Portfolio Loans (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
Non-covered Loans [Line Items] |
|
Summary of Loans to Executive Officers and Directors |
Following is a summary of activity for the years ended December 31, 2015, 2014, and 2013 of loans to executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. Such loans were made in the normal course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers and did not involve more than the normal risk of collectibility.
| | | | | | | | | | | | | (in thousands) | December 31, 2015 | | December 31, 2014 | | December 31, 2013 | Balance at beginning of year | $ | 13,513 |
| | $ | 11,752 |
| | $ | 16,875 |
| New loans and advances | 641 |
| | 11,796 |
| | 6,519 |
| Payments and other reductions | (9,760 | ) | | (10,035 | ) | | (11,642 | ) | Balance at end of year | $ | 4,394 |
| | $ | 13,513 |
| | $ | 11,752 |
|
|
Summary of Past Due and Impaired Loans |
The following table presents details for past due and impaired loans:
| | | | | | | | | | | | | | December 31, | (in thousands) | 2015 | | 2014 | | 2013 | Total interest income that would have been recognized under original terms on impaired loans | $ | 1,038 |
| | $ | 1,013 |
| | $ | 1,538 |
| Total cash received and recognized as interest income on impaired loans | 226 |
| | 118 |
| | 257 |
| Total interest income recognized on impaired loans still accruing | 36 |
| | 39 |
| | 16 |
|
|
Non-Covered Loans |
|
Non-covered Loans [Line Items] |
|
Summary of Portfolio Loans by Category |
Below is a summary of Portfolio loans by category at December 31, 2015 and 2014: | | | | | | | | | (in thousands) | December 31, 2015 | | December 31, 2014 | Commercial and industrial | $ | 1,484,327 |
| | $ | 1,264,487 |
| Real estate loans: | | | | Commercial - investor owned | 428,064 |
| | 396,751 |
| Commercial - owner occupied | 342,959 |
| | 344,003 |
| Construction and land development | 161,061 |
| | 143,878 |
| Residential | 196,498 |
| | 185,252 |
| Total real estate loans | 1,128,582 |
| | 1,069,884 |
| Consumer and other | 137,537 |
| | 98,650 |
| Portfolio loans | 2,750,446 |
| | 2,433,021 |
| Unearned loan fees, net | 291 |
| | 895 |
| Portfolio loans, including unearned loan fees | $ | 2,750,737 |
| | $ | 2,433,916 |
| | | | | Note: In 2015, the Company redefined certain loan categories by borrower type and purpose of the loan. To conform to the current year classification, the Company reclassified $36.4 million into Consumer and other loans as of December 31, 2014. This includes $5.8 million from C&I, $16.2 million from CRE-investor owned, $13.5 million from CRE-owner occupied, and $0.9 million from Construction and land development. |
|
Summary of Allowance for Loan Losses and the Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method |
A summary of activity in the allowance for loan losses and the recorded investment in Portfolio loans by class and category based on impairment method for the years ended indicated below is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Commercial and industrial | | CRE - investor owned | | CRE - owner occupied | | Construction and land development | | Residential real estate | | Consumer and other | | Unallocated | | Total | Balance at December 31, 2015 | | | | | | | | | | | | | | | | Allowance for Loan Losses: | | | | | | | | | | | | | | | | Balance, beginning of year | $ | 16,983 |
| | $ | 4,382 |
| | $ | 3,135 |
| | $ | 1,715 |
| | $ | 2,830 |
| | $ | 1,140 |
| | $ | — |
| | $ | 30,185 |
| Provision (provision reversal) | 6,976 |
| | (303 | ) | | (1,626 | ) | | (335 | ) | | (58 | ) | | 218 |
| | — |
| | 4,872 |
| Losses charged off | (3,699 | ) | | (664 | ) | | (38 | ) | | (350 | ) | | (1,313 | ) | | (27 | ) | | — |
| | (6,091 | ) | Recoveries | 1,796 |
| | 69 |
| | 1,498 |
| | 674 |
| | 337 |
| | 101 |
| | — |
| | 4,475 |
| Balance, end of year | $ | 22,056 |
| | $ | 3,484 |
|
| $ | 2,969 |
|
| $ | 1,704 |
|
| $ | 1,796 |
|
| $ | 1,432 |
|
| $ | — |
| | $ | 33,441 |
| | | | | | | | | | | | | | | | | Balance at December 31, 2014 | | | | | | | | | | | | | | | | Allowance for Loan Losses: | | | | | | | | | | | | | | | | Balance, beginning of year | $ | 12,246 |
| | $ | 6,600 |
| | $ | 4,096 |
| | $ | 2,136 |
| | $ | 2,019 |
| | $ | 192 |
| | $ | — |
| | $ | 27,289 |
| Provision (provision reversal)
| 6,707 |
| | (2,063 | ) | | (1,517 | ) | | (322 | ) | | 525 |
| | 1,079 |
| | — |
| | 4,409 |
| Losses charged off | (3,738 | ) | | (250 | ) | | (450 | ) | | (905 | ) | | (48 | ) | | (165 | ) | | — |
| | (5,556 | ) | Recoveries | 1,768 |
| | 95 |
| | 1,006 |
| | 806 |
| | 334 |
| | 34 |
| | — |
| | 4,043 |
| Balance, end of year | $ | 16,983 |
| | $ | 4,382 |
|
| $ | 3,135 |
|
| $ | 1,715 |
|
| $ | 2,830 |
|
| $ | 1,140 |
|
| $ | — |
| | $ | 30,185 |
| | | | | | | | | | | | | | | | | Balance at December 31, 2013 | | | | | | | | | | | | | | | | Allowance for Loan Losses: | | | | | | | | | | | | | | | | Balance, beginning of year | $ | 10,064 |
| | $ | 10,403 |
| | $ | 4,192 |
| | $ | 5,239 |
| | $ | 2,026 |
| | $ | 31 |
| | $ | 2,375 |
| | $ | 34,330 |
| Provision (provision reversal)
| 3,810 |
| | (94 | ) | | 410 |
| | (2,695 | ) | | 107 |
| | 195 |
| | (2,375 | ) | | (642 | ) | Losses charged off | (3,404 | ) | | (4,441 | ) | | (550 | ) | | (896 | ) | | (1,053 | ) | | (34 | ) | | — |
| | (10,378 | ) | Recoveries | 1,776 |
| | 732 |
| | 44 |
| | 488 |
| | 939 |
| | — |
| | — |
| | 3,979 |
| Balance, end of year | $ | 12,246 |
| | $ | 6,600 |
| | $ | 4,096 |
|
| $ | 2,136 |
|
| $ | 2,019 |
|
| $ | 192 |
|
| $ | — |
| | $ | 27,289 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Commercial and industrial | | CRE - investor owned | | CRE - owner occupied | | Construction and land development | | Residential real estate | | Consumer and other | | Total | Balance December 31, 2015 | | | | | | | | | | | | | | Allowance for Loan Losses - Ending Balance: | | | | | | | | | | | | | | Individually evaluated for impairment | $ | 1,953 |
| | $ | — |
| | $ | 6 |
| | $ | 369 |
| | $ | 7 |
| | $ | — |
| | $ | 2,335 |
| Collectively evaluated for impairment | 20,103 |
| | 3,484 |
| | 2,963 |
| | 1,335 |
| | 1,789 |
| | 1,432 |
| | 31,106 |
| Total | $ | 22,056 |
| | $ | 3,484 |
| | $ | 2,969 |
| | $ | 1,704 |
| | $ | 1,796 |
| | $ | 1,432 |
| | $ | 33,441 |
| Loans - Ending Balance: | | | | | | | |
| | | | | | | Individually evaluated for impairment | $ | 4,514 |
| | $ | 921 |
| | $ | 1,962 |
| | $ | 2,800 |
| | $ | 681 |
| | $ | — |
| | $ | 10,878 |
| Collectively evaluated for impairment | 1,479,813 |
| | 427,143 |
| | 340,997 |
| | 158,261 |
| | 195,817 |
| | 137,828 |
| | 2,739,859 |
| Total | $ | 1,484,327 |
| | $ | 428,064 |
| | $ | 342,959 |
| | $ | 161,061 |
| | $ | 196,498 |
| | $ | 137,828 |
| | $ | 2,750,737 |
| | | | | | | | | | | | | | | Balance December 31, 2014 | | | | | | | | | | | | | | Allowance for Loan Losses - Ending Balance: | | | | | | | | | | | | | | Individually evaluated for impairment | $ | 704 |
| | $ | — |
| | $ | — |
| | $ | 352 |
| | $ | 1,052 |
| | $ | 286 |
| | $ | 2,394 |
| Collectively evaluated for impairment | 16,279 |
| | 4,382 |
| | 3,135 |
| | 1,363 |
| | 1,778 |
| | 854 |
| | 27,791 |
| Total | $ | 16,983 |
| | $ | 4,382 |
| | $ | 3,135 |
| | $ | 1,715 |
| | $ | 2,830 |
| | $ | 1,140 |
| | $ | 30,185 |
| Loans - Ending Balance: | | | | | | | | | | | | | | Individually evaluated for impairment | $ | 5,998 |
| | $ | 5,036 |
| | $ | 2,618 |
| | $ | 6,866 |
| | $ | 3,082 |
| | $ | 766 |
| | $ | 24,366 |
| Collectively evaluated for impairment | 1,258,489 |
| | 391,715 |
| | 341,385 |
| | 137,012 |
| | 182,170 |
| | 98,779 |
| | 2,409,550 |
| Total | $ | 1,264,487 |
| | $ | 396,751 |
| | $ | 344,003 |
| | $ | 143,878 |
| | $ | 185,252 |
| | $ | 99,545 |
| | $ | 2,433,916 |
|
|
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category |
A summary of Portfolio loans individually evaluated for impairment by category at December 31, 2015 and 2014, is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | (in thousands) | Unpaid Contractual Principal Balance | | Recorded Investment With No Allowance | | Recorded Investment With Allowance | | Total Recorded Investment | | Related Allowance | | Average Recorded Investment | Commercial and industrial | $ | 5,554 |
| | $ | 509 |
| | $ | 4,204 |
| | $ | 4,713 |
| | $ | 1,953 |
| | $ | 6,970 |
| Real estate: | | | | | | | | | | | | Commercial - investor owned | 927 |
| | 927 |
| | — |
| | 927 |
| | — |
| | 970 |
| Commercial - owner occupied | 329 |
| | 85 |
| | 113 |
| | 198 |
| | 6 |
| | 301 |
| Construction and land development | 4,349 |
| | 2,914 |
| | 530 |
| | 3,444 |
| | 369 |
| | 3,001 |
| Residential | 705 |
| | 637 |
| | 68 |
| | 705 |
| | 7 |
| | 682 |
| Consumer and other | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Total | $ | 11,864 |
| | $ | 5,072 |
| | $ | 4,915 |
| | $ | 9,987 |
| | $ | 2,335 |
| | $ | 11,924 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | (in thousands) | Unpaid Contractual Principal Balance | | Recorded Investment With No Allowance | | Recorded Investment With Allowance | | Total Recorded Investment | | Related Allowance | | Average Recorded Investment | Commercial and industrial | $ | 8,042 |
| | $ | 2,609 |
| | $ | 3,464 |
| | $ | 6,073 |
| | $ | 704 |
| | $ | 4,136 |
| Real estate: | | | | | | | | | | | | Commercial - investor owned | 5,036 |
| | — |
| | 5,187 |
| | 5,187 |
| | — |
| | 4,375 |
| Commercial - owner occupied | 610 |
| | — |
| | 519 |
| | 519 |
| | — |
| | 1,281 |
| Construction and land development | 7,961 |
| | 419 |
| | 6,929 |
| | 7,348 |
| | 352 |
| | 7,280 |
| Residential | 3,082 |
| | 2,943 |
| | 150 |
| | 3,093 |
| | 1,052 |
| | 954 |
| Consumer and other | 766 |
| | 770 |
| | — |
| | 770 |
| | 286 |
| | 581 |
| Total | $ | 25,497 |
| | $ | 6,741 |
| | $ | 16,249 |
| | $ | 22,990 |
| | $ | 2,394 |
| | $ | 18,607 |
|
|
Schedule of Recorded Investment in Impaired Portfolio Loans by Category |
The recorded investment in impaired Portfolio loans by category at December 31, 2015 and 2014, is as follows: | | | | | | | | | | | | | | | | | | December 31, 2015 | (in thousands) | Non-accrual | | Restructured | | Loans over 90 days past due and still accruing interest | | Total | Commercial and industrial | $ | 4,406 |
| | $ | 307 |
| | $ | — |
| | $ | 4,713 |
| Real estate: | | | | | | | | Commercial - investor owned | 927 |
| | — |
| | — |
| | 927 |
| Commercial - owner occupied | 198 |
| | — |
| | — |
| | 198 |
| Construction and land development | 3,444 |
| | — |
| | — |
| | 3,444 |
| Residential | 705 |
| | — |
| | — |
| | 705 |
| Consumer and other | — |
| | — |
| | — |
| | — |
| Total | $ | 9,680 |
| | $ | 307 |
| | $ | — |
| | $ | 9,987 |
|
| | | | | | | | | | | | | | | | | | December 31, 2014 | (in thousands) | Non-accrual | | Restructured | | Loans over 90 days past due and still accruing interest | | Total | Commercial and industrial | $ | 6,073 |
| | $ | — |
| | $ | — |
| | $ | 6,073 |
| Real estate: | | | | | | | | Commercial - investor owned | 4,597 |
| | 590 |
| | — |
| | 5,187 |
| Commercial - owner occupied | 519 |
| | — |
| | — |
| | 519 |
| Construction and land development | 7,348 |
| | — |
| | — |
| | 7,348 |
| Residential | 3,093 |
| | — |
| | — |
| | 3,093 |
| Consumer and other | — |
| | 770 |
| | — |
| | 770 |
| Total | $ | 21,630 |
| | $ | 1,360 |
| | $ | — |
| | $ | 22,990 |
|
|
Summary of Recorded Investment by for Portfolio Loans Restructured |
The recorded investment by category for the Portfolio loans that have been restructured during the years ended December 31, 2015 and 2014, is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2015 | | Year ended December 31, 2014 | (in thousands, except for number of loans) | Number of Loans | | Pre-Modification Outstanding Recorded Balance | | Post-Modification Outstanding Recorded Balance | | Number of Loans | | Pre-Modification Outstanding Recorded Balance | | Post-Modification Outstanding Recorded Balance | Commercial and industrial | 1 |
| | $ | 303 |
| | $ | 303 |
| | 2 |
| | $ | 658 |
| | $ | 658 |
| Real estate: | | | | | | | | | | | | Commercial - investor owned | — |
| | — |
| | — |
| | 1 |
| | 603 |
| | 603 |
| Commercial - owner occupied | — |
| | — |
| | — |
| | 2 |
| | 606 |
| | 606 |
| Construction and land development | — |
| | — |
| | — |
| | 1 |
| | 2,827 |
| | 2,827 |
| Residential | — |
| | — |
| | — |
| | 1 |
| | 125 |
| | 125 |
| Consumer and other | — |
| | — |
| | — |
| | 1 |
| | 1,043 |
| | 793 |
| Total | 1 |
| | $ | 303 |
| | $ | 303 |
| | 8 |
| | $ | 5,862 |
| | $ | 5,612 |
|
|
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted |
The recorded investment by category for Portfolio loans that have been restructured and subsequently defaulted during 2015 and 2014 is as follows:
| | | | | | | | | | | | | | | | Year ended December 31, 2015 | | Year ended December 31, 2014 | (in thousands, except for number of loans) | Number of Loans | | Recorded Balance | | Number of Loans | | Recorded Balance | Commercial and industrial | — |
| | $ | — |
| | — |
| | $ | — |
| Real estate: | | | | | | | | Commercial - investor owned | — |
| | — |
| | — |
| | — |
| Commercial - owner occupied | — |
| | — |
| | — |
| | — |
| Construction and land development | — |
| | — |
| | 1 |
| | 241 |
| Residential | — |
| | — |
| | — |
| | — |
| Consumer and other | — |
| | — |
| | — |
| | — |
| Total | — |
| | $ | — |
| | 1 |
| | $ | 241 |
|
|
Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category |
The aging of the recorded investment in past due Portfolio loans by portfolio class and category at December 31, 2015 and 2014 is shown below.
| | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | (in thousands) | 30-89 Days Past Due | | 90 or More Days Past Due | | Total Past Due | | Current | | Total | Commercial and industrial | $ | 505 |
| | $ | 888 |
| | $ | 1,393 |
| | $ | 1,482,934 |
| | $ | 1,484,327 |
| Real estate: | | | | | | | | | | Commercial - investor owned | 464 |
| | — |
| | 464 |
| | 427,600 |
| | 428,064 |
| Commercial - owner occupied | 94 |
| | 184 |
| | 278 |
| | 342,681 |
| | 342,959 |
| Construction and land development | 384 |
| | 2,273 |
| | 2,657 |
| | 158,404 |
| | 161,061 |
| Residential | 70 |
| | 681 |
| | 751 |
| | 195,747 |
| | 196,498 |
| Consumer and other | 20 |
| | — |
| | 20 |
| | 137,808 |
| | 137,828 |
| Total | $ | 1,537 |
| | $ | 4,026 |
| | $ | 5,563 |
| | $ | 2,745,174 |
| | $ | 2,750,737 |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | (in thousands) | 30-89 Days Past Due | | 90 or More Days Past Due | | Total Past Due | | Current | | Total | Commercial and industrial | $ | 3,059 |
| | $ | 232 |
| | $ | 3,291 |
| | $ | 1,261,196 |
| | $ | 1,264,487 |
| Real estate: | | | | | | | | | | Commercial - investor owned | 261 |
| | 4,450 |
| | 4,711 |
| | 392,040 |
| | 396,751 |
| Commercial - owner occupied | — |
| | 496 |
| | 496 |
| | 343,507 |
| | 344,003 |
| Construction and land development | 702 |
| | 2,524 |
| | 3,226 |
| | 140,652 |
| | 143,878 |
| Residential | 168 |
| | — |
| | 168 |
| | 185,084 |
| | 185,252 |
| Consumer and other | 774 |
| | — |
| | 774 |
| | 98,771 |
| | 99,545 |
| Total | $ | 4,964 |
| | $ | 7,702 |
| | $ | 12,666 |
| | $ | 2,421,250 |
| | $ | 2,433,916 |
|
|
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category |
The recorded investment by risk category of the Portfolio loans by portfolio class and category at December 31, 2015 and December 31, 2014 is as follows:
| | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | (in thousands) | Pass (1-6) | | Watch (7) | | Substandard (8) | | Doubtful (9) | | Total | Commercial and industrial | $ | 1,356,864 |
| | $ | 90,370 |
| | $ | 37,093 |
| | $ | — |
| | $ | 1,484,327 |
| Real estate: | | | | | | | | | | Commercial - investor owned | 403,820 |
| | 18,868 |
| | 5,376 |
| | — |
| | 428,064 |
| Commercial - owner occupied | 314,791 |
| | 24,727 |
| | 3,441 |
| | — |
| | 342,959 |
| Construction and land development | 146,601 |
| | 10,114 |
| | 4,346 |
| | — |
| | 161,061 |
| Residential | 188,269 |
| | 5,138 |
| | 3,091 |
| | — |
| | 196,498 |
| Consumer and other | 131,060 |
| | 721 |
| | 6,047 |
| | — |
| | 137,828 |
| Total | $ | 2,541,405 |
| | $ | 149,938 |
| | $ | 59,394 |
| | $ | — |
| | $ | 2,750,737 |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | (in thousands) | Pass (1-6) | | Watch (7) | | Substandard (8) | | Doubtful (9) | | Total | Commercial and industrial | $ | 1,161,979 |
| | $ | 62,315 |
| | $ | 40,193 |
| | $ | — |
| | $ | 1,264,487 |
| Real estate: | | | | | | | | | | Commercial - investor owned | 361,991 |
| | 18,640 |
| | 16,120 |
| | — |
| | 396,751 |
| Commercial - owner occupied | 322,725 |
| | 18,025 |
| | 3,253 |
| | — |
| | 344,003 |
| Construction and land development | 122,365 |
| | 12,993 |
| | 8,520 |
| | — |
| | 143,878 |
| Residential | 168,543 |
| | 11,012 |
| | 5,697 |
| | — |
| | 185,252 |
| Consumer and other | 91,827 |
| | 5,499 |
| | 2,219 |
| | — |
| | 99,545 |
| Total | $ | 2,229,430 |
| | $ | 128,484 |
| | $ | 76,002 |
| | $ | — |
| | $ | 2,433,916 |
|
|