Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Union Bankshares Corp | |
Entity Central Index Key | 883,948 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,923,602 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Cash and cash equivalents: | |||
Cash and due from banks | $ 102,955 | $ 112,752 | |
Interest-bearing deposits in other banks | 76,001 | 19,344 | |
Money market investments | 1 | 1 | |
Federal funds sold | 237 | 1,163 | |
Total cash and cash equivalents | 179,194 | 133,260 | |
Securities available for sale, at fair value | 888,692 | 1,102,114 | |
Securities held to maturity, at carrying value | [1] | 199,363 | |
Restricted stock, at cost | 52,721 | 54,854 | |
Loans held for sale | 65,713 | 42,519 | |
Loans held for investment, net of deferred fees and costs | 5,543,621 | 5,345,996 | |
Less allowance for loan losses | 33,269 | 32,384 | |
Net loans held for investment | 5,510,352 | 5,313,612 | |
Premises and equipment, net | 129,191 | 135,247 | |
Other real estate owned, net of valuation allowance | 22,094 | 28,118 | |
Core deposit intangibles, net | 25,320 | 31,755 | |
Goodwill | 293,522 | 293,522 | |
Bank owned life insurance | 142,433 | 139,005 | |
Other assets | 85,718 | 84,637 | |
Total assets | 7,594,313 | 7,358,643 | |
LIABILITIES | |||
Noninterest-bearing demand deposits | 1,338,045 | 1,199,378 | |
Interest-bearing deposits | 4,480,808 | 4,439,392 | |
Total deposits | 5,818,853 | 5,638,770 | |
Securities sold under agreements to repurchase | 99,417 | 44,393 | |
Other short-term borrowings | 332,000 | 343,000 | |
Long-term borrowings | 290,732 | 299,542 | |
Other liabilities | 58,299 | 55,769 | |
Total liabilities | $ 6,599,301 | $ 6,381,474 | |
Commitments and contingencies (Note 7) | |||
STOCKHOLDERS' EQUITY | |||
Common stock, $1.33 par value, shares authorized 100,000,000; issued and outstanding, 44,990,569 shares and 45,162,853 shares, respectively. | $ 59,514 | $ 59,795 | |
Surplus | 638,511 | 643,443 | |
Retained earnings | 288,841 | 261,676 | |
Accumulated other comprehensive income | 8,146 | 12,255 | |
Total stockholders' equity | 995,012 | 977,169 | |
Total liabilities and stockholders' equity | $ 7,594,313 | $ 7,358,643 | |
[1] | The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 1.33 | $ 1.33 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 44,990,569 | 45,162,853 |
Common stock, shares outstanding | 44,990,569 | 45,162,853 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 62,651 | $ 62,340 | $ 185,706 | $ 184,996 |
Interest on federal funds sold | 1 | 1 | ||
Interest on deposits in other banks | 23 | 21 | 64 | 41 |
Interest and dividends on securities: | ||||
Taxable | 3,954 | 3,883 | 11,621 | 11,391 |
Nontaxable | 3,372 | 3,347 | 10,062 | 10,005 |
Total interest and dividend income | 70,000 | 69,591 | 207,454 | 206,434 |
Interest expense: | ||||
Interest on deposits | 4,204 | 3,027 | 11,204 | 7,833 |
Interest on federal funds purchased | 1 | 3 | 6 | 49 |
Interest on short-term borrowings | 223 | 108 | 728 | 373 |
Interest on long-term borrowings | 2,128 | 1,974 | 6,287 | 6,226 |
Total interest expense | 6,556 | 5,112 | 18,225 | 14,481 |
Net interest income | 63,444 | 64,479 | 189,229 | 191,953 |
Provision for loan losses | 2,062 | 1,800 | 7,561 | 3,300 |
Net interest income after provision for loan losses | 61,382 | 62,679 | 181,668 | 188,653 |
Noninterest income: | ||||
Service charges on deposit accounts | 4,965 | 4,458 | 13,800 | 13,281 |
Other service charges and fees | 3,983 | 3,773 | 11,618 | 11,281 |
Fiduciary and asset management fees | 2,304 | 2,120 | 6,835 | 6,753 |
Gains on sales of mortgage loans, net of commissions | 2,630 | 2,598 | 7,582 | 7,925 |
Gains on securities transactions, net | 75 | 995 | 672 | 1,449 |
Other-than-temporary impairment losses | (300) | (300) | ||
Bank owned life insurance income | 1,161 | 1,195 | 3,431 | 3,467 |
Other operating income | 1,907 | 1,179 | 4,352 | 2,229 |
Total noninterest income | 16,725 | 16,318 | 47,990 | 46,385 |
Noninterest expenses: | ||||
Salaries and benefits | 25,853 | 25,636 | 78,905 | 82,466 |
Occupancy expenses | 4,915 | 4,902 | 15,220 | 15,184 |
Furniture and equipment expenses | 3,015 | 3,050 | 8,818 | 8,555 |
Printing, postage, and supplies | 1,191 | 1,290 | 3,970 | 3,682 |
Communications expense | 1,159 | 1,291 | 3,481 | 3,740 |
Technology and data processing | 3,549 | 3,280 | 10,020 | 9,145 |
Professional services | 1,991 | 1,400 | 5,008 | 3,897 |
Marketing and advertising expense | 1,781 | 2,064 | 5,841 | 4,821 |
FDIC assessment premiums and other insurance | 1,351 | 1,577 | 4,030 | 4,563 |
Other taxes | 1,569 | 1,460 | 4,674 | 4,352 |
Loan-related expenses | 935 | 814 | 2,306 | 1,987 |
OREO and credit-related expenses | 1,263 | 6,559 | 4,415 | 10,254 |
Amortization of intangible assets | 2,074 | 2,391 | 6,435 | 7,462 |
Acquisition and conversion costs | 1,695 | 19,524 | ||
Other expenses | 2,679 | 2,004 | 9,282 | 6,033 |
Total noninterest expenses | 53,325 | 59,413 | 162,405 | 185,665 |
Income before income taxes | 24,782 | 19,584 | 67,253 | 49,373 |
Income tax expense | 6,566 | 4,767 | 17,989 | 12,174 |
Net income | $ 18,216 | $ 14,817 | $ 49,264 | $ 37,199 |
Earnings per common share: | ||||
Basic | $ 0.40 | $ 0.32 | $ 1.09 | $ 0.80 |
Diluted | 0.40 | 0.32 | 1.09 | 0.80 |
Dividends declared per common share | $ 0.17 | $ 0.15 | $ 0.49 | $ 0.43 |
Weighted average number of shares outstanding: | ||||
Basic | 45,087,409 | 45,649,309 | 45,107,290 | 46,268,996 |
Diluted | 45,171,610 | 45,738,554 | 45,189,578 | 46,367,156 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 18,216 | $ 14,817 | $ 49,264 | $ 37,199 |
Other comprehensive income (loss): | ||||
Change in fair value of cash flow hedges | (2,328) | (228) | (2,009) | (431) |
Reclassification adjustment for losses included in net income (net of tax, $84 and $89 for the three months and $253 and $231 for the nine months ended September 30, 2015 and 2014) | 157 | 164 | 470 | 428 |
Unrealized gains (losses) on available-for-sale (AFS) securities: | ||||
Unrealized holding gains (losses) arising during period (net of tax, $673 and $968 for the three months and $976 and $7,992 for the nine months ended September 30, 2015 and 2014) | 1,250 | 1,798 | (1,812) | 14,843 |
Reclassification adjustment for (gains) losses included in net income (net of tax, $79 and $348 for the three months and $130 and $367 for the nine months ended September 30, 2015 and 2014) | 146 | (647) | (242) | (682) |
Unrealized gains (losses) on held-to-maturity (HTM) securities: | ||||
Accretion of unrealized gain for AFS securities transferred to HTM (net of tax, $166 and $0 for the three months and $278 and $0 for the nine months ended September 30, 2015 and 2014). | (308) | (516) | ||
Other comprehensive income (loss) | (1,083) | 1,087 | (4,109) | 14,158 |
Comprehensive income | $ 17,133 | $ 15,904 | $ 45,155 | $ 51,357 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Tax expense (benefit) related to reclassification adjustment for losses included in net income | $ 84,000 | $ 89,000 | $ 253,000 | $ 231,000 |
Tax expense (benefit) related to unrealized holding (losses) gains arising during period | 673,000 | 968,000 | 976,000 | 7,992,000 |
Tax expense (benefit) related to (gains) losses on AFS securities | 79,000 | 348,000 | 130,000 | 367,000 |
Tax expense (benefit) related to (gains) losses for AFS securities transferred to HTM | $ (166,000) | $ 0 | $ (278,000) | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | [1] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Dec. 31, 2013 | $ 33,020 | $ 170,770 | $ 236,210 | $ (2,190) | $ 437,810 | |
Net income | 37,199 | 37,199 | ||||
Other comprehensive income, (net of tax) | 14,158 | 14,158 | ||||
Issuance of common stock in regard to acquisition | 29,457 | 520,066 | 549,523 | |||
Dividends on common stock | (19,021) | (19,021) | ||||
Stock purchased under stock repurchase plan | (2,303) | (41,174) | (43,477) | |||
Issuance of common stock under Dividend Reinvestment Plan | 50 | 828 | (878) | |||
Issuance of common stock under Equity Compensation Plans | 89 | 983 | 1,072 | |||
Issuance of common stock for services rendered | 19 | 343 | 362 | |||
Vesting of restricted stock under Equity Compensation Plans | 20 | (20) | ||||
Net settle for taxes on Restricted Stock Awards | (85) | (1,480) | (1,565) | |||
Stock-based compensation expense | 862 | 862 | ||||
Balance at Sep. 30, 2014 | 60,267 | 651,178 | 253,510 | 11,968 | 976,923 | |
Balance at Dec. 31, 2014 | 59,795 | 643,443 | 261,676 | 12,255 | 977,169 | |
Net income | 49,264 | 49,264 | ||||
Other comprehensive income, (net of tax) | (4,109) | (4,109) | ||||
Dividends on common stock | (21,000) | (21,000) | ||||
Stock purchased under stock repurchase plan | (460) | (7,535) | (7,995) | |||
Issuance of common stock under Dividend Reinvestment Plan | 69 | 1,030 | (1,099) | |||
Issuance of common stock under Equity Compensation Plans | 49 | 517 | 566 | |||
Issuance of common stock for services rendered | 26 | 420 | 446 | |||
Vesting of restricted stock under Equity Compensation Plans | 52 | (52) | ||||
Net settle for taxes on Restricted Stock Awards | (17) | (269) | (286) | |||
Stock-based compensation expense | 957 | 957 | ||||
Balance at Sep. 30, 2015 | $ 59,514 | $ 638,511 | $ 288,841 | $ 8,146 | $ 995,012 | |
[1] | Retained earnings as of December 31, 2013 and 2014 includes the cumulative impact of $429,000 and $856,000, respectively, resulting from the adoption of ASU 2014-01 "Accounting For Investments in Qualified Affordable Housing Projects." See "Note 1 - Accounting Policies" for additional information. |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends on common stock, per share | $ 0.49 | $ 0.43 | ||
Common Stock [Member] | ||||
Issuance of Common Stock in regard to acquisition, shares | 22,147,874 | |||
Stock purchased under stock repurchase plan, shares | 347,021 | 1,731,025 | ||
Issuance of common stock under Dividend Reinvestment Plan, shares | 52,201 | 37,489 | ||
Issuance of common stock under Equity Compensation Plans, shares | 37,124 | 67,057 | ||
Vesting of restricted stock under Equity Compensation Plans, shares | 39,652 | 14,707 | ||
Issuance of common stock for services rendered, shares | 19,417 | 14,374 | ||
Net settle for taxes on Restricted Stock Awards, shares | 13,076 | 63,916 | ||
Retained Earnings [Member] | ||||
Dividends on common stock, per share | $ 0.49 | $ 0.43 | ||
Impact of adoption of ASU 2014-01 | $ 856,000 | $ 429,000 | ||
Accumulated Other Comprehensive Income [Member] | ||||
Other comprehensive income (loss), tax | $ 1,130,000 | $ 7,625,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||
Net income | $ 49,264 | $ 37,199 |
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities: | ||
Depreciation of bank premises and equipment | 8,097 | 8,160 |
Writedown of OREO | 1,773 | 7,265 |
Other-than-temporary impairment recognized in earnings | 300 | |
Amortization, net | 10,080 | 10,891 |
Amortization related to acquisition, net | 1,175 | (410) |
Provision for loan losses | 7,561 | 3,300 |
(Gains) on securities transactions, net | (672) | (1,449) |
Decrease in loans held for sale, net | 3,206 | 33,093 |
Gains (losses) on sales of other real estate owned, net | 80 | (128) |
Losses on sales of bank premises, net | 98 | 384 |
Stock-based compensation expenses | 957 | 862 |
Issuance of common stock for services | 446 | 362 |
Net (increase) decrease in other assets | (3,892) | 12,347 |
Net increase (decrease) in other liabilities | 691 | (3,703) |
Net cash and cash equivalents provided by operating activities | 79,164 | 108,173 |
Investing activities: | ||
Purchases of securities | (171,203) | (351,153) |
Proceeds from sales of securities | 63,928 | 273,447 |
Proceeds from maturities, calls and paydowns of securities available for sale | 110,132 | 111,390 |
Proceeds from maturities, calls and paydowns of securities held of maturity | 795 | |
Net (increase) decrease in loans | (228,839) | 100,844 |
Net (increase) in bank premises and equipment | (2,541) | (5,262) |
Proceeds from sales of other real estate owned | 6,374 | 9,929 |
Improvements to other real estate owned | (308) | (262) |
Cash paid for equity-method investments | (355) | |
Cash acquired in bank acquisitions | 49,989 | |
Net cash and cash equivalents (used in) provided by investing activities | (222,017) | 188,922 |
Financing activities: | ||
Net increase in noninterest-bearing deposits | 138,667 | 100,629 |
Net increase (decrease) in interest-bearing deposits | 43,259 | (175,918) |
Net increase (decrease) in short-term borrowings | 44,024 | (84,665) |
Net (decrease) increase in long-term borrowings | (8,448) | 1,518 |
Cash dividends paid - common stock | (21,000) | (19,020) |
Repurchase of common stock | (7,995) | (43,477) |
Issuance of common stock | 566 | 1,072 |
Taxes paid related to net share settlement of equity awards | (286) | (1,565) |
Net cash and cash equivalents provided by (used in) financing activities | 188,787 | (221,426) |
Increase in cash and cash equivalents | 45,934 | 75,669 |
Cash and cash equivalents at beginning of the period | 133,260 | 73,023 |
Cash and cash equivalents at end of the period | 179,194 | 148,692 |
Cash payments for: | ||
Interest | 20,720 | 21,210 |
Income taxes | 13,800 | 12,400 |
Supplemental schedule of noncash investing and financing activities | ||
Unrealized (losses) gain on securities available for sale | (3,160) | 21,786 |
Transfer from securities available for sale to securities held to maturity | 201,822 | |
Transfer from loans held for investment to loans held for sale | 26,400 | |
Changes in fair value of interest rate swap loss | (1,539) | (3) |
Transfers between loans and other real estate owned | 1,493 | 5,257 |
Transfers from bank premises to other real estate owned | $ 402 | 10,866 |
Issuance of common stock in exchange for net assets in acquisition | 549,523 | |
Transactions related to bank and branch acquisitions | ||
Assets acquired | 2,957,521 | |
Liabilities assumed | $ 2,642,120 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
ACCOUNTING POLICIES [Abstract] | |
ACCOUNTING POLICIES | 1. ACCOUNTING POLICIES The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. Adoption of New Accounting Standards The Company adopted ASU 2014-01, “ Accounting for Investments in Qualified Affordable Housing Projects ” as of January 1, 2015. As permitted by the guidance, the Company adopted the proportional amortization method of accounting for qualified affordable housing projects. The proportional amortization method amortizes the cost of the investment over the period in which the Company will receive tax credits and other tax benefits, and the resulting amortization is recognized as a component of income taxes attributable to continuing operations. Historically, these investments were accounted for under the equity method of accounting and the passive losses related to the investments were recognized within noninterest expense. The Company adopted this guidance in the first quarter of 2015 with retrospective application as required by the ASU. Prior period results and related metrics have been recast to conform to this presentation. The recast of prior period information did not have a material impact on the Company’s financial condition or results of operations. For the three and nine months ended September 30, 2015, the Company recognized amortization of $118,000 and $397,000 , respectively, and tax credits of $213,000 and $641,000 , respectively, associated with these investments within “Income tax expense” on the Company’s Consolidated Statements of Income. The carrying value of the Company’s investments in these qualified affordable housing projects was $10.1 million and $10.4 million as of September 30, 2015 and December 31, 2014, respectively. The Company recorded a liability of $5.1 million for the related unfunded commitments as of September 30, 2015, which are expected to be paid from 2015 to 201 9 . Recent Accounting Pronouncements In January 2015, the FASB issued ASU No. 2015-01, “ Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items .” The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items , required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “ Amendments to the Consolidation Analysis .” The amendments in this ASU amend the consolidation requirements in ASC 810, Consolidation , and significantly change the consolidation analysis required under U.S. GAAP. Under this guidance, limited partnerships will be considered variable interest entities (“VIEs”) unless the limited partners have either substantive kick-out or participating rights; this amendment will result in more partnerships being considered VIEs, but it will be less likely that a general partner will consolidate a limited partnership. The amendments also change the effect that fees paid to a decision maker or service provider have on the consolidation analysis; it is less likely that the fees themselves will be considered a variable interest, that an entity will be a VIE, or that consolidation will result. The changes modify how a reporting entity considers how its variable interests affect its consolidation process; the related party tiebreaker test and mandatory consolidation by one of the related parties will have to be performed less frequently than under current U.S. GAAP. For entities other than limited partnerships, the amendments clarify how to determine whether the equity holders have power over the entity and could affect whether the entity is a VIE. The amendments are expected to result in the deconsolidation of many entities. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company is currently assessing the impact that ASU 2015-02 will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs .” The ASU does not change the existing recognition and measurement guidance for debt issuance costs but requires that debt issuance costs related to a debt liability recorded on the balance sheet be present in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendments should be disclosed consistent with the disclosure requirement of a change in accounting principle and applied on a retrospective basis. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, “ Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement .” This ASU clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses; otherwise, the customer should account for the arrangement as a service contract. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-05 will have on its consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, “ Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” This ASU clarifies the guidance issued within ASU 2015-03 described above. Given the absence of authoritative guidance within Update 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The costs should be amortized over the term of the arrangement. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-15 to have a material impact on its consolidated financial statements. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2015 | |
ACQUISITIONS [Abstract] | |
ACQUISITIONS | 2. ACQUISITIONS The Company’s merger and acquisition strategy focuses on high-growth areas with strong market demographics and targets organizations that have a comparable corporate culture, strong performance, and good asset quality, among other factors. On January 1, 2014, the Company completed the acquisition of StellarOne, a bank holding company based in Charlottesville, Virginia, in an all-stock transaction. StellarOne’s common shareholders received 0.9739 shares of the Company’s common stock in exchange for each share of StellarOne’s common stock, resulting in the Company issuing 22,147,874 shares of common stock at a fair value of $549.5 million. The fair value of assets acquired totaled $2.96 billion and liabilities assumed totaled $2.64 billion. As a result of the transaction, StellarOne’s former bank subsidiary, StellarOne Bank, became a wholly owned bank subsidiary of the Company. On May 9, 2014, StellarOne Bank was merged with and into the Bank. Information regarding this acquisition is included in the Company’s 2014 Annual Report on Form 10-K. The Company has not completed any acquisitions of businesses in 2015. The net effect of the amortization and accretion of premiums and discounts associated with the Company’s acquisition accounting adjustments had the following impact on the Consolidated Statements of Income during the three and nine months ended September 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Loans (1) $ $ $ $ Core deposit intangible (2) Borrowings (3) Time deposits (4) Net impact to income before taxes $ $ $ $ (1) Loan discount accretion is included in "Interest and fees on loans" in the "Interest and dividend income" section of the Company's Consolidated Statements of Income. (2) Core deposit intangible premium amortization is included in "Amortization of intangible assets" in the "Noninterest expense" section of the Company's Consolidated Statements of Income. (3) Borrowings discount accretion is included in "Interest on long-term borrowings" in the "Interest Expense" section of the Company's Consolidated Statements of Income. (4) Certificate of deposit discount accretion is included in "Interest on deposits" in the "Interest expense" section of the Company's Consolidated Statements of Income. |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2015 | |
SECURITIES [Abstract] | |
SECURITIES | 3. SECURITIES Available for Sale The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available for sale as of September 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value September 30, 2015 U.S. government and agency securities $ $ $ - $ Obligations of states and political subdivisions Corporate bonds Mortgage-backed securities Other securities - Total available for sale securities $ $ $ $ December 31, 2014 U.S. government and agency securities $ $ $ $ Obligations of states and political subdivisions Corporate bonds Mortgage-backed securities Other securities Total available for sale securities $ $ $ $ The following table shows the gross unrealized losses and fair value (in thousands) of the Company’s available for sale investments with unrealized losses that are not deemed to be other-than-temporarily impaired. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2015 Obligations of states and political subdivisions $ $ $ $ $ $ Mortgage-backed securities Corporate bonds and other securities Total available for sale $ $ $ $ $ $ December 31, 2014 U.S. government and agency securities $ $ $ - $ - $ $ Obligations of states and political subdivisions Mortgage-backed securities Corporate bonds and other securities Total available for sale $ $ $ $ $ $ As of September 30, 2015 , there were $ 52.5 million, or 22 issues, of individual available for sale securities that had been in a continuous loss position for more than 12 months. Additionally, these securities had an unrealized loss of $1.1 million and consisted of municipal obligations, mortgage-backed securities, and corporate bonds. As of December 31, 2014, there were $ 96.4 million, or 60 issues, of individual securities that had been in a continuous loss position for more than 12 months. Additionally, these securities had an unrealized loss of $1.1 million and consisted of municipal obligations, mortgage-backed securities, corporate bonds, and other securities. The Company has determined that these securities are temporarily impaired as of September 30, 2015 and December 31, 2014 for the reasons set out below: U.S. Government agencies and corporations. The unrealized losses in this category of investments were caused by interest rate fluctuations. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the cost basis of each investment. Because the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of these investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. Mortgage-backed securities. This category’s unrealized losses are primarily the result of interest rate fluctuations. Since the decline in market value is attributable to changes in interest rates and not credit quality, the Company does not intend to sell the investments, and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired. Also, the majority of the Company’s mortgage-backed securities are agency-backed securities, which have a government guarantee. State and political subdivisions. This category’s unrealized losses are primarily the result of interest rate fluctuations and also a certain few ratings downgrades brought about by the impact of the economic downturn on states and political subdivisions. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the cost basis of each investment. Because the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. As discussed below, one security was identified as containing credit-related OTTI. Corporate debt securities. The Company’s unrealized losses in corporate debt securities are related to both interest rate fluctuations and ratings downgrades for a limited number of securities. The majority of the securities remain investment grade and the Company’s analysis did not indicate the existence of a credit loss. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the cost basis of each investment. Because the Company does not intend to sell any of the investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. The following table presents the amortized cost and estimated fair value of available for sale securities as of September 30, 2015 and December 31, 2014 , by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 December 31, 2014 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ $ $ $ Due after one year through five years Due after five years through ten years Due after ten years Total securities available for sale $ $ $ $ The following table presents available for sale securities which were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of September 30, 2015 and December 31, 2014 (dollars in thousands): September 30, 2015 December 31, 2014 Fair Value Fair Value Public deposits $ $ Repurchase agreements Other purposes (1) Total pledged securities $ $ (1) The "Other purposes" category consists of borrowings, derivatives, and accounts held at the Bank. Held to Maturity During the second quarter of 2015, the Company transferred securities, which it intends and has the ability to hold until maturity, with a fair value of $201.8 million on the date of transfer, from securities available for sale to securities held to maturity. The Company transferred these securities to held to maturity to reduce the impact of price volatility on capital and in consideration of changes to the regulatory environment. The securities included net pre-tax unrealized gains of $8.1 million at the date of transfer with a remaining balance of $7. 3 million as of September 30, 2015. The Company reports securities held to maturity on the Consolidated Balance Sheets at carrying value. Carrying value is amortized cost which includes any unamortized unrealized gains and losses recognized in accumulated other comprehensive income prior to reclassifying the securities from securities available for sale to securities held to maturity. Investment securities transferred into the held to maturity category from the available for sale category are recorded at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income and in the carrying value of the securities held to maturity. Such unrealized gains/(losses) are accreted over the remaining life of the security with no impact on future net income. The carrying value, gross unrealized gains and losses, and estimated fair values of securities held to maturity as of September 30, 2015 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value (1) Gains (Losses) Fair Value September 30, 2015 Obligations of states and political subdivisions $ $ $ $ (1) The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion. The following table shows the gross unrealized losses and fair value (in thousands) of the Company’s held to maturity securities with unrealized losses that are not deemed to be other-than-temporarily impaired. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2015 Obligations of states and political subdivisions $ $ $ - $ - $ $ The following table presents the amortized cost and estimated fair value of held to maturity securities as of September 30, 2015, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 Carrying Estimated Value (1) Fair Value Due in one year or less $ $ Due after one year through five years Due after five years through ten years Due after ten years Total securities held to maturity $ $ (1) The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion. The following table presents held to maturity securities which were pledged to secure public deposits as permitted or required by law as of September 30, 2015 (dollars in thousands): September 30, 2015 Fair Value Public deposits $ Total pledged securities $ Restricted Stock, at cost Due to restrictions placed upon the Bank’s common stock investment in the Federal Reserve Bank and FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not subject to the investment security classifications and are included as a separate line item on the Company’s Consolidated Balance Sheets. At September 30, 2015, the FHLB required the Bank to maintain stock in an amount equal to 4.25 % of outstanding borrowings and a specific percentage of the Bank’s total assets. At December 31, 2014, the FHLB required the Bank to maintain stock in an amount equal to 4.5% of outstanding borrowings and a specific percentage of the Bank’s total assets. The Federal Reserve Bank required the Bank to maintain stock with a par value equal to 6 % of its outstanding capital at both September 30, 2015 and December 31, 2014. Restricted equity securities consist of Federal Reserve Bank stock in the amount of $23.8 million for both September 30, 2015 and December 31, 2014 and FHLB stock in the amount of $ 28.9 million and $ 31.0 million as of September 30, 2015 and December 31, 2014 , respectively. Other-Than-Temporary-Impairment During each quarter, the Company conducts an assessment of the securities portfolio for OTTI consideration. The assessment considers factors such as external credit ratings, delinquency coverage ratios, market price, management’s judgment, expectations of future performance, and relevant industry research and analysis. An impairment is other-than-temporary if any of the following conditions exist: the entity intends to sell the security; it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis; or the entity does not expect to recover the security’s entire amortized cost basis (even if the entity does not intend to sell). If a credit loss exists, but an entity does not intend to sell the impaired debt security and is not more likely than not to be required to sell before recovery, the impairment is other-than-temporary and should be separated into a credit portion to be recognized in earnings and the remaining amount relating to all other factors recognized as other comprehensive loss. Based on the assessment for the quarter ended September 30, 2015 and in accordance with the guidance, the Company determined that a municipal security in the available for sale portfolio incurred credit-related OTTI of $300,000 , which was recognized in earnings for the quarter ended September 30, 2015. Realized Gains and Losses The following table presents the gross realized gains and losses on the sale of securities available for sale and the proceeds from the sale of securities during the three and nine months ended September 30, 2015 (dollars in thousands). The Company did not sell any investment securities that are held to maturity. Three months ended Nine months ended September 30, 2015 September 30, 2015 Realized gains (losses): Gross realized gains $ $ Gross realized losses - Net realized gains $ $ Proceeds from sales of securities $ $ The following table presents the gross realized gains and losses on the sale of securities available for sale and the proceeds from the sale of securities during the three and nine months ended September 30, 2014 (dollars in thousands). Three months ended Nine months ended September 30, 2014 September 30, 2014 Realized gains (losses): Gross realized gains $ $ Gross realized losses Net realized gains $ $ Proceeds from sales of securities $ $ |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended |
Sep. 30, 2015 | |
LOANS AND ALLOWANCE FOR LOAN LOSSES [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | 4. LOANS AND ALLOWANCE FOR LOAN LOSSES Loans are stated at their face amount, net of deferred fees and costs, and consist of the following at September 30, 2015 and December 31, 2014 (dollars in thousands): September 30, December 31, 2015 2014 Commercial: Commercial Construction $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Consumer Construction Indirect Auto Indirect Marine HELOCs Credit Card - Other Consumer Total $ $ The following table shows the aging of the Company’s loan portfolio, by class, at September 30, 2015 (dollars in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days and still Accruing PCI Nonaccrual Current Total Loans Commercial: Commercial Construction $ $ - $ $ $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots - - Single Family Investment Real Estate Commercial and Industrial Other Commercial - - Consumer: Mortgage Consumer Construction - - Indirect Auto - Indirect Marine - - - HELOCs Other Consumer Total $ $ $ $ $ $ $ The following table shows the aging of the Company’s loan portfolio, by class, at December 31, 2014 (dollars in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days and still Accruing PCI Nonaccrual Current Total Loans Commercial: Commercial Construction $ $ - $ - $ $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial - Consumer: Mortgage Consumer Construction - - Indirect Auto - - Indirect Marine - - - HELOCs Credit Card - - Other Consumer Total $ $ $ $ $ $ $ The following table shows the PCI commercial and consumer loan portfolios, by class and their delinquency status, at September 30, 2015 (dollars in thousands): 30-89 Days Past Due Greater than 90 Days Current Total Commercial: Commercial Construction $ - $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Consumer Construction - - HELOCs Other Consumer Total $ $ $ $ The following table shows the PCI commercial and consumer loan portfolios, by class and their delinquency status, at December 31, 2014 (dollars in thousands): 30-89 Days Past Due Greater than 90 Days Current Total Commercial: Commercial Construction $ - $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots - Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Consumer Construction - - HELOCs Other Consumer Total $ $ $ $ The Company measures the amount of impairment by evaluating loans either in their collective homogeneous pools or individually. The following table shows the Company’s impaired loans, excluding PCI loans related to the StellarOne acquisition, by class at September 30, 2015 (dollars in thousands): Recorded Investment Unpaid Principal Balance Related Allowance YTD Average Investment Interest Income Recognized Loans without a specific allowance Commercial: Commercial Construction $ $ $ - $ $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - Consumer: Mortgage - Consumer Construction - HELOCs - Other Consumer - Total impaired loans without a specific allowance $ $ $ - $ $ Loans with a specific allowance Commercial: Commercial Construction $ $ $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Indirect Auto HELOCs Other Consumer Total impaired loans with a specific allowance $ $ $ $ $ Total impaired loans $ $ $ $ $ The following table shows the Company’s impaired loans, by class, at December 31, 2014 (dollars in thousands): Recorded Investment Unpaid Principal Balance Related Allowance YTD Average Investment Interest Income Recognized Loans without a specific allowance Commercial: Commercial Construction $ $ $ - $ $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - Consumer: Mortgage - Indirect Auto - - - Indirect Marine - - HELOCs - Other Consumer - - Total impaired loans without a specific allowance $ $ $ - $ $ Loans with a specific allowance Commercial: Commercial Construction $ $ $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Consumer Construction Indirect Marine HELOCs Other Consumer Total impaired loans with a specific allowance $ $ $ $ $ Total impaired loans $ $ $ $ $ The Company considers TDRs to be impaired loans. A modification of a loan’s terms constitutes a TDR if the creditor grants a concession that it would not otherwise consider to the borrower for economic or legal reasons related to the borrower’s financial difficulties. TDRs totaled $11.6 million and $ 26 .8 million as of September 30, 2015 and December 31, 2014 , respectively. All loans that are considered to be TDRs are evaluated for impairment in accordance with the Company’s allowance for loan loss methodology and are included in the preceding impaired loan tables. For the quarter ended September 30, 2015, the recorded investment in restructured loans prior to modifications was not materially impacted by the modification. The following table provides a summary, by class, of modified loans that continue to accrue interest under the terms of the restructuring agreement, which are considered to be performing, and modified loans that have been placed on nonaccrual status, which are considered to be nonperforming, as of September 30, 2015 and December 31, 2014 (dollars in thousands): September 30, 2015 December 31, 2014 No. of Loans Recorded Investment Outstanding Commitment No. of Loans Recorded Investment Outstanding Commitment Performing Commercial: Commercial Construction $ $ - $ $ - Commercial Real Estate - Owner Occupied - - Commercial Real Estate - Non-Owner Occupied - - Raw Land and Lots - - Single Family Investment Real Estate - - Commercial and Industrial - - Other Commercial - - Consumer: Mortgage - - Other Consumer - - Total performing $ $ - $ $ - Nonperforming Commercial: Commercial Construction $ $ - $ $ - Commercial Real Estate - Owner Occupied - - Commercial Real Estate - Non-Owner Occupied - - Raw Land and Lots - - Single Family Investment Real Estate - - Commercial and Industrial - - Other Commercial - - Consumer: Mortgage - - Other Consumer - - Total nonperforming $ $ - $ $ - Total performing and nonperforming $ $ - $ $ - The Company considers a default of a restructured loan to occur when the borrower is 90 days past due following the restructure or a foreclosure and repossession of the applicable collateral occurs. During the three and nine months ended September 30, 2015, the Company did not identify any restructured loans that went into default that had been restructured in the twelve-month period prior to default. During the three months ended September 30, 2014, the Company did not identify any restructured loans that went into default that had been restructured in the twelve-month period prior to default. During the nine months ended September 30, 2014, the Company identified one loan, totaling approximately $24,000 , that went into default that had been restructured in the twelve-month period prior to the time of default. This loan was a mortgage loan which had a term modification at a market rate. The following table shows, by class and modification type, TDRs that occurred during the three and nine months ended September 30, 2015 (dollars in thousands): Three months ended Nine months ended September 30, 2015 September 30, 2015 No. of Loans Recorded Investment at Period End No. of Loans Recorded Investment at Period End Term modification, at a market rate Commercial: Commercial Real Estate - Owner Occupied - $ - $ Commercial and Industrial - - Total loan term extended at a market rate - $ - $ Term modification, below market rate Commercial: Commercial Real Estate - Owner Occupied - $ - $ Raw Land and Lots Consumer: Mortgage Other Consumer Total loan term extended at a below market rate $ $ Total $ $ The following table shows, by class and modification type, TDRs that occurred during the three and nine months ended September 30, 2014 (dollars in thousands): Three months ended Nine months ended September 30, 2014 September 30, 2014 No. of Loans Recorded Investment at Period End No. of Loans Recorded Investment at Period End Term modification, at a market rate Commercial: Commercial Real Estate - Non-Owner Occupied $ $ Single Family Investment Real Estate - - Commercial and Industrial - - Other Commercial - - Total loan term extended at a market rate $ $ Total $ $ The following table shows the allowance for loan loss activity, balances for allowance for loan losses, and loan balances based on impairment methodology by portfolio segment for the nine months ended and as of September 30, 2015 . The table below includes the provision for loan losses. In addition, a $300,000 provision was recognized during the nine months ended September 30, 2015 for unfunded loan commitments for which the reserves are recorded as a component of “Other Liabilities” on the Company’s Consolidated Balance Sheets. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): Commercial Consumer Total Allowance for loan losses: Balance, beginning of the year $ $ $ Recoveries credited to allowance Loans charged off Provision charged to operations Balance, end of period $ $ $ Ending Balance, ALL: Loans individually evaluated for impairment $ $ $ Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality - - - Total $ $ $ Ending Balance, Loans: Loans individually evaluated for impairment $ $ $ Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total $ $ $ The following table shows the allowance for loan loss activity, balances for allowance for loan losses, and loan balances based on impairment methodology by portfolio segment for the nine months ended and as of September 30, 201 4 . Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): Commercial Consumer Total Allowance for loan losses: Balance, beginning of the year $ $ $ Recoveries credited to allowance Loans charged off Provision charged to operations Balance, end of period $ $ $ Ending Balance, ALL: Loans individually evaluated for impairment $ $ $ Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality - - - Total $ $ $ Ending Balance, Loans: Loans individually evaluated for impairment $ $ $ Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total $ $ $ The Company uses the past due status and delinquency trends as the primary credit quality indicator for the consumer loan portfolio segment while a risk rating system is utilized for commercial loans. Commercial loans are graded on a scale of 0 through 9. A general description of the characteristics of the risk grades follows: · Risk rated 0 loans have little or no risk and are generally secured by General Obligation Municipal Credits ; · Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents; · Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; · Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; · Risk rated 4 loans are satisfactory loans with borrowers not as strong as risk rated 3 loans and may exhibit a greater degree of financial risk based on the type of business supporting the loan; · Risk rated 5 loans are watch loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrower’s ability to repay; · Risk rated 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Company’s credit position; · Risk rated 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged; these have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected; · Risk rated 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; and · Risk rated 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. The following table shows the recorded investment in all loans, excluding PCI loans, in the commercial portfolios by class with their related risk rating current as of September 30, 2015 (dollars in thousands): 0-3 4 5 6 7 8 Total Commercial Construction $ $ $ $ $ $ - $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - Total $ $ $ $ $ $ $ The following table shows the recorded investment in all loans, excluding PCI loans, in the commercial portfolios by class with their related risk rating current as of December 31, 2014 (dollars in thousands): 1-3 4 5 6 7 8 Total Commercial Construction $ $ $ $ $ $ - $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - Total $ $ $ $ $ $ - $ The following table shows the recorded investment in only PCI loans in the commercial portfolios by class with their related risk rating and credit quality indicator information current as of September 30, 2015 (dollars in thousands): 4 5 6 7 8 Total Commercial Construction $ - $ - $ $ - $ $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial Other Commercial - - Total $ $ $ $ $ $ The following table shows the recorded investment in only PCI loans in the commercial portfolios by class with their related risk rating and credit quality indicator information current as of December 31, 2014 (dollars in thousands): 4 5 6 7 8 Total Commercial Construction $ - $ - $ $ $ $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - - - Total $ $ $ $ $ $ Loans acquired are originally recorded at fair value, with certain loans being identified as impaired at the date of purchase. The fair values were determined based on the credit quality of the portfolio, expected future cash flows, and timing of those expected future cash flows. The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality, for the periods presented (dollars in thousands): For the Nine Months ended June 30, September 30, 2015 2014 Balance at beginning of period $ $ Additions - Accretion Reclass of nonaccretable difference due to improvement in expected cash flows - Other, net (1) Balance at end of period $ $ (1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the quarter. The carrying value of the Company’s PCI loan portfolio, accounted for under ASC 310-30, totaled $78.6 million at September 30, 2015 and $105.8 million at December 31, 2014. The outstanding balance of the Company’s PCI loan portfolio totaled $95.7 million at September 30, 2015 and $126.3 million at December 31, 2014. The carrying value of the Company’s acquired performing loan portfolio, accounted for under ASC 310-20, Receivables – Nonrefundable Fees and Other Costs , totaled $1.5 billion at September 30, 2015 and $1.8 billion at December 31, 2014; the remaining discount on these loans totaled $21.9 million at September 30, 2 015 and $24.3 million at December 31, 2014, respectively . |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2015 | |
INTANGIBLE ASSETS [Abstract] | |
INTANGIBLE ASSETS | 5 . INTANGIBLE ASSETS The Company’s intangible assets consist of core deposits and goodwill arising from previous acquisitions. The Company has determined that core deposit intangibles have a finite life and amortizes them over their estimated useful life. Core deposit intangible assets are being amortized over the period of expected benefit, which ranges from 4 to 14 years, using an accelerated method. On January 1, 2014, the Company completed the acquisition of StellarOne and acquired intangible assets of $29.6 million and recorded $234.1 million of goodwill. In accordance with ASC 350, Intangibles-Goodwill and Other, the Company reviews the carrying value of indefinite lived intangible assets at least annually or more frequently if certain impairment indicators exist. The Company performed its annual impairment testing in the second quarter of 2015 and determined that there was no impairment to its goodwill or intangible assets. Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands): Gross Carrying Value Accumulated Amortization Net Carrying Value September 30, 2015 Amortizable core deposit intangibles $ $ $ December 31, 2014 Amortizable core deposit intangibles $ $ $ September 30, 2014 Amortizable core deposit intangibles $ $ $ Amortization expense of core deposit intangibles for the three and nine months ended September 30, 2015 totaled $2.1 million and $6.4 million, respectively; for the three and nine months ended September 30, 2014 totaled $2.4 million and $7.5 million, respectively; and for the year ended December 31, 2014 was $9.8 million. As of September 30, 2015 , the estimated remaining amortization expense of core deposit intangibles is as follows (dollars in thousands): For the remaining three months of 2015 $ For the year ending December 31, 2016 For the year ending December 31, 2017 For the year ending December 31, 2018 For the year ending December 31, 2019 For the year ending December 31, 2020 Thereafter Total estimated amortization expense $ |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2015 | |
BORROWINGS [Abstract] | |
BORROWINGS | 6. BORROWINGS Short-term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Total short-term borrowings consist primarily of advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Also included in total short-term borrowings are securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Total short-term borrowings consist of the following as of September 30, 201 5 and December 31, 201 4 (dollars in thousands ): September 30, December 31, 2015 2014 Securities sold under agreements to repurchase $ $ Other short-term borrowings Total short-term borrowings $ $ Maximum month-end outstanding balance $ $ Average outstanding balance during the period Average interest rate during the period Average interest rate at end of period Other short-term borrowings: Federal funds purchased $ $ - FHLB $ $ Other lines of credit The Bank maintains federal funds lines with several correspondent banks; the remaining available balance was $170 .0 million and $ 150.0 million at September 30, 2015 and December 31, 2014 , respectively. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and is considered to be in compliance with these covenants. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $1. 5 b illion and $ 1.4 billion at September 30, 2015 and December 31, 2014 , respectively. Long-term Borrowings In connection with two bank acquisitions prior to 2006, the Company issued trust preferred capital notes to fund the cash portion of those acquisitions, collectively totaling $58.5 million. In connection with the acquisition of StellarOne, the Company acquired trust preferred capital notes totaling $32.0 million with a remaining fair value discount of $7.0 million at September 30, 2015. The trust preferred capital notes currently qualify for Tier 1 capital of the Company for regulatory purposes. Principal Investment (1) Spread to 3-Month LIBOR Rate Maturity Trust Preferred Capital Note - Statutory Trust I $ $ 6/17/2034 Trust Preferred Capital Note - Statutory Trust II 6/15/2036 VFG Limited Liability Trust I Indenture 3/18/2034 FNB Statutory Trust II Indenture 6/26/2033 Total $ $ (1) reported as "Other Assets" within the Consolidated Balance Sheets. As part of a prior acquisition, the Company assumed subordinated debt with terms of LIBOR plus 1.45 % and a maturity date of April 2016 . At September 30, 2015 , the carrying value of the subordinated debt was $17.5 million, with a remaining fair value discount of $ 285,000 . On August 23, 2012, the Company modified its fixed rate FHLB advances to floating rate advances, which resulted in reducing the Company’s FHLB borrowing costs. In connection with this modification, the Company incurred a prepayment penalty of $ 19.6 million on the original advances, which is included as a component of long-term borrowings in the Company’s Consolidated Balance Sheets. In accordance with ASC 470-50, Modifications and Extinguishments , the Company will amortize this prepayment penalty over the term of the modified advances using the effective rate method. The amortization expense is included as a component of interest expense on long-term borrowings in the Company’s Consolidated Statements of Income. Amortization expense for the three and nine months ended September 30, 2015 and 2014 was $463,000 and $1.4 million and $452,000 and $1.3 million , respectively. In connection with the StellarOne acquisition, the Company assumed $70.0 million in long-term borrowings with the FHLB of which there is $60.0 million remaining at September 30, 2015 t hat had a remaining fair value premium of $1.4 million . As of September 30, 2015 , the Company had advances from the FHLB consisting of the following (dollars in thousands): Long-term Type Spread to 3-Month LIBOR Interest Rate Maturity Date Advance Amount Adjustable Rate Credit 0.44% 0.77% 8/23/2022 $ Adjustable Rate Credit 0.45% 0.78% 11/23/2022 Adjustable Rate Credit 0.45% 0.78% 11/23/2022 Adjustable Rate Credit 0.45% 0.78% 11/23/2022 Fixed Rate - 3.62% 11/28/2017 Fixed Rate - 3.75% 7/30/2018 Fixed Rate - 3.97% 7/30/2018 Fixed Rate Hybrid - 2.11% 10/5/2016 Fixed Rate Hybrid - 0.91% 7/25/2016 $ As of December 31, 2014 , the Company had advances from the FHLB consisting of the following (dollars in thousands): Long-term Type Spread to 3-Month LIBOR Interest Rate Maturity Date Advance Amount Adjustable Rate Credit 0.44% 0.70% 8/23/2022 $ Adjustable Rate Credit 0.45% 0.71% 11/23/2022 Adjustable Rate Credit 0.45% 0.71% 11/23/2022 Adjustable Rate Credit 0.45% 0.71% 11/23/2022 Fixed Rate - 3.62% 11/28/2017 Fixed Rate - 3.44% 7/28/2015 Fixed Rate - 3.75% 7/30/2018 Fixed Rate - 3.97% 7/30/2018 Fixed Rate Hybrid - 2.11% 10/5/2016 Fixed Rate Hybrid - 0.91% 7/25/2016 $ The carrying value of the loans and securities pledged as collateral for FHLB advances totaled $1.8 billion and $ 1.2 billion as of September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 , the contractual maturities of long-term debt are as follows for the years ending ( dollars in thousands): Trust Preferred Capital Notes Subordinated Debt FHLB Advances Fair Value Premium (Discount) Prepayment Penalty Total Long-term Borrowings Remaining three months in 2015 $ - $ - $ - $ - $ $ 2016 - 2017 - - 2018 - - 2019 - - - 2020 - - - Thereafter - Total Long-term borrowings $ $ $ $ $ $ |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES Litigation Matters In the ordinary course of its operations, the Company and its subsidiaries are parties to various legal proceedings. Based on the information presently available, and after consultation with legal counsel, management believes that the ultimate outcome in such proceedings, in the aggregate, will not have a material adverse effect on the business, financial condition, or results of operations of the Company. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the Company’s Consolidated Balance Sheets. The contractual amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not require collateral or other security to support off-balance sheet financial instruments with credit risk. The Company considers credit losses related to off-balance sheet commitments by undergoing a similar process in evaluating losses for loans that are carried on balance sheet. The Company considers historical loss rates, current economic conditions, risk ratings, and past due status among other factors in the consideration of whether credit losses are inherent in the Company’s off-balance sheet commitments to extend credit. The Company does not expect credit losses arising from off-balance sheet commitments to have a material adverse impact on the Company’s consolidated financial statements. Commitments to extend credit are agreements to lend to customers as long as there are no violations of any conditions established in the contracts. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of customers to third parties. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. UMG, a wholly owned subsidiary of the Bank, uses rate lock commitments and best efforts contracts during the origination process and for loans held for sale. These best efforts contracts are designed to mitigate UMG’s exposure to fluctuations in interest rates in connection with rate lock commitments and loans held for sale. The Company held approximately $2.1 million and $2.6 million in loans held for sale in which the related rate lock commitment had expired as of September 30, 2015 and December 31, 2014, respectively. At September 30, 2015 and December 31, 2014, the reserves associated with these loans held for sale were $102,000 and $104,000 , respectively, and are reflected on the balance sheet of the mortgage segment. The following table presents the balances of commitments and contingencies ( dollars in thousands ): September 30, December 31, 2015 2014 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ $ Standby letters of credit Mortgage loan rate lock commitments Total commitments with off-balance sheet risk $ $ Commitments with balance sheet risk: Loans held for sale $ $ Total other commitments $ $ (1) Includes unfunded overdraft protection. The Company must maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. For the final weekly reporting period in the periods ended September 30, 2015 and December 31, 2014 , the aggregate amount of daily average required reserves was approximately $41.4 million and $ 48.7 million, respectively. The Company has approximately $24.6 million in deposits in other financial institutions, of which $ 10.0 million and $3.8 million serve as collateral for the cash flow hedges and loan swaps, respectively, as discussed in Note 8 “Derivatives”. The Company had approximately $9.7 million in deposits in other financial institutions that were uninsured at September 30, 2015 . On an annual basis, the Company’s management evaluates the loss risk of its uninsured deposits in financial counterparties. For asset/liability management purposes, the Company uses interest rate swap agreements to hedge various exposures or to modify the interest rate characteristics of various balance sheet accounts. See Note 8 “Derivatives” for additional information. In the ordinary course of business, the Company records an indemnification reserve relating to mortgage loans previously sold based on historical statistics and loss rates; as of September 30, 2015 and December 31, 2014, the Company’s indemnification reserve for such mortgage loans was $384,000 and $662,000 , respectively. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2015 | |
DERIVATIVES [Abstract] | |
DERIVATIVES | 8. DERIVATIVES The Company is exposed to economic risks arising from its business operations and uses derivatives primarily to manage risk associated with changing interest rates, and to assist customers with their risk management objectives. The Company designates its derivatives either as hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge) or as a free standing derivative such as interest rate lock commitments that do not qualify for hedge accounting. The Company uses interest rate derivatives to manage its exposure to interest rate movements and add stability to interest income and expense. The Company also enters into back-to-back loan swaps to assist customers in managing the risks due to changing interest rates. Cash Flow Hedges As part of its cash flow hedging strategy, the Company uses interest rate swap agreements to limit the variability of expected future cash flows (primarily associated with the Company’s variable rate borrowings) by exchanging a notional amount, equal to the principal amount of the borrowings, for fixed-rate interest based on benchmarked interest rates. As of September 30, 2015, the Company had 11 interest rate swaps designated as cash flow hedges with an aggregate notional amount of $263.0 million. The Company has entered into three interest rate swap agreements (the “trust swaps”) to mitigate the variable interest rate risk related to the trust preferred capital notes further described in Note 6 “Borrowings.” The Company receives interest of LIBOR from a counterparty and pays a weighted average fixed rate of 2.77% to the same counterparty calculated on a notional amount of $68.0 million. The original terms of the trust swaps range from three to six years. The Company has entered into four interest rate swap agreements (the “prime loan swaps”) to mitigate the variable interest rate risks of certain prime commercial loans. The Company receives a fixed interest rate ranging from 4 .71 % to 5.20 % from the counterparty and pays interest based on the Wall Street Journal prime index, with a spread of up to 0.49% , to the same counterparty calculated on a notional amount of $55.0 million. One of the four prime loan swaps contains a floor rate of 4.00% . The original terms of the four prime loan swaps is six years with a fixed rate that started September 17, 2013 . The Company has entered into four interest rate swap agreements (“FHLB advance swaps”) to mitigate variable interest rate risk on certain designated variable rate FHLB borrowings. The Company receives an interest rate based on the three month LIBOR from the counterparty and pays an interest rate ranging from 3.16% to 3.46% to the same counterparty calculated on a notional amount of $140.0 million. The FHLB advance swaps are deferred starting swaps with terms of six years and five years and effective dates of February 23, 2017 and February 23, 2018 , respectively. All swaps were entered into with counterparties that met the Company’s credit standards and the agreements contain collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contract is not significant. As of September 30, 2015, the Company had $10.0 million of cash pledged as collateral for the cash flow hedges and securities with a market value of $4.3 million pledged as collateral for the prime loan swaps and FHLB advance swaps. Amounts receivable or payable are recognized as accrued under the terms of the agreements. In accordance with ASC 815, Derivatives and Hedging , the Company has designated the trust swaps, prime loan swaps, and FHLB advance swaps as cash flow hedges, with the effective portions of the derivatives’ unrealized gains or losses recorded as a component of other comprehensive income. The ineffective portions of the unrealized gains or losses, if any, would be recorded in interest income and interest expense in the Company’s Consolidated Statements of Income. The Company has assessed the effectiveness of each hedging relationship by comparing the changes in cash flows of the hedging instrument. Based on the Company’s assessment, its cash flow hedges are highly effective. At September 30, 2015 , the fair value of the Company’s cash flow hedges was a net unrealized loss of $ 10.4 million, the amount the Company would have expected to pay if the contracts were terminated. Shown below is a summary of the derivatives designated as cash flow hedges at September 30, 2015 and December 31, 2014 (dollars in thousands): Notional Receive Pay Weighted Average Positions Amount Asset Liability Rate Rate Life (Years) As of September 30, 2015 Pay fixed - receive floating interest rate swaps 7 $ $ - $ (1) (1) (1) Receive fixed - pay floating interest rate swaps 4 $ $ $ - (1) Due to their deferred nature, the rates and the life exclude the four FHLB advance swaps . Notional Receive Pay Weighted Average Positions Amount Asset Liability Rate Rate Life (Years) As of December 31, 2014 Pay fixed - receive floating interest rate swaps 7 $ $ - $ (1) (1) (1) Receive fixed - pay floating interest rate swaps 4 $ $ $ - (1) Due to their deferred nature, the rates and the life exclude the four FHLB advance swaps. Fair Value Hedge During the normal course of business, the Company enters into interest rate swaps to convert certain long-term fixed-rate loans to floating rates to hedge the Company’s exposure to interest rate risk. The Company applies hedge accounting in accordance with ASC 815, and the fair value hedge and the underlying hedged item, attributable to the risk being hedged, are recorded at fair value with unrealized gains and losses being recorded in the Company’s Consolidated Statements of Income. The ineffective portions of the unrealized gains or losses, if any, would be recorded in interest income and interest expense in the Company’s Consolidated Statements of Income. The Company uses statistical regression analysis to assess hedge effectiveness, both at inception of the hedging relationship and on an ongoing basis. The regression analysis involves regressing the periodic change in fair value of the hedging instrument against the periodic changes in fair value of the asset being hedged due to changes in the hedged risk. As of September 30, 2015 , the Company had three swap s constituting fair value hedge s , whereby the Company pays a fixed interest rate ranging from 3.23% to 3.53% to the counterparty and receives interest of one month LIBOR plus a spread of up to 2.13% from the same counterparty calculated on a n aggregate notional amount of $53.6 million with term s ranging from 15 to 17 years. At December 31, 2014, the Company had one fair value hedge with an aggregate notional amount of $38.3 million. At September 30, 2015, the fair value of the Company’s fair value hedges was an unrealized loss of $1.4 million , the amount the Company would have expected to pay if the contract was terminated; the liability is reported in “Other Liabilities” in the Company’s Consolidated Balance Sheets. At September 30, 2015, the aggregate notional amount of the hedged items was $53.6 million with a fair value of $1.4 million . At December 31, 2014, the Company had one hedged item with an aggregate notional amount of $38.3 million. The Company’s fair value hedges continue to be highly effective and had no material impact on the Company’s Consolidated Statements of Income. Loan Swaps During the normal course of business, the Company enters into interest rate swap loan relationships (“loan swaps”) with borrowers to meet their financing needs. Upon entering into the loan swaps, the Company enters into offsetting positions with counterparties in order to minimize interest rate risk. These back-to-back loan swaps qualify as financial derivatives with fair values as reported in “Other Assets” and “Other Liabilities” in the Company’s Consolidated Balance Sheets. As of September 30, 2015, the Company had cash and securities with a market value of $6.6 million pledged as collateral for the loan swaps. Shown below is a summary regarding loan swap derivative activities at September 30, 2015 and December 31, 2014 (dollars in thousands): Notional Receive Pay Weighted Average Positions Amount Asset Liability Rate Rate Life (Years) As of September 30, 2015 Receive fixed - pay floating interest rate swaps 35 $ $ $ - Pay fixed - receive floating interest rate swaps 35 $ $ - $ Notional Receive Pay Weighted Average Positions Amount Asset Liability Rate Rate Life (Years) As of December 31, 2014 Receive fixed - pay floating interest rate swaps 30 $ $ $ - Pay fixed - receive floating interest rate swaps 30 $ $ - $ Interest Rate Lock Commitments During the normal course of business, the Company enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment, closing, and sale of the loan generally ranges from 30 to 120 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. The correlation between the rate lock commitments and the best efforts contracts is high due to their similarity. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments and best efforts contracts by measuring the change in the value of the underlying asset while taking into consideration the probability that the rate lock commitments will close. The fair value of the rate lock commitments as of September 30, 2015 was $ 1.3 million and is reported as a component of “Other Assets” in the Company’s Consolidated Balance Sheets; the fair value of the Company’s best efforts forward delivery commitments was $544,000 and is recorded as a component of “Other Liabilities” in the Company’s Consolidated Balance Sheets. Any impact to income is recorded in current period earnings as a component of “Gain on sale of mortgage loans, net of commissions” in the Company’s Consolidated Statements of Income. T he aggregate notional amount of these derivatives was $61.0 million and $49.6 million at September 30, 2015 and December 31, 2014, respectively . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 . ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2015 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) on AFS Securities Unrealized Gain for AFS Securities Transferred to HTM Change in Fair Value of Cash Flow Hedge Total Balance - June 30, 2015 $ $ $ $ Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income - Net current period other comprehensive income (loss) Balance - September 30, 2015 $ $ $ $ Unrealized Gains (Losses) on AFS Securities Unrealized Gain for AFS Securities Transferred to HTM Change in Fair Value of Cash Flow Hedges Total Balance - December 31, 2014 $ $ - $ $ Unrealized gain transferred from AFS to HTM - - Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income - Net current period other comprehensive income (loss) Balance - September 30, 2015 $ $ $ $ The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2014 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) on AFS Securities Change in Fair Value of Cash Flow Hedge Total Balance - June 30, 2014 $ $ $ Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income Net current period other comprehensive income (loss) Balance - September 30, 2014 $ $ $ Unrealized Gains (Losses) on AFS Securities Change in Fair Value of Cash Flow Hedges Total Balance - December 31, 2013 $ $ $ Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income Net current period other comprehensive income (loss) Balance - September 30, 2014 $ $ $ Reclassifications of unrealized gains (losses) on available for sale securities are reported in the Company’s Consolidated Statements of Income as “Gains on securities transactions, net” with the corresponding income tax effect being reflected as a component of income tax expense. T he Company reported gains of $ 75 ,000 and $ 672 ,000 for the three and nine months ended September 30, 2015, respectively , related to the sale of securities. Excluding OTTI recovery of $400,000 in the second quarter of 2014, the Company reported net gains of $995,000 and $1.0 million for the three and nine months ended September 30, 2014, respectively, related to the sale of securities. The Company recorded $300,000 in other-than-temporary impairment in the current quarter on a municipal security in the available for sale portfolio. The tax effect of these transactions during the three and nine months ended September 30, 2015 and 2014 were $ 79 ,000 and $ 130 ,000 and $348,000 and $367,000 , respectively, which amounts were included as a component of income tax expense. Reclassifications of the change in fair value of cash flow hedges are reported in interest income and interest expense in the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. The Company reported net interest expense of $241,000 and $723,000 and $253,000 and $659,000 for the three and nine months ended September 30, 2015 and 2014, respectively. The tax effect of these transactions during the three and nine months ended September 30, 2015 and 2014 were $84,000 and $253,000 and $89,000 and $231,000 , respectively, which amounts were included as a component of income tax expense. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2015 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | 10. FAIR VALUE MEASUREMENTS The Company follows ASC 820, Fair Value Measurements and Disclosures , to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. This codification clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets. Level 3 Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Company’s assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Derivative instruments As discussed in Note 8 “Derivatives”, the Company records derivative instruments at fair value on a recurring basis. The Company utilizes derivative instruments as part of the management of interest rate risk to modify the re-pricing characteristics of certain portions of the Company’s interest-bearing assets and liabilities. The Company has contracted with a third party vendor to provide valuations for derivatives using standard valuation techniques and therefore classifies such valuations as Level 2. Third party valuations are validated by the Company using Bloomberg Valuation Service’s derivative pricing functions. The Company has considered counterparty credit risk in the valuation of its derivative assets and has considered its own credit risk in the valuation of its derivative liabilities. During the ordinary course of business, the Company enters into interest rate lock commitments related to the origination of mortgage loans held for sale as well as best effort forward delivery commitments to mitigate interest rate risk; these instruments are recorded at estimated fair value based on the value of the underlying loan, which in turn is based on quoted prices for similar loans in the secondary market. However, this value is adjusted by a pull-through rate which considers the likelihood that the loan in a lock position will ultimately close. The pull-through rate is derived from the Company’s internal data and is adjusted using significant management judgment. The pull-through rate is largely dependent on the loan processing stage that a loan is currently in and the change in prevailing interest rates from the time of the rate lock. As such, interest rate lock commitments are classified as Level 3. An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments while a decrease in the pull-through rate will result in a negative fair value adjustment. The Company’s weighted average pull-through rate was approximately 80% as of September 30, 2015 and approximately 90% as of December 31, 2014. As of September 30, 2015, the interest rate lock commitments are recorded as a component of “Other Assets” and the best effort forward delivery commitments are recorded as a component of “Other Liabilities” on the Company’s Consolidated Balance Sheets. Securities available for sale Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity, then the security would fall to the lowest level of the hierarchy (Level 3). The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is Interactive Data Corporation (“IDC”), which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of September 30, 2015 and December 31, 2014 . The carrying value of restricted Federal Reserve Bank and FHLB stock approximates fair value based on the redemption provisions of each entity and is therefore excluded from the following table. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 (dollars in thousands): Fair Value Measurements at September 30, 2015 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Balance ASSETS Securities available for sale: U.S. government and agency securities $ - $ $ - $ Obligations of states and political subdivisions - - Corporate and other bonds - - Mortgage-backed securities - - Other securities - - Derivatives: Interest rate swap - - Cash flow hedges - - Interest rate lock commitments - - LIABILITIES Derivatives: Interest rate swap $ - $ $ - $ Cash flow hedges - - Best effort forward delivery commitments - - Fair Value Measurements at December 31, 2014 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Balance ASSETS Securities available for sale: U.S. government and agency securities $ - $ $ - $ Obligations of states and political subdivisions - - Corporate bonds - - Mortgage-backed securities - - Other securities - - Derivatives: Interest rate swap - - Cash flow hedges - - Interest rate lock commitments - - LIABILITIES Derivatives: Interest rate swap $ - $ $ - $ Cash flow hedges - - Certain assets are measured at fair value on a nonrecurring basis in accordance with U.S. GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements. Loans held for sale Loans held for sale are carried at the lower of cost or market value. These loans currently consist of residential loans originated for sale in the secondary market and the credit card portfolio that was transferred from loans held for investment during the quarter. See Note 13 “Subsequent Events” for additional information . Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, the Company records any fair value adjustments on a nonrecurring basis. Gains and losses on the sale of loans are recorded within the mortgage segment and are reported on a separate line item in the Company’s Consolidated Statements of Income. Impaired loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreements will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is solely from the underlying value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the Company’s collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data. When evaluating the fair value, management may discount the appraisal further if, based on their understanding of the market conditions, it is determined the collateral is further impaired below the appraised value (Level 3). The value of business equipment is based upon an outside appraisal, of one year or less, if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Collateral dependent impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Company’s Consolidated Statements of Income. Other real estate owned OREO is evaluated for impairment at least quarterly by the Bank’s Special Asset Loan Committee and any necessary write downs to fair values are recorded as impairment and included as a component of noninterest expense. Fair values of OREO are carried at fair value less selling costs. Fair value is based upon independent market prices, appraised values of the collateral, or management’s estimation of the value of the collateral. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the foreclosed asset as Level 3 valuation. Total valuation expenses related to OREO properties for the three and nine months ended September 30, 2015 totaled $473,000 and $ 1.8 million, respectively , and for the three and nine months ended September 30, 2014 totaled $6.2 million and $ 7.3 million, respectively. The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at September 30, 2015 and December 31, 2014 (dollars in thousands): Fair Value Measurements at September 30, 2015 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Balance ASSETS Loans held for sale $ - $ $ - $ Impaired loans - - Other real estate owned - - Fair Value Measurements at December 31, 2014 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Balance ASSETS Loans held for sale $ - $ $ - $ Impaired loans - - Other real estate owned - - The following table displays quantitative information about Level 3 Fair Value Measurements at September 30, 2015 (dollars in thousands): Fair Value Measurements at September 30, 2015 Fair Value Valuation Technique(s) Unobservable Inputs Weighted Average ASSETS Impaired Loans $ Market comparables Discount applied to market comparables (1) Other real estate owned Market comparables Discount applied to market comparables (1) Total $ (1) A discount percentage (in addition to expected selling costs) is applied based on the age of independent appraisals, current market conditions, and experience within the local market. The following table displays quantitative information about Level 3 Fair Value Measurements at December 31, 2014 (dollars in thousands): Fair Value Measurements at December 31, 2014 Fair Value Valuation Technique(s) Unobservable Inputs Weighted Average ASSETS Impaired Loans $ Market comparables Discount applied to market comparables (1) Other real estate owned Market comparables Discount applied to market comparables (1) Total $ (1) A discount percentage (in addition to expected selling costs) is applied based on the age of independent appraisals, current market conditions, and experience within the local market. ASC 825, Financial Instruments, requires disclosure about fair value of financial instruments for interim periods and excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Cash and cash equivalents For those short-term instruments, the carrying amount is a reasonable estimate of fair value. Held to Maturity Securities The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of September 30, 2015 and December 31, 2014. Loans The fair value of performing loans is estimated by discounting expected future cash flows using a yield curve that is constructed by adding a loan spread to a market yield curve. Loan spreads are based on spreads currently observed in the market for loans of similar type and structure. Fair value for impaired loans and their respective level within the fair value hierarchy, are described in the previous disclosure related to fair value measurements of assets that are measured on a nonrecurring basis. Bank owned life insurance The carrying value of bank owned life insurance approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. Deposits The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. Borrowings The carrying value of the Company’s repurchase agreements is a reasonable estimate of fair value. Other borrowings are discounted using the current yield curve for the same type of borrowing. For borrowings with embedded optionality, a third party source is used to value the instrument. The Company validates all third party valuations for borrowings with optionality using Bloomberg’s derivative pricing functions. Accrued interest The carrying amounts of accrued interest approximate fair value. Commitments to extend credit and standby letters of credit The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At September 30, 2015 and December 31, 2014 , the fair value of loan commitments and standby letters of credit was immaterial. The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2015 and December 31, 2014 are as follows (dollars in thousands): Fair Value Measurements at September 30, 2015 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ $ $ - $ - $ Securities available for sale - - Held to maturity securities - - Restricted stock - - Loans held for sale - - Net loans - - Derivatives: Interest rate lock commitments - - Interest rate swap - - Cash flow hedges - - Accrued interest receivable - - Bank owned life insurance - - LIABILITIES Deposits $ $ - $ $ - $ Borrowings - - Accrued interest payable - - Derivatives: Interest rate swap - - Cash flow hedges - - Best effort forward delivery commitments - - Fair Value Measurements at December 31, 2014 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ $ $ - $ - $ Securities available for sale - - Restricted stock - - Loans held for sale - - Net loans - - Derivatives: Interest rate lock commitments - - Interest rate swap - - Cash flow hedges - - Accrued interest receivable - - Bank owned life insurance - - LIABILITIES Deposits $ $ - $ $ - $ Borrowings - - Accrued interest payable - - Derivatives: Interest rate swap - - Cash flow hedges - - The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2015 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 1 1 . EARNINGS PER SHARE Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards. There were approximately 51,179 and 155,433 shares underlying anti-dilutive awards for the three months ended September 30, 2015 and 2014, respectively, and there were approximately 54,475 and 130,499 shares underlyin g anti-dilutive awards for the nine months ended September 30, 2015 and 2014, respectively. Anti-dilutive awards were excluded from the calculation of diluted EPS. The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three and nine months ended September 30, 2015 and 2014 (in thousands except per share data): Net Income Available to Common Shareholders (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the three months ended September 30, 2015 Net income, basic $ $ Add: potentially dilutive common shares - stock awards - - Diluted $ $ For the three months ended September 30, 2014 Net income, basic $ $ Add: potentially dilutive common shares - stock awards - - Diluted $ $ For the nine months ended September 30, 2015 Net income, basic $ $ Add: potentially dilutive common shares - stock awards - - Diluted $ $ For the nine months ended September 30, 2014 Net income, basic $ $ Add: potentially dilutive common shares - stock awards - - Diluted $ $ |
SEGMENT REPORTING DISCLOSURES
SEGMENT REPORTING DISCLOSURES | 9 Months Ended |
Sep. 30, 2015 | |
SEGMENT REPORTING DISCLOSURES [Abstract] | |
SEGMENT REPORTING DISCLOSURES | 1 2 . SEGMENT REPORTING DISCLOSURES The Company has two reportable segments: a traditional full service community bank segment and a mortgage loan origination business segment. The community bank segment includes one subsidiary bank, the Bank, which provides loan, deposit, investment, and trust services to retail and commercial customers throughout its 124 retail locations in Virginia. The mortgage segment includes UMG, which provides a variety of mortgage loan products principally in Virginia, North Carolina, Maryland, and the Washington D.C. metro area. These loans are originated and sold primarily in the secondary market through purchase commitments from investors, which serves to mitigate the Company’s exposure to interest rate risk. Profit and loss is measured by net income after taxes including realized gains and losses on the Company’s investment portfolio. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Inter-segment transactions are recorded at cost and eliminated as part of the consolidation process. Both of the Company’s reportable segments are service-based. The mortgage business is a primarily fee-based business while the bank is driven principally by net interest income. The bank segment provides a distribution and referral network through its customers for the mortgage loan origination business. The mortgage segment offers a more limited referral network for the bank segment. The community bank segment provides the mortgage segment with the short-term funds needed to originate mortgage loans through a warehouse line of credit and charges the mortgage banking segment interest . The interest rate on the warehouse line of credit for the three and nine months ended September 30, 2015 was the three month LIBOR rate plus 0.15% with no floo r. During 2014, the interest rate on the warehouse line of credit was the three month LIBOR rate plus 1.5% with a floor of 2.0% through May 31, 2014; beginning on June 1, 2014, the interest rate was one month LIBOR rate plus 1.5% with no floor . These transactions are e liminated in the consolidation process. A management fee for operations and administrative support services is charged to all subsidiaries and eliminated in the consolidated totals. Information about reportable segments and reconciliation of such information to the consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 is as follows (dollars in thousands): UNION BANKSHARES CORPORATION AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION Community Bank Mortgage Eliminations Consolidated Three Months Ended September 30, 2015 Net interest income $ $ $ - $ Provision for credit losses - Net interest income after provision for credit losses - Noninterest income Noninterest expenses Income (loss) before income taxes - Income tax expense (benefit) - Net income (loss) $ $ $ - $ Total assets $ $ $ $ Three Months Ended September 30, 2014 Net interest income $ $ $ - $ Provision for credit losses - - Net interest income after provision for credit losses - Noninterest income Noninterest expenses Income (loss) before income taxes - Income tax expense (benefit) - Net income (loss) $ $ $ - $ Total assets $ $ $ $ Nine Months Ended September 30, 2015 Net interest income $ $ $ - $ Provision for credit losses - Net interest income after provision for credit losses - Noninterest income Noninterest expenses Income (loss) before income taxes - Income tax expense (benefit) - Net income (loss) $ $ $ - $ Total assets $ $ $ $ Nine Months Ended September 30, 2014 Net interest income $ $ $ - $ Provision for credit losses - - Net interest income after provision for credit losses - Noninterest income Noninterest expenses Income (loss) before income taxes - Income tax expense (benefit) - Net income (loss) $ $ $ - $ Total assets $ $ $ $ |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS Sale of Credit Card Portfolio During the third quarter of 2015, the Company concluded that it met the pertinent criteria for transferring the credit card portfolio from loans held for investment to loans held for sale. On October 16, 2015, the Company entered into an agreement to sell the credit card portfolio, approximately $26.4 million in outstanding balances, and enter into an outsourced partnership solution with Elan Financial Services. The company sold these loans a t a premium which is not expected to have a material impact on the Company’s C onsolidated Statements of Income. As part of the agreement, the Company will continue to share in interchange fee income and finance charges. Share Repurchase Authorization On October 29, 2015, the Company’s Board of Directors authorized a share repurchase program to purchase up to $25.0 million worth of the Company’s common stock on the open market or in privately negotiated transactions. The repurchase program is authorized through December 31, 2016 . |
ACCOUNTING POLICIES (Policy)
ACCOUNTING POLICIES (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
ACCOUNTING POLICIES [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2015, the FASB issued ASU No. 2015-01, “ Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items .” The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items , required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “ Amendments to the Consolidation Analysis .” The amendments in this ASU amend the consolidation requirements in ASC 810, Consolidation , and significantly change the consolidation analysis required under U.S. GAAP. Under this guidance, limited partnerships will be considered variable interest entities (“VIEs”) unless the limited partners have either substantive kick-out or participating rights; this amendment will result in more partnerships being considered VIEs, but it will be less likely that a general partner will consolidate a limited partnership. The amendments also change the effect that fees paid to a decision maker or service provider have on the consolidation analysis; it is less likely that the fees themselves will be considered a variable interest, that an entity will be a VIE, or that consolidation will result. The changes modify how a reporting entity considers how its variable interests affect its consolidation process; the related party tiebreaker test and mandatory consolidation by one of the related parties will have to be performed less frequently than under current U.S. GAAP. For entities other than limited partnerships, the amendments clarify how to determine whether the equity holders have power over the entity and could affect whether the entity is a VIE. The amendments are expected to result in the deconsolidation of many entities. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company is currently assessing the impact that ASU 2015-02 will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs .” The ASU does not change the existing recognition and measurement guidance for debt issuance costs but requires that debt issuance costs related to a debt liability recorded on the balance sheet be present in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendments should be disclosed consistent with the disclosure requirement of a change in accounting principle and applied on a retrospective basis. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, “ Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement .” This ASU clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses; otherwise, the customer should account for the arrangement as a service contract. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-05 will have on its consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, “ Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” This ASU clarifies the guidance issued within ASU 2015-03 described above. Given the absence of authoritative guidance within Update 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The costs should be amortized over the term of the arrangement. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-15 to have a material impact on its consolidated financial statements. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
ACQUISITIONS [Abstract] | |
Schedule of Effect of Amortization and Accretion Related to Acquisition | The net effect of the amortization and accretion of premiums and discounts associated with the Company’s acquisition accounting adjustments had the following impact on the Consolidated Statements of Income during the three and nine months ended September 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Loans (1) $ $ $ $ Core deposit intangible (2) Borrowings (3) Time deposits (4) Net impact to income before taxes $ $ $ $ (1) Loan discount accretion is included in "Interest and fees on loans" in the "Interest and dividend income" section of the Company's Consolidated Statements of Income. (2) Core deposit intangible premium amortization is included in "Amortization of intangible assets" in the "Noninterest expense" section of the Company's Consolidated Statements of Income. (3) Borrowings discount accretion is included in "Interest on long-term borrowings" in the "Interest Expense" section of the Company's Consolidated Statements of Income. (4) Certificate of deposit discount accretion is included in "Interest on deposits" in the "Interest expense" section of the Company's Consolidated Statements of Income. |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Gross Realized Gains and Losses of the Sale of Securities | The following table presents the gross realized gains and losses on the sale of securities available for sale and the proceeds from the sale of securities during the three and nine months ended September 30, 2015 (dollars in thousands). The Company did not sell any investment securities that are held to maturity. Three months ended Nine months ended September 30, 2015 September 30, 2015 Realized gains (losses): Gross realized gains $ $ Gross realized losses - Net realized gains $ $ Proceeds from sales of securities $ $ The following table presents the gross realized gains and losses on the sale of securities available for sale and the proceeds from the sale of securities during the three and nine months ended September 30, 2014 (dollars in thousands). Three months ended Nine months ended September 30, 2014 September 30, 2014 Realized gains (losses): Gross realized gains $ $ Gross realized losses Net realized gains $ $ Proceeds from sales of securities $ $ |
Available-for-sale Securities [Member] | |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Available for Sale Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available for sale as of September 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value September 30, 2015 U.S. government and agency securities $ $ $ - $ Obligations of states and political subdivisions Corporate bonds Mortgage-backed securities Other securities - Total available for sale securities $ $ $ $ December 31, 2014 U.S. government and agency securities $ $ $ $ Obligations of states and political subdivisions Corporate bonds Mortgage-backed securities Other securities Total available for sale securities $ $ $ $ |
Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value (in thousands) of the Company’s available for sale investments with unrealized losses that are not deemed to be other-than-temporarily impaired. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2015 Obligations of states and political subdivisions $ $ $ $ $ $ Mortgage-backed securities Corporate bonds and other securities Total available for sale $ $ $ $ $ $ December 31, 2014 U.S. government and agency securities $ $ $ - $ - $ $ Obligations of states and political subdivisions Mortgage-backed securities Corporate bonds and other securities Total available for sale $ $ $ $ $ $ |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of available for sale securities as of September 30, 2015 and December 31, 2014 , by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 December 31, 2014 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ $ $ $ Due after one year through five years Due after five years through ten years Due after ten years Total securities available for sale $ $ $ $ |
Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes | The following table presents available for sale securities which were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of September 30, 2015 and December 31, 2014 (dollars in thousands): September 30, 2015 December 31, 2014 Fair Value Fair Value Public deposits $ $ Repurchase agreements Other purposes (1) Total pledged securities $ $ (1) The "Other purposes" category consists of borrowings, derivatives, and accounts held at the Bank. |
Held-to-maturity Securities [Member] | |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of held to maturity securities as of September 30, 2015, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 Carrying Estimated Value (1) Fair Value Due in one year or less $ $ Due after one year through five years Due after five years through ten years Due after ten years Total securities held to maturity $ $ (1) The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion. |
Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes | The following table presents held to maturity securities which were pledged to secure public deposits as permitted or required by law as of September 30, 2015 (dollars in thousands): September 30, 2015 Fair Value Public deposits $ Total pledged securities $ |
Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities | The carrying value, gross unrealized gains and losses, and estimated fair values of securities held to maturity as of September 30, 2015 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value (1) Gains (Losses) Fair Value September 30, 2015 Obligations of states and political subdivisions $ $ $ $ (1) The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion. |
Gross Unrealized Losses and Fair Value of Securities | The following table shows the gross unrealized losses and fair value (in thousands) of the Company’s held to maturity securities with unrealized losses that are not deemed to be other-than-temporarily impaired. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2015 Obligations of states and political subdivisions $ $ $ - $ - $ $ |
LOANS AND ALLOWANCE FOR LOAN 26
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
LOANS AND ALLOWANCE FOR LOAN LOSSES [Abstract] | |
Loans Stated at Face Amount, Net of Unearned Income | Loans are stated at their face amount, net of deferred fees and costs, and consist of the following at September 30, 2015 and December 31, 2014 (dollars in thousands): September 30, December 31, 2015 2014 Commercial: Commercial Construction $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Consumer Construction Indirect Auto Indirect Marine HELOCs Credit Card - Other Consumer Total $ $ |
Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Company’s loan portfolio, by class, at September 30, 2015 (dollars in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days and still Accruing PCI Nonaccrual Current Total Loans Commercial: Commercial Construction $ $ - $ $ $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots - - Single Family Investment Real Estate Commercial and Industrial Other Commercial - - Consumer: Mortgage Consumer Construction - - Indirect Auto - Indirect Marine - - - HELOCs Other Consumer Total $ $ $ $ $ $ $ The following table shows the aging of the Company’s loan portfolio, by class, at December 31, 2014 (dollars in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days and still Accruing PCI Nonaccrual Current Total Loans Commercial: Commercial Construction $ $ - $ - $ $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial - Consumer: Mortgage Consumer Construction - - Indirect Auto - - Indirect Marine - - - HELOCs Credit Card - - Other Consumer Total $ $ $ $ $ $ $ |
Summary of Aging of the Acquired with Deteriorated Credit Quality Loan Portfolio by Class | The following table shows the PCI commercial and consumer loan portfolios, by class and their delinquency status, at September 30, 2015 (dollars in thousands): 30-89 Days Past Due Greater than 90 Days Current Total Commercial: Commercial Construction $ - $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Consumer Construction - - HELOCs Other Consumer Total $ $ $ $ The following table shows the PCI commercial and consumer loan portfolios, by class and their delinquency status, at December 31, 2014 (dollars in thousands): 30-89 Days Past Due Greater than 90 Days Current Total Commercial: Commercial Construction $ - $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots - Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Consumer Construction - - HELOCs Other Consumer Total $ $ $ $ |
Impaired Loans by Class | The following table shows the Company’s impaired loans, excluding PCI loans related to the StellarOne acquisition, by class at September 30, 2015 (dollars in thousands): Recorded Investment Unpaid Principal Balance Related Allowance YTD Average Investment Interest Income Recognized Loans without a specific allowance Commercial: Commercial Construction $ $ $ - $ $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - Consumer: Mortgage - Consumer Construction - HELOCs - Other Consumer - Total impaired loans without a specific allowance $ $ $ - $ $ Loans with a specific allowance Commercial: Commercial Construction $ $ $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Indirect Auto HELOCs Other Consumer Total impaired loans with a specific allowance $ $ $ $ $ Total impaired loans $ $ $ $ $ The following table shows the Company’s impaired loans, by class, at December 31, 2014 (dollars in thousands): Recorded Investment Unpaid Principal Balance Related Allowance YTD Average Investment Interest Income Recognized Loans without a specific allowance Commercial: Commercial Construction $ $ $ - $ $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - Consumer: Mortgage - Indirect Auto - - - Indirect Marine - - HELOCs - Other Consumer - - Total impaired loans without a specific allowance $ $ $ - $ $ Loans with a specific allowance Commercial: Commercial Construction $ $ $ $ $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Raw Land and Lots Single Family Investment Real Estate Commercial and Industrial Other Commercial Consumer: Mortgage Consumer Construction Indirect Marine HELOCs Other Consumer Total impaired loans with a specific allowance $ $ $ $ $ Total impaired loans $ $ $ $ $ |
Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement | The following table provides a summary, by class, of modified loans that continue to accrue interest under the terms of the restructuring agreement, which are considered to be performing, and modified loans that have been placed on nonaccrual status, which are considered to be nonperforming, as of September 30, 2015 and December 31, 2014 (dollars in thousands): September 30, 2015 December 31, 2014 No. of Loans Recorded Investment Outstanding Commitment No. of Loans Recorded Investment Outstanding Commitment Performing Commercial: Commercial Construction $ $ - $ $ - Commercial Real Estate - Owner Occupied - - Commercial Real Estate - Non-Owner Occupied - - Raw Land and Lots - - Single Family Investment Real Estate - - Commercial and Industrial - - Other Commercial - - Consumer: Mortgage - - Other Consumer - - Total performing $ $ - $ $ - Nonperforming Commercial: Commercial Construction $ $ - $ $ - Commercial Real Estate - Owner Occupied - - Commercial Real Estate - Non-Owner Occupied - - Raw Land and Lots - - Single Family Investment Real Estate - - Commercial and Industrial - - Other Commercial - - Consumer: Mortgage - - Other Consumer - - Total nonperforming $ $ - $ $ - Total performing and nonperforming $ $ - $ $ - |
Schedule of TDR by Class and Modification Type | The following table shows, by class and modification type, TDRs that occurred during the three and nine months ended September 30, 2015 (dollars in thousands): Three months ended Nine months ended September 30, 2015 September 30, 2015 No. of Loans Recorded Investment at Period End No. of Loans Recorded Investment at Period End Term modification, at a market rate Commercial: Commercial Real Estate - Owner Occupied - $ - $ Commercial and Industrial - - Total loan term extended at a market rate - $ - $ Term modification, below market rate Commercial: Commercial Real Estate - Owner Occupied - $ - $ Raw Land and Lots Consumer: Mortgage Other Consumer Total loan term extended at a below market rate $ $ Total $ $ The following table shows, by class and modification type, TDRs that occurred during the three and nine months ended September 30, 2014 (dollars in thousands): Three months ended Nine months ended September 30, 2014 September 30, 2014 No. of Loans Recorded Investment at Period End No. of Loans Recorded Investment at Period End Term modification, at a market rate Commercial: Commercial Real Estate - Non-Owner Occupied $ $ Single Family Investment Real Estate - - Commercial and Industrial - - Other Commercial - - Total loan term extended at a market rate $ $ Total $ $ |
Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology | The following table shows the allowance for loan loss activity, balances for allowance for loan losses, and loan balances based on impairment methodology by portfolio segment for the nine months ended and as of September 30, 2015 . The table below includes the provision for loan losses. In addition, a $300,000 provision was recognized during the nine months ended September 30, 2015 for unfunded loan commitments for which the reserves are recorded as a component of “Other Liabilities” on the Company’s Consolidated Balance Sheets. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): Commercial Consumer Total Allowance for loan losses: Balance, beginning of the year $ $ $ Recoveries credited to allowance Loans charged off Provision charged to operations Balance, end of period $ $ $ Ending Balance, ALL: Loans individually evaluated for impairment $ $ $ Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality - - - Total $ $ $ Ending Balance, Loans: Loans individually evaluated for impairment $ $ $ Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total $ $ $ The following table shows the allowance for loan loss activity, balances for allowance for loan losses, and loan balances based on impairment methodology by portfolio segment for the nine months ended and as of September 30, 201 4 . Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): Commercial Consumer Total Allowance for loan losses: Balance, beginning of the year $ $ $ Recoveries credited to allowance Loans charged off Provision charged to operations Balance, end of period $ $ $ Ending Balance, ALL: Loans individually evaluated for impairment $ $ $ Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality - - - Total $ $ $ Ending Balance, Loans: Loans individually evaluated for impairment $ $ $ Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total $ $ $ |
Loans Receivables Related Risk Rating Excluding Purchased Impaired Loans | The following table shows the recorded investment in all loans, excluding PCI loans, in the commercial portfolios by class with their related risk rating current as of September 30, 2015 (dollars in thousands): 0-3 4 5 6 7 8 Total Commercial Construction $ $ $ $ $ $ - $ Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - Total $ $ $ $ $ $ $ The following table shows the recorded investment in all loans, excluding PCI loans, in the commercial portfolios by class with their related risk rating current as of December 31, 2014 (dollars in thousands): 1-3 4 5 6 7 8 Total Commercial Construction $ $ $ $ $ $ - $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - Total $ $ $ $ $ $ - $ |
Purchased Credit Impaired Loan Receivables Related Risk Rating | The following table shows the recorded investment in only PCI loans in the commercial portfolios by class with their related risk rating and credit quality indicator information current as of September 30, 2015 (dollars in thousands): 4 5 6 7 8 Total Commercial Construction $ - $ - $ $ - $ $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial Other Commercial - - Total $ $ $ $ $ $ The following table shows the recorded investment in only PCI loans in the commercial portfolios by class with their related risk rating and credit quality indicator information current as of December 31, 2014 (dollars in thousands): 4 5 6 7 8 Total Commercial Construction $ - $ - $ $ $ $ Commercial Real Estate - Owner Occupied - Commercial Real Estate - Non-Owner Occupied - Raw Land and Lots - Single Family Investment Real Estate - Commercial and Industrial - Other Commercial - - - Total $ $ $ $ $ $ |
Schedule of Acquired Loan Portfolio and Accretable Yield | The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality, for the periods presented (dollars in thousands): For the Nine Months ended June 30, September 30, 2015 2014 Balance at beginning of period $ $ Additions - Accretion Reclass of nonaccretable difference due to improvement in expected cash flows - Other, net (1) Balance at end of period $ $ (1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the quarter. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
INTANGIBLE ASSETS [Abstract] | |
Information Concerning Intangible Assets with Finite Life | Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands): Gross Carrying Value Accumulated Amortization Net Carrying Value September 30, 2015 Amortizable core deposit intangibles $ $ $ December 31, 2014 Amortizable core deposit intangibles $ $ $ September 30, 2014 Amortizable core deposit intangibles $ $ $ |
Estimated Remaining Amortization Expense of Core Deposit Intangibles | As of September 30, 2015 , the estimated remaining amortization expense of core deposit intangibles is as follows (dollars in thousands): For the remaining three months of 2015 $ For the year ending December 31, 2016 For the year ending December 31, 2017 For the year ending December 31, 2018 For the year ending December 31, 2019 For the year ending December 31, 2020 Thereafter Total estimated amortization expense $ |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
BORROWINGS [Abstract] | |
Short-Term Borrowings | Total short-term borrowings consist of the following as of September 30, 201 5 and December 31, 201 4 (dollars in thousands ): September 30, December 31, 2015 2014 Securities sold under agreements to repurchase $ $ Other short-term borrowings Total short-term borrowings $ $ Maximum month-end outstanding balance $ $ Average outstanding balance during the period Average interest rate during the period Average interest rate at end of period Other short-term borrowings: Federal funds purchased $ $ - FHLB $ $ Other lines of credit |
Trust Preferred Capital Notes Qualify for Tier 1 Capital | The trust preferred capital notes currently qualify for Tier 1 capital of the Company for regulatory purposes. Principal Investment (1) Spread to 3-Month LIBOR Rate Maturity Trust Preferred Capital Note - Statutory Trust I $ $ 6/17/2034 Trust Preferred Capital Note - Statutory Trust II 6/15/2036 VFG Limited Liability Trust I Indenture 3/18/2034 FNB Statutory Trust II Indenture 6/26/2033 Total $ $ (1) reported as "Other Assets" within the Consolidated Balance Sheets. |
Advances from the FHLB | As of September 30, 2015 , the Company had advances from the FHLB consisting of the following (dollars in thousands): Long-term Type Spread to 3-Month LIBOR Interest Rate Maturity Date Advance Amount Adjustable Rate Credit 0.44% 0.77% 8/23/2022 $ Adjustable Rate Credit 0.45% 0.78% 11/23/2022 Adjustable Rate Credit 0.45% 0.78% 11/23/2022 Adjustable Rate Credit 0.45% 0.78% 11/23/2022 Fixed Rate - 3.62% 11/28/2017 Fixed Rate - 3.75% 7/30/2018 Fixed Rate - 3.97% 7/30/2018 Fixed Rate Hybrid - 2.11% 10/5/2016 Fixed Rate Hybrid - 0.91% 7/25/2016 $ As of December 31, 2014 , the Company had advances from the FHLB consisting of the following (dollars in thousands): Long-term Type Spread to 3-Month LIBOR Interest Rate Maturity Date Advance Amount Adjustable Rate Credit 0.44% 0.70% 8/23/2022 $ Adjustable Rate Credit 0.45% 0.71% 11/23/2022 Adjustable Rate Credit 0.45% 0.71% 11/23/2022 Adjustable Rate Credit 0.45% 0.71% 11/23/2022 Fixed Rate - 3.62% 11/28/2017 Fixed Rate - 3.44% 7/28/2015 Fixed Rate - 3.75% 7/30/2018 Fixed Rate - 3.97% 7/30/2018 Fixed Rate Hybrid - 2.11% 10/5/2016 Fixed Rate Hybrid - 0.91% 7/25/2016 $ |
Contractual Maturities of Long-Term Debt | As of September 30, 2015 , the contractual maturities of long-term debt are as follows for the years ending ( dollars in thousands): Trust Preferred Capital Notes Subordinated Debt FHLB Advances Fair Value Premium (Discount) Prepayment Penalty Total Long-term Borrowings Remaining three months in 2015 $ - $ - $ - $ - $ $ 2016 - 2017 - - 2018 - - 2019 - - - 2020 - - - Thereafter - Total Long-term borrowings $ $ $ $ $ $ |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Balances of Commitments and Contingencies | The following table presents the balances of commitments and contingencies ( dollars in thousands ): September 30, December 31, 2015 2014 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ $ Standby letters of credit Mortgage loan rate lock commitments Total commitments with off-balance sheet risk $ $ Commitments with balance sheet risk: Loans held for sale $ $ Total other commitments $ $ (1) Includes unfunded overdraft protection. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Summary of the Derivatives | Shown below is a summary of the derivatives designated as cash flow hedges at September 30, 2015 and December 31, 2014 (dollars in thousands): Notional Receive Pay Weighted Average Positions Amount Asset Liability Rate Rate Life (Years) As of September 30, 2015 Pay fixed - receive floating interest rate swaps 7 $ $ - $ (1) (1) (1) Receive fixed - pay floating interest rate swaps 4 $ $ $ - (1) Due to their deferred nature, the rates and the life exclude the four FHLB advance swaps . Notional Receive Pay Weighted Average Positions Amount Asset Liability Rate Rate Life (Years) As of December 31, 2014 Pay fixed - receive floating interest rate swaps 7 $ $ - $ (1) (1) (1) Receive fixed - pay floating interest rate swaps 4 $ $ $ - (1) Due to their deferred nature, the rates and the life exclude the four FHLB advance swaps. |
Interest Rate Swaps [Member] | |
Derivative [Line Items] | |
Summary of the Derivatives | Shown below is a summary regarding loan swap derivative activities at September 30, 2015 and December 31, 2014 (dollars in thousands): Notional Receive Pay Weighted Average Positions Amount Asset Liability Rate Rate Life (Years) As of September 30, 2015 Receive fixed - pay floating interest rate swaps 35 $ $ $ - Pay fixed - receive floating interest rate swaps 35 $ $ - $ Notional Receive Pay Weighted Average Positions Amount Asset Liability Rate Rate Life (Years) As of December 31, 2014 Receive fixed - pay floating interest rate swaps 30 $ $ $ - Pay fixed - receive floating interest rate swaps 30 $ $ - $ |
ACCUMULATED OTHER COMPREHENSI31
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
Change in Accumulated Other Comprehensive Income | The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2015 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) on AFS Securities Unrealized Gain for AFS Securities Transferred to HTM Change in Fair Value of Cash Flow Hedge Total Balance - June 30, 2015 $ $ $ $ Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income - Net current period other comprehensive income (loss) Balance - September 30, 2015 $ $ $ $ Unrealized Gains (Losses) on AFS Securities Unrealized Gain for AFS Securities Transferred to HTM Change in Fair Value of Cash Flow Hedges Total Balance - December 31, 2014 $ $ - $ $ Unrealized gain transferred from AFS to HTM - - Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income - Net current period other comprehensive income (loss) Balance - September 30, 2015 $ $ $ $ The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2014 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) on AFS Securities Change in Fair Value of Cash Flow Hedge Total Balance - June 30, 2014 $ $ $ Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income Net current period other comprehensive income (loss) Balance - September 30, 2014 $ $ $ Unrealized Gains (Losses) on AFS Securities Change in Fair Value of Cash Flow Hedges Total Balance - December 31, 2013 $ $ $ Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income Net current period other comprehensive income (loss) Balance - September 30, 2014 $ $ $ |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 (dollars in thousands): Fair Value Measurements at September 30, 2015 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Balance ASSETS Securities available for sale: U.S. government and agency securities $ - $ $ - $ Obligations of states and political subdivisions - - Corporate and other bonds - - Mortgage-backed securities - - Other securities - - Derivatives: Interest rate swap - - Cash flow hedges - - Interest rate lock commitments - - LIABILITIES Derivatives: Interest rate swap $ - $ $ - $ Cash flow hedges - - Best effort forward delivery commitments - - Fair Value Measurements at December 31, 2014 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Balance ASSETS Securities available for sale: U.S. government and agency securities $ - $ $ - $ Obligations of states and political subdivisions - - Corporate bonds - - Mortgage-backed securities - - Other securities - - Derivatives: Interest rate swap - - Cash flow hedges - - Interest rate lock commitments - - LIABILITIES Derivatives: Interest rate swap $ - $ $ - $ Cash flow hedges - - |
Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at September 30, 2015 and December 31, 2014 (dollars in thousands): Fair Value Measurements at September 30, 2015 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Balance ASSETS Loans held for sale $ - $ $ - $ Impaired loans - - Other real estate owned - - Fair Value Measurements at December 31, 2014 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Level 1 Level 2 Level 3 Balance ASSETS Loans held for sale $ - $ $ - $ Impaired loans - - Other real estate owned - - |
Summary of Quantitative Information About Level 3 Fair Value Measurements | The following table displays quantitative information about Level 3 Fair Value Measurements at September 30, 2015 (dollars in thousands): Fair Value Measurements at September 30, 2015 Fair Value Valuation Technique(s) Unobservable Inputs Weighted Average ASSETS Impaired Loans $ Market comparables Discount applied to market comparables (1) Other real estate owned Market comparables Discount applied to market comparables (1) Total $ (1) A discount percentage (in addition to expected selling costs) is applied based on the age of independent appraisals, current market conditions, and experience within the local market. The following table displays quantitative information about Level 3 Fair Value Measurements at December 31, 2014 (dollars in thousands): Fair Value Measurements at December 31, 2014 Fair Value Valuation Technique(s) Unobservable Inputs Weighted Average ASSETS Impaired Loans $ Market comparables Discount applied to market comparables (1) Other real estate owned Market comparables Discount applied to market comparables (1) Total $ (1) A discount percentage (in addition to expected selling costs) is applied based on the age of independent appraisals, current market conditions, and experience within the local market. |
Carrying Values and Estimated Fair Values of the Company's Financial Instruments | The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2015 and December 31, 2014 are as follows (dollars in thousands): Fair Value Measurements at September 30, 2015 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ $ $ - $ - $ Securities available for sale - - Held to maturity securities - - Restricted stock - - Loans held for sale - - Net loans - - Derivatives: Interest rate lock commitments - - Interest rate swap - - Cash flow hedges - - Accrued interest receivable - - Bank owned life insurance - - LIABILITIES Deposits $ $ - $ $ - $ Borrowings - - Accrued interest payable - - Derivatives: Interest rate swap - - Cash flow hedges - - Best effort forward delivery commitments - - Fair Value Measurements at December 31, 2014 using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ $ $ - $ - $ Securities available for sale - - Restricted stock - - Loans held for sale - - Net loans - - Derivatives: Interest rate lock commitments - - Interest rate swap - - Cash flow hedges - - Accrued interest receivable - - Bank owned life insurance - - LIABILITIES Deposits $ $ - $ $ - $ Borrowings - - Accrued interest payable - - Derivatives: Interest rate swap - - Cash flow hedges - - |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
EARNINGS PER SHARE [Abstract] | |
Reconciliation of the Denominators of the Basic and Diluted EPS Computations | The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three and nine months ended September 30, 2015 and 2014 (in thousands except per share data): Net Income Available to Common Shareholders (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the three months ended September 30, 2015 Net income, basic $ $ Add: potentially dilutive common shares - stock awards - - Diluted $ $ For the three months ended September 30, 2014 Net income, basic $ $ Add: potentially dilutive common shares - stock awards - - Diluted $ $ For the nine months ended September 30, 2015 Net income, basic $ $ Add: potentially dilutive common shares - stock awards - - Diluted $ $ For the nine months ended September 30, 2014 Net income, basic $ $ Add: potentially dilutive common shares - stock awards - - Diluted $ $ |
SEGMENT REPORTING DISCLOSURES (
SEGMENT REPORTING DISCLOSURES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
SEGMENT REPORTING DISCLOSURES [Abstract] | |
Information About Reportable Segments and Reconciliation | Information about reportable segments and reconciliation of such information to the consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 is as follows (dollars in thousands): UNION BANKSHARES CORPORATION AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION Community Bank Mortgage Eliminations Consolidated Three Months Ended September 30, 2015 Net interest income $ $ $ - $ Provision for credit losses - Net interest income after provision for credit losses - Noninterest income Noninterest expenses Income (loss) before income taxes - Income tax expense (benefit) - Net income (loss) $ $ $ - $ Total assets $ $ $ $ Three Months Ended September 30, 2014 Net interest income $ $ $ - $ Provision for credit losses - - Net interest income after provision for credit losses - Noninterest income Noninterest expenses Income (loss) before income taxes - Income tax expense (benefit) - Net income (loss) $ $ $ - $ Total assets $ $ $ $ Nine Months Ended September 30, 2015 Net interest income $ $ $ - $ Provision for credit losses - Net interest income after provision for credit losses - Noninterest income Noninterest expenses Income (loss) before income taxes - Income tax expense (benefit) - Net income (loss) $ $ $ - $ Total assets $ $ $ $ Nine Months Ended September 30, 2014 Net interest income $ $ $ - $ Provision for credit losses - - Net interest income after provision for credit losses - Noninterest income Noninterest expenses Income (loss) before income taxes - Income tax expense (benefit) - Net income (loss) $ $ $ - $ Total assets $ $ $ $ |
ACCOUNTING POLICIES (Narrative)
ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
ACCOUNTING POLICIES [Abstract] | |||
Investments, recognized amortization | $ 118,000 | $ 397,000 | |
Investments, tax credits | 213,000 | 641,000 | |
Carrying value of investments in qualified housing project investments | 10,100,000 | 10,100,000 | $ 10,400,000 |
Unfunded commitment liability | $ 5,100,000 | $ 5,100,000 |
ACQUISITIONS (Narrative) (Detai
ACQUISITIONS (Narrative) (Details) - StellarOne Bank [Member] $ in Millions | Jan. 01, 2014USD ($)shares |
Business Acquisition [Line Items] | |
Number of shares equivalent to each share of acquired entity | shares | 0.9739 |
Number of common shares issued | shares | 22,147,874 |
Value of Company common stock issued | $ 549.5 |
Assets acquired | 2,960 |
Liabilties assumed | $ 2,640 |
ACQUISITIONS (Schedule of Effec
ACQUISITIONS (Schedule of Effect of Amortization and Accretion Related to Acquisition) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
ACQUISITIONS [Abstract] | |||||
Loans | [1] | $ 1,364 | $ 846 | $ 3,055 | $ 82 |
Core deposit intangibles | [2] | (2,074) | (2,391) | (6,435) | (7,462) |
Borrowings | [3] | 87 | 262 | 362 | 413 |
Time deposits | [4] | 154 | 1,998 | 1,843 | 7,377 |
Net impact to income before taxes | $ (469) | $ 715 | $ (1,175) | $ 410 | |
[1] | Loan discount accretion is included in "Interest and fees on loans" in the "Interest and dividend income" section of the Company's Consolidated Statements of Income. | ||||
[2] | Core deposit intangible premium amortization is included in "Amortization of intangible assets" in the "Noninterest expense" section of the Company's Consolidated Statements of Income. | ||||
[3] | Borrowings discount accretion is included in "Interest on long-term borrowings" in the "Interest Expense" section of the Company's Consolidated Statements of Income. | ||||
[4] | Certificate of deposit discount accretion is included in "Interest on deposits" in the "Interest expense" section of the Company's Consolidated Statements of Income. |
SECURITIES (Narrative) (Details
SECURITIES (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2015USD ($) | Sep. 30, 2015USD ($)item | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
Schedule of Investments [Line Items] | |||||
Federal Home Loan Bank requires Bank to maintain percentage of stock equal to outstanding borrowings | 4.25% | 4.50% | |||
Percentage of Federal Reserve Bank of Richmond reserve | 6.00% | 6.00% | |||
Restricted equity securities consist of Federal Reserve Bank stock | $ 23,800 | $ 23,800 | $ 23,800 | ||
Federal Home Loan Bank Stock | 28,900 | 28,900 | 31,000 | ||
Securities in a continuous loss position, more than 12 months, unrealized losses | 1,129 | 1,134 | |||
Individual securities that had been in a continuous loss position for more than 12 months, amount | 52,522 | 52,522 | $ 96,404 | ||
Transfer from securities available for sale to securities held to maturity | $ 201,800 | 201,822 | |||
Held to maturity securities unrealized gains before tax | $ 8,100 | 7,300 | |||
Credit-related OTTI | $ 300 | $ 300 | |||
Available-for-sale Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Individual securities that had been in a continuous loss position | item | 22 | 22 | 60 | ||
Obligations of States and Political Subdivisions [Member] | |||||
Schedule of Investments [Line Items] | |||||
Securities in a continuous loss position, more than 12 months, unrealized losses | $ 260 | $ 628 | |||
Individual securities that had been in a continuous loss position for more than 12 months, amount | $ 6,610 | $ 6,610 | $ 42,514 |
SECURITIES (Amortized Cost, Gro
SECURITIES (Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities | ||
Amortized Cost | $ 873,051 | $ 1,075,235 |
Gross Unrealized Gains | 18,313 | 28,737 |
Gross Unrealized (Losses) | (2,672) | (1,858) |
Estimated Fair Value | 888,692 | 1,102,114 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities | ||
Amortized Cost | 8,068 | 8,313 |
Gross Unrealized Gains | $ 343 | 166 |
Gross Unrealized (Losses) | (25) | |
Estimated Fair Value | $ 8,411 | 8,454 |
Obligations of States and Political Subdivisions [Member] | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities | ||
Amortized Cost | 241,655 | 427,483 |
Gross Unrealized Gains | 8,750 | 18,885 |
Gross Unrealized (Losses) | (512) | (721) |
Estimated Fair Value | 249,893 | 445,647 |
Corporate and Other Securities [Member] | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities | ||
Amortized Cost | 73,917 | 78,744 |
Gross Unrealized Gains | 70 | 244 |
Gross Unrealized (Losses) | (1,525) | (308) |
Estimated Fair Value | 72,462 | 78,680 |
Mortgage Backed Securities [Member] | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities | ||
Amortized Cost | 539,230 | 550,716 |
Gross Unrealized Gains | 9,122 | 9,411 |
Gross Unrealized (Losses) | (635) | (798) |
Estimated Fair Value | 547,717 | 559,329 |
Other Securities [Member] | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities | ||
Amortized Cost | 10,181 | 9,979 |
Gross Unrealized Gains | 28 | 31 |
Gross Unrealized (Losses) | (6) | |
Estimated Fair Value | $ 10,209 | $ 10,004 |
SECURITIES (Schedule of Gross U
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of gross unrealized losses and fair value of investments | ||
Less than 12 months, Fair value | $ 177,203 | $ 124,731 |
Less than 12 months, Unrealized Losses | (1,543) | (724) |
More than 12 Months, Fair value | 52,522 | 96,404 |
More than 12 Months, Unrealized Losses | (1,129) | (1,134) |
Fair value, Total | 229,725 | 221,135 |
Unrealized Losses, Total | (2,672) | (1,858) |
US Government Agencies Debt Securities [Member] | ||
Schedule of gross unrealized losses and fair value of investments | ||
Less than 12 months, Fair value | 7,055 | |
Less than 12 months, Unrealized Losses | (25) | |
Fair value, Total | 7,055 | |
Unrealized Losses, Total | (25) | |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of gross unrealized losses and fair value of investments | ||
Less than 12 months, Fair value | 33,742 | 13,602 |
Less than 12 months, Unrealized Losses | (252) | (93) |
More than 12 Months, Fair value | 6,610 | 42,514 |
More than 12 Months, Unrealized Losses | (260) | (628) |
Fair value, Total | 40,352 | 56,116 |
Unrealized Losses, Total | (512) | (721) |
Mortgage Backed Securities [Member] | ||
Schedule of gross unrealized losses and fair value of investments | ||
Less than 12 months, Fair value | 118,679 | 60,151 |
Less than 12 months, Unrealized Losses | (459) | (362) |
More than 12 Months, Fair value | 28,026 | 49,581 |
More than 12 Months, Unrealized Losses | (176) | (436) |
Fair value, Total | 146,705 | 109,732 |
Unrealized Losses, Total | (635) | (798) |
Corporate Bonds and Other Securities [Member] | ||
Schedule of gross unrealized losses and fair value of investments | ||
Less than 12 months, Fair value | 24,782 | 43,923 |
Less than 12 months, Unrealized Losses | (832) | (244) |
More than 12 Months, Fair value | 17,886 | 4,309 |
More than 12 Months, Unrealized Losses | (693) | (70) |
Fair value, Total | 42,668 | 48,232 |
Unrealized Losses, Total | $ (1,525) | $ (314) |
SECURITIES (Schedule of Amortiz
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities | |||
Due in one year or less, Amortized Cost | $ 16,840 | $ 19,345 | |
Due in one year or less, Estimated Fair Value | 16,904 | 19,434 | |
Due after one year through five years, Amortized Cost | 60,862 | 41,545 | |
Due after one year through five years, Estimated Fair Value | 62,790 | 43,070 | |
Due after five years through ten years, Amortized Cost | 263,108 | 306,900 | |
Due after five years through ten years, Estimated Fair Value | 269,177 | 314,044 | |
Due after ten years, Amortized Cost | 532,241 | 707,445 | |
Due after ten years, Estimated Fair Value | 539,821 | 725,566 | |
Total securities available for sale, Amortized Cost | 873,051 | 1,075,235 | |
Total securities available for sale, Estimated Fair Value | 888,692 | $ 1,102,114 | |
Held to maturity Securities | |||
Due in one year or less, Carrying Value | [1] | 1,314 | |
Due in one year or less, Estimated Fair Value | 1,321 | ||
Due after one year through five years, Carrying Value | [1] | 5,217 | |
Due after one year through five years, Estimated Fair Value | 5,267 | ||
Due after five years through ten years, Carrying Value | [1] | 39,392 | |
Due after five years through ten years, Estimated Fair Value | 39,521 | ||
Due after ten years, Carrying Value | [1] | 153,440 | |
Due after ten years, Estimated Fair Value | 154,210 | ||
Held-to-maturity Securities, Total | [1] | 199,363 | |
Total securities held to maturity, Estimated Fair Value | $ 200,319 | ||
[1] | The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion. |
SECURITIES (Schedule of Securit
SECURITIES (Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Total pledged AFS Securities, fair value | $ 299,137 | $ 396,995 | |
Available-for-sale Securities [Member] | Public Deposits [Member] | |||
Schedule of Investments [Line Items] | |||
Total pledged AFS Securities, fair value | 150,632 | 312,793 | |
Available-for-sale Securities [Member] | Repurchase Agreements [Member] | |||
Schedule of Investments [Line Items] | |||
Total pledged AFS Securities, fair value | 118,249 | 51,842 | |
Available-for-sale Securities [Member] | Other Purposes [Member] | |||
Schedule of Investments [Line Items] | |||
Total pledged AFS Securities, fair value | [1] | 30,256 | $ 32,360 |
Held-to-maturity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Total pledged HTM securities, fair value | 200,319 | ||
Held-to-maturity Securities [Member] | Public Deposits [Member] | |||
Schedule of Investments [Line Items] | |||
Total pledged HTM securities, fair value | $ 200,319 | ||
[1] | The "Other purposes" category consists of borrowings, derivatives, and accounts held at the Bank. |
SECURITIES (Schedule of Carryin
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) $ in Thousands | Sep. 30, 2015USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying Value | $ 199,363 | [1] |
Estimated Fair Value | 200,319 | |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying Value | 199,363 | [1] |
Gross Unrealized Gains | 2,882 | |
Gross Unrealized Losses | (1,926) | |
Estimated Fair Value | $ 200,319 | |
[1] | The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion. |
SECURITIES (Gross Unrealized Lo
SECURITIES (Gross Unrealized Losses and Fair Value of Securities) (Details) - Held-to-maturity Securities [Member] - Obligations of States and Political Subdivisions [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |
Less than 12 months, Fair Value | $ 28,727 |
Less than 12 months, Unrealized Losses | (1,926) |
Fair Value, Total | 28,727 |
Unrealized Losses, Total | $ (1,926) |
SECURITIES (Gross Realized Gain
SECURITIES (Gross Realized Gains and Losses of the Sale of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Realized gains (losses): | ||||
Gross realized gains | $ 75 | $ 1,034 | $ 759 | $ 1,498 |
Gross realized losses | (39) | (87) | (49) | |
Net realized gains | 75 | 995 | 672 | 1,449 |
Proceeds from sales of securities | $ 5,771 | $ 14,370 | $ 63,928 | $ 273,447 |
LOANS AND ALLOWANCE FOR LOAN 46
LOANS AND ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)loan | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,543,621,000 | $ 5,171,003,000 | $ 5,345,996,000 |
Period for restructured loan to be considered default | 90 days | ||
Loans considered to be trouble debt restructurings | $ 11,555,000 | 26,777,000 | |
Purchased Impaired (net of credit mark) | 78,606,000 | $ 119,743,000 | 105,788,000 |
Number of restructured loans that defaulted in current period | loan | 1 | ||
Restructured loans that defaulted in the current period | $ 24,000 | ||
Provision for unfunded commitments | 300,000 | ||
purchased impaired loans (gross) | 95,700,000 | 126,300,000 | |
Acquired Performing Loan Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,500,000,000 | 1,800,000,000 | |
Remaining discount on acquired loans | $ 21,900,000 | $ 24,300,000 |
LOANS AND ALLOWANCE FOR LOAN 47
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Stated at Face Amount, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | $ 5,543,621 | $ 5,345,996 | $ 5,171,003 |
Commercial Construction [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 429,645 | 341,280 | |
Commercial Real Estate - Owner Occupied [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 863,551 | 875,443 | |
Commercial Real Estate - Non-Owner Occupied [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 1,586,334 | 1,509,159 | |
Raw Land and Lots [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 187,182 | 211,225 | |
Single Family Investment Real Estate [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 436,340 | 412,494 | |
Commercial and Industrial [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 444,199 | 393,776 | |
Other Commercial [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 89,344 | 81,106 | |
Mortgage [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 466,418 | 478,151 | |
Consumer Construction [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 55,718 | 74,168 | |
Indirect Auto [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 217,928 | 199,411 | |
Indirect Marine [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 42,763 | 43,190 | |
HELOCs [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 492,202 | 500,579 | |
Credit Card [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | 24,225 | ||
Other Consumer [Member] | |||
Loans stated at face amount, net of unearned income | |||
Loans held for investment, net of deferred fees and costs | $ 231,997 | $ 201,789 |
LOANS AND ALLOWANCE FOR LOAN 48
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Aging of the Loan Portfolio by Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | $ 13,106 | $ 29,297 | |
60-89 Days Past Due | 9,270 | 8,730 | |
Greater Than 90 Days and still Accruing | 5,164 | 10,047 | |
Purchased Impaired (net of credit mark) | 78,606 | 105,788 | $ 119,743 |
Nonaccrual | 12,966 | 19,255 | |
Current | 5,424,509 | 5,172,879 | |
Total loans | 5,543,621 | 5,345,996 | $ 5,171,003 |
Commercial Construction [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | $ 296 | $ 815 | |
60-89 Days Past Due | |||
Greater Than 90 Days and still Accruing | $ 126 | ||
Purchased Impaired (net of credit mark) | 2,459 | $ 3,782 | |
Nonaccrual | 1,786 | 968 | |
Current | 424,978 | 335,715 | |
Total loans | 429,645 | 341,280 | |
Commercial Real Estate - Owner Occupied [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 1,148 | 621 | |
60-89 Days Past Due | 165 | 1,542 | |
Greater Than 90 Days and still Accruing | 680 | 1,683 | |
Purchased Impaired (net of credit mark) | 28,695 | 31,167 | |
Nonaccrual | 3,989 | 1,060 | |
Current | 828,874 | 839,370 | |
Total loans | 863,551 | 875,443 | |
Commercial Real Estate - Non-Owner Occupied [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 752 | 3,984 | |
60-89 Days Past Due | 974 | 237 | |
Greater Than 90 Days and still Accruing | 1,821 | 91 | |
Purchased Impaired (net of credit mark) | 15,172 | 28,869 | |
Nonaccrual | 200 | 5,902 | |
Current | 1,567,415 | 1,470,076 | |
Total loans | 1,586,334 | 1,509,159 | |
Raw Land and Lots [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | $ 93 | 145 | |
60-89 Days Past Due | 44 | ||
Greater Than 90 Days and still Accruing | 194 | ||
Purchased Impaired (net of credit mark) | $ 5,141 | 7,427 | |
Nonaccrual | 493 | 2,359 | |
Current | 181,455 | 201,056 | |
Total loans | 187,182 | 211,225 | |
Single Family Investment Real Estate [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 536 | 2,825 | |
60-89 Days Past Due | 35 | 338 | |
Greater Than 90 Days and still Accruing | 228 | 734 | |
Purchased Impaired (net of credit mark) | 15,167 | 16,879 | |
Nonaccrual | 1,157 | 2,070 | |
Current | 419,217 | 389,648 | |
Total loans | 436,340 | 412,494 | |
Commercial and Industrial [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 721 | 1,250 | |
60-89 Days Past Due | 696 | 529 | |
Greater Than 90 Days and still Accruing | 494 | 549 | |
Purchased Impaired (net of credit mark) | 2,249 | 3,855 | |
Nonaccrual | 903 | 3,286 | |
Current | 439,136 | 384,307 | |
Total loans | 444,199 | 393,776 | |
Other Commercial [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | $ 643 | 42 | |
60-89 Days Past Due | $ 2 | ||
Greater Than 90 Days and still Accruing | |||
Purchased Impaired (net of credit mark) | $ 793 | $ 2,256 | |
Nonaccrual | 61 | 74 | |
Current | 87,847 | 78,732 | |
Total loans | 89,344 | 81,106 | |
Mortgage [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 2,485 | 12,851 | |
60-89 Days Past Due | 5,079 | 4,300 | |
Greater Than 90 Days and still Accruing | 875 | 4,095 | |
Purchased Impaired (net of credit mark) | 5,561 | 7,394 | |
Nonaccrual | 2,276 | 2,485 | |
Current | 450,142 | 447,026 | |
Total loans | 466,418 | 478,151 | |
Consumer Construction [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | $ 250 | $ 120 | |
60-89 Days Past Due | |||
Greater Than 90 Days and still Accruing | $ 844 | ||
Purchased Impaired (net of credit mark) | $ 251 | $ 516 | |
Nonaccrual | 819 | ||
Current | 54,398 | $ 72,688 | |
Total loans | 55,718 | 74,168 | |
Indirect Auto [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 1,319 | 1,593 | |
60-89 Days Past Due | 270 | 263 | |
Greater Than 90 Days and still Accruing | $ 116 | $ 317 | |
Purchased Impaired (net of credit mark) | |||
Nonaccrual | $ 89 | ||
Current | 216,134 | $ 197,238 | |
Total loans | 217,928 | 199,411 | |
Indirect Marine [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | $ 150 | $ 150 | |
60-89 Days Past Due | |||
Greater Than 90 Days and still Accruing | $ 94 | ||
Purchased Impaired (net of credit mark) | |||
Nonaccrual | $ 201 | ||
Current | $ 42,519 | 42,839 | |
Total loans | 42,763 | 43,190 | |
HELOCs [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 3,192 | 3,082 | |
60-89 Days Past Due | 1,085 | 955 | |
Greater Than 90 Days and still Accruing | 282 | 820 | |
Purchased Impaired (net of credit mark) | 1,812 | 2,000 | |
Nonaccrual | 611 | 258 | |
Current | 485,220 | 493,464 | |
Total loans | 492,202 | 500,579 | |
Credit Card [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 232 | ||
60-89 Days Past Due | 108 | ||
Greater Than 90 Days and still Accruing | $ 219 | ||
Purchased Impaired (net of credit mark) | |||
Nonaccrual | |||
Current | $ 23,666 | ||
Total loans | 24,225 | ||
Other Consumer [Member] | |||
Summary of aging of the loan portfolio, by class | |||
30-59 Days Past Due | 1,521 | 1,587 | |
60-89 Days Past Due | 966 | 412 | |
Greater Than 90 Days and still Accruing | 448 | 501 | |
Purchased Impaired (net of credit mark) | 1,306 | 1,643 | |
Nonaccrual | 582 | 592 | |
Current | 227,174 | 197,054 | |
Total loans | $ 231,997 | $ 201,789 |
LOANS AND ALLOWANCE FOR LOAN 49
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Aging of the Acquired with Deteriorated Credit Quality Loan Portfolio by Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | $ 5,424,509 | $ 5,172,879 | |
Total | 78,606 | 105,788 | $ 119,743 |
Commercial Construction [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 424,978 | 335,715 | |
Total | 2,459 | 3,782 | |
Commercial Real Estate - Owner Occupied [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 828,874 | 839,370 | |
Total | 28,695 | 31,167 | |
Commercial Real Estate - Non-Owner Occupied [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 1,567,415 | 1,470,076 | |
Total | 15,172 | 28,869 | |
Raw Land and Lots [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 181,455 | 201,056 | |
Total | 5,141 | 7,427 | |
Single Family Investment Real Estate [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 419,217 | 389,648 | |
Total | 15,167 | 16,879 | |
Commercial and Industrial [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 439,136 | 384,307 | |
Total | 2,249 | 3,855 | |
Other Commercial [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 87,847 | 78,732 | |
Total | 793 | 2,256 | |
Indirect Auto [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | $ 216,134 | $ 197,238 | |
Total | |||
Mortgage [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | $ 450,142 | $ 447,026 | |
Total | 5,561 | 7,394 | |
Consumer Construction [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 54,398 | 72,688 | |
Total | 251 | 516 | |
HELOCs [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 485,220 | 493,464 | |
Total | 1,812 | 2,000 | |
Other Consumer [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
Current | 227,174 | 197,054 | |
Total | 1,306 | 1,643 | |
Purchased Impaired [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 4,978 | 6,181 | |
Greater than 90 Days | 5,739 | 10,013 | |
Current | 67,889 | 89,594 | |
Total | $ 78,606 | $ 105,788 | |
Purchased Impaired [Member] | Commercial Construction [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | |||
Greater than 90 Days | $ 459 | $ 652 | |
Current | 2,000 | 3,130 | |
Total | 2,459 | 3,782 | |
Purchased Impaired [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 1,024 | 1,138 | |
Greater than 90 Days | 1,752 | 843 | |
Current | 25,919 | 29,186 | |
Total | 28,695 | 31,167 | |
Purchased Impaired [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 1,202 | 523 | |
Greater than 90 Days | 392 | 1,255 | |
Current | 13,578 | 27,091 | |
Total | 15,172 | 28,869 | |
Purchased Impaired [Member] | Raw Land and Lots [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 196 | $ 522 | |
Greater than 90 Days | 70 | ||
Current | 4,875 | $ 6,905 | |
Total | 5,141 | 7,427 | |
Purchased Impaired [Member] | Single Family Investment Real Estate [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 1,225 | 1,327 | |
Greater than 90 Days | 646 | 1,311 | |
Current | 13,296 | 14,241 | |
Total | 15,167 | 16,879 | |
Purchased Impaired [Member] | Commercial and Industrial [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 412 | 144 | |
Greater than 90 Days | 69 | 538 | |
Current | 1,768 | 3,173 | |
Total | 2,249 | 3,855 | |
Purchased Impaired [Member] | Other Commercial [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 31 | 107 | |
Greater than 90 Days | 63 | 1,133 | |
Current | 699 | 1,016 | |
Total | 793 | 2,256 | |
Purchased Impaired [Member] | Mortgage [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 597 | 1,975 | |
Greater than 90 Days | 1,612 | 2,866 | |
Current | 3,352 | 2,553 | |
Total | $ 5,561 | $ 7,394 | |
Purchased Impaired [Member] | Consumer Construction [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | |||
Greater than 90 Days | $ 251 | $ 516 | |
Current | |||
Total | 251 | $ 516 | |
Purchased Impaired [Member] | HELOCs [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 244 | 356 | |
Greater than 90 Days | 365 | 728 | |
Current | 1,203 | 916 | |
Total | 1,812 | 2,000 | |
Purchased Impaired [Member] | Other Consumer [Member] | |||
Schedule of purchased impaired commercial and consumer loan portfolios, by class | |||
30-89 Days Past Due | 47 | 89 | |
Greater than 90 Days | 60 | 171 | |
Current | 1,199 | 1,383 | |
Total | $ 1,306 | $ 1,643 |
LOANS AND ALLOWANCE FOR LOAN 50
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Loans Individually Evaluated for Impairment by Class) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | $ 55,895 | $ 101,316 |
Loans without a specific allowance, Unpaid Principal Balance | 58,049 | 109,728 |
Loans without a specific allowance, YTD Average Investment | 56,563 | 109,502 |
Loans without a specific allowance, Interest Income Recognized | 2,294 | 4,589 |
Loans with a specific allowance, Recorded Investment | 26,328 | 30,864 |
Loans with a specific allowance, Unpaid Principal Balance | 28,021 | 31,127 |
Loans with a specific allowance, Related Allowance | 2,012 | 4,531 |
Loans with a specific allowance, YTD Average Investment | 27,078 | 31,682 |
Loans with a specific allowance, Interest Income Recognized | 884 | 1,282 |
Recorded Investment | 82,223 | 132,180 |
Unpaid Principal Balance | 86,070 | 140,855 |
Year to Date Average Investment | 83,641 | 141,184 |
Interest Income Recognized | 3,178 | 5,871 |
Commercial Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 5,760 | 5,281 |
Loans without a specific allowance, Unpaid Principal Balance | 6,036 | 5,367 |
Loans without a specific allowance, YTD Average Investment | 5,126 | 5,755 |
Loans without a specific allowance, Interest Income Recognized | 187 | 165 |
Loans with a specific allowance, Recorded Investment | 561 | 570 |
Loans with a specific allowance, Unpaid Principal Balance | 561 | 570 |
Loans with a specific allowance, Related Allowance | 40 | 51 |
Loans with a specific allowance, YTD Average Investment | 629 | 506 |
Loans with a specific allowance, Interest Income Recognized | 16 | 13 |
Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 11,801 | 15,722 |
Loans without a specific allowance, Unpaid Principal Balance | 11,998 | 16,430 |
Loans without a specific allowance, YTD Average Investment | 11,602 | 16,774 |
Loans without a specific allowance, Interest Income Recognized | 356 | 737 |
Loans with a specific allowance, Recorded Investment | 6,763 | 5,951 |
Loans with a specific allowance, Unpaid Principal Balance | 7,874 | 5,999 |
Loans with a specific allowance, Related Allowance | 677 | 355 |
Loans with a specific allowance, YTD Average Investment | 7,107 | 5,946 |
Loans with a specific allowance, Interest Income Recognized | 191 | 280 |
Commercial Real Estate - Non-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 6,854 | 22,917 |
Loans without a specific allowance, Unpaid Principal Balance | 7,166 | 22,917 |
Loans without a specific allowance, YTD Average Investment | 7,025 | 23,209 |
Loans without a specific allowance, Interest Income Recognized | 212 | 1,116 |
Loans with a specific allowance, Recorded Investment | 6,863 | 10,575 |
Loans with a specific allowance, Unpaid Principal Balance | 6,864 | 10,572 |
Loans with a specific allowance, Related Allowance | 178 | 2,017 |
Loans with a specific allowance, YTD Average Investment | 6,870 | 10,823 |
Loans with a specific allowance, Interest Income Recognized | 304 | 474 |
Raw Land and Lots [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 24,762 | 44,790 |
Loans without a specific allowance, Unpaid Principal Balance | 24,896 | 47,662 |
Loans without a specific allowance, YTD Average Investment | 25,595 | 47,988 |
Loans without a specific allowance, Interest Income Recognized | 1,290 | 2,124 |
Loans with a specific allowance, Recorded Investment | 1,224 | 1,343 |
Loans with a specific allowance, Unpaid Principal Balance | 1,221 | 1,373 |
Loans with a specific allowance, Related Allowance | 60 | 98 |
Loans with a specific allowance, YTD Average Investment | 978 | 1,472 |
Loans with a specific allowance, Interest Income Recognized | 34 | 59 |
Single Family Investment Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 2,295 | 4,197 |
Loans without a specific allowance, Unpaid Principal Balance | 2,721 | 4,881 |
Loans without a specific allowance, YTD Average Investment | 2,455 | 6,534 |
Loans without a specific allowance, Interest Income Recognized | 99 | 170 |
Loans with a specific allowance, Recorded Investment | 3,018 | 4,125 |
Loans with a specific allowance, Unpaid Principal Balance | 3,035 | 4,144 |
Loans with a specific allowance, Related Allowance | 212 | 562 |
Loans with a specific allowance, YTD Average Investment | 3,052 | 4,293 |
Loans with a specific allowance, Interest Income Recognized | 113 | 159 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 1,983 | 4,453 |
Loans without a specific allowance, Unpaid Principal Balance | 2,532 | 7,933 |
Loans without a specific allowance, YTD Average Investment | 2,115 | 5,070 |
Loans without a specific allowance, Interest Income Recognized | 47 | 121 |
Loans with a specific allowance, Recorded Investment | 2,581 | 2,938 |
Loans with a specific allowance, Unpaid Principal Balance | 2,640 | 3,009 |
Loans with a specific allowance, Related Allowance | 330 | 582 |
Loans with a specific allowance, YTD Average Investment | 2,684 | 3,125 |
Loans with a specific allowance, Interest Income Recognized | 100 | 138 |
Other Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 876 | 1,536 |
Loans without a specific allowance, Unpaid Principal Balance | 876 | 1,538 |
Loans without a specific allowance, YTD Average Investment | 895 | 1,624 |
Loans without a specific allowance, Interest Income Recognized | 41 | 90 |
Loans with a specific allowance, Recorded Investment | 423 | 359 |
Loans with a specific allowance, Unpaid Principal Balance | 451 | 378 |
Loans with a specific allowance, Related Allowance | 32 | 32 |
Loans with a specific allowance, YTD Average Investment | 475 | 442 |
Loans with a specific allowance, Interest Income Recognized | 16 | 29 |
Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 333 | 1,571 |
Loans without a specific allowance, Unpaid Principal Balance | 333 | 1,582 |
Loans without a specific allowance, YTD Average Investment | 333 | 1,583 |
Loans without a specific allowance, Interest Income Recognized | 8 | 58 |
Loans with a specific allowance, Recorded Investment | 3,273 | 3,323 |
Loans with a specific allowance, Unpaid Principal Balance | 3,522 | 3,375 |
Loans with a specific allowance, Related Allowance | 362 | 481 |
Loans with a specific allowance, YTD Average Investment | 3,495 | 3,381 |
Loans with a specific allowance, Interest Income Recognized | 64 | 60 |
Consumer Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 819 | |
Loans without a specific allowance, Unpaid Principal Balance | 821 | |
Loans without a specific allowance, YTD Average Investment | 822 | |
Loans without a specific allowance, Interest Income Recognized | 29 | |
Loans with a specific allowance, Recorded Investment | 375 | |
Loans with a specific allowance, Unpaid Principal Balance | 375 | |
Loans with a specific allowance, Related Allowance | 34 | |
Loans with a specific allowance, YTD Average Investment | 373 | |
Loans with a specific allowance, Interest Income Recognized | 19 | |
Indirect Auto [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Unpaid Principal Balance | 6 | |
Loans without a specific allowance, YTD Average Investment | 4 | |
Loans with a specific allowance, Recorded Investment | 89 | |
Loans with a specific allowance, Unpaid Principal Balance | 95 | |
Loans with a specific allowance, Related Allowance | 1 | |
Loans with a specific allowance, YTD Average Investment | 121 | |
Loans with a specific allowance, Interest Income Recognized | 5 | |
Indirect Marine [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 201 | |
Loans without a specific allowance, Unpaid Principal Balance | 505 | |
Loans without a specific allowance, YTD Average Investment | 281 | |
Loans with a specific allowance, Recorded Investment | 192 | |
Loans with a specific allowance, Unpaid Principal Balance | 192 | |
Loans with a specific allowance, Related Allowance | 5 | |
Loans with a specific allowance, YTD Average Investment | 199 | |
Loans with a specific allowance, Interest Income Recognized | 15 | |
HELOCs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 196 | 559 |
Loans without a specific allowance, Unpaid Principal Balance | 331 | 699 |
Loans without a specific allowance, YTD Average Investment | 310 | 573 |
Loans without a specific allowance, Interest Income Recognized | 10 | 8 |
Loans with a specific allowance, Recorded Investment | 1,008 | 434 |
Loans with a specific allowance, Unpaid Principal Balance | 1,038 | 434 |
Loans with a specific allowance, Related Allowance | 5 | 4 |
Loans with a specific allowance, YTD Average Investment | 1,032 | 436 |
Loans with a specific allowance, Interest Income Recognized | 24 | 17 |
Other Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a specific allowance, Recorded Investment | 216 | 89 |
Loans without a specific allowance, Unpaid Principal Balance | 339 | 208 |
Loans without a specific allowance, YTD Average Investment | 285 | 107 |
Loans without a specific allowance, Interest Income Recognized | 15 | |
Loans with a specific allowance, Recorded Investment | 525 | 679 |
Loans with a specific allowance, Unpaid Principal Balance | 720 | 706 |
Loans with a specific allowance, Related Allowance | 115 | 310 |
Loans with a specific allowance, YTD Average Investment | 635 | 686 |
Loans with a specific allowance, Interest Income Recognized | $ 17 | $ 19 |
LOANS AND ALLOWANCE FOR LOAN 51
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 42 | 58 |
Recorded Investment | $ 11,555 | $ 26,777 |
Outstanding Commitment | ||
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 28 | 42 |
Recorded Investment | $ 9,468 | $ 22,829 |
Outstanding Commitment | ||
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 14 | 16 |
Recorded Investment | $ 2,087 | $ 3,948 |
Outstanding Commitment | ||
Commercial Construction [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 296 | $ 707 |
Outstanding Commitment | ||
Commercial Construction [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 126 | $ 253 |
Outstanding Commitment | ||
Commercial Real Estate - Owner Occupied [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 5 | 3 |
Recorded Investment | $ 1,608 | $ 682 |
Outstanding Commitment | ||
Commercial Real Estate - Owner Occupied [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 2 |
Recorded Investment | $ 140 | $ 153 |
Outstanding Commitment | ||
Commercial Real Estate - Non-Owner Occupied [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 2,390 | $ 3,362 |
Outstanding Commitment | ||
Commercial Real Estate - Non-Owner Occupied [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 200 | $ 539 |
Outstanding Commitment | ||
Raw Land and Lots [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 5 | 9 |
Recorded Investment | $ 3,081 | $ 14,777 |
Outstanding Commitment | ||
Raw Land and Lots [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 2 |
Recorded Investment | $ 33 | $ 1,053 |
Outstanding Commitment | ||
Single Family Investment Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 6 |
Recorded Investment | $ 444 | $ 1,046 |
Outstanding Commitment | ||
Single Family Investment Real Estate [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 1 |
Recorded Investment | $ 234 | $ 433 |
Outstanding Commitment | ||
Commercial and Industrial [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 9 |
Recorded Investment | $ 103 | $ 722 |
Outstanding Commitment | ||
Commercial and Industrial [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 5 |
Recorded Investment | $ 485 | $ 616 |
Outstanding Commitment | ||
Other Commercial [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 128 | $ 191 |
Outstanding Commitment | ||
Other Commercial [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 61 | $ 74 |
Outstanding Commitment | ||
Mortgage [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 7 | 7 |
Recorded Investment | $ 1,331 | $ 1,244 |
Outstanding Commitment | ||
Mortgage [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 2 |
Recorded Investment | $ 771 | $ 770 |
Outstanding Commitment | ||
Other Consumer [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 87 | $ 98 |
Outstanding Commitment | ||
Other Consumer [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 37 | $ 57 |
Outstanding Commitment |
LOANS AND ALLOWANCE FOR LOAN 52
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of TDR by Class and Modification Type) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 4 | 1 | 7 | 5 |
Recorded investment at period end | $ | $ 1,074 | $ 989 | $ 2,079 | $ 1,401 |
Troubled Debt Restructuring Term Modification at Market Rate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 1 | 2 | 5 | |
Recorded investment at period end | $ | $ 989 | $ 134 | $ 1,401 | |
Troubled Debt Restructuring Term Modification at Market Rate [Member] | Commercial Real Estate - Owner Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 1 | |||
Recorded investment at period end | $ | $ 117 | |||
Troubled Debt Restructuring Term Modification at Market Rate [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 1 | 1 | ||
Recorded investment at period end | $ | $ 989 | $ 989 | ||
Troubled Debt Restructuring Term Modification at Market Rate [Member] | Single Family Investment Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 1 | |||
Recorded investment at period end | $ | $ 110 | |||
Troubled Debt Restructuring Term Modification at Market Rate [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 1 | 1 | ||
Recorded investment at period end | $ | $ 17 | $ 33 | ||
Troubled Debt Restructuring Term Modification at Market Rate [Member] | Other Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 2 | |||
Recorded investment at period end | $ | $ 269 | |||
Troubled Debt Restructuring Term Modification Below Market Rate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 4 | 5 | ||
Recorded investment at period end | $ | $ 1,074 | $ 1,945 | ||
Troubled Debt Restructuring Term Modification Below Market Rate [Member] | Commercial Real Estate - Owner Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 1 | |||
Recorded investment at period end | $ | $ 871 | |||
Troubled Debt Restructuring Term Modification Below Market Rate [Member] | Raw Land and Lots [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 1 | 1 | ||
Recorded investment at period end | $ | $ 400 | $ 400 | ||
Troubled Debt Restructuring Term Modification Below Market Rate [Member] | Mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 2 | 2 | ||
Recorded investment at period end | $ | $ 619 | $ 619 | ||
Troubled Debt Restructuring Term Modification Below Market Rate [Member] | Other Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | 1 | 1 | ||
Recorded investment at period end | $ | $ 55 | $ 55 |
LOANS AND ALLOWANCE FOR LOAN 53
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Allowance for loan losses: | |||||
Balance, beginning of the year | $ 32,384 | $ 30,135 | |||
Recoveries credited to allowance | 2,994 | 2,865 | |||
Loans charged off | (9,370) | (4,191) | |||
Provision charged to operations | 7,261 | 3,300 | |||
Balance, end of period | 33,269 | 32,109 | |||
Ending balance: individually evaluated for impairment | $ 2,012 | $ 4,105 | |||
Ending balance: collectively evaluated for impairment | 31,257 | 28,004 | |||
Total | 32,384 | 30,135 | 33,269 | $ 32,384 | 32,109 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 81,618 | 134,165 | |||
Ending balance: collectively evaluated for impairment | 5,383,397 | 4,917,095 | |||
Ending balance: loans acquired with deteriorated credit quality | 78,606 | 105,788 | 119,743 | ||
Total loans | 5,543,621 | 5,345,996 | 5,171,003 | ||
Commercial [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 22,352 | 19,908 | |||
Recoveries credited to allowance | 1,921 | 1,999 | |||
Loans charged off | (6,013) | (1,991) | |||
Provision charged to operations | 5,364 | 1,507 | |||
Balance, end of period | 23,624 | 21,423 | |||
Ending balance: individually evaluated for impairment | 1,529 | 3,183 | |||
Ending balance: collectively evaluated for impairment | 22,095 | 18,240 | |||
Total | 22,352 | 19,908 | 23,624 | 22,352 | 21,423 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 75,308 | 125,310 | |||
Ending balance: collectively evaluated for impairment | 3,891,611 | 3,430,451 | |||
Ending balance: loans acquired with deteriorated credit quality | 69,676 | 94,235 | 106,021 | ||
Total loans | 4,036,595 | 3,661,782 | |||
Consumer [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 10,032 | 10,227 | |||
Recoveries credited to allowance | 1,073 | 866 | |||
Loans charged off | (3,357) | (2,200) | |||
Provision charged to operations | 1,897 | 1,793 | |||
Balance, end of period | 9,645 | 10,686 | |||
Ending balance: individually evaluated for impairment | 483 | 922 | |||
Ending balance: collectively evaluated for impairment | 9,162 | 9,764 | |||
Total | $ 10,032 | $ 10,227 | 9,645 | $ 10,032 | 10,686 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 6,310 | 8,855 | |||
Ending balance: collectively evaluated for impairment | 1,491,786 | 1,486,644 | |||
Ending balance: loans acquired with deteriorated credit quality | 8,930 | 13,722 | |||
Total loans | $ 1,507,026 | $ 1,509,221 |
LOANS AND ALLOWANCE FOR LOAN 54
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating Excluding Purchased Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | $ 5,543,621 | $ 5,345,996 | $ 5,171,003 |
Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 429,645 | 341,280 | |
Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 863,551 | 875,443 | |
Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 1,586,334 | 1,509,159 | |
Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 187,182 | 211,225 | |
Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 436,340 | 412,494 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 444,199 | 393,776 | |
Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 89,344 | 81,106 | |
Excluding Purchased Impaired [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 3,966,919 | 3,730,248 | |
Excluding Purchased Impaired [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 427,186 | 337,498 | |
Excluding Purchased Impaired [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 834,856 | 844,276 | |
Excluding Purchased Impaired [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 1,571,162 | 1,480,290 | |
Excluding Purchased Impaired [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 182,041 | 203,798 | |
Excluding Purchased Impaired [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 421,173 | 395,615 | |
Excluding Purchased Impaired [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 441,950 | 389,921 | |
Excluding Purchased Impaired [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 88,551 | 78,850 | |
Excluding Purchased Impaired [Member] | 0-3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 989,887 | ||
Excluding Purchased Impaired [Member] | 0-3 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 37,671 | ||
Excluding Purchased Impaired [Member] | 0-3 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 179,846 | ||
Excluding Purchased Impaired [Member] | 0-3 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 467,026 | ||
Excluding Purchased Impaired [Member] | 0-3 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 12,036 | ||
Excluding Purchased Impaired [Member] | 0-3 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 63,146 | ||
Excluding Purchased Impaired [Member] | 0-3 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 186,807 | ||
Excluding Purchased Impaired [Member] | 0-3 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 43,355 | ||
Excluding Purchased Impaired [Member] | 1-3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 805,908 | ||
Excluding Purchased Impaired [Member] | 1-3 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 22,512 | ||
Excluding Purchased Impaired [Member] | 1-3 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 185,789 | ||
Excluding Purchased Impaired [Member] | 1-3 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 356,263 | ||
Excluding Purchased Impaired [Member] | 1-3 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 11,162 | ||
Excluding Purchased Impaired [Member] | 1-3 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 59,638 | ||
Excluding Purchased Impaired [Member] | 1-3 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 138,973 | ||
Excluding Purchased Impaired [Member] | 1-3 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 31,571 | ||
Excluding Purchased Impaired [Member] | 4 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 2,764,246 | 2,662,344 | |
Excluding Purchased Impaired [Member] | 4 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 355,150 | 289,064 | |
Excluding Purchased Impaired [Member] | 4 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 622,852 | 620,587 | |
Excluding Purchased Impaired [Member] | 4 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 1,048,396 | 1,041,515 | |
Excluding Purchased Impaired [Member] | 4 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 122,236 | 128,281 | |
Excluding Purchased Impaired [Member] | 4 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 339,683 | 311,900 | |
Excluding Purchased Impaired [Member] | 4 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 235,543 | 230,084 | |
Excluding Purchased Impaired [Member] | 4 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 40,386 | 40,913 | |
Excluding Purchased Impaired [Member] | 5 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 85,364 | 89,056 | |
Excluding Purchased Impaired [Member] | 5 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 22,661 | 11,932 | |
Excluding Purchased Impaired [Member] | 5 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 13,967 | 15,003 | |
Excluding Purchased Impaired [Member] | 5 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 19,654 | 22,358 | |
Excluding Purchased Impaired [Member] | 5 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 7,307 | 16,803 | |
Excluding Purchased Impaired [Member] | 5 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 8,430 | 9,750 | |
Excluding Purchased Impaired [Member] | 5 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 10,732 | 9,392 | |
Excluding Purchased Impaired [Member] | 5 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 2,613 | 3,818 | |
Excluding Purchased Impaired [Member] | 6 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 64,321 | 63,672 | |
Excluding Purchased Impaired [Member] | 6 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 8,857 | 10,906 | |
Excluding Purchased Impaired [Member] | 6 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 6,526 | 7,688 | |
Excluding Purchased Impaired [Member] | 6 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 22,369 | 28,388 | |
Excluding Purchased Impaired [Member] | 6 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 15,792 | 4,783 | |
Excluding Purchased Impaired [Member] | 6 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 5,210 | 6,680 | |
Excluding Purchased Impaired [Member] | 6 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 4,669 | 4,383 | |
Excluding Purchased Impaired [Member] | 6 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 898 | 844 | |
Excluding Purchased Impaired [Member] | 7 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 60,869 | 109,268 | |
Excluding Purchased Impaired [Member] | 7 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 2,847 | 3,084 | |
Excluding Purchased Impaired [Member] | 7 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 9,433 | 15,209 | |
Excluding Purchased Impaired [Member] | 7 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 13,717 | 31,766 | |
Excluding Purchased Impaired [Member] | 7 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 24,670 | 42,769 | |
Excluding Purchased Impaired [Member] | 7 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 4,704 | 7,647 | |
Excluding Purchased Impaired [Member] | 7 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 4,199 | 7,089 | |
Excluding Purchased Impaired [Member] | 7 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | 1,299 | $ 1,704 | |
Excluding Purchased Impaired [Member] | 8 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | $ 2,232 | ||
Excluding Purchased Impaired [Member] | 8 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | |||
Excluding Purchased Impaired [Member] | 8 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | $ 2,232 | ||
Excluding Purchased Impaired [Member] | 8 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | |||
Excluding Purchased Impaired [Member] | 8 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | |||
Excluding Purchased Impaired [Member] | 8 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | |||
Excluding Purchased Impaired [Member] | 8 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating | |||
Excluding Purchased Impaired [Member] | 8 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables related risk rating |
LOANS AND ALLOWANCE FOR LOAN 55
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating Including Purchased Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 78,606 | $ 105,788 | $ 119,743 |
Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 2,459 | 3,782 | |
Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 28,695 | 31,167 | |
Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 15,172 | 28,869 | |
Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 5,141 | 7,427 | |
Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 15,167 | 16,879 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 2,249 | 3,855 | |
Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 793 | 2,256 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 69,676 | $ 94,235 | $ 106,021 |
4 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | |||
4 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 5,203 | $ 1,525 | |
4 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 3,492 | 2,837 | |
4 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 1,425 | 1,564 | |
4 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 4,598 | 2,807 | |
4 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 357 | $ 437 | |
4 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 86 | ||
4 [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 15,161 | $ 9,170 | |
5 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | |||
5 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 700 | $ 3,546 | |
5 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 6,288 | 934 | |
5 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 517 | 189 | |
5 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 1,689 | $ 1,253 | |
5 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 12 | ||
5 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | |||
5 [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 9,206 | $ 5,922 | |
6 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 2,000 | 3,130 | |
6 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 9,016 | 10,880 | |
6 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 2,867 | 18,736 | |
6 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 2,317 | 3,148 | |
6 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 4,322 | 6,462 | |
6 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 360 | 913 | |
6 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 387 | 510 | |
6 [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 21,269 | 43,779 | |
7 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 194 | ||
7 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 13,776 | 15,216 | |
7 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 2,525 | 6,362 | |
7 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 882 | 2,526 | |
7 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 4,558 | 6,357 | |
7 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 1,498 | 2,477 | |
7 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 320 | 1,746 | |
7 [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 23,559 | 34,878 | |
8 [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 459 | 458 | |
8 [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | |||
8 [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | |||
8 [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | |||
8 [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | |||
8 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 22 | 28 | |
8 [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | |||
8 [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 481 | 486 | |
Purchased Impaired [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 78,606 | 105,788 | |
Purchased Impaired [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 2,459 | 3,782 | |
Purchased Impaired [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 28,695 | 31,167 | |
Purchased Impaired [Member] | Commercial Real Estate - Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 15,172 | 28,869 | |
Purchased Impaired [Member] | Raw Land and Lots [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 5,141 | 7,427 | |
Purchased Impaired [Member] | Single Family Investment Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 15,167 | 16,879 | |
Purchased Impaired [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 2,249 | 3,855 | |
Purchased Impaired [Member] | Other Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 793 | $ 2,256 |
LOANS AND ALLOWANCE FOR LOAN 56
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Acquired Loan Portfolio and Accretable Yield) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Accretable Yield | |||
Balance at beginning of period | $ 28,956 | $ 2,980 | |
Additions | 34,653 | ||
Accretion | (4,707) | (5,681) | |
Reclass of nonaccretable difference due to improvement in expected cash flows | 3,168 | ||
Other non-credit changes, net | [1] | (5,624) | (2,150) |
Balance at end of period | $ 21,793 | $ 29,802 | |
[1] | This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the quarter. |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jan. 01, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets, amortization expense | $ 2,074 | $ 2,391 | $ 6,435 | $ 7,462 | $ 9,800 | ||
Impairment charges | $ 0 | ||||||
Core deposit intangibles, net | 25,320 | $ 34,089 | 25,320 | $ 34,089 | 31,755 | ||
Goodwill | $ 293,522 | $ 293,522 | $ 293,522 | ||||
Core Deposits [Member] | Minimum [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets, amortization period | 4 years | ||||||
Core Deposits [Member] | Maximum [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets, amortization period | 14 years | ||||||
StellarOne Bank [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Core deposit intangibles, net | $ 29,600 | ||||||
Goodwill | $ 234,100 |
INTANGIBLE ASSETS (Information
INTANGIBLE ASSETS (Information Concerning Intangible Assets with Finite Life) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Information concerning intangible assets with finite life | |||
Gross Carrying Value | $ 76,185 | $ 76,185 | $ 76,185 |
Accumulated Amortization | 50,865 | 44,430 | 42,096 |
Net Carrying Value/Total estimated amortization expense | $ 25,320 | $ 31,755 | $ 34,089 |
INTANGIBLE ASSETS (Estimated Re
INTANGIBLE ASSETS (Estimated Remaining Amortization Expense of Core Deposit Intangibles) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Estimated remaining amortization expense of core deposit intangibles | |||
For the remaining three months of 2015 | $ 2,011 | ||
For the year ending December 31, 2016 | 6,932 | ||
For the year ending December 31, 2017 | 5,590 | ||
For the year ending December 31, 2018 | 4,144 | ||
For the year ending December 31, 2019 | 3,093 | ||
For the year ending December 31, 2020 | 2,027 | ||
Thereafter | 1,523 | ||
Net Carrying Value/Total estimated amortization expense | $ 25,320 | $ 31,755 | $ 34,089 |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Jan. 01, 2014USD ($) | |
Remaining available balance for the federal funds lines | $ 170,000,000 | $ 170,000,000 | $ 150,000,000 | |||
Maximum collateral dependent line of credit with the FHLB | 1,500,000,000 | 1,500,000,000 | 1,400,000,000 | |||
Prepayment penalty | 19,600,000 | |||||
Prepayment penalty amortization expense | 463,000 | $ 452,000 | 1,400,000 | $ 1,300,000 | ||
Carrying value of the loans and securities pledged as collateral for FHLB | 1,800,000,000 | $ 1,800,000,000 | $ 1,200,000,000 | |||
Acquisitions, Prior To 2006 [Member] | ||||||
Number of bank acquisitions | item | 2 | |||||
Trust preferred capital notes principal balance | $ 58,500,000 | |||||
Subordinated debt interest rate basis | LIBOR plus 1.45% | |||||
Subordinated debt maturity date | Apr. 1, 2016 | |||||
Subordinated debt | 17,500,000 | $ 17,500,000 | ||||
LIBOR [Member] | Acquisitions, Prior To 2006 [Member] | ||||||
Spread on 3-Month LIBOR | 1.45% | |||||
StellarOne Bank [Member] | ||||||
Trust preferred capital notes principal balance | $ 32,000,000 | |||||
Loans from Other Federal Home Loan Banks | 60,000,000 | 60,000,000 | $ 70,000,000 | |||
Trust Preferred Capital Notes [Member] | ||||||
Trust preferred capital notes principal balance | 90,500,000 | |||||
Trust Preferred Capital Notes [Member] | StellarOne Bank [Member] | ||||||
Remaining fair value discount on acquired notes | 7,000,000 | 7,000,000 | ||||
Subordinated Debt [Member] | Acquisitions, Prior To 2006 [Member] | ||||||
Remaining fair value discount on acquired notes | 285,000 | 285,000 | ||||
Federal Home Loan Bank Advances [Member] | StellarOne Bank [Member] | ||||||
Remaining fair value premium on acquired FHLB advances | $ 1,400,000 | $ 1,400,000 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Short-term borrowings | ||
Securities sold under agreements to repurchase | $ 99,417 | $ 44,393 |
Other short-term borrowings | 332,000 | 343,000 |
Total short-term borrowings | 431,417 | 387,393 |
Maximum month-end outstanding balance | 445,761 | 387,393 |
Average outstanding balance during the period | $ 383,554 | $ 237,896 |
Average interest rate during the period | 0.26% | 0.24% |
Average interest rate at end of period | 0.24% | 0.31% |
Other short-term borrowings: | ||
Federal Funds purchased | $ 5,000 | |
FHLB | 325,000 | $ 335,000 |
Other lines of credit | $ 2,000 | $ 8,000 |
BORROWINGS (Trust Preferred Cap
BORROWINGS (Trust Preferred Capital Notes Qualify for Tier 1 Capital) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Trust preferred capital notes qualify for Tier 1 capital | |||
Investment | $ 85,718,000 | $ 84,637,000 | |
Statutory Trust I [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Trust preferred capital notes principal balance | 22,500,000 | ||
Investment | [1] | $ 696,000 | |
Rate | 3.08% | ||
Maturity | Jun. 17, 2034 | ||
Statutory Trust II [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Trust preferred capital notes principal balance | $ 36,000,000 | ||
Investment | [1] | $ 1,114,000 | |
Rate | 1.73% | ||
Maturity | Jun. 15, 2036 | ||
VFG Limited Liability Trust I Indenture [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Trust preferred capital notes principal balance | $ 20,000,000 | ||
Investment | [1] | $ 619,000 | |
Rate | 3.06% | ||
Maturity | Mar. 18, 2034 | ||
FNB Statutory Trust II Indenture [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Trust preferred capital notes principal balance | $ 12,000,000 | ||
Investment | [1] | $ 372,000 | |
Rate | 3.43% | ||
Maturity | Jun. 26, 2033 | ||
Trust Preferred Capital Notes [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Trust preferred capital notes principal balance | $ 90,500,000 | ||
Investment | [1] | $ 2,801,000 | |
LIBOR [Member] | Statutory Trust I [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Spread on 3-Month LIBOR | 2.75% | ||
LIBOR [Member] | Statutory Trust II [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Spread on 3-Month LIBOR | 1.40% | ||
LIBOR [Member] | VFG Limited Liability Trust I Indenture [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Spread on 3-Month LIBOR | 2.73% | ||
LIBOR [Member] | FNB Statutory Trust II Indenture [Member] | |||
Trust preferred capital notes qualify for Tier 1 capital | |||
Spread on 3-Month LIBOR | 3.10% | ||
[1] | reported as "Other Assets" within the Consolidated Balance Sheets. |
BORROWINGS (Advances from the F
BORROWINGS (Advances from the FHLB) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Advances from the FHLB | ||
Advance Amount | $ 200,000 | $ 210,000 |
Adjustable Rate Credit One [Member] | ||
Advances from the FHLB | ||
Interest Rate | 0.77% | 0.70% |
Maturity Date | Aug. 23, 2022 | Aug. 23, 2022 |
Advance Amount | $ 55,000 | $ 55,000 |
Adjustable Rate Credit Two [Member] | ||
Advances from the FHLB | ||
Interest Rate | 0.78% | 0.71% |
Maturity Date | Nov. 23, 2022 | Nov. 23, 2022 |
Advance Amount | $ 65,000 | $ 65,000 |
Adjustable Rate Credit Three [Member] | ||
Advances from the FHLB | ||
Interest Rate | 0.78% | 0.71% |
Maturity Date | Nov. 23, 2022 | Nov. 23, 2022 |
Advance Amount | $ 10,000 | $ 10,000 |
Adjustable Rate Credit Four [Member] | ||
Advances from the FHLB | ||
Interest Rate | 0.78% | 0.71% |
Maturity Date | Nov. 23, 2022 | Nov. 23, 2022 |
Advance Amount | $ 10,000 | $ 10,000 |
Fixed Rate One [Member] | ||
Advances from the FHLB | ||
Interest Rate | 3.62% | 3.62% |
Maturity Date | Nov. 28, 2017 | Nov. 28, 2017 |
Advance Amount | $ 10,000 | $ 10,000 |
Fixed Rate Two [Member] | ||
Advances from the FHLB | ||
Interest Rate | 3.44% | |
Maturity Date | Jul. 28, 2015 | |
Advance Amount | $ 10,000 | |
Fixed Rate Three [Member] | ||
Advances from the FHLB | ||
Interest Rate | 3.75% | 3.75% |
Maturity Date | Jul. 30, 2018 | Jul. 30, 2018 |
Advance Amount | $ 5,000 | $ 5,000 |
Fixed Rate Four [Member] | ||
Advances from the FHLB | ||
Interest Rate | 3.97% | 3.97% |
Maturity Date | Jul. 30, 2018 | Jul. 30, 2018 |
Advance Amount | $ 5,000 | $ 5,000 |
Fixed Rate Hybrid One [Member] | ||
Advances from the FHLB | ||
Interest Rate | 2.11% | 2.11% |
Maturity Date | Oct. 5, 2016 | Oct. 5, 2016 |
Advance Amount | $ 25,000 | $ 25,000 |
Fixed Rate Hybrid Two [Member] | ||
Advances from the FHLB | ||
Interest Rate | 0.91% | 0.91% |
Maturity Date | Jul. 25, 2016 | Jul. 25, 2016 |
Advance Amount | $ 15,000 | $ 15,000 |
LIBOR [Member] | Adjustable Rate Credit One [Member] | ||
Advances from the FHLB | ||
Spread on 3-Month LIBOR | 0.44% | 0.44% |
LIBOR [Member] | Adjustable Rate Credit Two [Member] | ||
Advances from the FHLB | ||
Spread on 3-Month LIBOR | 0.45% | 0.45% |
LIBOR [Member] | Adjustable Rate Credit Three [Member] | ||
Advances from the FHLB | ||
Spread on 3-Month LIBOR | 0.45% | 0.45% |
LIBOR [Member] | Adjustable Rate Credit Four [Member] | ||
Advances from the FHLB | ||
Spread on 3-Month LIBOR | 0.45% | 0.45% |
BORROWINGS (Contractual Maturit
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Contractual maturities of long-term debt | ||
Remaining three months in 2015 | $ (466) | |
2,016 | 55,889 | |
2,017 | 8,248 | |
2,018 | 7,887 | |
2,019 | (2,304) | |
2,020 | (2,375) | |
Thereafter | 223,853 | |
Total long-term Borrowings | 290,732 | $ 299,542 |
Trust Preferred Capital Notes [Member] | ||
Contractual maturities of long-term debt | ||
Thereafter | 93,301 | |
Total long-term Borrowings | $ 93,301 | |
Subordinated Debt [Member] | ||
Contractual maturities of long-term debt | ||
Remaining three months in 2015 | ||
2,016 | $ 17,500 | |
2,017 | ||
2,018 | ||
2,019 | ||
2,020 | ||
Thereafter | ||
Total long-term Borrowings | $ 17,500 | |
Federal Home Loan Bank Advances [Member] | ||
Contractual maturities of long-term debt | ||
Remaining three months in 2015 | ||
2,016 | $ 40,000 | |
2,017 | 10,000 | |
2,018 | $ 10,000 | |
2,019 | ||
2,020 | ||
Thereafter | $ 140,000 | |
Total long-term Borrowings | 200,000 | |
Fair Value Premium (Discount) [Member] | ||
Contractual maturities of long-term debt | ||
2,016 | 271 | |
2,017 | 170 | |
2,018 | (143) | |
2,019 | (286) | |
2,020 | (301) | |
Thereafter | (5,622) | |
Total long-term Borrowings | (5,911) | |
Prepayment Penalty [Member] | ||
Contractual maturities of long-term debt | ||
Remaining three months in 2015 | (466) | |
2,016 | (1,882) | |
2,017 | (1,922) | |
2,018 | (1,970) | |
2,019 | (2,018) | |
2,020 | (2,074) | |
Thereafter | (3,826) | |
Total long-term Borrowings | $ (14,158) |
COMMITMENTS AND CONTINGENCIES65
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Other Commitments [Line Items] | ||
Loans available for sale in which the related rate lock commitment expired | $ 2,100,000 | $ 2,600,000 |
Valuation reserve on aged loans held for sale in which the related rate lock commitment expired | 102,000 | 104,000 |
Daily average required reserves | 41,400,000 | 48,700,000 |
Deposits with other financial institutions | 24,600,000 | |
Uninsured deposits with other financial institutions | 9,700,000 | |
Indemnification reserves | 384,000 | $ 662,000 |
Interest Rate Swaps [Member] | ||
Other Commitments [Line Items] | ||
Deposits with other financial institutions serves as collateral | 3,800,000 | |
Cash Flow Hedging [Member] | ||
Other Commitments [Line Items] | ||
Deposits with other financial institutions serves as collateral | $ 10,000,000 |
COMMITMENTS AND CONTINGENCIES66
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Commitments with off-balance sheet risk: | |||
Total commitments with off-balance sheet risk | $ 1,772,957 | $ 1,768,827 | |
Commitments with balance sheet risk: | |||
Loans held for sale | 65,713 | 42,519 | |
Total other commitments | 1,838,670 | 1,811,346 | |
Commitments to Extend Credit [Member] | |||
Commitments with off-balance sheet risk: | |||
Total commitments with off-balance sheet risk | [1] | 1,569,094 | 1,601,287 |
Standby Letters of Credit [Member] | |||
Commitments with off-balance sheet risk: | |||
Total commitments with off-balance sheet risk | 142,848 | 117,988 | |
Interest Rate Lock Commitments [Member] | |||
Commitments with off-balance sheet risk: | |||
Total commitments with off-balance sheet risk | $ 61,015 | $ 49,552 | |
[1] | Includes unfunded overdraft protection. |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)itemloan | Dec. 31, 2014USD ($)item | |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate lock commitments period | 30 days | |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate lock commitments period | 120 days | |
Trust Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 68,000 | |
Average fixed rate | 2.77% | |
Number of interest rate swaps | item | 3 | |
Trust Swaps [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative term | 3 years | |
Trust Swaps [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative term | 6 years | |
Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Market value of securities pledged as collateral for derivative instruments | $ 6,600 | |
Deposits with other financial institutions serves as collateral | 3,800 | |
Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 263,000 | |
Number of interest rate swaps | item | 11 | |
Unrealized gain (loss) of fair value of derivative | $ (10,400) | |
Deposits with other financial institutions serves as collateral | 10,000 | |
Prime Loan Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 55,000 | |
Number of loan swaps with floor rates | loan | 1 | |
Number of interest rate swaps | item | 4 | |
Derivative term | 6 years | |
Interest rate spread calculated on the variable rate | 0.49% | |
Interest rate swaps agreement, effective date | Sep. 17, 2013 | |
Prime Loan Swaps [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed rate | 4.71% | |
Floor interest rate | 4.00% | |
Prime Loan Swaps [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed rate | 5.20% | |
FHLB Advance Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 140,000 | |
Number of interest rate swaps | loan | 4 | |
FHLB Advance Swaps [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed rate | 3.16% | |
Derivative term | 5 years | |
Interest rate swaps agreement, effective date | Feb. 23, 2017 | |
FHLB Advance Swaps [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed rate | 3.46% | |
Derivative term | 6 years | |
Interest rate swaps agreement, effective date | Feb. 23, 2018 | |
Fair Value Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 53,600 | $ 38,300 |
Aggregate notional amount of the hedged items | $ 53,600 | $ 38,300 |
Number of interest rate swaps | item | 3 | 1 |
Fair value of aggregate notional amount of the hedged items | $ 1,400 | |
Unrealized gain (loss) of fair value of derivative | $ (1,400) | |
Fair Value Hedging [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed rate | 3.23% | |
Derivative term | 15 years | |
Fair Value Hedging [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed rate | 3.53% | |
Derivative term | 17 years | |
Interest rate spread calculated on the variable rate | 2.13% | |
Prime Loan Swaps and FHLB Advance Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Market value of securities pledged as collateral for derivative instruments | $ 4,300 | |
Interest Rate Lock Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 61,000 | $ 49,600 |
Asset | 1,321 | $ 513 |
Best Effort Forward Delivery Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 544 |
DERIVATIVES (Summary of the Der
DERIVATIVES (Summary of the Derivatives) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($)item | ||
Trust Swaps [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Notional Amount | $ 68,000 | ||
Cash Flow Hedging [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Notional Amount | 263,000 | ||
Prime Loan Swaps [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Notional Amount | $ 55,000 | ||
Life (Years) | 6 years | ||
Receive fixed - pay floating interest rate swaps [Member] | Cash Flow Hedging [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Positions | item | 4 | 4 | |
Notional Amount | $ 55,000 | $ 55,000 | |
Asset | $ 1,553 | $ 580 | |
Receive Rate | 4.93% | 4.93% | |
Pay Rate | 3.55% | 3.55% | |
Life (Years) | 3 years 11 months 19 days | 4 years 8 months 19 days | |
Receive fixed - pay floating interest rate swaps [Member] | Interest Rate Swaps [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Positions | item | 35 | 30 | |
Notional Amount | $ 141,055 | $ 122,793 | |
Asset | $ 5,470 | $ 2,681 | |
Receive Rate | 4.26% | 4.29% | |
Pay Rate | 2.45% | 2.50% | |
Life (Years) | 6 years 10 months 2 days | 7 years 1 month 21 days | |
Pay fixed - receive floating interest rate swaps [Member] | Cash Flow Hedging [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Positions | item | 7 | 7 | |
Notional Amount | $ 208,000 | $ 208,000 | |
Asset | |||
Liabilities | $ 11,911 | $ 8,433 | |
Receive Rate | [1] | 0.33% | 0.26% |
Pay Rate | [1] | 2.77% | 2.77% |
Life (Years) | [1] | 1 year 4 months 17 days | 2 years 1 month 13 days |
Pay fixed - receive floating interest rate swaps [Member] | Interest Rate Swaps [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Positions | item | 35 | 30 | |
Notional Amount | $ 141,055 | $ 122,793 | |
Liabilities | $ 5,470 | $ 2,681 | |
Receive Rate | 2.45% | 2.50% | |
Pay Rate | 4.26% | 4.29% | |
Life (Years) | 6 years 10 months 2 days | 7 years 1 month 21 days | |
Minimum [Member] | Trust Swaps [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Life (Years) | 3 years | ||
Maximum [Member] | Trust Swaps [Member] | |||
Summary of the derivative designated as a cash flow hedge | |||
Life (Years) | 6 years | ||
[1] | Due to their deferred nature, the rates and the life exclude the four FHLB advance swaps |
ACCUMULATED OTHER COMPREHENSI69
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |||||
OTTI recovery amount | $ 400,000 | ||||
Reclassifications of unrealized gains (losses) on AFS | $ 75,000 | $ 995,000 | $ 672,000 | $ 1,449,000 | |
Tax expense (benefit) related to (gains) losses on the sale of securities | 79,000 | 348,000 | 130,000 | 367,000 | |
Reclassification of unrealized gains (losses) on cash flow hedges | 241,000 | 253,000 | 723,000 | 659,000 | |
Tax expense (benefit) related to (gains) losses on the cash flow hedges | 84,000 | 89,000 | 253,000 | 231,000 | |
Net gain (loss) on sale of securities, excluding OTTI recovery | $ 995,000 | $ 1 | |||
Credit-related OTTI | $ 300,000 | $ 300,000 |
ACCUMULATED OTHER COMPREHENSI70
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Change in accumulated other comprehensive income | ||||||
Unrealized Gains (losses) on Securities, Beginning Balance | $ 8,738 | $ 14,202 | $ 17,439 | $ 1,192 | ||
Accretion on unrealized loss for AFS securities transferred to HTM, Beginning Balance | 5,043 | |||||
Change in Fair Value of Cash Flow Hedge, Beginning Balance | (4,552) | (3,321) | (5,184) | (3,382) | ||
Total, Beginning Balance | 9,229 | 10,881 | 12,255 | (2,190) | ||
Unrealized gain transferred from AFS to HTM, Unrealized Gains (Losses) on AFS Securities | (5,251) | |||||
Unrealized gain transferred from AFS to HTM, Accretion on unrealized gain for AFS securities transferred to HTM | $ 5,251 | |||||
Unrealized gain transferred from AFS to HTM, Total | ||||||
Other comprehensive income (loss) before reclass, Unrealized Gains (losses) on Securities | 1,250 | 1,798 | $ (1,812) | 14,843 | ||
Other comprehensive income (loss) before reclass, Accretion on unrealized loss for AFS securities transferred to HTM | (308) | (516) | ||||
Other comprehensive income (loss) before reclass, Change in Fair Value of Cash Flow Hedge | (2,328) | (228) | (2,009) | (431) | ||
Other comprehensive income (loss) before reclass, Total | (1,386) | 1,570 | (4,337) | 14,412 | ||
Amounts reclassified from accumulated other comprehensive income, Unrealized Gains (losses) on Securities | 146 | (647) | (242) | (682) | ||
Amounts reclassified from accumulated other comprehensive income, Change in Fair Value of Cash Flow Hedge | 157 | 164 | 470 | 428 | ||
Amounts reclassified from accumulated other comprehensive income | 303 | (483) | 228 | (254) | ||
Net current period other comprehensive income (loss), Unrealized Gains (losses) on Securities | 1,396 | 1,151 | (2,054) | 14,161 | ||
Net current period other comprehensive income (loss), Accretion on unrealized loss for AFS securities transferred to HTM | (308) | (516) | ||||
Net current period other comprehensive income (loss), Change in Fair Value of Cash Flow Hedge | (2,171) | (64) | (1,539) | (3) | ||
Other comprehensive income (loss) | (1,083) | 1,087 | (4,109) | 14,158 | ||
Unrealized Gains (losses) on Securities, Ending Balance | 10,134 | 15,353 | 10,134 | 15,353 | ||
Accretion on unrealized loss for AFS securities transferred to HTM, Ending Balance | 4,735 | 4,735 | ||||
Change in Fair Value of Cash Flow Hedge, Ending Balance | (6,723) | (3,385) | (6,723) | (3,385) | ||
Total, Ending Balance | $ 9,229 | $ 10,881 | $ 12,255 | $ (2,190) | $ 8,146 | $ 11,968 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($) | Dec. 31, 2014 | |
FAIR VALUE MEASUREMENTS [Abstract] | |||||
Weighted average pull through rate | 80.00% | 80.00% | 90.00% | ||
Minimum number of market participants | item | 4,000 | ||||
Total valuation expenses related to OREO properties | $ 473 | $ 6,200 | $ 1,773 | $ 7,265 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Interest rate swap | $ 5,470 | $ 2,681 |
Cash flow hedges | 1,553 | 580 |
Estimated Fair Value | 888,692 | 1,102,114 |
LIABILITIES: | ||
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | $ 11,911 | 8,433 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Interest rate swap | ||
Cash flow hedges | ||
Estimated Fair Value | ||
LIABILITIES: | ||
Interest rate swap | ||
Cash flow hedges | ||
Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS: | ||
Interest rate swap | $ 5,470 | 2,681 |
Cash flow hedges | 1,553 | 580 |
Estimated Fair Value | 888,692 | 1,102,114 |
LIABILITIES: | ||
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | $ 11,911 | 8,433 |
Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Interest rate swap | ||
Cash flow hedges | ||
Estimated Fair Value | ||
LIABILITIES: | ||
Interest rate swap | ||
Cash flow hedges | ||
Recurring [Member] | ||
ASSETS: | ||
Interest rate swap | $ 5,470 | 2,681 |
Cash flow hedges | 1,553 | 580 |
LIABILITIES: | ||
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | $ 11,911 | $ 8,433 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Interest rate swap | ||
Cash flow hedges | ||
LIABILITIES: | ||
Interest rate swap | ||
Cash flow hedges | ||
Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS: | ||
Interest rate swap | $ 5,470 | $ 2,681 |
Cash flow hedges | 1,553 | 580 |
LIABILITIES: | ||
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | $ 11,911 | $ 8,433 |
Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Interest rate swap | ||
Cash flow hedges | ||
LIABILITIES: | ||
Interest rate swap | ||
Cash flow hedges | ||
US Government Agencies Debt Securities [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 8,411 | $ 8,454 |
US Government Agencies Debt Securities [Member] | Recurring [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 8,411 | $ 8,454 |
US Government Agencies Debt Securities [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
US Government Agencies Debt Securities [Member] | Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 8,411 | $ 8,454 |
US Government Agencies Debt Securities [Member] | Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Obligations of States and Political Subdivisions [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 249,893 | $ 445,647 |
Obligations of States and Political Subdivisions [Member] | Recurring [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 249,893 | $ 445,647 |
Obligations of States and Political Subdivisions [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Obligations of States and Political Subdivisions [Member] | Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 249,893 | $ 445,647 |
Obligations of States and Political Subdivisions [Member] | Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Corporate and Other Securities [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 72,462 | $ 78,680 |
Corporate and Other Securities [Member] | Recurring [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 72,462 | $ 78,680 |
Corporate and Other Securities [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Corporate and Other Securities [Member] | Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 72,462 | $ 78,680 |
Corporate and Other Securities [Member] | Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Mortgage Backed Securities [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 547,717 | $ 559,329 |
Mortgage Backed Securities [Member] | Recurring [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 547,717 | $ 559,329 |
Mortgage Backed Securities [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Mortgage Backed Securities [Member] | Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 547,717 | $ 559,329 |
Mortgage Backed Securities [Member] | Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Other Securities [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 10,209 | $ 10,004 |
Other Securities [Member] | Recurring [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 10,209 | $ 10,004 |
Other Securities [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Other Securities [Member] | Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS: | ||
Estimated Fair Value | $ 10,209 | $ 10,004 |
Other Securities [Member] | Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Estimated Fair Value | ||
Best Effort Forward Delivery Commitments [Member] | ||
LIABILITIES: | ||
Liabilities | $ 544 | |
Best Effort Forward Delivery Commitments [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
LIABILITIES: | ||
Liabilities | ||
Best Effort Forward Delivery Commitments [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
LIABILITIES: | ||
Liabilities | ||
Best Effort Forward Delivery Commitments [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
LIABILITIES: | ||
Liabilities | $ 544 | |
Best Effort Forward Delivery Commitments [Member] | Recurring [Member] | ||
LIABILITIES: | ||
Liabilities | $ 544 | |
Best Effort Forward Delivery Commitments [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
LIABILITIES: | ||
Liabilities | ||
Best Effort Forward Delivery Commitments [Member] | Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
LIABILITIES: | ||
Liabilities | $ 544 | |
Interest Rate Lock Commitments [Member] | ||
ASSETS: | ||
Derivative assets | $ 1,321 | $ 513 |
Interest Rate Lock Commitments [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Derivative assets | ||
Interest Rate Lock Commitments [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS: | ||
Derivative assets | ||
Interest Rate Lock Commitments [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Derivative assets | $ 1,321 | 513 |
Interest Rate Lock Commitments [Member] | Recurring [Member] | ||
ASSETS: | ||
Derivative assets | $ 1,321 | $ 513 |
Interest Rate Lock Commitments [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS: | ||
Derivative assets | ||
Interest Rate Lock Commitments [Member] | Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS: | ||
Derivative assets | $ 1,321 | $ 513 |
FAIR VALUE MEASUREMENTS (Sche73
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Loans held for sale | $ 65,713 | $ 42,519 |
Other real estate owned | 22,094 | 28,118 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Loans held for sale | 65,713 | 42,519 |
Impaired loans | 10,416 | 15,797 |
Other real estate owned | $ 22,094 | $ 28,118 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Loans held for sale | ||
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Loans held for sale | ||
Impaired loans | ||
Other real estate owned | ||
Significant Other Observable Inputs Level 2 [Member] | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Loans held for sale | $ 65,713 | $ 42,519 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Loans held for sale | $ 65,713 | $ 42,519 |
Impaired loans | ||
Other real estate owned | ||
Significant Unobservable Inputs Level 3 [Member] | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Loans held for sale | ||
Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Loans held for sale | ||
Impaired loans | $ 10,416 | $ 15,797 |
Other real estate owned | $ 22,094 | $ 28,118 |
FAIR VALUE MEASUREMENTS (Summar
FAIR VALUE MEASUREMENTS (Summary of Quantitative Information About Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Market comparables [Member] | |||
Summary of quantitative information about Level 3 Fair Value Measurements | |||
Total | $ 32,510 | $ 43,915 | |
Other Real Estate Owned [Member] | |||
Summary of quantitative information about Level 3 Fair Value Measurements | |||
Level 3 fair value unobservable inputs | [1] | Discount applied to market comparables (1) | Discount applied to market comparables (1) |
Other Real Estate Owned [Member] | Market comparables [Member] | |||
Summary of quantitative information about Level 3 Fair Value Measurements | |||
Other real estate owned | $ 22,094 | $ 28,118 | |
Discount applied to market comparables [Member] | Other Real Estate Owned [Member] | |||
Summary of quantitative information about Level 3 Fair Value Measurements | |||
Weighted Average | 21.00% | 32.00% | |
Impaired loans [Member] | |||
Summary of quantitative information about Level 3 Fair Value Measurements | |||
Level 3 fair value unobservable inputs | [1] | Discount applied to market comparables (1) | Discount applied to market comparables (1) |
Impaired loans [Member] | Market comparables [Member] | |||
Summary of quantitative information about Level 3 Fair Value Measurements | |||
Total Impaired Loans | $ 10,416 | $ 15,797 | |
Impaired loans [Member] | Discount applied to market comparables [Member] | |||
Summary of quantitative information about Level 3 Fair Value Measurements | |||
Weighted Average | 7.00% | 13.00% | |
[1] | A discount percentage (in addition to expected selling costs) is applied based on the age of independent appraisals, current market conditions, and experience within the local market. |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Values and Estimated Fair Values of the Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 179,194 | $ 133,260 |
Securities available for sale, at fair value | 888,692 | 1,102,114 |
Held to maturity securities | 200,319 | |
Restricted stock | 52,721 | 54,854 |
Loans held for sale | 65,713 | 42,519 |
Net loans | 5,536,118 | 5,340,759 |
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | 1,553 | 580 |
Accrued interest receivable | 21,488 | 21,775 |
Bank owned life insurance | 142,433 | 139,005 |
LIABILITIES | ||
Deposits | 5,817,840 | 5,637,929 |
Borrowings | 699,804 | 666,224 |
Accrued interest payable | 1,610 | 1,899 |
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | 11,911 | 8,433 |
Carrying Value [Member] | ||
ASSETS | ||
Cash and cash equivalents | 179,194 | 133,260 |
Securities available for sale, at fair value | 888,692 | 1,102,114 |
Held to maturity securities | 199,363 | |
Restricted stock | 52,721 | 54,854 |
Loans held for sale | 65,713 | 42,519 |
Net loans | 5,510,352 | 5,313,612 |
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | 1,553 | 580 |
Accrued interest receivable | 21,488 | 21,775 |
Bank owned life insurance | 142,433 | 139,005 |
LIABILITIES | ||
Deposits | 5,818,853 | 5,638,770 |
Borrowings | 722,149 | 686,935 |
Accrued interest payable | 1,610 | 1,899 |
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | 11,911 | 8,433 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS | ||
Cash and cash equivalents | $ 179,194 | 133,260 |
Securities available for sale, at fair value | ||
Held to maturity securities | ||
Restricted stock | ||
Loans held for sale | ||
Net loans | ||
Interest rate swap | ||
Cash flow hedges | ||
Accrued interest receivable | ||
Bank owned life insurance | ||
LIABILITIES | ||
Deposits | ||
Borrowings | ||
Accrued interest payable | ||
Interest rate swap | ||
Cash flow hedges | ||
Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS | ||
Cash and cash equivalents | ||
Securities available for sale, at fair value | $ 888,692 | 1,102,114 |
Held to maturity securities | 200,319 | |
Restricted stock | 52,721 | 54,854 |
Loans held for sale | $ 65,713 | 42,519 |
Net loans | ||
Interest rate swap | $ 5,470 | 2,681 |
Cash flow hedges | 1,553 | 580 |
Accrued interest receivable | 21,488 | 21,775 |
Bank owned life insurance | 142,433 | 139,005 |
LIABILITIES | ||
Deposits | 5,817,840 | 5,637,929 |
Borrowings | 699,804 | 666,224 |
Accrued interest payable | 1,610 | 1,899 |
Interest rate swap | 5,470 | 2,681 |
Cash flow hedges | $ 11,911 | 8,433 |
Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS | ||
Cash and cash equivalents | ||
Securities available for sale, at fair value | ||
Held to maturity securities | ||
Restricted stock | ||
Loans held for sale | ||
Net loans | $ 5,536,118 | 5,340,759 |
Interest rate swap | ||
Cash flow hedges | ||
Accrued interest receivable | ||
Bank owned life insurance | ||
LIABILITIES | ||
Deposits | ||
Borrowings | ||
Accrued interest payable | ||
Interest rate swap | ||
Cash flow hedges | ||
Interest Rate Lock Commitments [Member] | ||
ASSETS | ||
Derivative assets | $ 1,321 | 513 |
Interest Rate Lock Commitments [Member] | Carrying Value [Member] | ||
ASSETS | ||
Derivative assets | $ 1,321 | 513 |
Interest Rate Lock Commitments [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
ASSETS | ||
Derivative assets | ||
Interest Rate Lock Commitments [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
ASSETS | ||
Derivative assets | ||
Interest Rate Lock Commitments [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
ASSETS | ||
Derivative assets | $ 1,321 | $ 513 |
Best Effort Forward Delivery Commitments [Member] | ||
LIABILITIES | ||
Liabilities | 544 | |
Best Effort Forward Delivery Commitments [Member] | Carrying Value [Member] | ||
LIABILITIES | ||
Liabilities | $ 544 | |
Best Effort Forward Delivery Commitments [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
LIABILITIES | ||
Liabilities | ||
Best Effort Forward Delivery Commitments [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
LIABILITIES | ||
Liabilities | ||
Best Effort Forward Delivery Commitments [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
LIABILITIES | ||
Liabilities | $ 544 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
EARNINGS PER SHARE [Abstract] | ||||
Anti-dilutive stock awards | 51,179 | 155,433 | 54,475 | 130,499 |
EARNINGS PER SHARE (Reconcileme
EARNINGS PER SHARE (Reconcilement of the Denominators of the Basic and Diluted EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reconcilement of the denominators of the basic and diluted EPS computations | ||||
Basic EPS, Net Income Available to Common Stockholders (Numerator) | $ 18,216 | $ 14,817 | $ 49,264 | $ 37,199 |
Basic EPS, Weighted Average Shares (Denominator) | 45,087,000 | 45,649,000 | 45,107,000 | 46,269,000 |
Basic EPS, Per Share Amount | $ 0.40 | $ 0.32 | $ 1.09 | $ 0.80 |
Effect of dilutive stock awards, Weighted Average Shares (Denominator) | 84,000 | 89,000 | 82,000 | 98,000 |
Diluted EPS, Net Income Available to Common Stockholders (Numerator) | $ 18,216 | $ 14,817 | $ 49,264 | $ 37,199 |
Diluted EPS, Weighted Average Common Shares | 45,171,610 | 45,738,554 | 45,189,578 | 46,367,156 |
Diluted EPS, Per Share Amount | $ 0.40 | $ 0.32 | $ 1.09 | $ 0.80 |
SEGMENT REPORTING DISCLOSURES78
SEGMENT REPORTING DISCLOSURES (Narrative) (Details) | 3 Months Ended | 5 Months Ended | 7 Months Ended | 9 Months Ended |
Sep. 30, 2015store | May. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2015storesegment | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 2 | |||
Number of retail locations | store | 124 | 124 | ||
Number of subsidiary bank | 1 | |||
Warehouse Line of Credit [Member] | LIBOR [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Spread on 3-Month LIBOR | 0.15% | 1.50% | 1.50% | 0.15% |
Mortgage banking segment interest - floor | 0.00% | 2.00% | 0.00% | 0.00% |
SEGMENT REPORTING DISCLOSURES79
SEGMENT REPORTING DISCLOSURES (Information About Reportable Segments and Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Information about reportable segments and reconciliation | |||||
Net interest income | $ 63,444 | $ 64,479 | $ 189,229 | $ 191,953 | |
Provision for loan losses | 2,062 | 1,800 | 7,561 | 3,300 | |
Net interest income after provision for loan losses | 61,382 | 62,679 | 181,668 | 188,653 | |
Noninterest income | 16,725 | 16,318 | 47,990 | 46,385 | |
Noninterest expenses | 53,325 | 59,413 | 162,405 | 185,665 | |
Income before income taxes | 24,782 | 19,584 | 67,253 | 49,373 | |
Income tax expense (benefit) | 6,566 | 4,767 | 17,989 | 12,174 | |
Net income | 18,216 | 14,817 | 49,264 | 37,199 | |
Total assets | 7,594,313 | 7,193,883 | 7,594,313 | 7,193,883 | $ 7,358,643 |
Community Bank [Member] | |||||
Information about reportable segments and reconciliation | |||||
Net interest income | 63,075 | 64,162 | 188,240 | 191,090 | |
Provision for loan losses | 2,000 | 1,800 | 7,450 | 3,300 | |
Net interest income after provision for loan losses | 61,075 | 62,362 | 180,790 | 187,790 | |
Noninterest income | 14,287 | 13,884 | 40,658 | 38,964 | |
Noninterest expenses | 50,674 | 55,680 | 154,011 | 173,268 | |
Income before income taxes | 24,688 | 20,566 | 67,437 | 53,486 | |
Income tax expense (benefit) | 6,531 | 5,121 | 18,060 | 13,678 | |
Net income | 18,157 | 15,445 | 49,377 | 39,808 | |
Total assets | 7,588,606 | 7,188,596 | 7,588,606 | 7,188,596 | |
Mortgage [Member] | |||||
Information about reportable segments and reconciliation | |||||
Net interest income | 369 | 317 | 989 | 863 | |
Provision for loan losses | 62 | 111 | |||
Net interest income after provision for loan losses | 307 | 317 | 878 | 863 | |
Noninterest income | 2,608 | 2,604 | 7,844 | 7,932 | |
Noninterest expenses | 2,821 | 3,903 | 8,906 | 12,908 | |
Income before income taxes | 94 | (982) | (184) | (4,113) | |
Income tax expense (benefit) | 35 | (354) | (71) | (1,504) | |
Net income | 59 | (628) | (113) | (2,609) | |
Total assets | 62,127 | 41,857 | 62,127 | 41,857 | |
Eliminations [Member] | |||||
Information about reportable segments and reconciliation | |||||
Noninterest income | (170) | (170) | (512) | (511) | |
Noninterest expenses | (170) | (170) | (512) | (511) | |
Total assets | $ (56,420) | $ (36,570) | $ (56,420) | $ (36,570) |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ in Thousands | Oct. 29, 2015 | Oct. 16, 2015 | Sep. 30, 2015 |
Subsequent Event [Line Items] | |||
Transfer from loans held for investment to loans held for sale | $ 26,400 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Transfer from loans held for investment to loans held for sale | $ 26,400 | ||
Stock repurchase program, authorized amount, maximum | $ 25,000 | ||
Stock repurchase program, expiration date | Dec. 31, 2016 |