilities based on the lower of cost or market on a quarterly basis on a nonrecurring basis. The quarterly determination of fair value of servicing rights is provided by a third party and is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. The carrying amount and estimated fair value of the Company’s financial instruments at March 31, 2019 and December 31, 2018 are as follows: At March 31, 2019 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and due from banks $ 25,757 25,757 25,757 — — Interest-bearing cash 34,251 34,251 34,251 — — Securities available-for-sale 813,257 813,257 — 813,257 — Federal Home Loan Bank stock 18,349 18,349 — — 18,349 Other investments 3,473 3,473 — — 3,473 Derivative assets 3,176 3,176 1,334 1,842 — Loans held for sale 23,799 23,799 — 23,799 — Loans receivable, net 2,575,589 2,566,139 — — 2,566,139 Accrued interest receivable 13,618 13,618 — 13,618 — Real estate acquired through foreclosure 1,335 1,335 — — 1,335 Mortgage servicing rights 32,033 40,230 — — 40,230 Financial liabilities: Deposits 2,817,070 2,822,375 — 2,822,375 — Short-term borrowed funds 321,000 321,007 — 321,007 — Long-term debt 59,480 61,614 — 61,614 — Derivative liabilities 2,492 2,492 2,022 470 — Drafts outstanding 7,610 7,610 — 7,610 — Advances from borrowers for insurance and taxes 5,934 5,934 — 5,934 — Accrued interest payable 2,371 2,371 — 2,371 — Dividends payable to stockholders 1,785 1,785 — 1,785 — At December 31, 2018 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and due from banks $ 28,857 28,857 28,857 — — Interest-bearing cash 33,276 33,276 33,276 — — Securities available-for-sale 842,801 842,801 — 842,801 — Federal Home Loan Bank stock 21,696 21,696 — — 21,696 Other investments 3,450 3,450 — — 3,450 Derivative assets 4,032 4,032 2,430 1,602 — Loans held for sale 16,972 16,972 — 16,972 — Loans receivable, net 2,509,873 2,506,384 — — 2,506,384 Accrued interest receivable 13,494 13,494 — 13,494 — Real estate acquired through foreclosure 1,534 1,534 — — 1,534 Mortgage servicing rights 32,933 40,880 — — 40,880 Financial liabilities: Deposits 2,718,193 2,721,885 — 2,721,885 — Short-term borrowed funds 405,500 405,532 — 405,532 — Long-term debt 59,436 61,922 — 61,922 — Derivative liabilities 1,232 1,232 937 295 — Drafts outstanding 8,129 8,129 — 8,129 — Advances from borrowers for insurance and taxes 4,100 4,100 — 4,100 — Accrued interest payable 1,591 1,591 — 1,591 — Dividends payable to stockholders 1,576 1,576 — 1,576 — At March 31, 2019 At December 31, 2018 Notional Estimated Notional Estimated Amount Fair Value Amount Fair Value (In thousands) Off-Balance Sheet Financial Instruments: Commitments to extend credit $ 413,438 — 379,170 — Standby letters of credit 22,588 — 13,797 — In determining appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to fair value disclosures. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. Cash and due from banks The carrying amounts of these financial instruments approximate fair value. All mature within 90 days and present no anticipated credit concerns. Interest-bearing cash The carrying amount of these financial instruments approximates fair value. FHLB stock and other investments The carrying amount of these financial instruments approximates fair value. Loans receivable During the first quarter of 2018, the Company adopted ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Liabilities.” The amendments included within this standard, which were applied prospectively, require the Company to disclose fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using an exit price notion. Prior to adopting the amendments included in the standard, the Company was allowed to measure fair value under an entry price notion. The entry price notion previously applied by the Company used a discounted cash flows technique to calculate the present value of expected future cash flows for a financial instrument. The exit price notion uses the same approach, but also incorporates other factors, such as enhanced credit risk, illiquidity risk and market factors that sometimes exist in exit prices in dislocated markets. The technique used prior to adopting the amendments included in the standard, but with added emphasis on both illiquidity risk and credit risk not captured by the previously applied entry price notion. The fair value of the Company’s loan portfolio has always included a credit risk assumption in the determination of the fair value of its loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, impaired loans and all other loans. The results are then adjusted to account for credit risk as described above. However, under the new guidance, the Company believes a further credit risk discount must be applied through the use of a discounted cash flow model to compensate for illiquidity risk, based on certain assumptions included within the discounted cash flow model, primarily the use of discount rates that better capture inherent credit risk over the lifetime of a loan. This consideration of enhanced credit risk provides an estimated exit price for the Company’s loan portfolio. For variable rate loans that reprice frequently and have no significant change in credit risk, fair values approximate carrying values. Fair values for impaired loans are estimated using discounted cash flow models or based on the fair value of the underlying collateral. Accrued interest receivable The carrying value approximates the fair value. Deposits The estimated fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The estimated fair value of fixed maturity certificates of deposits is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. Short-term borrowed funds The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings maturing within 90 days approximate their fair values. Estimated fair values of other short-term borrowings are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Long-term debt The estimated fair values of the Company’s long-term debt are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Drafts outstanding, advances from borrowers for insurance and taxes and dividends payable to stockholders The carrying value approximates the fair value. Accrued interest payable The fair value approximates the carrying value. Commitments to extend credit The carrying amounts of these commitments are considered to be a reasonable estimate of fair value because the commitments underlying interest rates are generally based upon current market rates. Off-balance sheet financial instruments Contract values and fair values for off-balance sheet, credit-related financial instruments are based on estimated fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and counterparties’ credit standing. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share | |
EARNINGS PER SHARE | NOTE 9 - EARNINGS PER SHARE Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding during the period. Basic earnings per common share exclude the effect of nonvested restricted stock. Diluted earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding plus the weighted average number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Diluted earnings per common share include the effects of outstanding stock options and restricted stock issued by the Company, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised and that the proceeds from such exercises and vesting were used to acquire shares of common stock at the average market price during the reporting period. All share, earnings per share, and per share data have been retroactively adjusted to reflect stock splits for all periods presented in accordance with generally accepted accounting principles. The following is a summary of the reconciliation of average shares outstanding for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Basic Diluted Basic Diluted Weighted average shares outstanding 22,193,861 22,193,861 20,908,225 20,908,225 Effect of dilutive securities — 187,948 — 211,091 Weighted average shares outstanding 22,193,861 22,381,809 20,908,225 21,119,316 The following is a summary of the reconciliation of shares issued and outstanding and unvested restricted stock awards as of March 31, 2019 and 2018 used to calculate book value per share: As of March 31, 2019 2018 Issued and outstanding shares 22,296,372 21,057,539 Less nonvested restricted stock awards (111,578 ) (136,395 ) Period end dilutive shares 22,184,794 20,921,144 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
LEASES | NOTE 10 – LEASES The Company has entered into agreements to lease certain office facilities, including buildings and land, and equipment under non-cancellable operating lease agreements. Our leases have remaining lease terms of 1 year to 40 years, which include options to extend or terminate the lease. These options to extend or terminate the lease are included in the lease term when it is reasonably certain that the options will be exercised. In addition to the package of practical expedients, the Company has also elected the practical expedient which allows lessees to make an accounting policy election by underlying class of asset to not separate nonlease components from the associated lease component, and instead account for them all together as part of the applicable lease component. For the quarter ended March 31, 2019, operating lease expense was $0.6 million. For the quarter ended March 31, 2019, cash paid for amounts included in the measurement of operating lease liabilities was $0.6 million. We do not apply the recognition requirements of ASC 842 to short-term leases and recognize the lease payments on a straight-line basis over the lease term. The rate implicit in the lease is not readily determinable for the Company’s leases. Accordingly, the incremental borrowing rate, giving consideration to the FHLB borrowing rate, is based on the information available at commencement date and is used to determine the present value of lease payments. Supplemental balance sheet information related to operating leases follows: At March 31, Right of use operating lease asset (in millions) $ 18.0 Right of use operating lease liability (in millions) $ 18.3 Weighted average remaining lease term (years) 15.3 Weighted average discount rate 3.4 % Future minimum lease payments (in thousands), by year and in the aggregate, under non-cancellable operating leases with initial or remaining terms in excess of one year as of March 31, 2019 are as follows: At March 31, Year 1 $ 2,552 Year 2 2,300 Year 3 1,920 Year 4 1,904 Year 5 1,665 After Year 5 13,793 Total undiscounted payments 24,134 Less: imputed interest (5,838 ) Present value of lease payments (ROU operating lease liability) $ 18,296 As of March 31, 2019, the Company has an additional operating lease for a building that has not yet commenced of approximately $0.8 million. This operating lease will commence in fiscal year 2019 with a lease term of 7 years. Future minimum lease payments (in thousands), by year and in the aggregate, under non-cancellable operating leases with initial or remaining terms in excess of one year as of December 31, 2018 are as follows: At December 31, Year 1 $ 2,537 Year 2 2,332 Year 3 1,950 Year 4 1,868 Year 5 1,738 After Year 5 14,165 Total $ 24,590 The Company’s rental expense for its office facilities for the year ended December 31, 2018 totaled $2.4 million. |
SUPPLEMENTAL SEGMENT INFORMATIO
SUPPLEMENTAL SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
SUPPLEMENTAL SEGMENT INFORMATION | NOTE 11 – SUPPLEMENTAL SEGMENT INFORMATION The Company has three reportable segments: community banking, wholesale mortgage banking (“mortgage banking”) and other. The community banking segment provides traditional banking services offered through CresCom Bank. The mortgage banking segment provides mortgage loan origination and servicing offered through Crescent Mortgage. The other segment provides managerial and operational support to the other business segments through Carolina Services and Carolina Financial. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on net income. The Company accounts for intersegment revenues and expenses as if the revenue/expense transactions were generated to third parties, that is, at current market prices. The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment has different types and levels of credit and interest rate risk. The following tables present selected financial information for the Company’s reportable business segments for the three months ended March 31, 2019 and 2018: Community Mortgage For the Three Months Ended March 31, 2019 Banking Banking Other Eliminations Total (In thousands) Interest income $ 42,476 390 15 (100 ) 42,781 Interest expense 8,756 128 556 (130 ) 9,310 Net interest income (expense) 33,720 262 (541 ) 30 33,471 Provision for loan losses 700 — — — 700 Noninterest income from external customers 4,556 5,296 19 — 9,871 Intersegment noninterest income 242 18 — (260 ) — Noninterest expense 18,991 4,846 310 — 24,147 Intersegment noninterest expense — 240 2 (242 ) — Income (loss) before income taxes 18,827 490 (834 ) 12 18,495 Income tax expense (benefit) 4,046 100 (198 ) 2 3,950 Net income (loss) $ 14,781 390 (636 ) 10 14,545 Community Mortgage For the Three Months Ended March 31, 2018 Banking Banking Other Eliminations Total (In thousands) Interest income $ 37,257 431 13 (25 ) 37,676 Interest expense 5,084 53 461 (53 ) 5,545 Net interest income (expense) 32,173 378 (448 ) 28 32,131 Provision for loan losses — — — — — Noninterest income from external customers 5,059 4,924 65 — 10,048 Intersegment noninterest income 242 17 — (259 ) — Noninterest expense 32,929 4,389 280 — 37,598 Intersegment noninterest expense — 240 2 (242 ) — Income (loss) before income taxes 4,545 690 (665 ) 11 4,581 Income tax expense (benefit) 561 128 (168 ) 4 525 Net income (loss) $ 3,984 562 (497 ) 7 4,056 The following tables present selected financial information for the Company’s reportable business segments for March 31, 2019 and December 31, 2018: Community Mortgage At March 31, 2019 Banking Banking Other Eliminations Total (In thousands) Assets $ 3,839,100 91,825 619,096 (707,841 ) 3,842,180 Loans receivable, net 2,566,574 30,953 — (21,938 ) 2,575,589 Loans held for sale 2,512 21,287 — — 23,799 Deposits 2,829,444 — — (12,374 ) 2,817,070 Borrowed funds 348,000 21,475 32,480 (21,475 ) 380,480 Community Mortgage At December 31, 2018 Banking Banking Other Eliminations Total (In thousands) Assets $ 3,786,360 84,335 610,167 (690,114 ) 3,790,748 Loans receivable, net 2,494,421 30,879 — (15,427 ) 2,509,873 Loans held for sale 1,450 15,522 — — 16,972 Deposits 2,724,920 — — (6,727 ) 2,718,193 Borrowed funds 432,500 14,951 32,436 (14,951 ) 464,936 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization | Organization Carolina Financial Corporation (“Carolina Financial” or the “Company”), incorporated under the laws of the State of Delaware, is a financial holding company with one wholly-owned subsidiary, CresCom Bank (the “Bank”). CresCom Bank operates Crescent Mortgage Company, Carolina Services Corporation of Charleston (“Carolina Services”), DTFS, Inc., and CresCom Leasing, LLC. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. In consolidation, all material intercompany accounts and transactions have been eliminated. The results of operations of the businesses acquired in transactions accounted for as purchases are included only from the dates of acquisition. All majority-owned subsidiaries are consolidated unless control is temporary or does not rest with the Company. At March 31, 2019, statutory business trusts (“Trusts”) created or acquired by the Company had outstanding trust preferred securities with an aggregate par value of $36.0 million. The principal assets of the Trusts are $37.1 million of the Company’s subordinated debentures with identical rates of interest and maturities as the trust preferred securities. The Trusts have issued $1.1 million of common securities to the Company and are included in other investments in the accompanying consolidated balance sheets. The Trusts are not consolidated subsidiaries of the Company. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2019. There have been no significant changes to the accounting policies as disclosed in the Company’s Form 10-K, except as reflected in Recently Adopted Accounting Pronouncements of this Note 1 – Summary of Significant Accounting Policies. |
Management's Estimates | Management’s Estimates The financial statements are prepared in accordance with GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, including valuation for impaired loans, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, the valuation of securities, the valuation of derivative instruments, the valuation of assets acquired and liabilities assumed in business combinations, the valuation of mortgage servicing rights, the determination of the reserve for mortgage loan repurchase losses, asserted and unasserted legal claims and deferred tax assets or liabilities. In connection with the determination of the allowance for loan losses and foreclosed real estate, management obtains independent appraisals for significant properties. Management must also make estimates in determining the estimated useful lives and methods for depreciating premises and equipment. Management uses available information to recognize losses on loans and foreclosed real estate. However, future additions to the allowance may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and foreclosed real estate. It is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) represents income available to common stockholders divided by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflects additional shares that would have been outstanding if dilutive potential shares had been issued. Potential shares that may be issued by the Company relate solely to outstanding stock options, restricted stock (non-vested shares), restricted stock units (“RSUs”) and warrants, and are determined using the treasury stock method. Under the treasury stock method, the number of incremental shares is determined by assuming the issuance of stock for the outstanding stock options, unvested restricted stock, RSUs, and warrants, reduced by the number of shares assumed to be repurchased from the issuance proceeds, using the average market price for the period of the Company’s stock. All share, earnings per share, and per share data have been retroactively adjusted to reflect the stock splits for all periods presented in accordance with GAAP. |
Subsequent Events | Subsequent Events Subsequent events are material events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the statement of financial condition but arose after that date. Management has reviewed events occurring through the date the financial statements were issued and no subsequent events occurred requiring accrual or disclosure except as follows: On April 24, 2019, the Company’s Board of Directors declared a $0.09 dividend per common share, payable on July 5, 2019, to stockholders of record on June 14, 2019. |
Reclassification | Reclassification Certain reclassifications of accounts reported for previous periods have been made in these consolidated financial statements. Such reclassifications had no effect on stockholders’ equity or the net income as previously reported. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements During the first quarter of 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) We adopted the guidance using the modified retrospective approach on January 1, 2019 and elected the practical expedients for transition including the transition option provided in ASU 2018-11, Leases (Topic 842) Targeted Improvements, Leases The Company implemented internal controls as well as lease accounting software to facilitate the preparation of financial information. The Company is largely accounting for our existing operating leases consistent with prior guidance except for the incremental balance sheet recognition for leases. There was no cumulative effect adjustment to retained earnings as of January 1, 2019. On January 1, 2019, the Company recorded a ROU operating lease asset and corresponding operating lease liability of $18.4 million and $18.8 million, respectively, on the consolidated balance sheet. The new standard did not have a material impact on the Company’s results of operations or cash flows. During the first quarter of 2019, the Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities During the first quarter of 2019, the Company adopted ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Cost (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities During the first quarter of 2018, the Company adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Liabilities In May 2017, Financial Accounting Standards Board (the “FASB”) issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers Deposit service charges: Debit card income: The Company has evaluated ASU 2016-08 and 2014-09 and determined that this guidance did not have a material impact on the way the Company currently recognizes revenue or the way it recognizes expenses related to those revenue streams. The Company adopted ASU No. 2014-09 and its related amendments on its required effective date of January 1, 2018 utilizing the modified retrospective approach. Since there was no net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Consistent with the modified retrospective approach, the Company did not adjust prior period amounts. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In January 2017, the FASB issued ASU No. 2017-04, Intangible-Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment In June 2016, the FASB ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
First South Bancorp, Inc. [Member] | |
Schedule of Assets and Liabilities Acquired [Table Text Block] | The following table presents a summary of total consideration paid by the Company at the acquisition date (dollars in thousand). Common stock issued (4,822,540 shares at $36.85 per share) $ 177,711 Cash in lieu of fractional shares and fair value of stock options 983 Total consideration paid $ 178,694 |
Schedule of loans acquired at the Acquisition date | The following table summarizes the consideration paid by the Company in the merger with First South and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. November 1, 2017 As Reported by Fair Value As Recorded by (In thousands) Assets Cash and cash equivalents $ 66,109 — 66,109 Securities available-for-sale 186,038 — 186,038 Federal Home Loan Bank stock 1,593 — 1,593 Loans held for sale 1,282 — 1,282 Loans receivable 783,779 (24,620 )(a) 759,159 Allowance for loan losses (9,495 ) 9,495 (b) — Premises and equipment 10,761 1,500 (c) 12,261 Foreclosed assets 1,922 (556 )(d) 1,366 Core deposit intangible 1,410 11,090 (e) 12,500 Deferred tax asset, net 3,961 238 (f) 4,199 Other assets 33,552 (3,417 )(g) 30,135 Total assets acquired $ 1,080,912 (6,270 ) 1,074,642 Liabilities Deposits $ 952,573 78 (h) 952,651 Borrowings 26,810 (1,439 )(i) 25,371 Other liabilities 8,515 (284 )(j) 8,231 Total liabilities assumed $ 987,898 (1,645 ) 986,253 Net identifiable assets acquired over liabilities assumed 88,389 Total consideration paid 178,694 Goodwill $ 90,305 Explanation of fair value adjustments: (a) Represents the amount necessary to adjust loans to their fair value due to interest rate and credit factors. (b) Reflects the elimination of First South’s historical allowance for loan losses. (c) Reflects fair value adjustments on acquired branch and administrative offices based on the Company’s assessment. (d) Reflects the impact of acquisition accounting fair value adjustments. (e) Reflects the fair value adjustment to record the estimated core deposit intangible based on the Company’s assessment. (f) Reflects the tax impact of acquisition accounting fair value adjustments. (g) Reflects the fair value adjustment based on the Company’s evaluation of acquired other assets. (h) Represents the fair value adjustment due to interest rate factors. (i) Represents the fair value adjustment due to interest rate factors. (j) Reflects the fair value adjustment based on the Company’s evaluation of acquired other liabilities. |
Greer Bancshares [Member] | |
Schedule of Assets and Liabilities Acquired [Table Text Block] | The following table presents a summary of total consideration paid by the Company at the acquisition date (dollars in thousand). Common stock issued (1,789,523 shares at $30.30 per share) $ 54,223 Cash payments to common stockholders 4,422 Total consideration paid $ 58,645 |
Schedule of loans acquired at the Acquisition date | The following table summarizes the consideration paid by the Company in the merger with Greer and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. As Reported Fair Value As Recorded by March 18, 2017 by Greer Adjustments the Company (In thousands) Assets Cash and cash equivalents $ 42,187 — 42,187 Securities available for sale 121,374 — 121,374 Loans held for sale 105 — 105 Loans receivable 205,209 (10,559 )(a) 194,650 Allowance for loan losses (3,198 ) 3,198 (b) — Premises and equipment 3,928 4,202 (c) 8,130 Foreclosed assets 42 — 42 Core deposit intangible — 4,480 (d) 4,480 Deferred tax asset, net 3,831 (1,434 )(e) 2,397 Other assets 11,367 (241 )(f) 11,126 Total assets acquired $ 384,845 (354 ) 384,491 Liabilities Deposits $ 310,866 200 (g) 311,066 Borrowings 43,712 (3,510 )(h) 40,202 Other liabilities 7,086 512 (i) 7,598 Total liabilities assumed $ 361,664 (2,798 ) 358,866 Net identifiable assets acquired over liabilities assumed 25,625 Total consideration paid 58,645 Goodwill $ 33,020 Explanation of fair value adjustments: (a) Adjustment represents the amount necessary to adjust loans to their fair value due to interest rate and credit factors. (b) Adjustment reflects the elimination of Greer’s historical allowance for loan losses. (c) Adjustment reflects fair value adjustments on acquired branch and administrative offices based on third party appraisals. (d) Adjustment reflects the fair value adjustment to record the estimated core deposit intangible based on the Company’s third party valuation report. (e) Adjustment reflects the tax impact of acquisition accounting fair value adjustments. (f) Adjustment reflects the fair value adjustment based on the Company’s evaluation of acquired other assets. (g) Adjustment represents the fair value adjustment due to interest rate factors. (h) Adjustment represents the fair value adjustment due to interest rate factors. (i) Adjustment reflects the fair value adjustment based on the Company’s evaluation of acquired other liabilities. |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investment securities available for sale | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of securities available-for-sale at March 31, 2019 and December 31, 2018 follows: March 31, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value (In thousands) Securities available-for-sale: Municipal securities $ 196,055 5,381 (231 ) 201,205 212,215 2,768 (1,269 ) 213,714 US government agencies 22,312 381 — 22,693 24,772 505 — 25,277 Collateralized loan obligations 228,174 184 (1,235 ) 227,123 231,172 119 (592 ) 230,699 Corporate securities 6,921 65 (24 ) 6,962 6,915 69 (24 ) 6,960 Mortgage-backed securities: Agency 190,574 1,225 (1,119 ) 190,680 199,518 427 (2,425 ) 197,520 Non-agency 153,069 1,010 (564 ) 153,515 158,803 423 (1,695 ) 157,531 Total mortgage-backed securities 343,643 2,235 (1,683 ) 344,195 358,321 850 (4,120 ) 355,051 Trust preferred securities 11,087 1,694 (1,702 ) 11,079 11,066 1,713 (1,679 ) 11,100 Total $ 808,192 9,940 (4,875 ) 813,257 844,461 6,024 (7,684 ) 842,801 |
Schedule of amortized costs and fair values of investment securities, by contractual maturity | The amortized cost and fair value of debt securities by contractual maturity at March 31, 2019 follows: At March 31, 2019 Amortized Fair Cost Value (In thousands) Securities available-for-sale: Less than one year $ 1,268 1,262 One to five years 7,324 7,415 Six to ten years 99,405 100,775 After ten years 700,195 703,805 Total $ 808,192 813,257 |
Schedule of gross realized gains and losses from sales of investment securities available-for-sale | The following table summarizes the gross realized gains and losses from sales of investment securities available-for-sale for the periods indicated. For the Three Months Ended March 31, 2019 2018 (In thousands) Proceeds $ 71,034 51,178 Realized gains $ 1,446 14 Realized losses (252 ) (711 ) Total investment securities gains (losses), net $ 1,194 (697 ) |
Schedule of securities in a continuous unrealized loss position aggregated by investment category and length of time | The following tables summarize gross unrealized losses on investment securities and the fair market value of the related securities at March 31, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. At March 31, 2019 Less than 12 Months 12 Months or Greater Total Amortized Fair Unrealized Amortized Fair Unrealized Amortized Fair Unrealized Cost Value Losses Cost Value Losses Cost Value Losses (In thousands) Available-for-sale: Municipal securities $ 5,680 5,661 (19 ) 14,790 14,578 (212 ) 20,470 20,239 (231 ) US government agencies — — — — — — — — — Collateralized loan obligations 137,569 136,412 (1,157 ) 9,500 9,422 (78 ) 147,069 145,834 (1,235 ) Corporate securities 481 457 (24 ) — — — 481 457 (24 ) Mortgage-backed securities: Agency 3,988 3,966 (22 ) 80,604 79,507 (1,097 ) 84,592 83,473 (1,119 ) Non-agency 113 112 (1 ) 61,411 60,848 (563 ) 61,524 60,960 (564 ) Total mortgage-backed securities 4,101 4,078 (23 ) 142,015 140,355 (1,660 ) 146,116 144,433 (1,683 ) Trust preferred securities — — — 8,196 6,494 (1,702 ) 8,196 6,494 (1,702 ) Total $ 147,831 146,608 (1,223 ) 174,501 170,849 (3,652 ) 322,332 317,457 (4,875 ) At December 31, 2018 Less than 12 Months 12 Months or Greater Total Amortized Fair Unrealized Amortized Fair Unrealized Amortized Fair Unrealized Cost Value Losses Cost Value Losses Cost Value Losses (In thousands) Available-for-sale: Municipal securities $ 12,395 12,331 (64 ) 55,189 53,984 (1,205 ) 67,584 66,315 (1,269 ) US government agencies — — — — — — — — — Collateralized loan obligations 146,913 146,344 (569 ) 5,000 4,977 (23 ) 151,913 151,321 (592 ) Corporate securities 2,980 2,956 (24 ) — — — 2,980 2,956 (24 ) Mortgage-backed securities: Agency 14,615 14,450 (165 ) 120,325 118,065 (2,260 ) 134,940 132,515 (2,425 ) Non-agency 71,376 70,709 (667 ) 43,138 42,110 (1,028 ) 114,514 112,819 (1,695 ) Total mortgage-backed securities 85,991 85,159 (832 ) 163,463 160,175 (3,288 ) 249,454 245,334 (4,120 ) Trust preferred securities — — — 8,214 6,535 (1,679 ) 8,214 6,535 (1,679 ) Total $ 248,279 246,790 (1,489 ) 231,866 225,671 (6,195 ) 480,145 472,461 (7,684 ) |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative positions of Company | The derivative positions of the Company at March 31, 2019 and December 31, 2018 are as follows: At March 31, At December 31, 2019 2018 Fair Notional Fair Notional Value Value Value Value (In thousands) Derivative assets: Cash flow hedges: Interest rate swaps $ 554 45,000 1,232 45,000 Non-hedging derivatives: Interest rate swaps 780 50,000 1,198 50,000 Mortgage loan interest rate lock commitments 1,369 107,116 1,199 76,571 Mortgage loan forward sales commitments 473 18,074 403 13,241 Total derivative assets $ 3,176 220,190 4,032 184,812 Derivative liabilities: Non-hedging derivatives: Interest rate swaps $ 2,022 50,000 937 50,000 Mortgage-backed securities forward sales commitments 470 79,000 295 52,000 Total derivative liabilities $ 2,492 129,000 1,232 102,000 |
LOANS RECEIVABLE, NET (Tables)
LOANS RECEIVABLE, NET (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of categories of loans | Loans receivable, net at March 31, 2019 and December 31, 2018 are summarized by category as follows: At March 31, At December 31, 2019 2018 % of Total % of Total All Loans: Amount Loans Amount Loans (Dollars in thousands) Loans secured by real estate: One-to-four family $ 725,441 28.00 % 732,717 29.03 % Home equity 81,654 3.15 % 83,770 3.32 % Commercial real estate 1,051,786 40.60 % 1,034,117 40.96 % Construction and development 317,263 12.25 % 290,494 11.51 % Consumer loans 22,411 0.87 % 23,845 0.94 % Commercial business loans 392,055 15.13 % 359,393 14.24 % Total gross loans receivable 2,590,610 100.00 % 2,524,336 100.00 % Less: Allowance for loan losses 15,021 14,463 Total loans receivable, net $ 2,575,589 2,509,873 |
Schedule of loan acquired non-credit impaired loans and nonacquired loans | Loans receivable, net at March 31, 2019 and December 31, 2018 for purchased non-credit impaired loans and nonacquired loans are summarized by category as follows: At March 31, At December 31, 2019 2018 Purchased Non-Credit Impaired Loans % of Total % of Total (ASC 310-20) and Nonacquired Loans: Amount Loans Amount Loans (Dollars in thousands) Loans secured by real estate: One-to-four family $ 717,305 28.20 % 723,641 29.24 % Home equity 81,601 3.21 % 83,717 3.38 % Commercial real estate 1,024,066 40.27 % 1,004,420 40.59 % Construction and development 314,420 12.36 % 287,673 11.63 % Consumer loans 22,364 0.88 % 23,792 0.96 % Commercial business loans 383,526 15.08 % 351,194 14.20 % Total gross loans receivable 2,543,282 100.00 % 2,474,437 100.00 % Less: Allowance for loan losses 14,858 14,463 Total loans receivable, net $ 2,528,424 2,459,974 Loans receivable, net at March 31, 2019 and December 31, 2018 for purchased credit impaired loans are summarized by category below. At March 31, At December 31, 2019 2018 Purchased Credit Impaired % of Total % of Total Loans (ASC 310-30): Amount Loans Amount Loans (Dollars in thousands) Loans secured by real estate: One-to-four family $ 8,136 17.19 % 9,077 18.19 % Home equity 53 0.11 % 53 0.11 % Commercial real estate 27,720 58.57 % 29,696 59.51 % Construction and development 2,843 6.01 % 2,821 5.65 % Consumer loans 47 0.10 % 53 0.11 % Commercial business loans 8,529 18.02 % 8,199 16.43 % Total gross loans receivable 47,328 100.00 % 49,899 100.00 % Less: Allowance for loan losses 163 — Total loans receivable, net $ 47,165 49,899 |
Schedule of changes in the value of the accretable yield for PCI loans | The following table presents changes in the value of PCI loans receivable for the three months ended March 31, 2019 and 2018: For the Three Months 2019 2018 (In thousands) Balance at beginning of period $ 49,899 78,415 Net reductions for payments, foreclosures, and accretion (2,571 ) (7,385 ) Balance at end of period $ 47,328 71,030 The following table presents changes in the value of the accretable yield for PCI loans for the three months ended March 31, 2019 and 2018: For the Three Months 2019 2018 (In thousands) Accretable yield, beginning of period $ 19,908 12,536 Accretion and interest income (1,312 ) (1,332 ) Reclassification from nonaccretable balance, net (a) 474 3,196 Other changes, net (b) 1,101 1,345 Accretable yield, end of period $ 20,171 15,745 (a) Reclassifications from the nonaccretable balance in the quarter ended March 31, 2019 were driven by improvement in credit quality, primarily delinquencies. (b) Other changes, net include the impact of changes in expectations of cash flows, which may vary from period to period due to the impact of modifications and changes to prepayment assumptions, as well as the impact of changes in interest rates on variable rate loans. |
Schedule of composition of gross loans outstanding, net of undisbursed amounts, by rate type | The composition of gross loans outstanding, net of undisbursed amounts, by rate type is as follows: At March 31, At December 31, 2019 2018 (Dollars in thousands) Variable rate loans $ 981,531 37.89 % 942,348 37.33 % Fixed rate loans 1,609,079 62.11 % 1,581,988 62.67 % Total loans outstanding $ 2,590,610 100.00 % 2,524,336 100.00 % |
Schedule of activity in the allowance for loan losses | The following table presents activity in the allowance for loan losses for the period indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for loan losses: For the Three Months Ended March 31, 2019 Loans Secured by Real Estate One-to- Commercial Construction four Home real and Commercial family equity estate development Consumer business Unallocated Total (In thousands) Balance, beginning of period $ 3,540 203 5,097 1,969 352 2,940 362 14,463 Provision for loan losses 36 88 54 126 41 345 10 700 Charge-offs (55 ) (71 ) — (9 ) (64 ) (18 ) — (217 ) Recoveries 5 5 9 5 21 30 — 75 Balance, end of period $ 3,526 225 5,160 2,091 350 3,297 372 15,021 Allowance for purchased non-credit impaired and non purchased loans $ 3,460 225 5,160 2,080 348 3,213 372 14,858 Allowance for purchased credit impaired loans 66 — — 11 2 84 — 163 Balance, end of period $ 3,526 225 5,160 2,091 350 3,297 372 15,021 For the Three Months Ended March 31, 2018 Loans Secured by Real Estate One-to- Commercial Construction four Home real and Commercial family equity estate development Consumer business Unallocated Total (In thousands) Balance, beginning of period $ 2,719 168 3,986 1,201 79 2,840 485 11,478 Provision for loan losses 286 50 187 (204 ) (35 ) (147 ) (137 ) — Charge-offs — — (34 ) (1 ) (9 ) (89 ) — (133 ) Recoveries 5 8 5 1,036 40 269 — 1,363 Balance, end of period $ 3,010 226 4,144 2,032 75 2,873 348 12,708 |
Schedule of allowance for loan losses and recorded investment in loans by impairment methodology | The following table disaggregates our allowance for loan losses and recorded investment in loans by impairment methodology. Loans Secured by Real Estate One-to- Commercial Construction four Home real and Commercial family equity estate development Consumer business Unallocated Total (In thousands) At March 31, 2019: Allowance for loan losses ending balances: Individually evaluated for impairment $ 106 — 192 515 — — — 813 Collectively evaluated for impairment 3,354 225 4,968 1,565 348 3,213 372 14,045 Purchased credit impaired 66 — — 11 2 84 — 163 $ 3,526 225 5,160 2,091 350 3,297 372 15,021 Loans receivable ending balances: Individually evaluated for impairment $ 6,145 108 8,101 2,085 58 2,619 — 19,116 Collectively evaluated for impairment 711,160 81,493 1,015,965 312,335 22,306 380,907 — 2,524,166 Purchased credit impaired 8,136 53 27,720 2,843 47 8,529 — 47,328 Total loans receivable $ 725,441 81,654 1,051,786 317,263 22,411 392,055 — 2,590,610 At December 31, 2018: Allowance for loan losses ending balances: Individually evaluated for impairment $ 176 — 145 515 — 24 — 860 Collectively evaluated for impairment 3,364 203 4,952 1,454 352 2,916 362 13,603 $ 3,540 203 5,097 1,969 352 2,940 362 14,463 Loans receivable ending balances: Individually evaluated for impairment $ 4,687 249 5,105 1,866 31 2,853 — 14,791 Collectively evaluated for impairment 718,953 83,468 999,316 285,807 23,761 348,341 — 2,459,646 Purchased credit impaired 9,077 53 29,696 2,821 53 8,199 — 49,899 Total loans receivable $ 732,717 83,770 1,034,117 290,494 23,845 359,393 — 2,524,336 |
Schedule of impaired loans by class of loans | The following table presents impaired loans individually evaluated for impairment in the segmented portfolio categories and the corresponding allowance for loan losses as of March 31, 2019 and December 31, 2018. The recorded investment is defined as the original amount of the loan, net of any deferred costs and fees, less any principal reductions and direct charge-offs. Unpaid principal balance includes amounts previously included in charge-offs. At March 31, 2019 At December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (In thousands) With no related allowance recorded: Loans secured by real estate: One-to-four family $ 5,010 5,108 — 3,083 3,241 — Home equity 108 108 — 249 249 — Commercial real estate 4,779 4,779 — 2,679 2,694 — Construction and development 702 702 — 323 323 — Consumer loans 58 59 — 31 31 — Commercial business loans 2,619 2,633 — 2,697 2,698 — 13,276 13,389 — 9,062 9,236 — With an allowance recorded: Loans secured by real estate: One-to-four family 1,135 1,117 106 1,604 1,665 176 Home equity — — — — — — Commercial real estate 3,322 3,322 192 2,426 2,426 145 Construction and development 1,383 1,383 515 1,543 1,543 515 Consumer loans — — — — — — Commercial business loans — — — 156 156 24 5,840 5,822 813 5,729 5,790 860 Total: Loans secured by real estate: One-to-four family 6,145 6,225 106 4,687 4,906 176 Home equity 108 108 — 249 249 — Commercial real estate 8,101 8,101 192 5,105 5,120 145 Construction and development 2,085 2,085 515 1,866 1,866 515 Consumer loans 58 59 — 31 31 — Commercial business loans 2,619 2,633 — 2,853 2,854 24 $ 19,116 19,211 813 14,791 15,026 860 The following table presents the average recorded investment and interest income recognized on impaired loans individually evaluated for impairment in the segmented portfolio categories for the three months ended March 31, 2019 and 2018. For the Three Months Ended March 31, 2019 2018 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) With no related allowance recorded: Loans secured by real estate: One-to-four family $ 4,028 58 2,739 16 Home equity 105 — 20 1 Commercial real estate 3,615 237 3,483 81 Construction and development 565 9 408 3 Consumer loans 37 1 28 1 Commercial business loans 1,964 48 168 5 10,314 353 6,846 107 With an allowance recorded: Loans secured by real estate: One-to-four family 1,065 10 1,372 11 Home equity — — 103 3 Commercial real estate 3,113 31 1,647 21 Construction and development 1,511 60 396 (4 ) Consumer loans — — — — Commercial business loans 7 — 168 2 5,696 101 3,686 33 Total: Loans secured by real estate: One-to-four family 5,093 68 4,111 27 Home equity 105 — 123 4 Commercial real estate 6,728 268 5,130 102 Construction and development 2,076 69 804 (1 ) Consumer loans 37 1 28 1 Commercial business loans 1,971 48 336 7 $ 16,010 454 10,532 140 |
Schedule of aging of the recorded investment in past due loans by class of loans | A loan is considered past due if the required principal and interest payment has not been received as of the due date. The following schedule is an aging of past due loans receivable by portfolio segment as of March 31, 2019 and December 31, 2018. At March 31, 2019 Real Estate Loans One-to- Commercial Construction four Home real and Commercial All Loans: family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 2,162 343 1,385 217 327 322 4,756 60-89 days past due 676 65 66 35 25 123 990 90 days or more past due 3,829 115 3,082 93 50 978 8,147 Total past due 6,667 523 4,533 345 402 1,423 13,893 Current 718,774 81,131 1,047,253 316,918 22,009 390,632 2,576,717 Total loans receivable $ 725,441 81,654 1,051,786 317,263 22,411 392,055 2,590,610 At March 31, 2019 Purchased Non-Credit Real Estate Loans Impaired Loans One-to- Commercial Construction (ASC 310-20) and four Home real and Commercial Nonacquired Loans: family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 2,075 343 1,385 182 327 322 4,634 60-89 days past due 548 65 17 35 16 123 804 90 days or more past due 3,630 115 2,921 93 50 978 7,787 Total past due 6,253 523 4,323 310 393 1,423 13,225 Current 711,052 81,078 1,019,743 314,110 21,971 382,103 2,530,057 Total loans receivable $ 717,305 81,601 1,024,066 314,420 22,364 383,526 2,543,282 At March 31, 2019 Real Estate Loans One-to- Commercial Construction Purchased Credit Impaired four Home real and Commercial Loans (ASC 310-30): family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 87 — — 35 — — 122 60-89 days past due 128 — 49 — 9 — 186 90 days or more past due 199 — 161 — — — 360 Total past due 414 — 210 35 9 — 668 Current 7,722 53 27,510 2,808 38 8,529 46,660 Total loans receivable $ 8,136 53 27,720 2,843 47 8,529 47,328 At December 31, 2018 Real Estate Loans One-to- Commercial Construction four Home real and Commercial All Loans: family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 503 723 1,780 180 296 793 4,275 60-89 days past due 1,677 213 120 588 31 632 3,261 90 days or more past due 4,133 373 3,054 105 117 602 8,384 Total past due 6,313 1,309 4,954 873 444 2,027 15,920 Current 726,404 82,461 1,029,163 289,621 23,401 357,366 2,508,416 Total loans receivable $ 732,717 83,770 1,034,117 290,494 23,845 359,393 2,524,336 At December 31, 2018 Purchased Non-Credit Real Estate Loans Impaired Loans One-to- Commercial Construction (ASC 310-20) and four Home real and Commercial Nonpurchased Loans: family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 378 720 1,037 172 296 793 3,396 60-89 days past due 1,313 213 120 559 31 632 2,868 90 days or more past due 3,686 373 2,895 106 117 602 7,779 Total past due 5,377 1,306 4,052 837 444 2,027 14,043 Current 718,264 82,411 1,000,368 286,836 23,348 349,167 2,460,394 Total loans receivable $ 723,641 83,717 1,004,420 287,673 23,792 351,194 2,474,437 At December 31, 2018 Real Estate Loans One-to- Commercial Construction Purchased Credit Impaired four Home real and Commercial Loans (ASC 310-30): family equity estate development Consumer business Total (In thousands) 30-59 days past due $ 126 3 743 7 — — 879 60-89 days past due 364 — — 30 — — 394 90 days or more past due 447 — 158 — — — 605 Total past due 937 3 901 37 — — 1,878 Current 8,140 50 28,795 2,784 53 8,199 48,021 Total loans receivable $ 9,077 53 29,696 2,821 53 8,199 49,899 |
Schedule of analysis of loans receivables on nonaccrual status | The following is a schedule of loans receivable, by portfolio segment, on nonaccrual at March 31, 2019 and December 31, 2018. At March 31, At December 31, 2019 2018 (In thousands) Loans secured by real estate: One-to-four family $ 4,834 4,471 Home equity 217 454 Commercial real estate 3,455 3,663 Construction and development 1,788 1,675 Consumer loans 59 107 Commercial business loans 1,227 1,351 $ 11,580 11,721 |
Schedule of analysis of loan portfolio by credit quality indicators | The following is a schedule of the credit quality of loans receivable, by portfolio segment, as of March 31, 2019 and December 31, 2018. At March 31, 2019 Real Estate Loans One-to- Commercial Construction four Home real and Commercial Total Loans: family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 718,054 81,297 1,030,490 313,815 22,236 388,136 2,554,199 Special Mention 428 133 9,544 844 100 180 11,058 Substandard 6,959 224 11,752 2,604 75 3,739 25,353 Total loans receivable $ 725,441 81,654 1,051,786 317,263 22,411 392,055 2,590,610 Performing $ 720,408 81,437 1,048,170 315,475 22,352 390,828 2,578,670 Nonperforming: 90 days past due still accruing 199 — 161 — — — 360 Nonaccrual 4,834 217 3,455 1,788 59 1,227 11,580 Total nonperforming 5,033 217 3,616 1,788 59 1,227 11,940 Total loans receivable $ 725,441 81,654 1,051,786 317,263 22,411 392,055 2,590,610 At March 31, 2019 Purchased Non-Credit Real Estate Loans Impaired Loans One-to- Commercial Construction (ASC 310-20) and four Home real and Commercial Nonacquired Loans: family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 710,970 81,251 1,011,975 312,128 22,198 380,687 2,519,209 Special Mention 213 133 4,765 448 100 — 5,659 Substandard 6,122 217 7,326 1,844 66 2,839 18,414 Total loans receivable $ 717,305 81,601 1,024,066 314,420 22,364 383,526 2,543,282 Performing $ 712,471 81,384 1,020,611 312,632 22,305 382,299 2,531,702 Nonperforming: 90 days past due still accruing — — — — — — — Nonaccrual 4,834 217 3,455 1,788 59 1,227 11,580 Total nonperforming 4,834 217 3,455 1,788 59 1,227 11,580 Total loans receivable $ 717,305 81,601 1,024,066 314,420 22,364 383,526 2,543,282 At March 31, 2019 Real Estate Loans One-to- Commercial Construction Purchased Credit Impaired four Home real and Commercial Loans (ASC 310-30): family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 7,084 46 18,515 1,687 38 7,449 34,819 Special Mention 215 — 4,779 396 — 180 5,570 Substandard 837 7 4,426 760 9 900 6,939 Total loans receivable $ 8,136 53 27,720 2,843 47 8,529 47,328 Performing $ 7,937 53 27,559 2,843 47 8,529 46,968 Nonperforming: 90 days past due still accruing 199 — 161 — — — 360 Nonaccrual — — — — — — — Total nonperforming 199 — 161 — — — 360 Total loans receivable $ 8,136 53 27,720 2,843 47 8,529 47,328 At December 31, 2018 Real Estate Loans One-to- Commercial Construction four Home real and Commercial Total Loans: family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 727,921 83,382 1,016,064 287,559 23,613 353,742 2,492,281 Special Mention 417 — 9,914 534 103 2,166 13,134 Substandard 4,379 388 8,139 2,401 129 3,485 18,921 Total loans receivable $ 732,717 83,770 1,034,117 290,494 23,845 359,393 2,524,336 Performing $ 727,799 83,316 1,030,296 288,819 23,718 358,042 2,511,990 Nonperforming: 90 days past due still accruing 447 — 158 — 20 — 625 Nonaccrual 4,471 454 3,663 1,675 107 1,351 11,721 Total nonperforming 4,918 454 3,821 1,675 127 1,351 12,346 Total loans receivable $ 732,717 83,770 1,034,117 290,494 23,845 359,393 2,524,336 At December 31, 2018 Purchased Non-Credit Real Estate Loans Impaired Loans One-to- Commercial Construction (ASC 310-20) and four Home real and Commercial Nonpurchased Loans: family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 720,177 83,336 995,319 285,927 23,571 346,487 2,454,817 Special Mention — — 5,524 71 103 1,379 7,077 Substandard 3,464 381 3,577 1,675 118 3,328 12,543 Total loans receivable $ 723,641 83,717 1,004,420 287,673 23,792 351,194 2,474,437 Performing $ 719,170 83,263 1,000,757 285,998 23,665 349,843 2,462,696 Nonperforming: 90 days past due still accruing — — — — 20 — 20 Nonaccrual 4,471 454 3,663 1,675 107 1,351 11,721 Total nonperforming 4,471 454 3,663 1,675 127 1,351 11,741 Total loans receivable $ 723,641 83,717 1,004,420 287,673 23,792 351,194 2,474,437 At December 31, 2018 Real Estate Loans One-to- Commercial Construction Purchased Credit Impaired four Home real and Commercial Loans (ASC 310-30): family equity estate development Consumer business Total (In thousands) Internal Risk Rating Grades: Pass $ 7,745 45 20,745 1,632 42 7,255 37,464 Special Mention 418 — 4,390 463 — 787 6,058 Substandard 914 8 4,561 726 11 157 6,377 Total loans receivable $ 9,077 53 29,696 2,821 53 8,199 49,899 Performing $ 8,630 53 29,538 2,821 53 8,199 49,294 Nonperforming: 90 days past due still accruing 447 — 158 — — — 605 Nonaccrual — — — — — — — Total nonperforming 447 — 158 — — — 605 Total loans receivable $ 9,077 53 29,696 2,821 53 8,199 49,899 |
REAL ESTATE ACQUIRED THROUGH _2
REAL ESTATE ACQUIRED THROUGH FORECLOSURE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Summary of Changes in Other Real Estate Owned | The following presents summarized activity in real estate acquired through foreclosure for the three months ended March 31, 2019 and 2018: March 31, 2019 2018 (In thousands) Balance at beginning of period $ 1,534 3,106 Additions 366 17 Sales (565 ) (1,160 ) Balance at end of period $ 1,335 1,963 |
Schedule of composition of other real estate owned | A summary of the composition of real estate acquired through foreclosure follows: At March 31, At December 31, 2019 2018 (In thousands) Real estate loans: One-to-four family $ 530 204 Construction and development 805 1,330 $ 1,335 1,534 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Summary of Deposits outstanding | Deposits outstanding by type of account at March 31, 2019 and December 31, 2018 are summarized as follows: At March 31, At December 31, 2019 2018 (In thousands) Noninterest-bearing demand accounts $ 575,990 547,022 Interest-bearing demand accounts 581,424 566,527 Savings accounts 188,725 192,322 Money market accounts 458,575 431,246 Certificates of deposit: Less than $250,000 923,709 875,749 $250,000 or more 88,647 105,327 Total certificates of deposit 1,012,356 981,076 Total deposits $ 2,817,070 2,718,193 |
ESTIMATED FAIR VALUE OF FINAN_2
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis are as follows as of March 31, 2019 and December 31, 2018: Quoted market Significant other Significant other price in active observable inputs unobservable inputs markets (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2019 Available-for-sale investment securities: Municipal securities $ — 201,205 — US government agencies — 22,693 — Collateralized loan obligations — 227,123 — Corporate securities — 6,962 — Mortgage-backed securities: Agency — 190,680 — Non-agency — 153,515 — Trust preferred securities — 11,079 — Loans held for sale — 23,799 — Derivative assets: Cash flow hedges: Interest rate swaps 554 — — Non-hedging derivatives: Interest rate swaps 780 — — Mortgage loan interest rate lock commitments — 1,369 — Mortgage loan forward sales commitments — 473 — Derivative liabilities: Non-hedging derivatives: Interest rate swaps 2,022 — — Mortgage-backed securities forward sales commitments — 470 — December 31, 2018 Available-for-sale investment securities: Municipal securities $ — 213,714 — US government agencies — 25,277 — Collateralized loan obligations — 230,699 — Corporate securities — 6,960 — Mortgage-backed securities: Agency — 197,520 — Non-agency — 157,531 — Trust preferred securities — 11,100 — Loans held for sale — 16,972 — Derivative assets: Cash flow hedges: Interest rate swaps 1,232 — — Non-hedging derivatives: Interest rate swaps 1,198 — — Mortgage loan interest rate lock commitments — 1,199 — Mortgage loan forward sales commitments — 403 — Derivative liabilities: Non-hedging derivatives: Interest rate swaps 937 — — Mortgage-backed securities forward sales commitments — 295 — |
Summary of assets and liabilities measured at a fair value on a nonrecurring basis | Assets measured at fair value on a nonrecurring basis are as follows as of March 31, 2019 and December 31, 2018: Quoted market price Significant other Significant other in active markets observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2019 Impaired loans: Loans secured by real estate: One-to-four family $ — — 6,039 Home equity — — 108 Commercial real estate — — 7,909 Construction and development — — 1,570 Consumer loans — — 58 Commercial business loans — — 2,619 Real estate owned: One-to-four family — — 530 Construction and development — — 805 Mortgage servicing rights — — 40,230 December 31, 2018 Impaired loans: Loans secured by real estate: One-to-four family $ — — 4,511 Home equity — — 249 Commercial real estate — — 4,960 Construction and development — — 1,351 Consumer loans — — 31 Commercial business loans — — 2,829 Real estate owned: One-to-four family — — 204 Construction and development — — 1,330 Mortgage servicing rights — — 40,880 |
Schedule of significant unobservable inputs used in the fair value measurements | For Level 3 assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2019 and December 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2019 and December 31, 2018 Significant Significant Unobservable Valuation Technique Observable Inputs Inputs Impaired Loans Appraisal Value Appraisals and or sales of Appraisals discounted 10% to 20% for comparable properties sales commissions and other holding costs Real estate owned Appraisal Value/ Appraisals and or sales of Appraisals discounted 10% to 20% for Comparison Sales comparable properties sales commissions and other holding costs Mortgage Servicing Rights Discounted cash flows Comparable sales Weighted average discount rates averaging 10% - 12% in 2019 Weighted average discount rates averaging 12% - 13% in 2018 Weighted average prepayment rates averaging 9% -10.5% in 2019 Weighted average prepayment rates averaging 6-7% in 2018 |
Schedule of carrying amount and estimated fair value of the Company's financial instruments | The carrying amount and estimated fair value of the Company’s financial instruments at March 31, 2019 and December 31, 2018 are as follows: At March 31, 2019 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and due from banks $ 25,757 25,757 25,757 — — Interest-bearing cash 34,251 34,251 34,251 — — Securities available-for-sale 813,257 813,257 — 813,257 — Federal Home Loan Bank stock 18,349 18,349 — — 18,349 Other investments 3,473 3,473 — — 3,473 Derivative assets 3,176 3,176 1,334 1,842 — Loans held for sale 23,799 23,799 — 23,799 — Loans receivable, net 2,575,589 2,566,139 — — 2,566,139 Accrued interest receivable 13,618 13,618 — 13,618 — Real estate acquired through foreclosure 1,335 1,335 — — 1,335 Mortgage servicing rights 32,033 40,230 — — 40,230 Financial liabilities: Deposits 2,817,070 2,822,375 — 2,822,375 — Short-term borrowed funds 321,000 321,007 — 321,007 — Long-term debt 59,480 61,614 — 61,614 — Derivative liabilities 2,492 2,492 2,022 470 — Drafts outstanding 7,610 7,610 — 7,610 — Advances from borrowers for insurance and taxes 5,934 5,934 — 5,934 — Accrued interest payable 2,371 2,371 — 2,371 — Dividends payable to stockholders 1,785 1,785 — 1,785 — At December 31, 2018 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and due from banks $ 28,857 28,857 28,857 — — Interest-bearing cash 33,276 33,276 33,276 — — Securities available-for-sale 842,801 842,801 — 842,801 — Federal Home Loan Bank stock 21,696 21,696 — — 21,696 Other investments 3,450 3,450 — — 3,450 Derivative assets 4,032 4,032 2,430 1,602 — Loans held for sale 16,972 16,972 — 16,972 — Loans receivable, net 2,509,873 2,506,384 — — 2,506,384 Accrued interest receivable 13,494 13,494 — 13,494 — Real estate acquired through foreclosure 1,534 1,534 — — 1,534 Mortgage servicing rights 32,933 40,880 — — 40,880 Financial liabilities: Deposits 2,718,193 2,721,885 — 2,721,885 — Short-term borrowed funds 405,500 405,532 — 405,532 — Long-term debt 59,436 61,922 — 61,922 — Derivative liabilities 1,232 1,232 937 295 — Drafts outstanding 8,129 8,129 — 8,129 — Advances from borrowers for insurance and taxes 4,100 4,100 — 4,100 — Accrued interest payable 1,591 1,591 — 1,591 — Dividends payable to stockholders 1,576 1,576 — 1,576 — |
Schedule of notional amount and estimated fair values of off-balance sheet financial instruments | At March 31, 2019 At December 31, 2018 Notional Estimated Notional Estimated Amount Fair Value Amount Fair Value (In thousands) Off-Balance Sheet Financial Instruments: Commitments to extend credit $ 413,438 — 379,170 — Standby letters of credit 22,588 — 13,797 — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Earnings Per Share Tables Abstract | |
Schedule of reconciliation of average shares outstanding | The following is a summary of the reconciliation of average shares outstanding for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Basic Diluted Basic Diluted Weighted average shares outstanding 22,193,861 22,193,861 20,908,225 20,908,225 Effect of dilutive securities — 187,948 — 211,091 Weighted average shares outstanding 22,193,861 22,381,809 20,908,225 21,119,316 The following is a summary of the reconciliation of shares issued and outstanding and unvested restricted stock awards as of March 31, 2019 and 2018 used to calculate book value per share: As of March 31, 2019 2018 Issued and outstanding shares 22,296,372 21,057,539 Less nonvested restricted stock awards (111,578 ) (136,395 ) Period end dilutive shares 22,184,794 20,921,144 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases | |
Schedule of Lease Classification | Supplemental balance sheet information related to operating leases follows: At March 31, Right of use operating lease asset (in millions) $ 18.0 Right of use operating lease liability (in millions) $ 18.3 Weighted average remaining lease term (years) 15.3 Weighted average discount rate 3.4 % |
Schedule of Future minimum lease payments | Future minimum lease payments (in thousands), by year and in the aggregate, under non-cancellable operating leases with initial or remaining terms in excess of one year as of March 31, 2019 are as follows: At March 31, Year 1 $ 2,552 Year 2 2,300 Year 3 1,920 Year 4 1,904 Year 5 1,665 After Year 5 13,793 Total undiscounted payments 24,134 Less: imputed interest (5,838 ) Present value of lease payments (ROU operating lease liability) $ 18,296 |
Schedule of Future commitments under operating leases | Future minimum lease payments (in thousands), by year and in the aggregate, under non-cancellable operating leases with initial or remaining terms in excess of one year as of December 31, 2018 are as follows: At December 31, Year 1 $ 2,537 Year 2 2,332 Year 3 1,950 Year 4 1,868 Year 5 1,738 After Year 5 14,165 Total $ 24,590 |
SUPPLEMENTAL SEGMENT INFORMAT_2
SUPPLEMENTAL SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information of Company's reportable business segments | The following tables present selected financial information for the Company’s reportable business segments for the three months ended March 31, 2019 and 2018: Community Mortgage For the Three Months Ended March 31, 2019 Banking Banking Other Eliminations Total (In thousands) Interest income $ 42,476 390 15 (100 ) 42,781 Interest expense 8,756 128 556 (130 ) 9,310 Net interest income (expense) 33,720 262 (541 ) 30 33,471 Provision for loan losses 700 — — — 700 Noninterest income from external customers 4,556 5,296 19 — 9,871 Intersegment noninterest income 242 18 — (260 ) — Noninterest expense 18,991 4,846 310 — 24,147 Intersegment noninterest expense — 240 2 (242 ) — Income (loss) before income taxes 18,827 490 (834 ) 12 18,495 Income tax expense (benefit) 4,046 100 (198 ) 2 3,950 Net income (loss) $ 14,781 390 (636 ) 10 14,545 Community Mortgage For the Three Months Ended March 31, 2018 Banking Banking Other Eliminations Total (In thousands) Interest income $ 37,257 431 13 (25 ) 37,676 Interest expense 5,084 53 461 (53 ) 5,545 Net interest income (expense) 32,173 378 (448 ) 28 32,131 Provision for loan losses — — — — — Noninterest income from external customers 5,059 4,924 65 — 10,048 Intersegment noninterest income 242 17 — (259 ) — Noninterest expense 32,929 4,389 280 — 37,598 Intersegment noninterest expense — 240 2 (242 ) — Income (loss) before income taxes 4,545 690 (665 ) 11 4,581 Income tax expense (benefit) 561 128 (168 ) 4 525 Net income (loss) $ 3,984 562 (497 ) 7 4,056 The following tables present selected financial information for the Company’s reportable business segments for March 31, 2019 and December 31, 2018: Community Mortgage At March 31, 2019 Banking Banking Other Eliminations Total (In thousands) Assets $ 3,839,100 91,825 619,096 (707,841 ) 3,842,180 Loans receivable, net 2,566,574 30,953 — (21,938 ) 2,575,589 Loans held for sale 2,512 21,287 — — 23,799 Deposits 2,829,444 — — (12,374 ) 2,817,070 Borrowed funds 348,000 21,475 32,480 (21,475 ) 380,480 Community Mortgage At December 31, 2018 Banking Banking Other Eliminations Total (In thousands) Assets $ 3,786,360 84,335 610,167 (690,114 ) 3,790,748 Loans receivable, net 2,494,421 30,879 — (15,427 ) 2,509,873 Loans held for sale 1,450 15,522 — — 16,972 Deposits 2,724,920 — — (6,727 ) 2,718,193 Borrowed funds 432,500 14,951 32,436 (14,951 ) 464,936 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 24, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Value of common stock issued to company | $ 223 | $ 224 | |
Subsequent Event [Member] | |||
Dividend Declared to Stockholders [Per Share] | $ 0.09 | ||
Dividend Declared, Record Date | Jun. 14, 2019 | ||
Dividend Declared, Payable Date | Jul. 5, 2019 | ||
Statutory Business Trusts [Member] | |||
Principal amount owed | 36,000 | ||
Principal assets of the Trusts | 37,100 | ||
Value of common stock issued to company | $ 1,100 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | Nov. 01, 2017 | Mar. 18, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Common stock issued | $ 223 | $ 224 | |||
Common stock issued | 22,296,372 | 22,387,009 | 21,057,539 | ||
First South Bancorp, Inc. [Member] | |||||
Common stock issued | $ 177,711 | ||||
Cash payments to common stockholders | 983 | ||||
Total consideration paid | $ 178,694 | ||||
Common stock issued | 4,822,540 | ||||
Greer Bancshares [Member] | |||||
Common stock issued | $ 54,223 | ||||
Cash payments to common stockholders | 4,422 | ||||
Total consideration paid | $ 58,645 | ||||
Common stock issued | 1,789,523 |
BUSINESS COMBINATIONS (Details
BUSINESS COMBINATIONS (Details 2) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Nov. 01, 2017 | Mar. 18, 2017 | ||
Business Combination, Liabilities [Abstract] | ||||||
Goodwill | $ 127,592 | $ 127,592 | ||||
First South Bancorp, Inc. [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | $ 66,109 | |||||
Securities | 186,038 | |||||
Federal Home Loan Bank stock | 1,593 | |||||
Loans held for sale | 1,282 | |||||
Loans receivable | 783,779 | |||||
Allowance for loan losses | (9,495) | |||||
Premises and equipment | 10,761 | |||||
Foreclosed assets | 1,922 | |||||
Core deposit intangible | 1,410 | |||||
Deferred tax asset | 3,961 | |||||
Other assets | 33,552 | |||||
Total assets acquired | 1,080,912 | |||||
Business Combination, Liabilities [Abstract] | ||||||
Deposits | 952,573 | |||||
Borrowings | 26,810 | |||||
Other liabilities | 8,515 | |||||
Total liabilities assumed | 987,898 | |||||
Fair Value Adjustments [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | ||||||
Securities | ||||||
Federal Home Loan Bank stock | ||||||
Loans held for sale | ||||||
Loans receivable | (24,620) | [1] | (10,559) | [2] | ||
Allowance for loan losses | 9,495 | [3] | 3,198 | [4] | ||
Premises and equipment | 1,500 | [5] | 4,202 | [6] | ||
Foreclosed assets | (556) | [7] | ||||
Core deposit intangible | 11,090 | [8] | 4,480 | [9] | ||
Deferred tax asset | 238 | [10] | (1,434) | [11] | ||
Other assets | (3,417) | [12] | (241) | [13] | ||
Total assets acquired | (6,270) | (354) | ||||
Business Combination, Liabilities [Abstract] | ||||||
Deposits | 78 | [14] | 200 | [15] | ||
Borrowings | (1,439) | [16] | (3,510) | [15] | ||
Other liabilities | (284) | [17] | 512 | [18] | ||
Total liabilities assumed | (1,645) | (2,798) | ||||
As Recorded by the Company [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 66,109 | 42,187 | ||||
Securities | 186,038 | 121,374 | ||||
Federal Home Loan Bank stock | 1,593 | |||||
Loans held for sale | 1,282 | 105 | ||||
Loans receivable | 759,159 | 194,650 | ||||
Allowance for loan losses | ||||||
Premises and equipment | 12,261 | 8,130 | ||||
Foreclosed assets | 1,366 | 42 | ||||
Core deposit intangible | 12,500 | 4,480 | ||||
Deferred tax asset | 4,199 | 2,397 | ||||
Other assets | 30,135 | 11,126 | ||||
Total assets acquired | 1,074,642 | 384,491 | ||||
Business Combination, Liabilities [Abstract] | ||||||
Deposits | 952,651 | 311,066 | ||||
Borrowings | 25,371 | 40,202 | ||||
Other liabilities | 8,231 | 7,598 | ||||
Total liabilities assumed | 986,253 | 358,866 | ||||
Net assets acquired | 88,389 | 25,625 | ||||
Total consideration paid | 178,694 | 58,645 | ||||
Goodwill | $ 90,305 | 33,020 | ||||
Greer Bancshares [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 42,187 | |||||
Securities | 121,374 | |||||
Loans held for sale | 105 | |||||
Loans receivable | 205,209 | |||||
Allowance for loan losses | (3,198) | |||||
Premises and equipment | 3,928 | |||||
Foreclosed assets | 42 | |||||
Core deposit intangible | ||||||
Deferred tax asset | 3,831 | |||||
Other assets | 11,367 | |||||
Total assets acquired | 384,845 | |||||
Business Combination, Liabilities [Abstract] | ||||||
Deposits | 310,866 | |||||
Borrowings | 43,712 | |||||
Other liabilities | 7,086 | |||||
Total liabilities assumed | $ 361,664 | |||||
[1] | Adjustment represents the amount necessary to adjust loans to their fair value due to interest rate and credit factors. | |||||
[2] | Adjustment reflects the fair value adjustment based on the Company's assessment. | |||||
[3] | Adjustment reflects the elimination of First South's historical allowance for loan losses. | |||||
[4] | Adjustment reflects the elimination of Greer's historical allowance for loan losses. | |||||
[5] | Adjustment reflects fair value adjustments on acquired branch and administrative offices based from the Company's assessment. | |||||
[6] | Adjustment reflects fair value adjustments on acquired branch and administrative offices based on the Company's assessment. | |||||
[7] | Adjustment reflects the impact of acquisition accounting fair value adjustments. | |||||
[8] | Adjustment reflects the fair value adjustment to record the estimated core deposit intangible based on the Company's assessment. | |||||
[9] | Adjustment reflects the fair value adjustment to record the estimated core deposit intangible based on the Company's assessment. | |||||
[10] | Adjustment reflects the tax impact of acquisition accounting fair value adjustments. | |||||
[11] | Adjustment reflects the tax impact of acquisition accounting fair value adjustments. | |||||
[12] | Adjustment reflects the fair value adjustment based on the Company's evaluation of acquired other assets. | |||||
[13] | Adjustment reflects the fair value adjustment based on the Company's evaluation of acquired other assets. | |||||
[14] | Adjustment represents the fair value adjustment due to interest rate factors. | |||||
[15] | Adjustments reflects the fair value adjustment based on Company's third party valuation report. | |||||
[16] | Adjustment represents the fair value adjustment due to interest rate factors. | |||||
[17] | Adjustment reflects the fair value adjustment based on the Company's evaluation of acquired other liabilities. | |||||
[18] | Adjustment reflects the fair value adjustmentbased on the Company's evaluation of acquired other liabilities. |
SECURITIES (Details)
SECURITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available For Sale | ||
Amortized Cost | $ 808,192 | $ 844,461 |
Unrealized Gains | 9,940 | 6,024 |
Unrealized Losses | (4,875) | (7,684) |
Securities available for sale | 813,257 | 842,801 |
Municipal securities [Member] | ||
Available For Sale | ||
Amortized Cost | 196,055 | 212,215 |
Unrealized Gains | 5,381 | 2,768 |
Unrealized Losses | (231) | (1,269) |
Securities available for sale | 201,205 | 213,714 |
US government agencies [Member] | ||
Available For Sale | ||
Amortized Cost | 22,312 | 24,772 |
Unrealized Gains | 381 | 505 |
Unrealized Losses | ||
Securities available for sale | 22,693 | 25,277 |
Collateralized loan obligations [Member] | ||
Available For Sale | ||
Amortized Cost | 228,174 | 231,172 |
Unrealized Gains | 184 | 119 |
Unrealized Losses | (1,235) | (592) |
Securities available for sale | 227,123 | 230,699 |
Corporate securities [Member] | ||
Available For Sale | ||
Amortized Cost | 6,921 | 6,915 |
Unrealized Gains | 65 | 69 |
Unrealized Losses | (24) | (24) |
Securities available for sale | 6,962 | 6,960 |
Mortgage-backed securities Agency [Member] | ||
Available For Sale | ||
Amortized Cost | 190,574 | 199,518 |
Unrealized Gains | 1,225 | 427 |
Unrealized Losses | (1,119) | (2,425) |
Securities available for sale | 190,680 | 197,520 |
Mortgage-backed securities Non-agency [Member] | ||
Available For Sale | ||
Amortized Cost | 153,069 | 158,803 |
Unrealized Gains | 1,010 | 423 |
Unrealized Losses | (564) | (1,695) |
Securities available for sale | 153,515 | 157,531 |
Total mortgage-backed securities [Member] | ||
Available For Sale | ||
Amortized Cost | 343,643 | 358,321 |
Unrealized Gains | 2,235 | 850 |
Unrealized Losses | (1,683) | (4,120) |
Securities available for sale | 344,195 | 355,051 |
Trust preferred securities [Member] | ||
Available For Sale | ||
Amortized Cost | 11,087 | 11,066 |
Unrealized Gains | 1,694 | 1,713 |
Unrealized Losses | (1,702) | (1,679) |
Securities available for sale | $ 11,079 | $ 11,100 |
SECURITIES (Details 2)
SECURITIES (Details 2) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investment securities, Amortized Cost | ||
Less than one year | $ 1,268 | |
One to five years | 7,324 | |
Six to ten years | 99,405 | |
After ten years | 700,195 | |
Total | 808,192 | $ 844,461 |
Investment securities, Fair Value | ||
Less than one year | 1,262 | |
One to five years | 7,415 | |
Six to ten years | 100,775 | |
After ten years | 703,805 | |
Securities available for sale | $ 813,257 | $ 842,801 |
SECURITIES (Details 3)
SECURITIES (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Gross realized gains and losses, Available-for-sale | ||
Proceeds | $ 71,034 | $ 51,178 |
Realized gains | 1,446 | 14 |
Realized losses | (252) | (711) |
Total investment securities (loss) gain, net | $ 1,194 | $ (697) |
SECURITIES (Details 4)
SECURITIES (Details 4) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | $ 147,831 | $ 248,279 |
Less than 12 Months, Fair Value | 146,608 | 246,790 |
Less than 12 Months, Unrealized Losses | (1,223) | (1,489) |
Greater than 12 Months, Amortized Cost | 174,501 | 231,866 |
Greater than 12 Months, Fair Value | 170,849 | 225,671 |
Greater than 12 Months, Unrealized Losses | (3,652) | (6,195) |
Total, Amortized Cost | 322,332 | 480,145 |
Total, Fair Value | 317,457 | 472,461 |
Total, Unrealized Losses | (4,875) | (7,684) |
Municipal securities [Member] | ||
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | 5,680 | 12,395 |
Less than 12 Months, Fair Value | 5,661 | 12,331 |
Less than 12 Months, Unrealized Losses | (19) | (64) |
Greater than 12 Months, Amortized Cost | 14,790 | 55,189 |
Greater than 12 Months, Fair Value | 14,578 | 53,984 |
Greater than 12 Months, Unrealized Losses | (212) | (1,205) |
Total, Amortized Cost | 20,470 | 67,584 |
Total, Fair Value | 20,239 | 66,315 |
Total, Unrealized Losses | (231) | (1,269) |
US government agencies [Member] | ||
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | ||
Less than 12 Months, Fair Value | ||
Less than 12 Months, Unrealized Losses | ||
Greater than 12 Months, Amortized Cost | ||
Greater than 12 Months, Fair Value | ||
Greater than 12 Months, Unrealized Losses | ||
Total, Amortized Cost | ||
Total, Fair Value | ||
Total, Unrealized Losses | ||
Collateralized loan obligations [Member] | ||
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | 137,569 | 146,913 |
Less than 12 Months, Fair Value | 136,412 | 146,344 |
Less than 12 Months, Unrealized Losses | (1,157) | (569) |
Greater than 12 Months, Amortized Cost | 9,500 | 5,000 |
Greater than 12 Months, Fair Value | 9,422 | 4,977 |
Greater than 12 Months, Unrealized Losses | (78) | (23) |
Total, Amortized Cost | 147,069 | 151,913 |
Total, Fair Value | 145,834 | 151,321 |
Total, Unrealized Losses | (1,235) | (592) |
Corporate securities [Member] | ||
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | 481 | 2,980 |
Less than 12 Months, Fair Value | 457 | 2,956 |
Less than 12 Months, Unrealized Losses | (24) | (24) |
Greater than 12 Months, Amortized Cost | ||
Greater than 12 Months, Fair Value | ||
Greater than 12 Months, Unrealized Losses | ||
Total, Amortized Cost | 481 | 2,980 |
Total, Fair Value | 457 | 2,956 |
Total, Unrealized Losses | (24) | (24) |
Mortgage-backed securities Agency [Member] | ||
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | 3,988 | 14,615 |
Less than 12 Months, Fair Value | 3,966 | 14,450 |
Less than 12 Months, Unrealized Losses | (22) | (165) |
Greater than 12 Months, Amortized Cost | 80,604 | 120,325 |
Greater than 12 Months, Fair Value | 79,507 | 118,065 |
Greater than 12 Months, Unrealized Losses | (1,097) | (2,260) |
Total, Amortized Cost | 84,592 | 134,940 |
Total, Fair Value | 83,473 | 132,515 |
Total, Unrealized Losses | (1,119) | (2,425) |
Mortgage-backed securities Non-agency [Member] | ||
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | 113 | 71,376 |
Less than 12 Months, Fair Value | 112 | 70,709 |
Less than 12 Months, Unrealized Losses | (1) | (667) |
Greater than 12 Months, Amortized Cost | 61,411 | 43,138 |
Greater than 12 Months, Fair Value | 60,848 | 42,110 |
Greater than 12 Months, Unrealized Losses | (563) | (1,028) |
Total, Amortized Cost | 61,524 | 114,514 |
Total, Fair Value | 60,960 | 112,819 |
Total, Unrealized Losses | (564) | (1,695) |
Total mortgage-backed securities [Member] | ||
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | 4,101 | 85,991 |
Less than 12 Months, Fair Value | 4,078 | 85,159 |
Less than 12 Months, Unrealized Losses | (23) | (832) |
Greater than 12 Months, Amortized Cost | 142,015 | 163,463 |
Greater than 12 Months, Fair Value | 140,355 | 160,175 |
Greater than 12 Months, Unrealized Losses | (1,660) | (3,288) |
Total, Amortized Cost | 146,116 | 249,454 |
Total, Fair Value | 144,433 | 245,334 |
Total, Unrealized Losses | (1,683) | (4,120) |
Trust preferred securities [Member] | ||
Available For Sale Securities | ||
Less than 12 Months, Amortized Cost | ||
Less than 12 Months, Fair Value | ||
Less than 12 Months, Unrealized Losses | ||
Greater than 12 Months, Amortized Cost | 8,196 | 8,214 |
Greater than 12 Months, Fair Value | 6,494 | 6,535 |
Greater than 12 Months, Unrealized Losses | (1,702) | (1,679) |
Total, Amortized Cost | 8,196 | 8,214 |
Total, Fair Value | 6,494 | 6,535 |
Total, Unrealized Losses | $ (1,702) | $ (1,679) |
SECURITIES (Details Narrative)
SECURITIES (Details Narrative) $ in Thousands | Mar. 31, 2019USD ($)Item | Dec. 31, 2018USD ($)Item |
Disclosure Securities Details Abstract | ||
Available for Sale Securities pledged for FHLB advances | $ 82,800 | $ 84,300 |
Available for Sale Securities pledged to secure public agency funds | $ 155,700 | $ 165,500 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | Item | 128 | 214 |
DERIVATIVES (Details)
DERIVATIVES (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Asset derivatives, Fair value | $ 3,176 | $ 4,032 |
Notional Value, Assets | 220,190 | 184,812 |
Liability derivatives, Fair value | 2,492 | 1,232 |
Notional Value, Liability | 129,000 | 102,000 |
Interest rate swaps [Member] | ||
Asset derivatives, Fair value | 780 | 1,198 |
Notional Value, Assets | 50,000 | 50,000 |
Liability derivatives, Fair value | 2,022 | 937 |
Notional Value, Liability | 50,000 | 50,000 |
Interest rate swaps [Member] | Cash Flow Hedging [Member] | ||
Asset derivatives, Fair value | 554 | 1,232 |
Notional Value, Assets | 45,000 | 45,000 |
Mortgage loan interest rate lock commitments [Member] | ||
Asset derivatives, Fair value | 1,369 | 1,199 |
Notional Value, Assets | 107,116 | 76,571 |
Mortgage loan forward sales commitments [Member] | ||
Asset derivatives, Fair value | 473 | 403 |
Notional Value, Assets | 18,074 | 13,241 |
Mortgage-backed securities forward sales commitments [Member] | ||
Liability derivatives, Fair value | 470 | 295 |
Notional Value, Liability | $ 79,000 | $ 52,000 |
LOANS RECEIVABLE, NET (Details)
LOANS RECEIVABLE, NET (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Total gross loans receivable | $ 2,590,610 | $ 2,524,336 | |||
Percentage of Total Loan | 100.00% | 100.00% | |||
Allowance for loan losses | $ 15,021 | $ 14,463 | $ 12,708 | $ 11,478 | |
Total loans receivable, net | 2,575,589 | 2,509,873 | $ 1,167,578 | ||
Purchased Non-Credit Impaired Loans and Nonacquired Loans, gross | $ 2,543,282 | $ 2,474,437 | |||
Percentage of Total Purchased Non-Credit Impaired Loans and Nonacquired Loans | 100.00% | 100.00% | |||
Allowance for purchased non-credit impaired and non purchased Loans | $ 14,858 | $ 14,463 | |||
Purchased Non-Credit Impaired Loans and Nonacquired Loans, net | 2,528,424 | 2,459,974 | |||
Purchased Credit Impaired Loans | $ 47,328 | $ 49,899 | 71,030 | 78,415 | |
Percentage of Purchased Credit Impaired Loans | 100.00% | 100.00% | |||
Allowance for purchased credit impaired loans | $ 163 | ||||
Purchased Credit Impaired Loans, net | 47,165 | 49,899 | |||
Consumer loans [Member] | |||||
Total gross loans receivable | $ 22,411 | $ 23,845 | |||
Percentage of Total Loan | 0.87% | 0.94% | |||
Allowance for loan losses | $ 350 | $ 352 | 75 | 79 | |
Purchased Non-Credit Impaired Loans and Nonacquired Loans, gross | $ 22,364 | $ 23,792 | |||
Percentage of Total Purchased Non-Credit Impaired Loans and Nonacquired Loans | 0.88% | 0.96% | |||
Allowance for purchased non-credit impaired and non purchased Loans | $ 348 | ||||
Purchased Credit Impaired Loans | $ 47 | $ 53 | |||
Percentage of Purchased Credit Impaired Loans | 0.10% | 0.11% | |||
Allowance for purchased credit impaired loans | $ 2 | ||||
Commercial business loans [Member] | |||||
Total gross loans receivable | $ 392,055 | $ 359,393 | |||
Percentage of Total Loan | 15.13% | 14.24% | |||
Allowance for loan losses | $ 3,297 | $ 2,940 | 2,873 | 2,840 | |
Purchased Non-Credit Impaired Loans and Nonacquired Loans, gross | $ 383,526 | $ 351,194 | |||
Percentage of Total Purchased Non-Credit Impaired Loans and Nonacquired Loans | 15.08% | 14.20% | |||
Allowance for purchased non-credit impaired and non purchased Loans | $ 3,213 | ||||
Purchased Credit Impaired Loans | $ 8,529 | $ 8,199 | |||
Percentage of Purchased Credit Impaired Loans | 18.02% | 16.43% | |||
Allowance for purchased credit impaired loans | $ 84 | ||||
Mortgage Receivables [Member] | One-to-four family [Member] | |||||
Total gross loans receivable | $ 725,441 | $ 732,717 | |||
Percentage of Total Loan | 28.00% | 29.03% | |||
Allowance for loan losses | $ 3,526 | $ 3,540 | 3,010 | 2,719 | |
Purchased Non-Credit Impaired Loans and Nonacquired Loans, gross | $ 717,305 | $ 723,641 | |||
Percentage of Total Purchased Non-Credit Impaired Loans and Nonacquired Loans | 28.20% | 29.24% | |||
Allowance for purchased non-credit impaired and non purchased Loans | $ 3,460 | ||||
Purchased Credit Impaired Loans | $ 8,136 | $ 9,077 | |||
Percentage of Purchased Credit Impaired Loans | 17.19% | 18.19% | |||
Allowance for purchased credit impaired loans | $ 66 | ||||
Mortgage Receivables [Member] | Home equity [Member] | |||||
Total gross loans receivable | $ 81,654 | $ 83,770 | |||
Percentage of Total Loan | 3.15% | 3.32% | |||
Allowance for loan losses | $ 225 | $ 203 | 226 | 168 | |
Purchased Non-Credit Impaired Loans and Nonacquired Loans, gross | $ 81,601 | $ 83,717 | |||
Percentage of Total Purchased Non-Credit Impaired Loans and Nonacquired Loans | 3.21% | 3.38% | |||
Allowance for purchased non-credit impaired and non purchased Loans | $ 225 | ||||
Purchased Credit Impaired Loans | $ 53 | $ 53 | |||
Percentage of Purchased Credit Impaired Loans | 0.11% | 0.11% | |||
Allowance for purchased credit impaired loans | |||||
Mortgage Receivables [Member] | Commercial real estate [Member] | |||||
Total gross loans receivable | $ 1,051,786 | $ 1,034,117 | |||
Percentage of Total Loan | 40.60% | 40.96% | |||
Allowance for loan losses | $ 5,160 | $ 5,097 | 4,144 | 3,986 | |
Purchased Non-Credit Impaired Loans and Nonacquired Loans, gross | $ 1,024,066 | $ 1,004,420 | |||
Percentage of Total Purchased Non-Credit Impaired Loans and Nonacquired Loans | 40.27% | 40.59% | |||
Allowance for purchased non-credit impaired and non purchased Loans | $ 5,160 | ||||
Purchased Credit Impaired Loans | $ 27,720 | $ 29,696 | |||
Percentage of Purchased Credit Impaired Loans | 58.57% | 59.51% | |||
Allowance for purchased credit impaired loans | |||||
Mortgage Receivables [Member] | Construction and development [Member] | |||||
Total gross loans receivable | $ 317,263 | $ 290,494 | |||
Percentage of Total Loan | 12.25% | 11.51% | |||
Allowance for loan losses | $ 2,091 | $ 1,969 | $ 2,032 | $ 1,201 | |
Purchased Non-Credit Impaired Loans and Nonacquired Loans, gross | $ 314,420 | $ 287,673 | |||
Percentage of Total Purchased Non-Credit Impaired Loans and Nonacquired Loans | 12.36% | 11.63% | |||
Allowance for purchased non-credit impaired and non purchased Loans | $ 2,080 | ||||
Purchased Credit Impaired Loans | $ 2,843 | $ 2,821 | |||
Percentage of Purchased Credit Impaired Loans | 6.01% | 5.65% | |||
Allowance for purchased credit impaired loans | $ 11 |
LOANS RECEIVABLE, NET (Details
LOANS RECEIVABLE, NET (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Loans Receivable Net | ||||
Balance at beginning of period | $ 49,899 | $ 78,415 | ||
Net reductions for payments, foreclosures, and accretion | (2,571) | (7,385) | ||
Balance at end of period | 47,328 | 71,030 | ||
Accretable yield, beginning of period | 19,908 | 12,536 | ||
Additions | (1,312) | (1,332) | ||
Reclassification from nonaccretable balance, net | [1] | 474 | 3,196 | |
Other changes, net | [2] | 1,101 | 1,345 | |
Accretable yield, end of period | 20,171 | $ 15,745 | ||
Variable rate loans | $ 981,531 | $ 942,348 | ||
Variable rate loans (as a percentage) | 37.89% | 37.33% | ||
Fixed rate loans | $ 1,609,079 | $ 1,581,988 | ||
Fixed rate loans (as a percentage) | 62.11% | 62.67% | ||
Total loans outstanding | $ 2,590,610 | $ 2,524,336 | ||
Total loans outstanding (as a percentage) | 100.00% | 100.00% | ||
[1] | Reclassifications from the nonaccretable balance in the year ended December 31, 2018 were driven by improvement in credit quality, primarily delinquencies. | |||
[2] | Other changes, net for the year ended December 31, 2018 include the impact of changes in expectations of cash flows, which may vary from period to period due to the impact of modifications and changes to prepayment assumptions, as well as the impact of changes in interest rates on variable rate loans. |
LOANS RECEIVABLE, NET (Detail_2
LOANS RECEIVABLE, NET (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 14,463 | $ 11,478 |
Provision for Loan Losses | 700 | |
Charge-Offs | (217) | (133) |
Recoveries | 75 | 1,363 |
Ending Balance | 15,021 | 12,708 |
Allowance for purchased credit impaired loans | 163 | |
Allowance for purchased non-credit impaired and non purchased Loans | 14,858 | |
Consumer loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 352 | 79 |
Provision for Loan Losses | 41 | (35) |
Charge-Offs | (64) | (9) |
Recoveries | 21 | 40 |
Ending Balance | 350 | 75 |
Allowance for purchased credit impaired loans | 2 | |
Allowance for purchased non-credit impaired and non purchased Loans | 348 | |
Commercial business loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 2,940 | 2,840 |
Provision for Loan Losses | 345 | (147) |
Charge-Offs | (18) | (89) |
Recoveries | 30 | 269 |
Ending Balance | 3,297 | 2,873 |
Allowance for purchased credit impaired loans | 84 | |
Allowance for purchased non-credit impaired and non purchased Loans | 3,213 | |
Unallocated [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 362 | 485 |
Provision for Loan Losses | 10 | (137) |
Charge-Offs | ||
Recoveries | ||
Ending Balance | 372 | 348 |
Allowance for purchased credit impaired loans | ||
Allowance for purchased non-credit impaired and non purchased Loans | 372 | |
Mortgage Receivables [Member] | One-to-four family [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 3,540 | 2,719 |
Provision for Loan Losses | 36 | 286 |
Charge-Offs | (55) | |
Recoveries | 5 | 5 |
Ending Balance | 3,526 | 3,010 |
Allowance for purchased credit impaired loans | 66 | |
Allowance for purchased non-credit impaired and non purchased Loans | 3,460 | |
Mortgage Receivables [Member] | Home equity [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 203 | 168 |
Provision for Loan Losses | 88 | 50 |
Charge-Offs | (71) | |
Recoveries | 5 | 8 |
Ending Balance | 225 | 226 |
Allowance for purchased credit impaired loans | ||
Allowance for purchased non-credit impaired and non purchased Loans | 225 | |
Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 5,097 | 3,986 |
Provision for Loan Losses | 54 | 187 |
Charge-Offs | (34) | |
Recoveries | 9 | 5 |
Ending Balance | 5,160 | 4,144 |
Allowance for purchased credit impaired loans | ||
Allowance for purchased non-credit impaired and non purchased Loans | 5,160 | |
Mortgage Receivables [Member] | Construction and development [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 1,969 | 1,201 |
Provision for Loan Losses | 126 | (204) |
Charge-Offs | (9) | (1) |
Recoveries | 5 | 1,036 |
Ending Balance | 2,091 | $ 2,032 |
Allowance for purchased credit impaired loans | 11 | |
Allowance for purchased non-credit impaired and non purchased Loans | $ 2,080 |
LOANS RECEIVABLE, NET (Detail_3
LOANS RECEIVABLE, NET (Details 4) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses ending balances: | ||||
Loans Individually Evaluated for Impairment | $ 813 | $ 860 | ||
Loans Collectively Evaluated for Impairment | 14,045 | 13,603 | ||
Purchased credit impaired | 163 | |||
Ending Balance | 15,021 | 14,463 | ||
Loans receivable ending balances: | ||||
Individually Evaluated for Impairment | 19,116 | 14,791 | ||
Collectively Evaluated for Impairment | 2,524,166 | 2,459,646 | ||
Purchased Credit Impaired Loans | 47,328 | 49,899 | $ 71,030 | $ 78,415 |
Total | 2,590,610 | 2,524,336 | ||
Consumer loans [Member] | ||||
Allowance for loan losses ending balances: | ||||
Loans Individually Evaluated for Impairment | ||||
Loans Collectively Evaluated for Impairment | 348 | 352 | ||
Purchased credit impaired | 2 | |||
Ending Balance | 350 | 352 | ||
Loans receivable ending balances: | ||||
Individually Evaluated for Impairment | 58 | 31 | ||
Collectively Evaluated for Impairment | 22,306 | 23,761 | ||
Purchased Credit Impaired Loans | 47 | 53 | ||
Total | 22,411 | 23,845 | ||
Commercial business loans [Member] | ||||
Allowance for loan losses ending balances: | ||||
Loans Individually Evaluated for Impairment | 24 | |||
Loans Collectively Evaluated for Impairment | 3,213 | 2,916 | ||
Purchased credit impaired | 84 | |||
Ending Balance | 3,297 | 2,940 | ||
Loans receivable ending balances: | ||||
Individually Evaluated for Impairment | 2,619 | 2,853 | ||
Collectively Evaluated for Impairment | 380,907 | 348,341 | ||
Purchased Credit Impaired Loans | 8,529 | 8,199 | ||
Total | 392,055 | 359,393 | ||
Unallocated [Member] | ||||
Allowance for loan losses ending balances: | ||||
Loans Individually Evaluated for Impairment | ||||
Loans Collectively Evaluated for Impairment | 372 | 362 | ||
Purchased credit impaired | ||||
Ending Balance | 372 | 362 | ||
Loans receivable ending balances: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | ||||
Purchased Credit Impaired Loans | ||||
Total | ||||
Mortgage Receivables [Member] | One-to-four family [Member] | ||||
Allowance for loan losses ending balances: | ||||
Loans Individually Evaluated for Impairment | 106 | 176 | ||
Loans Collectively Evaluated for Impairment | 3,354 | 3,364 | ||
Purchased credit impaired | 66 | |||
Ending Balance | 3,526 | 3,540 | ||
Loans receivable ending balances: | ||||
Individually Evaluated for Impairment | 6,145 | 4,687 | ||
Collectively Evaluated for Impairment | 711,160 | 718,953 | ||
Purchased Credit Impaired Loans | 8,136 | 9,077 | ||
Total | 725,441 | 732,717 | ||
Mortgage Receivables [Member] | Home equity [Member] | ||||
Allowance for loan losses ending balances: | ||||
Loans Individually Evaluated for Impairment | ||||
Loans Collectively Evaluated for Impairment | 225 | 203 | ||
Purchased credit impaired | ||||
Ending Balance | 225 | 203 | ||
Loans receivable ending balances: | ||||
Individually Evaluated for Impairment | 108 | 249 | ||
Collectively Evaluated for Impairment | 81,493 | 83,468 | ||
Purchased Credit Impaired Loans | 53 | 53 | ||
Total | 81,654 | 83,770 | ||
Mortgage Receivables [Member] | Commercial real estate [Member] | ||||
Allowance for loan losses ending balances: | ||||
Loans Individually Evaluated for Impairment | 192 | 145 | ||
Loans Collectively Evaluated for Impairment | 4,968 | 4,952 | ||
Purchased credit impaired | ||||
Ending Balance | 5,160 | 5,097 | ||
Loans receivable ending balances: | ||||
Individually Evaluated for Impairment | 8,101 | 5,105 | ||
Collectively Evaluated for Impairment | 1,015,965 | 999,316 | ||
Purchased Credit Impaired Loans | 27,720 | 29,696 | ||
Total | 1,051,786 | 1,034,117 | ||
Mortgage Receivables [Member] | Construction and development [Member] | ||||
Allowance for loan losses ending balances: | ||||
Loans Individually Evaluated for Impairment | 515 | 515 | ||
Loans Collectively Evaluated for Impairment | 1,565 | 1,454 | ||
Purchased credit impaired | 11 | |||
Ending Balance | 2,091 | 1,969 | ||
Loans receivable ending balances: | ||||
Individually Evaluated for Impairment | 2,085 | 1,866 | ||
Collectively Evaluated for Impairment | 312,335 | 285,807 | ||
Purchased Credit Impaired Loans | 2,843 | 2,821 | ||
Total | $ 317,263 | $ 290,494 |
LOANS RECEIVABLE, NET (Detail_4
LOANS RECEIVABLE, NET (Details 5) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 13,276 | $ 9,062 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,840 | 5,729 | |
Impaired Financing Receivable, Recorded Investment | 19,116 | 14,791 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 13,389 | 9,236 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,822 | 5,790 | |
Impaired Financing Receivable, Unpaid Principal Balance | 19,211 | 15,026 | |
Impaired Financing Receivable, Related Allowance | 813 | 860 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 10,314 | $ 6,846 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,696 | 3,686 | |
Impaired Financing Receivable, Average Recorded Investment | 16,010 | 10,532 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 353 | 107 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 101 | 33 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 454 | 140 | |
Consumer loans [Member] | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 58 | 31 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, Recorded Investment | 58 | 31 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 59 | 31 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Unpaid Principal Balance | 59 | 31 | |
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 37 | 28 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, Average Recorded Investment | 37 | 28 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 1 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | 1 | |
Commercial business loans [Member] | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,619 | 2,697 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 156 | ||
Impaired Financing Receivable, Recorded Investment | 2,619 | 2,853 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,633 | 2,698 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 156 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 2,633 | 2,854 | |
Impaired Financing Receivable, Related Allowance | 24 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,964 | 168 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7 | 168 | |
Impaired Financing Receivable, Average Recorded Investment | 1,971 | 336 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 48 | 5 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 48 | 7 | |
Mortgage Receivables [Member] | One-to-four family [Member] | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,010 | 3,083 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,135 | 1,604 | |
Impaired Financing Receivable, Recorded Investment | 6,145 | 4,687 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,108 | 3,241 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,117 | 1,665 | |
Impaired Financing Receivable, Unpaid Principal Balance | 6,225 | 4,906 | |
Impaired Financing Receivable, Related Allowance | 106 | 176 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,028 | 2,739 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,065 | 1,372 | |
Impaired Financing Receivable, Average Recorded Investment | 5,093 | 4,111 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 58 | 16 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 10 | 11 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 68 | 27 | |
Mortgage Receivables [Member] | Home equity [Member] | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 108 | 249 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, Recorded Investment | 108 | 249 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 108 | 249 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Unpaid Principal Balance | 108 | 249 | |
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 105 | 20 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 103 | ||
Impaired Financing Receivable, Average Recorded Investment | 105 | 123 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 3 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 4 | ||
Mortgage Receivables [Member] | Commercial real estate [Member] | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,779 | 2,679 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,322 | 2,426 | |
Impaired Financing Receivable, Recorded Investment | 8,101 | 5,105 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,779 | 2,694 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,322 | 2,426 | |
Impaired Financing Receivable, Unpaid Principal Balance | 8,101 | 5,120 | |
Impaired Financing Receivable, Related Allowance | 192 | 145 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,615 | 3,483 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,113 | 1,647 | |
Impaired Financing Receivable, Average Recorded Investment | 6,728 | 5,130 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 237 | 81 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 31 | 21 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 268 | 102 | |
Mortgage Receivables [Member] | Construction and development [Member] | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 702 | 323 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,383 | 1,543 | |
Impaired Financing Receivable, Recorded Investment | 2,085 | 1,866 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 702 | 323 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,383 | 1,543 | |
Impaired Financing Receivable, Unpaid Principal Balance | 2,085 | 1,866 | |
Impaired Financing Receivable, Related Allowance | 515 | $ 515 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 565 | 408 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,511 | 396 | |
Impaired Financing Receivable, Average Recorded Investment | 2,076 | 804 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 9 | 3 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 60 | (4) | |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 69 | $ (1) |
LOANS RECEIVABLE, NET (Detail_5
LOANS RECEIVABLE, NET (Details 6) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | $ 13,893 | $ 15,920 |
Current | 2,576,717 | 2,508,416 |
Total loans receivable | 2,590,610 | 2,524,336 |
Nonaccrual | 11,580 | 11,721 |
30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 4,756 | 4,275 |
60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 990 | 3,261 |
90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 8,147 | 8,384 |
Consumer loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 402 | 444 |
Current | 22,009 | 23,401 |
Total loans receivable | 22,411 | 23,845 |
Nonaccrual | 59 | 107 |
Consumer loans [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 327 | 296 |
Consumer loans [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 25 | 31 |
Consumer loans [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 50 | 117 |
Commercial business loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 1,423 | 2,027 |
Current | 390,632 | 357,366 |
Total loans receivable | 392,055 | 359,393 |
Nonaccrual | 1,227 | 1,351 |
Commercial business loans [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 322 | 793 |
Commercial business loans [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 123 | 632 |
Commercial business loans [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 978 | 602 |
Mortgage Receivables [Member] | One-to-four family [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 6,667 | 6,313 |
Current | 718,774 | 726,404 |
Total loans receivable | 725,441 | 732,717 |
Nonaccrual | 4,834 | 4,471 |
Mortgage Receivables [Member] | One-to-four family [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 2,162 | 503 |
Mortgage Receivables [Member] | One-to-four family [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 676 | 1,677 |
Mortgage Receivables [Member] | One-to-four family [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 3,829 | 4,133 |
Mortgage Receivables [Member] | Home equity [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 523 | 1,309 |
Current | 81,131 | 82,461 |
Total loans receivable | 81,654 | 83,770 |
Nonaccrual | 217 | 454 |
Mortgage Receivables [Member] | Home equity [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 343 | 723 |
Mortgage Receivables [Member] | Home equity [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 65 | 213 |
Mortgage Receivables [Member] | Home equity [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 115 | 373 |
Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 4,533 | 4,954 |
Current | 1,047,253 | 1,029,163 |
Total loans receivable | 1,051,786 | 1,034,117 |
Nonaccrual | 3,455 | 3,663 |
Mortgage Receivables [Member] | Commercial real estate [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 1,385 | 1,780 |
Mortgage Receivables [Member] | Commercial real estate [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 66 | 120 |
Mortgage Receivables [Member] | Commercial real estate [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 3,082 | 3,054 |
Mortgage Receivables [Member] | Construction and development [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 345 | 873 |
Current | 316,918 | 289,621 |
Total loans receivable | 317,263 | 290,494 |
Nonaccrual | 1,788 | 1,675 |
Mortgage Receivables [Member] | Construction and development [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 217 | 180 |
Mortgage Receivables [Member] | Construction and development [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 35 | 588 |
Mortgage Receivables [Member] | Construction and development [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 93 | 105 |
Purchased Credit Impaired Loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 668 | 1,878 |
Current | 46,660 | 48,021 |
Total loans receivable | 47,328 | 49,899 |
Nonaccrual | 1,880 | 605 |
Purchased Credit Impaired Loans [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 122 | 879 |
Purchased Credit Impaired Loans [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 186 | 394 |
Purchased Credit Impaired Loans [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 360 | 605 |
Purchased Credit Impaired Loans [Member] | Consumer loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 9 | |
Current | 38 | 53 |
Total loans receivable | 47 | 53 |
Nonaccrual | ||
Purchased Credit Impaired Loans [Member] | Consumer loans [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Purchased Credit Impaired Loans [Member] | Consumer loans [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 9 | |
Purchased Credit Impaired Loans [Member] | Consumer loans [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Purchased Credit Impaired Loans [Member] | Commercial business loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Current | 8,529 | 8,199 |
Total loans receivable | 8,529 | 8,199 |
Nonaccrual | ||
Purchased Credit Impaired Loans [Member] | Commercial business loans [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Purchased Credit Impaired Loans [Member] | Commercial business loans [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Purchased Credit Impaired Loans [Member] | Commercial business loans [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total loans receivable | 47,328 | 49,899 |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 414 | 937 |
Current | 7,722 | 8,140 |
Total loans receivable | 8,136 | 9,077 |
Nonaccrual | 686 | 447 |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 87 | 126 |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 128 | 364 |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 199 | 447 |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Home equity [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 3 | |
Current | 53 | 50 |
Total loans receivable | 53 | 53 |
Nonaccrual | 9 | |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Home equity [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 3 | |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Home equity [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Home equity [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 210 | 901 |
Current | 27,510 | 28,795 |
Total loans receivable | 27,720 | 29,696 |
Nonaccrual | 158 | |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 743 | |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 49 | |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 161 | 158 |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Construction and development [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 35 | 37 |
Current | 2,808 | 2,784 |
Total loans receivable | 2,843 | 2,821 |
Nonaccrual | 1,185 | |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Construction and development [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 35 | 7 |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Construction and development [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 30 | |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Construction and development [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | ||
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Consumer loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total loans receivable | 47 | 53 |
Purchased Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial business loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total loans receivable | 8,529 | 8,199 |
Purchased Non Credit Impaired Loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 13,225 | 14,043 |
Current | 2,530,057 | 2,460,394 |
Total loans receivable | 2,543,282 | 2,474,437 |
Nonaccrual | 3,961 | 11,741 |
Purchased Non Credit Impaired Loans [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 4,634 | 3,396 |
Purchased Non Credit Impaired Loans [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 804 | 2,868 |
Purchased Non Credit Impaired Loans [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 7,787 | 7,779 |
Purchased Non Credit Impaired Loans [Member] | Consumer loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 393 | 444 |
Current | 21,971 | 23,348 |
Total loans receivable | 22,364 | 23,792 |
Nonaccrual | 22 | 127 |
Purchased Non Credit Impaired Loans [Member] | Consumer loans [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 327 | 296 |
Purchased Non Credit Impaired Loans [Member] | Consumer loans [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 16 | 31 |
Purchased Non Credit Impaired Loans [Member] | Consumer loans [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 50 | 117 |
Purchased Non Credit Impaired Loans [Member] | Commercial business loans [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 1,423 | 2,027 |
Current | 382,103 | 349,167 |
Total loans receivable | 383,526 | 351,194 |
Nonaccrual | 313 | 1,351 |
Purchased Non Credit Impaired Loans [Member] | Commercial business loans [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 322 | 793 |
Purchased Non Credit Impaired Loans [Member] | Commercial business loans [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 123 | 632 |
Purchased Non Credit Impaired Loans [Member] | Commercial business loans [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 978 | 602 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 6,253 | 5,377 |
Current | 711,052 | 718,264 |
Total loans receivable | 717,305 | 723,641 |
Nonaccrual | 1,927 | 4,471 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 2,075 | 378 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 548 | 1,313 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 3,630 | 3,686 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Home equity [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 523 | 1,306 |
Current | 81,078 | 82,411 |
Total loans receivable | 81,601 | 83,717 |
Nonaccrual | 108 | 454 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Home equity [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 343 | 720 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Home equity [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 65 | 213 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Home equity [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 115 | 373 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 4,323 | 4,052 |
Current | 1,019,743 | 1,000,368 |
Total loans receivable | 1,024,066 | 1,004,420 |
Nonaccrual | 1,540 | 3,663 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 1,385 | 1,037 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 17 | 120 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 2,921 | 2,895 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Construction and development [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 310 | 837 |
Current | 314,110 | 286,836 |
Total loans receivable | 314,420 | 287,673 |
Nonaccrual | 51 | 1,675 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Construction and development [Member] | 30-59 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 182 | 172 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Construction and development [Member] | 60-89 days past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 35 | 559 |
Purchased Non Credit Impaired Loans [Member] | Mortgage Receivables [Member] | Construction and development [Member] | 90 days or more past due [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | $ 93 | $ 106 |
LOANS RECEIVABLE, NET (Detail_6
LOANS RECEIVABLE, NET (Details 7) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Total loans receivable | $ 2,590,610 | $ 2,524,336 |
Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47,328 | 49,899 |
Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 2,543,282 | 2,474,437 |
Pass [Member] | ||
Total loans receivable | 2,554,199 | 2,492,281 |
Pass [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 2,519,209 | 2,454,817 |
Special Mention [Member] | ||
Total loans receivable | 11,058 | 13,134 |
Special Mention [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 5,659 | 7,077 |
Substandard [Member] | ||
Total loans receivable | 25,353 | 18,921 |
Substandard [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 18,414 | 12,543 |
Consumer loans [Member] | ||
Total loans receivable | 22,411 | 23,845 |
Consumer loans [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47 | 53 |
Consumer loans [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 22,364 | 23,792 |
Consumer loans [Member] | Pass [Member] | ||
Total loans receivable | 22,236 | 23,613 |
Consumer loans [Member] | Pass [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 38 | 42 |
Consumer loans [Member] | Pass [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 22,198 | 23,571 |
Consumer loans [Member] | Special Mention [Member] | ||
Total loans receivable | 100 | 103 |
Consumer loans [Member] | Special Mention [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | ||
Consumer loans [Member] | Special Mention [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 100 | 103 |
Consumer loans [Member] | Substandard [Member] | ||
Total loans receivable | 75 | 129 |
Consumer loans [Member] | Substandard [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 9 | 11 |
Consumer loans [Member] | Substandard [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 66 | 118 |
Commercial business loans [Member] | ||
Total loans receivable | 392,055 | 359,393 |
Commercial business loans [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 8,529 | 8,199 |
Commercial business loans [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 383,526 | 351,194 |
Commercial business loans [Member] | Pass [Member] | ||
Total loans receivable | 388,136 | 353,742 |
Commercial business loans [Member] | Pass [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 380,687 | 346,487 |
Commercial business loans [Member] | Special Mention [Member] | ||
Total loans receivable | 180 | 2,166 |
Commercial business loans [Member] | Special Mention [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 1,379 | |
Commercial business loans [Member] | Substandard [Member] | ||
Total loans receivable | 3,739 | 3,485 |
Commercial business loans [Member] | Substandard [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 2,839 | 3,328 |
Mortgage Receivables [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47,328 | 49,899 |
Mortgage Receivables [Member] | Pass [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 34,819 | 37,464 |
Mortgage Receivables [Member] | Special Mention [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 5,570 | 6,058 |
Mortgage Receivables [Member] | Substandard [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 6,939 | 6,377 |
Mortgage Receivables [Member] | One-to-four family [Member] | ||
Total loans receivable | 725,441 | 732,717 |
Mortgage Receivables [Member] | One-to-four family [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 8,136 | 9,077 |
Mortgage Receivables [Member] | One-to-four family [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 717,305 | 723,641 |
Mortgage Receivables [Member] | One-to-four family [Member] | Pass [Member] | ||
Total loans receivable | 718,054 | 727,921 |
Mortgage Receivables [Member] | One-to-four family [Member] | Pass [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 7,084 | 7,745 |
Mortgage Receivables [Member] | One-to-four family [Member] | Pass [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 710,970 | 720,177 |
Mortgage Receivables [Member] | One-to-four family [Member] | Special Mention [Member] | ||
Total loans receivable | 428 | 417 |
Mortgage Receivables [Member] | One-to-four family [Member] | Special Mention [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 215 | 418 |
Mortgage Receivables [Member] | One-to-four family [Member] | Special Mention [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 213 | |
Mortgage Receivables [Member] | One-to-four family [Member] | Substandard [Member] | ||
Total loans receivable | 6,959 | 4,379 |
Mortgage Receivables [Member] | One-to-four family [Member] | Substandard [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 837 | 914 |
Mortgage Receivables [Member] | One-to-four family [Member] | Substandard [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 6,122 | 3,464 |
Mortgage Receivables [Member] | Home equity [Member] | ||
Total loans receivable | 81,654 | 83,770 |
Mortgage Receivables [Member] | Home equity [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 53 | 53 |
Mortgage Receivables [Member] | Home equity [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 81,601 | 83,717 |
Mortgage Receivables [Member] | Home equity [Member] | Pass [Member] | ||
Total loans receivable | 81,297 | 83,382 |
Mortgage Receivables [Member] | Home equity [Member] | Pass [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 46 | 45 |
Mortgage Receivables [Member] | Home equity [Member] | Pass [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 81,251 | 83,336 |
Mortgage Receivables [Member] | Home equity [Member] | Special Mention [Member] | ||
Total loans receivable | 133 | |
Mortgage Receivables [Member] | Home equity [Member] | Special Mention [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | ||
Mortgage Receivables [Member] | Home equity [Member] | Special Mention [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 133 | |
Mortgage Receivables [Member] | Home equity [Member] | Substandard [Member] | ||
Total loans receivable | 224 | 388 |
Mortgage Receivables [Member] | Home equity [Member] | Substandard [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 7 | 8 |
Mortgage Receivables [Member] | Home equity [Member] | Substandard [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 217 | 381 |
Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Total loans receivable | 1,051,786 | 1,034,117 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 27,720 | 29,696 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 1,024,066 | 1,004,420 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Pass [Member] | ||
Total loans receivable | 1,030,490 | 1,016,064 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Pass [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 18,515 | 20,745 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Pass [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 1,011,975 | 995,319 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Special Mention [Member] | ||
Total loans receivable | 9,544 | 9,914 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Special Mention [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 4,779 | 4,390 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Special Mention [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 4,765 | 5,524 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Substandard [Member] | ||
Total loans receivable | 11,752 | 8,139 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Substandard [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 4,426 | 4,561 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Substandard [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 7,326 | 3,577 |
Mortgage Receivables [Member] | Construction and development [Member] | ||
Total loans receivable | 317,263 | 290,494 |
Mortgage Receivables [Member] | Construction and development [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 2,843 | 2,821 |
Mortgage Receivables [Member] | Construction and development [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 314,420 | 287,673 |
Mortgage Receivables [Member] | Construction and development [Member] | Pass [Member] | ||
Total loans receivable | 313,815 | 287,559 |
Mortgage Receivables [Member] | Construction and development [Member] | Pass [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 1,687 | 1,632 |
Mortgage Receivables [Member] | Construction and development [Member] | Pass [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 312,128 | 285,927 |
Mortgage Receivables [Member] | Construction and development [Member] | Special Mention [Member] | ||
Total loans receivable | 844 | 534 |
Mortgage Receivables [Member] | Construction and development [Member] | Special Mention [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 396 | 463 |
Mortgage Receivables [Member] | Construction and development [Member] | Special Mention [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 448 | 71 |
Mortgage Receivables [Member] | Construction and development [Member] | Substandard [Member] | ||
Total loans receivable | 2,604 | 2,401 |
Mortgage Receivables [Member] | Construction and development [Member] | Substandard [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 760 | 726 |
Mortgage Receivables [Member] | Construction and development [Member] | Substandard [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 1,844 | 1,675 |
Mortgage Receivables [Member] | Consumer loans [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47 | 53 |
Mortgage Receivables [Member] | Commercial business loans [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 8,529 | 8,199 |
Mortgage Receivables [Member] | Commercial business loans [Member] | Pass [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 7,449 | 7,255 |
Mortgage Receivables [Member] | Commercial business loans [Member] | Special Mention [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 180 | 787 |
Mortgage Receivables [Member] | Commercial business loans [Member] | Substandard [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | $ 900 | $ 157 |
LOANS RECEIVABLE, NET (Detail_7
LOANS RECEIVABLE, NET (Details 8) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Total loans receivable | $ 2,590,610 | $ 2,524,336 |
Nonaccrual | 11,580 | 11,721 |
Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47,328 | 49,899 |
Nonaccrual | 1,880 | 605 |
Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 2,543,282 | 2,474,437 |
Nonaccrual | 3,961 | 11,741 |
Performing Financing Receivable [Member] | ||
Total loans receivable | 2,578,670 | 2,511,990 |
Performing Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 46,968 | 49,294 |
Performing Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 2,531,702 | 2,462,696 |
Nonperforming Financing Receivable [Member] | ||
Total loans receivable | 11,940 | 12,346 |
90 days or more past due | 360 | 625 |
Nonaccrual | 11,580 | 11,721 |
Nonperforming Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 360 | 605 |
90 days or more past due | 360 | 605 |
Nonaccrual | ||
Nonperforming Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 11,580 | 11,741 |
90 days or more past due | 20 | |
Nonaccrual | 11,580 | 11,721 |
Consumer loans [Member] | ||
Total loans receivable | 22,411 | 23,845 |
Nonaccrual | 59 | 107 |
Consumer loans [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47 | 53 |
Nonaccrual | ||
Consumer loans [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 22,364 | 23,792 |
Nonaccrual | 22 | 127 |
Consumer loans [Member] | Performing Financing Receivable [Member] | ||
Total loans receivable | 22,352 | 23,718 |
Consumer loans [Member] | Performing Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47 | 53 |
Consumer loans [Member] | Performing Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 22,305 | 23,665 |
Consumer loans [Member] | Nonperforming Financing Receivable [Member] | ||
Total loans receivable | 59 | 127 |
90 days or more past due | 20 | |
Nonaccrual | 59 | 107 |
Consumer loans [Member] | Nonperforming Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | ||
90 days or more past due | ||
Nonaccrual | ||
Consumer loans [Member] | Nonperforming Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 59 | 127 |
90 days or more past due | 20 | |
Nonaccrual | 59 | 107 |
Commercial business loans [Member] | ||
Total loans receivable | 392,055 | 359,393 |
Nonaccrual | 1,227 | 1,351 |
Commercial business loans [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 8,529 | 8,199 |
Nonaccrual | ||
Commercial business loans [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 383,526 | 351,194 |
Nonaccrual | 313 | 1,351 |
Commercial business loans [Member] | Performing Financing Receivable [Member] | ||
Total loans receivable | 390,828 | 358,042 |
Commercial business loans [Member] | Performing Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 8,529 | 8,199 |
Commercial business loans [Member] | Performing Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 382,299 | 349,843 |
Commercial business loans [Member] | Nonperforming Financing Receivable [Member] | ||
Total loans receivable | 1,227 | 1,351 |
90 days or more past due | ||
Nonaccrual | 1,227 | 1,351 |
Commercial business loans [Member] | Nonperforming Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | ||
90 days or more past due | ||
Nonaccrual | ||
Commercial business loans [Member] | Nonperforming Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 1,227 | 1,351 |
90 days or more past due | ||
Nonaccrual | 1,227 | 1,351 |
Mortgage Receivables [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47,328 | 49,899 |
Mortgage Receivables [Member] | One-to-four family [Member] | ||
Total loans receivable | 725,441 | 732,717 |
Nonaccrual | 4,834 | 4,471 |
Mortgage Receivables [Member] | One-to-four family [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 8,136 | 9,077 |
Nonaccrual | 686 | 447 |
Mortgage Receivables [Member] | One-to-four family [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 717,305 | 723,641 |
Nonaccrual | 1,927 | 4,471 |
Mortgage Receivables [Member] | One-to-four family [Member] | Performing Financing Receivable [Member] | ||
Total loans receivable | 720,408 | 727,799 |
Mortgage Receivables [Member] | One-to-four family [Member] | Performing Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 7,937 | 8,630 |
Mortgage Receivables [Member] | One-to-four family [Member] | Performing Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 712,471 | 719,170 |
Mortgage Receivables [Member] | One-to-four family [Member] | Nonperforming Financing Receivable [Member] | ||
Total loans receivable | 5,033 | 4,918 |
90 days or more past due | 199 | 447 |
Nonaccrual | 4,834 | 4,471 |
Mortgage Receivables [Member] | One-to-four family [Member] | Nonperforming Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 199 | 447 |
90 days or more past due | 199 | 447 |
Nonaccrual | ||
Mortgage Receivables [Member] | One-to-four family [Member] | Nonperforming Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 4,834 | 4,471 |
90 days or more past due | ||
Nonaccrual | 4,834 | 4,471 |
Mortgage Receivables [Member] | Home equity [Member] | ||
Total loans receivable | 81,654 | 83,770 |
Nonaccrual | 217 | 454 |
Mortgage Receivables [Member] | Home equity [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 53 | 53 |
Nonaccrual | 9 | |
Mortgage Receivables [Member] | Home equity [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 81,601 | 83,717 |
Nonaccrual | 108 | 454 |
Mortgage Receivables [Member] | Home equity [Member] | Performing Financing Receivable [Member] | ||
Total loans receivable | 81,437 | 83,316 |
Mortgage Receivables [Member] | Home equity [Member] | Performing Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 53 | 53 |
Mortgage Receivables [Member] | Home equity [Member] | Performing Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 81,384 | 83,263 |
Mortgage Receivables [Member] | Home equity [Member] | Nonperforming Financing Receivable [Member] | ||
Total loans receivable | 217 | 454 |
90 days or more past due | ||
Nonaccrual | 217 | 454 |
Mortgage Receivables [Member] | Home equity [Member] | Nonperforming Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | ||
90 days or more past due | ||
Nonaccrual | ||
Mortgage Receivables [Member] | Home equity [Member] | Nonperforming Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 217 | 454 |
90 days or more past due | ||
Nonaccrual | 217 | 454 |
Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Total loans receivable | 1,051,786 | 1,034,117 |
Nonaccrual | 3,455 | 3,663 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 27,720 | 29,696 |
Nonaccrual | 158 | |
Mortgage Receivables [Member] | Commercial real estate [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 1,024,066 | 1,004,420 |
Nonaccrual | 1,540 | 3,663 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Performing Financing Receivable [Member] | ||
Total loans receivable | 1,048,170 | 1,030,296 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Performing Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 27,559 | 29,538 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Performing Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 1,020,611 | 1,000,757 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Nonperforming Financing Receivable [Member] | ||
Total loans receivable | 3,616 | 3,821 |
90 days or more past due | 161 | 158 |
Nonaccrual | 3,455 | 3,663 |
Mortgage Receivables [Member] | Commercial real estate [Member] | Nonperforming Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 161 | 158 |
90 days or more past due | 161 | 158 |
Nonaccrual | ||
Mortgage Receivables [Member] | Commercial real estate [Member] | Nonperforming Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 3,455 | 3,663 |
90 days or more past due | ||
Nonaccrual | 3,455 | 3,663 |
Mortgage Receivables [Member] | Construction and development [Member] | ||
Total loans receivable | 317,263 | 290,494 |
Nonaccrual | 1,788 | 1,675 |
Mortgage Receivables [Member] | Construction and development [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 2,843 | 2,821 |
Nonaccrual | 1,185 | |
Mortgage Receivables [Member] | Construction and development [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 314,420 | 287,673 |
Nonaccrual | 51 | 1,675 |
Mortgage Receivables [Member] | Construction and development [Member] | Performing Financing Receivable [Member] | ||
Total loans receivable | 315,475 | 288,819 |
Mortgage Receivables [Member] | Construction and development [Member] | Performing Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 2,843 | 2,821 |
Mortgage Receivables [Member] | Construction and development [Member] | Performing Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 312,632 | 285,998 |
Mortgage Receivables [Member] | Construction and development [Member] | Nonperforming Financing Receivable [Member] | ||
Total loans receivable | 1,788 | 1,675 |
90 days or more past due | ||
Nonaccrual | 1,788 | 1,675 |
Mortgage Receivables [Member] | Construction and development [Member] | Nonperforming Financing Receivable [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | ||
90 days or more past due | ||
Nonaccrual | ||
Mortgage Receivables [Member] | Construction and development [Member] | Nonperforming Financing Receivable [Member] | Purchased Non Credit Impaired Loans [Member] | ||
Total loans receivable | 1,788 | 1,675 |
90 days or more past due | ||
Nonaccrual | 1,788 | 1,675 |
Mortgage Receivables [Member] | Consumer loans [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | 47 | 53 |
Mortgage Receivables [Member] | Commercial business loans [Member] | Purchased Credit Impaired Loans [Member] | ||
Total loans receivable | $ 8,529 | $ 8,199 |
LOANS RECEIVABLE, NET (Detail_8
LOANS RECEIVABLE, NET (Details Narrative) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)Item | Mar. 31, 2018USD ($)Item | Dec. 31, 2018USD ($) | |
Loans designated as troubled debt restructurings | $ | $ 8,600 | $ 6,500 | $ 6,400 |
Troubled debt restructurings, still accruing | $ | 5,700 | 5,100 | $ 3,300 |
Mortgage Receivables [Member] | |||
Pre-Modification Recorded Investment | $ | 2,700 | 1,700 | |
Post-Modification Recorded Investment | $ | $ 2,700 | $ 1,700 | |
Mortgage Receivables [Member] | One-to-four family [Member] | |||
Number of Contracts due to modification identified as a TDR | Item | 1 | ||
Mortgage Receivables [Member] | Commercial and Residential real estate [Member] | |||
Number of Contracts due to modification identified as a TDR | Item | 4 | ||
Mortgage Receivables [Member] | Commercial real estate [Member] | |||
Number of Contracts due to modification identified as a TDR | Item | 1 | ||
Mortgage Receivables [Member] | Construction and development [Member] | |||
Number of Contracts due to modification identified as a TDR | Item | 1 |
REAL ESTATE ACQUIRED THROUGH _3
REAL ESTATE ACQUIRED THROUGH FORECLOSURE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Real Estate Acquired Through Foreclosure | ||
Balance at beginning of period | $ 1,534 | $ 3,106 |
Additions | 366 | 17 |
Sales | (565) | (1,160) |
Balance at end of period | $ 1,335 | $ 196 |
REAL ESTATE ACQUIRED THROUGH _4
REAL ESTATE ACQUIRED THROUGH FORECLOSURE (Details 2) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Real Estate Acquired Through Foreclosure | $ 1,335 | $ 1,534 | $ 196 | $ 3,106 |
Mortgage Receivables [Member] | One-to-four family [Member] | ||||
Real Estate Acquired Through Foreclosure | 530 | 204 | ||
Mortgage Receivables [Member] | Construction and development [Member] | ||||
Real Estate Acquired Through Foreclosure | $ 805 | $ 1,330 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 |
Disclosure Deposits Details Abstract | |||
Noninterest-bearing demand accounts | $ 575,990 | $ 547,022 | |
Interest-bearing demand accounts | 581,424 | 566,527 | |
Savings accounts | 188,725 | 192,322 | |
Money market accounts | 458,575 | 431,246 | |
Certificates of deposit: | |||
Less than $250,000 | 923,709 | 875,749 | |
$250,000 or more | 88,647 | 105,327 | |
Total certificates of deposit | 1,012,356 | 981,076 | |
Total deposits | $ 2,817,070 | $ 2,718,193 | $ 1,258,260 |
DEPOSITS (Details Narrative)
DEPOSITS (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure Deposits Details Abstract | ||
Brokered certificates of deposit | $ 187,100 | $ 174,100 |
Institutional certificates of deposit | $ 49,300 | $ 39,400 |
ESTIMATED FAIR VALUE OF FINAN_3
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 |
Securities available for sale | $ 813,257 | $ 842,801 | |
Loans held for sale | 23,799 | 16,972 | $ 31,569 |
Derivative Asset | 3,176 | 4,032 | |
Brokered deposits | 187,100 | 174,100 | |
Derivative Liability | 2,492 | 1,232 | |
Municipal securities [Member] | |||
Securities available for sale | 201,205 | 213,714 | |
US government agencies [Member] | |||
Securities available for sale | 22,693 | 25,277 | |
Mortgage-backed securities Agency [Member] | |||
Securities available for sale | 190,680 | 197,520 | |
Mortgage-backed securities Non-agency [Member] | |||
Securities available for sale | 153,515 | 157,531 | |
Collateralized loan obligations [Member] | |||
Securities available for sale | 227,123 | 230,699 | |
Trust preferred securities [Member] | |||
Securities available for sale | 11,079 | 11,100 | |
Corporate securities [Member] | |||
Securities available for sale | 6,962 | 6,960 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
Loans held for sale | |||
Derivative Asset | 1,334 | 2,430 | |
Derivative Liability | 2,022 | 937 | |
Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 813,257 | 842,801 | |
Loans held for sale | 23,799 | 16,972 | |
Derivative Asset | 1,842 | 1,602 | |
Derivative Liability | 470 | 295 | |
Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
Loans held for sale | |||
Derivative Asset | |||
Derivative Liability | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Loans held for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage loan interest rate lock commitments [Member] | |||
Derivative Asset | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage loan forward sales commitments [Member] | |||
Derivative Asset | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities forward sales commitments [Member] | |||
Derivative Asset | |||
Derivative Liability | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate swaps [Member] | |||
Derivative Asset | 554 | 1,232 | |
Derivative Liability | 2,022 | 937 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate swaps [Member] | Not Designated as Hedging Instrument [Member] | |||
Securities available for sale | 780 | 1,198 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal securities [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US government agencies [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities Agency [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities Non-agency [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized loan obligations [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loans held for sale | 23,799 | 16,972 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage loan interest rate lock commitments [Member] | |||
Derivative Asset | 1,369 | 1,199 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage loan forward sales commitments [Member] | |||
Derivative Asset | 473 | 403 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities forward sales commitments [Member] | |||
Derivative Asset | |||
Derivative Liability | 470 | 295 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swaps [Member] | |||
Derivative Asset | |||
Derivative Liability | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal securities [Member] | |||
Securities available for sale | 201,205 | 213,714 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US government agencies [Member] | |||
Securities available for sale | 22,693 | 25,277 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities Agency [Member] | |||
Securities available for sale | 190,680 | 197,520 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities Non-agency [Member] | |||
Securities available for sale | 153,515 | 157,531 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized loan obligations [Member] | |||
Securities available for sale | 227,123 | 230,699 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Trust preferred securities [Member] | |||
Securities available for sale | 11,079 | 11,100 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate securities [Member] | |||
Securities available for sale | 6,962 | 6,960 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans held for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage loan interest rate lock commitments [Member] | |||
Derivative Asset | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage loan forward sales commitments [Member] | |||
Derivative Asset | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities forward sales commitments [Member] | |||
Derivative Asset | |||
Derivative Liability | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate swaps [Member] | |||
Derivative Asset | |||
Derivative Liability | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal securities [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US government agencies [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities Agency [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities Non-agency [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized loan obligations [Member] | |||
Securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Trust preferred securities [Member] | |||
Securities available for sale |
ESTIMATED FAIR VALUE OF FINAN_4
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Nonrecurring basis [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | One-to-four family [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Construction and development [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Consumer loans [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Commercial business loans [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage Receivables [Member] | Home equity [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage Receivables [Member] | Construction and development [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | One-to-four family [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Construction and development [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Consumer loans [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Commercial business loans [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage Receivables [Member] | Home equity [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage Receivables [Member] | Construction and development [Member] | ||
Assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a nonrecurring basis | 56,473 | 55,210 |
Fair Value, Inputs, Level 3 [Member] | One-to-four family [Member] | ||
Assets measured at fair value on a nonrecurring basis | 530 | 204 |
Fair Value, Inputs, Level 3 [Member] | Construction and development [Member] | ||
Assets measured at fair value on a nonrecurring basis | 805 | 1,330 |
Fair Value, Inputs, Level 3 [Member] | Consumer loans [Member] | ||
Assets measured at fair value on a nonrecurring basis | 58 | 31 |
Fair Value, Inputs, Level 3 [Member] | Commercial business loans [Member] | ||
Assets measured at fair value on a nonrecurring basis | 2,619 | 2,829 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
Assets measured at fair value on a nonrecurring basis | 40,230 | 40,880 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Receivables [Member] | One-to-four family [Member] | ||
Assets measured at fair value on a nonrecurring basis | 6,039 | 4,511 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Receivables [Member] | Home equity [Member] | ||
Assets measured at fair value on a nonrecurring basis | 108 | 249 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Receivables [Member] | Commercial real estate [Member] | ||
Assets measured at fair value on a nonrecurring basis | 7,909 | 4,960 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Receivables [Member] | Construction and development [Member] | ||
Assets measured at fair value on a nonrecurring basis | $ 1,570 | $ 1,351 |
ESTIMATED FAIR VALUE OF FINAN_5
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Mortgage Servicing Rights [Member] | ||
Valuation Techniques | Discounted cash flows | Discounted cash flows |
Significant Unobservable Inputs | Comparable sales | Comparable sales |
Minimum [Member] | Mortgage Servicing Rights [Member] | ||
Significant Unobservable Input Range | 10.00% | 12.00% |
Assumptions Used to Estimate Fair Value, Prepayment Speed (As a percent) | 9.00% | 6.00% |
Maximum [Member] | Mortgage Servicing Rights [Member] | ||
Significant Unobservable Input Range | 12.00% | 13.00% |
Assumptions Used to Estimate Fair Value, Prepayment Speed (As a percent) | 10.50% | 7.00% |
Impaired Loans [Member] | ||
Valuation Techniques | Appraisal Value | Appraisal Value |
Significant Unobservable Inputs | Appraisals and or sales of comparable properties | Appraisals and or sales of comparable properties |
Impaired Loans [Member] | Minimum [Member] | ||
Significant Unobservable Input Range | 10.00% | 10.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Significant Unobservable Input Range | 20.00% | 20.00% |
Real estate owned [Member] | ||
Valuation Techniques | Appraisal Value/ Comparison Sales/ Other estimates | Appraisal Value/ Comparison Sales/ Other estimates |
Significant Unobservable Inputs | Appraisals and or sales of comparable properties | Appraisals and or sales of comparable properties |
Real estate owned [Member] | Minimum [Member] | ||
Significant Unobservable Input Range | 10.00% | 10.00% |
Real estate owned [Member] | Maximum [Member] | ||
Significant Unobservable Input Range | 20.00% | 20.00% |
ESTIMATED FAIR VALUE OF FINAN_6
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 4) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | |||||
Cash and due from banks | $ 25,757 | $ 28,857 | |||
Interest-bearing cash | 34,251 | 33,276 | |||
Securities available for sale | 813,257 | 842,801 | |||
Federal Home Loan Bank stock | 18,349 | 21,696 | |||
Other investments | 3,473 | 3,450 | |||
Derivative assets | 3,176 | 4,032 | |||
Loans held for sale | 23,799 | 16,972 | $ 31,569 | ||
Loans receivable, net | 2,575,589 | 2,509,873 | 1,167,578 | ||
Accrued interest receivable | 13,618 | 13,494 | |||
Real estate acquired through foreclosure | 1,335 | 1,534 | $ 196 | $ 3,106 | |
Mortgage servicing rights | 32,033 | 32,933 | |||
Financial liabilities: | |||||
Deposits | 2,817,070 | 2,718,193 | $ 1,258,260 | ||
Short-term borrowed funds | 321,000 | 405,500 | |||
Long-term debt | 59,480 | 59,436 | |||
Derivative liabilities | 2,492 | 1,232 | |||
Drafts outstanding | 7,610 | 8,129 | |||
Advances from borrowers for insurance and taxes | 5,934 | 4,100 | |||
Accrued interest payable | 2,371 | 1,591 | |||
Dividends payable to stockholders | 1,785 | 1,576 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Financial assets: | |||||
Cash and due from banks | 25,757 | 28,857 | |||
Interest-bearing cash | 34,251 | 33,276 | |||
Securities available for sale | |||||
Federal Home Loan Bank stock | |||||
Other investments | |||||
Derivative assets | 1,334 | 2,430 | |||
Loans held for sale | |||||
Loans receivable, net | |||||
Accrued interest receivable | |||||
Real estate acquired through foreclosure | |||||
Mortgage servicing rights | |||||
Financial liabilities: | |||||
Deposits | |||||
Short-term borrowed funds | |||||
Long-term debt | |||||
Derivative liabilities | 2,022 | 937 | |||
Drafts outstanding | |||||
Advances from borrowers for insurance and taxes | |||||
Accrued interest payable | |||||
Dividends payable to stockholders | |||||
Fair Value, Inputs, Level 2 [Member] | |||||
Financial assets: | |||||
Cash and due from banks | |||||
Interest-bearing cash | |||||
Securities available for sale | 813,257 | 842,801 | |||
Federal Home Loan Bank stock | |||||
Other investments | |||||
Derivative assets | 1,842 | 1,602 | |||
Loans held for sale | 23,799 | 16,972 | |||
Loans receivable, net | |||||
Accrued interest receivable | 13,618 | 13,494 | |||
Real estate acquired through foreclosure | |||||
Mortgage servicing rights | |||||
Financial liabilities: | |||||
Deposits | 2,822,375 | 2,721,885 | |||
Short-term borrowed funds | 321,007 | 405,532 | |||
Long-term debt | 61,614 | 61,922 | |||
Derivative liabilities | 470 | 295 | |||
Drafts outstanding | 7,610 | 8,129 | |||
Advances from borrowers for insurance and taxes | 5,934 | 4,100 | |||
Accrued interest payable | 2,371 | 1,591 | |||
Dividends payable to stockholders | 1,785 | 1,576 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Financial assets: | |||||
Cash and due from banks | |||||
Interest-bearing cash | |||||
Securities available for sale | |||||
Federal Home Loan Bank stock | 18,349 | 21,696 | |||
Other investments | 3,473 | 3,450 | |||
Derivative assets | |||||
Loans held for sale | |||||
Loans receivable, net | 2,566,139 | 2,506,384 | |||
Accrued interest receivable | |||||
Real estate acquired through foreclosure | 1,335 | 1,534 | |||
Mortgage servicing rights | 40,230 | 40,880 | |||
Financial liabilities: | |||||
Deposits | |||||
Short-term borrowed funds | |||||
Long-term debt | |||||
Derivative liabilities | |||||
Drafts outstanding | |||||
Advances from borrowers for insurance and taxes | |||||
Accrued interest payable | |||||
Dividends payable to stockholders | |||||
Carrying Amount [Member] | |||||
Financial assets: | |||||
Cash and due from banks | 25,757 | 28,857 | |||
Interest-bearing cash | 34,251 | 33,276 | |||
Securities available for sale | 813,257 | 842,801 | |||
Federal Home Loan Bank stock | 18,349 | 21,696 | |||
Other investments | 3,473 | 3,450 | |||
Derivative assets | 3,176 | 4,032 | |||
Loans held for sale | 23,799 | 16,972 | |||
Loans receivable, net | 2,575,589 | 2,509,873 | |||
Accrued interest receivable | 13,618 | 13,494 | |||
Real estate acquired through foreclosure | 1,335 | 1,534 | |||
Mortgage servicing rights | 32,033 | 32,933 | |||
Financial liabilities: | |||||
Deposits | 2,817,070 | 2,718,193 | |||
Short-term borrowed funds | 321,000 | 405,500 | |||
Long-term debt | 59,480 | 59,436 | |||
Derivative liabilities | 2,492 | 1,232 | |||
Drafts outstanding | 7,610 | 8,129 | |||
Advances from borrowers for insurance and taxes | 5,934 | 4,100 | |||
Accrued interest payable | 2,371 | 1,591 | |||
Dividends payable to stockholders | 1,785 | 1,576 | |||
Fair Value [Member] | |||||
Financial assets: | |||||
Cash and due from banks | 25,757 | 28,857 | |||
Interest-bearing cash | 34,251 | 33,276 | |||
Securities available for sale | 813,257 | 842,801 | |||
Federal Home Loan Bank stock | 18,349 | 21,696 | |||
Other investments | 3,473 | 3,450 | |||
Derivative assets | 3,176 | 4,032 | |||
Loans held for sale | 23,799 | 16,972 | |||
Loans receivable, net | 2,566,139 | 2,506,384 | |||
Accrued interest receivable | 13,618 | 13,494 | |||
Real estate acquired through foreclosure | 1,335 | 1,534 | |||
Mortgage servicing rights | 40,230 | 40,880 | |||
Financial liabilities: | |||||
Deposits | 2,822,375 | 2,721,885 | |||
Short-term borrowed funds | 321,007 | 405,532 | |||
Long-term debt | 61,614 | 61,922 | |||
Derivative liabilities | 2,492 | 1,232 | |||
Drafts outstanding | 7,610 | 8,129 | |||
Advances from borrowers for insurance and taxes | 5,934 | 4,100 | |||
Accrued interest payable | 2,371 | 1,591 | |||
Dividends payable to stockholders | $ 1,785 | $ 1,576 |
ESTIMATED FAIR VALUE OF FINAN_7
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 5) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments to Extend Credit [Member] | ||
Notional Amount | $ 413,438 | $ 379,170 |
Estimated Fair Value | ||
Standby Letters of Credit [Member] | ||
Notional Amount | 22,588 | 13,797 |
Estimated Fair Value |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Earnings Per Share Details Abstract | ||
Weighted average shares outstanding | 22,193,861 | 20,908,225 |
Effect of dilutive securities | 187,948 | 211,091 |
Average shares outstanding | 22,381,809 | 21,119,316 |
EARNINGS PER SHARE (Details 2)
EARNINGS PER SHARE (Details 2) - shares | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Disclosure Earnings Per Share Details 2Abstract | |||
Common stock, shares issued | 22,296,372 | 22,387,009 | 21,057,539 |
Common stock, shares outstanding | 22,296,372 | 22,387,009 | 21,057,539 |
Less nonvested restricted stock awards | (111,578) | (136,395) | |
Period end dilutive shares | 22,184,794 | 20,921,144 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Right of use operating lease asset | $ 18,004 | |
Right of use operating lease liability | $ 18,296 | |
Weighted average remaining lease term (years) | 15 years 3 months 18 days | |
Weighted average discount rate | 3.40% |
LEASES (Details 2)
LEASES (Details 2) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Year 1 | $ 2,552 |
Year 2 | 2,300 |
Year 3 | 1,920 |
Year 4 | 1,904 |
Year 5 | 1,665 |
After Year 5 | 13,793 |
Total undiscounted payments | 24,134 |
Less: imputed interest | (5,838) |
Present value of lease payments (ROU operating lease liability) | $ 18,296 |
LEASES (Details 3)
LEASES (Details 3) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Year 1 | $ 2,537 |
Year 2 | 2,332 |
Year 3 | 1,950 |
Year 4 | 1,868 |
Year 5 | 1,738 |
After Year 5 | 14,165 |
Total | $ 24,590 |
LEASES (Details Narrative)
LEASES (Details Narrative) $ in Thousands | Mar. 31, 2019USD ($) |
Total future minimum lease payments | $ 24,134 |
Building [Member] | |
Total future minimum lease payments | $ 800 |
SUPPLEMENTAL SEGMENT INFORMAT_3
SUPPLEMENTAL SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | $ 42,781 | $ 37,676 |
Interest expense | 9,310 | 5,545 |
Net interest income (expense) | 33,471 | 32,131 |
Provision for loan losses | 700 | |
Noninterest income from external customers | 9,871 | 10,048 |
Intersegment noninterest income | ||
Noninterest expense | 24,147 | 37,598 |
Intersegment noninterest expense | ||
Income (loss) before income taxes | 18,495 | 4,581 |
Income tax expense (benefit) | 3,950 | 525 |
Net income (loss) | 14,545 | 4,056 |
Community Banking [Member] | ||
Interest income | 42,476 | 37,257 |
Interest expense | 8,756 | 5,084 |
Net interest income (expense) | 33,720 | 32,173 |
Provision for loan losses | 700 | |
Noninterest income from external customers | 4,556 | 5,059 |
Intersegment noninterest income | 242 | 242 |
Noninterest expense | 18,991 | 32,929 |
Intersegment noninterest expense | ||
Income (loss) before income taxes | 18,827 | 4,545 |
Income tax expense (benefit) | 4,046 | 561 |
Net income (loss) | 14,781 | 3,984 |
Mortgage Banking [Member] | ||
Interest income | 390 | 431 |
Interest expense | 128 | 53 |
Net interest income (expense) | 262 | 378 |
Provision for loan losses | ||
Noninterest income from external customers | 5,296 | 4,924 |
Intersegment noninterest income | 18 | 17 |
Noninterest expense | 4,846 | 4,389 |
Intersegment noninterest expense | 240 | 240 |
Income (loss) before income taxes | 490 | 690 |
Income tax expense (benefit) | 100 | 128 |
Net income (loss) | 390 | 562 |
Other [Member] | ||
Interest income | 15 | 13 |
Interest expense | 556 | 461 |
Net interest income (expense) | (541) | (448) |
Provision for loan losses | ||
Noninterest income from external customers | 19 | 65 |
Intersegment noninterest income | ||
Noninterest expense | 310 | 280 |
Intersegment noninterest expense | 2 | 2 |
Income (loss) before income taxes | (834) | (665) |
Income tax expense (benefit) | (198) | (168) |
Net income (loss) | (636) | (497) |
Eliminations [Member] | ||
Interest income | (100) | (25) |
Interest expense | (130) | (53) |
Net interest income (expense) | 30 | 28 |
Provision for loan losses | ||
Noninterest income from external customers | ||
Intersegment noninterest income | (260) | (259) |
Noninterest expense | ||
Intersegment noninterest expense | (242) | (242) |
Income (loss) before income taxes | 12 | 11 |
Income tax expense (benefit) | 2 | 4 |
Net income (loss) | $ 10 | $ 7 |
SUPPLEMENTAL SEGMENT INFORMAT_4
SUPPLEMENTAL SEGMENT INFORMATION (Details 2) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 |
Assets | $ 3,842,180 | $ 3,790,748 | $ 1,683,736 |
Loans receivable, net | 2,575,589 | 2,509,873 | 1,167,578 |
Loans held for sale | 23,799 | 16,972 | 31,569 |
Deposits | 2,817,070 | 2,718,193 | 1,258,260 |
Borrowed funds | 380,480 | 464,936 | 241,465 |
Community Banking [Member] | |||
Assets | 3,839,100 | 3,786,360 | 1,678,541 |
Loans receivable, net | 2,566,574 | 2,494,421 | 1,151,704 |
Loans held for sale | 2,512 | 1,450 | 2,159 |
Deposits | 2,829,444 | 2,724,920 | 1,263,030 |
Borrowed funds | 348,000 | 432,500 | 226,000 |
Mortgage Banking [Member] | |||
Assets | 91,825 | 84,335 | 78,315 |
Loans receivable, net | 30,953 | 30,879 | 27,433 |
Loans held for sale | 21,287 | 15,522 | 29,410 |
Deposits | |||
Borrowed funds | 21,475 | 14,951 | 10,990 |
Other [Member] | |||
Assets | 619,096 | 610,167 | 179,681 |
Loans receivable, net | |||
Loans held for sale | |||
Deposits | |||
Borrowed funds | 32,480 | 32,436 | 15,465 |
Eliminations [Member] | |||
Assets | (707,841) | (690,114) | (252,801) |
Loans receivable, net | (21,938) | (15,427) | (11,559) |
Loans held for sale | |||
Deposits | (12,374) | (6,727) | (4,770) |
Borrowed funds | $ (21,475) | $ (14,951) | $ (10,990) |