x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Georgia | 27-1744232 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
3399 Peachtree Road, NE, Suite 1900 Atlanta, Georgia | 30326 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page | ||
• | completion of the pending transactions with NBG Bancorp and S Bankshares is dependent on, among other things, receipt of regulatory approvals and S Bankshares shareholder approval, the timing of which cannot be predicted and which may not be received at all; |
• | negative reactions to our pending acquisition of NBG Bancorp and S Bankshares (or future acquisitions) of each bank's customers, employees and counterparties or difficulties related to the transition of services; |
• | economic conditions (both generally and in our markets) may be less favorable than expected, which could result in, among other things, a deterioration in credit quality, a reduction in demand for credit and a decline in real estate values; |
• | a general decline in the real estate and lending markets, particularly in our market areas, could negatively affect our financial results; |
• | risk associated with income taxes including the potential for adverse adjustments and the inability to fully realize deferred tax benefits; |
• | increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; |
• | our ability to raise additional capital may be impaired based on conditions in the capital markets; |
• | costs or difficulties related to the integration of the banks we have acquired or may acquire may be greater than expected; |
• | current or future restrictions or conditions imposed by our regulators on our operations may make it more difficult for us to achieve our goals; |
• | risks to our operations, earnings or capital resulting from violations of or noncompliance with laws, rules or regulations; |
• | legislative or regulatory changes, including changes in accounting standards and compliance requirements, may adversely affect us; |
• | competitive pressures among depository and other financial institutions may increase significantly; |
• | changes in the interest rate environment may reduce the volumes or values of the loans we make or have acquired; |
• | other financial institutions have greater financial resources than we do and may be able to develop or acquire products that enable them to compete more successfully than we can; |
• | our ability to attract and retain key personnel can be affected by the increased competition for experienced employees in the banking industry; |
• | adverse changes may occur in the bond and equity markets; |
• | war or terrorist activities may cause deterioration in the economy or cause instability in credit markets; |
• | economic, geopolitical or other factors may prevent the growth we expect in the markets in which we operate; and |
• | we will or may continue to face the risk factors discussed from time to time in the periodic reports we file with the Securities and Exchange Commission ("SEC"). |
September 30, 2016 | December 31, 2015 | ||||||
(unaudited) | (audited) | ||||||
Assets | |||||||
Cash and amounts due from depository institutions | $ | 10,648 | $ | 12,175 | |||
Interest-bearing deposits in other financial institutions | 103,122 | 163,187 | |||||
Cash and cash equivalents | 113,770 | 175,362 | |||||
Investment securities available-for-sale | 822,655 | 887,705 | |||||
Investment securities held-to-maturity (fair value of $67,443 and $0, respectively) | 67,071 | — | |||||
Loans | 2,346,346 | 2,160,217 | |||||
Allowance for loan and lease losses | (27,177 | ) | (29,075 | ) | |||
Loans, net | 2,319,169 | 2,131,142 | |||||
Loans held-for-sale (includes loans at fair value of $45,116 and $48,803, respectively) | 63,852 | 54,933 | |||||
Other real estate owned | 10,609 | 10,530 | |||||
Premises and equipment, net | 42,009 | 42,980 | |||||
Goodwill | 36,357 | 36,357 | |||||
Other intangibles, net | 8,515 | 10,101 | |||||
SBA servicing rights | 3,275 | 2,626 | |||||
Bank-owned life insurance | 60,282 | 58,819 | |||||
Other assets | 68,820 | 59,512 | |||||
Total assets | $ | 3,616,384 | $ | 3,470,067 | |||
Liabilities and Shareholders' Equity | |||||||
Liabilities: | |||||||
Noninterest-bearing deposits | $ | 890,588 | $ | 826,216 | |||
Interest-bearing deposits | 2,068,704 | 2,035,746 | |||||
Total deposits | 2,959,292 | 2,861,962 | |||||
Securities sold under repurchase agreements | 20,124 | 32,179 | |||||
FHLB borrowings | 20,000 | — | |||||
Notes payable | 398 | 1,812 | |||||
Other liabilities | 55,436 | 37,624 | |||||
Total liabilities | 3,055,250 | 2,933,577 | |||||
Shareholders' equity: | |||||||
Preferred stock, $1 par value; 2,000,000 shares authorized, no shares issued and outstanding | — | — | |||||
Common stock, $.01 par value; 100,000,000 shares authorized; 36,894,553 and 37,077,848 shares issued and outstanding, respectively | 369 | 371 | |||||
Additional paid-in capital | 356,686 | 358,671 | |||||
Retained earnings | 200,819 | 179,082 | |||||
Accumulated other comprehensive income (loss), net of tax | 3,260 | (1,634 | ) | ||||
Total shareholders' equity | 561,134 | 536,490 | |||||
Total liabilities and shareholders' equity | $ | 3,616,384 | $ | 3,470,067 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30 | September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Interest income: | |||||||||||||||
Loans | $ | 26,580 | $ | 24,218 | $ | 76,328 | $ | 68,688 | |||||||
Loan accretion | 9,335 | 11,156 | 33,039 | 35,590 | |||||||||||
Investment securities | 4,670 | 3,926 | 13,883 | 11,209 | |||||||||||
Deposits with other financial institutions | 44 | 124 | 230 | 475 | |||||||||||
Total interest income | 40,629 | 39,424 | 123,480 | 115,962 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 2,408 | 1,911 | 6,759 | 5,730 | |||||||||||
Federal Home Loan Bank advances | 73 | 3 | 100 | 3 | |||||||||||
Notes payable | 12 | 58 | 93 | 169 | |||||||||||
Federal funds purchased and repurchase agreements | 11 | 5 | 36 | 26 | |||||||||||
Total interest expense | 2,504 | 1,977 | 6,988 | 5,928 | |||||||||||
Net interest income | 38,125 | 37,447 | 116,492 | 110,034 | |||||||||||
Provision for loan and lease losses | 88 | (265 | ) | (40 | ) | 2,992 | |||||||||
Net interest income after provision for loan and lease losses | 38,037 | 37,712 | 116,532 | 107,042 | |||||||||||
Noninterest income: | |||||||||||||||
Amortization of FDIC receivable for loss share agreements | — | — | — | (16,488 | ) | ||||||||||
Service charges on deposits | 1,383 | 1,491 | 4,121 | 4,481 | |||||||||||
Mortgage banking income | 3,216 | 3,079 | 9,808 | 9,239 | |||||||||||
SBA income | 1,553 | 1,720 | 4,740 | 4,223 | |||||||||||
Payroll fee income | 1,128 | 1,004 | 3,566 | 3,118 | |||||||||||
ATM income | 759 | 742 | 2,273 | 2,240 | |||||||||||
Bank-owned life insurance income | 533 | 537 | 1,463 | 1,454 | |||||||||||
Prepayment fees | 234 | 551 | 715 | 2,937 | |||||||||||
Gain on sale of investment securities | 38 | 17 | 447 | 338 | |||||||||||
Other | 925 | (247 | ) | 2,257 | 433 | ||||||||||
Total noninterest income | 9,769 | 8,894 | 29,390 | 11,975 | |||||||||||
Noninterest expense: | |||||||||||||||
Salaries and employee benefits | 19,799 | 23,293 | 59,221 | 63,381 | |||||||||||
Occupancy and equipment | 2,984 | 3,113 | 9,100 | 9,437 | |||||||||||
Data processing | 2,097 | 2,097 | 6,383 | 6,812 | |||||||||||
Legal and professional fees | 1,064 | 1,089 | 2,993 | 3,857 | |||||||||||
Merger-related expenses | 135 | 717 | 454 | 1,730 | |||||||||||
Marketing | 665 | 491 | 1,786 | 1,526 | |||||||||||
Federal deposit insurance premiums and other regulatory fees | 441 | 621 | 1,556 | 1,582 | |||||||||||
Loan collection costs and OREO activity | (841 | ) | (1,198 | ) | (452 | ) | (907 | ) | |||||||
Amortization of intangibles | 513 | 436 | 1,586 | 1,295 | |||||||||||
Other | 1,623 | 1,757 | 5,425 | 5,147 | |||||||||||
Total noninterest expense | 28,480 | 32,416 | 88,052 | 93,860 | |||||||||||
Income before income taxes | 19,326 | 14,190 | 57,870 | 25,157 | |||||||||||
Income tax expense | 6,885 | 5,071 | 20,606 | 8,855 | |||||||||||
Net income | $ | 12,441 | $ | 9,119 | $ | 37,264 | $ | 16,302 | |||||||
Basic earnings per share | $ | .34 | $ | .26 | $ | 1.01 | $ | .46 | |||||||
Diluted earnings per share | $ | .34 | $ | .25 | $ | 1.01 | $ | .45 | |||||||
Cash dividends declared per common share | $ | .14 | $ | .07 | $ | .42 | $ | .18 | |||||||
Weighted Average Shares Outstanding: | |||||||||||||||
Basic | 35,863,183 | 34,687,354 | 35,940,402 | 34,315,916 | |||||||||||
Diluted | 35,965,948 | 36,003,068 | 36,040,655 | 35,615,974 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30 | September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 12,441 | $ | 9,119 | $ | 37,264 | $ | 16,302 | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Net change in unrealized (losses) gains | (758 | ) | 1,624 | 7,737 | (2,928 | ) | |||||||||
Amortization of net unrealized losses on securities transferred to held-to-maturity | (2 | ) | — | (3 | ) | — | |||||||||
Amounts reclassified for losses realized and included in earnings | 282 | 129 | 357 | 28 | |||||||||||
Other comprehensive (loss) income, before income taxes | (478 | ) | 1,753 | 8,091 | (2,900 | ) | |||||||||
Income tax (benefit) expense | (184 | ) | 633 | 3,197 | (1,122 | ) | |||||||||
Other comprehensive (loss) income, net of income taxes | (294 | ) | 1,120 | 4,894 | (1,778 | ) | |||||||||
Comprehensive income | $ | 12,147 | $ | 10,239 | $ | 42,158 | $ | 14,524 |
Warrants | Common | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||
Shares | Stock | ||||||||||||||||||||||||
Balance, December 31, 2014 | 2,581,191 | 32,269,604 | $ | 323 | $ | 297,479 | $ | 162,373 | $ | 3,920 | $ | 464,095 | |||||||||||||
Exercise of stock warrants | (61,933 | ) | 60,767 | — | 347 | — | — | 347 | |||||||||||||||||
Share-based compensation | — | — | — | 2,812 | — | — | 2,812 | ||||||||||||||||||
Restricted stock activity | — | 568,514 | 6 | (191 | ) | (43 | ) | — | (228 | ) | |||||||||||||||
Issuance of common stock | — | 2,854,970 | 28 | 57,014 | — | — | 57,042 | ||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (1,778 | ) | (1,778 | ) | ||||||||||||||||
Common stock dividends, $.18 per share | — | — | — | — | (6,431 | ) | — | (6,431 | ) | ||||||||||||||||
Net income | — | — | — | — | 16,302 | — | 16,302 | ||||||||||||||||||
Balance, September 30, 2015 | 2,519,258 | 35,753,855 | $ | 357 | $ | 357,461 | $ | 172,201 | $ | 2,142 | $ | 532,161 | |||||||||||||
Balance, December 31, 2015 | 172,745 | 37,077,848 | $ | 371 | $ | 358,671 | $ | 179,082 | $ | (1,634 | ) | $ | 536,490 | ||||||||||||
Exercise of stock warrants | (13,833 | ) | 7,247 | — | — | — | — | — | |||||||||||||||||
Share-based compensation | — | — | — | 3,010 | — | — | 3,010 | ||||||||||||||||||
Repurchase of common stock | — | (270,715 | ) | (3 | ) | (5,125 | ) | — | — | (5,128 | ) | ||||||||||||||
Restricted stock activity | — | 80,173 | 1 | 130 | (10 | ) | — | 121 | |||||||||||||||||
Other comprehensive income | — | — | — | — | — | 4,894 | 4,894 | ||||||||||||||||||
Common stock dividends, $.42 per share | — | — | — | — | (15,517 | ) | — | (15,517 | ) | ||||||||||||||||
Net income | — | — | — | — | 37,264 | — | 37,264 | ||||||||||||||||||
Balance, September 30, 2016 | 158,912 | 36,894,553 | $ | 369 | $ | 356,686 | $ | 200,819 | $ | 3,260 | $ | 561,134 |
STATE BANK FINANCIAL CORPORATION AND SUBSIDIARY | |||||||
Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
(Dollars in thousands) | |||||||
Nine Months Ended | |||||||
September 30 | |||||||
2016 | 2015 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 37,264 | $ | 16,302 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation, amortization and accretion | 8,485 | 8,110 | |||||
Provision for loan and lease losses | (40 | ) | 2,992 | ||||
Accretion on acquisitions, net | (33,039 | ) | (33,650 | ) | |||
Gains on sales of other real estate owned | (894 | ) | (3,200 | ) | |||
Writedowns of other real estate owned | 207 | 493 | |||||
Net decrease in FDIC receivable for covered losses | — | 6,250 | |||||
Funds (paid to) collected from FDIC | — | (1,784 | ) | ||||
Loss share termination | — | 16,959 | |||||
Proceeds from sales of mortgage loans held-for-sale | 404,669 | 448,378 | |||||
Proceeds from sales of SBA loans | 42,518 | 33,754 | |||||
Originations of mortgage loans held-for-sale | (389,283 | ) | (449,609 | ) | |||
Originations of SBA loans held-for-sale | (51,200 | ) | (32,739 | ) | |||
Mortgage banking activities | (9,808 | ) | (9,239 | ) | |||
Gains on sales of SBA loans | (3,925 | ) | (3,318 | ) | |||
Net gains on sales of available-for-sale securities | (447 | ) | (338 | ) | |||
Net change in cash surrender value of life insurance | (1,463 | ) | (1,454 | ) | |||
Share-based compensation expense | 3,010 | 2,812 | |||||
Changes in fair value of SBA servicing rights | 314 | (142 | ) | ||||
Changes in other assets and other liabilities, net | 1,608 | (20,378 | ) | ||||
Net cash provided by (used in) operating activities | 7,976 | (19,801 | ) | ||||
Cash flows from Investing Activities | |||||||
Purchase of investment securities available-for-sale | (215,818 | ) | (497,138 | ) | |||
Proceeds from sales and calls of investment securities available-for-sale | 93,584 | 317,422 | |||||
Proceeds from maturities and paydowns of investment securities available-for-sale | 135,872 | 114,986 | |||||
Purchase of investment securities held-to-maturity | (10,500 | ) | — | ||||
Loan originations, repayments and resolutions, net | (156,617 | ) | (187,648 | ) | |||
Purchases of loans | (1,300 | ) | — | ||||
Net purchases of premises and equipment | (1,703 | ) | (850 | ) | |||
Proceeds from sales of other real estate owned | 3,577 | 15,677 | |||||
Acquisition of Georgia-Carolina Bancshares | — | (10,958 | ) | ||||
Net cash used in investing activities | (152,905 | ) | (248,509 | ) | |||
Cash Flows from Financing Activities | |||||||
Net increase in noninterest-bearing customer deposits | 64,372 | 164,963 | |||||
Net increase (decrease) in interest-bearing customer deposits | 32,958 | (179,112 | ) | ||||
Repayment of other borrowed funds | (1,414 | ) | — | ||||
Proceeds from FHLB advances | 440,000 | 60,000 | |||||
Repayments of FHLB advances | (420,000 | ) | (60,000 | ) | |||
Net decrease in federal funds purchased and securities sold under repurchase agreements | (12,055 | ) | (22,716 | ) | |||
Exercise of stock warrants | — | 347 | |||||
Restricted stock activity | 121 | (228 | ) | ||||
Repurchase of common stock | (5,128 | ) | — | ||||
Dividends paid to shareholders | (15,517 | ) | (6,431 | ) | |||
Net cash provided by (used in) financing activities | 83,337 | (43,177 | ) | ||||
Net decrease in cash and cash equivalents | (61,592 | ) | (311,487 | ) |
STATE BANK FINANCIAL CORPORATION AND SUBSIDIARY | |||||||
Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
(Dollars in thousands) | |||||||
Nine Months Ended | |||||||
September 30 | |||||||
2016 | 2015 | ||||||
Cash and cash equivalents, beginning | 175,362 | 481,158 | |||||
Cash and cash equivalents, ending | $ | 113,770 | $ | 169,671 | |||
Supplemental Disclosure of Noncash Investing and Financing Activities | |||||||
Goodwill and fair value acquisition adjustments | $ | — | $ | 19,904 | |||
Unrealized gains (losses) on securities and cash flow hedges, net of tax | 4,894 | (1,778 | ) | ||||
Transfer of investment securities available-for-sale to held-to-maturity | 56,595 | — | |||||
Transfers of loans to other real estate owned | 2,969 | 8,735 | |||||
Acquisitions: | |||||||
Assets acquired | $ | — | $ | 526,687 | |||
Liabilities assumed | — | 457,718 | |||||
Net assets | — | 68,969 |
As Recorded by Georgia-Carolina Bancshares, Inc. | Fair Value Adjustments | As Recorded by the Company | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 20,873 | $ | — | $ | 20,873 | |||||
Investment securities | 130,218 | 999 | (a) | 131,217 | |||||||
Loans, net | 293,814 | 590 | (b) | 294,404 | |||||||
Loans held-for-sale | 34,956 | — | 34,956 | ||||||||
Other real estate owned | 4,428 | 2,042 | (c) | 6,470 | |||||||
Core deposit intangible | — | 6,710 | (d) | 6,710 | |||||||
Premises and equipment, net | 9,175 | 2,803 | (e) | 11,978 | |||||||
Bank-owned life insurance | 15,414 | — | 15,414 | ||||||||
Other assets | 9,122 | (4,457 | ) | (f) | 4,665 | ||||||
Total assets acquired | $ | 518,000 | $ | 8,687 | $ | 526,687 | |||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 80,888 | $ | — | $ | 80,888 | |||||
Interest-bearing | 335,889 | 878 | (g) | 336,767 | |||||||
Total deposits | 416,777 | 878 | 417,655 | ||||||||
Securities sold under repurchase agreements | 27,588 | — | 27,588 | ||||||||
Other liabilities | 11,823 | 652 | (h) | 12,475 | |||||||
Total liabilities assumed | 456,188 | 1,530 | 457,718 | ||||||||
Net identifiable assets acquired over liabilities assumed | $ | 61,812 | $ | 7,157 | $ | 68,969 | |||||
Goodwill | — | 19,904 | 19,904 | ||||||||
Net assets acquired over liabilities assumed | $ | 61,812 | $ | 27,061 | $ | 88,873 | |||||
Consideration: | |||||||||||
Company common shares issued | 2,854,970 | ||||||||||
Purchase price per share of the Company's common stock | $ | 19.98 | |||||||||
Company common stock issued | 57,042 | ||||||||||
Cash exchanged for shares | 31,831 | ||||||||||
Fair value of total consideration transferred | $ | 88,873 |
(a) | Adjustment reflects the gain on certain securities immediately following close that was deemed to be a more accurate representation of fair value. |
(b) | Adjustment reflects the fair value adjustment based on State Bank's third party valuation report and includes the adjustment to eliminate the recorded allowance for loan losses. |
(c) | Adjustment reflects the fair value adjustment based on State Bank's evaluation of the acquired other real estate owned portfolio. |
(d) | Adjustment reflects the fair value adjustment to record the estimated core deposit intangible based on State Bank's third party valuation report. |
(e) | Adjustment reflects the fair value adjustment based on appraised values. |
(f) | Adjustment reflects the fair value adjustment based on State Bank's evaluation of acquired other assets. |
(g) | Adjustment reflects the fair value adjustment based on State Bank's evaluation of the acquired deposits. |
(h) | Adjustment reflects the fair value adjustment based on State Bank's evaluation of other liabilities and to record certain liabilities directly attributable to the acquisition. |
Purchased Credit Impaired | |||
Contractually required principal and interest at acquisition | $ | 3,060 | |
Contractual cash flows not expected to be collected (nonaccretable difference) | (783 | ) | |
Expected cash flows at acquisition | 2,277 | ||
Accretable difference | (317 | ) | |
Basis in acquired loans at acquisition - estimated fair value | $ | 1,960 |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
U.S. Government securities | $ | 89,239 | $ | 382 | $ | 23 | $ | 89,598 | $ | 103,525 | $ | 63 | $ | 316 | $ | 103,272 | ||||||||||||||||
States and political subdivisions | 300 | 1 | — | 301 | 1,809 | 5 | 1 | 1,813 | ||||||||||||||||||||||||
Residential mortgage-backed securities — nonagency | 155,085 | 3,273 | 801 | 157,557 | 146,832 | 4,269 | 399 | 150,702 | ||||||||||||||||||||||||
Residential mortgage-backed securities — agency | 496,298 | 4,277 | 269 | 500,306 | 507,168 | 770 | 4,250 | 503,688 | ||||||||||||||||||||||||
Asset-backed securities | — | — | — | — | 46,570 | 3 | 328 | 46,245 | ||||||||||||||||||||||||
Corporate securities | 73,868 | 1,035 | 10 | 74,893 | 82,245 | 229 | 489 | 81,985 | ||||||||||||||||||||||||
Total investment securities available-for-sale | $ | 814,790 | $ | 8,968 | $ | 1,103 | $ | 822,655 | $ | 888,149 | $ | 5,339 | $ | 5,783 | $ | 887,705 |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Asset-backed securities | $ | 56,789 | $ | 175 | $ | 21 | $ | 56,943 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Corporate securities | 10,282 | 218 | — | 10,500 | — | — | — | — | ||||||||||||||||||||||||
Total investment securities held-to-maturity | $ | 67,071 | $ | 393 | $ | 21 | $ | 67,443 | $ | — | $ | — | $ | — | $ | — |
At Date of Transfer During the Three Months Ended | |||
March 31, 2016 | |||
Book value | $ | 56,767 | |
Market value | 56,595 | ||
Unrealized loss | $ | (172 | ) |
Debt Securities Available-for-Sale | Distribution of Maturities (1) | |||||||||||||||||||
September 30, 2016 | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost: | ||||||||||||||||||||
U.S. Government securities | $ | — | $ | 89,239 | $ | — | $ | — | $ | 89,239 | ||||||||||
States and political subdivisions | — | 300 | — | — | 300 | |||||||||||||||
Residential mortgage-backed securities — nonagency | — | — | — | 155,085 | 155,085 | |||||||||||||||
Residential mortgage-backed securities — agency | — | 15,793 | 360,623 | 119,882 | 496,298 | |||||||||||||||
Corporate securities | 7,712 | 64,610 | — | 1,546 | 73,868 | |||||||||||||||
Total debt securities available-for-sale | $ | 7,712 | $ | 169,942 | $ | 360,623 | $ | 276,513 | $ | 814,790 | ||||||||||
Fair Value: | ||||||||||||||||||||
U.S. Government securities | $ | — | $ | 89,598 | $ | — | $ | — | $ | 89,598 | ||||||||||
States and political subdivisions | — | 301 | — | — | 301 | |||||||||||||||
Residential mortgage-backed securities — nonagency | — | — | — | 157,557 | 157,557 | |||||||||||||||
Residential mortgage-backed securities — agency | — | 15,944 | 363,990 | 120,372 | 500,306 | |||||||||||||||
Corporate securities | 7,702 | 65,645 | — | 1,546 | 74,893 | |||||||||||||||
Total debt securities available-for-sale | $ | 7,702 | $ | 171,488 | $ | 363,990 | $ | 279,475 | $ | 822,655 |
Debt Securities Held-to-Maturity | Distribution of Maturities (1) | |||||||||||||||||||
September 30, 2016 | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost: | ||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 31,670 | $ | 25,119 | $ | 56,789 | ||||||||||
Corporate securities | — | — | 10,282 | — | 10,282 | |||||||||||||||
Total debt securities held-to-maturity | $ | — | $ | — | $ | 41,952 | $ | 25,119 | $ | 67,071 | ||||||||||
Fair Value: | ||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 31,770 | $ | 25,173 | $ | 56,943 | ||||||||||
Corporate securities | — | — | 10,500 | — | 10,500 | |||||||||||||||
Total debt securities held-to-maturity | $ | — | $ | — | $ | 42,270 | $ | 25,173 | $ | 67,443 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Investment Securities Available-for-Sale | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
U.S. Government securities | $ | 20,639 | $ | 23 | $ | — | $ | — | $ | 20,639 | $ | 23 | ||||||||||||
States and political subdivisions | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage-backed securities — nonagency | 35,122 | 451 | 24,051 | 350 | 59,173 | 801 | ||||||||||||||||||
Residential mortgage-backed securities — agency | 56,472 | 139 | 21,221 | 130 | 77,693 | 269 | ||||||||||||||||||
Corporate securities | 7,702 | 10 | — | — | 7,702 | 10 | ||||||||||||||||||
Total temporarily impaired securities | $ | 119,935 | $ | 623 | $ | 45,272 | $ | 480 | $ | 165,207 | $ | 1,103 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
U.S. Government securities | $ | 61,723 | $ | 316 | $ | — | $ | — | $ | 61,723 | $ | 316 | ||||||||||||
States and political subdivisions | 1,507 | 1 | — | — | 1,507 | 1 | ||||||||||||||||||
Residential mortgage-backed securities — nonagency | 43,112 | 347 | 6,578 | 52 | 49,690 | 399 | ||||||||||||||||||
Residential mortgage-backed securities — agency | 397,831 | 3,665 | 43,112 | 585 | 440,943 | 4,250 | ||||||||||||||||||
Asset-backed securities | 41,333 | 328 | — | — | 41,333 | 328 | ||||||||||||||||||
Corporate securities | 55,976 | 489 | — | — | 55,976 | 489 | ||||||||||||||||||
Total temporarily impaired securities | $ | 601,482 | $ | 5,146 | $ | 49,690 | $ | 637 | $ | 651,172 | $ | 5,783 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Investment Securities Held-to-Maturity | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 9,925 | $ | 21 | $ | 9,925 | $ | 21 | ||||||||||||
Total temporarily impaired securities | $ | — | $ | — | $ | 9,925 | $ | 21 | $ | 9,925 | $ | 21 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
Securities Available-For-Sale | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Proceeds from sales and calls | $ | 28,705 | $ | 15,535 | $ | 93,584 | $ | 317,422 | ||||||||
Gross gains on sales and calls | $ | 38 | $ | 17 | $ | 447 | $ | 602 | ||||||||
Gross losses on sales and calls | — | — | — | (264 | ) | |||||||||||
Net realized gains (losses) on sales and calls | $ | 38 | $ | 17 | $ | 447 | $ | 338 |
Total Loans | September 30, 2016 | December 31, 2015 | ||||||
Construction, land & land development | $ | 507,898 | $ | 514,937 | ||||
Other commercial real estate | 840,769 | 776,310 | ||||||
Total commercial real estate | 1,348,667 | 1,291,247 | ||||||
Residential real estate | 250,347 | 273,677 | ||||||
Owner-occupied real estate | 314,131 | 306,313 | ||||||
Commercial, financial & agricultural | 317,196 | 196,779 | ||||||
Leases | 74,722 | 71,539 | ||||||
Consumer | 41,283 | 20,662 | ||||||
Total loans | 2,346,346 | 2,160,217 | ||||||
Allowance for loan and lease losses | (27,177 | ) | (29,075 | ) | ||||
Total loans, net | $ | 2,319,169 | $ | 2,131,142 |
Organic Loans | September 30, 2016 | December 31, 2015 | ||||||
Construction, land & land development | $ | 486,299 | $ | 482,087 | ||||
Other commercial real estate | 744,270 | 661,062 | ||||||
Total commercial real estate | 1,230,569 | 1,143,149 | ||||||
Residential real estate | 139,926 | 140,613 | ||||||
Owner-occupied real estate | 239,726 | 219,636 | ||||||
Commercial, financial & agricultural | 306,141 | 181,513 | ||||||
Leases | 74,722 | 71,539 | ||||||
Consumer | 39,373 | 17,882 | ||||||
Total organic loans (1) | 2,030,457 | 1,774,332 | ||||||
Allowance for loan and lease losses | (21,736 | ) | (21,224 | ) | ||||
Total organic loans, net | $ | 2,008,721 | $ | 1,753,108 |
Purchased Non-Credit Impaired Loans | September 30, 2016 | December 31, 2015 | ||||||
Construction, land & land development | $ | 10,035 | $ | 18,598 | ||||
Other commercial real estate | 58,261 | 74,506 | ||||||
Total commercial real estate | 68,296 | 93,104 | ||||||
Residential real estate | 56,468 | 69,053 | ||||||
Owner-occupied real estate | 52,016 | 61,313 | ||||||
Commercial, financial & agricultural | 10,447 | 14,216 | ||||||
Consumer | 1,826 | 2,624 | ||||||
Total purchased non-credit impaired loans (1) | 189,053 | 240,310 | ||||||
Allowance for loan and lease losses | (150 | ) | (53 | ) | ||||
Total purchased non-credit impaired loans, net | $ | 188,903 | $ | 240,257 |
Purchased Credit Impaired Loans | September 30, 2016 | December 31, 2015 | ||||||
Construction, land & land development | $ | 11,564 | $ | 14,252 | ||||
Other commercial real estate | 38,238 | 40,742 | ||||||
Total commercial real estate | 49,802 | 54,994 | ||||||
Residential real estate | 53,953 | 64,011 | ||||||
Owner-occupied real estate | 22,389 | 25,364 | ||||||
Commercial, financial & agricultural | 608 | 1,050 | ||||||
Consumer | 84 | 156 | ||||||
Total purchased credit impaired loans | 126,836 | 145,575 | ||||||
Allowance for loan and lease losses | (5,291 | ) | (7,798 | ) | ||||
Total purchased credit impaired loans, net | $ | 121,545 | $ | 137,777 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
Purchased Credit Impaired Loans | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Balance, beginning of period | $ | 129,100 | $ | 167,386 | $ | 137,777 | $ | 196,093 | ||||||||
Accretion of fair value discounts | 9,335 | 11,156 | 33,039 | 35,590 | ||||||||||||
Fair value of acquired loans | — | — | 1,300 | 1,960 | ||||||||||||
Reductions in principal balances resulting from repayments, write-offs and foreclosures | (17,032 | ) | (29,194 | ) | (53,078 | ) | (84,566 | ) | ||||||||
Change in the allowance for loan and lease losses on purchased credit impaired loans | 142 | 1,221 | 2,507 | 1,492 | ||||||||||||
Balance, end of period | $ | 121,545 | $ | 150,569 | $ | 121,545 | $ | 150,569 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
Changes in Accretable Discount | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Balance, beginning of period | $ | 75,390 | $ | 103,800 | $ | 86,100 | $ | 120,061 | ||||||||
Additions from acquisitions | — | — | 1,648 | 317 | ||||||||||||
Accretion | (9,335 | ) | (11,156 | ) | (33,039 | ) | (35,590 | ) | ||||||||
Transfers to accretable discounts and exit events, net | 5,939 | 3,899 | 17,285 | 11,755 | ||||||||||||
Balance, end of period | $ | 71,994 | $ | 96,543 | $ | 71,994 | $ | 96,543 |
Three Months Ended September 30 | ||||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||
Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | |||||||||||||||||||||||||
Balance, beginning of period | $ | 22,008 | $ | 158 | $ | 5,433 | $ | 27,599 | $ | 19,594 | $ | — | $ | 9,975 | $ | 29,569 | ||||||||||||||||
Charge-offs | (311 | ) | (16 | ) | (223 | ) | (550 | ) | (63 | ) | — | (3,282 | ) | (3,345 | ) | |||||||||||||||||
Recoveries | 39 | 1 | — | 40 | 31 | 6 | 2,934 | 2,971 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (272 | ) | (15 | ) | (223 | ) | (510 | ) | (32 | ) | 6 | (348 | ) | (374 | ) | |||||||||||||||||
Provision for loan and lease losses before amount attributable to FDIC loss share agreements | — | 7 | 81 | 88 | 614 | (6 | ) | (873 | ) | (265 | ) | |||||||||||||||||||||
Amount attributable to FDIC loss share agreements | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total provision for loan and lease losses charged to operations | — | 7 | 81 | 88 | 614 | (6 | ) | (873 | ) | (265 | ) | |||||||||||||||||||||
Provision for loan and lease losses recorded through the FDIC loss share receivable | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Balance, end of period | $ | 21,736 | $ | 150 | $ | 5,291 | $ | 27,177 | $ | 20,176 | $ | — | $ | 8,754 | $ | 28,930 | ||||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||
Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | |||||||||||||||||||||||||
Balance, beginning of period | $ | 21,224 | $ | 53 | $ | 7,798 | $ | 29,075 | $ | 18,392 | $ | — | $ | 10,246 | $ | 28,638 | ||||||||||||||||
Charge-offs | (2,858 | ) | (80 | ) | (2,345 | ) | (5,283 | ) | (203 | ) | (48 | ) | (8,666 | ) | (8,917 | ) | ||||||||||||||||
Recoveries | 189 | 62 | 3,174 | 3,425 | 81 | 6 | 5,085 | 5,172 | ||||||||||||||||||||||||
Net recoveries (charge-offs) | (2,669 | ) | (18 | ) | 829 | (1,858 | ) | (122 | ) | (42 | ) | (3,581 | ) | (3,745 | ) | |||||||||||||||||
Provision for loan and lease losses before amount attributable to FDIC loss share agreements | 3,181 | 115 | (3,336 | ) | (40 | ) | 1,906 | 42 | 2,089 | 4,037 | ||||||||||||||||||||||
Amount attributable to FDIC loss share agreements | — | — | — | — | — | — | (1,045 | ) | (1,045 | ) | ||||||||||||||||||||||
Total provision for loan and lease losses charged to operations | 3,181 | 115 | (3,336 | ) | (40 | ) | 1,906 | 42 | 1,044 | 2,992 | ||||||||||||||||||||||
Provision for loan and lease losses recorded through the FDIC loss share receivable | — | — | — | — | — | — | 1,045 | 1,045 | ||||||||||||||||||||||||
Balance, end of period | $ | 21,736 | $ | 150 | $ | 5,291 | $ | 27,177 | $ | 20,176 | $ | — | $ | 8,754 | $ | 28,930 |
Organic Loans | Commercial Real Estate | Residential Real Estate | Owner-Occupied Real Estate | Commercial, Financial & Agricultural | Leases | Consumer | Total | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||||||
Beginning balance | $ | 12,943 | $ | 1,890 | $ | 1,982 | $ | 3,834 | $ | 881 | $ | 478 | $ | 22,008 | ||||||||||||||
Charge-offs | — | (1 | ) | — | (172 | ) | (112 | ) | (26 | ) | (311 | ) | ||||||||||||||||
Recoveries | — | 2 | — | 35 | 2 | — | 39 | |||||||||||||||||||||
Provision | (818 | ) | 2 | 56 | 699 | (55 | ) | 116 | — | |||||||||||||||||||
Ending balance | $ | 12,125 | $ | 1,893 | $ | 2,038 | $ | 4,396 | $ | 716 | $ | 568 | $ | 21,736 | ||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||||||
Beginning balance | $ | 13,607 | $ | 2,053 | $ | 1,920 | $ | 2,509 | $ | 865 | $ | 270 | $ | 21,224 | ||||||||||||||
Charge-offs | (2,125 | ) | (29 | ) | — | (336 | ) | (327 | ) | (41 | ) | (2,858 | ) | |||||||||||||||
Recoveries | — | 5 | 44 | 130 | 9 | 1 | 189 | |||||||||||||||||||||
Provision | 643 | (136 | ) | 74 | 2,093 | 169 | 338 | 3,181 | ||||||||||||||||||||
Ending balance | $ | 12,125 | $ | 1,893 | $ | 2,038 | $ | 4,396 | $ | 716 | $ | 568 | $ | 21,736 | ||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||||||
Beginning balance | $ | 13,218 | $ | 1,575 | $ | 2,216 | $ | 1,966 | $ | 433 | $ | 186 | $ | 19,594 | ||||||||||||||
Charge-offs | — | — | — | (58 | ) | — | (5 | ) | (63 | ) | ||||||||||||||||||
Recoveries | — | 9 | — | 21 | — | 1 | 31 | |||||||||||||||||||||
Provision | (272 | ) | 195 | (165 | ) | 511 | 279 | 66 | 614 | |||||||||||||||||||
Ending balance | $ | 12,946 | $ | 1,779 | $ | 2,051 | $ | 2,440 | $ | 712 | $ | 248 | $ | 20,176 | ||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||||||
Beginning balance | $ | 13,134 | $ | 1,190 | $ | 1,928 | $ | 1,770 | $ | 262 | $ | 108 | $ | 18,392 | ||||||||||||||
Charge-offs | — | — | — | (185 | ) | — | (18 | ) | (203 | ) | ||||||||||||||||||
Recoveries | 1 | 10 | — | 62 | — | 8 | 81 | |||||||||||||||||||||
Provision | (189 | ) | 579 | 123 | 793 | 450 | 150 | 1,906 | ||||||||||||||||||||
Ending balance | $ | 12,946 | $ | 1,779 | $ | 2,051 | $ | 2,440 | $ | 712 | $ | 248 | $ | 20,176 |
Allowance for Loan and Lease Losses | Loans | |||||||||||||||||||||||
Organic Loans | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Allowance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Loans | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Commercial real estate | $ | 166 | $ | 11,959 | $ | 12,125 | $ | 5,021 | $ | 1,225,548 | $ | 1,230,569 | ||||||||||||
Residential real estate | 532 | 1,361 | 1,893 | 1,064 | 138,862 | 139,926 | ||||||||||||||||||
Owner-occupied real estate | — | 2,038 | 2,038 | — | 239,726 | 239,726 | ||||||||||||||||||
Commercial, financial & agricultural | 146 | 4,250 | 4,396 | 292 | 305,849 | 306,141 | ||||||||||||||||||
Leases | — | 716 | 716 | — | 74,722 | 74,722 | ||||||||||||||||||
Consumer | 23 | 545 | 568 | 45 | 39,328 | 39,373 | ||||||||||||||||||
Total organic loans | $ | 867 | $ | 20,869 | $ | 21,736 | $ | 6,422 | $ | 2,024,035 | $ | 2,030,457 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Commercial real estate | $ | 189 | $ | 13,418 | $ | 13,607 | $ | 3,557 | $ | 1,139,592 | $ | 1,143,149 | ||||||||||||
Residential real estate | 394 | 1,659 | 2,053 | 788 | 139,825 | 140,613 | ||||||||||||||||||
Owner-occupied real estate | 123 | 1,797 | 1,920 | 246 | 219,390 | 219,636 | ||||||||||||||||||
Commercial, financial & agricultural | 235 | 2,274 | 2,509 | 469 | 181,044 | 181,513 | ||||||||||||||||||
Leases | — | 865 | 865 | — | 71,539 | 71,539 | ||||||||||||||||||
Consumer | 18 | 252 | 270 | 36 | 17,846 | 17,882 | ||||||||||||||||||
Total organic loans | $ | 959 | $ | 20,265 | $ | 21,224 | $ | 5,096 | $ | 1,769,236 | $ | 1,774,332 |
Purchased Non-Credit Impaired Loans | Commercial Real Estate | Residential Real Estate | Owner-Occupied Real Estate | Commercial, Financial & Agricultural | Consumer | Total | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | 158 | $ | — | $ | 158 | ||||||||||||
Charge-offs | — | (14 | ) | — | — | (2 | ) | (16 | ) | |||||||||||||||
Recoveries | — | 1 | — | — | — | 1 | ||||||||||||||||||
Provision | — | 13 | — | (8 | ) | 2 | 7 | |||||||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | 150 | $ | — | $ | 150 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Beginning balance | $ | — | $ | 53 | $ | — | $ | — | $ | — | $ | 53 | ||||||||||||
Charge-offs | — | (76 | ) | — | (1 | ) | (3 | ) | (80 | ) | ||||||||||||||
Recoveries | — | 45 | — | — | 17 | 62 | ||||||||||||||||||
Provision | — | (22 | ) | — | 151 | (14 | ) | 115 | ||||||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | 150 | $ | — | $ | 150 | ||||||||||||
Three Months Ended | ||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Charge-offs | — | — | — | — | — | — | ||||||||||||||||||
Recoveries | — | 1 | — | — | 5 | 6 | ||||||||||||||||||
Provision | — | (1 | ) | — | — | (5 | ) | (6 | ) | |||||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Charge-offs | — | (24 | ) | — | — | (24 | ) | (48 | ) | |||||||||||||||
Recoveries | — | 1 | — | — | 5 | 6 | ||||||||||||||||||
Provision | — | 23 | — | — | 19 | 42 | ||||||||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Allowance for Loan and Lease Losses | Loans | |||||||||||||||||||||||
Purchased Non-Credit Impaired Loans | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Allowance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Loans | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | 68,296 | $ | 68,296 | ||||||||||||
Residential real estate | — | — | — | 642 | 55,826 | 56,468 | ||||||||||||||||||
Owner-occupied real estate | — | — | — | 197 | 51,819 | 52,016 | ||||||||||||||||||
Commercial, financial & agricultural | 150 | — | 150 | 831 | 9,616 | 10,447 | ||||||||||||||||||
Consumer | — | — | — | 3 | 1,823 | 1,826 | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 150 | $ | — | $ | 150 | $ | 1,673 | $ | 187,380 | $ | 189,053 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | 24 | $ | 93,080 | $ | 93,104 | ||||||||||||
Residential real estate | 53 | — | 53 | 776 | 68,277 | 69,053 | ||||||||||||||||||
Owner-occupied real estate | — | — | — | 222 | 61,091 | 61,313 | ||||||||||||||||||
Commercial, financial & agricultural | — | — | — | 830 | 13,386 | 14,216 | ||||||||||||||||||
Consumer | — | — | — | 5 | 2,619 | 2,624 | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 53 | $ | — | $ | 53 | $ | 1,857 | $ | 238,453 | $ | 240,310 |
Purchased Credit Impaired Loans | Commercial Real Estate | Residential Real Estate | Owner-Occupied Real Estate | Commercial, Financial & Agricultural | Consumer | Total | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Beginning balance | $ | 2,834 | $ | 1,025 | $ | 1,502 | $ | 69 | $ | 3 | $ | 5,433 | ||||||||||||
Charge-offs | (131 | ) | (5 | ) | (87 | ) | — | — | (223 | ) | ||||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||
Provision | (341 | ) | 254 | 173 | (4 | ) | (1 | ) | 81 | |||||||||||||||
Ending balance | $ | 2,362 | $ | 1,274 | $ | 1,588 | $ | 65 | $ | 2 | $ | 5,291 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Beginning balance | $ | 3,388 | $ | 1,893 | $ | 2,449 | $ | 60 | $ | 8 | $ | 7,798 | ||||||||||||
Charge-offs | (864 | ) | (899 | ) | (298 | ) | (228 | ) | (56 | ) | (2,345 | ) | ||||||||||||
Recoveries | 2,281 | 400 | 207 | 233 | 53 | 3,174 | ||||||||||||||||||
Provision | (2,443 | ) | (120 | ) | (770 | ) | — | (3 | ) | (3,336 | ) | |||||||||||||
Ending balance | $ | 2,362 | $ | 1,274 | $ | 1,588 | $ | 65 | $ | 2 | $ | 5,291 | ||||||||||||
Three Months Ended | ||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||
Beginning balance | $ | 4,264 | $ | 2,355 | $ | 2,713 | $ | 625 | $ | 18 | $ | 9,975 | ||||||||||||
Charge-offs | (2,204 | ) | (283 | ) | (223 | ) | (557 | ) | (15 | ) | (3,282 | ) | ||||||||||||
Recoveries | 2,275 | 96 | 325 | 230 | 8 | 2,934 | ||||||||||||||||||
Provision | (466 | ) | (111 | ) | (89 | ) | (205 | ) | (2 | ) | (873 | ) | ||||||||||||
Amount attributable to FDIC loss share agreements | — | — | — | — | — | — | ||||||||||||||||||
Provision charged to income | (466 | ) | (111 | ) | (89 | ) | (205 | ) | (2 | ) | (873 | ) | ||||||||||||
Provision recorded through the FDIC loss share receivable | — | — | — | — | — | — | ||||||||||||||||||
Ending balance | $ | 3,869 | $ | 2,057 | $ | 2,726 | $ | 93 | $ | 9 | $ | 8,754 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||
Beginning balance | $ | 5,461 | $ | 2,298 | $ | 1,916 | $ | 567 | $ | 4 | $ | 10,246 | ||||||||||||
Charge-offs | (4,718 | ) | (1,009 | ) | (1,275 | ) | (1,533 | ) | (131 | ) | (8,666 | ) | ||||||||||||
Recoveries | 2,927 | 332 | 848 | 789 | 189 | 5,085 | ||||||||||||||||||
Provision | 199 | 436 | 1,237 | 270 | (53 | ) | 2,089 | |||||||||||||||||
Amount attributable to FDIC loss share agreements | (313 | ) | (182 | ) | (402 | ) | (140 | ) | (8 | ) | (1,045 | ) | ||||||||||||
Provision charged to income | (114 | ) | 254 | 835 | 130 | (61 | ) | 1,044 | ||||||||||||||||
Provision recorded through the FDIC loss share receivable | 313 | 182 | 402 | 140 | 8 | 1,045 | ||||||||||||||||||
Ending balance | $ | 3,869 | $ | 2,057 | $ | 2,726 | $ | 93 | $ | 9 | $ | 8,754 |
Allowance for Loan and Lease Losses | Loans | |||||||||||||||||||||||
Purchased Credit Impaired Loans | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Allowance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Loans | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Commercial real estate | $ | 898 | $ | 1,464 | $ | 2,362 | $ | 29,975 | $ | 19,827 | $ | 49,802 | ||||||||||||
Residential real estate | 168 | 1,106 | 1,274 | 2,030 | 51,923 | 53,953 | ||||||||||||||||||
Owner-occupied real estate | 1,395 | 193 | 1,588 | 8,412 | 13,977 | 22,389 | ||||||||||||||||||
Commercial, financial & agricultural | 3 | 62 | 65 | 107 | 501 | 608 | ||||||||||||||||||
Consumer | — | 2 | 2 | 10 | 74 | 84 | ||||||||||||||||||
Total purchased credit impaired loans | $ | 2,464 | $ | 2,827 | $ | 5,291 | $ | 40,534 | $ | 86,302 | $ | 126,836 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Commercial real estate | $ | 1,512 | $ | 1,876 | $ | 3,388 | $ | 26,981 | $ | 28,013 | $ | 54,994 | ||||||||||||
Residential real estate | 850 | 1,043 | 1,893 | 3,793 | 60,218 | 64,011 | ||||||||||||||||||
Owner-occupied real estate | 2,213 | 236 | 2,449 | 9,937 | 15,427 | 25,364 | ||||||||||||||||||
Commercial, financial & agricultural | 6 | 54 | 60 | 300 | 750 | 1,050 | ||||||||||||||||||
Consumer | — | 8 | 8 | 6 | 150 | 156 | ||||||||||||||||||
Total purchased credit impaired loans | $ | 4,581 | $ | 3,217 | $ | 7,798 | $ | 41,017 | $ | 104,558 | $ | 145,575 |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | |||||||||||||||||||
Impaired Loans: Organic and Purchased Non-Credit Impaired | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Construction, land & land development | $ | 4,578 | $ | 2,979 | $ | — | $ | 4,652 | $ | 3,203 | $ | — | ||||||||||||
Other commercial real estate | — | — | — | — | — | — | ||||||||||||||||||
Total commercial real estate | 4,578 | 2,979 | — | 4,652 | 3,203 | — | ||||||||||||||||||
Residential real estate | 259 | 85 | — | 134 | 125 | — | ||||||||||||||||||
Owner-occupied real estate | 198 | 197 | — | 213 | 222 | — | ||||||||||||||||||
Commercial, financial & agricultural | 232 | 95 | — | 903 | 830 | — | ||||||||||||||||||
Consumer | 6 | 2 | — | 8 | 5 | — | ||||||||||||||||||
Subtotal | 5,273 | 3,358 | — | 5,910 | 4,385 | — | ||||||||||||||||||
With related allowance recorded: | ||||||||||||||||||||||||
Construction, land & land development | 4,181 | 2,042 | 166 | 16 | 15 | 8 | ||||||||||||||||||
Other commercial real estate | — | — | — | 395 | 363 | 181 | ||||||||||||||||||
Total commercial real estate | 4,181 | 2,042 | 166 | 411 | 378 | 189 | ||||||||||||||||||
Residential real estate | 1,735 | 1,621 | 532 | 1,506 | 1,439 | 447 | ||||||||||||||||||
Owner-occupied real estate | — | — | — | 259 | 246 | 123 | ||||||||||||||||||
Commercial, financial & agricultural | 1,083 | 1,028 | 296 | 489 | 469 | 235 | ||||||||||||||||||
Consumer | 47 | 46 | 23 | 37 | 36 | 18 | ||||||||||||||||||
Subtotal | 7,046 | 4,737 | 1,017 | 2,702 | 2,568 | 1,012 | ||||||||||||||||||
Total impaired loans | $ | 12,319 | $ | 8,095 | $ | 1,017 | $ | 8,612 | $ | 6,953 | $ | 1,012 |
September 30, 2016 | September 30, 2015 | |||||||||||||||
Average Recorded Investment (1) | Interest Income Recognized (2) | Average Recorded Investment (1) | Interest Income Recognized (2) | |||||||||||||
Three Months Ended | ||||||||||||||||
Construction, land & land development | $ | 5,083 | $ | — | $ | 3,353 | $ | 34 | ||||||||
Other commercial real estate | 14 | — | 1,606 | 12 | ||||||||||||
Total commercial real estate | 5,097 | — | 4,959 | 46 | ||||||||||||
Residential real estate | 1,778 | — | 534 | 3 | ||||||||||||
Owner-occupied real estate | 183 | — | 659 | 5 | ||||||||||||
Commercial, financial & agricultural | 1,511 | — | 547 | 4 | ||||||||||||
Consumer | 52 | — | 43 | — | ||||||||||||
Total impaired loans | $ | 8,621 | $ | — | $ | 6,742 | $ | 58 | ||||||||
Nine Months Ended | ||||||||||||||||
Construction, land & land development | $ | 6,254 | $ | — | $ | 3,386 | $ | 75 | ||||||||
Other commercial real estate | 218 | — | 981 | 31 | ||||||||||||
Total commercial real estate | 6,472 | — | 4,367 | 106 | ||||||||||||
Residential real estate | 1,837 | — | 449 | 9 | ||||||||||||
Owner-occupied real estate | 314 | 3 | 415 | 8 | ||||||||||||
Commercial, financial & agricultural | 1,997 | 24 | 367 | 8 | ||||||||||||
Consumer | 43 | — | 34 | — | ||||||||||||
Total impaired loans | $ | 10,663 | $ | 27 | $ | 5,632 | $ | 131 |
Nonaccrual Loans (1): | September 30, 2016 | December 31, 2015 | ||||||
Construction, land & land development | $ | 5,021 | $ | 3,218 | ||||
Other commercial real estate | — | 363 | ||||||
Total commercial real estate | 5,021 | 3,581 | ||||||
Residential real estate | 1,706 | 1,564 | ||||||
Owner-occupied real estate | 197 | 468 | ||||||
Commercial, financial & agricultural | 1,123 | 722 | ||||||
Consumer | 48 | 41 | ||||||
Total nonaccrual loans | $ | 8,095 | $ | 6,376 |
Organic Loans | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | Loans > 90 Days and Accruing | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Construction, land & land development | $ | 47 | $ | 13 | $ | 60 | $ | 486,239 | $ | 486,299 | $ | — | ||||||||||||
Other commercial real estate | — | — | — | 744,270 | 744,270 | — | ||||||||||||||||||
Total commercial real estate | 47 | 13 | 60 | 1,230,509 | 1,230,569 | — | ||||||||||||||||||
Residential real estate | 399 | 85 | 484 | 139,442 | 139,926 | — | ||||||||||||||||||
Owner-occupied real estate | 955 | — | 955 | 238,771 | 239,726 | — | ||||||||||||||||||
Commercial, financial & agricultural | 230 | 58 | 288 | 305,853 | 306,141 | — | ||||||||||||||||||
Leases | — | — | — | 74,722 | 74,722 | — | ||||||||||||||||||
Consumer | 77 | 15 | 92 | 39,281 | 39,373 | — | ||||||||||||||||||
Total organic loans | $ | 1,708 | $ | 171 | $ | 1,879 | $ | 2,028,578 | $ | 2,030,457 | $ | — | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Construction, land & land development | $ | 235 | $ | — | $ | 235 | $ | 481,852 | $ | 482,087 | $ | — | ||||||||||||
Other commercial real estate | — | 19 | 19 | 661,043 | 661,062 | — | ||||||||||||||||||
Total commercial real estate | 235 | 19 | 254 | 1,142,895 | 1,143,149 | — | ||||||||||||||||||
Residential real estate | 656 | 417 | 1,073 | 139,540 | 140,613 | — | ||||||||||||||||||
Owner-occupied real estate | 127 | — | 127 | 219,509 | 219,636 | — | ||||||||||||||||||
Commercial, financial & agricultural | 261 | 18 | 279 | 181,234 | 181,513 | — | ||||||||||||||||||
Leases | — | — | — | 71,539 | 71,539 | — | ||||||||||||||||||
Consumer | 56 | 20 | 76 | 17,806 | 17,882 | — | ||||||||||||||||||
Total organic loans | $ | 1,335 | $ | 474 | $ | 1,809 | $ | 1,772,523 | $ | 1,774,332 | $ | — |
Purchased Non-Credit Impaired Loans | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | Loans > 90 Days and Accruing | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Construction, land & land development | $ | 34 | $ | — | $ | 34 | $ | 10,001 | $ | 10,035 | $ | — | ||||||||||||
Other commercial real estate | — | — | — | 58,261 | 58,261 | — | ||||||||||||||||||
Total commercial real estate | 34 | — | 34 | 68,262 | 68,296 | — | ||||||||||||||||||
Residential real estate | 28 | 565 | 593 | 55,875 | 56,468 | — | ||||||||||||||||||
Owner-occupied real estate | — | — | — | 52,016 | 52,016 | — | ||||||||||||||||||
Commercial, financial & agricultural | 129 | — | 129 | 10,318 | 10,447 | — | ||||||||||||||||||
Consumer | 15 | — | 15 | 1,811 | 1,826 | — | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 206 | $ | 565 | $ | 771 | $ | 188,282 | $ | 189,053 | $ | — | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Construction, land & land development | $ | 17 | $ | 24 | $ | 41 | $ | 18,557 | $ | 18,598 | $ | — | ||||||||||||
Other commercial real estate | — | — | — | 74,506 | 74,506 | — | ||||||||||||||||||
Total commercial real estate | 17 | 24 | 41 | 93,063 | 93,104 | — | ||||||||||||||||||
Residential real estate | 846 | 38 | 884 | 68,169 | 69,053 | — | ||||||||||||||||||
Owner-occupied real estate | — | — | — | 61,313 | 61,313 | — | ||||||||||||||||||
Commercial, financial & agricultural | — | — | — | 14,216 | 14,216 | — | ||||||||||||||||||
Consumer | 23 | — | 23 | 2,601 | 2,624 | — | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 886 | $ | 62 | $ | 948 | $ | 239,362 | $ | 240,310 | $ | — |
Purchased Credit Impaired Loans | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | |||||||||||||||
September 30, 2016 | ||||||||||||||||||||
Construction, land & land development | $ | 2,115 | $ | 1,517 | $ | 3,632 | $ | 7,932 | $ | 11,564 | ||||||||||
Other commercial real estate | 360 | 2,706 | 3,066 | 35,172 | 38,238 | |||||||||||||||
Total commercial real estate | 2,475 | 4,223 | 6,698 | 43,104 | 49,802 | |||||||||||||||
Residential real estate | 1,639 | 2,059 | 3,698 | 50,255 | 53,953 | |||||||||||||||
Owner-occupied real estate | 86 | 3,379 | 3,465 | 18,924 | 22,389 | |||||||||||||||
Commercial, financial & agricultural | 35 | 61 | 96 | 512 | 608 | |||||||||||||||
Consumer | — | — | — | 84 | 84 | |||||||||||||||
Total purchased credit impaired loans | $ | 4,235 | $ | 9,722 | $ | 13,957 | $ | 112,879 | $ | 126,836 | ||||||||||
December 31, 2015 | ||||||||||||||||||||
Construction, land & land development | $ | 27 | $ | 3,154 | $ | 3,181 | $ | 11,071 | $ | 14,252 | ||||||||||
Other commercial real estate | 857 | 5,510 | 6,367 | 34,375 | 40,742 | |||||||||||||||
Total commercial real estate | 884 | 8,664 | 9,548 | 45,446 | 54,994 | |||||||||||||||
Residential real estate | 2,724 | 6,453 | 9,177 | 54,834 | 64,011 | |||||||||||||||
Owner-occupied real estate | 2,664 | 2,823 | 5,487 | 19,877 | 25,364 | |||||||||||||||
Commercial, financial & agricultural | — | 9 | 9 | 1,041 | 1,050 | |||||||||||||||
Consumer | 4 | — | 4 | 152 | 156 | |||||||||||||||
Total purchased credit impaired loans | $ | 6,276 | $ | 17,949 | $ | 24,225 | $ | 121,350 | $ | 145,575 |
Organic Loans | Pass | Watch | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Construction, land & land development | $ | 462,283 | $ | 18,896 | $ | 99 | $ | 5,021 | $ | — | $ | 486,299 | ||||||||||||
Other commercial real estate | 712,546 | 31,354 | — | 370 | — | 744,270 | ||||||||||||||||||
Total commercial real estate | 1,174,829 | 50,250 | 99 | 5,391 | — | 1,230,569 | ||||||||||||||||||
Residential real estate | 135,030 | 2,002 | 767 | 2,127 | — | 139,926 | ||||||||||||||||||
Owner-occupied real estate | 213,235 | 22,104 | 4,367 | 20 | — | 239,726 | ||||||||||||||||||
Commercial, financial & agricultural | 303,660 | 1,087 | 715 | 668 | 11 | 306,141 | ||||||||||||||||||
Leases | 74,722 | — | — | — | — | 74,722 | ||||||||||||||||||
Consumer | 39,201 | 30 | — | 141 | 1 | 39,373 | ||||||||||||||||||
Total organic loans | $ | 1,940,677 | $ | 75,473 | $ | 5,948 | $ | 8,347 | $ | 12 | $ | 2,030,457 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Construction, land & land development | $ | 460,661 | $ | 15,124 | $ | 3,108 | $ | 3,194 | $ | — | $ | 482,087 | ||||||||||||
Other commercial real estate | 637,336 | 20,660 | 2,310 | 756 | — | 661,062 | ||||||||||||||||||
Total commercial real estate | 1,097,997 | 35,784 | 5,418 | 3,950 | — | 1,143,149 | ||||||||||||||||||
Residential real estate | 135,588 | 2,964 | 684 | 1,361 | 16 | 140,613 | ||||||||||||||||||
Owner-occupied real estate | 204,528 | 13,932 | 906 | 270 | — | 219,636 | ||||||||||||||||||
Commercial, financial & agricultural | 178,069 | 1,619 | 1,241 | 584 | — | 181,513 | ||||||||||||||||||
Leases | 71,539 | — | — | — | — | 71,539 | ||||||||||||||||||
Consumer | 17,590 | 219 | — | 71 | 2 | 17,882 | ||||||||||||||||||
Total organic loans | $ | 1,705,311 | $ | 54,518 | $ | 8,249 | $ | 6,236 | $ | 18 | $ | 1,774,332 |
Purchased Non-Credit Impaired Loans | Pass | Watch | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Construction, land & land development | $ | 10,035 | $ | — | $ | — | $ | — | $ | — | $ | 10,035 | ||||||||||||
Other commercial real estate | 55,252 | 1,433 | 1,576 | — | — | 58,261 | ||||||||||||||||||
Total commercial real estate | 65,287 | 1,433 | 1,576 | — | — | 68,296 | ||||||||||||||||||
Residential real estate | 53,456 | 1,976 | 394 | 642 | — | 56,468 | ||||||||||||||||||
Owner-occupied real estate | 44,088 | 7,434 | — | 494 | — | 52,016 | ||||||||||||||||||
Commercial, financial & agricultural | 9,182 | 319 | 115 | 831 | — | 10,447 | ||||||||||||||||||
Consumer | 1,819 | 5 | — | 2 | — | 1,826 | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 173,832 | $ | 11,167 | $ | 2,085 | $ | 1,969 | $ | — | $ | 189,053 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Construction, land & land development | $ | 18,347 | $ | 227 | $ | — | $ | 24 | $ | — | $ | 18,598 | ||||||||||||
Other commercial real estate | 68,462 | 4,454 | 1,590 | — | — | 74,506 | ||||||||||||||||||
Total commercial real estate | 86,809 | 4,681 | 1,590 | 24 | — | 93,104 | ||||||||||||||||||
Residential real estate | 64,709 | 3,240 | 329 | 775 | — | 69,053 | ||||||||||||||||||
Owner-occupied real estate | 52,323 | 8,436 | — | 554 | — | 61,313 | ||||||||||||||||||
Commercial, financial & agricultural | 12,935 | 451 | — | 830 | — | 14,216 | ||||||||||||||||||
Consumer | 2,609 | 10 | — | 5 | — | 2,624 | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 219,385 | $ | 16,818 | $ | 1,919 | $ | 2,188 | $ | — | $ | 240,310 |
Purchased Credit Impaired Loans | Pass | Watch | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Construction, land & land development | $ | 3,438 | $ | 1,281 | $ | 944 | $ | 5,890 | $ | 11 | $ | 11,564 | ||||||||||||
Other commercial real estate | 12,788 | 12,620 | 2,405 | 10,422 | 3 | 38,238 | ||||||||||||||||||
Total commercial real estate | 16,226 | 13,901 | 3,349 | 16,312 | 14 | 49,802 | ||||||||||||||||||
Residential real estate | 30,449 | 9,399 | 3,339 | 10,465 | 301 | 53,953 | ||||||||||||||||||
Owner-occupied real estate | 7,171 | 4,096 | 935 | 10,187 | — | 22,389 | ||||||||||||||||||
Commercial, financial & agricultural | 147 | 316 | 47 | 98 | — | 608 | ||||||||||||||||||
Consumer | 48 | 26 | 1 | 9 | — | 84 | ||||||||||||||||||
Total purchased credit impaired loans | $ | 54,041 | $ | 27,738 | $ | 7,671 | $ | 37,071 | $ | 315 | $ | 126,836 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Construction, land & land development | $ | 3,915 | $ | 1,961 | $ | 722 | $ | 7,023 | $ | 631 | $ | 14,252 | ||||||||||||
Other commercial real estate | 10,716 | 14,960 | 3,576 | 10,727 | 763 | 40,742 | ||||||||||||||||||
Total commercial real estate | 14,631 | 16,921 | 4,298 | 17,750 | 1,394 | 54,994 | ||||||||||||||||||
Residential real estate | 34,618 | 8,707 | 4,008 | 12,438 | 4,240 | 64,011 | ||||||||||||||||||
Owner-occupied real estate | 8,657 | 3,793 | 1,244 | 11,319 | 351 | 25,364 | ||||||||||||||||||
Commercial, financial & agricultural | 328 | 392 | 131 | 192 | 7 | 1,050 | ||||||||||||||||||
Consumer | 91 | 48 | 1 | 16 | — | 156 | ||||||||||||||||||
Total purchased credit impaired loans | $ | 58,325 | $ | 29,861 | $ | 9,682 | $ | 41,715 | $ | 5,992 | $ | 145,575 |
September 30, 2016 | September 30, 2015 | |||||||||||||||||||||
TDR Additions (1) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||
Construction, land & land development | 1 | $ | 4,168 | $ | 4,168 | — | $ | — | $ | — | ||||||||||||
Other commercial real estate | — | — | — | — | — | — | ||||||||||||||||
Total commercial real estate | 1 | 4,168 | 4,168 | — | — | — | ||||||||||||||||
Commercial & industrial | — | — | — | — | — | — | ||||||||||||||||
Owner-occupied real estate | — | — | — | — | — | — | ||||||||||||||||
Residential real estate | — | — | — | — | — | — | ||||||||||||||||
Consumer & Other | — | — | — | — | — | — | ||||||||||||||||
Total modifications | 1 | $ | 4,168 | $ | 4,168 | — | $ | — | $ | — |
Other real estate owned | September 30, 2016 | December 31, 2015 | ||||||
Construction, land development, and other land | $ | 2,251 | $ | 2,115 | ||||
Commercial and farmland real estate | 6,153 | 7,098 | ||||||
Residential real estate | 2,205 | 1,317 | ||||||
Total other real estate owned | $ | 10,609 | $ | 10,530 | ||||
Other real estate owned | September 30, 2016 | December 31, 2015 | ||||||
Organic OREO | $ | 83 | $ | 33 | ||||
Purchased Non-Credit Impaired OREO | 21 | — | ||||||
Purchased Credit Impaired OREO | 10,505 | 10,497 | ||||||
Total other real estate owned | $ | 10,609 | $ | 10,530 | ||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
SBA Servicing Rights | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Balance, beginning of period | $ | 3,165 | $ | 2,185 | $ | 2,626 | $ | 1,516 | ||||||||
Additions | 339 | 403 | 963 | 805 | ||||||||||||
Fair value adjustments | (229 | ) | (125 | ) | (314 | ) | 142 | |||||||||
Balance, end of period | $ | 3,275 | $ | 2,463 | $ | 3,275 | $ | 2,463 |
SBA Servicing Rights | September 30, 2016 | December 31, 2015 | ||||||||
Fair value | $ | 3,275 | $ | 2,626 | ||||||
Weighted average discount rate | 12.3 | % | 12.1 | % | ||||||
Decline in fair value due to a 100 basis point adverse change | $ | (118 | ) | $ | (95 | ) | ||||
Decline in fair value due to a 200 basis point adverse change | (228 | ) | (183 | ) | ||||||
Prepayment speed | 7.9 | % | 7.6 | % | ||||||
Decline in fair value due to a 10% adverse change | $ | (103 | ) | $ | (79 | ) | ||||
Decline in fair value due to a 20% adverse change | (201 | ) | (153 | ) | ||||||
Weighted average remaining life (years) | 7.2 | 7.2 |
September 30, 2016 | ||||||||||||||||
SBA Loans Serviced | Unpaid Principal Balance | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Net Charge-offs for the Nine Months Ended September 30, 2016 | ||||||||||||
Serviced for others | $ | 131,147 | $ | 363 | $ | — | $ | — | ||||||||
Held-for-sale | 18,736 | — | — | — | ||||||||||||
Held-for-investment | 143,641 | 471 | 3,334 | 2,120 | ||||||||||||
Total SBA loans serviced | $ | 293,524 | $ | 834 | $ | 3,334 | $ | 2,120 |
Nine Months Ended | ||||
September 30, 2015 | ||||
Cash paid to the FDIC to settle loss share agreements | $ | (3,100 | ) | |
FDIC loss share receivable | (16,959 | ) | ||
FDIC clawback payable | 5,511 | |||
Loss on termination of FDIC loss share | (14,548 | ) | ||
Net amortization of FDIC receivable for loss share agreements during the period | (1,940 | ) | ||
Amortization of FDIC receivable for loss share agreements | $ | (16,488 | ) |
Three Months Ended | Nine Months Ended | ||||||
September 30, 2015 | September 30, 2015 | ||||||
Balance, beginning of period | $ | — | $ | 22,320 | |||
Provision for loan and lease losses attributable to FDIC for loss share agreements | — | 1,045 | |||||
Wires sent | — | 1,784 | |||||
Net recoveries | — | (6,627 | ) | ||||
Amortization | — | (1,940 | ) | ||||
External expenses qualifying under loss share agreements | — | 377 | |||||
Termination of FDIC loss share | — | (16,959 | ) | ||||
Balance, end of period | $ | — | $ | — |
Asset Derivatives (1) | Liability Derivatives (1) | |||||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | |||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||
Interest rate swaps and caps | $ | 188 | $ | 1,262 | $ | 4,459 | $ | 1,496 | ||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | 253 | $ | 174 |
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30 | September 30 | |||||||||||||||||
Interest Rate Products | Location | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Amount of gain (loss) recognized in income on derivatives | Noninterest income | $ | 977 | $ | (2,352 | ) | $ | (3,396 | ) | $ | (2,485 | ) | ||||||
Amount of (loss) gain recognized in income on hedged items | Noninterest income | (956 | ) | 2,136 | 3,106 | 2,237 | ||||||||||||
Total net gain (loss) recognized in income on fair value hedge ineffectiveness | $ | 21 | $ | (216 | ) | $ | (290 | ) | $ | (248 | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30 | September 30 | |||||||||||||||||
Interest Rate Products | Location | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Amount of gain (loss) recognized in AOCI on derivatives (effective portion) | OCI | $ | 73 | $ | (893 | ) | $ | (847 | ) | $ | (2,388 | ) | ||||||
Amount of loss reclassified from AOCI into income (effective portion) | Interest expense | 320 | 146 | 804 | 366 | |||||||||||||
Total gain (loss) recognized in consolidated statements of comprehensive income | $ | 393 | $ | (747 | ) | $ | (43 | ) | $ | (2,022 | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30 | September 30 | |||||||||||||||||
Interest Rate Products | Location | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Amount of gain (loss) recognized in income on interest rate swaps | Noninterest income | $ | 21 | $ | (176 | ) | $ | (199 | ) | $ | (179 | ) | ||||||
Amount of (loss) gain recognized in income on interest rate lock commitments | Noninterest income | (430 | ) | 431 | 313 | 615 | ||||||||||||
Amount of gain (loss) recognized in income on forward commitments | Noninterest income | 451 | (1,626 | ) | (399 | ) | (746 | ) | ||||||||||
Total gain (loss) recognized in income on derivatives not designated as hedging instruments | $ | 42 | $ | (1,371 | ) | $ | (285 | ) | $ | (310 | ) |
Gross Amounts Recognized | Gross Amounts Offset on the Statement of Financial Condition | Net Amounts Presented on the Statement of Financial Condition | Gross Amounts Not Offset on the Statement of Financial Condition | Net Amount | ||||||||||||||||||||
Financial Instruments | Collateral Received/Posted (1) | |||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Offsetting Assets | ||||||||||||||||||||||||
Interest rate swaps and caps | $ | 188 | $ | — | $ | 188 | $ | (188 | ) | $ | — | $ | — | |||||||||||
Offsetting Liabilities | ||||||||||||||||||||||||
Interest rate swaps and caps | $ | 4,712 | $ | — | $ | 4,712 | $ | (188 | ) | $ | (3,631 | ) | $ | 893 | ||||||||||
Repurchase agreements | 20,124 | — | 20,124 | — | (20,124 | ) | — | |||||||||||||||||
Total liabilities | $ | 24,836 | $ | — | $ | 24,836 | $ | (188 | ) | $ | (23,755 | ) | $ | 893 | ||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Offsetting Assets | ||||||||||||||||||||||||
Interest rate swaps and caps | $ | 1,262 | $ | — | $ | 1,262 | $ | (883 | ) | $ | (150 | ) | $ | 229 | ||||||||||
Offsetting Liabilities | ||||||||||||||||||||||||
Interest rate swaps and caps | $ | 1,670 | $ | — | $ | 1,670 | $ | (883 | ) | $ | (269 | ) | $ | 518 | ||||||||||
Repurchase agreements | 32,179 | — | 32,179 | — | (32,179 | ) | — | |||||||||||||||||
Total liabilities | $ | 33,849 | $ | — | $ | 33,849 | $ | (883 | ) | $ | (32,448 | ) | $ | 518 |
Capital Ratio Requirements | Minimum Requirement | Well-capitalized (1) | ||
Common Equity Tier 1 Capital (CET1) | 4.50% | 6.50% | ||
Tier 1 Capital | 6.00% | 8.00% | ||
Total Capital | 8.00% | 10.00% | ||
Tier 1 Leverage | 4.00% | 5.00% |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||
Actual | Required | Actual | Required | |||||||||||||||||||
Amount | Ratio | Minimum Amount | Amount | Ratio | Minimum Amount | |||||||||||||||||
Company | ||||||||||||||||||||||
CET1 Capital | $ | 512,482 | 16.68 | % | $ | 138,262 | $ | 493,294 | 17.71 | % | $ | 125,372 | ||||||||||
Tier 1 Capital | 512,482 | 16.68 | % | 184,350 | 493,294 | 17.71 | % | 167,162 | ||||||||||||||
Total Capital | 539,659 | 17.56 | % | 245,800 | 522,369 | 18.75 | % | 222,883 | ||||||||||||||
Tier 1 Leverage | 512,482 | 14.64 | % | 139,975 | 493,294 | 14.48 | % | 136,315 |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||
Actual | Required | Actual | Required | |||||||||||||||||||||||||||
Amount | Ratio | Minimum Amount | Well Capitalized Amount | Amount | Ratio | Minimum Amount | Well Capitalized Amount | |||||||||||||||||||||||
State Bank | ||||||||||||||||||||||||||||||
CET1 Capital | $ | 448,372 | 14.67 | % | $ | 137,553 | $ | 198,688 | $ | 427,526 | 15.42 | % | $ | 124,773 | $ | 180,227 | ||||||||||||||
Tier 1 Capital | 448,372 | 14.67 | % | 183,404 | 244,539 | 427,526 | 15.42 | % | 166,364 | 221,818 | ||||||||||||||||||||
Total Capital | 475,549 | 15.56 | % | 244,539 | 305,674 | 456,601 | 16.47 | % | 221,818 | 277,273 | ||||||||||||||||||||
Tier 1 Leverage | 448,372 | 12.88 | % | 139,292 | 174,116 | 427,526 | 12.62 | % | 135,507 | 169,383 |
September 30, 2016 | December 31, 2015 | ||||||
Commitments to extend credit: | |||||||
Fixed | $ | 34,296 | $ | 28,744 | |||
Variable | 569,705 | 502,538 | |||||
Letters of credit: | |||||||
Fixed | 2,517 | 1,907 | |||||
Variable | 3,135 | 4,925 | |||||
Total commitments | $ | 609,653 | $ | 538,114 |
September 30, 2016 | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Assets: | ||||||||||||||||
U.S. Government securities | $ | — | $ | 89,598 | $ | — | $ | 89,598 | ||||||||
States and political subdivisions | — | 301 | — | 301 | ||||||||||||
Residential mortgage-backed securities — nonagency | — | 157,557 | — | 157,557 | ||||||||||||
Residential mortgage-backed securities — agency | — | 500,306 | — | 500,306 | ||||||||||||
Corporate securities | — | 74,893 | — | 74,893 | ||||||||||||
Mortgage loans held-for-sale | — | 45,116 | — | 45,116 | ||||||||||||
Mortgage derivatives | — | 43 | 911 | 954 | ||||||||||||
Interest rate swaps and caps | — | 188 | — | 188 | ||||||||||||
SBA servicing rights | — | — | 3,275 | 3,275 | ||||||||||||
Total recurring assets at fair value | $ | — | $ | 868,002 | $ | 4,186 | $ | 872,188 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps and caps | $ | — | $ | 4,712 | $ | — | $ | 4,712 | ||||||||
Mortgage derivatives | — | 249 | 427 | 676 | ||||||||||||
Total recurring liabilities at fair value | $ | — | $ | 4,961 | $ | 427 | $ | 5,388 |
December 31, 2015 | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Assets: | ||||||||||||||||
U.S. Government securities | $ | — | $ | 103,272 | $ | — | $ | 103,272 | ||||||||
States and political subdivisions | — | 1,813 | — | 1,813 | ||||||||||||
Residential mortgage-backed securities — nonagency | — | 150,702 | — | 150,702 | ||||||||||||
Residential mortgage-backed securities — agency | — | 503,688 | — | 503,688 | ||||||||||||
Asset-backed securities | — | 46,245 | — | 46,245 | ||||||||||||
Corporate securities | — | 81,985 | — | 81,985 | ||||||||||||
Mortgage loans held for sale | — | 48,803 | — | 48,803 | ||||||||||||
Mortgage derivatives | — | 218 | 651 | 869 | ||||||||||||
Interest rate swaps and caps | — | 1,262 | — | 1,262 | ||||||||||||
SBA servicing rights | — | — | 2,626 | 2,626 | ||||||||||||
Total recurring assets at fair value | $ | — | $ | 937,988 | $ | 3,277 | $ | 941,265 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps and caps | $ | — | $ | 1,670 | $ | — | $ | 1,670 | ||||||||
Mortgage derivatives | — | 144 | 361 | 505 | ||||||||||||
Total recurring liabilities at fair value | $ | — | $ | 1,814 | $ | 361 | $ | 2,175 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
2016 | 2016 | |||||||||||||||
Mortgage Derivatives | Other Assets | Other Liabilities | Other Assets | Other Liabilities | ||||||||||||
Balance, beginning of period | $ | 1,338 | $ | 560 | $ | 651 | $ | 361 | ||||||||
Acquired | — | — | — | — | ||||||||||||
Issuances (1) | 427 | 427 | 2,084 | 1,596 | ||||||||||||
Settlements and closed loans (1) | (854 | ) | (560 | ) | (1,824 | ) | (1,530 | ) | ||||||||
Balance, end of period | $ | 911 | $ | 427 | $ | 911 | $ | 427 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
2015 | 2015 | |||||||||||||||
Mortgage Derivatives | Other Assets | Other Liabilities | Other Assets | Other Liabilities | ||||||||||||
Balance, beginning of period | $ | 780 | $ | 303 | $ | — | $ | — | ||||||||
Acquired | — | — | 272 | 135 | ||||||||||||
Issuances (1) | 488 | 488 | 1,574 | 1,140 | ||||||||||||
Settlements and closed loans (1) | (378 | ) | (301 | ) | (956 | ) | (785 | ) | ||||||||
Balance, end of period | $ | 890 | $ | 490 | $ | 890 | $ | 490 |
Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
September 30, 2016 | |||||||||||||||
Impaired loans | $ | — | $ | — | $ | 7,078 | $ | 7,078 | |||||||
Total nonrecurring assets at fair value | $ | — | $ | — | $ | 7,078 | $ | 7,078 | |||||||
December 31, 2015 | |||||||||||||||
Impaired loans | $ | — | $ | — | $ | 5,941 | $ | 5,941 | |||||||
Total nonrecurring assets at fair value | $ | — | $ | — | $ | 5,941 | $ | 5,941 |
Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
September 30, 2016 | |||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 13,073 | $ | 13,073 | |||||||
December 31, 2015 | |||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 12,110 | $ | 12,110 |
September 30, 2016 | December 31, 2015 | ||||||
Other real estate owned: | |||||||
Other real estate owned at fair value | $ | 13,073 | $ | 12,110 | |||
Estimated selling costs and other adjustments | (2,464 | ) | (1,580 | ) | |||
Other real estate owned | $ | 10,609 | $ | 10,530 | |||
September 30, 2016 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||
SBA servicing rights | $ | 3,275 | Discounted cash flows | Discount rate | 9% - 18% (12%) | |||||
Prepayment speed | 3% - 11% (8%) | |||||||||
Mortgage derivatives - asset | $ | 911 | Pricing model | Pull-through rate | 84% | |||||
Mortgage derivatives - liability | $ | 427 | Pricing model | Pull-through rate | 84% | |||||
Impaired loans - collateral dependent | $ | 7,078 | Third party appraisal | Management discount for property type and recent market volatility | 0% - 50% (13%) | |||||
Other real estate owned | $ | 13,073 | Third party appraisal | Management discount for property type and recent market volatility | 0% - 68% (13%) |
December 31, 2015 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||
SBA servicing rights | $ | 2,626 | Discounted cash flows | Discount rate | 9% - 17% (12%) | |||||
Prepayment speed | 4% - 10% (8%) | |||||||||
Mortgage derivatives - asset | $ | 651 | Pricing model | Pull-through rate | 81% | |||||
Mortgage derivatives - liability | $ | 361 | Pricing model | Pull-through rate | 81% | |||||
Impaired loans - collateral dependent | $ | 5,941 | Third party appraisal | Management discount for property type and recent market volatility | 0% - 50% (15%) | |||||
Other real estate owned | $ | 12,110 | Third party appraisal | Management discount for property type and recent market volatility | 0% - 75% (33%) |
September 30, 2016 | December 31, 2015 | ||||||||||||||||
Fair Value Hierarchy Level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 113,770 | $ | 113,770 | $ | 175,362 | $ | 175,362 | ||||||||
Investment securities available-for-sale | Level 2 | 822,655 | 822,655 | 887,705 | 887,705 | ||||||||||||
Investment securities held-to-maturity | Level 2 | 67,071 | 67,443 | — | — | ||||||||||||
Loans held-for-sale | Level 2 | 63,852 | 65,710 | 54,933 | 55,513 | ||||||||||||
Loans, net | Level 3 | 2,319,169 | 2,344,664 | 2,131,142 | 2,140,985 | ||||||||||||
Other real estate owned | Level 3 | 10,609 | 13,073 | 10,530 | 12,110 | ||||||||||||
Interest rate swaps and caps | Level 2 | 188 | 188 | 1,262 | 1,262 | ||||||||||||
Mortgage derivatives | Levels 2 & 3 | 954 | 954 | 869 | 869 | ||||||||||||
SBA servicing rights | Level 3 | 3,275 | 3,275 | 2,626 | 2,626 | ||||||||||||
Accrued interest receivable | Level 2 | 8,194 | 8,194 | 8,382 | 8,382 | ||||||||||||
Federal Home Loan Bank stock | Level 3 | 3,960 | 3,960 | 3,058 | 3,058 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits | Level 2 | $ | 2,959,292 | $ | 2,958,697 | $ | 2,861,962 | $ | 2,860,866 | ||||||||
Securities sold under repurchase agreements | Level 2 | 20,124 | 20,124 | 32,179 | 32,179 | ||||||||||||
FHLB borrowings | Level 2 | 20,000 | 20,000 | — | — | ||||||||||||
Notes payable | Level 2 | 398 | 398 | 1,812 | 1,812 | ||||||||||||
Interest rate swaps and caps | Level 2 | 4,712 | 4,712 | 1,670 | 1,670 | ||||||||||||
Mortgage derivatives | Levels 2 & 3 | 676 | 676 | 505 | 505 | ||||||||||||
Accrued interest payable | Level 2 | 1,622 | 1,622 | 1,106 | 1,106 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30 | September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Numerator: | |||||||||||||||
Net income per consolidated statements of income | $ | 12,441 | $ | 9,119 | $ | 37,264 | $ | 16,302 | |||||||
Net income allocated to participating securities | (348 | ) | (272 | ) | (1,021 | ) | (452 | ) | |||||||
Net income allocated to common stock | $ | 12,093 | $ | 8,847 | $ | 36,243 | $ | 15,850 | |||||||
Basic earnings per share computation: | |||||||||||||||
Net income allocated to common stock | $ | 12,093 | $ | 8,847 | $ | 36,243 | $ | 15,850 | |||||||
Weighted average common shares outstanding, including shares considered participating securities | 36,895,121 | 35,752,673 | 36,953,036 | 35,294,418 | |||||||||||
Less: Average participating securities | (1,031,938 | ) | (1,065,319 | ) | (1,012,634 | ) | (978,502 | ) | |||||||
Weighted average shares | 35,863,183 | 34,687,354 | 35,940,402 | 34,315,916 | |||||||||||
Basic earnings per share | $ | .34 | $ | .26 | $ | 1.01 | $ | .46 | |||||||
Diluted earnings per share computation: | |||||||||||||||
Net income allocated to common stock | $ | 12,093 | $ | 8,847 | $ | 36,243 | $ | 15,850 | |||||||
Weighted average common shares outstanding for basic earnings per share | 35,863,183 | 34,687,354 | 35,940,402 | 34,315,916 | |||||||||||
Weighted average dilutive grants | 102,765 | 1,315,714 | 100,253 | 1,300,058 | |||||||||||
Weighted average shares and dilutive potential common shares | 35,965,948 | 36,003,068 | 36,040,655 | 35,615,974 | |||||||||||
Diluted earnings per share | $ | .34 | $ | .25 | $ | 1.01 | $ | .45 |
Investment Securities Available-for-Sale | Held-to-Maturity Securities Transferred from Available-For-Sale | Cash Flow Hedges (Effective Portion) | Total | |||||||||||||
Three Months Ended | ||||||||||||||||
September 30, 2016 | ||||||||||||||||
Balance, beginning of period | $ | 5,356 | $ | (173 | ) | $ | (1,629 | ) | $ | 3,554 | ||||||
Other comprehensive income (loss) before income taxes: | ||||||||||||||||
Net change in unrealized (losses) gains | (831 | ) | — | 73 | (758 | ) | ||||||||||
Amounts reclassified for net (gains) losses realized and included in earnings | (38 | ) | — | 320 | 282 | |||||||||||
Amortization of net unrealized losses on securities transferred to held-to-maturity | — | (2 | ) | — | (2 | ) | ||||||||||
Income tax (benefit) expense | (336 | ) | — | 152 | (184 | ) | ||||||||||
Balance, end of period | $ | 4,823 | $ | (175 | ) | $ | (1,388 | ) | $ | 3,260 | ||||||
September 30, 2015 | ||||||||||||||||
Balance, beginning of period | $ | 2,094 | $ | — | $ | (1,072 | ) | $ | 1,022 | |||||||
Other comprehensive income (loss) before income taxes: | ||||||||||||||||
Net change in unrealized gains (losses) | 2,517 | — | (893 | ) | 1,624 | |||||||||||
Amounts reclassified for net (gains) losses realized and included in earnings | (17 | ) | — | 146 | 129 | |||||||||||
Income tax expense (benefit) | 922 | — | (289 | ) | 633 | |||||||||||
Balance, end of period | $ | 3,672 | $ | — | $ | (1,530 | ) | $ | 2,142 | |||||||
Nine Months Ended | ||||||||||||||||
September 30, 2016 | ||||||||||||||||
Balance, beginning of period | $ | (272 | ) | $ | — | $ | (1,362 | ) | $ | (1,634 | ) | |||||
Other comprehensive income (loss) before income taxes: | ||||||||||||||||
Net change in unrealized gains (losses) | 8,584 | — | (847 | ) | 7,737 | |||||||||||
Amounts reclassified for net (gains) losses realized and included in earnings | (447 | ) | — | 804 | 357 | |||||||||||
Transfer of net unrealized loss from available-for-sale to held-to-maturity | 172 | (172 | ) | — | — | |||||||||||
Amortization of net unrealized losses on securities transferred to-held-to-maturity | — | (3 | ) | — | (3 | ) | ||||||||||
Income tax expense (benefit) | 3,214 | — | (17 | ) | 3,197 | |||||||||||
Balance, end of period | $ | 4,823 | $ | (175 | ) | $ | (1,388 | ) | $ | 3,260 | ||||||
September 30, 2015 | ||||||||||||||||
Balance, beginning of period | $ | 4,210 | $ | — | $ | (290 | ) | $ | 3,920 | |||||||
Other comprehensive income (loss) before income taxes: | ||||||||||||||||
Net change in unrealized losses | (540 | ) | — | (2,388 | ) | (2,928 | ) | |||||||||
Amounts reclassified for net (gains) losses realized and included in earnings | (338 | ) | — | 366 | 28 | |||||||||||
Income tax benefit | (340 | ) | — | (782 | ) | (1,122 | ) | |||||||||
Balance, end of period | $ | 3,672 | $ | — | $ | (1,530 | ) | $ | 2,142 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
Reclassifications from AOCI into income and affected line items on Consolidated Statements of Income | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Investment securities available-for-sale | ||||||||||||||||
Gain on sale of investment securities | $ | 38 | $ | (17 | ) | $ | 447 | $ | (338 | ) | ||||||
Income tax expense | (15 | ) | 7 | (173 | ) | 131 | ||||||||||
Net income | $ | 23 | $ | (10 | ) | $ | 274 | $ | (207 | ) | ||||||
Cash flow hedges (effective portion) | ||||||||||||||||
Interest expense on deposits | $ | (320 | ) | $ | (146 | ) | $ | (804 | ) | $ | (366 | ) | ||||
Income tax benefit | 124 | 56 | 311 | 142 | ||||||||||||
Net income | $ | (196 | ) | $ | (90 | ) | $ | (493 | ) | $ | (224 | ) |
• | Net income for the quarter ended September 30, 2016 was $12.4 million, or $.34 per diluted share, compared to net income of $9.1 million, or $.25 per diluted share, for the quarter ended September 30, 2015. |
• | Noninterest income was $9.8 million for the quarter ended September 30, 2016 compared to $8.9 million for the quarter ended September 30, 2015, an increase of $875,000, or 9.8%. The increase is primarily a result of $514,000 in writedowns of premises moved to OREO for the quarter ended September 30, 2015. Also contributing to the increase was a current quarter improvement in the mark-to-market on interest rate swaps and hedged assets of $430,000 compared to the quarter ended September 30, 2015. |
• | Our net interest income on a taxable equivalent basis was $38.3 million for the quarter ended September 30, 2016, an increase of $637,000, or 1.7%, from the quarter ended September 30, 2015. Our interest income increased $1.2 million for the quarter ended September 30, 2016 attributable to a $2.3 million increase in loan interest income and a $660,000 increase in interest income on invested funds, offset partially by a $1.8 million decline in accretion income on loans. |
• | We experienced strong loan growth during the nine months ended September 30, 2016. At September 30, 2016, total organic and purchased non-credit impaired loans were $2.2 billion, an increase of $204.9 million, or 10.2%, from December 31, 2015. |
• | The accretable discount on purchased credit impaired loans decreased $24.5 million to $72.0 million at September 30, 2016, compared to $96.5 million at September 30, 2015. The decrease is a result of $47.3 million in accretion income recognized on purchased credit impaired loans, offset by additions from acquisitions of $1.6 million and transfers from nonaccretable to accretable discount of $21.1 million. |
• | Asset quality remained strong at September 30, 2016 with a ratio of nonperforming assets to total loans plus other real estate owned of .79% and a ratio of nonperforming loans to total loans of .35%. |
• | The average cost of funds remained low at 34 basis points for the quarter ended September 30, 2016, an increase of six basis points from the same period in 2015, primarily due to a time deposit special offered during the fourth quarter of 2015 and first quarter of 2016. |
• | The Company's capital ratios exceeded all regulatory "well capitalized" guidelines, with a Tier 1 leverage ratio of 14.64%, CET1 and Tier 1 risk-based capital ratios of 16.68%, and a Total risk-based capital ratio of 17.56% at September 30, 2016. |
• | During the third quarter of 2016, we declared and paid a cash dividend of $0.14 per common share to our shareholders. |
Table 1 - Financial Highlights Selected Financial Information | |||||||||||||||||||||||||||
2016 | 2015 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | 2016 | 2015 | ||||||||||||||||||||
SELECTED RESULTS OF OPERATIONS | |||||||||||||||||||||||||||
Interest income on loans | $ | 26,580 | $ | 25,406 | $ | 24,342 | $ | 24,250 | $ | 24,218 | $ | 76,328 | $ | 68,688 | |||||||||||||
Accretion income on loans | 9,335 | 13,961 | 9,743 | 14,240 | 11,156 | 33,039 | 35,590 | ||||||||||||||||||||
Interest income on invested funds | 4,714 | 4,726 | 4,673 | 4,139 | 4,050 | 14,113 | 11,684 | ||||||||||||||||||||
Total interest income | 40,629 | 44,093 | 38,758 | 42,629 | 39,424 | 123,480 | 115,962 | ||||||||||||||||||||
Interest expense | 2,504 | 2,371 | 2,113 | 1,994 | 1,977 | 6,988 | 5,928 | ||||||||||||||||||||
Net interest income | 38,125 | 41,722 | 36,645 | 40,635 | 37,447 | 116,492 | 110,034 | ||||||||||||||||||||
Provision for loan losses (organic & PNCI loans) | 7 | 1,600 | 1,689 | 1,003 | 608 | 3,296 | 1,948 | ||||||||||||||||||||
Provision for loan losses (purchased credit impaired loans) | 81 | (1,594 | ) | (1,823 | ) | (509 | ) | (873 | ) | (3,336 | ) | 1,044 | |||||||||||||||
Total provision for loan losses | 88 | 6 | (134 | ) | 494 | (265 | ) | (40 | ) | 2,992 | |||||||||||||||||
Amortization of FDIC receivable for loss share agreements | — | — | — | — | — | — | (16,488 | ) | |||||||||||||||||||
Other noninterest income (1) | 9,769 | 10,230 | 9,391 | 8,136 | 8,894 | 29,390 | 28,463 | ||||||||||||||||||||
Total noninterest income | 9,769 | 10,230 | 9,391 | 8,136 | 8,894 | 29,390 | 11,975 | ||||||||||||||||||||
Total noninterest expense | 28,480 | 30,674 | 28,898 | 29,562 | 32,416 | 88,052 | 93,860 | ||||||||||||||||||||
Income before income taxes | 19,326 | 21,272 | 17,272 | 18,715 | 14,190 | 57,870 | 25,157 | ||||||||||||||||||||
Income tax expense | 6,885 | 7,287 | 6,434 | 6,594 | 5,071 | 20,606 | 8,855 | ||||||||||||||||||||
Net income | $ | 12,441 | $ | 13,985 | $ | 10,838 | $ | 12,121 | $ | 9,119 | $ | 37,264 | $ | 16,302 | |||||||||||||
COMMON SHARE DATA | |||||||||||||||||||||||||||
Basic earnings per share | $ | .34 | $ | .38 | $ | .29 | $ | .33 | $ | .26 | $ | 1.01 | $ | .46 | |||||||||||||
Diluted earnings per share | .34 | .38 | .29 | .33 | .25 | 1.01 | .45 | ||||||||||||||||||||
Cash dividends declared per share | .14 | .14 | .14 | .14 | .07 | .42 | .18 | ||||||||||||||||||||
Book value per share | 15.21 | 15.00 | 14.73 | 14.47 | 14.88 | 15.21 | 14.88 | ||||||||||||||||||||
Tangible book value per share (2) | 13.99 | 13.77 | 13.49 | 13.22 | 13.78 | 13.99 | 13.78 | ||||||||||||||||||||
Dividend payout ratio | 41.18 | % | 36.84 | % | 48.28 | % | 42.42 | % | 28.00 | % | 41.58 | % | 40.00 | % | |||||||||||||
Table 1 - Financial Highlights Selected Financial Information | |||||||||||||||||||||||||||
2016 | 2015 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | 2016 | 2015 | ||||||||||||||||||||
COMMON SHARES OUTSTANDING | |||||||||||||||||||||||||||
Common stock | 36,894,553 | 36,894,641 | 37,052,008 | 37,077,848 | 35,753,855 | 36,894,553 | 35,753,855 | ||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||
Basic | 35,863,183 | 35,822,654 | 36,092,269 | 35,208,607 | 34,687,354 | 35,940,402 | 34,315,916 | ||||||||||||||||||||
Diluted | 35,965,948 | 35,923,691 | 36,187,662 | 36,140,474 | 36,003,068 | 36,040,655 | 35,615,974 | ||||||||||||||||||||
AVERAGE BALANCE SHEET HIGHLIGHTS | |||||||||||||||||||||||||||
Loans (3) | $ | 2,406,629 | $ | 2,326,666 | $ | 2,250,518 | $ | 2,203,993 | $ | 2,136,746 | $ | 2,328,309 | $ | 2,078,225 | |||||||||||||
Assets | 3,564,470 | 3,524,231 | 3,476,646 | 3,455,342 | 3,344,023 | 3,521,904 | 3,338,177 | ||||||||||||||||||||
Deposits | 2,866,822 | 2,873,019 | 2,854,514 | 2,842,788 | 2,766,314 | 2,864,830 | 2,750,220 | ||||||||||||||||||||
Equity | 557,365 | 546,838 | 542,444 | 534,702 | 529,498 | 548,738 | 526,675 | ||||||||||||||||||||
Tangible equity | 512,265 | 501,221 | 496,287 | 491,346 | 489,757 | 503,117 | 486,728 | ||||||||||||||||||||
SELECTED ACTUAL BALANCES | |||||||||||||||||||||||||||
Total assets | $ | 3,616,384 | $ | 3,586,503 | $ | 3,532,971 | $ | 3,470,067 | $ | 3,388,673 | $ | 3,616,384 | $ | 3,388,673 | |||||||||||||
Investment securities | 889,726 | 888,060 | 910,167 | 887,705 | 831,548 | 889,726 | 831,548 | ||||||||||||||||||||
Organic loans | 2,030,457 | 2,004,858 | 1,895,340 | 1,774,332 | 1,694,949 | 2,030,457 | 1,694,949 | ||||||||||||||||||||
Purchased non-credit impaired loans | 189,053 | 205,705 | 223,398 | 240,310 | 285,419 | 189,053 | 285,419 | ||||||||||||||||||||
Purchased credit impaired loans | 126,836 | 134,533 | 139,795 | 145,575 | 159,323 | 126,836 | 159,323 | ||||||||||||||||||||
Allowance for loan and lease losses | (27,177 | ) | (27,599 | ) | (30,345 | ) | (29,075 | ) | (28,930 | ) | (27,177 | ) | (28,930 | ) | |||||||||||||
Interest-earning assets | 3,403,046 | 3,375,061 | 3,326,274 | 3,266,042 | 3,184,739 | 3,403,046 | 3,184,739 | ||||||||||||||||||||
Total deposits | 2,959,292 | 2,885,490 | 2,905,598 | 2,861,962 | 2,795,188 | 2,959,292 | 2,795,188 | ||||||||||||||||||||
Interest-bearing liabilities | 2,109,226 | 2,152,138 | 2,049,398 | 2,069,737 | 1,979,675 | 2,109,226 | 1,979,675 | ||||||||||||||||||||
Noninterest-bearing liabilities | 946,024 | 881,009 | 937,718 | 863,840 | 876,837 | 946,024 | 876,837 | ||||||||||||||||||||
Shareholders' equity | 561,134 | 553,356 | 545,855 | 536,490 | 532,161 | 561,134 | 532,161 | ||||||||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||||||||||
Return on average assets (4) | 1.39 | % | 1.60 | % | 1.25 | % | 1.39 | % | 1.08 | % | 1.41 | % | .65 | % | |||||||||||||
Return on average equity (4) | 8.88 | 10.29 | 8.04 | 8.99 | 6.83 | 9.07 | 4.14 | ||||||||||||||||||||
Cost of funds | .34 | .33 | .29 | .28 | .28 | .32 | .29 | ||||||||||||||||||||
Net interest margin (5) | 4.54 | 5.08 | 4.53 | 4.99 | 4.73 | 4.72 | 4.71 | ||||||||||||||||||||
Net interest margin excluding accretion income (6) | 3.57 | 3.53 | 3.48 | 3.40 | 3.52 | 3.53 | 3.39 | ||||||||||||||||||||
Interest rate spread (5) | 4.37 | 4.91 | 4.37 | 4.84 | 4.58 | 4.55 | 4.57 | ||||||||||||||||||||
Efficiency ratio (7) | 59.46 | 59.04 | 62.77 | 60.61 | 69.95 | 60.36 | 76.93 | ||||||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||||||||||
Average equity to average assets | 15.64 | % | 15.52 | % | 15.60 | % | 15.47 | % | 15.83 | % | 15.58 | % | 15.78 | % | |||||||||||||
Leverage ratio | 14.64 | 14.56 | 14.59 | 14.48 | 14.93 | 14.64 | 14.93 | ||||||||||||||||||||
CET1 risk-based capital ratio | 16.68 | 16.52 | 17.09 | 17.71 | 18.20 | 16.68 | 18.20 | ||||||||||||||||||||
Tier 1 risk-based capital ratio | 16.68 | 16.52 | 17.09 | 17.71 | 18.20 | 16.68 | 18.20 | ||||||||||||||||||||
Total risk-based capital ratio | 17.56 | 17.42 | 18.13 | 18.75 | 19.28 | 17.56 | 19.28 | ||||||||||||||||||||
Table 1 - Financial Highlights Selected Financial Information | |||||||||||||||||||||||||||
2016 | 2015 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | 2016 | 2015 | ||||||||||||||||||||
ORGANIC ASSET QUALITY RATIOS | |||||||||||||||||||||||||||
Annualized net charge-offs (recoveries) to total average loans | .05 | % | .47 | % | .03 | % | (.02 | )% | .01 | % | .18 | % | .01 | % | |||||||||||||
Nonperforming loans to total loans | .32 | .35 | .50 | .29 | .30 | .32 | .30 | ||||||||||||||||||||
Nonperforming assets to loans + ORE | .32 | .35 | .50 | .29 | .33 | .32 | .33 | ||||||||||||||||||||
Past due loans to total loans | .09 | .18 | .47 | .10 | .08 | .09 | .08 | ||||||||||||||||||||
Allowance for loan and lease losses to loans | 1.07 | 1.10 | 1.19 | 1.20 | 1.19 | 1.07 | 1.19 |
(1) | Includes all line items of noninterest income other than amortization of FDIC receivable for loss share agreements. |
(2) | Denotes a non-GAAP financial measure. See "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measure" and Table 2, "Non-GAAP Measure Reconciliation" for further information. |
(3) | Includes quarter-to-date average nonaccrual loans of $8.6 million for third quarter 2016, $10.0 million for second quarter 2016, $8.9 million for first quarter 2016, $6.5 million for fourth quarter 2015 and $5.9 million for third quarter 2015. |
(4) | Net income annualized for the applicable period. |
(5) | Interest income annualized for the applicable period and calculated on a fully tax-equivalent basis using a tax rate of 35%. |
(6) | Excludes accretion income on loans and average purchased credit impaired loans. |
(7) | Noninterest expenses divided by net interest income plus noninterest income. |
Table 2 - Non-GAAP Measure Reconciliation Selected Financial Information | |||||||||||||||||||||||||||
2016 | 2015 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | 2016 | 2015 | ||||||||||||||||||||
BOOK VALUE PER COMMON SHARE RECONCILIATION | |||||||||||||||||||||||||||
Tangible book value per common share | $ | 13.99 | $ | 13.77 | $ | 13.49 | $ | 13.22 | $ | 13.78 | $ | 13.99 | $ | 13.78 | |||||||||||||
Effect of goodwill and other intangibles | 1.22 | 1.23 | 1.24 | 1.25 | 1.10 | 1.22 | 1.10 | ||||||||||||||||||||
Book value per common share (GAAP) | $ | 15.21 | $ | 15.00 | $ | 14.73 | $ | 14.47 | $ | 14.88 | $ | 15.21 | $ | 14.88 |
For the Three Months Ended | |||||||||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing deposits in other financial institutions | $ | 63,315 | $ | 44 | .28 | % | $ | 179,526 | $ | 124 | .27 | % | |||||||||
Investment securities (1) | 881,642 | 4,670 | 2.11 | % | 837,786 | 3,930 | 1.86 | % | |||||||||||||
Loans, excluding purchased credit impaired loans (2)(3) | 2,275,859 | 26,722 | 4.67 | % | 1,969,651 | 24,397 | 4.91 | % | |||||||||||||
Purchased credit impaired loans | 130,770 | 9,335 | 28.40 | % | 167,095 | 11,156 | 26.49 | % | |||||||||||||
Total earning assets | 3,351,586 | 40,771 | 4.84 | % | 3,154,058 | 39,607 | 4.98 | % | |||||||||||||
Total nonearning assets | 212,884 | 189,965 | |||||||||||||||||||
Total assets | $ | 3,564,470 | $ | 3,344,023 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing transaction accounts | $ | 515,974 | $ | 159 | .12 | % | $ | 486,514 | $ | 164 | .13 | % | |||||||||
Savings & money market deposits | 1,105,635 | 1,514 | .54 | % | 1,042,941 | 1,240 | .47 | % | |||||||||||||
Time deposits less than $250,000 | 340,275 | 569 | .67 | % | 295,304 | 284 | .38 | % | |||||||||||||
Time deposits $250,000 or greater | 61,172 | 118 | .77 | % | 57,511 | 52 | .36 | % | |||||||||||||
Brokered and wholesale time deposits | 20,723 | 48 | .92 | % | 70,004 | 171 | .97 | % | |||||||||||||
Other borrowings | 94,455 | 96 | .40 | % | 15,507 | 66 | 1.69 | % | |||||||||||||
Total interest-bearing liabilities | 2,138,234 | 2,504 | .47 | % | 1,967,781 | 1,977 | .40 | % | |||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | 823,043 | 814,040 | |||||||||||||||||||
Other liabilities | 45,828 | 32,704 | |||||||||||||||||||
Shareholders’ equity | 557,365 | 529,498 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,564,470 | $ | 3,344,023 | |||||||||||||||||
Net interest income | $ | 38,267 | $ | 37,630 | |||||||||||||||||
Net interest spread | 4.37 | % | 4.58 | % | |||||||||||||||||
Net interest margin | 4.54 | % | 4.73 | % | |||||||||||||||||
Net interest margin excluding accretion income | 3.57 | % | 3.52 | % | |||||||||||||||||
Cost of funds | .34 | % | .28 | % |
For the Nine Months Ended | |||||||||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing deposits in other financial institutions | $ | 89,850 | $ | 230 | .34 | % | $ | 236,658 | $ | 475 | .27 | % | |||||||||
Investment securities (1) | 892,970 | 13,887 | 2.08 | % | 821,056 | 11,245 | 1.83 | % | |||||||||||||
Loans, excluding purchased credit impaired loans (2)(3) | 2,192,681 | 76,748 | 4.68 | % | 1,894,314 | 69,069 | 4.87 | % | |||||||||||||
Purchased credit impaired loans | 135,628 | 33,039 | 32.54 | % | 183,911 | 35,590 | 25.87 | % | |||||||||||||
Total earning assets | 3,311,129 | 123,904 | 5.00 | % | 3,135,939 | 116,379 | 4.96 | % | |||||||||||||
Total nonearning assets | 210,775 | 202,238 | |||||||||||||||||||
Total assets | $ | 3,521,904 | $ | 3,338,177 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing transaction accounts | $ | 528,669 | $ | 483 | .12 | % | $ | 505,196 | $ | 519 | .14 | % | |||||||||
Savings & money market deposits | 1,064,999 | 4,205 | .53 | % | 1,057,324 | 3,619 | .46 | % | |||||||||||||
Time deposits less than $250,000 | 335,796 | 1,527 | .61 | % | 310,643 | 834 | .36 | % | |||||||||||||
Time deposits $250,000 or greater | 59,969 | 303 | .67 | % | 57,142 | 146 | .34 | % | |||||||||||||
Brokered and wholesale time deposits | 30,978 | 241 | 1.04 | % | 85,494 | 612 | .96 | % | |||||||||||||
Other borrowings | 63,301 | 229 | .48 | % | 18,261 | 198 | 1.45 | % | |||||||||||||
Total interest-bearing liabilities | 2,083,712 | 6,988 | .45 | % | 2,034,060 | 5,928 | .39 | % | |||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | 844,419 | 734,421 | |||||||||||||||||||
Other liabilities | 45,035 | 43,021 | |||||||||||||||||||
Shareholders’ equity | 548,738 | 526,675 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,521,904 | $ | 3,338,177 | |||||||||||||||||
Net interest income | $ | 116,916 | $ | 110,451 | |||||||||||||||||
Net interest spread | 4.55 | % | 4.57 | % | |||||||||||||||||
Net interest margin | 4.72 | % | 4.71 | % | |||||||||||||||||
Net interest margin excluding accretion income | 3.53 | % | 3.39 | % | |||||||||||||||||
Cost of funds | .32 | % | .29 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, 2016 vs. 2015 | September 30, 2016 vs. 2015 | |||||||||||||||||||||||
Change Attributable to | Change Attributable to | |||||||||||||||||||||||
Volume | Rate | Total Increase (Decrease) (1) | Volume | Rate | Total Increase (Decrease) (1) | |||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Loans | $ | 3,643 | $ | (1,318 | ) | $ | 2,325 | $ | 10,531 | $ | (2,852 | ) | $ | 7,679 | ||||||||||
Loan accretion | (2,552 | ) | 731 | (1,821 | ) | (10,562 | ) | 8,011 | (2,551 | ) | ||||||||||||||
Investment securities | 214 | 526 | 740 | 1,038 | 1,604 | 2,642 | ||||||||||||||||||
Interest-bearing deposits in other financial institutions | (81 | ) | 1 | (80 | ) | (351 | ) | 106 | (245 | ) | ||||||||||||||
Total interest income | 1,224 | (60 | ) | 1,164 | 656 | 6,869 | 7,525 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Deposits | 93 | 404 | 497 | 13 | 1,016 | 1,029 | ||||||||||||||||||
Other borrowings | 113 | (83 | ) | 30 | 232 | (201 | ) | 31 | ||||||||||||||||
Total interest expense | 206 | 321 | 527 | 245 | 815 | 1,060 | ||||||||||||||||||
Net interest income | $ | 1,018 | $ | (381 | ) | $ | 637 | $ | 411 | $ | 6,054 | $ | 6,465 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Service charges on deposits | $ | 1,383 | $ | 1,491 | $ | 4,121 | $ | 4,481 | |||||||
Mortgage banking income | 3,216 | 3,079 | 9,808 | 9,239 | |||||||||||
SBA income | 1,553 | 1,720 | 4,740 | 4,223 | |||||||||||
Payroll fee income | 1,128 | 1,004 | 3,566 | 3,118 | |||||||||||
ATM income | 759 | 742 | 2,273 | 2,240 | |||||||||||
Bank-owned life insurance income | 533 | 537 | 1,463 | 1,454 | |||||||||||
Prepayment fees | 234 | 551 | 715 | 2,937 | |||||||||||
Gain on sale of investment securities | 38 | 17 | 447 | 338 | |||||||||||
Other | 925 | (247 | ) | 2,257 | 433 | ||||||||||
Noninterest income before amortization of FDIC receivable for loss share agreements | 9,769 | 8,894 | 29,390 | 28,463 | |||||||||||
Amortization of FDIC receivable for loss share agreements | — | — | — | (16,488 | ) | ||||||||||
Total noninterest income | $ | 9,769 | $ | 8,894 | $ | 29,390 | $ | 11,975 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Salaries and employee benefits | $ | 19,799 | $ | 23,293 | $ | 59,221 | $ | 63,381 | |||||||
Occupancy and equipment | 2,984 | 3,113 | 9,100 | 9,437 | |||||||||||
Data processing | 2,097 | 2,097 | 6,383 | 6,812 | |||||||||||
Legal and professional fees | 1,064 | 1,089 | 2,993 | 3,857 | |||||||||||
Merger-related expenses | 135 | 717 | 454 | 1,730 | |||||||||||
Marketing | 665 | 491 | 1,786 | 1,526 | |||||||||||
Federal deposit insurance premiums and other regulatory fees | 441 | 621 | 1,556 | 1,582 | |||||||||||
Loan collection costs and OREO activity | (841 | ) | (1,198 | ) | (452 | ) | (907 | ) | |||||||
Amortization of intangibles | 513 | 436 | 1,586 | 1,295 | |||||||||||
Other | 1,623 | 1,757 | 5,425 | 5,147 | |||||||||||
Total noninterest expense | $ | 28,480 | $ | 32,416 | $ | 88,052 | $ | 93,860 |
September 30, 2016 | December 31, 2015 | |||||||||||||||
Investment Securities Available-for-Sale | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
U.S. Government securities | $ | 89,239 | $ | 89,598 | $ | 103,525 | $ | 103,272 | ||||||||
States and political subdivisions | 300 | 301 | 1,809 | 1,813 | ||||||||||||
Residential mortgage-backed securities — nonagency | 155,085 | 157,557 | 146,832 | 150,702 | ||||||||||||
Residential mortgage-backed securities — agency | 496,298 | 500,306 | 507,168 | 503,688 | ||||||||||||
Asset-backed securities | — | — | 46,570 | 46,245 | ||||||||||||
Corporate securities | 73,868 | 74,893 | 82,245 | 81,985 | ||||||||||||
Total investment securities available-for-sale | $ | 814,790 | $ | 822,655 | $ | 888,149 | $ | 887,705 |
September 30, 2016 | December 31, 2015 | |||||||||||||||
Investment Securities Held-to-Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Asset-backed securities | $ | 56,789 | $ | 56,943 | $ | — | $ | — | ||||||||
Corporate securities | 10,282 | 10,500 | — | — | ||||||||||||
Total investment securities available-for-sale | $ | 67,071 | $ | 67,443 | $ | — | $ | — |
Investment Securities Available-for-Sale | Distribution of Maturities (1) | |||||||||||||||||||
September 30, 2016 | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost (1): | ||||||||||||||||||||
U.S. Government securities | $ | — | $ | 89,239 | $ | — | $ | — | $ | 89,239 | ||||||||||
States and political subdivisions | — | 300 | — | — | 300 | |||||||||||||||
Residential mortgage-backed securities — nonagency | — | — | — | 155,085 | 155,085 | |||||||||||||||
Residential mortgage-backed securities — agency | — | 15,793 | 360,623 | 119,882 | 496,298 | |||||||||||||||
Corporate securities | 7,712 | 64,610 | — | 1,546 | 73,868 | |||||||||||||||
Total debt securities | $ | 7,712 | $ | 169,942 | $ | 360,623 | $ | 276,513 | $ | 814,790 | ||||||||||
Fair Value (1): | ||||||||||||||||||||
U.S. Government securities | $ | — | $ | 89,598 | $ | — | $ | — | $ | 89,598 | ||||||||||
States and political subdivisions | — | 301 | — | — | 301 | |||||||||||||||
Residential mortgage-backed securities — nonagency | — | — | — | 157,557 | 157,557 | |||||||||||||||
Residential mortgage-backed securities — agency | — | 15,944 | 363,990 | 120,372 | 500,306 | |||||||||||||||
Corporate securities | 7,702 | 65,645 | — | 1,546 | 74,893 | |||||||||||||||
Total debt securities | $ | 7,702 | $ | 171,488 | $ | 363,990 | $ | 279,475 | $ | 822,655 | ||||||||||
Weighted average yield (2): | ||||||||||||||||||||
Total debt securities | 1.45 | % | 1.69 | % | 1.31 | % | 2.71 | % | 1.87 | % |
Investment Securities Held-to-Maturity | Distribution of Maturities (1) | |||||||||||||||||||
September 30, 2016 | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost (1): | ||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 31,670 | $ | 25,119 | $ | 56,789 | ||||||||||
Corporate securities | — | — | 10,282 | — | 10,282 | |||||||||||||||
Total debt securities | $ | — | $ | — | $ | 41,952 | $ | 25,119 | $ | 67,071 | ||||||||||
Fair Value (1): | ||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 31,770 | $ | 25,173 | $ | 56,943 | ||||||||||
Corporate securities | — | — | 10,500 | — | 10,500 | |||||||||||||||
Total debt securities | $ | — | $ | — | $ | 42,270 | $ | 25,173 | $ | 67,443 | ||||||||||
Weighted average yield (2): | ||||||||||||||||||||
Total debt securities | — | % | — | % | 3.61 | % | 2.72 | % | 3.28 | % |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||||||||
Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total Amount | % of Gross Total | Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total Amount | % of Gross Total | |||||||||||||||||||||||||||||
Construction, land & land development | $ | 486,299 | $ | 10,035 | $ | 11,564 | $ | 507,898 | 21.6 | % | $ | 482,087 | $ | 18,598 | $ | 14,252 | $ | 514,937 | 23.9 | % | ||||||||||||||||||
Other commercial real estate | 744,270 | 58,261 | 38,238 | 840,769 | 35.8 | % | 661,062 | 74,506 | 40,742 | 776,310 | 35.9 | % | ||||||||||||||||||||||||||
Total commercial real estate | 1,230,569 | 68,296 | 49,802 | 1,348,667 | 57.4 | % | 1,143,149 | 93,104 | 54,994 | 1,291,247 | 59.8 | % | ||||||||||||||||||||||||||
Residential real estate | 139,926 | 56,468 | 53,953 | 250,347 | 10.7 | % | 140,613 | 69,053 | 64,011 | 273,677 | 12.6 | % | ||||||||||||||||||||||||||
Owner-occupied real estate | 239,726 | 52,016 | 22,389 | 314,131 | 13.4 | % | 219,636 | 61,313 | 25,364 | 306,313 | 14.2 | % | ||||||||||||||||||||||||||
Commercial, financial & agricultural | 306,141 | 10,447 | 608 | 317,196 | 13.5 | % | 181,513 | 14,216 | 1,050 | 196,779 | 9.1 | % | ||||||||||||||||||||||||||
Leases | 74,722 | — | — | 74,722 | 3.2 | % | 71,539 | — | — | 71,539 | 3.3 | % | ||||||||||||||||||||||||||
Consumer | 39,373 | 1,826 | 84 | 41,283 | 1.8 | % | 17,882 | 2,624 | 156 | 20,662 | 1.0 | % | ||||||||||||||||||||||||||
Total gross loans receivable, net of deferred fees | 2,030,457 | 189,053 | 126,836 | 2,346,346 | 100.0 | % | 1,774,332 | 240,310 | 145,575 | 2,160,217 | 100.0 | % | ||||||||||||||||||||||||||
Allowance for loan and lease losses | (21,736 | ) | (150 | ) | (5,291 | ) | (27,177 | ) | (21,224 | ) | (53 | ) | (7,798 | ) | (29,075 | ) | ||||||||||||||||||||||
Total loans, net | $ | 2,008,721 | $ | 188,903 | $ | 121,545 | $ | 2,319,169 | $ | 1,753,108 | $ | 240,257 | $ | 137,777 | $ | 2,131,142 |
Nine Months Ended | |||
September 30, 2015 | |||
Cash paid to the FDIC to settle loss share agreements | $ | (3,100 | ) |
FDIC loss share receivable | (16,959 | ) | |
FDIC clawback payable | 5,511 | ||
Loss on termination of FDIC loss share | (14,548 | ) | |
Net amortization of FDIC receivable for loss share agreements during the period | (1,940 | ) | |
Amortization of FDIC receivable for loss share agreements | $ | (16,488 | ) |
Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||
Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | |||||||||||||||||||||||||
Balance, at the beginning of period | $ | 21,224 | $ | 53 | $ | 7,798 | $ | 29,075 | $ | 18,392 | $ | — | $ | 10,246 | $ | 28,638 | ||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||||
Construction, land & land development | (2,125 | ) | — | (681 | ) | (2,806 | ) | — | — | (1,138 | ) | (1,138 | ) | |||||||||||||||||||
Other commercial real estate | — | — | (183 | ) | (183 | ) | — | — | (3,580 | ) | (3,580 | ) | ||||||||||||||||||||
Total commercial real estate | (2,125 | ) | — | (864 | ) | (2,989 | ) | — | — | (4,718 | ) | (4,718 | ) | |||||||||||||||||||
Residential real estate | (29 | ) | (76 | ) | (899 | ) | (1,004 | ) | — | (24 | ) | (1,009 | ) | (1,033 | ) | |||||||||||||||||
Owner-occupied real estate | — | — | (298 | ) | (298 | ) | — | — | (1,275 | ) | (1,275 | ) | ||||||||||||||||||||
Commercial, financial & agricultural | (336 | ) | (1 | ) | (228 | ) | (565 | ) | (185 | ) | — | (1,533 | ) | (1,718 | ) | |||||||||||||||||
Leases | (327 | ) | — | — | (327 | ) | — | — | — | — | ||||||||||||||||||||||
Consumer | (41 | ) | (3 | ) | (56 | ) | (100 | ) | (18 | ) | (24 | ) | (131 | ) | (173 | ) | ||||||||||||||||
Total charge-offs | $ | (2,858 | ) | $ | (80 | ) | $ | (2,345 | ) | $ | (5,283 | ) | $ | (203 | ) | $ | (48 | ) | $ | (8,666 | ) | $ | (8,917 | ) | ||||||||
Recoveries: | ||||||||||||||||||||||||||||||||
Construction, land & land development | — | — | 402 | 402 | 1 | — | 831 | 832 | ||||||||||||||||||||||||
Other commercial real estate | — | — | 1,879 | 1,879 | — | — | 2,096 | 2,096 | ||||||||||||||||||||||||
Total commercial real estate | — | — | 2,281 | 2,281 | 1 | — | 2,927 | 2,928 | ||||||||||||||||||||||||
Residential real estate | 5 | 45 | 400 | 450 | 10 | 1 | 332 | 343 | ||||||||||||||||||||||||
Owner-occupied real estate | 44 | — | 207 | 251 | — | — | 848 | 848 | ||||||||||||||||||||||||
Commercial, financial & agricultural | 130 | — | 233 | 363 | 62 | — | 789 | 851 | ||||||||||||||||||||||||
Leases | 9 | — | — | 9 | — | — | — | — | ||||||||||||||||||||||||
Consumer | 1 | 17 | 53 | 71 | 8 | 5 | 189 | 202 | ||||||||||||||||||||||||
Total recoveries | $ | 189 | $ | 62 | $ | 3,174 | $ | 3,425 | $ | 81 | $ | 6 | $ | 5,085 | $ | 5,172 | ||||||||||||||||
Net (charge-offs) recoveries | (2,669 | ) | (18 | ) | 829 | (1,858 | ) | (122 | ) | (42 | ) | (3,581 | ) | (3,745 | ) | |||||||||||||||||
Provision for loan and lease losses | 3,181 | 115 | (3,336 | ) | (40 | ) | 1,906 | 42 | 2,089 | 4,037 | ||||||||||||||||||||||
Amount attributable to FDIC loss share agreements | — | — | — | — | — | — | (1,045 | ) | (1,045 | ) | ||||||||||||||||||||||
Total provision for loan and lease losses charged to operations | 3,181 | 115 | (3,336 | ) | (40 | ) | 1,906 | 42 | 1,044 | 2,992 | ||||||||||||||||||||||
Provision for loan and lease losses recorded through the FDIC loss share receivable | — | — | — | — | — | — | 1,045 | 1,045 | ||||||||||||||||||||||||
Balance, at end of period | $ | 21,736 | $ | 150 | $ | 5,291 | $ | 27,177 | $ | 20,176 | $ | — | $ | 8,754 | $ | 28,930 | ||||||||||||||||
Allowance for loan and lease losses to loans | 1.07 | % | .08 | % | 4.17 | % | 1.16 | % | 1.19 | % | — | % | 5.49 | % | 1.35 | % | ||||||||||||||||
Ratio of net charge-offs (recoveries) to average loans outstanding | .18 | % | .01 | % | (.82 | )% | .11 | % | .01 | % | .01 | % | 2.60 | % | .25 | % |
September 30, 2016 | December 31, 2015 | |||||||||||||
Amount | % of Loans to Total Loans | Amount | % of Loans to Total Loans | |||||||||||
Organic loans | ||||||||||||||
Construction, land & land development | $ | 6,373 | 20.7 | % | $ | 8,185 | 22.3 | % | ||||||
Other commercial real estate | 5,752 | 31.7 | % | 5,422 | 30.6 | % | ||||||||
Total commercial real estate | 12,125 | 52.4 | % | 13,607 | 52.9 | % | ||||||||
Residential real estate | 1,893 | 6.0 | % | 2,053 | 6.4 | % | ||||||||
Owner-occupied real estate | 2,038 | 10.2 | % | 1,920 | 10.2 | % | ||||||||
Commercial, financial & agricultural | 4,396 | 13.1 | % | 2,509 | 8.4 | % | ||||||||
Leases | 716 | 3.2 | % | 865 | 3.3 | % | ||||||||
Consumer | 568 | 1.7 | % | 270 | 0.8 | % | ||||||||
Total allowance for organic loans | $ | 21,736 | 86.6 | % | $ | 21,224 | 82.0 | % | ||||||
Purchased Non-credit Impaired loans | ||||||||||||||
Construction, land & land development | $ | — | 0.4 | % | $ | — | 0.9 | % | ||||||
Other commercial real estate | — | 2.5 | % | — | 3.4 | % | ||||||||
Total commercial real estate | — | 2.9 | % | — | 4.3 | % | ||||||||
Residential real estate | — | 2.4 | % | 53 | 3.2 | % | ||||||||
Owner-occupied real estate | — | 2.2 | % | — | 2.8 | % | ||||||||
Commercial, financial & agricultural | 150 | 0.4 | % | — | 0.7 | % | ||||||||
Consumer | — | 0.1 | % | — | 0.2 | % | ||||||||
Total allowance for purchased non-credit impaired loans | $ | 150 | 8.0 | % | $ | 53 | 11.2 | % | ||||||
Purchased Credit Impaired loans | ||||||||||||||
Construction, land & land development | $ | 785 | 0.5 | % | $ | 1,516 | 0.7 | % | ||||||
Other commercial real estate | 1,577 | 1.6 | % | 1,872 | 1.9 | % | ||||||||
Total commercial real estate | 2,362 | 2.1 | % | 3,388 | 2.6 | % | ||||||||
Residential real estate | 1,274 | 2.3 | % | 1,893 | 3.0 | % | ||||||||
Owner-occupied real estate | 1,588 | 1.0 | % | 2,449 | 1.2 | % | ||||||||
Commercial, financial & agricultural | 65 | — | % | 60 | — | % | ||||||||
Consumer | 2 | — | % | 8 | — | % | ||||||||
Total allowance for purchased credit impaired loans | $ | 5,291 | 5.4 | % | $ | 7,798 | 6.8 | % | ||||||
Total allowance for loan and lease losses | $ | 27,177 | 100.0 | % | $ | 29,075 | 100.0 | % |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||
Nonperforming Assets | Organic Assets | Purchased Non-Credit Impaired | Purchased Credit Impaired | Total | Organic Assets | Purchased Non-Credit Impaired | Purchased Credit Impaired | Total | ||||||||||||||||||||||||
Nonaccrual loans | $ | 6,423 | $ | 1,672 | $ | — | $ | 8,095 | $ | 5,096 | $ | 1,280 | $ | — | $ | 6,376 | ||||||||||||||||
Accruing TDRs | — | — | — | — | — | 577 | — | 577 | ||||||||||||||||||||||||
Total nonperforming loans | 6,423 | 1,672 | — | 8,095 | 5,096 | 1,857 | — | 6,953 | ||||||||||||||||||||||||
Other real estate owned | 83 | 21 | 10,505 | 10,609 | 33 | — | 10,497 | 10,530 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 6,506 | $ | 1,693 | $ | 10,505 | $ | 18,704 | $ | 5,129 | $ | 1,857 | $ | 10,497 | $ | 17,483 | ||||||||||||||||
Nonperforming loans to total loans | .32 | % | .88 | % | — | % | .35 | % | .29 | % | .77 | % | — | % | .32 | % | ||||||||||||||||
Nonperforming assets to total loans and other real estate owned | .32 | % | .90 | % | 7.65 | % | .79 | % | .29 | % | .77 | % | 6.73 | % | .81 | % |
September 30, 2016 | December 31, 2015 | ||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||
Noninterest-bearing demand deposits | $ | 890,588 | 30.1 | % | $ | 826,216 | 28.9 | % | |||||
Interest-bearing transaction accounts | 547,078 | 18.5 | % | 588,391 | 20.6 | % | |||||||
Savings and money market deposits | 1,101,458 | 37.2 | % | 1,074,190 | 37.5 | % | |||||||
Time deposits less than $250,000 | 332,873 | 11.3 | % | 279,449 | 9.8 | % | |||||||
Time deposits $250,000 or greater | 57,556 | 1.9 | % | 41,439 | 1.4 | % | |||||||
Brokered and wholesale time deposits | 29,739 | 1.0 | % | 52,277 | 1.8 | % | |||||||
Total deposits | $ | 2,959,292 | 100.0 | % | $ | 2,861,962 | 100.0 | % |
September 30, 2016 | |||
Three months or less | $ | 3,854 | |
Over three through six months | 6,485 | ||
Over six though twelve months | 38,563 | ||
Over twelve months | 8,654 | ||
Total time deposits of $250,000 or greater | $ | 57,556 |
Nine Months Ended September 30 | |||||||||||||
2016 | 2015 | ||||||||||||
Average Amount | Average Rate | Average Amount | Average Rate | ||||||||||
Noninterest-bearing demand deposits | $ | 844,419 | — | % | $ | 734,421 | — | % | |||||
Interest-bearing transaction accounts | 528,669 | .12 | % | 505,196 | .14 | % | |||||||
Savings and money market deposits | 1,064,999 | .53 | % | 1,057,324 | .46 | % | |||||||
Time deposits less than $250,000 | 335,796 | .61 | % | 310,643 | .36 | % | |||||||
Time deposits $250,000 or greater | 59,969 | .67 | % | 57,142 | .34 | % | |||||||
Brokered and wholesale time deposits | 30,978 | 1.04 | % | 85,494 | .96 | % | |||||||
Total deposits | $ | 2,864,830 | $ | 2,750,220 |
Capital Ratio Requirements | Minimum Requirement | Well-capitalized (1) | ||
CET1 Capital | 4.50% | 6.50% | ||
Tier 1 Capital | 6.00% | 8.00% | ||
Total Capital | 8.00% | 10.00% | ||
Tier 1 Leverage | 4.00% | 5.00% |
September 30, 2016 | December 31, 2015 | ||||
Company | |||||
Tier 1 leverage ratio | 14.64 | % | 14.48 | % | |
CET1 capital ratio | 16.68 | 17.71 | |||
Tier 1 risk-based capital ratio | 16.68 | 17.71 | |||
Total risk-based capital ratio | 17.56 | 18.75 | |||
State Bank | |||||
Tier 1 leverage ratio | 12.88 | % | 12.62 | % | |
CET1 capital ratio | 14.67 | 15.42 | |||
Tier 1 risk-based capital ratio | 14.67 | 15.42 | |||
Total risk-based capital ratio | 15.56 | 16.47 |
Payments Due by Period | ||||||||||||||||||||
September 30, 2016 | Total | Less Than 1 Year | 1 to 3 Years | 3 to 5 Years | More Than 5 Years | |||||||||||||||
Contractual Obligations: | ||||||||||||||||||||
Time deposits, including accrued interest payable | $ | 421,614 | $ | 342,892 | $ | 66,070 | $ | 12,652 | $ | — | ||||||||||
Operating lease obligations | 23,991 | 3,524 | 7,041 | 6,259 | 7,167 | |||||||||||||||
Total contractual obligations | $ | 445,605 | $ | 346,416 | $ | 73,111 | $ | 18,911 | $ | 7,167 |
% Change in Projected Baseline Net Interest Income | ||||||||
Shift in Interest Rates (in basis points) | September 30, 2016 | December 31, 2015 | ||||||
+200 | 13.83 | % | 11.34 | % | ||||
+100 | 6.11 | 4.95 | ||||||
-100 | (3.43 | ) | (2.47 | ) | ||||
-200 | Not meaningful | Not meaningful |
Total |
Exhibit No. | Description of Exhibit | |
31.1 | Rule 13a-14(a) Certification of the Chief Executive Officer | |
31.2 | Rule 13a-14(a) Certification of the Chief Financial Officer | |
32.1 | Section 1350 Certifications | |
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in eXtensible Business Reporting Language (XBRL); (i) Consolidated Statements of Financial Condition at September 30, 2016 and December 31, 2015, (ii) Consolidated Statements of Income for the three and nine months ended September 30, 2016 and 2015, (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015, (iv) Consolidated Statement of Changes in Shareholders’ Equity for the nine months ended September 30, 2016 and 2015, (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015 and (vi) Notes to Consolidated Financial Statements. |
STATE BANK FINANCIAL CORPORATION | ||
November 4, 2016 | By: | /s/ Joseph W. Evans |
Joseph W. Evans | ||
Chief Executive Officer (Principal Executive Officer) | ||
November 4, 2016 | By: | /s/ Sheila E. Ray |
Sheila E. Ray | ||
Chief Financial Officer (Principal Financial and Accounting Officer) |
Exhibit No. | Description of Exhibit | |
31.1 | Rule 13a-14(a) Certification of the Chief Executive Officer | |
31.2 | Rule 13a-14(a) Certification of the Chief Financial Officer | |
32.1 | Section 1350 Certifications | |
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in eXtensible Business Reporting Language (XBRL); (i) Consolidated Statements of Financial Condition at September 30, 2016 and December 31, 2015, (ii) Consolidated Statements of Income for the three and nine months ended September 30, 2016 and 2015, (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015, (iv) Consolidated Statement of Changes in Shareholders’ Equity for the nine months ended September 30, 2016 and 2015, (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015 and (vi) Notes to Consolidated Financial Statements. |
1. | I have reviewed this quarterly report on Form 10-Q of State Bank Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
/s/ Joseph W. Evans | |
Joseph W. Evans, Chief Executive Officer | |
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of State Bank Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
/s/ Sheila E. Ray | |
Sheila E. Ray | |
Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
/s/ Joseph W. Evans | |
Joseph W. Evans | |
Chief Executive Officer | |
(Principal Executive Officer) | |
November 4, 2016 | |
/s/ Sheila E. Ray | |
Sheila E. Ray | |
Chief Financial Officer | |
(Principal Financial and Accounting Officer) | |
November 4, 2016 |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Nov. 03, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STATE BANK FINANCIAL CORP | |
Entity Central Index Key | 0001497275 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 36,886,131 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investment securities held-to-maturity - fair value | $ 67,443 | $ 0 |
Loans held-for-sale at fair value | $ 45,116 | $ 48,803 |
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 36,894,553 | 37,077,848 |
Common stock, shares outstanding (in shares) | 36,894,553 | 37,077,848 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Interest income: | ||||
Loans | $ 26,580 | $ 24,218 | $ 76,328 | $ 68,688 |
Loan accretion | 9,335 | 11,156 | 33,039 | 35,590 |
Investment securities | 4,670 | 3,926 | 13,883 | 11,209 |
Deposits with other financial institutions | 44 | 124 | 230 | 475 |
Total interest income | 40,629 | 39,424 | 123,480 | 115,962 |
Interest expense: | ||||
Deposits | 2,408 | 1,911 | 6,759 | 5,730 |
Federal Home Loan Bank advances | 73 | 3 | 100 | 3 |
Notes payable | 12 | 58 | 93 | 169 |
Federal funds purchased and repurchase agreements | 11 | 5 | 36 | 26 |
Total interest expense | 2,504 | 1,977 | 6,988 | 5,928 |
Net interest income | 38,125 | 37,447 | 116,492 | 110,034 |
Provision for loan and lease losses | 88 | (265) | (40) | 2,992 |
Net interest income after provision for loan and lease losses | 38,037 | 37,712 | 116,532 | 107,042 |
Noninterest income: | ||||
Amortization of FDIC receivable for loss share agreements | 0 | 0 | 0 | (16,488) |
Service charges on deposits | 1,383 | 1,491 | 4,121 | 4,481 |
Mortgage banking income | 3,216 | 3,079 | 9,808 | 9,239 |
SBA income | 1,553 | 1,720 | 4,740 | 4,223 |
Payroll fee income | 1,128 | 1,004 | 3,566 | 3,118 |
ATM income | 759 | 742 | 2,273 | 2,240 |
Bank-owned life insurance income | 533 | 537 | 1,463 | 1,454 |
Prepayment fees | 234 | 551 | 715 | 2,937 |
Gain on sale of investment securities | 38 | 17 | 447 | 338 |
Other | 925 | (247) | 2,257 | 433 |
Total noninterest income | 9,769 | 8,894 | 29,390 | 11,975 |
Noninterest expense: | ||||
Salaries and employee benefits | 19,799 | 23,293 | 59,221 | 63,381 |
Occupancy and equipment | 2,984 | 3,113 | 9,100 | 9,437 |
Data processing | 2,097 | 2,097 | 6,383 | 6,812 |
Legal and professional fees | 1,064 | 1,089 | 2,993 | 3,857 |
Merger-related expenses | 135 | 717 | 454 | 1,730 |
Marketing | 665 | 491 | 1,786 | 1,526 |
Federal deposit insurance premiums and other regulatory fees | 441 | 621 | 1,556 | 1,582 |
Loan collection costs and OREO activity | (841) | (1,198) | (452) | (907) |
Amortization of intangibles | 513 | 436 | 1,586 | 1,295 |
Other | 1,623 | 1,757 | 5,425 | 5,147 |
Total noninterest expense | 28,480 | 32,416 | 88,052 | 93,860 |
Income before income taxes | 19,326 | 14,190 | 57,870 | 25,157 |
Income tax expense | 6,885 | 5,071 | 20,606 | 8,855 |
Net income | $ 12,441 | $ 9,119 | $ 37,264 | $ 16,302 |
Basic earnings per share (usd per share) | $ 0.34 | $ 0.26 | $ 1.01 | $ 0.46 |
Diluted earnings per share (usd per share) | 0.34 | 0.25 | 1.01 | 0.45 |
Cash dividends declared per common share (usd per share) | $ 0.14000 | $ 0.07000 | $ 0.42 | $ 0.18 |
Weighted Average Shares Outstanding: | ||||
Basic (shares) | 35,863,183 | 34,687,354 | 35,940,402 | 34,315,916 |
Diluted (shares) | 35,965,948 | 36,003,068 | 36,040,655 | 35,615,974 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,441 | $ 9,119 | $ 37,264 | $ 16,302 |
Other comprehensive (loss) income, net of tax: | ||||
Net change in unrealized (losses) gains | (758) | 1,624 | 7,737 | (2,928) |
Amortization of net unrealized losses on securities transferred to held-to-maturity | (2) | 0 | (3) | 0 |
Amounts reclassified for losses realized and included in earnings | 282 | 129 | 357 | 28 |
Other comprehensive (loss) income, before income taxes | (478) | 1,753 | 8,091 | (2,900) |
Income tax (benefit) expense | (184) | 633 | 3,197 | (1,122) |
Other comprehensive (loss) income, net of income taxes | (294) | 1,120 | 4,894 | (1,778) |
Comprehensive income | $ 12,147 | $ 10,239 | $ 42,158 | $ 14,524 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share (usd per share) | $ 0.42 | $ 0.18 |
Basis of Presentation and Recently Adopted Accounting Standards |
9 Months Ended |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Recently Adopted Accounting Standards | NOTE 1: BASIS OF PRESENTATION AND RECENTLY ADOPTED ACCOUNTING STANDARDS Overview State Bank Financial Corporation (the "Company" or "we") is a bank holding company whose business is primarily conducted through its wholly-owned banking subsidiary, State Bank and Trust Company ("Bank" or "State Bank"). We operate a full service banking business and offer a broad range of commercial and retail banking products to our customers, primarily located in metropolitan Atlanta, middle Georgia and Augusta, Georgia. The accompanying unaudited consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited, but reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim period presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the period ended September 30, 2016 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto and the report of our independent registered public accounting firm included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Certain amounts have been reclassified to conform to the current period presentation. The reclassifications had no effect on net income or shareholders’ equity as previously reported. |
Recent Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards ASU 2016-15 — In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments in this ASU clarify the proper classification for certain cash receipts and cash payments, including clarification on debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, among others. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted and if early adopted, all provisions must be adopted in the same period. We elected to early adopt the amendments in this ASU effective January 1, 2016. The adoption of ASU No. 2016-15 did not have a material impact on our consolidated financial statements. ASU 2016-09 — In March 2016, FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU simplify several aspects of share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. Excess tax benefits and tax deficiencies will be recognized as income tax expense or benefit in the income statement in the period exercise or vesting occurs. In the statement of cash flows, excess tax benefits should be classified with other income tax cash flows as an operating activity. Cash paid by an employer for tax withholding when directly withholding shares should be classified as a financing activity. An entity can make an entity-wide policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The threshold for determining whether an award is classified as equity or a liability is raised to permit withholding up to the maximum statutory tax rate in the applicable jurisdiction. The amendment in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted and if early adopted, all provisions must be adopted in the same period. If adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. We elected to early adopt the amendments in this ASU effective January 1, 2016. We elected to account for forfeitures when they occur. The adoption of ASU No. 2016-09 reduced income tax expense previously reported for the second quarter of 2016 by $146,000. ASU 2015-16 — In September 2015, FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. Under current GAAP, the acquirer is required to retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill and is also required to revise comparative information for prior periods presented in the financial statements. The amendments in this ASU, require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update also require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. An entity is required to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustments to the provisional amounts had been recognized as of the acquisition date. We adopted the amendments in this ASU effective January 1, 2016. The adoption of ASU No. 2015-16 did not have a material impact on our consolidated financial statements. ASC Clarification — In June 2015, FASB issued amendments to clarify the Accounting Standards Codification (ASC), correct unintended application of guidance, and make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments were effective upon issuance (June 12, 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance were adopted effective January 1, 2016. The adoption of these amendments did not have a material effect on our consolidated financial statements. ASU 2015-02 — In February 2015, FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain legal entities. The amendments in the standard affect limited partnerships and similar legal entities, evaluating fees paid to a decision maker or a service provider as a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. We adopted the amendments in this ASU effective January 1, 2016. The adoption of ASU No. 2015-02 did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements ASU 2016-13 — In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU changed the credit loss model on financial instruments measured at amortized cost, available for sale securities and certain purchased financial instruments. Credit losses on financial instruments measured at amortized cost will be determined using a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. Purchased financial assets with more-than-insignificant credit deterioration since origination ("PCD assets") measured at amortized cost will have an allowance for credit losses established at acquisition as part of the purchase price. Subsequent increases or decreases to the allowance for credit losses on PCD assets will be recognized in the income statement. Interest income should be recognized on PCD assets based on the effective interest rate, determined excluding the discount attributed to credit losses at acquisition. Credit losses relating to available-for-sale debt securities will be recognized through an allowance for credit losses. The amount of the credit loss is limited to the amount by which fair value is below amortized cost of the available-for-sale debt security. The amendment in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted and if early adopted, all provisions must be adopted in the same period. The amendments should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the period adopted. A prospective approach is required for securities with other-than-temporary impairment recognized prior to adoption. The Company is still reviewing the impact the adoption of this guidance will have on its consolidated financial statements. ASU 2016-05 — In March 2016, FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. The amendments in this Update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted and the amendments can be adopted either on a prospective basis or a modified retrospective basis. The guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures. ASU 2016-02 — In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard requires the recognition of assets and liabilities arising from the lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is still reviewing the impact the adoption of this guidance will have on its consolidated financial statements. ASU 2016-01 — In January 2016, FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this ASU (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. The accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is prohibited except for the presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk which may be early adopted. The guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures. ASU 2015-14 and ASU 2014-09 — In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The ASU defers the effective date of previous ASU 2014-09 for all entities by one year. The accounting guidance is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and is not expected to have a significant impact on the Company's financial statements. |
Acquisitions |
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Acquisitions | NOTE 3: ACQUISITIONS Proposed Acquisition of S Bankshares, Inc. On May 19, 2016, the Company entered into an agreement to acquire S Bankshares, Inc. and its wholly-owned subsidiary, S Bank. Upon the closing of the transaction, S Bankshares, Inc. will merge with and into the Company, immediately followed by the merger of S Bank with and into State Bank. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and the approval of S Bankshares, Inc. shareholders. At September 30, 2016, S Bankshares had total assets of approximately $110 million, total loans of approximately $81 million, total deposits of approximately $92 million, and total shareholder’s equity of approximately $11 million. S Bank has banking operations in Savannah, Glennville, Reidsville, and Hinesville, Georgia. Proposed Acquisition of NBG Bancorp, Inc. On April 5, 2016, the Company entered into an agreement and plan of merger to acquire NBG Bancorp, Inc. ("NBG") and its wholly-owned subsidiary, The National Bank of Georgia ("National Bank of Georgia"). Upon the closing of the transaction, NBG will merge with and into the Company, immediately followed by the merger of National Bank of Georgia with and into State Bank. At a special meeting held on July 25, 2016, NBG received shareholder approval for the transaction. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals. At September 30, 2016, NBG had total assets of approximately $416 million, total loans of approximately $356 million, total deposits of approximately $322 million, and total shareholder's equity of approximately $45 million. National Bank of Georgia is headquartered in Athens, Georgia and operates one additional banking office in Gainesville, Georgia and a mortgage office in Athens. Acquisition of Patriot Capital Corporation's Equipment Finance Group On October 22, 2015, State Bank announced the purchase of the equipment financing origination platform of Patriot Capital Corporation. The acquisition was not material to the financial results of State Bank. Goodwill of $5.3 million and other intangibles of $2.1 million were recorded in the acquisition. None of the goodwill is deductible for income tax purposes. Acquisition of Boyett Agency, LLC On February 26, 2015, State Bank entered into an Asset Purchase Agreement with Boyett Agency, LLC an independent insurance agency, pursuant to which State Bank acquired substantially all of the assets of Boyett Agency, LLC. The acquisition was not material to the financial results of State Bank. Goodwill of $539,000 and other intangibles of $319,000 were recorded in the acquisition. None of the goodwill is deductible for income tax purposes. Acquisition of Georgia-Carolina Bancshares Inc. and First Bank of Georgia On January 1, 2015, the Company completed its merger with Georgia-Carolina Bancshares, Inc., the holding company for First Bank of Georgia ("First Bank"). In the merger, First Bank, a Georgia-state-chartered bank, became a wholly-owned subsidiary bank of the Company. Under the terms of the merger agreement, each share of Georgia-Carolina Bancshares, Inc. common stock was converted into the right to receive $8.85 in cash and .794 shares of the Company's common stock. Total consideration paid was approximately $88.9 million, consisting of $31.8 million in cash and $57.0 million in the Company's common stock. The merger of Georgia-Carolina Bancshares was accounted for under the acquisition method of accounting, using pushdown accounting. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Goodwill of $19.9 million was generated from the acquisition, none of which is deductible for income tax purposes. The following table summarizes the assets acquired and liabilities assumed and the consideration paid by the Company at the acquisition date (dollars in thousands):
Explanation of fair value adjustments
The following is a summary of the purchased credit impaired loans acquired in the Georgia-Carolina Bancshares, Inc. transaction on January 1, 2015 (dollars in thousands):
On January 1, 2015, the fair value of the purchased non-credit impaired loans acquired in the Georgia-Carolina Bancshares, Inc. transaction was $292.4 million. The contractual cash flows of the purchased non-credit impaired loans at acquisition was $355.0 million, of which $6.4 million was the amount of contractual cash flows not expected to be collected. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | NOTE 4: INVESTMENT SECURITIES The amortized cost and fair value of securities classified as available-for-sale are as follows (dollars in thousands):
The amortized cost and fair value of securities classified as held-to-maturity are as follows (dollars in thousands):
During the first quarter of 2016, the Company transferred the following investment securities from available-for-sale to held-to-maturity (dollars in thousands):
There were no transfers of investment securities from available-for-sale to held-to-maturity during the second and third quarter of 2016 or the nine months ended September 30, 2015. The amortized cost and estimated fair value of debt securities by contractual maturities are summarized in the tables below (dollars in thousands):
(1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalties. The following table provides information regarding securities with unrealized losses (dollars in thousands):
At September 30, 2016, the Company held 58 investment securities that were in an unrealized loss position. Market changes in interest rates and credit spreads may result in temporary unrealized losses as market prices of securities fluctuate. The Company reviews its investment portfolio on a quarterly basis for indications of other than temporary impairment ("OTTI"). The severity and duration of impairment and the likelihood of potential recovery of impairment is considered along with the intent and ability to hold any impaired security to maturity or recovery of carrying value. More specifically, when analyzing the nonagency portfolio, the Company uses cash flow models that estimate cash flows on security-specific collateral and the transaction structure. Future expected credit losses are determined by using various assumptions, the most significant of which include current default rates, prepayment rates and loss severities. Credit information is available and modeled at the loan level underlying each security during the OTTI analysis; the Company also considers information such as loan to collateral values, FICO scores and geographic considerations, such as home price appreciation or depreciation. These inputs are updated quarterly or as changes occur to ensure that the most current credit and other assumptions are utilized in the analysis. If, based on the analysis, the Company does not expect to recover the entire amortized cost basis of the security, the expected cash flows are discounted at the security's initial effective interest rate to arrive at a present value amount. OTTI credit losses reflect the difference between the present value of cash flows expected to be collected and the amortized cost basis of these securities. At September 30, 2016, there was no intent to sell any of the securities in an unrealized loss position, and it is more likely than not the Company will not be required to sell these securities. Furthermore, the present value of cash flows expected to be collected exceeded the Company's amortized cost basis of the investment securities; therefore, these securities are not deemed to be other than temporarily impaired. Sales and calls of securities are summarized in the following tables for the periods presented (dollars in thousands):
The composition of investment securities reflects the strategy of management to maintain an appropriate level of liquidity while providing a relatively stable source of revenue. The securities portfolio may at times be used to mitigate interest rate risk associated with other areas of the balance sheet while also providing a means for the investment of available funds, providing liquidity and supplying investment securities that are required to be pledged as collateral against specific deposits and for other purposes. Investment securities with an aggregate fair value of $290.3 million and $424.8 million at September 30, 2016 and December 31, 2015, respectively, were pledged to secure public deposits and repurchase agreements. |
Loans |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | NOTE 5: LOANS Loans, in total, are summarized as follows (dollars in thousands):
Organic loans, net of related discounts, are summarized as follows (dollars in thousands):
(1) Includes net deferred loan fees that totaled approximately $7.0 million and $5.8 million at September 30, 2016 and December 31, 2015, respectively. Purchased non-credit impaired loans ("PNCI loans"), net of related discounts, are summarized as follows (dollars in thousands):
(1) Includes net discounts that totaled approximately $5.1 million and $6.4 million at September 30, 2016 and December 31, 2015, respectively. Purchased credit impaired loans ("PCI loans"), net of related discounts, are summarized as follows (dollars in thousands):
Changes in the carrying value of purchased credit impaired loans are presented in the following table for the periods presented (dollars in thousands):
Purchased credit impaired loans are initially recorded at fair value at the acquisition date. The Company re-estimates expected cash flows on purchased credit impaired loans on a quarterly basis. Subsequent decreases in the amount of cash expected to be collected from the borrower results in a provision for loan and lease losses and an increase in the allowance for loan and lease losses. Subsequent increases in the amount of cash expected to be collected from the borrower results in the reversal of any previously-recorded provision for loan and lease losses and related allowance for loan and lease losses, and then as a prospective increase in the accretable discount on the purchased credit impaired loans. The accretable discount is accreted into interest income over the estimated life of the related loan on a level yield basis. Changes in the value of the accretable discount are presented in the following table for the periods presented (dollars in thousands):
The change in the accretable discount is a result of the Company's review and re-estimation of loss assumptions and expected cash flows on purchased credit impaired loans. |
Allowance for Loan and Lease Losses (ALLL) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses (ALLL) | NOTE 6: ALLOWANCE FOR LOAN AND LEASE LOSSES (ALLL) The following tables summarize the Company's allowance for loan and lease losses for the periods indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on organic loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of organic loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on purchased non-credit impaired loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of purchased non-credit impaired loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on purchased credit impaired loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of purchased credit impaired loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
For each period indicated, a portion of the Company's purchased credit impaired loans were past due, including many that were 90 days or more past due; however, such delinquencies were included in the Company's performance expectations in determining the fair values of purchased credit impaired loans at each acquisition and at subsequent valuation dates. All purchased credit impaired loan cash flows and the timing of such cash flows continue to be estimable and probable of collection and thus accretion income continues to be recognized on these assets. As such, the referenced purchased credit impaired loans are not considered nonperforming assets. Impaired organic and purchased non-credit impaired loans, segregated by class of loans, are presented in the following table (dollars in thousands):
(1) Includes loans with SBA guaranteed balances of $1.2 million and $1.2 million at September 30, 2016 and December 31, 2015, respectively. The following table presents information related to the average recorded investment and interest income recognized on impaired organic and purchased non-credit impaired loans, for the periods presented (dollars in thousands):
(1) The average recorded investment for troubled debt restructurings was $5.1 million and $6.8 million for the three and nine months ended September 30, 2016, respectively, and was $3.3 million for both the three and nine months ended September 30, 2015, respectively. (2) The interest income recognized on troubled debt restructurings was $0 and $24,000 for the three and nine months ended September 30, 2016, respectively, and was $34,000 and $75,000 for the three and nine months ended September 30, 2015, respectively. The following table presents the recorded investment in nonaccrual loans by loan class at the dates indicated (dollars in thousands):
(1) Includes both organic and purchased non-credit impaired nonaccrual loans. Purchased non-credit impaired nonaccrual loans totaled $1.7 million at September 30, 2016 and $1.3 million at December 31, 2015. The following table presents an analysis of past due organic loans, by class of loans, at the dates indicated (dollars in thousands):
The following table presents an analysis of past due purchased non-credit impaired loans, by class of loans, at the dates indicated (dollars in thousands):
The following table presents an analysis of past due purchased credit impaired loans, by class of loans, at the dates indicated (dollars in thousands):
Asset Quality Grades: The Company assigns loans into risk categories based on relevant information about the ability of borrowers to pay their debts, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. A loan's risk grade is assigned at inception based upon the strength of the repayment sources and reassessed periodically throughout the year. Loans over certain dollar thresholds identified as having weaknesses are subject to more frequent review. In addition, the Company's internal loan review department provides an ongoing, comprehensive and independent assessment of credit risk within the Company. Loans are graded on a scale of 1 to 8. Pass grades are from 1 to 4. Descriptions of the general characteristics of grades 5 and above are as follows: Watch (Grade 5)—Loans graded Watch are pass credits that have not met performance expectations or that have higher inherent risk characteristics warranting continued supervision and attention. OAEM (Grade 6)—Loans graded OAEM (other assets especially mentioned) have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company's credit position at some future date. OAEM loans are not adversely classified and do not expose the institution to sufficient risk to warrant adverse classification. Substandard (Grade 7)—Loans classified as substandard are inadequately protected by the current sound worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful (Grade 8)—Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the risk grades of the organic loan portfolio, by class of loans, at the dates indicated (dollars in thousands):
The following table presents the risk grades of the purchased non-credit impaired loan portfolio, by class of loans, at the dates indicated (dollars in thousands):
Classifications on purchased credit impaired loans are based upon the borrower's ability to pay the current unpaid principal balance without regard to the net carrying value of the loan on the Company's balance sheet. Because the values shown in the table below are based on each loan's estimated cash flows, any expected losses should be covered by a combination of the specific reserves established in the allowance for loan and lease losses on purchased credit impaired loans plus the discounts to the unpaid principal balances reflected in the recorded investment of each loan. The following table presents the risk grades of the purchased credit impaired loan portfolio, by class of loans (dollars in thousands):
Troubled Debt Restructurings (TDRs) Total troubled debt restructurings (TDRs) were $5.0 million and $3.8 million at September 30, 2016 and December 31, 2015, respectively, with $160,000 in related allowance for loan losses at September 30, 2016 and no related allowance at December 31, 2015. At September 30, 2016, there were no commitments to extend credit to a borrower with an existing troubled debt restructuring. At December 31, 2015, there was one commitment totaling $620,000 to extend credit to a borrower with an existing troubled debt restructuring. Purchased credit impaired loans modified post-acquisition are not removed from their accounting pools and accounted for as TDRs, even if those loans would otherwise be deemed TDRs. The following table provides information on loans that were modified as TDRs during the periods presented (dollars in thousands):
(1) The pre-modification and post-modification recorded investment amount represents the recorded investment on the date of the loan modification. Since the modifications on this loan were an interest rate concession and payment term extension, not principal reductions, the pre-modification and post-modification recorded investment amount is the same. During the three months ended September 30, 2016 and 2015, there were no loans modified under the terms of a TDR. During the three and nine months ended September 30, 2016 and 2015, there were no TDRs that subsequently defaulted within twelve months of their modification dates. |
Other Real Estate Owned (OREO) |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned (OREO) | NOTE 7: OTHER REAL ESTATE OWNED (OREO) The following table presents other real estate owned ("OREO") by property type at the dates indicated (dollars in thousands):
The following table presents OREO by type of loan foreclosure or banking premises transferred into OREO at the dates indicated (dollars in thousands):
At September 30, 2016, consumer mortgage loans secured by residential real estate properties totaling $125,000 were in formal foreclosure proceedings. |
SBA Servicing Rights |
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Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA Servicing Rights | NOTE 8: SBA SERVICING RIGHTS All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. During the three and nine months ended September 30, 2016, the Company sold SBA loans with unpaid principal balances totaling $13.7 million and $38.6 million, respectively, and recognized $1.3 million and $3.9 million in gains on the loan sales, respectively. During the three and nine months ended September 30, 2015, the Company sold SBA loans with unpaid principal balances totaling $13.9 million and $30.4 million, respectively, and recognized $1.5 million and $3.3 million in gains on the loan sales, respectively. The Company retains the related loan servicing rights and receives servicing fees on the sold loans. Both the servicing fees and the gains on sales of loans are recorded in SBA income on the consolidated statements of income. SBA servicing fees totaled $383,000 and $974,000 for the three and nine months ended September 30, 2016, respectively. SBA servicing fees totaled $255,000 and $677,000 for the three and nine months ended September 30, 2015, respectively. At September 30, 2016 and December 31, 2015, the Company serviced SBA loans for others with unpaid principal balances totaling $131.1 million and $106.8 million, respectively. The table below summarizes the activity in the SBA servicing rights asset for the periods presented (dollars in thousands):
The fair value of the SBA servicing rights asset, key metrics, and the sensitivity of the fair value due to adverse changes in key economic assumptions at the periods presented are as follows (dollars in thousands):
The risk inherent in the SBA servicing rights asset includes prepayments at different rates than anticipated or resolution of loans at dates not consistent with the estimated expected lives. These events would cause the value of the servicing asset to decline at a faster or slower rate than originally anticipated. Information about the SBA loans serviced by the Company at and for the period presented is as follows (dollars in thousands):
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FDIC Receivable for Loss Share Agreements |
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FDIC Receivable for Loss Sharing Agreements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC Receivable for Loss Share Agreements | NOTE 9: FDIC RECEIVABLE FOR LOSS SHARE AGREEMENTS On May 21, 2015, State Bank entered into an agreement with the FDIC to terminate loss share coverage on all 12 of its FDIC-assisted acquisitions which occurred in 2009, 2010, and 2011. As a result, $14.5 million of loss was recognized for the termination of loss share coverage. The termination resulted in the elimination of both the FDIC receivable for loss share agreements and the associated clawback liability. The following table presents a summary of the calculation of the loss recognized as a result of the termination of the FDIC loss share agreements, including the clawback provisions and settlement of historic loss share and expense reimbursement claims (dollars in thousands):
The following table documents changes in the carrying value of the FDIC receivable for loss share agreements relating to purchased credit impaired loans and acquired other real estate owned previously covered under loss share agreements with the FDIC for the periods presented (dollars in thousands):
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | NOTE 10: DERIVATIVE INSTRUMENTS & HEDGING ACTIVITIES Risk Management Objective of Interest Rate Swaps and Caps The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of certain balance sheet assets and liabilities. In the normal course of business, the Company also uses derivative financial instruments to add stability to interest income or expense and to manage its exposure to movements in interest rates. The Company does not use derivatives for trading or speculative purposes and only enters into transactions that have a qualifying hedging relationship. The Company's hedging strategies involving interest rate derivatives are classified as either Fair Value Hedges or Cash Flow Hedges, depending upon the rate characteristic of the hedged item. Fair Value Hedge: As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value. When effectively hedged, this appreciation or depreciation will generally be offset by fluctuations in the fair value of the derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. Cash Flow Hedge: Cash flows related to floating-rate assets and liabilities will fluctuate with changes in an underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating rate asset or liability will generally be offset by changes in cash flows of the derivative instrument designated as a hedge. This strategy is referred to as a cash flow hedge. Interest Rate Swaps and Caps Fair Values The table below presents the fair values of the Company's interest rate swaps and caps at the dates presented (dollars in thousands):
(1) All asset derivatives are located in "Other Assets" on the consolidated statements of financial condition and all liability derivatives are located in "Other Liabilities" on the consolidated statements of financial condition. Interest Rate Swaps and Caps Designated as Hedging Instruments Fair Value Hedges The Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps, designated as fair value hedges, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed payments over the life of the agreements without the exchange of the underlying notional amount. The gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in earnings. At September 30, 2016, the Company had 99 interest rate swaps with an aggregate notional amount of $166.9 million, designated as fair value hedges associated with the Company's fixed rate loan program. The table below presents the effect of the Company's derivatives in fair value hedging relationships for the periods presented (dollars in thousands):
During the three and nine months ended September 30, 2016 the Company recognized a net gain of $21,000 and a net loss of $290,000, respectively, related to hedge ineffectiveness on the fair value swaps. During the three and nine months ended September 30, 2015, the Company recognized net losses of $216,000 and $248,000, respectively, related to hedge ineffectiveness on the fair value swaps. The Company also recognized a net reduction in interest income of $460,000 and $1.4 million for the three and nine months ended September 30, 2016, respectively, related to the fair value hedges, which includes net settlements on derivatives and any amortization adjustment of the basis in the hedged items. For the three and nine months ended September 30, 2015 the Company recognized a net reduction in interest income of $547,000 and $1.7 million, respectively, related to the fair value hedges. Terminations of derivatives and related hedged items for interest rate swap agreements prior to their original maturity date resulted in the recognition of net losses of $61,000 and $108,000, respectively, in interest income for the three and nine months ended September 30, 2016 related to the unamortized basis in the hedged items. For the three and nine months ended September 30, 2015 the Company recognized net losses of $11,000 and $444,000, respectively, related to the unamortized basis in the hedged items. Cash Flow Hedges The Company uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps, designated as cash flow hedges, involve the payment of a premium to a counterparty based on the notional size and cap strike rate. The Company's current cash flow hedges are for the purpose of capping interest rates paid on deposits, which protects the Company in a rising rate environment. The caps were purchased during the first quarter of 2013 to hedge the variable cash outflows associated with these liabilities; they originally had a five-year life and notional value of $200.0 million. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of derivatives that qualify as cash flow hedges is recognized directly in earnings. No hedge ineffectiveness was recognized on the Company's cash flow hedges during the periods ended September 30, 2016 and 2015. Amounts reported in AOCI related to derivatives are reclassified to interest expense as the interest rate cap premium is amortized over the life of the cap. During the next twelve months, $1.7 million is expected to be reclassified as a decrease to net interest income. The table below presents the effect of the Company's derivatives in cash flow hedging relationships for the periods presented (dollars in thousands):
Interest Rate Swaps Not Designated as Hedging Instruments Interest Rate Swaps At September 30, 2016, the Company had two interest rate swaps with an aggregate notional amount of $6.8 million not designated as fair value hedges associated with the Company's fixed rate loan program. At September 30, 2016, the fair value of the interest rate swaps liability not designated as hedging instruments was $253,000. For the three and nine months ended September 30, 2016, there was a net gain of $21,000 and a net loss of $199,000, respectively, recorded in the income statement for the interest rate swaps not designated as hedging instruments. For the three and nine months ended September 30, 2015 there were net losses of $176,000 and $179,000, respectively, recorded in the income statement for the interest rate swaps not designated as hedging instruments. Credit and Collateral Risks for Interest Rate Swaps and Caps The Company manages credit exposure on interest rate swap and cap transactions by entering into a bilateral credit support agreement with each counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. Refer to Note 11, Balance Sheet Offsetting, for more information on collateral pledged and received under these agreements. The Company’s agreements with its interest rate swap and cap counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in the Company being declared in default. If the Company were to be declared in default, the counterparty could terminate the derivative positions and the Company and the counterparty would be required to settle their obligations under the agreements. At September 30, 2016, the termination value of derivatives in a net liability position under these agreements was $4.7 million, for which the Company posted $3.6 million in cash collateral. Although the Company did not breach any provisions at September 30, 2016, if a breach had occurred, the maximum amount of additional collateral the Company would have been required to post to counterparties was $1.1 million. Mortgage Derivatives Risk Management Objective of Mortgage Lending Activities The Company also maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. The risk management program includes the use of forward contracts and other derivatives that are recorded in the financial statements at fair value and are used to offset changes in value of the mortgage inventory due to changes in market interest rates. As a normal part of our operations, we enter into derivative contracts to economically hedge risks associated with overall price risk related to interest rate lock commitments ("IRLCs") and mortgage loans held-for-sale for which the fair value option has been elected. Fair value changes occur as a result of interest rate movements as well as changes in the value of the associated servicing. Derivative instruments used include forward sale commitments and IRLCs. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Company's practice to enter into forward commitments for the future delivery of mortgage loans in order to economically hedge the effect of changes in interest rates resulting from interest rate lock commitments. Mortgage Derivatives Not Designated as Hedging Instruments Mortgage derivative fair value assets and liabilities are recorded in "Other Assets" and "Other Liabilities," respectively, on the consolidated statements of financial condition. At September 30, 2016 and December 31, 2015, the fair value of mortgage derivative assets was $1.0 million and $869,000, respectively, and the fair value of mortgage derivative liabilities was $676,000 and $505,000, respectively. At September 30, 2016 and December 31, 2015, the Company had approximately $60.1 million and $47.3 million, respectively, of interest rate lock commitments, and $93.7 million and $85.9 million, respectively, of forward commitments for the future delivery of residential mortgage loans. The net gain related to interest rate lock commitments was $313,000 and $615,000 for the nine months ended September 30, 2016 and 2015, respectively. The net loss for forward commitments related to these mortgage loans was $399,000 and $746,000 for the nine months ended September 30, 2016 and September 30, 2015, respectively. The table below presents the effect of the Company's derivatives not designated as hedging instruments for the periods presented (dollars in thousands):
Credit and Collateral Risks for Mortgage Lending Activities The Company’s underlying risks are primarily related to interest rates and forward sales commitments entered into as part of its mortgage banking activities. Forward sales commitments are contracts for the delayed delivery or net settlement of an underlying instrument, such as a mortgage loan, in which the seller agrees to deliver on a specified future date, either a specified instrument at a specified price or yield or the net cash equivalent of an underlying instrument. These hedges are used to preserve the Company’s position relative to future sales of mortgage loans to third parties in an effort to minimize the volatility of the expected gain on sale from changes in interest rate and the associated pricing changes. |
Balance Sheet Offsetting and Repurchase Agreements |
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Offsetting and Repurchase Agreements | NOTE 11: BALANCE SHEET OFFSETTING AND REPURCHASE AGREEMENTS Balance Sheet Offsetting Certain financial instruments, including repurchase agreements and derivatives (interest rate swaps and caps), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The table below presents information about the Company’s financial instruments that are eligible for offset in the consolidated statements of financial condition at the dates presented (dollars in thousands):
(1) The application of collateral cannot reduce the net amount below zero; therefore, excess collateral received/posted is not reflected in this table. All positions are fully collateralized. Repurchase Agreements The Company utilizes securities sold under repurchase agreements to facilitate the needs of our customers. Securities sold under repurchase agreements consist of balances in the transaction accounts of commercial customers swept nightly to an overnight investment account and are collateralized with investment securities having a market value no less than the balance borrowed. The investment securities pledged are subject to market fluctuations as well as prepayments of principal. The Company monitors the risk of the fair value of its pledged collateral falling below the balance of the repurchase agreements on a daily basis and may be required to provide additional collateral. Securities pledged as collateral are maintained with our safekeeping agent. At September 30, 2016 and December 31, 2015, securities sold under repurchase agreements were $20.1 million and $32.2 million, respectively, all of which mature on an overnight and continuous basis. At both September 30, 2016 and December 31, 2015, investment securities pledged for the outstanding repurchase agreements consisted of U.S. government sponsored agency mortgage-backed securities. |
Regulatory Matters |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | NOTE 12: REGULATORY MATTERS Regulatory Capital Requirements Beginning on January 1, 2015, the Company and State Bank became subject to the provisions of the Basel III final rule that governs the regulatory capital calculation, including transitional, or phase-in, provisions. The methods for calculating the risk-based capital ratios will change as the provisions of the Basel III final rule related to the numerator (capital) and denominator (risk-weighted assets) are fully phased in on January 1, 2019. The ongoing methodological changes will result in differences in the reported capital ratios from one reporting period to the next that are independent of applicable changes in the capital base, asset composition, off-balance sheet exposures or risk profile. Beginning on January 1, 2016, the Company and State Bank must maintain a capital conservation buffer to avoid restrictions on capital distributions or discretionary bonus payments. This buffer must consist solely of Common Equity Tier 1 Capital, but the buffer applies to all three measurements (Common Equity Tier 1, Tier 1 capital and total capital) in addition to the minimum risk-based capital requirements. The capital conservation buffer required for 2016 is common equity equal to .625% of risk-weighted assets and will increase by .625% per year until reaching 2.5% beginning January 1, 2019. The minimum regulatory capital ratios and ratios to be considered well-capitalized under prompt corrective action provisions at both September 30, 2016 and December 31, 2015 are presented in the table below:
(1) The prompt corrective action provisions are only applicable at the bank level. At September 30, 2016 and December 31, 2015, the Company and State Bank exceeded all regulatory capital adequacy requirements to which they were subject. The Company's regulatory ratios at the dates indicated are presented in the table below (dollars in thousands):
State Bank's regulatory ratios at the dates indicated are presented in the table below (dollars in thousands):
The Company and State Bank entered into a Capital Maintenance Agreement with the FDIC. Under the terms of the Capital Maintenance Agreement, State Bank was required to maintain a leverage ratio of at least 10% and a total risk-based capital ratio of at least 12%. The Capital Maintenance Agreement expired on July 26, 2016. Regulatory Restrictions on Dividends Regulatory policy statements provide that generally bank holding companies should pay dividends only out of current operating earnings and that the level of dividends must be consistent with current and expected capital requirements. Dividends received from State Bank have been the primary source of funds available for the declaration and payment of dividends to the Company's common shareholders. Federal and state banking laws and regulations restrict the amount of dividends banks may distribute without prior regulatory approval. At September 30, 2016, State Bank had no capacity to pay dividends to the Company without prior regulatory approval. At September 30, 2016, the Company had $45.6 million in cash and due from bank accounts, which can be used for additional capital as needed by State Bank, payment of holding company expenses, payment of dividends to shareholders, or for other corporate purposes. |
Commitments and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | NOTE 13: COMMITMENTS AND CONTINGENT LIABILITIES Commitments In order to meet the financing needs of its customers, the Company maintains financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments include commitments to extend credit and standby letters of credit and involve, to varying degrees, elements of credit, interest rate and/or liquidity risk. Such financial instruments are recorded when they are funded and the related fees are generally recognized when collected. Commitments to extend credit are legally binding agreements to lend to customers. Commitments generally have fixed maturity dates or other termination clauses with required fee payments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future liquidity requirements. The amount of collateral required, if deemed necessary upon extension of credit, is determined on a case by case basis by management through credit evaluation of the customer. Standby letters of credit are commitments guaranteeing performance of a customer to a third party. Those guarantees are issued primarily to support public and private borrowing arrangements. In order to minimize its exposure, the Company's credit policies govern the issuance of standby letters of credit. The Company's exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. A summary of the Company's commitments is as follows (dollars in thousands):
The fixed rate loan commitments have maturities ranging from one month to fourteen years. Management takes appropriate actions to mitigate interest rate risk associated with these fixed rate commitments through various measures including, but not limited to, the use of derivative financial instruments. Contingent Liabilities Mortgage loan sales agreements contain covenants that may, in limited circumstances, require the Company to repurchase or indemnify the investors for losses or costs related to the loans the Company has sold. As a result of the potential recourse provisions, the Company maintains a recourse liability for mortgage loans sold to investors. At September 30, 2016, the recourse liability was $301,000. Furthermore, in the normal course of business, the Company is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material effect on the Company's financial statements. |
Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | NOTE 14: FAIR VALUE Overview Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Financial Accounting Standards Board's Accounting Standards Codification Topic 820 ("ASC 820") Fair Value Measurements and Disclosures establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs classified within Level 3 of the hierarchy). Fair Value Hierarchy Level 1 Valuation is based on inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as interest rates, yield curves observable at commonly quoted intervals, and other market-corroborated inputs. Level 3 Valuation is generated from techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company evaluates fair value measurement inputs on an ongoing basis in order to determine if there is a change of sufficient significance to warrant a transfer between levels. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company's valuation process. For the nine months ended September 30, 2016 and the year ended December 31, 2015, there were no transfers between levels. Fair Value Option ASC 820 allows companies to report selected financial assets and liabilities at fair value using the fair value option. The changes in fair value are recognized in earnings and the assets and liabilities measured under this methodology are required to be displayed separately on the balance sheet. The Company made the election to record mortgage loans held-for-sale at fair value under the fair value option, which allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to hedge them without the burden of complying with the requirements for hedge accounting. Financial Assets and Financial Liabilities Measured on a Recurring Basis The Company uses the following methods and assumptions in estimating the fair value of its financial assets and financial liabilities on a recurring basis: Investment Securities Available-for-Sale At September 30, 2016, the Company's investment portfolio primarily consisted of U.S. government agency mortgage-backed securities, nonagency mortgage-backed securities, U.S. government securities, municipal securities, asset-backed securities, and corporate securities. Fair Values for U.S. Treasury and equity securities are determined by obtaining quoted prices on nationally recognized securities exchanges utilizing Level 1 inputs. Other securities classified as available-for-sale are reported at fair value utilizing Level 2 inputs. The fair value of other securities classified as available-for-sale are determined using widely accepted valuation techniques including matrix pricing and broker-quote-based applications. Inputs may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other relevant items. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company validates the appropriateness of the valuations provided by the independent pricing service to prices obtained from an additional third party or prices derived using internal models. Mortgage Loans Held-for-Sale Mortgage loans held-for-sale are recorded at fair value on a recurring basis. The estimated fair value is determined using Level 2 inputs based on observable data such as the existing forward commitment terms or the current market value of similar loans. Interest income is recorded in interest income on the consolidated statements of income and is based on the contractual terms of the loan. None of these loans were 90 days or more past due or on nonaccrual at September 30, 2016. At September 30, 2016, the aggregate fair value of the Company's mortgage loans held-for-sale was $45.1 million and the contractual balance including accrued interest was $43.8 million, with a fair value mark totaling $1.3 million. The Company recognized a loss of $749,000 and a gain of $324,000 for the three and nine months ended ended September 30, 2016, respectively, related to the change in fair value of the mortgage loans held-for-sale, included in "mortgage banking income" on the consolidated statements of income. For the three and nine months ended September 30, 2015, the amounts recognized related to the change in fair value of the mortgage loans held-for-sale were gains of $1.2 million and $885,000, respectively. Derivative Financial Instruments Interest Rate Swaps and Caps The Company uses interest rate swaps to provide longer-term fixed rate funding to its customers and interest rate caps to mitigate the interest rate risk on its variable rate liabilities. The majority of these derivatives are traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilizes the exchange price or dealer market price for the particular derivative contract. Therefore, these derivative contracts are classified as Level 2. The Company utilizes an independent third party valuation company to validate the dealer prices. In cases where significant credit valuation adjustments are incorporated into the estimation of fair value, reported amounts are considered to have been derived utilizing Level 3 inputs. The Company evaluates the credit risk of its counterparties as well as that of the Company. The Company has considered factors such as the likelihood of default by the Company and its counterparties, its net exposures, and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. Counterparty exposure is evaluated by netting positions that are subject to master netting arrangements, as well as considering the amount of collateral securing the position. The Company reviews its counterparty exposure on a regular basis, and, when necessary, appropriate business actions are taken to adjust the exposure. The Company also utilizes this approach to estimate its own credit risk on derivative liability positions. To date, the Company has not realized any losses due to a counterparty's inability to pay any net uncollateralized position. Mortgage Derivatives Mortgage derivatives include interest rate lock commitments to originate residential mortgage loans held-for-sale. The Company relies on an internal valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held-for-sale. The model groups the interest rate lock commitments by interest rate and term, applies an estimated pull-through rate based on historical experience, and then multiplies by quoted investor prices which were determined to be reasonably applicable to the loan commitment group based on interest rate, term, and rate lock expiration date of the loan commitment group. While there are Level 2 and 3 inputs used in the valuation model, the Company has determined that the majority of the inputs significant in the valuation of the interest rate lock commitments fall within Level 3 of the fair value hierarchy. Changes in the fair values of these derivatives are included in "mortgage banking income" on the consolidated statements of income. Mortgage derivatives also include forward commitments to sell residential mortgage loans to various investors when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitment to fund loans. The Company also relies on an internal valuation model to estimate the fair value of its forward commitments to sell residential mortgage loans (i.e., an estimate of what the Company would receive or pay to terminate the forward delivery contract based on market prices for similar financial instruments), which includes matching specific terms and maturities of the forward commitments against applicable investor pricing available (Level 2). Changes in the fair values of these derivatives are included in "mortgage banking income" on the consolidated statements of income. SBA Servicing Rights The Company has the rights to service a portfolio of SBA loans. The SBA servicing rights are measured at fair value when loans are sold on a servicing retained basis. The servicing rights are subsequently measured at fair value on a recurring basis utilizing Level 3 inputs. Management uses a model operated and maintained by a third party to calculate the present value of future cash flows using the third party's market-based assumptions. The future cash flows for each asset are based on the asset's unique characteristics and the third party's market-based assumptions for prepayment speeds, default and voluntary prepayments. For non-guaranteed portions of servicing assets, future cash flows are estimated using loan specific assumptions for losses and recoveries. Adjustments to fair value are recorded as a component of "SBA income" on the consolidated statements of income. Please reference Note 8 for the rollforward of the SBA servicing rights asset at fair value utilizing level 3 inputs. The following tables present financial assets and financial liabilities measured at fair value on a recurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
(1) The change in fair value, recorded as a component of "mortgage banking income" on the consolidated statements of income, was a loss of $294,000 for the three months ended September 30, 2016 and a gain of $194,000 for the nine months ended September 30, 2016. The change in fair value resulted in a loss of $77,000 for the three months ended September 30, 2015 and a gain $263,000 for the nine months ended September 30, 2015. Financial Assets Measured on a Nonrecurring Basis The Company uses the following methods and assumptions in estimating the fair value of its financial assets on a nonrecurring basis: Impaired Loans Loans, excluding purchased credit impaired loans, are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The fair values of impaired loans are measured on a nonrecurring basis and are based on the underlying collateral value of each loan if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs that are based on observable market data such as an appraisal. Updated appraisals are obtained on at least an annual basis. Level 3 inputs are based on the Company's customized discounting criteria when management determines the fair value of the collateral is further impaired. The following table presents financial assets measured at fair value on a nonrecurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
Impaired loans, excluding purchased credit impaired loans, that are measured for impairment using the fair value of collateral for collateral dependent loans had recorded investments of $8.1 million and $7.0 million with respective valuation allowances of $1.0 million and $1.0 million at September 30, 2016 and December 31, 2015, respectively. Nonfinancial Assets Measured on a Nonrecurring Basis The Company uses the following methods and assumptions in estimating the fair values of its nonfinancial assets on a nonrecurring basis: Other Real Estate Owned Other real estate owned ("OREO") consists of real estate acquired through foreclosure or a deed in lieu of foreclosure in satisfaction of a loan, OREO acquired in a business acquisition, and banking premises no longer used for a specific business purpose. Real estate obtained in satisfaction of a loan is initially recorded at the lower of the principal investment in the loan or the fair value of the collateral less estimated costs to sell at the time of foreclosure with any excess in loan balance charged against the allowance for loan and lease losses. OREO acquired in a business acquisition is recorded at fair value on Day 1 of the acquisition. Banking premises no longer used for a specific business purpose is transferred into OREO at the lower of its carrying value or fair value less estimated costs to sell with any excess in the carrying value charged to noninterest expense. For all fair value estimates of the real estate properties, management considers a number of factors such as appraised values, estimated selling prices, and current market conditions, resulting in a Level 3 classification. Management periodically reviews the carrying value of OREO for impairment and adjusts the values as appropriate through noninterest expense. The following table presents nonfinancial assets measured at fair value on a nonrecurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
The following table is a reconciliation of the fair value measurement of other real estate owned disclosed in accordance with ASC 820 to the amount recorded on the consolidated statement of financial condition at the dates indicated (dollars in thousands):
Unobservable Inputs for Level 3 Fair Value Measurements The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at the dates indicated (dollars in thousands):
Fair Value of Financial Assets and Financial Liabilities The following table includes the estimated fair value of the Company's financial assets and financial liabilities (dollars in thousands). The methodologies for estimating the fair value of financial assets and financial liabilities measured on a recurring and nonrecurring basis are discussed above. The methodologies for estimating the fair value for other financial assets and financial liabilities are discussed below. The Company has determined the estimated fair value amounts using available market information and appropriate valuation methodologies; however, considerable judgment is required to interpret market data in order to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation techniques may have a material effect on the estimated fair value amounts at September 30, 2016 and December 31, 2015.
Cash and Cash Equivalents The carrying amount approximates fair value because of the short maturity of these instruments. Organic and Purchased Non-Credit Impaired Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type. The fair value of performing loans is calculated by discounting scheduled cash flows through the estimated maturities using estimated market discount rates that reflect observable market information incorporating the credit, liquidity, yield, and other risks inherent in the loan. The estimate of maturity is based on the Company's historical experience with repayments for each loan classification, modified, as required, by an estimate of the effect of the current economic and lending conditions. Purchased Credit Impaired Loans Purchased credit impaired loans are recorded at fair value at the date of acquisition. The fair values of loans with evidence of credit deterioration are recorded net of a nonaccretable discount and an accretable discount. Subsequent decreases to the expected cash flows will generally result in a provision for loan and lease losses. Subsequent increases to the expected cash flows results in a reversal of the provision for loan and lease losses to the extent of prior changes or a reclassification of the difference from the nonaccretable to accretable discount with a positive impact on the accretable discount. Accrued Interest Receivable and Accrued Interest Payable The carrying amounts are a reasonable estimate of fair values. Federal Home Loan Bank Stock Federal Home Loan Bank stock, classified as a restricted equity security, is considered a Level 3 asset as little or no market activity exists for the security; therefore, the security's value is not market observable and is carried at original cost basis as cost approximates fair value. Deposits The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, interest-bearing deposits, and savings and money market deposits, is equal to the amount payable on demand. The fair value of time deposits is estimated by discounting the expected life. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold Under Repurchase Agreements and Notes Payable The fair value of securities sold under repurchase agreements approximates the carrying amount because of the short maturity of these borrowings. The discount rate is estimated using the rates currently offered for borrowings of similar remaining maturities. Notes payable are variable rate subordinated debt for which performance is based on the underlying notes receivable and interest rates adjust according to market value; therefore, the carrying amount approximates fair value. FHLB Borrowings The carrying amount approximates fair value because of the short maturity of these instruments. |
Earnings Per Share |
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Earnings Per Share | NOTE 15: EARNINGS PER SHARE The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. As such, earnings per share is calculated using the two-class method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which excludes the participating securities. Diluted earnings per share includes the dilutive effect of additional potential common shares from stock compensation awards and warrants. Earnings per share have been computed based on the following weighted average number of common shares outstanding (dollars in thousands, except per share data):
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | NOTE 16: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, or AOCI, is reported as a component of shareholders' equity. AOCI can include, among other items, unrealized holding gains and losses on investment securities available-for-sale, unrealized gains and losses on investment securities available-for-sale transferred to held-to-maturity, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Unrealized holding gains and losses on securities transferred to held-to-maturity are amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization/accretion of the net premium/discount created in the transfer. The components of AOCI are reported net of related tax effects. The components of AOCI and changes in those components for the periods presented are as follows (dollars in thousands):
Reclassifications from AOCI into income for the periods presented are as follows (dollars in thousands):
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Acquisitions (Tables) |
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Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Purchased Credit Impaired Loans Acquired | The following is a summary of the purchased credit impaired loans acquired in the Georgia-Carolina Bancshares, Inc. transaction on January 1, 2015 (dollars in thousands):
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the assets acquired and liabilities assumed and the consideration paid by the Company at the acquisition date (dollars in thousands):
Explanation of fair value adjustments
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Investment Securities (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale | The amortized cost and fair value of securities classified as available-for-sale are as follows (dollars in thousands):
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Held-to-maturity Securities | The amortized cost and fair value of securities classified as held-to-maturity are as follows (dollars in thousands):
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Transfers from Available-for-Sale to Held-to-Maturity Securities | During the first quarter of 2016, the Company transferred the following investment securities from available-for-sale to held-to-maturity (dollars in thousands):
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Contractual Maturities of Available-for-Sale Securities | The amortized cost and estimated fair value of debt securities by contractual maturities are summarized in the tables below (dollars in thousands):
(1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalties. |
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Unrealized Losses on Investment Securities | The following table provides information regarding securities with unrealized losses (dollars in thousands):
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Schedule of Proceeds from Sales and Redemptions of Available for Sale Securities | Sales and calls of securities are summarized in the following tables for the periods presented (dollars in thousands):
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Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans | Loans, in total, are summarized as follows (dollars in thousands):
Organic loans, net of related discounts, are summarized as follows (dollars in thousands):
(1) Includes net deferred loan fees that totaled approximately $7.0 million and $5.8 million at September 30, 2016 and December 31, 2015, respectively. Purchased non-credit impaired loans ("PNCI loans"), net of related discounts, are summarized as follows (dollars in thousands):
(1) Includes net discounts that totaled approximately $5.1 million and $6.4 million at September 30, 2016 and December 31, 2015, respectively. Purchased credit impaired loans ("PCI loans"), net of related discounts, are summarized as follows (dollars in thousands):
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Schedule of Purchased Credit Impaired Loans Rollforward | Changes in the carrying value of purchased credit impaired loans are presented in the following table for the periods presented (dollars in thousands):
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Schedule of Changes in Accretable Discount | Changes in the value of the accretable discount are presented in the following table for the periods presented (dollars in thousands):
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Allowance for Loan and Lease Losses (ALLL) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan and Lease Losses | The following tables summarize the Company's allowance for loan and lease losses for the periods indicated (dollars in thousands):
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Schedule of Allowance for Loan and Lease Losses, Organic and Purchased Credit Impaired Loans | Activity in the allowance for loan and lease losses on organic loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of organic loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on purchased non-credit impaired loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of purchased non-credit impaired loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on purchased credit impaired loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of purchased credit impaired loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
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Impaired Loans, Organic and Purchased Non-Credit Impaired | Impaired organic and purchased non-credit impaired loans, segregated by class of loans, are presented in the following table (dollars in thousands):
(1) Includes loans with SBA guaranteed balances of $1.2 million and $1.2 million at September 30, 2016 and December 31, 2015, respectively. The following table presents information related to the average recorded investment and interest income recognized on impaired organic and purchased non-credit impaired loans, for the periods presented (dollars in thousands):
(1) The average recorded investment for troubled debt restructurings was $5.1 million and $6.8 million for the three and nine months ended September 30, 2016, respectively, and was $3.3 million for both the three and nine months ended September 30, 2015, respectively. (2) The interest income recognized on troubled debt restructurings was $0 and $24,000 for the three and nine months ended September 30, 2016, respectively, and was $34,000 and $75,000 for the three and nine months ended September 30, 2015, respectively. |
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Nonaccrual Loans, Organic and Purchased Non-Credit Impaired | The following table presents the recorded investment in nonaccrual loans by loan class at the dates indicated (dollars in thousands):
(1) Includes both organic and purchased non-credit impaired nonaccrual loans. Purchased non-credit impaired nonaccrual loans totaled $1.7 million at September 30, 2016 and $1.3 million at December 31, 2015. |
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Past Due Loans | The following table presents an analysis of past due organic loans, by class of loans, at the dates indicated (dollars in thousands):
The following table presents an analysis of past due purchased non-credit impaired loans, by class of loans, at the dates indicated (dollars in thousands):
The following table presents an analysis of past due purchased credit impaired loans, by class of loans, at the dates indicated (dollars in thousands):
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Risk Grades of Loan Portfolio | The following table presents the risk grades of the purchased credit impaired loan portfolio, by class of loans (dollars in thousands):
The following table presents the risk grades of the organic loan portfolio, by class of loans, at the dates indicated (dollars in thousands):
The following table presents the risk grades of the purchased non-credit impaired loan portfolio, by class of loans, at the dates indicated (dollars in thousands):
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Troubled Debt Restructurings on Financing Receivables | The following table provides information on loans that were modified as TDRs during the periods presented (dollars in thousands):
(1) The pre-modification and post-modification recorded investment amount represents the recorded investment on the date of the loan modification. Since the modifications on this loan were an interest rate concession and payment term extension, not principal reductions, the pre-modification and post-modification recorded investment amount is the same. |
Other Real Estate Owned (OREO) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Real Estate Owned | The following table presents other real estate owned ("OREO") by property type at the dates indicated (dollars in thousands):
The following table presents OREO by type of loan foreclosure or banking premises transferred into OREO at the dates indicated (dollars in thousands):
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SBA Servicing Rights (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Servicing Assets at Fair Value | The table below summarizes the activity in the SBA servicing rights asset for the periods presented (dollars in thousands):
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Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value | The fair value of the SBA servicing rights asset, key metrics, and the sensitivity of the fair value due to adverse changes in key economic assumptions at the periods presented are as follows (dollars in thousands):
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Schedule of Servicing Assets Past Due | Information about the SBA loans serviced by the Company at and for the period presented is as follows (dollars in thousands):
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FDIC Receivable for Loss Share Agreements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC Receivable for Loss Sharing Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of FDIC Indemnification Asset Activity | The following table presents a summary of the calculation of the loss recognized as a result of the termination of the FDIC loss share agreements, including the clawback provisions and settlement of historic loss share and expense reimbursement claims (dollars in thousands):
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FDIC Receivable for Loss Sharing Agreements | The following table documents changes in the carrying value of the FDIC receivable for loss share agreements relating to purchased credit impaired loans and acquired other real estate owned previously covered under loss share agreements with the FDIC for the periods presented (dollars in thousands):
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair values of the Company's interest rate swaps and caps at the dates presented (dollars in thousands):
(1) All asset derivatives are located in "Other Assets" on the consolidated statements of financial condition and all liability derivatives are located in "Other Liabilities" on the consolidated statements of financial condition. |
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Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The table below presents the effect of the Company's derivatives in fair value hedging relationships for the periods presented (dollars in thousands):
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of the Company's derivatives in cash flow hedging relationships for the periods presented (dollars in thousands):
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The table below presents the effect of the Company's derivatives not designated as hedging instruments for the periods presented (dollars in thousands):
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Balance Sheet Offsetting and Repurchase Agreements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets | The table below presents information about the Company’s financial instruments that are eligible for offset in the consolidated statements of financial condition at the dates presented (dollars in thousands):
(1) The application of collateral cannot reduce the net amount below zero; therefore, excess collateral received/posted is not reflected in this table. All positions are fully collateralized. |
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Offsetting Liabilities | The table below presents information about the Company’s financial instruments that are eligible for offset in the consolidated statements of financial condition at the dates presented (dollars in thousands):
(1) The application of collateral cannot reduce the net amount below zero; therefore, excess collateral received/posted is not reflected in this table. All positions are fully collateralized. |
Regulatory Matters (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The minimum regulatory capital ratios and ratios to be considered well-capitalized under prompt corrective action provisions at both September 30, 2016 and December 31, 2015 are presented in the table below:
(1) The prompt corrective action provisions are only applicable at the bank level. At September 30, 2016 and December 31, 2015, the Company and State Bank exceeded all regulatory capital adequacy requirements to which they were subject. The Company's regulatory ratios at the dates indicated are presented in the table below (dollars in thousands):
State Bank's regulatory ratios at the dates indicated are presented in the table below (dollars in thousands):
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Commitments and Contingent Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Commitments | A summary of the Company's commitments is as follows (dollars in thousands):
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Fair Value (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present financial assets and financial liabilities measured at fair value on a recurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation |
(1) The change in fair value, recorded as a component of "mortgage banking income" on the consolidated statements of income, was a loss of $294,000 for the three months ended September 30, 2016 and a gain of $194,000 for the nine months ended September 30, 2016. The change in fair value resulted in a loss of $77,000 for the three months ended September 30, 2015 and a gain $263,000 for the nine months ended September 30, 2015. |
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Fair Value Measurements, Financial Assets Measured on a Nonrecurring Basis | The following table presents financial assets measured at fair value on a nonrecurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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Fair Value Measurements Nonfinancial Assets Nonrecurring | The following table presents nonfinancial assets measured at fair value on a nonrecurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table is a reconciliation of the fair value measurement of other real estate owned disclosed in accordance with ASC 820 to the amount recorded on the consolidated statement of financial condition at the dates indicated (dollars in thousands):
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Fair Value Measurements Unobservable Inputs | The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at the dates indicated (dollars in thousands):
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Fair Value Measurements, Recurring and Nonrecurring | The following table includes the estimated fair value of the Company's financial assets and financial liabilities (dollars in thousands). The methodologies for estimating the fair value of financial assets and financial liabilities measured on a recurring and nonrecurring basis are discussed above. The methodologies for estimating the fair value for other financial assets and financial liabilities are discussed below. The Company has determined the estimated fair value amounts using available market information and appropriate valuation methodologies; however, considerable judgment is required to interpret market data in order to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation techniques may have a material effect on the estimated fair value amounts at September 30, 2016 and December 31, 2015.
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Earnings per share have been computed based on the following weighted average number of common shares outstanding (dollars in thousands, except per share data):
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Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The components of AOCI and changes in those components for the periods presented are as follows (dollars in thousands):
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Reclassification out of Accumulated Other Comprehensive Income | Reclassifications from AOCI into income for the periods presented are as follows (dollars in thousands):
|
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Income tax benefit (expense) | $ (6,885) | $ (5,071) | $ (20,606) | $ (8,855) | |
New Accounting Pronouncement, Early Adoption, Effect | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Income tax benefit (expense) | $ 146 |
Acquisitions (Purchased Credit Impaired Loans Acquired) (Details) - Georgia-Carolina Bancshares, Inc. $ in Thousands |
Jan. 01, 2015
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Contractually required principal and interest at acquisition | $ 3,060 |
Contractual cash flows not expected to be collected (nonaccretable difference) | (783) |
Expected cash flows at acquisition | 2,277 |
Accretable difference | (317) |
Basis in acquired loans at acquisition - estimated fair value | $ 1,960 |
Investment Securities (Held-to-maturity Securities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 67,071 | $ 0 |
Unrealized Gains | 393 | 0 |
Unrealized Losses | 21 | 0 |
Investment securities held-to-maturity - fair value | 67,443 | 0 |
Asset-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 56,789 | 0 |
Unrealized Gains | 175 | 0 |
Unrealized Losses | 21 | 0 |
Investment securities held-to-maturity - fair value | 56,943 | 0 |
Corporate securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 10,282 | 0 |
Unrealized Gains | 218 | 0 |
Unrealized Losses | 0 | 0 |
Investment securities held-to-maturity - fair value | $ 10,500 | $ 0 |
Investment Securities (Transfer to Held-to-maturity Securities) (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Investments, Debt and Equity Securities [Abstract] | |
Book value | $ 56,767 |
Market value | 56,595 |
Unrealized loss | $ (172) |
Investment Securities (Held-to-maturity Security Maturities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Amortized Cost: | ||
1 Year or Less | $ 0 | |
1-5 Years | 0 | |
5-10 Years | 41,952 | |
After 10 Years | 25,119 | |
Amortized Cost | 67,071 | $ 0 |
Fair Value: | ||
1 Year or Less | 0 | |
1-5 Years | 0 | |
5-10 Years | 42,270 | |
After 10 Years | 25,173 | |
Total debt securities held-to-maturity | 67,443 | 0 |
Asset-backed securities | ||
Amortized Cost: | ||
1 Year or Less | 0 | |
1-5 Years | 0 | |
5-10 Years | 31,670 | |
After 10 Years | 25,119 | |
Amortized Cost | 56,789 | 0 |
Fair Value: | ||
1 Year or Less | 0 | |
1-5 Years | 0 | |
5-10 Years | 31,770 | |
After 10 Years | 25,173 | |
Total debt securities held-to-maturity | 56,943 | 0 |
Corporate securities | ||
Amortized Cost: | ||
1 Year or Less | 0 | |
1-5 Years | 0 | |
5-10 Years | 10,282 | |
After 10 Years | 0 | |
Amortized Cost | 10,282 | 0 |
Fair Value: | ||
1 Year or Less | 0 | |
1-5 Years | 0 | |
5-10 Years | 10,500 | |
After 10 Years | 0 | |
Total debt securities held-to-maturity | $ 10,500 | $ 0 |
Investment Securities (Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Schedule of Held-to-maturity Securities [Line Items] | |
Less than 12 months, Fair Value | $ 0 |
Less than 12 months, Unrealized Losses | 0 |
12 Months or More, Fair Value | 9,925 |
12 Months or More, Unrealized Losses | 21 |
Total, Fair Value | 9,925 |
Total, Unrealized Losses | 21 |
Asset-backed securities | |
Schedule of Held-to-maturity Securities [Line Items] | |
Less than 12 months, Fair Value | 0 |
Less than 12 months, Unrealized Losses | 0 |
12 Months or More, Fair Value | 9,925 |
12 Months or More, Unrealized Losses | 21 |
Total, Fair Value | 9,925 |
Total, Unrealized Losses | $ 21 |
Investment Securities (Gains and Losses on Investment Securities Available-for-Sale) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales and calls | $ 28,705 | $ 15,535 | $ 93,584 | $ 317,422 |
Gross gains on sales and calls | 38 | 17 | 447 | 602 |
Gross losses on sales and calls | 0 | 0 | 0 | (264) |
Net realized gains (losses) on sales and calls | $ 38 | $ 17 | $ 447 | $ 338 |
Investment Securities (Narrative) (Details) $ in Millions |
Sep. 30, 2016
USD ($)
Investment_Securities
|
Dec. 31, 2015
USD ($)
|
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Number of investments in unrealized loss position (investment securities) | Investment_Securities | 58 | |
Available-for-sale securities pledged as collateral | $ | $ 290.3 | $ 424.8 |
Loans (Changes in Carrying Values of Purchased Credit Impaired Loans) (Details) - Purchased Credit Impaired - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Changes in Carrying Value of Purchased Credit Impaired Loans | ||||
Balance, beginning of period | $ 129,100 | $ 167,386 | $ 137,777 | $ 196,093 |
Accretion of fair value discounts | 9,335 | 11,156 | 33,039 | 35,590 |
Fair value of acquired loans | 0 | 0 | 1,300 | 1,960 |
Reductions in principal balances resulting from repayments, write-offs and foreclosures | (17,032) | (29,194) | (53,078) | (84,566) |
Change in the allowance for loan and lease losses on purchased credit impaired loans | 142 | 1,221 | 2,507 | 1,492 |
Balance, end of period | $ 121,545 | $ 150,569 | $ 121,545 | $ 150,569 |
Loans (Changes in Accretable Discount) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Changes in Accretable Discount | ||||
Balance, beginning of period | $ 75,390 | $ 103,800 | $ 86,100 | $ 120,061 |
Additions from acquisitions | 0 | 0 | 1,648 | 317 |
Accretion | (9,335) | (11,156) | (33,039) | (35,590) |
Transfers to accretable discounts and exit events, net | 5,939 | 3,899 | 17,285 | 11,755 |
Balance, end of period | $ 71,994 | $ 96,543 | $ 71,994 | $ 96,543 |
Other Real Estate Owned (OREO) (Narrative) (Details) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Banking and Thrift [Abstract] | |
Consumer mortgage loans secured by residential real estate in process of foreclosure | $ 125 |
Other Real Estate Owned (OREO) (Types of OREO) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Other real estate owned | $ 10,609 | $ 10,530 |
Construction, land development, and other land | ||
Financing Receivable, Impaired [Line Items] | ||
Other real estate owned | 2,251 | 2,115 |
Commercial and farmland real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Other real estate owned | 6,153 | 7,098 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Other real estate owned | $ 2,205 | $ 1,317 |
Other Real Estate Owned (OREO) (By Type of Loan Foreclosure) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Other real estate owned | $ 10,609 | $ 10,530 |
Organic OREO | ||
Financing Receivable, Impaired [Line Items] | ||
Other real estate owned | 83 | 33 |
Purchased Non-Credit Impaired OREO | ||
Financing Receivable, Impaired [Line Items] | ||
Other real estate owned | 21 | 0 |
Purchased Credit Impaired OREO | ||
Financing Receivable, Impaired [Line Items] | ||
Other real estate owned | $ 10,505 | $ 10,497 |
SBA Servicing Rights (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Transfers and Servicing [Abstract] | |||||
SBA loans sold, unpaid principal balance | $ 13,700 | $ 13,900 | $ 38,600 | $ 30,400 | |
SBA loans sold, gains on sales | 1,300 | 1,500 | 3,900 | 3,300 | |
SBA servicing fee income | 383 | $ 255 | 974 | $ 677 | |
SBA loans serviced | $ 131,100 | $ 131,100 | $ 106,800 |
SBA Servicing Rights (Rollforward) (Details) - SBA Loans - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Balance, beginning of period | $ 3,165 | $ 2,185 | $ 2,626 | $ 1,516 |
Additions | 339 | 403 | 963 | 805 |
Fair value adjustments | (229) | (125) | (314) | 142 |
Balance, end of period | $ 3,275 | $ 2,463 | $ 3,275 | $ 2,463 |
SBA Servicing Rights (Fair Value Assumptions & Sensitivity Analysis) (Details) - SBA Loans - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
|
Servicing Assets at Fair Value [Line Items] | ||||||
Fair value | $ 3,275 | $ 2,626 | $ 3,165 | $ 2,463 | $ 2,185 | $ 1,516 |
Weighted average discount rate (percent) | 12.30% | 12.10% | ||||
Decline in fair value due to a 100 basis point adverse change | $ (118) | $ (95) | ||||
Decline in fair value due to a 200 basis point adverse change | $ (228) | $ (183) | ||||
Prepayment speed (percent) | 7.90% | 7.60% | ||||
Decline in fair value due to a 10% adverse change | $ (103) | $ (79) | ||||
Decline in fair value due to a 20% adverse change | $ (201) | $ (153) | ||||
Weighted average remaining life | 7 years 1 month 25 days | 7 years 2 months 12 days |
FDIC Receivable for Loss Share Agreements (Calculation of Loss) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
May 21, 2015
acquisition
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
|
FDIC Receivable for Loss Sharing Agreements [Abstract] | |||
Number of FDIC assisted acquisitions | acquisition | 12 | ||
Cash paid to the FDIC to settle loss share agreements | $ (3,100) | ||
FDIC loss share receivable | (16,959) | ||
FDIC clawback payable | 5,511 | ||
Loss on termination of FDIC loss share | $ (14,548) | (14,548) | |
Net amortization of FDIC receivable for loss share agreements during the period | $ 0 | (1,940) | |
Amortization of FDIC receivable for loss share agreements | $ (16,488) |
FDIC Receivable for Loss Share Agreements (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2015 |
Sep. 30, 2015 |
|
FDIC Indemnification Asset [Roll Forward] | ||
Balance, beginning of period | $ 0 | $ 22,320 |
Provision for loan and lease losses attributable to FDIC for loss share agreements | 0 | 1,045 |
Wires sent | 0 | 1,784 |
Net recoveries | 0 | (6,627) |
Amortization | 0 | (1,940) |
External expenses qualifying under loss share agreements | 0 | 377 |
Termination of FDIC loss share | 0 | (16,959) |
Balance, end of period | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities (Balance Sheet Disclosures) (Details) - Interest rate swaps and caps - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 188 | $ 1,262 |
Liability Derivatives | 4,712 | 1,670 |
Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 188 | 1,262 |
Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4,459 | 1,496 |
Not Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Not Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 253 | $ 174 |
Derivative Instruments and Hedging Activities (Fair Value Hedges) (Details) - Designated as Hedging Instrument - Noninterest Income - Fair Value Hedging - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gain (loss) recognized in income on fair value hedge ineffectiveness | $ 21 | $ (216) | $ (290) | $ (248) |
Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in income on derivatives | 977 | (2,352) | (3,396) | (2,485) |
Amount of (loss) gain recognized in income on hedged items | (956) | 2,136 | 3,106 | 2,237 |
Total net gain (loss) recognized in income on fair value hedge ineffectiveness | $ 21 | $ (216) | $ (290) | $ (248) |
Derivative Instruments and Hedging Activities (Cash Flow Hedges) (Details) - Interest Rate Caps - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivatives (effective portion) | $ 393 | $ (747) | $ (43) | $ (2,022) |
Other Comprehensive Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivatives (effective portion) | 73 | (893) | (847) | (2,388) |
Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of loss reclassified from AOCI into income (effective portion) | $ 320 | $ 146 | $ 804 | $ 366 |
Derivative Instruments and Hedging Activities (Interest Rate Products Not Designated as Hedges) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income | $ 42 | $ (1,371) | $ (285) | $ (310) |
Noninterest Income | Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income | 21 | (176) | (199) | (179) |
Noninterest Income | Interest Rate Products | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income | (430) | 431 | 313 | 615 |
Noninterest Income | Forward Commitments | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income | $ 451 | $ (1,626) | $ (399) | $ (746) |
Balance Sheet Offsetting and Repurchase Agreements (Narrative) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Offsetting [Abstract] | ||
Securities sold under repurchase agreements | $ 20,124 | $ 32,179 |
Regulatory Matters (Minimum Required Regulatory Ratios) (Details) |
Sep. 30, 2016 |
---|---|
Common Equity Tier 1 Capital | |
Common Equity Tier 1 Capital (CET1), Minimum Requirement | 4.50% |
Common Equity Tier 1 Capital (CET1), Well-capitalized | 6.50% |
Tier I Capital | |
Tier 1, Minimum Requirement | 6.00% |
Tier 1, Well-capitalized | 8.00% |
Total Capital | |
Total Capital, Minimum Requirement | 8.00% |
Total Capital, Well-capitalized | 10.00% |
Tier I Leverage | |
Tier 1 Leverage, Minimum Requirement | 4.00% |
Tier 1 Leverage, Well-capitalized | 5.00% |
Regulatory Matters (Regulatory Ratios Consolidated) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
CET1 Capital | ||
CET1 Capital, Amount | $ 512,482 | $ 493,294 |
CET1, Ratio (percent) | 16.68% | 17.71% |
CET1 Capital, Required Minimum Amount | $ 138,262 | $ 125,372 |
Tier I Capital | ||
Tier 1 Capital, Amount | $ 512,482 | $ 493,294 |
Tier 1 Capital, Ratio (percent) | 16.68% | 17.71% |
Tier 1 Capital, Required Minimum Amount | $ 184,350 | $ 167,162 |
Total Capital | ||
Total Capital, Amount | $ 539,659 | $ 522,369 |
Total Capital, Ratio (percent) | 17.56% | 18.75% |
Total Capital, Required Minimum Amount | $ 245,800 | $ 222,883 |
Tier I Leverage | ||
Tier 1 Leverage, Amount | $ 512,482 | $ 493,294 |
Tier 1 Leverage, Ratio (percent) | 14.64% | 14.48% |
Tier 1 Leverage, Required Minimum Amount | $ 139,975 | $ 136,315 |
Regulatory Matters (Narrative) (Details) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
FDIC, Minimum leverage ratio required for capital adequacy (as a percent) | 10.00% | |
FDIC, Minimum risk-based capital ratio required for capital adequacy (as a percent) | 12.00% | |
Cash and amounts due from depository institutions | $ 10,648,000 | $ 12,175,000 |
State Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capacity to pay dividends without prior regulatory approval | 0 | |
Cash and amounts due from depository institutions | $ 45,600,000 |
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Commitments [Line Items] | ||
Commitments | $ 609,653 | $ 538,114 |
Minimum | ||
Commitments [Line Items] | ||
Fixed rate loan commitments maturity | 1 month | |
Maximum | ||
Commitments [Line Items] | ||
Fixed rate loan commitments maturity | 14 years | |
Fixed | Commitments to extend credit | ||
Commitments [Line Items] | ||
Commitments | $ 34,296 | 28,744 |
Fixed | Financial standby letters of credit: | ||
Commitments [Line Items] | ||
Commitments | 2,517 | 1,907 |
Variable | Commitments to extend credit | ||
Commitments [Line Items] | ||
Commitments | 569,705 | 502,538 |
Variable | Financial standby letters of credit: | ||
Commitments [Line Items] | ||
Commitments | 3,135 | $ 4,925 |
Obligation to repurchase or indemnify loans sold | ||
Commitments [Line Items] | ||
Recourse liability | $ 301 |
Fair Value (Mortgage Derivatives Reconciliation) (Details) - Mortgage Derivatives - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Assets | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | $ 1,338 | $ 780 | $ 651 | $ 0 |
Acquired | 0 | 0 | 0 | 272 |
Issuances | 427 | 488 | 2,084 | 1,574 |
Settlements and closed loans | (854) | (378) | (1,824) | (956) |
Balance, end of period | 911 | 890 | 911 | 890 |
Other Liabilities | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | 560 | 303 | 361 | 0 |
Acquired | 0 | 0 | 0 | 135 |
Issuances | 427 | 488 | 1,596 | 1,140 |
Settlements and closed loans | (560) | (301) | (1,530) | (785) |
Balance, end of period | $ 427 | $ 490 | $ 427 | $ 490 |
Fair Value (Reconciliation of Other Real Estate Owned) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned at fair value | $ 10,609 | $ 10,530 |
Other Real Estate Owned | Assets measured on a nonrecurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned at fair value | 13,073 | 12,110 |
Estimated selling costs and other adjustments | (2,464) | (1,580) |
Other real estate owned | $ 10,609 | $ 10,530 |
Fair Value (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of mortgages held-for-sale | $ 45,100 | $ 45,100 | ||
Mortgage loans held for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contractual balance including accrued interest | 43,800 | 43,800 | ||
Gain (loss) on change in fair value | 1,300 | |||
Mortgage Banking Income | Mortgage loans held for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on change in fair value | (749) | $ 1,224 | 324 | $ 885 |
Mortgage Banking Income | Mortgage Derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on change in fair value | $ (294) | $ 77 | $ 194 | $ 263 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Numerator: | ||||
Net income | $ 12,441 | $ 9,119 | $ 37,264 | $ 16,302 |
Net income allocated to participating securities | (348) | (272) | (1,021) | (452) |
Net income allocated to common stock | 12,093 | 8,847 | 36,243 | 15,850 |
Basic earnings per share computation: | ||||
Net income allocated to common stock | $ 12,093 | $ 8,847 | $ 36,243 | $ 15,850 |
Weighted average common shares outstanding, including shares considered participating securities | 36,895,121 | 35,752,673 | 36,953,036 | 35,294,418 |
Less: Average participating securities (in shares) | (1,031,938) | (1,065,319) | (1,012,634) | (978,502) |
Weighted average shares | 35,863,183 | 34,687,354 | 35,940,402 | 34,315,916 |
Basic earnings per share (usd per share) | $ 0.34 | $ 0.26 | $ 1.01 | $ 0.46 |
Diluted earnings per share computation: | ||||
Net income allocated to common stock | $ 12,093 | $ 8,847 | $ 36,243 | $ 15,850 |
Weighted average shares | 35,863,183 | 34,687,354 | 35,940,402 | 34,315,916 |
Weighted average dilutive grants (shares) | 102,765 | 1,315,714 | 100,253 | 1,300,058 |
Weighted average shares and dilutive potential common shares | 35,965,948 | 36,003,068 | 36,040,655 | 35,615,974 |
Diluted earnings per share (usd per share) | $ 0.34 | $ 0.25 | $ 1.01 | $ 0.45 |
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