ý | 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 |
Mississippi | 64-0676974 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
209 Troy Street, Tupelo, Mississippi | 38804-4827 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | o |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o |
Page | ||
PART I | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
(Unaudited) | |||||||
September 30, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Cash and due from banks | $ | 143,478 | $ | 177,007 | |||
Interest-bearing balances with banks | 73,913 | 34,564 | |||||
Cash and cash equivalents | 217,391 | 211,571 | |||||
Securities held to maturity (fair value of $381,950 and $473,753, respectively) | 362,319 | 458,400 | |||||
Securities available for sale, at fair value | 677,638 | 646,805 | |||||
Mortgage loans held for sale, at fair value | 189,965 | 225,254 | |||||
Loans, net of unearned income: | |||||||
Acquired and covered by FDIC loss-share agreements ("acquired covered loans") | 30,533 | 93,142 | |||||
Acquired and not covered by FDIC loss-share agreements ("acquired not covered loans") | 1,548,674 | 1,489,886 | |||||
Not acquired | 4,526,026 | 3,830,434 | |||||
Total loans, net of unearned income | 6,105,233 | 5,413,462 | |||||
Allowance for loan losses | (45,924 | ) | (42,437 | ) | |||
Loans, net | 6,059,309 | 5,371,025 | |||||
Premises and equipment, net | 177,779 | 169,128 | |||||
Other real estate owned: | |||||||
Acquired and covered by FDIC loss-share agreements ("acquired covered OREO") | 926 | 2,818 | |||||
Acquired and not covered by FDIC loss-share agreements ("acquired not covered OREO") | 16,973 | 19,597 | |||||
Not acquired | 8,429 | 12,987 | |||||
Total other real estate owned, net | 26,328 | 35,402 | |||||
Goodwill | 470,534 | 445,871 | |||||
Other intangible assets, net | 25,699 | 28,811 | |||||
FDIC loss-share indemnification asset | 4,053 | 7,149 | |||||
Other assets | 331,456 | 327,080 | |||||
Total assets | $ | 8,542,471 | $ | 7,926,496 | |||
Liabilities and shareholders’ equity | |||||||
Liabilities | |||||||
Deposits | |||||||
Noninterest-bearing | $ | 1,514,820 | $ | 1,278,337 | |||
Interest-bearing | 5,302,978 | 4,940,265 | |||||
Total deposits | 6,817,798 | 6,218,602 | |||||
Short-term borrowings | 266,943 | 422,279 | |||||
Long-term debt | 202,637 | 148,217 | |||||
Other liabilities | 112,846 | 100,580 | |||||
Total liabilities | 7,400,224 | 6,889,678 | |||||
Shareholders’ equity | |||||||
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | — | — | |||||
Common stock, $5.00 par value – 150,000,000 shares authorized, 42,972,066 and 41,292,045 shares issued, respectively; 42,102,224 and 40,293,291 shares outstanding, respectively | 214,860 | 206,460 | |||||
Treasury stock, at cost | (21,222 | ) | (22,385 | ) | |||
Additional paid-in capital | 633,340 | 585,938 | |||||
Retained earnings | 321,527 | 276,340 | |||||
Accumulated other comprehensive loss, net of taxes | (6,258 | ) | (9,535 | ) | |||
Total shareholders’ equity | 1,142,247 | 1,036,818 | |||||
Total liabilities and shareholders’ equity | $ | 8,542,471 | $ | 7,926,496 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Interest income | |||||||||||||||
Loans | $ | 76,759 | $ | 67,527 | $ | 222,781 | $ | 165,418 | |||||||
Securities | |||||||||||||||
Taxable | 3,717 | 4,193 | 12,832 | 12,634 | |||||||||||
Tax-exempt | 2,425 | 2,529 | 7,378 | 7,029 | |||||||||||
Other | 131 | 51 | 308 | 154 | |||||||||||
Total interest income | 83,032 | 74,300 | 243,299 | 185,235 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 4,638 | 3,615 | 13,018 | 10,340 | |||||||||||
Borrowings | 2,663 | 2,073 | 7,339 | 5,888 | |||||||||||
Total interest expense | 7,301 | 5,688 | 20,357 | 16,228 | |||||||||||
Net interest income | 75,731 | 68,612 | 222,942 | 169,007 | |||||||||||
Provision for loan losses | 2,650 | 750 | 5,880 | 3,000 | |||||||||||
Net interest income after provision for loan losses | 73,081 | 67,862 | 217,062 | 166,007 | |||||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | 8,200 | 8,151 | 23,712 | 21,008 | |||||||||||
Fees and commissions | 4,921 | 4,271 | 14,042 | 11,408 | |||||||||||
Insurance commissions | 2,420 | 2,381 | 6,557 | 6,467 | |||||||||||
Wealth management revenue | 3,040 | 2,833 | 8,803 | 7,199 | |||||||||||
Mortgage banking income | 15,846 | 11,893 | 41,181 | 24,113 | |||||||||||
Net gain on sales of securities | — | — | 1,186 | 96 | |||||||||||
BOLI income | 979 | 1,110 | 2,929 | 2,668 | |||||||||||
Other | 2,866 | 1,440 | 8,750 | 3,869 | |||||||||||
Total noninterest income | 38,272 | 32,079 | 107,160 | 76,828 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 44,702 | 43,048 | 132,482 | 101,702 | |||||||||||
Data processing | 4,560 | 3,819 | 13,220 | 10,248 | |||||||||||
Net occupancy and equipment | 8,830 | 7,733 | 25,585 | 18,816 | |||||||||||
Other real estate owned | 1,540 | 861 | 4,111 | 2,347 | |||||||||||
Professional fees | 1,313 | 1,242 | 3,789 | 3,238 | |||||||||||
Advertising and public relations | 1,661 | 1,567 | 5,040 | 4,351 | |||||||||||
Intangible amortization | 1,684 | 1,803 | 5,123 | 4,317 | |||||||||||
Communications | 2,097 | 2,339 | 6,308 | 5,263 | |||||||||||
Extinguishment of debt | 2,210 | — | 2,539 | — | |||||||||||
Merger and conversion related expenses | 268 | 7,746 | 4,023 | 9,691 | |||||||||||
Other | 7,603 | 5,821 | 21,321 | 14,407 | |||||||||||
Total noninterest expense | 76,468 | 75,979 | 223,541 | 174,380 | |||||||||||
Income before income taxes | 34,885 | 23,962 | 100,681 | 68,455 | |||||||||||
Income taxes | 11,706 | 7,742 | 33,386 | 21,601 | |||||||||||
Net income | $ | 23,179 | $ | 16,220 | $ | 67,295 | $ | 46,854 | |||||||
Basic earnings per share | $ | 0.55 | $ | 0.40 | $ | 1.62 | $ | 1.36 | |||||||
Diluted earnings per share | $ | 0.55 | $ | 0.40 | $ | 1.61 | $ | 1.35 | |||||||
Cash dividends per common share | $ | 0.18 | $ | 0.17 | $ | 0.53 | $ | 0.51 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 23,179 | $ | 16,220 | $ | 67,295 | $ | 46,854 | |||||||
Other comprehensive income, net of tax: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Unrealized holding gains on securities | 1,385 | 3,717 | 5,260 | 2,505 | |||||||||||
Reclassification adjustment for gains realized in net income | — | — | (728 | ) | (60 | ) | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (11 | ) | (26 | ) | (49 | ) | (86 | ) | |||||||
Total securities | 1,374 | 3,691 | 4,483 | 2,359 | |||||||||||
Derivative instruments: | |||||||||||||||
Unrealized holding gains (losses) on derivative instruments | 495 | (1,075 | ) | (1,199 | ) | (881 | ) | ||||||||
Totals derivative instruments | 495 | (1,075 | ) | (1,199 | ) | (881 | ) | ||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||
Reclassification adjustment for net settlement gain realized in net income | (235 | ) | — | (235 | ) | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 76 | 55 | 228 | 180 | |||||||||||
Total defined benefit pension and post-retirement benefit plans | (159 | ) | 55 | (7 | ) | 180 | |||||||||
Other comprehensive income, net of tax | 1,710 | 2,671 | 3,277 | 1,658 | |||||||||||
Comprehensive income | $ | 24,889 | $ | 18,891 | $ | 70,572 | $ | 48,512 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Operating activities | |||||||
Net income | $ | 67,295 | $ | 46,854 | |||
Adjustments to reconcile net income to net cash used in operating activities, net of effects from acquisitions: | |||||||
Provision for loan losses | 5,880 | 3,000 | |||||
Depreciation, amortization and accretion | 839 | 5,053 | |||||
Deferred income tax expense | 5,663 | 3,794 | |||||
Funding of mortgage loans held for sale | (1,516,650 | ) | (992,555 | ) | |||
Proceeds from sales of mortgage loans held for sale | 1,579,476 | 1,069,625 | |||||
Gains on sales of mortgage loans held for sale | (26,687 | ) | (20,618 | ) | |||
Gains on sales of securities | (1,186 | ) | (96 | ) | |||
Penalty on extinguishment of debt | 2,539 | — | |||||
Losses on sales of premises and equipment | 105 | 37 | |||||
Stock-based compensation | 2,563 | 2,739 | |||||
Decrease in FDIC loss-share indemnification asset, net of accretion | 2,442 | 5,202 | |||||
Decrease in other assets | 7,556 | 17,182 | |||||
Decrease in other liabilities | (5,097 | ) | (11,047 | ) | |||
Net cash provided by operating activities | 124,738 | 129,170 | |||||
Investing activities | |||||||
Purchases of securities available for sale | (82,243 | ) | (54,256 | ) | |||
Proceeds from sales of securities available for sale | 4,028 | 8,444 | |||||
Proceeds from call/maturities of securities available for sale | 117,232 | 83,488 | |||||
Purchases of securities held to maturity | (10,644 | ) | (137,776 | ) | |||
Proceeds from call/maturities of securities held to maturity | 109,305 | 121,438 | |||||
Net increase in loans | (407,570 | ) | (177,740 | ) | |||
Purchases of premises and equipment | (8,958 | ) | (19,364 | ) | |||
Proceeds from sales of premises and equipment | 2,462 | 448 | |||||
Proceeds from sales of other assets | 11,040 | — | |||||
Net cash received in acquisition of businesses | 25,263 | 35,787 | |||||
Net cash used in investing activities | (240,085 | ) | (139,531 | ) | |||
Financing activities | |||||||
Net increase in noninterest-bearing deposits | 163,406 | 107,728 | |||||
Net increase (decrease) in interest-bearing deposits | 85,005 | (85,693 | ) | ||||
Net (decrease) increase in short-term borrowings | (157,685 | ) | 355,063 | ||||
Proceeds from long-term borrowings | 98,434 | 42 | |||||
Repayment of long-term debt | (46,964 | ) | (307,230 | ) | |||
Cash paid for dividends | (22,108 | ) | (17,681 | ) | |||
Cash received on exercise of stock options | 415 | 102 | |||||
Excess tax benefit from stock-based compensation | 664 | 296 | |||||
Net cash provided by financing activities | 121,167 | 52,627 | |||||
Net increase in cash and cash equivalents | 5,820 | 42,266 | |||||
Cash and cash equivalents at beginning of period | 211,571 | 161,583 | |||||
Cash and cash equivalents at end of period | $ | 217,391 | $ | 203,849 | |||
Supplemental disclosures | |||||||
Cash paid for interest | $ | 19,658 | $ | 15,936 | |||
Cash paid for income taxes | $ | 22,731 | $ | 10,768 | |||
Noncash transactions: | |||||||
Transfers of loans to other real estate owned | $ | 5,147 | $ | 12,268 | |||
Financed sales of other real estate owned | $ | 538 | $ | 1,017 | |||
Transfers of loans held for sale to loan portfolio | $ | 15,455 | $ | — | |||
Common stock issued in acquisition of businesses | $ | 55,290 | $ | 281,530 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
September 30, 2016 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 14,100 | $ | 58 | $ | — | $ | 14,158 | |||||||
Obligations of states and political subdivisions | 348,219 | 19,591 | (18 | ) | 367,792 | ||||||||||
$ | 362,319 | $ | 19,649 | $ | (18 | ) | $ | 381,950 | |||||||
December 31, 2015 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 101,155 | $ | 26 | $ | (1,214 | ) | $ | 99,967 | ||||||
Obligations of states and political subdivisions | 357,245 | 16,636 | (95 | ) | 373,786 | ||||||||||
$ | 458,400 | $ | 16,662 | $ | (1,309 | ) | $ | 473,753 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
September 30, 2016 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 2,073 | $ | 136 | $ | — | $ | 2,209 | |||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 403,847 | 8,497 | (144 | ) | 412,200 | ||||||||||
Government agency collateralized mortgage obligations | 168,479 | 2,370 | (559 | ) | 170,290 | ||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 52,828 | 2,093 | (15 | ) | 54,906 | ||||||||||
Government agency collateralized mortgage obligations | 2,541 | 127 | — | 2,668 | |||||||||||
Trust preferred securities | 24,628 | — | (6,536 | ) | 18,092 | ||||||||||
Other debt securities | 16,708 | 574 | (9 | ) | 17,273 | ||||||||||
Other equity securities | — | — | — | — | |||||||||||
$ | 671,104 | $ | 13,797 | $ | (7,263 | ) | $ | 677,638 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
December 31, 2015 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 6,093 | $ | 126 | $ | (19 | ) | $ | 6,200 | ||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 362,669 | 3,649 | (1,778 | ) | 364,540 | ||||||||||
Government agency collateralized mortgage obligations | 168,916 | 1,449 | (2,305 | ) | 168,060 | ||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 58,864 | 1,002 | (107 | ) | 59,759 | ||||||||||
Government agency collateralized mortgage obligations | 4,947 | 158 | (1 | ) | 5,104 | ||||||||||
Trust preferred securities | 24,770 | — | (5,301 | ) | 19,469 | ||||||||||
Other debt securities | 18,899 | 468 | (34 | ) | 19,333 | ||||||||||
Other equity securities | 2,500 | 1,840 | — | 4,340 | |||||||||||
$ | 647,658 | $ | 8,692 | $ | (9,545 | ) | $ | 646,805 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Gross gains on sales of securities available for sale | $ | — | $ | — | $ | 1,257 | $ | 96 | |||||||
Gross losses on sales of securities available for sale | — | — | (71 | ) | — | ||||||||||
Gains on sales of securities available for sale, net | $ | — | $ | — | $ | 1,186 | $ | 96 |
Held to Maturity | Available for Sale | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | 14,414 | $ | 14,515 | $ | — | $ | — | |||||||
Due after one year through five years | 102,712 | 107,110 | 2,073 | 2,209 | |||||||||||
Due after five years through ten years | 132,755 | 140,556 | — | — | |||||||||||
Due after ten years | 112,438 | 119,769 | 24,628 | 18,092 | |||||||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | — | 403,847 | 412,200 | |||||||||||
Government agency collateralized mortgage obligations | — | — | 168,479 | 170,290 | |||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | — | 52,828 | 54,906 | |||||||||||
Government agency collateralized mortgage obligations | — | — | 2,541 | 2,668 | |||||||||||
Other debt securities | — | — | 16,708 | 17,273 | |||||||||||
Other equity securities | — | — | — | — | |||||||||||
$ | 362,319 | $ | 381,950 | $ | 671,104 | $ | 677,638 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||||||||
September 30, 2016 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 0 | $ | — | $ | — | 0 | $ | — | $ | — | 0 | $ | — | $ | — | ||||||||||||||
Obligations of states and political subdivisions | 4 | 2,356 | (18 | ) | 0 | — | — | 4 | 2,356 | (18 | ) | ||||||||||||||||||
Total | 4 | $ | 2,356 | $ | (18 | ) | 0 | $ | — | $ | — | 4 | 2,356 | $ | (18 | ) | |||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 10 | $ | 31,567 | $ | (414 | ) | 8 | $ | 38,688 | $ | (800 | ) | 18 | $ | 70,255 | $ | (1,214 | ) | |||||||||||
Obligations of states and political subdivisions | 6 | 4,815 | (53 | ) | 7 | 4,921 | (42 | ) | 13 | 9,736 | (95 | ) | |||||||||||||||||
Total | 16 | $ | 36,382 | $ | (467 | ) | 15 | $ | 43,609 | $ | (842 | ) | 31 | $ | 79,991 | $ | (1,309 | ) | |||||||||||
Available for Sale: | |||||||||||||||||||||||||||||
September 30, 2016 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 0 | $ | — | $ | — | 0 | $ | — | $ | — | 0 | $ | — | $ | — | ||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 8 | 26,199 | (64 | ) | 5 | 12,716 | (80 | ) | 13 | 38,915 | (144 | ) | |||||||||||||||||
Government agency collateralized mortgage obligations | 9 | 21,994 | (104 | ) | 13 | 36,317 | (455 | ) | 22 | 58,311 | (559 | ) | |||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 5,078 | (6 | ) | 2 | 1,110 | (9 | ) | 3 | 6,188 | (15 | ) | |||||||||||||||||
Government agency collateralized mortgage obligations | 0 | — | — | 0 | — | — | 0 | — | — | ||||||||||||||||||||
Trust preferred securities | 0 | — | — | 3 | 18,092 | (6,536 | ) | 3 | 18,092 | (6,536 | ) | ||||||||||||||||||
Other debt securities | 1 | 1,214 | (3 | ) | 1 | 1,337 | (6 | ) | 2 | 2,551 | (9 | ) | |||||||||||||||||
Total | 19 | $ | 54,485 | $ | (177 | ) | 24 | $ | 69,572 | $ | (7,086 | ) | 43 | $ | 124,057 | $ | (7,263 | ) | |||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 1 | $ | 3,981 | $ | (19 | ) | 0 | $ | — | $ | — | 1 | $ | 3,981 | $ | (19 | ) | ||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 34 | 130,306 | (937 | ) | 9 | 27,431 | (841 | ) | 43 | 157,737 | (1,778 | ) | |||||||||||||||||
Government agency collateralized mortgage obligations | 25 | 52,128 | (347 | ) | 16 | 51,574 | (1,958 | ) | 41 | 103,702 | (2,305 | ) | |||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 8 | 16,782 | (104 | ) | 1 | 814 | (3 | ) | 9 | 17,596 | (107 | ) | |||||||||||||||||
Government agency collateralized mortgage obligations | 1 | 1,882 | (1 | ) | 0 | — | — | 1 | 1,882 | (1 | ) | ||||||||||||||||||
Trust preferred securities | 0 | — | — | 3 | 19,469 | (5,301 | ) | 3 | 19,469 | (5,301 | ) | ||||||||||||||||||
Other debt securities | 1 | 1,316 | (3 | ) | 2 | 3,866 | (31 | ) | 3 | 5,182 | (34 | ) | |||||||||||||||||
Other equity securities | 0 | — | — | 0 | — | — | 0 | — | — | ||||||||||||||||||||
Total | 70 | $ | 206,395 | $ | (1,411 | ) | 31 | $ | 103,154 | $ | (8,134 | ) | 101 | $ | 309,549 | $ | (9,545 | ) |
Name | Single/ Pooled | Class/ Tranche | Amortized Cost | Fair Value | Unrealized Loss | Lowest Credit Rating | Issuers Currently in Deferral or Default | |||||||||||||
XXIII | Pooled | B-2 | $ | 8,337 | $ | 5,495 | $ | (2,842 | ) | Baa3 | 17 | % | ||||||||
XXIV | Pooled | B-2 | 12,070 | 9,647 | (2,423 | ) | Caa2 | 27 | % | |||||||||||
XXVI | Pooled | B-2 | 4,221 | 2,950 | (1,271 | ) | Ba3 | 22 | % | |||||||||||
$ | 24,628 | $ | 18,092 | $ | (6,536 | ) |
2016 | 2015 | ||||||
Balance at January 1 | $ | (3,337 | ) | $ | (3,337 | ) | |
Additions related to credit losses for which OTTI was not previously recognized | — | — | |||||
Increases in credit loss for which OTTI was previously recognized | — | — | |||||
Balance at September 30 | $ | (3,337 | ) | $ | (3,337 | ) |
September 30, 2016 | December 31, 2015 | ||||||
Commercial, financial, agricultural | $ | 694,126 | $ | 636,837 | |||
Lease financing | 47,695 | 35,978 | |||||
Real estate – construction | 487,638 | 357,665 | |||||
Real estate – 1-4 family mortgage | 1,870,644 | 1,735,323 | |||||
Real estate – commercial mortgage | 2,895,631 | 2,533,729 | |||||
Installment loans to individuals | 111,684 | 115,093 | |||||
Gross loans | 6,107,418 | 5,414,625 | |||||
Unearned income | (2,185 | ) | (1,163 | ) | |||
Loans, net of unearned income | 6,105,233 | 5,413,462 | |||||
Allowance for loan losses | (45,924 | ) | (42,437 | ) | |||
Net loans | $ | 6,059,309 | $ | 5,371,025 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||
September 30, 2016 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,657 | $ | 1,486 | $ | 689,042 | $ | 692,185 | $ | 87 | $ | 1,123 | $ | 731 | $ | 1,941 | $ | 694,126 | |||||||||||||||||
Lease financing | — | 342 | 47,353 | 47,695 | — | — | — | — | 47,695 | ||||||||||||||||||||||||||
Real estate – construction | 1,835 | 559 | 485,096 | 487,490 | — | 148 | — | 148 | 487,638 | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 8,124 | 5,059 | 1,847,459 | 1,860,642 | 860 | 3,687 | 5,455 | 10,002 | 1,870,644 | ||||||||||||||||||||||||||
Real estate – commercial mortgage | 10,345 | 8,183 | 2,863,205 | 2,881,733 | 53 | 7,059 | 6,786 | 13,898 | 2,895,631 | ||||||||||||||||||||||||||
Installment loans to individuals | 419 | 92 | 110,975 | 111,486 | 64 | 134 | 198 | 111,684 | |||||||||||||||||||||||||||
Unearned income | (2,185 | ) | (2,185 | ) | — | (2,185 | ) | ||||||||||||||||||||||||||||
Total | $ | 22,380 | $ | 15,721 | $ | 6,040,945 | $ | 6,079,046 | $ | 1,000 | $ | 12,081 | $ | 13,106 | $ | 26,187 | $ | 6,105,233 | |||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,296 | $ | 1,077 | $ | 634,037 | $ | 636,410 | $ | 30 | $ | 133 | $ | 264 | $ | 427 | $ | 636,837 | |||||||||||||||||
Lease financing | — | — | 35,978 | 35,978 | — | — | — | — | 35,978 | ||||||||||||||||||||||||||
Real estate – construction | 69 | 176 | 357,420 | 357,665 | — | — | — | — | 357,665 | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 9,196 | 6,457 | 1,707,230 | 1,722,883 | 528 | 3,663 | 8,249 | 12,440 | 1,735,323 | ||||||||||||||||||||||||||
Real estate – commercial mortgage | 4,849 | 8,581 | 2,504,192 | 2,517,622 | 568 | 2,263 | 13,276 | 16,107 | 2,533,729 | ||||||||||||||||||||||||||
Installment loans to individuals | 260 | 102 | 114,671 | 115,033 | — | 53 | 7 | 60 | 115,093 | ||||||||||||||||||||||||||
Unearned income | — | — | (1,163 | ) | (1,163 | ) | — | — | — | — | (1,163 | ) | |||||||||||||||||||||||
Total | $ | 15,670 | $ | 16,393 | $ | 5,352,365 | $ | 5,384,428 | $ | 1,126 | $ | 6,112 | $ | 21,796 | $ | 29,034 | $ | 5,413,462 |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
September 30, 2016 | |||||||||||||||||||
Commercial, financial, agricultural | $ | 2,431 | $ | 2,245 | $ | 135 | $ | 2,380 | $ | 1,004 | |||||||||
Lease financing | — | — | — | — | — | ||||||||||||||
Real estate – construction | 1,042 | 820 | 222 | 1,042 | 2 | ||||||||||||||
Real estate – 1-4 family mortgage | 20,208 | 18,501 | — | 18,501 | 5,144 | ||||||||||||||
Real estate – commercial mortgage | 16,126 | 12,669 | — | 12,669 | 2,635 | ||||||||||||||
Installment loans to individuals | 233 | 231 | — | 231 | 114 | ||||||||||||||
Total | $ | 40,040 | $ | 34,466 | $ | 357 | $ | 34,823 | $ | 8,899 | |||||||||
December 31, 2015 | |||||||||||||||||||
Commercial, financial, agricultural | $ | 1,308 | $ | 358 | $ | 12 | $ | 370 | $ | 6 | |||||||||
Lease financing | — | — | — | — | — | ||||||||||||||
Real estate – construction | 2,710 | 2,698 | — | 2,698 | 20 | ||||||||||||||
Real estate – 1-4 family mortgage | 18,193 | 16,650 | — | 16,650 | 4,475 | ||||||||||||||
Real estate – commercial mortgage | 20,169 | 16,819 | — | 16,819 | 3,099 | ||||||||||||||
Installment loans to individuals | 90 | 90 | — | 90 | — | ||||||||||||||
Totals | $ | 42,470 | $ | 36,615 | $ | 12 | $ | 36,627 | $ | 7,600 |
Three Months Ended | Three Months Ended | ||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | 2,387 | $ | 28 | $ | 1,286 | $ | 7 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 1,010 | 26 | — | — | |||||||||||
Real estate – 1-4 family mortgage | 18,914 | 115 | 16,906 | 99 | |||||||||||
Real estate – commercial mortgage | 13,425 | 87 | 20,112 | 199 | |||||||||||
Installment loans to individuals | 234 | — | 71 | 2 | |||||||||||
Total | $ | 35,970 | $ | 256 | $ | 38,375 | $ | 307 |
Nine Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | 2,233 | $ | 48 | $ | 1,325 | $ | 21 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 819 | 28 | — | — | |||||||||||
Real estate – 1-4 family mortgage | 19,146 | 309 | 17,192 | 275 | |||||||||||
Real estate – commercial mortgage | 14,271 | 294 | 20,864 | 472 | |||||||||||
Installment loans to individuals | 239 | 2 | 71 | 2 | |||||||||||
Total | $ | 36,708 | $ | 681 | $ | 39,452 | $ | 770 |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
September 30, 2016 | |||||||||||||||||||
Commercial, financial, agricultural | $ | 21,678 | $ | 4,729 | $ | 7,765 | $ | 12,494 | $ | 448 | |||||||||
Lease financing | — | — | — | — | — | ||||||||||||||
Real estate – construction | 2,041 | 729 | 993 | 1,722 | |||||||||||||||
Real estate – 1-4 family mortgage | 96,394 | 22,308 | 57,924 | 80,232 | 726 | ||||||||||||||
Real estate – commercial mortgage | 248,508 | 84,859 | 116,141 | 201,000 | 2,243 | ||||||||||||||
Installment loans to individuals | 2,814 | 415 | 1,746 | 2,161 | 1 | ||||||||||||||
Total | $ | 371,435 | $ | 113,040 | $ | 184,569 | $ | 297,609 | $ | 3,418 | |||||||||
December 31, 2015 | |||||||||||||||||||
Commercial, financial, agricultural | $ | 27,049 | $ | 5,197 | $ | 11,292 | $ | 16,489 | $ | 353 | |||||||||
Lease financing | — | — | — | — | — | ||||||||||||||
Real estate – construction | 2,916 | — | 2,749 | 2,749 | — | ||||||||||||||
Real estate – 1-4 family mortgage | 109,293 | 15,702 | 75,947 | 91,649 | 256 | ||||||||||||||
Real estate – commercial mortgage | 287,821 | 53,762 | 168,848 | 222,610 | 1,096 | ||||||||||||||
Installment loans to individuals | 3,432 | 400 | 2,268 | 2,668 | 1 | ||||||||||||||
Totals | $ | 430,511 | $ | 75,061 | $ | 261,104 | $ | 336,165 | $ | 1,706 |
Three Months Ended | Three Months Ended | ||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | 15,317 | $ | 252 | $ | 12,379 | $ | 189 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 988 | 15 | 651 | 43 | |||||||||||
Real estate – 1-4 family mortgage | 92,830 | 1,056 | 78,933 | 1,129 | |||||||||||
Real estate – commercial mortgage | 226,533 | 2,635 | 219,229 | 3,487 | |||||||||||
Installment loans to individuals | 2,508 | 25 | 3,261 | 34 | |||||||||||
Total | $ | 338,176 | $ | 3,983 | $ | 314,453 | $ | 4,882 |
Nine Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | 15,768 | $ | 839 | $ | 12,298 | $ | 497 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 991 | 48 | 219 | 43 | |||||||||||
Real estate – 1-4 family mortgage | 93,900 | 3,000 | 76,851 | 2,974 | |||||||||||
Real estate – commercial mortgage | 224,004 | 7,859 | 217,130 | 8,779 | |||||||||||
Installment loans to individuals | 2,625 | 80 | 3,416 | 106 | |||||||||||
Total | $ | 337,288 | $ | 11,826 | $ | 309,914 | $ | 12,399 |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||
Three months ended September 30, 2016 | ||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||
Lease financing | — | — | — | |||||||
Real estate – construction | 1 | 510 | 510 | |||||||
Real estate – 1-4 family mortgage | 4 | 326 | 267 | |||||||
Real estate – commercial mortgage | — | — | — | |||||||
Installment loans to individuals | — | — | — | |||||||
Total | 5 | $ | 836 | $ | 777 | |||||
Three months ended September 30, 2015 | ||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||
Lease financing | — | — | — | |||||||
Real estate – construction | — | — | — | |||||||
Real estate – 1-4 family mortgage | 7 | 545 | 520 | |||||||
Real estate – commercial mortgage | 7 | 2,895 | 2,578 | |||||||
Installment loans to individuals | 1 | 67 | 67 | |||||||
Total | 15 | $ | 3,507 | $ | 3,165 |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||
Nine months ended September 30, 2016 | ||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||
Real estate – construction | 1 | 510 | 510 | |||||||
Real estate – 1-4 family mortgage | 17 | 1,611 | 1,421 | |||||||
Real estate – commercial mortgage | 2 | 612 | 606 | |||||||
Installment loans to individuals | — | — | — | |||||||
Total | 20 | $ | 2,733 | $ | 2,537 | |||||
Nine months ended September 30, 2015 | ||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||
Real estate – construction | — | — | — | |||||||
Real estate – 1-4 family mortgage | 32 | 2,858 | 2,650 | |||||||
Real estate – commercial mortgage | 12 | 6,896 | 6,567 | |||||||
Installment loans to individuals | 1 | 67 | 67 | |||||||
Total | 45 | $ | 9,821 | $ | 9,284 |
Number of Loans | Recorded Investment | |||||
Totals at January 1, 2016 | 85 | $ | 13,453 | |||
Additional loans with concessions | 23 | 2,926 | ||||
Reductions due to: | ||||||
Reclassified as nonperforming | (3 | ) | (1,336 | ) | ||
Paid in full | (17 | ) | (3,304 | ) | ||
Charge-offs | — | (32 | ) | |||
Transfer to other real estate owned | (1 | ) | (51 | ) | ||
Principal paydowns | — | (936 | ) | |||
Lapse of concession period | — | — | ||||
Reclassified as performing | — | — | ||||
Totals at September 30, 2016 | 87 | $ | 10,720 |
Pass | Watch | Substandard | Total | ||||||||||||
September 30, 2016 | |||||||||||||||
Commercial, financial, agricultural | $ | 515,497 | $ | 6,842 | $ | 2,633 | $ | 524,972 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 398,029 | 3,590 | 223 | 401,842 | |||||||||||
Real estate – 1-4 family mortgage | 291,311 | 10,024 | 11,948 | 313,283 | |||||||||||
Real estate – commercial mortgage | 2,332,496 | 25,166 | 13,968 | 2,371,630 | |||||||||||
Installment loans to individuals | 95 | — | 114 | 209 | |||||||||||
Total | $ | 3,537,428 | $ | 45,622 | $ | 28,886 | $ | 3,611,936 | |||||||
December 31, 2015 | |||||||||||||||
Commercial, financial, agricultural | $ | 465,185 | $ | 8,498 | $ | 1,734 | $ | 475,417 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 273,398 | 483 | — | 273,881 | |||||||||||
Real estate – 1-4 family mortgage | 275,269 | 9,712 | 15,460 | 300,441 | |||||||||||
Real estate – commercial mortgage | 1,968,352 | 27,175 | 20,683 | 2,016,210 | |||||||||||
Installment loans to individuals | 51 | — | 5 | 56 | |||||||||||
Total | $ | 2,982,255 | $ | 45,868 | $ | 37,882 | $ | 3,066,005 |
Performing | Non- Performing | Total | |||||||||
September 30, 2016 | |||||||||||
Commercial, financial, agricultural | $ | 155,856 | $ | 804 | $ | 156,660 | |||||
Lease financing | 45,168 | 342 | 45,510 | ||||||||
Real estate – construction | 83,537 | 537 | 84,074 | ||||||||
Real estate – 1-4 family mortgage | 1,472,268 | 4,861 | 1,477,129 | ||||||||
Real estate – commercial mortgage | 321,971 | 1,030 | 323,001 | ||||||||
Installment loans to individuals | 109,177 | 137 | 109,314 | ||||||||
Total | $ | 2,187,977 | $ | 7,711 | $ | 2,195,688 | |||||
December 31, 2015 | |||||||||||
Commercial, financial, agricultural | $ | 144,838 | $ | 93 | $ | 144,931 | |||||
Lease financing | 34,815 | — | 34,815 | ||||||||
Real estate – construction | 81,035 | — | 81,035 | ||||||||
Real estate – 1-4 family mortgage | 1,340,356 | 2,877 | 1,343,233 | ||||||||
Real estate – commercial mortgage | 294,042 | 867 | 294,909 | ||||||||
Installment loans to individuals | 112,275 | 94 | 112,369 | ||||||||
Total | $ | 2,007,361 | $ | 3,931 | $ | 2,011,292 |
Covered Loans | Not Covered Loans | Total | |||||||||
September 30, 2016 | |||||||||||
Commercial, financial, agricultural | $ | 14 | $ | 12,480 | $ | 12,494 | |||||
Lease financing | — | — | — | ||||||||
Real estate – construction | — | 1,722 | 1,722 | ||||||||
Real estate – 1-4 family mortgage | 23,190 | 57,042 | 80,232 | ||||||||
Real estate – commercial mortgage | 120 | 200,880 | 201,000 | ||||||||
Installment loans to individuals | 20 | 2,141 | 2,161 | ||||||||
Total | $ | 23,344 | $ | 274,265 | $ | 297,609 | |||||
December 31, 2015 | |||||||||||
Commercial, financial, agricultural | $ | 1,759 | $ | 14,730 | $ | 16,489 | |||||
Lease financing | — | — | — | ||||||||
Real estate – construction | 91 | 2,658 | 2,749 | ||||||||
Real estate – 1-4 family mortgage | 31,354 | 60,295 | 91,649 | ||||||||
Real estate – commercial mortgage | 33,726 | 188,884 | 222,610 | ||||||||
Installment loans to individuals | 43 | 2,625 | 2,668 | ||||||||
Total | $ | 66,973 | $ | 269,192 | $ | 336,165 |
Covered Loans | Not Covered Loans | Total | |||||||||
Contractually-required principal and interest | $ | 27,604 | $ | 393,329 | $ | 420,933 | |||||
Nonaccretable difference(1) | (3,626 | ) | (78,657 | ) | (82,283 | ) | |||||
Cash flows expected to be collected | 23,978 | 314,672 | 338,650 | ||||||||
Accretable yield(2) | (634 | ) | (40,407 | ) | (41,041 | ) | |||||
Fair value | $ | 23,344 | $ | 274,265 | $ | 297,609 |
(1) | Represents contractual principal and interest cash flows of $82,248 and $35, respectively, not expected to be collected. |
(2) | Represents contractual interest payments of $1,862 expected to be collected and purchase discount of $39,179. |
Covered Loans | Not Covered Loans | Total | |||||||||
Balance at January 1, 2016 | $ | (3,590 | ) | $ | (44,116 | ) | $ | (47,706 | ) | ||
Additions due to acquisition | — | (2,311 | ) | (2,311 | ) | ||||||
Transfer of balance to Not Covered Loans | 2,107 | (2,107 | ) | — | |||||||
Reclasses from nonaccretable difference | (905 | ) | (1,696 | ) | (2,601 | ) | |||||
Accretion | 1,726 | 8,217 | 9,943 | ||||||||
Charge-offs | 28 | 1,606 | 1,634 | ||||||||
Balance at September 30, 2016 | $ | (634 | ) | $ | (40,407 | ) | $ | (41,041 | ) |
At acquisition date: | April 1, 2016 | |||
Contractually-required principal and interest | $ | 289,495 | ||
Nonaccretable difference | 3,848 | |||
Cash flows expected to be collected | 285,647 | |||
Accretable yield | 13,317 | |||
Fair value | $ | 272,330 |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | 4,512 | $ | 2,269 | $ | 14,219 | $ | 21,683 | $ | 1,415 | $ | 44,098 | |||||||||||
Charge-offs | (394 | ) | — | (242 | ) | (466 | ) | (201 | ) | (1,303 | ) | ||||||||||||
Recoveries | 85 | 4 | 188 | 181 | 21 | 479 | |||||||||||||||||
Net (charge-offs) recoveries | (309 | ) | 4 | (54 | ) | (285 | ) | (180 | ) | (824 | ) | ||||||||||||
Provision for loan losses | 1,308 | (52 | ) | 1,154 | (87 | ) | 353 | 2,676 | |||||||||||||||
Benefit attributable to FDIC loss-share agreements | (61 | ) | — | — | (47 | ) | (41 | ) | (149 | ) | |||||||||||||
Recoveries payable to FDIC | 4 | 2 | 93 | 24 | — | 123 | |||||||||||||||||
Provision for loan losses charged to operations | 1,251 | (50 | ) | 1,247 | (110 | ) | 312 | 2,650 | |||||||||||||||
Ending balance | $ | 5,454 | $ | 2,223 | $ | 15,412 | $ | 21,288 | $ | 1,547 | $ | 45,924 | |||||||||||
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | 4,186 | $ | 1,852 | $ | 13,908 | $ | 21,111 | $ | 1,380 | $ | 42,437 | |||||||||||
Charge-offs | (1,099 | ) | — | (745 | ) | (1,653 | ) | (573 | ) | (4,070 | ) | ||||||||||||
Recoveries | 243 | 15 | 753 | 582 | 84 | 1,677 | |||||||||||||||||
Net (charge-offs) recoveries | (856 | ) | 15 | 8 | (1,071 | ) | (489 | ) | (2,393 | ) | |||||||||||||
Provision for loan losses | 2,174 | 348 | 1,333 | 1,067 | 697 | 5,619 | |||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (61 | ) | — | (115 | ) | (48 | ) | (41 | ) | (265 | ) | ||||||||||||
Recoveries payable to FDIC | 11 | 8 | 278 | 229 | — | 526 | |||||||||||||||||
Provision for loan losses charged to operations | 2,124 | 356 | 1,496 | 1,248 | 656 | 5,880 | |||||||||||||||||
Ending balance | $ | 5,454 | $ | 2,223 | $ | 15,412 | $ | 21,288 | $ | 1,547 | $ | 45,924 | |||||||||||
Period-End Amount Allocated to: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,004 | $ | 2 | $ | 5,144 | $ | 2,635 | $ | 114 | $ | 8,899 | |||||||||||
Collectively evaluated for impairment | 4,002 | 2,221 | 9,542 | 16,410 | 1,432 | 33,607 | |||||||||||||||||
Acquired with deteriorated credit quality | 448 | — | 726 | 2,243 | 1 | 3,418 | |||||||||||||||||
Ending balance | $ | 5,454 | $ | 2,223 | $ | 15,412 | $ | 21,288 | $ | 1,547 | $ | 45,924 |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
Three Months Ended September 30, 2015 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | 3,971 | $ | 1,297 | $ | 13,792 | $ | 21,547 | $ | 1,281 | $ | 41,888 | |||||||||||
Charge-offs | (143 | ) | — | (251 | ) | (430 | ) | (132 | ) | (956 | ) | ||||||||||||
Recoveries | 82 | 3 | 145 | 112 | 27 | 369 | |||||||||||||||||
Net (charge-offs) recoveries | (61 | ) | 3 | (106 | ) | (318 | ) | (105 | ) | (587 | ) | ||||||||||||
Provision for loan losses | (307 | ) | 360 | 165 | 53 | 358 | 629 | ||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (10 | ) | — | (39 | ) | (231 | ) | — | (280 | ) | |||||||||||||
Recoveries payable to FDIC | 20 | 1 | 99 | 277 | 4 | 401 | |||||||||||||||||
Provision for loan losses charged to operations | (297 | ) | 361 | 225 | 99 | 362 | 750 | ||||||||||||||||
Ending balance | $ | 3,613 | $ | 1,661 | $ | 13,911 | $ | 21,328 | $ | 1,538 | $ | 42,051 | |||||||||||
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
Nine Months Ended September 30, 2015 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | 3,305 | $ | 1,415 | $ | 13,549 | $ | 22,759 | $ | 1,261 | $ | 42,289 | |||||||||||
Charge-offs | (501 | ) | (26 | ) | (1,605 | ) | (2,287 | ) | (238 | ) | (4,657 | ) | |||||||||||
Recoveries | 221 | 16 | 515 | 581 | 86 | 1,419 | |||||||||||||||||
Net charge-offs | (280 | ) | (10 | ) | (1,090 | ) | (1,706 | ) | (152 | ) | (3,238 | ) | |||||||||||
Provision for loan losses | 624 | 254 | 653 | 244 | 425 | 2,200 | |||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (65 | ) | — | (82 | ) | (717 | ) | — | (864 | ) | |||||||||||||
Recoveries payable to FDIC | 29 | 2 | 881 | 748 | 4 | 1,664 | |||||||||||||||||
Provision for loan losses charged to operations | 588 | 256 | 1,452 | 275 | 429 | 3,000 | |||||||||||||||||
Ending balance | $ | 3,613 | $ | 1,661 | $ | 13,911 | $ | 21,328 | $ | 1,538 | $ | 42,051 | |||||||||||
Period-End Amount Allocated to: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 214 | $ | — | $ | 4,482 | $ | 3,101 | $ | — | $ | 7,797 | |||||||||||
Collectively evaluated for impairment | 3,014 | 1,661 | 9,137 | 16,955 | 1,537 | 32,304 | |||||||||||||||||
Acquired with deteriorated credit quality | 385 | — | 292 | 1,272 | 1 | 1,950 | |||||||||||||||||
Ending balance | $ | 3,613 | $ | 1,661 | $ | 13,911 | $ | 21,328 | $ | 1,538 | $ | 42,051 |
(1) | Includes lease financing receivables. |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
September 30, 2016 | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,380 | $ | 1,042 | $ | 18,501 | $ | 12,669 | $ | 231 | $ | 34,823 | |||||||||||
Collectively evaluated for impairment | 679,252 | 484,874 | 1,771,911 | 2,681,962 | 154,802 | 5,772,801 | |||||||||||||||||
Acquired with deteriorated credit quality | 12,494 | 1,722 | 80,232 | 201,000 | 2,161 | 297,609 | |||||||||||||||||
Ending balance | $ | 694,126 | $ | 487,638 | $ | 1,870,644 | $ | 2,895,631 | $ | 157,194 | $ | 6,105,233 | |||||||||||
December 31, 2015 | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 370 | $ | 2,698 | $ | 16,650 | $ | 16,819 | $ | 90 | $ | 36,627 | |||||||||||
Collectively evaluated for impairment | 619,978 | 352,218 | 1,627,024 | 2,294,300 | 147,150 | 5,040,670 | |||||||||||||||||
Acquired with deteriorated credit quality | 16,489 | 2,749 | 91,649 | 222,610 | 2,668 | 336,165 | |||||||||||||||||
Ending balance | $ | 636,837 | $ | 357,665 | $ | 1,735,323 | $ | 2,533,729 | $ | 149,908 | $ | 5,413,462 |
(1) | Includes lease financing receivables. |
Covered OREO | Not Covered OREO | Total OREO | |||||||||
September 30, 2016 | |||||||||||
Residential real estate | $ | 925 | $ | 2,103 | $ | 3,028 | |||||
Commercial real estate | — | 8,412 | 8,412 | ||||||||
Residential land development | 1 | 4,139 | 4,140 | ||||||||
Commercial land development | — | 10,748 | 10,748 | ||||||||
Total | $ | 926 | $ | 25,402 | $ | 26,328 | |||||
December 31, 2015 | |||||||||||
Residential real estate | $ | 529 | $ | 4,265 | $ | 4,794 | |||||
Commercial real estate | 346 | 11,041 | 11,387 | ||||||||
Residential land development | 1 | 4,595 | 4,596 | ||||||||
Commercial land development | 1,942 | 12,683 | 14,625 | ||||||||
Total | $ | 2,818 | $ | 32,584 | $ | 35,402 |
Covered OREO | Not Covered OREO | Total OREO | |||||||||
Balance at January 1, 2016 | $ | 2,818 | $ | 32,584 | $ | 35,402 | |||||
Transfer of balance to not covered OREO(1) | (2,974 | ) | 2,974 | — | |||||||
Transfers of loans | 1,750 | 3,397 | 5,147 | ||||||||
Impairments(2) | (121 | ) | (2,306 | ) | (2,427 | ) | |||||
Dispositions | (417 | ) | (11,058 | ) | (11,475 | ) | |||||
Other | (130 | ) | (189 | ) | (319 | ) | |||||
Balance at September 30, 2016 | $ | 926 | $ | 25,402 | $ | 26,328 |
(1) | Represents a transfer of balances on non-single family assets of Citizens Bank of Effingham and First Southern National Bank (assumed in the Heritage acquisition). The claim period to submit losses to the FDIC for reimbursement on non-single family assets ended February 29, 2016 for Citizens Bank of Effingham and August 31, 2016 for First Southern National Bank. |
(2) | Of the total impairment charges of $121 recorded for covered OREO, $24 was included in the Consolidated Statements of Income for the nine months ended September 30, 2016, while the remaining $97 increased the FDIC loss-share indemnification asset. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Repairs and maintenance | $ | 209 | $ | 215 | $ | 815 | $ | 513 | |||||||
Property taxes and insurance | 127 | 176 | 745 | 560 | |||||||||||
Impairments | 1,048 | 527 | 2,330 | 1,922 | |||||||||||
Net losses (gains) on OREO sales | 204 | (16 | ) | 435 | (499 | ) | |||||||||
Rental income | (48 | ) | (41 | ) | (214 | ) | (149 | ) | |||||||
Total | $ | 1,540 | $ | 861 | $ | 4,111 | $ | 2,347 |
Balance at January 1, 2016 | $ | 7,149 | |
Acquisition of Heritage (valuation adjustment) | (260 | ) | |
Realized losses in excess of initial estimates on: | |||
Loans | 265 | ||
OREO | 97 | ||
Reimbursable expenses | — | ||
Amortization | (756 | ) | |
Reimbursements received from the FDIC | (1,294 | ) | |
(Due from)/Due to FDIC | (1,148 | ) | |
Balance at September 30, 2016 | $ | 4,053 |
Balance at January 1, 2016 | $ | 29,642 | |
Sale of MSRs | (18,477 | ) | |
Capitalization | 12,965 | ||
Amortization | (1,965 | ) | |
Impairment | (40 | ) | |
Balance at September 30, 2016 | $ | 22,125 |
Unpaid principal balance | $ | 2,365,770 | |
Weighted-average prepayment speed (CPR) | 11.27 | % | |
Estimated impact of a 10% increase | $ | (976 | ) |
Estimated impact of a 20% increase | (1,880 | ) | |
Discount rate | 9.63 | % | |
Estimated impact of a 10% increase | $ | (829 | ) |
Estimated impact of a 20% increase | (1,602 | ) | |
Weighted-average coupon interest rate | 3.88 | % | |
Weighted-average servicing fee (basis points) | 25.84 | ||
Weighted-average remaining maturity (in years) | 10.13 |
Pension Benefits - HeritageBank | 2016 | ||
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ | 12,913 | |
Service cost | — | ||
Interest cost | 172 | ||
Actuarial loss (gain) | (481 | ) | |
Annuity benefits paid | (22 | ) | |
Settlements (lump sum benefits paid) | (11,510 | ) | |
Transfer to legacy Renasant defined benefit pension plan | (1,072 | ) | |
Benefit obligation after final distribution | — | ||
Change in plan assets | |||
Fair value of plan assets at beginning of year | $ | 12,458 | |
Actual return on plan assets | 29 | ||
Employer contribution | 142 | ||
Expenses paid from plan trust | (25 | ) | |
Annuity benefits paid | (22 | ) | |
Settlements (lump sum benefits paid) | (11,510 | ) | |
Transfer to legacy Renasant defined benefit pension plan | (1,072 | ) | |
Fair value of plan assets after final distribution | — |
Pension Benefits | Pension Benefits | ||||||||||||||||||||||
Renasant | HeritageBank | Other Benefits | |||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | 5 | |||||||||||
Interest cost | 304 | 275 | 34 | 152 | 14 | 15 | |||||||||||||||||
Expected (return) on plan assets | (468 | ) | (510 | ) | (23 | ) | (108 | ) | — | — | |||||||||||||
Prior service cost recognized | — | — | — | — | — | — | |||||||||||||||||
Recognized actuarial gain | 101 | 88 | — | — | 23 | 27 | |||||||||||||||||
Settlement/curtailment/termination gains | — | — | (780 | ) | — | — | — | ||||||||||||||||
Net periodic benefit cost (return) | $ | (63 | ) | $ | (147 | ) | $ | (769 | ) | $ | 44 | $ | 38 | $ | 47 |
Pension Benefits | Pension Benefits | ||||||||||||||||||||||
Renasant | HeritageBank | Other Benefits | |||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | 13 | |||||||||||
Interest cost | 912 | 820 | 172 | 152 | 43 | 45 | |||||||||||||||||
Expected (return) on plan assets | (1,404 | ) | (1,531 | ) | (113 | ) | (108 | ) | — | — | |||||||||||||
Prior service cost recognized | — | — | — | — | — | — | |||||||||||||||||
Recognized actuarial loss | 303 | 244 | — | — | 57 | 73 | |||||||||||||||||
Settlement/curtailment/termination gains | — | — | (780 | ) | — | — | — | ||||||||||||||||
Net periodic benefit (return) cost | $ | (189 | ) | $ | (467 | ) | $ | (721 | ) | $ | 44 | $ | 109 | $ | 131 |
Shares | Weighted Average Exercise Price | ||||||
Options outstanding at beginning of period | 621,444 | $ | 17.88 | ||||
Granted | — | — | |||||
Exercised | (163,802 | ) | 21.18 | ||||
Forfeited | (642 | ) | 29.67 | ||||
Options outstanding at end of period | 457,000 | $ | 16.68 |
Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time- Based Restricted Stock | Weighted Average Grant-Date Fair Value | |||||||||||
Nonvested at beginning of period | — | $ | — | 105,438 | $ | 31.04 | ||||||||
Awarded | 61,700 | 31.12 | 52,005 | 31.74 | ||||||||||
Vested | — | — | (21,138 | ) | 27.53 | |||||||||
Cancelled | — | — | (18,960 | ) | 32.40 | |||||||||
Nonvested at end of period | 61,700 | $ | 31.12 | 117,345 | $ | 31.76 |
• | The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending and equipment leasing, as well as safe deposit and night depository facilities. |
• | The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers. |
• | The Wealth Management segment offers a broad range of fiduciary services which includes the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer. |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||
Three months ended September 30, 2016 | |||||||||||||||||||
Net interest income (loss) | $ | 77,064 | $ | 85 | $ | 472 | $ | (1,890 | ) | $ | 75,731 | ||||||||
Provision for loan losses | 2,655 | — | (5 | ) | — | 2,650 | |||||||||||||
Noninterest income (loss) | 32,773 | 2,454 | 3,248 | (203 | ) | 38,272 | |||||||||||||
Noninterest expense | 71,784 | 1,762 | 2,745 | 177 | 76,468 | ||||||||||||||
Income (loss) before income taxes | 35,398 | 777 | 980 | (2,270 | ) | 34,885 | |||||||||||||
Income tax expense (benefit) | 12,284 | 301 | — | (879 | ) | 11,706 | |||||||||||||
Net income (loss) | $ | 23,114 | $ | 476 | $ | 980 | $ | (1,391 | ) | $ | 23,179 | ||||||||
Total assets | $ | 8,446,403 | $ | 22,708 | $ | 51,176 | $ | 22,184 | $ | 8,542,471 | |||||||||
Goodwill | 467,767 | 2,767 | — | — | 470,534 | ||||||||||||||
Three months ended September 30, 2015 | |||||||||||||||||||
Net interest income (loss) | $ | 69,404 | $ | 81 | $ | 418 | $ | (1,291 | ) | $ | 68,612 | ||||||||
Provision for loan losses | 749 | — | 1 | — | 750 | ||||||||||||||
Noninterest income | 26,638 | 2,434 | 2,981 | 26 | 32,079 | ||||||||||||||
Noninterest expense | 71,461 | 1,783 | 2,497 | 238 | 75,979 | ||||||||||||||
Income (loss) before income taxes | 23,832 | 732 | 901 | (1,503 | ) | 23,962 | |||||||||||||
Income tax expense (benefit) | 8,040 | 288 | — | (586 | ) | 7,742 | |||||||||||||
Net income (loss) | $ | 15,792 | $ | 444 | $ | 901 | $ | (917 | ) | $ | 16,220 | ||||||||
Total assets | $ | 7,829,765 | $ | 21,978 | $ | 43,150 | $ | 16,070 | $ | 7,910,963 | |||||||||
Goodwill | 441,501 | 2,767 | — | — | 444,268 |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||
Nine months ended September 30, 2016 | |||||||||||||||||||
Net interest income (loss) | $ | 225,449 | $ | 259 | $ | 1,349 | $ | (4,115 | ) | $ | 222,942 | ||||||||
Provision for loan losses | 5,893 | — | (13 | ) | — | 5,880 | |||||||||||||
Noninterest income | 89,515 | 7,734 | 9,296 | 615 | 107,160 | ||||||||||||||
Noninterest expense | 209,442 | 5,240 | 8,312 | 547 | 223,541 | ||||||||||||||
Income (loss) before income taxes | 99,629 | 2,753 | 2,346 | (4,047 | ) | 100,681 | |||||||||||||
Income tax expense (benefit) | 33,875 | 1,074 | — | (1,563 | ) | 33,386 | |||||||||||||
Net income (loss) | $ | 65,754 | $ | 1,679 | $ | 2,346 | $ | (2,484 | ) | $ | 67,295 | ||||||||
Total assets | $ | 8,446,403 | $ | 22,708 | $ | 51,176 | $ | 22,184 | $ | 8,542,471 | |||||||||
Goodwill | 467,767 | 2,767 | — | — | 470,534 | ||||||||||||||
Nine months ended September 30, 2015 | |||||||||||||||||||
Net interest income (loss) | $ | 171,125 | $ | 228 | $ | 1,260 | $ | (3,606 | ) | $ | 169,007 | ||||||||
Provision for loan losses | 3,008 | — | (8 | ) | — | 3,000 | |||||||||||||
Noninterest income | 62,064 | 7,012 | 7,694 | 58 | 76,828 | ||||||||||||||
Noninterest expense | 161,888 | 5,131 | 6,748 | 613 | 174,380 | ||||||||||||||
Income (loss) before income taxes | 68,293 | 2,109 | 2,214 | (4,161 | ) | 68,455 | |||||||||||||
Income tax expense (benefit) | 22,397 | 827 | — | (1,623 | ) | 21,601 | |||||||||||||
Net income (loss) | $ | 45,896 | $ | 1,282 | $ | 2,214 | $ | (2,538 | ) | $ | 46,854 | ||||||||
Total assets | $ | 7,829,765 | $ | 21,978 | $ | 43,150 | $ | 16,070 | $ | 7,910,963 | |||||||||
Goodwill | 441,501 | 2,767 | — | — | 444,268 |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||
September 30, 2016 | |||||||||||||||
Financial assets: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | 2,209 | $ | — | $ | 2,209 | |||||||
Residential mortgage-backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | 412,200 | — | 412,200 | |||||||||||
Government agency collateralized mortgage obligations | — | 170,290 | — | 170,290 | |||||||||||
Commercial mortgage-backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | 54,906 | — | 54,906 | |||||||||||
Government agency collateralized mortgage obligations | — | 2,668 | — | 2,668 | |||||||||||
Trust preferred securities | — | — | 18,092 | 18,092 | |||||||||||
Other debt securities | — | 17,273 | — | 17,273 | |||||||||||
Other equity securities | — | — | — | — | |||||||||||
Total securities available for sale | — | 659,546 | 18,092 | 677,638 | |||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | — | 4,784 | — | 4,784 | |||||||||||
Interest rate lock commitments | — | 7,866 | — | 7,866 | |||||||||||
Forward commitments | — | 12 | — | 12 | |||||||||||
Total derivative instruments | — | 12,662 | — | 12,662 | |||||||||||
Mortgage loans held for sale | — | 189,965 | — | 189,965 | |||||||||||
Total financial assets | $ | — | $ | 862,173 | $ | 18,092 | $ | 880,265 | |||||||
Financial liabilities: | |||||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate swaps | $ | — | $ | 6,225 | $ | — | $ | 6,225 | |||||||
Interest rate contracts | — | 4,784 | — | 4,784 | |||||||||||
Interest rate lock commitments | — | — | — | — | |||||||||||
Forward commitments | — | 1,674 | — | 1,674 | |||||||||||
Total derivative instruments | — | 12,683 | — | 12,683 | |||||||||||
Total financial liabilities | $ | — | $ | 12,683 | $ | — | $ | 12,683 |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||
December 31, 2015 | |||||||||||||||
Financial assets: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | 6,200 | $ | — | $ | 6,200 | |||||||
Residential mortgage-backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | 364,540 | — | 364,540 | |||||||||||
Government agency collateralized mortgage obligations | — | 168,060 | — | 168,060 | |||||||||||
Commercial mortgage-backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | 59,759 | — | 59,759 | |||||||||||
Government agency collateralized mortgage obligations | — | 5,104 | — | 5,104 | |||||||||||
Trust preferred securities | — | — | 19,469 | 19,469 | |||||||||||
Other debt securities | — | 19,333 | — | 19,333 | |||||||||||
Other equity securities | — | 4,340 | — | 4,340 | |||||||||||
Total securities available for sale | — | 627,336 | 19,469 | 646,805 | |||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | — | 2,544 | — | 2,544 | |||||||||||
Interest rate lock commitments | — | 4,508 | — | 4,508 | |||||||||||
Forward commitments | — | 446 | — | 446 | |||||||||||
Total derivative instruments | — | 7,498 | — | 7,498 | |||||||||||
Mortgage loans held for sale | — | 225,254 | — | 225,254 | |||||||||||
Total financial assets | $ | — | $ | 860,088 | $ | 19,469 | $ | 879,557 | |||||||
Financial liabilities: | |||||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate swaps | $ | — | $ | 4,266 | $ | — | $ | 4,266 | |||||||
Interest rate contracts | — | 2,544 | — | 2,544 | |||||||||||
Forward commitments | — | 509 | — | 509 | |||||||||||
Total derivative instruments | — | 7,319 | — | 7,319 | |||||||||||
Total financial liabilities | $ | — | $ | 7,319 | $ | — | $ | 7,319 |
Three Months Ended September 30, 2016 | Trust preferred securities | ||
Balance at July 1, 2016 | $ | 18,179 | |
Accretion included in net income | 8 | ||
Unrealized losses included in other comprehensive income | (41 | ) | |
Purchases | — | ||
Sales | — | ||
Issues | — | ||
Settlements | (54 | ) | |
Transfers into Level 3 | — | ||
Transfers out of Level 3 | — | ||
Balance at September 30, 2016 | $ | 18,092 |
Three Months Ended September 30, 2015 | Trust preferred securities | ||
Balance at July 1, 2015 | $ | 19,127 | |
Accretion included in net income | 8 | ||
Unrealized losses included in other comprehensive income | (200 | ) | |
Purchases | — | ||
Sales | — | ||
Issues | — | ||
Settlements | (45 | ) | |
Transfers into Level 3 | — | ||
Transfers out of Level 3 | — | ||
Balance at September 30, 2015 | $ | 18,890 |
Nine Months Ended September 30, 2016 | Trust preferred securities | ||
Balance at January 1, 2016 | $ | 19,469 | |
Accretion included in net income | 23 | ||
Unrealized losses included in other comprehensive income | (168 | ) | |
Purchases | — | ||
Sales | — | ||
Issues | — | ||
Settlements | (1,232 | ) | |
Transfers into Level 3 | |||
Transfers out of Level 3 | — | ||
Balance at September 30, 2016 | $ | 18,092 |
Nine Months Ended September 30, 2015 | Trust preferred securities | ||
Balance at January 1, 2015 | $ | 19,756 | |
Accretion included in net income | (70 | ) | |
Unrealized gains included in other comprehensive income | 822 | ||
Purchases | — | ||
Sales | (1,117 | ) | |
Issues | — | ||
Settlements | (501 | ) | |
Transfers into Level 3 | — | ||
Transfers out of Level 3 | — | ||
Balance at September 30, 2015 | $ | 18,890 |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | |||||
Trust preferred securities | $ | 18,092 | Discounted cash flows | Default rate | 0-100% |
September 30, 2016 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||
Impaired loans | $ | — | $ | — | $ | 7,187 | $ | 7,187 | |||||||
OREO | — | — | 8,810 | 8,810 | |||||||||||
Mortgage servicing rights | — | — | 22,606 | 22,606 | |||||||||||
Total | $ | — | $ | — | $ | 38,603 | $ | 38,603 |
December 31, 2015 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||
Impaired loans | $ | — | $ | — | $ | 6,508 | $ | 6,508 | |||||||
OREO | — | — | 12,839 | 12,839 | |||||||||||
Total | $ | — | $ | — | $ | 19,347 | $ | 19,347 |
September 30, 2016 | December 31, 2015 | ||||||
OREO covered under loss-share agreements: | |||||||
Carrying amount prior to remeasurement | $ | 84 | $ | — | |||
Impairment recognized in results of operations | (9 | ) | — | ||||
Increase in FDIC loss-share indemnification asset | (37 | ) | — | ||||
Receivable from other guarantor | — | — | |||||
Fair value | $ | 38 | $ | — | |||
OREO not covered under loss-share agreements: | |||||||
Carrying amount prior to remeasurement | $ | 10,856 | $ | 14,726 | |||
Impairment recognized in results of operations | (2,084 | ) | (1,887 | ) | |||
Fair value | $ | 8,772 | $ | 12,839 |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | |||||
Impaired loans | $ | 7,187 | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 4-10% | ||||
OREO | 8,810 | Appraised value of property less estimated costs to sell | Estimated costs to sell | 4-10% |
September 30, 2016 | Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | ||||||||
Mortgage loans held for sale measured at fair value | $ | 189,965 | $ | 183,357 | $ | 6,608 | |||||
Past due loans of 90 days or more | — | — | — | ||||||||
Nonaccrual loans | — | — | — |
Fair Value | |||||||||||||||||||
As of September 30, 2016 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial assets | |||||||||||||||||||
Cash and cash equivalents | $ | 217,391 | $ | 217,391 | $ | — | $ | — | $ | 217,391 | |||||||||
Securities held to maturity | 362,319 | — | 381,950 | — | 381,950 | ||||||||||||||
Securities available for sale | 677,638 | — | 659,546 | 18,092 | 677,638 | ||||||||||||||
Mortgage loans held for sale | 189,965 | — | 189,965 | — | 189,965 | ||||||||||||||
Loans covered under loss-share agreements | 30,533 | — | — | 30,704 | 30,704 | ||||||||||||||
Loans not covered under loss-share agreements, net | 6,028,776 | — | — | 6,016,370 | 6,016,370 | ||||||||||||||
FDIC loss-share indemnification asset | 4,053 | — | — | 4,053 | 4,053 | ||||||||||||||
Mortgage servicing rights | 22,125 | — | — | 22,606 | 22,606 | ||||||||||||||
Derivative instruments | 12,662 | — | 12,662 | — | 12,662 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposits | $ | 6,817,798 | $ | 5,190,976 | $ | 1,631,027 | $ | — | $ | 6,822,003 | |||||||||
Short-term borrowings | 266,943 | 266,943 | — | — | 266,943 | ||||||||||||||
Other long-term borrowings | 158 | 158 | — | — | 158 | ||||||||||||||
Federal Home Loan Bank advances | 8,807 | — | 9,363 | — | 9,363 | ||||||||||||||
Junior subordinated debentures | 95,506 | — | 73,301 | — | 73,301 | ||||||||||||||
Subordinated notes | 98,167 | — | 102,500 | — | 102,500 | ||||||||||||||
Derivative instruments | 12,683 | — | 12,683 | — | 12,683 |
Fair Value | |||||||||||||||||||
As of December 31, 2015 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial assets | |||||||||||||||||||
Cash and cash equivalents | $ | 211,571 | $ | 211,571 | $ | — | $ | — | $ | 211,571 | |||||||||
Securities held to maturity | 458,400 | — | 473,753 | — | 473,753 | ||||||||||||||
Securities available for sale | 646,805 | — | 627,336 | 19,469 | 646,805 | ||||||||||||||
Mortgage loans held for sale | 225,254 | — | 225,254 | — | 225,254 | ||||||||||||||
Loans covered under loss-share agreements | 93,142 | — | — | 92,528 | 92,528 | ||||||||||||||
Loans not covered under loss-share agreements, net | 5,277,883 | — | — | 5,208,630 | 5,208,630 | ||||||||||||||
FDIC loss-share indemnification asset | 7,149 | — | — | 7,149 | 7,149 | ||||||||||||||
Mortgage servicing rights | 29,642 | — | — | 33,283 | 33,283 | ||||||||||||||
Derivative instruments | 7,498 | — | 7,498 | — | 7,498 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposits | $ | 6,218,602 | $ | 4,723,312 | $ | 1,502,202 | $ | — | $ | 6,225,514 | |||||||||
Short-term borrowings | 422,279 | 422,279 | — | — | 422,279 | ||||||||||||||
Other long-term borrowings | 192 | 192 | — | — | 192 | ||||||||||||||
Federal Home Loan Bank advances | 52,930 | — | 56,101 | — | 56,101 | ||||||||||||||
Junior subordinated debentures | 95,095 | — | 78,095 | — | 78,095 | ||||||||||||||
Derivative instruments | 7,319 | — | 7,319 | — | 7,319 |
Fair Value | |||||||||
Balance Sheet Location | September 30, 2016 | December 31, 2015 | |||||||
Derivative assets: | |||||||||
Not designated as hedging instruments: | |||||||||
Interest rate contracts | Other Assets | $ | 4,784 | $ | 2,544 | ||||
Interest rate lock commitments | Other Assets | 7,866 | 4,508 | ||||||
Forward commitments | Other Assets | 12 | 446 | ||||||
Totals | $ | 12,662 | $ | 7,498 | |||||
Derivative liabilities: | |||||||||
Designated as hedging instruments: | |||||||||
Interest rate swaps | Other Liabilities | $ | 6,225 | $ | 4,266 | ||||
Totals | $ | 6,225 | $ | 4,266 | |||||
Not designated as hedging instruments: | |||||||||
Interest rate contracts | Other Liabilities | $ | 4,784 | $ | 2,544 | ||||
Interest rate lock commitments | Other Liabilities | — | — | ||||||
Forward commitments | Other Liabilities | 1,674 | 509 | ||||||
Totals | $ | 6,458 | $ | 3,053 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Interest rate contracts: | |||||||||||||||
Included in interest income on loans | $ | 660 | $ | 576 | $ | 1,786 | $ | 1,677 | |||||||
Interest rate lock commitments: | |||||||||||||||
Included in gains on sales of mortgage loans held for sale | 2,297 | 2,326 | 3,359 | 3,783 | |||||||||||
Forward commitments | |||||||||||||||
Included in gains on sales of mortgage loans held for sale | 3,020 | (2,999 | ) | (1,599 | ) | (1,288 | ) | ||||||||
Total | $ | 5,977 | $ | (97 | ) | $ | 3,546 | $ | 4,172 |
Offsetting Derivative Assets | Offsetting Derivative Liabilities | ||||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||
Gross amounts recognized | $ | 12 | $ | 446 | $ | 12,004 | $ | 6,454 | |||||||
Gross amounts offset in the Consolidated Balance Sheets | — | — | — | — | |||||||||||
Net amounts presented in the Consolidated Balance Sheets | 12 | 446 | 12,004 | 6,454 | |||||||||||
Gross amounts not offset in the Consolidated Balance Sheets | |||||||||||||||
Financial instruments | 12 | 282 | 12 | 282 | |||||||||||
Financial collateral pledged | — | — | 10,922 | 6,020 | |||||||||||
Net amounts | $ | — | $ | 164 | $ | 1,070 | $ | 152 |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||
Three months ended September 30, 2016 | |||||||||||
Securities available for sale: | |||||||||||
Unrealized holding gains on securities | $ | 2,258 | $ | 873 | $ | 1,385 | |||||
Reclassification adjustment for gains realized in net income | — | — | — | ||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (18 | ) | (7 | ) | (11 | ) | |||||
Total securities available for sale | 2,240 | 866 | 1,374 | ||||||||
Derivative instruments: | |||||||||||
Unrealized holding gains on derivative instruments | 807 | 312 | 495 | ||||||||
Total derivative instruments | 807 | 312 | 495 | ||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||
Reclassification adjustment for net settlement gain realized in net income | (383 | ) | (148 | ) | (235 | ) | |||||
Amortization of net actuarial loss recognized in net periodic pension cost | 124 | 48 | 76 | ||||||||
Total defined benefit pension and post-retirement benefit plans | (259 | ) | (100 | ) | (159 | ) | |||||
Total other comprehensive income | $ | 2,788 | $ | 1,078 | $ | 1,710 | |||||
Three months ended September 30, 2015 | |||||||||||
Securities available for sale: | |||||||||||
Unrealized holding gains on securities | $ | 6,029 | $ | 2,312 | $ | 3,717 | |||||
Reclassification adjustment for gains realized in net income | — | — | — | ||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (42 | ) | (16 | ) | (26 | ) | |||||
Total securities available for sale | 5,987 | 2,296 | 3,691 | ||||||||
Derivative instruments: | |||||||||||
Unrealized holding losses on derivative instruments | (1,752 | ) | (677 | ) | (1,075 | ) | |||||
Total derivative instruments | (1,752 | ) | (677 | ) | (1,075 | ) | |||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 114 | 59 | 55 | ||||||||
Total defined benefit pension and post-retirement benefit plans | 114 | 59 | 55 | ||||||||
Total other comprehensive income | $ | 4,349 | $ | 1,678 | $ | 2,671 |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||
Nine months ended September 30, 2016 | |||||||||||
Securities available for sale: | |||||||||||
Unrealized holding gains on securities | $ | 8,573 | $ | 3,313 | $ | 5,260 | |||||
Reclassification adjustment for gains realized in net income | (1,186 | ) | (458 | ) | (728 | ) | |||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (79 | ) | (30 | ) | (49 | ) | |||||
Total securities available for sale | 7,308 | 2,825 | 4,483 | ||||||||
Derivative instruments: | |||||||||||
Unrealized holding losses on derivative instruments | (1,959 | ) | (760 | ) | (1,199 | ) | |||||
Total derivative instruments | (1,959 | ) | (760 | ) | (1,199 | ) | |||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||
Reclassification adjustment for net settlement gain realized in net income | (383 | ) | (148 | ) | (235 | ) | |||||
Amortization of net actuarial loss recognized in net periodic pension cost | 360 | 132 | 228 | ||||||||
Total defined benefit pension and post-retirement benefit plans | (23 | ) | (16 | ) | (7 | ) | |||||
Total other comprehensive income | $ | 5,326 | $ | 2,049 | $ | 3,277 | |||||
Nine months ended September 30, 2015 | |||||||||||
Securities available for sale: | |||||||||||
Unrealized holding gains on securities | $ | 4,066 | $ | 1,561 | $ | 2,505 | |||||
Reclassification adjustment for gains realized in net income | (96 | ) | (36 | ) | (60 | ) | |||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (139 | ) | (53 | ) | (86 | ) | |||||
Total securities available for sale | 3,831 | 1,472 | 2,359 | ||||||||
Derivative instruments: | |||||||||||
Unrealized holding losses on derivative instruments | (1,437 | ) | (556 | ) | (881 | ) | |||||
Total derivative instruments | (1,437 | ) | (556 | ) | (881 | ) | |||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 316 | 136 | 180 | ||||||||
Total defined benefit pension and post-retirement benefit plans | 316 | 136 | 180 | ||||||||
Total other comprehensive income | $ | 2,710 | $ | 1,052 | $ | 1,658 |
September 30, 2016 | December 31, 2015 | ||||||
Unrealized gains on securities | $ | 20,967 | $ | 16,500 | |||
Non-credit related portion of other-than-temporary impairment on securities | (16,719 | ) | (16,735 | ) | |||
Unrealized losses on derivative instruments | (3,081 | ) | (1,882 | ) | |||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,425 | ) | (7,418 | ) | |||
Total accumulated other comprehensive loss | $ | (6,258 | ) | $ | (9,535 | ) |
Three Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Basic | |||||||
Net income applicable to common stock | $ | 23,179 | $ | 16,220 | |||
Average common shares outstanding | 42,091,164 | 40,265,941 | |||||
Net income per common share - basic | $ | 0.55 | $ | 0.40 | |||
Diluted | |||||||
Net income applicable to common stock | $ | 23,179 | $ | 16,220 | |||
Average common shares outstanding | 42,091,164 | 40,265,941 | |||||
Effect of dilutive stock-based compensation | 219,194 | 252,472 | |||||
Average common shares outstanding - diluted | 42,310,358 | 40,518,413 | |||||
Net income per common share - diluted | $ | 0.55 | $ | 0.40 |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Basic | |||||||
Net income applicable to common stock | $ | 67,295 | $ | 46,854 | |||
Average common shares outstanding | 41,500,407 | 34,521,255 | |||||
Net income per common share - basic | $ | 1.62 | $ | 1.36 | |||
Diluted | |||||||
Net income applicable to common stock | $ | 67,295 | $ | 46,854 | |||
Average common shares outstanding | 41,500,407 | 34,521,255 | |||||
Effect of dilutive stock-based compensation | 229,501 | 277,863 | |||||
Average common shares outstanding - diluted | 41,729,908 | 34,799,118 | |||||
Net income per common share - diluted | $ | 1.61 | $ | 1.35 |
Three Months Ended | |||
September 30, | |||
2016 | 2015 | ||
Number of shares | — | — | |
Exercise prices | $— | $— |
Nine Months Ended | |||
September 30, | |||
2016 | 2015 | ||
Number of shares | — | 99,852 | |
Range of exercise prices | $— | 30.63 |
Purchase Price: | ||||||
Shares issued to common shareholders | 8,635,879 | |||||
Purchase price per share | $ | 32.60 | ||||
Value of stock paid | $ | 281,530 | ||||
Cash paid for fractional shares | 26 | |||||
Cash settlement for stock options, net of tax benefit | 5,915 | |||||
Deal charges | 7,973 | |||||
Total Purchase Price | $ | 295,444 | ||||
Net Assets Acquired: | ||||||
Stockholders’ equity at acquisition date | $ | 160,652 | ||||
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: | ||||||
Securities | (1,401 | ) | ||||
Mortgage loans held for sale | (3,158 | ) | ||||
Loans, net of Heritage's allowance for loan losses | (16,837 | ) | ||||
Fixed assets | (6,419 | ) | ||||
Intangible assets, net of Heritage's existing core deposit intangible | 18,193 | |||||
Other real estate owned | 1,390 | |||||
FDIC loss-share indemnification asset | (15,507 | ) | ||||
Other assets | 3,045 | |||||
Deposits | (3,776 | ) | ||||
Other liabilities | (7,873 | ) | ||||
Deferred income taxes | (8,077 | ) | ||||
Total Net Assets Acquired | 120,232 | |||||
Goodwill resulting from merger(1) | $ | 175,212 |
Cash and cash equivalents | $ | 38,626 | ||
Securities | 177,849 | |||
Loans, including mortgage loans held for sale, net of unearned income | 1,458,411 | |||
Premises and equipment | 42,914 | |||
Other real estate owned | 9,972 | |||
Intangible assets | 187,468 | |||
Other assets | 104,737 | |||
Total assets | 2,019,977 | |||
Deposits | 1,375,354 | |||
Borrowings | 314,656 | |||
Other liabilities | 34,523 | |||
Total liabilities | 1,724,533 |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Interest income | $ | 243,299 | $ | 225,985 | |||
Interest expense | 20,357 | 16,680 | |||||
Net interest income | 222,942 | 209,305 | |||||
Provision for loan and lease losses | 5,880 | 3,300 | |||||
Noninterest income | 107,160 | 103,778 | |||||
Noninterest expense | 223,541 | 238,651 | |||||
Income before income taxes | 100,681 | 71,132 | |||||
Income taxes | 33,386 | 22,610 | |||||
Net income | 67,295 | 48,522 | |||||
Earnings per share: | |||||||
Basic | $ | 1.61 | $ | 1.12 | |||
Diluted | $ | 1.60 | $ | 1.12 |
Capital Tiers | Tier 1 Capital to Average Assets (Leverage) | Common Equity Tier 1 to Risk - Weighted Assets | Tier 1 Capital to Risk – Weighted Assets | Total Capital to Risk – Weighted Assets | |||
Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||
Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||
Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||
Critically undercapitalized | Tangible Equity / Total Assets less than 2% |
2016 | 2015 | ||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||
Renasant Corporation | |||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | 757,589 | 9.38 | % | $ | 665,707 | 8.95 | % | |||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 665,516 | 10.16 | % | 576,360 | 9.92 | % | |||||||
Tier 1 Capital to Risk-Weighted Assets | 757,589 | 11.57 | % | 665,707 | 11.46 | % | |||||||
Total Capital to Risk-Weighted Assets | 906,004 | 13.84 | % | 712,737 | 12.27 | % | |||||||
Renasant Bank | |||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | 731,119 | 9.08 | % | $ | 639,189 | 8.75 | % | |||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 731,119 | 11.19 | % | 639,189 | 11.02 | % | |||||||
Tier 1 Capital to Risk-Weighted Assets | 731,119 | 11.19 | % | 639,189 | 11.02 | % | |||||||
Total Capital to Risk-Weighted Assets | 781,367 | 11.96 | % | 685,565 | 11.82 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Tax credit amortization | $ | 353 | $ | 324 | $ | 1,001 | $ | 972 | |||||||
Tax credits and other benefits | (503 | ) | (471 | ) | (1,445 | ) | (1,412 | ) | |||||||
Total | $ | (150 | ) | $ | (147 | ) | $ | (444 | ) | $ | (440 | ) |
September 30, | December 31, | ||||||||||
2016 | 2015 | 2015 | |||||||||
Deferred tax assets | |||||||||||
Allowance for loan losses | $ | 21,418 | $ | 21,178 | $ | 17,430 | |||||
Loans | 24,299 | 27,920 | 26,239 | ||||||||
Deferred compensation | 12,368 | 17,681 | 17,060 | ||||||||
Securities | 2,346 | 2,581 | 2,572 | ||||||||
Net unrealized losses on securities - OCI | 4,016 | 3,717 | 6,065 | ||||||||
Impairment of assets | 3,877 | 3,108 | 3,271 | ||||||||
Federal and State net operating loss carryforwards | 3,113 | 5,519 | 3,681 | ||||||||
Intangibles | 1,012 | — | — | ||||||||
Other | 7,958 | 5,287 | 4,927 | ||||||||
Gross deferred tax assets | 80,407 | 86,991 | 81,245 | ||||||||
Valuation allowance on state net operating loss carryforwards | — | — | — | ||||||||
Total deferred tax assets | 80,407 | 86,991 | 81,245 | ||||||||
Deferred tax liabilities | |||||||||||
FDIC loss-share indemnification asset | 1,939 | 2,814 | 1,927 | ||||||||
Investment in partnerships | 2,001 | 2,461 | 2,507 | ||||||||
Core deposit intangible | — | 4,023 | 3,386 | ||||||||
Fixed assets | 2,598 | (20 | ) | 673 | |||||||
Mortgage servicing rights | 3,589 | 4,580 | 4,032 | ||||||||
Junior subordinated debt | 4,128 | 4,340 | 4,287 | ||||||||
Other | 4,294 | 569 | 2,364 | ||||||||
Total deferred tax liabilities | 18,549 | 18,767 | 19,176 | ||||||||
Net deferred tax assets | $ | 61,858 | $ | 68,224 | $ | 62,069 |
Community Banks | Insurance | Total | |||||||||
Balance at January 1, 2016 | $ | 443,104 | $ | 2,767 | $ | 445,871 | |||||
Addition to goodwill from KeyWorth acquisition | 20,633 | — | 20,633 | ||||||||
Adjustment to previously recorded goodwill | 4,030 | — | 4,030 | ||||||||
Balance at September 30, 2016 | $ | 467,767 | $ | 2,767 | $ | 470,534 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
September 30, 2016 | |||||||||||
Core deposit intangibles | $ | 47,992 | $ | (23,595 | ) | $ | 24,397 | ||||
Customer relationship intangible | 1,970 | (668 | ) | 1,302 | |||||||
Total finite-lived intangible assets | $ | 49,962 | $ | (24,263 | ) | $ | 25,699 | ||||
December 31, 2015 | |||||||||||
Core deposit intangibles | $ | 45,982 | $ | (18,572 | ) | $ | 27,410 | ||||
Customer relationship intangible | 1,970 | (569 | ) | 1,401 | |||||||
Total finite-lived intangible assets | $ | 47,952 | $ | (19,141 | ) | $ | 28,811 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Amortization expense for: | |||||||||||||||
Core deposit intangibles | $ | 1,651 | $ | 1,770 | $ | 5,024 | $ | 4,218 | |||||||
Customer relationship intangible | 33 | 33 | 99 | 99 | |||||||||||
Total intangible amortization | $ | 1,684 | $ | 1,803 | $ | 5,123 | $ | 4,317 |
Core Deposit Intangibles | Customer Relationship Intangible | Total | |||||||||
2016 | $ | 6,616 | $ | 131 | $ | 6,747 | |||||
2017 | 5,722 | 131 | $ | 5,853 | |||||||
2018 | 4,881 | 131 | $ | 5,012 | |||||||
2019 | 4,101 | 131 | $ | 4,232 | |||||||
2020 | 3,213 | 131 | $ | 3,344 |
September 30, 2016 | Percentage of Portfolio | December 31, 2015 | Percentage of Portfolio | ||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 16,309 | 1.57 | % | $ | 107,355 | 9.71 | % | |||||
Obligations of states and political subdivisions | 348,219 | 33.48 | 357,245 | 32.32 | |||||||||
Mortgage-backed securities | 640,064 | 61.55 | 597,463 | 54.07 | |||||||||
Trust preferred securities | 18,092 | 1.74 | 19,469 | 1.76 | |||||||||
Other debt securities | 17,273 | 1.66 | 19,333 | 1.75 | |||||||||
Other equity securities | — | — | 4,340 | 0.39 | |||||||||
$ | 1,039,957 | 100.00 | % | $ | 1,105,205 | 100.00 | % |
September 30, 2016 | Percentage of Total Loans | December 31, 2015 | Percentage of Total Loans | ||||||||||
Commercial, financial, agricultural | $ | 694,126 | 11.37 | % | $ | 636,837 | 11.76 | % | |||||
Lease financing | 45,510 | 0.74 | 34,815 | 0.64 | |||||||||
Real estate – construction | 487,638 | 7.99 | 357,665 | 6.61 | |||||||||
Real estate – 1-4 family mortgage | 1,870,644 | 30.64 | 1,735,323 | 32.06 | |||||||||
Real estate – commercial mortgage | 2,895,631 | 47.43 | 2,533,729 | 46.80 | |||||||||
Installment loans to individuals | 111,684 | 1.83 | 115,093 | 2.13 | |||||||||
Total loans, net of unearned income | $ | 6,105,233 | 100.00 | % | $ | 5,413,462 | 100.00 | % |
September 30, 2016 | |||||||||||||||
Not Acquired | Acquired and Covered Under Loss Share | Acquired and Not covered | Total Loans | ||||||||||||
Commercial, financial, agricultural | $ | 554,151 | $ | 14 | $ | 139,961 | $ | 694,126 | |||||||
Lease financing | 45,510 | — | — | 45,510 | |||||||||||
Real estate – construction: | |||||||||||||||
Residential | 181,939 | — | 27,021 | 208,960 | |||||||||||
Commercial | 232,791 | — | 44,683 | 277,474 | |||||||||||
Condominiums | 1,204 | — | — | 1,204 | |||||||||||
Total real estate – construction | 415,934 | — | 71,704 | 487,638 | |||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||
Primary | 748,969 | 18,259 | 291,085 | 1,058,313 | |||||||||||
Home equity | 353,341 | 6,952 | 69,395 | 429,688 | |||||||||||
Rental/investment | 234,816 | 5,000 | 63,779 | 303,595 | |||||||||||
Land development | 50,940 | 93 | 28,015 | 79,048 | |||||||||||
Total real estate – 1-4 family mortgage | 1,388,066 | 30,304 | 452,274 | 1,870,644 | |||||||||||
Real estate – commercial mortgage: | |||||||||||||||
Owner-occupied | 794,504 | — | 397,234 | 1,191,738 | |||||||||||
Non-owner occupied | 1,112,260 | 96 | 419,212 | 1,531,568 | |||||||||||
Land development | 123,862 | 84 | 48,379 | 172,325 | |||||||||||
Total real estate – commercial mortgage | 2,030,626 | 180 | 864,825 | 2,895,631 | |||||||||||
Installment loans to individuals | 91,739 | 35 | 19,910 | 111,684 | |||||||||||
Total loans, net of unearned income | $ | 4,526,026 | $ | 30,533 | $ | 1,548,674 | $ | 6,105,233 |
December 31, 2015 | |||||||||||||||
Not Acquired | Acquired and Covered Under Loss Share | Acquired and Not covered | Total Loans | ||||||||||||
Commercial, financial, agricultural | $ | 485,407 | $ | 2,406 | $ | 149,024 | $ | 636,837 | |||||||
Lease financing | 34,815 | — | — | 34,815 | |||||||||||
Real estate – construction: | |||||||||||||||
Residential | 123,711 | 91 | 44,813 | 168,615 | |||||||||||
Commercial | 166,006 | 39 | 20,524 | 186,569 | |||||||||||
Condominiums | 1,984 | — | 497 | 2,481 | |||||||||||
Total real estate – construction | 291,701 | 130 | 65,834 | 357,665 | |||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||
Primary | 661,135 | 27,270 | 343,504 | 1,031,909 | |||||||||||
Home equity | 304,045 | 9,120 | 69,090 | 382,255 | |||||||||||
Rental/investment | 196,217 | 7,686 | 48,063 | 251,966 | |||||||||||
Land development | 42,831 | 1,912 | 24,450 | 69,193 | |||||||||||
Total real estate – 1-4 family mortgage | 1,204,228 | 45,988 | 485,107 | 1,735,323 | |||||||||||
Real estate – commercial mortgage: | |||||||||||||||
Owner-occupied | 709,598 | 15,297 | 357,659 | 1,082,554 | |||||||||||
Non-owner occupied | 896,060 | 24,343 | 351,856 | 1,272,259 | |||||||||||
Land development | 123,391 | 4,910 | 50,615 | 178,916 | |||||||||||
Total real estate – commercial mortgage | 1,729,049 | 44,550 | 760,130 | 2,533,729 | |||||||||||
Installment loans to individuals | 85,234 | 68 | 29,791 | 115,093 | |||||||||||
Total loans, net of unearned income | $ | 3,830,434 | $ | 93,142 | $ | 1,489,886 | $ | 5,413,462 |
Three Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Taxable equivalent net interest income, as reported | $ | 77,483 | $ | 70,553 | |||
Accretable yield recognized on purchased loans(1) | 6,976 | 4,803 | |||||
Net interest income, excluding accretable yield | $ | 70,507 | $ | 65,750 | |||
Average earning assets | $ | 7,433,461 | $ | 6,842,452 | |||
Net interest margin, as reported | 4.15 | % | 4.09 | % | |||
Net interest margin, excluding accretable yield | 3.77 | % | 3.81 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $3,426 and $804 for the three months ended September 30, 2016 and 2015, respectively, which increased net interest margin by 18 basis points and 5 basis points for the same periods, respectively. |
Three Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans(1) | $ | 6,289,331 | $ | 77,154 | 4.88 | % | $ | 5,621,753 | $ | 67,853 | 4.79 | % | |||||||||
Securities: | |||||||||||||||||||||
Taxable(2) | 695,589 | 3,418 | 1.95 | 791,269 | 3,910 | 1.96 | |||||||||||||||
Tax-exempt | 350,316 | 4,081 | 4.63 | 352,308 | 4,427 | 4.99 | |||||||||||||||
Interest-bearing balances with banks | 98,225 | 131 | 0.53 | 77,122 | 51 | 0.26 | |||||||||||||||
Total interest-earning assets | 7,433,461 | 84,784 | 4.54 | 6,842,452 | 76,241 | 4.42 | |||||||||||||||
Cash and due from banks | 124,794 | 103,900 | |||||||||||||||||||
Intangible assets | 497,064 | 449,042 | |||||||||||||||||||
FDIC loss-share indemnification asset | 4,816 | 9,171 | |||||||||||||||||||
Other assets | 502,064 | 493,204 | |||||||||||||||||||
Total assets | $ | 8,562,199 | $ | 7,897,769 | |||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Interest-bearing demand(3) | $ | 3,106,568 | $ | 1,515 | 0.19 | % | $ | 2,893,950 | $ | 1,295 | 0.18 | % | |||||||||
Savings deposits | 528,794 | 94 | 0.07 | 496,653 | 90 | 0.07 | |||||||||||||||
Time deposits | 1,619,740 | 3,029 | 0.74 | 1,582,114 | 2,230 | 0.56 | |||||||||||||||
Total interest-bearing deposits | 5,255,102 | 4,638 | 0.35 | 4,972,717 | 3,615 | 0.29 | |||||||||||||||
Borrowed funds | 550,222 | 2,663 | 1.93 | 556,269 | 2,073 | 1.48 | |||||||||||||||
Total interest-bearing liabilities | 5,805,324 | 7,301 | 0.50 | 5,528,986 | 5,688 | 0.41 | |||||||||||||||
Noninterest-bearing deposits | 1,510,309 | 1,272,714 | |||||||||||||||||||
Other liabilities | 111,493 | 79,926 | |||||||||||||||||||
Shareholders’ equity | 1,135,073 | 1,016,143 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 8,562,199 | $ | 7,897,769 | |||||||||||||||||
Net interest income/net interest margin | $ | 77,483 | 4.15 | % | $ | 70,553 | 4.09 | % |
(1) | Includes mortgage loans held for sale and shown net of unearned income. |
(2) | U.S. Government and some U.S. Government agency securities are tax-exempt in the states in which we operate. |
(3) | Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits. |
Volume | Rate | Net(1) | |||||||||
Interest income: | |||||||||||
Loans (2) | $ | 8,009 | $ | 1,292 | $ | 9,301 | |||||
Securities: | |||||||||||
Taxable | (480 | ) | (12 | ) | (492 | ) | |||||
Tax-exempt | (26 | ) | (320 | ) | (346 | ) | |||||
Interest-bearing balances with banks | 17 | 63 | 80 | ||||||||
Total interest-earning assets | 7,520 | 1,023 | 8,543 | ||||||||
Interest expense: | |||||||||||
Interest-bearing demand deposits | 97 | 123 | 220 | ||||||||
Savings deposits | 6 | (2 | ) | 4 | |||||||
Time deposits | 54 | 745 | 799 | ||||||||
Borrowed funds | (22 | ) | 612 | 590 | |||||||
Total interest-bearing liabilities | 135 | 1,478 | 1,613 | ||||||||
Change in net interest income | $ | 7,385 | $ | (455 | ) | $ | 6,930 |
(1) | Changes in interest due to both volume and rate have been allocated on a pro-rata basis using the absolute ratio value of amounts calculated. |
(2) | Includes mortgage loans held for sale and shown net of unearned income. |
Percentage of Total | Yield | ||||||||||
Three Months Ended | Three Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Loans | 84.61 | % | 82.16 | % | 4.88 | % | 4.79 | % | |||
Securities | 14.07 | 16.71 | 2.85 | 2.89 | |||||||
Other | 1.32 | 1.13 | 0.53 | 0.26 | |||||||
Total earning assets | 100.00 | % | 100.00 | % | 4.54 | % | 4.42 | % |
Three Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Taxable equivalent interest income on loans, as reported | $ | 77,154 | $ | 67,853 | |||
Accretable yield recognized on purchased loans(1) | 6,976 | 4,803 | |||||
Taxable equivalent interest income on loans, excluding accretable yield | $ | 70,178 | $ | 63,050 | |||
Average loans | $ | 6,289,331 | $ | 5,621,753 | |||
Taxable equivalent loan yield, as reported | 4.88 | % | 4.79 | % | |||
Taxable equivalent loan yield, excluding accretable yield | 4.44 | % | 4.45 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $3,426 and $804 for the three months ended September 30, 2016 and 2015, respectively, which increased our taxable equivalent loan yield by 22 basis points and 6 basis points for the same periods, respectively. |
Percentage of Total | Cost of Funds | ||||||||||
Three Months Ended | Three Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Noninterest-bearing demand | 20.65 | % | 18.71 | % | — | % | — | % | |||
Interest-bearing demand | 42.46 | 42.55 | 0.19 | 0.18 | |||||||
Savings | 7.23 | 7.30 | 0.07 | 0.07 | |||||||
Time deposits | 22.14 | 23.26 | 0.74 | 0.56 | |||||||
Short term borrowings | 5.20 | 5.93 | 0.46 | 0.17 | |||||||
Long-term Federal Home Loan Bank advances | 0.43 | 0.85 | 3.89 | 4.16 | |||||||
Subordinated notes | 0.58 | — | 5.47 | — | |||||||
Other borrowed funds | 1.31 | 1.40 | 5.54 | 5.41 | |||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.40 | % | 0.33 | % |
Noninterest Income to Average Assets | ||
Three Months Ended September 30, | ||
2016 | 2015 | |
1.78% | 1.61% |
2016 | 2015 | ||||||
Mortgage servicing income, net | $ | (158 | ) | $ | (109 | ) | |
Gain on sales of loans, net | 13,716 | 7,998 | |||||
Fees, net | 2,288 | 4,004 | |||||
Mortgage banking income, net | $ | 15,846 | $ | 11,893 |
Noninterest Expense to Average Assets | ||
Three Months Ended September 30, | ||
2016 | 2015 | |
3.55% | 3.82% |
Efficiency Ratio | ||
Three Months Ended September 30, | ||
2016 | 2015 | |
66.06% | 74.03% |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Taxable equivalent net interest income, as reported | $ | 228,228 | $ | 174,440 | |||
Accretable yield recognized on purchased loans(1) | 21,523 | 12,218 | |||||
Net interest income, excluding accretable yield | $ | 206,705 | $ | 162,222 | |||
Average earning assets | $ | 7,233,302 | $ | 5,696,156 | |||
Net interest margin, as reported | 4.21 | % | 4.09 | % | |||
Net interest margin, excluding accretable yield | 3.82 | % | 3.81 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $10,004 and $5,443 for the nine months ended September 30, 2016 and 2015, respectively, which increased net interest margin by 18 basis points and 13 basis points for the same periods, respectively. |
Nine Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans(1) | $ | 6,066,280 | $ | 223,936 | 4.93 | % | $ | 4,575,155 | $ | 166,332 | 4.86 | % | |||||||||
Securities: | |||||||||||||||||||||
Taxable(2) | 732,915 | 11,875 | 2.16 | 722,200 | 11,836 | 2.19 | |||||||||||||||
Tax-exempt | 353,954 | 12,466 | 4.70 | 322,791 | 12,346 | 5.11 | |||||||||||||||
Interest-bearing balances with banks | 80,153 | 308 | 0.51 | 76,010 | 154 | 0.27 | |||||||||||||||
Total interest-earning assets | 7,233,302 | 248,585 | 4.59 | 5,696,156 | 190,668 | 4.48 | |||||||||||||||
Cash and due from banks | 134,238 | 91,934 | |||||||||||||||||||
Intangible assets | 490,225 | 347,613 | |||||||||||||||||||
FDIC loss-share indemnification asset | 5,725 | 9,345 | |||||||||||||||||||
Other assets | 493,949 | 384,911 | |||||||||||||||||||
Total assets | $ | 8,357,439 | $ | 6,529,959 | |||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Interest-bearing demand(3) | $ | 3,058,663 | $ | 4,277 | 0.19 | $ | 2,507,455 | $ | 3,465 | 0.18 | |||||||||||
Savings deposits | 521,176 | 276 | 0.07 | 412,335 | 232 | 0.08 | |||||||||||||||
Time deposits | 1,573,749 | 8,465 | 0.72 | 1,350,912 | 6,643 | 0.66 | |||||||||||||||
Total interest-bearing deposits | 5,153,588 | 13,018 | 0.34 | 4,270,702 | 10,340 | 0.32 | |||||||||||||||
Borrowed funds | 561,294 | 7,339 | 1.75 | 311,390 | 5,888 | 2.53 | |||||||||||||||
Total interest-bearing liabilities | 5,714,882 | 20,357 | 0.48 | 4,582,092 | 16,228 | 0.47 | |||||||||||||||
Noninterest-bearing deposits | 1,435,438 | 1,059,413 | |||||||||||||||||||
Other liabilities | 104,464 | 64,372 | |||||||||||||||||||
Shareholders’ equity | 1,102,655 | 824,082 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 8,357,439 | $ | 6,529,959 | |||||||||||||||||
Net interest income/net interest margin | $ | 228,228 | 4.21 | % | $ | 174,440 | 4.09 | % |
(1) | Includes mortgage loans held for sale and shown net of unearned income. |
(2) | U.S. Government and some U.S. Government agency securities are tax-exempt in the states in which we operate. |
(3) | Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits. |
Volume | Rate | Net(1) | |||||||||
Interest income: | |||||||||||
Loans (2) | $ | 55,134 | $ | 2,470 | $ | 57,604 | |||||
Securities: | |||||||||||
Taxable | 225 | (186 | ) | 39 | |||||||
Tax-exempt | 701 | (581 | ) | 120 | |||||||
Interest-bearing balances with banks | 9 | 145 | 154 | ||||||||
Total interest-earning assets | 56,069 | 1,848 | 57,917 | ||||||||
Interest expense: | |||||||||||
Interest-bearing demand deposits | 773 | 39 | 812 | ||||||||
Savings deposits | 57 | (13 | ) | 44 | |||||||
Time deposits | 1,166 | 656 | 1,822 | ||||||||
Borrowed funds | 2,360 | (909 | ) | 1,451 | |||||||
Total interest-bearing liabilities | 4,356 | (227 | ) | 4,129 | |||||||
Change in net interest income | $ | 51,713 | $ | 2,075 | $ | 53,788 |
(1) | Changes in interest due to both volume and rate have been allocated on a pro-rata basis using the absolute ratio value of amounts calculated. |
(2) | Includes mortgage loans held for sale and shown net of unearned income. |
Percentage of Total | Yield | ||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Loans | 83.86 | % | 80.32 | % | 4.93 | % | 4.86 | % | |||
Securities | 15.03 | 18.35 | 2.99 | 3.09 | |||||||
Other | 1.11 | 1.33 | 0.51 | 0.27 | |||||||
Total earning assets | 100.00 | % | 100.00 | % | 4.59 | % | 4.48 | % |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Taxable equivalent interest income on loans, as reported | $ | 223,936 | $ | 166,332 | |||
Accretable yield recognized on purchased loans(1) | 21,523 | 12,218 | |||||
Taxable equivalent interest income on loans, excluding accretable yield | $ | 202,413 | $ | 154,114 | |||
Average loans | $ | 6,066,280 | $ | 4,575,155 | |||
Taxable equivalent loan yield, as reported | 4.93 | % | 4.86 | % | |||
Taxable equivalent loan yield, excluding accretable yield | 4.46 | % | 4.50 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $10,004 and $5,443 for the nine months ended September 30, 2016 and 2015, respectively, which increased our taxable equivalent loan yield by 22 basis points and 16 basis points for the same periods, respectively. |
Percentage of Total | Cost of Funds | ||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Noninterest-bearing demand | 20.08 | % | 18.78 | % | — | % | — | % | |||
Interest-bearing demand | 42.78 | 44.44 | 0.19 | 0.18 | |||||||
Savings | 7.29 | 7.31 | 0.07 | 0.08 | |||||||
Time deposits | 22.01 | 23.95 | 0.72 | 0.66 | |||||||
Short-term borrowings | 5.68 | 2.78 | 0.47 | 0.17 | |||||||
Long-term Federal Home Loan Bank advances | 0.63 | 1.06 | 4.05 | 4.16 | |||||||
Subordinated notes | 0.20 | — | 5.45 | — | |||||||
Other long term borrowings | 1.33 | 1.68 | 5.54 | 5.40 | |||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.48 | % | 0.47 | % |
Noninterest Income to Average Assets | ||
Nine Months Ended September 30, | ||
2016 | 2015 | |
1.71% | 1.57% |
2016 | 2015 | ||||||
Mortgage servicing income, net | $ | 187 | $ | (94 | ) | ||
Gain on sales of loans, net | 26,685 | 18,038 | |||||
Fees, net | 14,309 | 6,169 | |||||
Mortgage banking income, net | $ | 41,181 | $ | 24,113 |
Noninterest Expense to Average Assets | ||
Nine Months Ended September 30, | ||
2016 | 2015 | |
3.57% | 3.57% |
Efficiency Ratio | ||
Nine Months Ended September 30, | ||
2016 | 2015 | |
66.65% | 69.40% |
September 30, 2016 | December 31, 2015 | September 30, 2015 | |||||||||
Commercial, financial, agricultural | $ | 5,454 | $ | 4,186 | $ | 3,613 | |||||
Lease financing | 208 | 160 | 60 | ||||||||
Real estate – construction | 2,223 | 1,852 | 1,661 | ||||||||
Real estate – 1-4 family mortgage | 15,412 | 13,908 | 13,911 | ||||||||
Real estate – commercial mortgage | 21,288 | 21,111 | 21,328 | ||||||||
Installment loans to individuals | 1,339 | 1,220 | 1,478 | ||||||||
Total | $ | 45,924 | $ | 42,437 | $ | 42,051 |
September 30, 2016 | December 31, 2015 | September 30, 2015 | |||||||||
Specific reserves for impaired loans | $ | 8,899 | $ | 7,600 | $ | 7,797 | |||||
Allocated reserves for remaining portfolio | 33,607 | 33,131 | 32,304 | ||||||||
Acquired with deteriorated credit quality | 3,418 | 1,706 | $ | 1,950 | |||||||
Total | $ | 45,924 | $ | 42,437 | $ | 42,051 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Balance at beginning of period | $ | 44,098 | $ | 41,888 | $ | 42,437 | $ | 42,289 | |||||||
Charge-offs | |||||||||||||||
Commercial, financial, agricultural | 394 | 143 | 1,099 | 501 | |||||||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | — | — | — | 26 | |||||||||||
Real estate – 1-4 family mortgage | 242 | 251 | 745 | 1,605 | |||||||||||
Real estate – commercial mortgage | 466 | 430 | 1,653 | 2,287 | |||||||||||
Installment loans to individuals | 201 | 132 | 573 | 238 | |||||||||||
Total charge-offs | 1,303 | 956 | 4,070 | 4,657 | |||||||||||
Recoveries | |||||||||||||||
Commercial, financial, agricultural | 85 | 82 | 243 | 221 | |||||||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 4 | 3 | 15 | 16 | |||||||||||
Real estate – 1-4 family mortgage | 188 | 145 | 753 | 515 | |||||||||||
Real estate – commercial mortgage | 181 | 112 | 582 | 581 | |||||||||||
Installment loans to individuals | 21 | 27 | 84 | 86 | |||||||||||
Total recoveries | 479 | 369 | 1,677 | 1,419 | |||||||||||
Net charge-offs | 824 | 587 | 2,393 | 3,238 | |||||||||||
Provision for loan losses | 2,650 | 750 | 5,880 | 3,000 | |||||||||||
Balance at end of period | $ | 45,924 | $ | 42,051 | $ | 45,924 | $ | 42,051 | |||||||
Net charge-offs (annualized) to average loans | 0.05 | % | 0.04 | % | 0.06 | % | 0.10 | % | |||||||
Allowance for loan losses to: | |||||||||||||||
Total loans not acquired | 1.01 | % | 1.17 | % | 1.01 | % | 1.17 | % | |||||||
Nonperforming loans not acquired | 310.95 | % | 277.22 | % | 310.95 | % | 277.22 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Real estate – construction: | |||||||||||||||
Residential | $ | (4 | ) | $ | (3 | ) | $ | (13 | ) | $ | 12 | ||||
Commercial | — | — | — | — | |||||||||||
Condominiums | — | — | (2 | ) | (2 | ) | |||||||||
Total real estate – construction | (4 | ) | (3 | ) | (15 | ) | 10 | ||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||
Primary | 4 | 119 | 104 | 755 | |||||||||||
Home equity | 62 | (3 | ) | 113 | 172 | ||||||||||
Rental/investment | 3 | 12 | 137 | 74 | |||||||||||
Land development | (15 | ) | (22 | ) | (362 | ) | 89 | ||||||||
Total real estate – 1-4 family mortgage | 54 | 106 | (8 | ) | 1,090 | ||||||||||
Real estate – commercial mortgage: | |||||||||||||||
Owner-occupied | 115 | 283 | 343 | 1,700 | |||||||||||
Non-owner occupied | 80 | 42 | 325 | 188 | |||||||||||
Land development | 90 | (7 | ) | 403 | (182 | ) | |||||||||
Total real estate – commercial mortgage | 285 | 318 | 1,071 | 1,706 | |||||||||||
Total net charge-offs of loans secured by real estate | $ | 335 | $ | 421 | $ | 1,048 | $ | 2,806 |
Not Acquired | Acquired Covered Assets | Acquired Not Covered | Total | ||||||||||||
September 30, 2016 | |||||||||||||||
Nonaccruing loans | $ | 12,454 | $ | 1,628 | $ | 12,105 | $ | 26,187 | |||||||
Accruing loans past due 90 days or more | 2,315 | 786 | 12,619 | 15,720 | |||||||||||
Total nonperforming loans | 14,769 | 2,414 | 24,724 | 41,907 | |||||||||||
Other real estate owned | 8,429 | 926 | 16,973 | 26,328 | |||||||||||
Total nonperforming loans and OREO | 23,198 | 3,340 | 41,697 | 68,235 | |||||||||||
Nonaccruing securities available-for-sale, at fair value | 9,654 | — | — | 9,654 | |||||||||||
Total nonperforming assets | $ | 32,852 | $ | 3,340 | $ | 41,697 | $ | 77,889 | |||||||
Nonperforming loans to total loans | 0.69 | % | |||||||||||||
Nonperforming assets to total assets | 0.91 | % | |||||||||||||
December 31, 2015 | |||||||||||||||
Nonaccruing loans | $ | 13,645 | $ | 3,319 | $ | 12,070 | $ | 29,034 | |||||||
Accruing loans past due 90 days or more | 1,326 | 3,609 | 11,458 | 16,393 | |||||||||||
Total nonperforming loans | 14,971 | 6,928 | 23,528 | 45,427 | |||||||||||
Other real estate owned | 12,987 | 2,818 | 19,597 | 35,402 | |||||||||||
Total nonperforming loans and OREO | 27,958 | 9,746 | 43,125 | 80,829 | |||||||||||
Nonaccruing securities available-for-sale, at fair value | 10,448 | — | — | 10,448 | |||||||||||
Total nonperforming assets | $ | 38,406 | $ | 9,746 | $ | 43,125 | $ | 91,277 | |||||||
Nonperforming loans to total loans | 0.84 | % | |||||||||||||
Nonperforming assets to total assets | 1.15 | % |
September 30, 2016 | December 31, 2015 | September 30, 2015 | |||||||||
Nonaccruing loans | $ | 24,559 | $ | 25,715 | $ | 30,318 | |||||
Accruing loans past due 90 days or more | 14,934 | 12,784 | 9,471 | ||||||||
Total nonperforming loans | 39,493 | 38,499 | 39,789 | ||||||||
Restructured loans in compliance with modified terms | 10,720 | 13,453 | 18,881 | ||||||||
Total nonperforming and restructured loans | $ | 50,213 | $ | 51,952 | $ | 58,670 |
September 30, 2016 | December 31, 2015 | September 30, 2015 | |||||||||
Commercial, financial, agricultural | $ | 3,428 | $ | 1,266 | $ | 1,649 | |||||
Real estate – construction: | |||||||||||
Residential | 707 | 176 | — | ||||||||
Commercial | — | — | — | ||||||||
Condominiums | — | — | — | ||||||||
Total real estate – construction | 707 | 176 | — | ||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 7,170 | 6,957 | 6,875 | ||||||||
Home equity | 587 | 1,073 | 891 | ||||||||
Rental/investment | 2,350 | 4,284 | 4,138 | ||||||||
Land development | 2,550 | 2,048 | 1,983 | ||||||||
Total real estate – 1-4 family mortgage | 12,657 | 14,362 | 13,887 | ||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 10,287 | 8,574 | 9,030 | ||||||||
Non-owner occupied | 9,161 | 7,645 | 7,966 | ||||||||
Land development | 2,632 | 6,320 | 6,731 | ||||||||
Total real estate – commercial mortgage | 22,080 | 22,539 | 23,727 | ||||||||
Installment loans to individuals | 279 | 156 | 107 | ||||||||
Lease financing | 342 | — | 419 | ||||||||
Total nonperforming loans | $ | 39,493 | $ | 38,499 | $ | 39,789 |
September 30, 2016 | December 31, 2015 | September 30, 2015 | |||||||||
Commercial, financial, agricultural | $ | 244 | $ | 257 | $ | 460 | |||||
Real estate – construction: | |||||||||||
Residential | 510 | — | — | ||||||||
Total real estate – construction | 510 | — | — | ||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 4,542 | 4,309 | 4,091 | ||||||||
Home equity | 250 | — | — | ||||||||
Rental/investment | 744 | 1,455 | 1,472 | ||||||||
Land development | 10 | 14 | — | ||||||||
Total real estate – 1-4 family mortgage | 5,546 | 5,778 | 5,563 | ||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 2,406 | 3,214 | 3,058 | ||||||||
Non-owner occupied | 1,439 | 3,596 | 9,199 | ||||||||
Land development | 508 | 541 | 534 | ||||||||
Total real estate – commercial mortgage | 4,353 | 7,351 | 12,791 | ||||||||
Installment loans to individuals | 67 | 67 | 67 | ||||||||
Total restructured loans in compliance with modified terms | $ | 10,720 | $ | 13,453 | $ | 18,881 |
2016 | 2015 | ||||||
Balance at January 1, | $ | 13,453 | $ | 14,337 | |||
Additional loans with concessions | 2,926 | 9,490 | |||||
Reductions due to: | |||||||
Reclassified as nonperforming | (1,336 | ) | (21 | ) | |||
Paid in full | (3,304 | ) | (1,494 | ) | |||
Charge-offs | (32 | ) | — | ||||
Transfer to other real estate owned | (51 | ) | — | ||||
Paydowns | (936 | ) | (294 | ) | |||
Balance at September 30, | $ | 10,720 | $ | 22,018 |
September 30, 2016 | December 31, 2015 | September 30, 2015 | |||||||||
Residential real estate | $ | 2,103 | $ | 4,265 | $ | 4,452 | |||||
Commercial real estate | 8,412 | 11,041 | 12,583 | ||||||||
Residential land development | 4,139 | 4,595 | 4,729 | ||||||||
Commercial land development | 10,748 | 12,683 | 11,387 | ||||||||
Total other real estate owned | $ | 25,402 | $ | 32,584 | $ | 33,151 |
2016 | 2015 | ||||||
Balance at January 1, | $ | 32,584 | $ | 28,104 | |||
Acquired OREO | — | 6,250 | |||||
Transfer of balance to non-covered(1) | 2,974 | 3,431 | |||||
Additions | 3,397 | 8,016 | |||||
Impairments | (2,306 | ) | (1,831 | ) | |||
Dispositions | (11,058 | ) | (10,794 | ) | |||
Other | (189 | ) | (25 | ) | |||
Balance at September 30, | $ | 25,402 | $ | 33,151 |
(1) | Represents a transfer of balances on non-single family assets of Citizens Bank of Effingham and First Southern National Bank (assumed in the Heritage acquisition). The claim period to submit losses to the FDIC for reimbursement on non-single family assets ended February 29, 2016 for Citizens Bank of Effingham and August 31, 2016 for First Southern National Bank. |
Percentage Change In: | ||||||
Immediate Change in Rates of: | Economic Value Equity (EVE) | Earning at Risk (EAR) (Net Interest Income) | ||||
Static | 1-12 Months | 13-24 Months | ||||
+400 | 13.48% | 1.16% | 9.16% | |||
+300 | 12.28% | 1.30% | 7.78% | |||
+200 | 12.02% | 1.19% | 6.00% | |||
+100 | 11.03% | 0.67% | 3.57% |
Percentage of Total | Cost of Funds | ||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Noninterest-bearing demand | 20.08 | % | 18.78 | % | — | % | — | % | |||
Interest-bearing demand | 42.78 | 44.44 | 0.19 | 0.18 | |||||||
Savings | 7.29 | 7.31 | 0.07 | 0.08 | |||||||
Time deposits | 22.01 | 23.95 | 0.72 | 0.66 | |||||||
Short-term borrowings | 5.68 | 2.78 | 0.47 | 0.17 | |||||||
Long-term Federal Home Loan Bank advances | 0.63 | 1.06 | 4.05 | 4.16 | |||||||
Subordinated notes | 0.20 | — | 5.45 | — | |||||||
Other borrowed funds | 1.33 | 1.68 | 5.54 | 5.40 | |||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.48 | % | 0.47 | % |
September 30, 2016 | December 31, 2015 | ||||||
Loan commitments | $ | 1,238,601 | $ | 1,131,842 | |||
Standby letters of credit | 34,203 | 37,063 |
Capital Tiers | Tier 1 Capital to Average Assets (Leverage) | Common Equity Tier 1 to Risk - Weighted Assets | Tier 1 Capital to Risk – Weighted Assets | Total Capital to Risk – Weighted Assets | |||
Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||
Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||
Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||
Critically undercapitalized | Tangible Equity / Total Assets less than 2% |
Actual | Minimum Capital Requirement to be Well Capitalized | Minimum Capital Requirement to be Adequately Capitalized (including the phase-in of the Capital Conservation Buffer) | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
September 30, 2016 | ||||||||||||||||||||
Renasant Corporation: | ||||||||||||||||||||
Risk-based capital ratios: | ||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 665,516 | 10.16 | % | $ | 425,643 | 6.50 | % | $ | 335,603 | 5.125 | % | ||||||||
Tier 1 risk-based capital ratio | 757,589 | 11.57 | % | 523,869 | 8.00 | % | 433,829 | 6.625 | % | |||||||||||
Total risk-based capital ratio | 906,004 | 13.84 | % | 654,836 | 10.00 | % | 564,796 | 8.625 | % | |||||||||||
Leverage capital ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 757,589 | 9.38 | % | 403,666 | 5.00 | % | 322,933 | 4.00 | % | |||||||||||
Renasant Bank: | ||||||||||||||||||||
Risk-based capital ratios: | ||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 731,119 | 11.19 | % | $ | 424,582 | 6.50 | % | $ | 334,767 | 5.125 | % | ||||||||
Tier 1 risk-based capital ratio | 731,119 | 11.19 | % | 522,562 | 8.00 | % | 432,747 | 6.625 | % | |||||||||||
Total risk-based capital ratio | 781,367 | 11.96 | % | 653,203 | 10.00 | % | 563,388 | 8.625 | % | |||||||||||
Leverage capital ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 731,119 | 9.08 | % | 402,555 | 5.00 | % | 322,044 | 4.00 | % | |||||||||||
December 31, 2015 | ||||||||||||||||||||
Renasant Corporation: | ||||||||||||||||||||
Risk-based capital ratios: | ||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 591,356 | 9.99 | % | $ | 384,830 | 6.50 | % | $ | 266,421 | 4.50 | % | ||||||||
Tier 1 risk-based capital ratio | 681,731 | 11.51 | % | 473,637 | 8.00 | % | 355,228 | 6.00 | % | |||||||||||
Total risk-based capital ratio | 729,321 | 12.32 | % | 592,047 | 10.00 | % | 473,637 | 8.00 | % | |||||||||||
Leverage capital ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 681,731 | 9.16 | % | 371,968 | 5.00 | % | 297,574 | 4.00 | % | |||||||||||
Renasant Bank: | ||||||||||||||||||||
Risk-based capital ratios: | ||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 654,830 | 11.09 | % | $ | 383,660 | 6.50 | % | $ | 265,611 | 4.50 | % | ||||||||
Tier 1 risk-based capital ratio | 654,830 | 11.09 | % | 472,198 | 8.00 | % | 354,148 | 6.00 | % | |||||||||||
Total risk-based capital ratio | 701,591 | 11.89 | % | 590,247 | 10.00 | % | 472,198 | 8.00 | % | |||||||||||
Leverage capital ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 654,830 | 8.82 | % | 371,183 | 5.00 | % | 296,946 | 4.00 | % |
Exhibit Number | Description | |
(2)(i) | Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, First M&F Corporation and Merchants and Farmers Bank dated as of February 6, 2013(1) | |
(2)(ii) | Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, Heritage Financial Group, Inc. and HeritageBank of the South (2) | |
(2)(iii) | Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, and KeyWorth Bank dated as of October 20, 2015 (3) | |
(3)(i) | Articles of Incorporation of Renasant Corporation, as amended (4) | |
(3)(ii) | Restated Bylaws of Renasant Corporation, as amended (5) | |
(4)(i) | Articles of Incorporation of Renasant Corporation, as amended (4) | |
(4)(ii) | Restated Bylaws of Renasant Corporation, as amended (5) | |
(4)(iii) | Subordinated Indenture dated August 22, 2016 between Renasant Corporation and Wilmington Trust, National Association, as Trustee.(6) | |
(4)(iv) | First Supplemental Indenture dated August 22, 2016 between Renasant Corporation and Wilmington Trust, National Association, as Trustee.(7) | |
(4)(v) | Second Supplemental Indenture dated August 22, 2016 between Renasant Corporation and Wilmington Trust, National Association, as Trustee.(8) | |
(4)(vi) | Form of 5.00% Fixed-to-Floating Rate Subordinated Note due 2026 (included in exhibit (4)(iv)). | |
(4)(vii) | Form of 5.50% Fixed-to-Floating Rate Subordinated Note due 2031 (included in exhibit (4)(v)). | |
(12)(i) | Computation of Ratios of Earnings to Fixed Charges | |
(31)(i) | Certification of the Principal Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(31)(ii) | Certification of the Principal Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(32)(i) | Certification of the Principal Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
(32)(ii) | Certification of the Principal Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
(101) | The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 were formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements (Unaudited). |
(1) | Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on February 11, 2013 and incorporated herein by reference. |
(2) | Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on December 15, 2014 and incorporated herein by reference. |
(3) | Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on October 23, 2015 and incorporated herein by reference. |
(4) | Filed as exhibit 3.1 to the Form 10-Q of the Company filed with the Securities and Exchange Commission on May 10, 2016 and incorporated herein by reference. |
(5) | Filed as exhibit 3.2 to the Pre-Effective Amendment No. 1 to Form S-4 Registration Statement of the Company (File No. 333-208753) filed with the Securities and Exchange Commission on January 29, 2016 and incorporated herein by reference. |
(6) | Filed as exhibit 4.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on August 22, 2016 and incorporated herein by reference. |
(7) | Filed as exhibit 4.2 to the Form 8-K of the Company filed with the Securities and Exchange Commission on August 22, 2016 and incorporated herein by reference. |
(8) | Filed as exhibit 4.3 to the Form 8-K of the Company filed with the Securities and Exchange Commission on August 22, 2016 and incorporated herein by reference. |
RENASANT CORPORATION | ||
(Registrant) | ||
Date: | November 9, 2016 | /s/ E. Robinson McGraw |
E. Robinson McGraw | ||
Chairman of the Board, Director, | ||
and Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | November 9, 2016 | /s/ Kevin D. Chapman |
Kevin D. Chapman | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
Exhibit Number | Description | |
(12)(i) | Computation of Ratios of Earnings to Fixed Charges. | |
(31)(i) | Certification of the Principal Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(31)(ii) | Certification of the Principal Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(32)(i) | Certification of the Principal Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
(32)(ii) | Certification of the Principal Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
(101) | The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 were formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements (Unaudited). |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, | Years Ended December 31, | ||||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Net income before income taxes | $ | 100,681 | $ | 68,455 | $ | 99,764 | $ | 85,887 | $ | 45,746 | $ | 33,465 | $ | 34,675 | |||||||||||||||
Fixed charges (see below) | 19,206 | 15,074 | 19,722 | 23,051 | 23,683 | 26,975 | 42,388 | ||||||||||||||||||||||
Total earnings | $ | 119,887 | $ | 83,529 | $ | 119,486 | $ | 108,938 | $ | 69,429 | $ | 60,440 | $ | 77,063 | |||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||||
Interest expensed and capitalized on deposits | $ | 13,018 | $ | 10,340 | $ | 13,715 | $ | 16,216 | $ | 17,118 | $ | 19,030 | $ | 31,729 | |||||||||||||||
Interest expensed and capitalized on other debt | 7,339 | 5,888 | 7,950 | 7,711 | 6,353 | 6,945 | 9,672 | ||||||||||||||||||||||
Amortized premiums and discounts related to deposits | (1,825 | ) | (1,593 | ) | (2,611 | ) | (1,425 | ) | (632 | ) | — | — | |||||||||||||||||
Amortized premiums and discounts related to other indebtedness | (411 | ) | (384 | ) | (521 | ) | (387 | ) | (21 | ) | 161 | 161 | |||||||||||||||||
Estimate of the interest expense within rental expense | 1,085 | 823 | 1,189 | 936 | 865 | 839 | 826 | ||||||||||||||||||||||
Total fixed charges | $ | 19,206 | $ | 15,074 | $ | 19,722 | $ | 23,051 | $ | 23,683 | $ | 26,975 | $ | 42,388 | |||||||||||||||
Ratio of Earnings to Fixed Charges: | |||||||||||||||||||||||||||||
Excluding Interest on Deposits | 13.56 | 11.82 | 12.58 | 11.40 | 7.36 | 5.21 | 4.25 | ||||||||||||||||||||||
Including Interest on Deposits | 6.24 | 5.54 | 6.06 | 4.73 | 2.93 | 2.24 | 1.82 |
• | fixed charges, including interest on deposits, includes all interest expense, amortized premiums and discounts related to deposits and other indebtedness, and the estimated portion of rental expense attributable to interest, net of income from subleases; and |
• | fixed charges, excluding interest on deposits, includes interest expense (other than on deposits), amortized premiums and discounts related to indebtedness (but not deposits), and the estimated portion of rental expense attributable to interest, net of income from subleases. |
Date: | November 9, 2016 | /s/ E. Robinson McGraw |
E. Robinson McGraw | ||
Chairman of the Board, Director, | ||
and Chief Executive Officer | ||
(Principal Executive Officer) |
Date: | November 9, 2016 | /s/ Kevin D. Chapman |
Kevin D. Chapman | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
Date: | November 9, 2016 | /s/ E. Robinson McGraw |
E. Robinson McGraw | ||
Chairman of the Board, Director, | ||
and Chief Executive Officer | ||
(Principal Executive Officer) |
Date: | November 9, 2016 | /s/ Kevin D. Chapman |
Kevin D. Chapman | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | RENASANT CORP | |
Entity Central Index Key | 0000715072 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,102,536 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 381,950 | $ 473,753 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 5.00 | $ 5.00 |
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (shares) | 42,972,066 | 41,292,045 |
Common stock, shares outstanding (shares) | 42,102,224 | 40,293,291 |
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Interest income | ||||
Loans | $ 76,759 | $ 67,527 | $ 222,781 | $ 165,418 |
Securities | ||||
Taxable | 3,717 | 4,193 | 12,832 | 12,634 |
Tax-exempt | 2,425 | 2,529 | 7,378 | 7,029 |
Other | 131 | 51 | 308 | 154 |
Total interest income | 83,032 | 74,300 | 243,299 | 185,235 |
Interest expense | ||||
Deposits | 4,638 | 3,615 | 13,018 | 10,340 |
Borrowings | 2,663 | 2,073 | 7,339 | 5,888 |
Total interest expense | 7,301 | 5,688 | 20,357 | 16,228 |
Net interest income | 75,731 | 68,612 | 222,942 | 169,007 |
Provision for loan losses | 2,650 | 750 | 5,880 | 3,000 |
Net interest income after provision for loan losses | 73,081 | 67,862 | 217,062 | 166,007 |
Noninterest income | ||||
Service charges on deposit accounts | 8,200 | 8,151 | 23,712 | 21,008 |
Fees and commissions | 4,921 | 4,271 | 14,042 | 11,408 |
Insurance commissions | 2,420 | 2,381 | 6,557 | 6,467 |
Wealth management revenue | 3,040 | 2,833 | 8,803 | 7,199 |
Mortgage banking income | 15,846 | 11,893 | 41,181 | 24,113 |
Net gain on sales of securities | 0 | 0 | 1,186 | 96 |
BOLI income | 979 | 1,110 | 2,929 | 2,668 |
Other | 2,866 | 1,440 | 8,750 | 3,869 |
Total noninterest income | 38,272 | 32,079 | 107,160 | 76,828 |
Noninterest expense | ||||
Salaries and employee benefits | 44,702 | 43,048 | 132,482 | 101,702 |
Data processing | 4,560 | 3,819 | 13,220 | 10,248 |
Net occupancy and equipment | 8,830 | 7,733 | 25,585 | 18,816 |
Other real estate owned | 1,540 | 861 | 4,111 | 2,347 |
Professional fees | 1,313 | 1,242 | 3,789 | 3,238 |
Advertising and public relations | 1,661 | 1,567 | 5,040 | 4,351 |
Intangible amortization | 1,684 | 1,803 | 5,123 | 4,317 |
Communications | 2,097 | 2,339 | 6,308 | 5,263 |
Extinguishment of debt | 2,210 | 0 | 2,539 | 0 |
Merger and conversion related expenses | 268 | 7,746 | 4,023 | 9,691 |
Other | 7,603 | 5,821 | 21,321 | 14,407 |
Total noninterest expense | 76,468 | 75,979 | 223,541 | 174,380 |
Income before income taxes | 34,885 | 23,962 | 100,681 | 68,455 |
Income tax expense (benefit) | 11,706 | 7,742 | 33,386 | 21,601 |
Net income (loss) | $ 23,179 | $ 16,220 | $ 67,295 | $ 46,854 |
Basic earnings per share (usd per share) | $ 0.55 | $ 0.40 | $ 1.62 | $ 1.36 |
Diluted earnings per share (usd per share) | 0.55 | 0.40 | 1.61 | 1.35 |
Cash dividends per common share (usd per share) | $ 0.18 | $ 0.17 | $ 0.53 | $ 0.51 |
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. The Company offers a diversified range of financial, fiduciary and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Georgia, north and central Alabama and north Florida. Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on February 29, 2016. Business Combinations: The Company completed its acquisitions of Heritage Financial Group, Inc. (“Heritage”) and KeyWorth Bank ("KeyWorth") on July 1, 2015 and April 1, 2016, respectively. The acquired institutions' financial condition and results of operations are included in the Company's financial condition and results of operations as of the respective acquisition dates. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Subsequent Events: The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements. The Company has determined that no significant events occurred after September 30, 2016 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. Impact of Recently-Issued Accounting Standards and Pronouncements: 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 ("ASU 2016-15"). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. The ASU only impacts the presentation of specific items within the Statement of Cash Flows and is not expected to have a material impact to the Company. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. The FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements and will continue to monitor FASB’s progress on this topic. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 is intended to reduce complexity in accounting standards by simplifying several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The amendments of ASU 2016-09 are effective for interim and annual periods beginning after December 15, 2016. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. The ASU eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held but did not qualify for the equity method of accounting. For public companies, the amendments in ASU 2016-07 are effective for interim and annual periods beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Management is currently evaluating the provisions of ASU 2016-07 to determine the potential impact the new standard will have on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 amends the accounting model and disclosure requirements for leases. The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current GAAP, and operating leases. Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities. The accounting model and disclosure requirements for lessors remains substantially unchanged from current GAAP. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. Management is currently evaluating the impact ASU 2016-02 will have on the Company's financial position and results of operations. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting, in other comprehensive income, the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-01 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. Management is currently evaluating the impact ASU 2016-01 will have on the Company's financial position and results of operations. |
Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities (In Thousands, Except Number of Securities) The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
During the second quarter of 2016, the Company sold an "other equity security" with a carrying value of $2,767 at the time of sale for net proceeds of $4,024 resulting in a gain of $1,257. Additionally, during the first quarter of 2016 the Company sold an "other equity security" with a carrying value of $75 at the time of sale for net proceeds of $4 resulting in a loss of $71. During the second quarter of 2015, the Company sold its pooled trust preferred security XIII with net proceeds of $1,213 and a carrying value of $1,117 at the time of sale for a gain of $96. Gross realized gains on sales of securities available for sale for the three and nine months ended September 30, 2016 and 2015 were as follows:
At September 30, 2016 and December 31, 2015, securities with a carrying value of $654,409 and $679,492, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $27,090 and $39,275 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2016 and December 31, 2015, respectively. The amortized cost and fair value of securities at September 30, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented:
The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity. The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company has experienced an overall improvement in the fair value of its investment portfolio and, with the exception of one of its pooled trust preferred securities (discussed below), is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any OTTI for the three or nine months ended September 30, 2016 or 2015. The Company holds investments in pooled trust preferred securities that had an amortized cost basis of $24,628 and $24,770 and a fair value of $18,092 and $19,469 at September 30, 2016 and December 31, 2015, respectively. At September 30, 2016, the investments in pooled trust preferred securities consisted of three securities representing interests in various tranches of trusts collateralized by debt issued by over 250 financial institutions. Management’s determination of the fair value of each of its holdings in pooled trust preferred securities is based on the current credit ratings, the known deferrals and defaults by the underlying issuing financial institutions and the degree to which future deferrals and defaults would be required to occur before the cash flow for the Company’s tranches is negatively impacted. In addition, management continually monitors key credit quality and capital ratios of the issuing institutions. This determination is further supported by quarterly valuations, which are performed by third parties, of each security obtained by the Company. The Company does not intend to sell the investments before recovery of the investments' amortized cost, and it is not more likely than not that the Company will be required to sell the investments before recovery of the investments’ amortized cost, which may be at maturity. At September 30, 2016, management did not, and does not currently, believe such securities will be settled at a price less than the amortized cost of the investment, but the Company previously concluded that it was probable that there had been an adverse change in estimated cash flows for all three trust preferred securities and recognized credit related impairment losses on these securities in 2010 and 2011. No additional impairment was recognized during the nine months ended September 30, 2016. The Company's analysis of the pooled trust preferred securities during the second quarter of 2015 supported a return to accrual status for one of the three securities (XXVI). During the second quarter of 2014, the Company's analysis supported a return to accrual status for one of the other securities (XXIII). An observed history of principal and interest payments combined with improved qualitative and quantitative factors described above justified the accrual of interest on these securities. However, the remaining security (XXIV) is still in "payment in kind" status where interest payments are not expected until a future date and, therefore, the qualitative and quantitative factors described above do not justify a return to accrual status at this time. As a result, pooled trust preferred security XXIV remains classified as a nonaccruing asset at September 30, 2016, and investment interest is recorded on the cash-basis method until qualifying for return to accrual status. The following table provides information regarding the Company’s investments in pooled trust preferred securities at September 30, 2016:
The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:
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Loans and the Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses | Loans and the Allowance for Loan Losses (In Thousands, Except Number of Loans) The following is a summary of loans as of the dates presented:
Past Due and Nonaccrual Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial, consumer and construction loans above a minimum dollar amount threshold by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. Loans accounted for under FASB Accounting Standards Codification Topic (“ASC”) 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented:
Restructured Loans Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. The following tables illustrate the impact of modifications classified as restructured loans and are segregated by class for the periods presented:
Restructured loans not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were no restructured loans contractually 90 days past due or more and still accruing at September 30, 2016 and one restructured loan in the amount of $35 contractually 90 days past due or more and still accruing at September 30, 2015. The outstanding balance of restructured loans on nonaccrual status was $9,764 and $13,956 at September 30, 2016 and September 30, 2015, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for loan losses attributable to restructured loans was $321 and $1,343 at September 30, 2016 and September 30, 2015, respectively. The Company had $11 in remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2016 or December 31, 2015. Credit Quality For loans originated for commercial purposes, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Watch” grade (those with a risk rating of 5) is utilized on a temporary basis for “Pass” grade loans where a significant adverse risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 6 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to the related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans and certain other loans originated for other than commercial purposes, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
Loans Acquired with Deteriorated Credit Quality Loans acquired in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:
The references in the table above and elsewhere in these Notes to "covered loans" and "not covered loans" (as well as to "covered OREO" and "not covered OREO") refer to loans (or OREO, as applicable) covered and not covered, respectively, by loss-share agreements with the FDIC. See Note E, "FDIC Loss-Share Indemnification Asset," below for more information. The following table presents the fair value of loans determined to be impaired at the time of acquisition and determined not to be impaired at the time of acquisition at September 30, 2016:
Changes in the accretable yield of loans acquired with deteriorated credit quality were as follows:
The following table presents the fair value of loans acquired from KeyWorth as of the April 1, 2016 acquisition date.
Allowance for Loan Losses The allowance for loan losses is maintained at a level believed adequate by management based on its ongoing analysis of the loan portfolio to absorb probable credit losses inherent in the entire loan portfolio, including collective impairment as recognized under ASC 450, “Contingencies”. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310. The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The following table provides a roll forward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:
The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:
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Other Real Estate Owned |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned | Other Real Estate Owned (In Thousands) The following table provides details of the Company’s other real estate owned (“OREO”) covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs, as of the dates presented:
Changes in the Company’s OREO covered and not covered under a loss-share agreement were as follows:
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
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FDIC Loss-Share Indemnification Asset |
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FDIC Loss-Share Indemnification Asset [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC Loss-Share Indemnification Asset | FDIC Loss-Share Indemnification Asset (In Thousands) As part of the loan portfolio and OREO fair value estimation in connection with FDIC-assisted acquisitions, a FDIC loss-share indemnification asset is established, which represents the present value as of the acquisition date of the estimated losses on covered assets to be reimbursed by the FDIC. Pursuant to the terms of our loss-share agreements (including those assumed in connection with the Heritage acquisition), the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered assets, beginning with the first dollar of loss incurred. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to covered assets. The estimated losses are based on the same cash flow estimates used in determining the fair value of the covered assets. The FDIC loss-share indemnification asset is reduced as losses are recognized on covered assets and loss-share payments are received from the FDIC. Realized losses in excess of estimates as of the date of the acquisition increase the FDIC loss-share indemnification asset. Conversely, when realized losses are less than these estimates, the portion of the FDIC loss-share indemnification asset no longer expected to result in a payment from the FDIC is amortized into interest income using the effective interest method. Changes in the FDIC loss-share indemnification asset were as follows:
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Mortgage Servicing Rights |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”), included in “Other assets” on the Consolidated Balance Sheets, are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair market value. Fair market value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Impairment losses on MSRs are recognized to the extent by which the unamortized cost exceeds fair value. There were $40 of impairment losses on MSRs during the nine months ended September 30, 2016 and no impairment losses recognized during the nine months ended September 30, 2015. During the first quarter of 2016, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance totaling $1,830,444 to a third party for net proceeds of $18,508. There were no other sales of MSRs in 2016 and no sales in 2015. Changes in the Company’s MSRs were as follows:
Data and key economic assumptions related to the Company’s MSRs as of September 30, 2016 are as follows:
Changes to the fair value of the MSRs are recorded as part of Mortgage banking income in the Consolidated Statements of Income. Also as part of Mortgage banking income, the Company recorded servicing fees of $595 and $1,045 for the three months ended September 30, 2016 and 2015, respectively. The Company recorded servicing fees of $2,212 and $2,163 for the nine months ended September 30, 2016 and 2015, respectively. |
Employee Benefit and Deferred Compensation Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) The Company sponsors a noncontributory defined benefit pension plan, under which participation and future benefit accruals ceased as of December 31, 1996. In connection with the acquisition of Heritage, the Company assumed the noncontributory defined benefit pension plan maintained by HeritageBank of the South, Heritage's wholly-owned banking subsidiary (“HeritageBank”), under which accruals had ceased and the plan had been terminated by HeritageBank immediately prior to the acquisition date. Final distribution of all benefits under the plan was completed in August 2016. The table below presents the changes in the benefit obligation and plan assets from the beginning of the year until final distribution:
The Company also provides retiree health benefits for certain employees who were employed by the Company and enrolled in the Company's health plan as of December 31, 2004. To receive benefits, an eligible employee must retire from service with the Company and its affiliates between age 55 and 65 and be credited with at least 15 years of service or with 70 points, determined as the sum of age and service at retirement. The Company periodically determines the portion of the premium to be paid by each eligible retiree and the portion to be paid by the Company. Coverage ceases when an employee attains age 65 and is eligible for Medicare. The Company also provides life insurance coverage for each retiree in the face amount of $5 until age 70. Retirees can purchase additional insurance or continue coverage beyond age 70 at their sole expense. The plan expense for the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows:
In March 2011, the Company adopted a long-term equity incentive plan, which provides for the grant of stock options and the award of restricted stock. The plan replaced the long-term incentive plan adopted in 2001, which expired in October 2011. The Company issues shares of treasury stock to satisfy stock options exercised or restricted stock granted under the plan. Options granted under the plan allow participants to acquire shares of the Company's common stock at a fixed exercise price and expire ten years after the grant date. Options vest and become exercisable in installments over a three-year period measured from the grant date. Options that have not vested are forfeited and canceled upon the termination of a participant's employment. There were no stock options granted during the three or nine months ended September 30, 2016 and 2015. The following table summarizes the changes in stock options as of and for the nine months ended September 30, 2016:
The Company awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to directors, executives and other officers and employees under the long-term equity incentive plan. The performance-based restricted stock vests upon completion of a one-year service period and the attainment of certain performance goals. Performance-based restricted stock is issued at the target level; the number of shares ultimately awarded is determined at the end of each year and may be increased or decreased depending on the Company falling short of, meeting or exceeding financial performance measures defined by the Board of Directors. Time-based restricted stock vests at the end of the service period defined in the respective grant. The fair value of each restricted stock award is the closing price of the Company's common stock on the day immediately preceding the award date. The following table summarizes the changes in restricted stock as of and for the nine months ended September 30, 2016:
During the nine months ended September 30, 2016, the Company reissued 128,912 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $848 and $1,019 for the three months ended September 30, 2016 and 2015, respectively, and $2,563 and $2,739 for the nine months ended September 30, 2016 and 2015, respectively. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting (In Thousands) The operations of the Company’s reportable segments are described as follows:
In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts. The following table provides financial information for the Company’s operating segments as of and for the periods presented:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements (In Thousands) Fair Value Measurements and the Fair Level Hierarchy ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). Recurring Fair Value Measurements The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value on a recurring basis include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Securities available for sale: Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, mortgage-backed securities, trust preferred securities, and other debt and equity securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Derivative instruments: The Company uses derivatives to manage various financial risks. Most of the Company’s derivative contracts are extensively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts such as interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy. Mortgage loans held for sale: Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy. The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. There were no such transfers between levels of the fair value hierarchy during the nine months ended September 30, 2016. The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, during the three and nine months ended September 30, 2016 and 2015, respectively:
For the three and nine months ended September 30, 2016 and 2015, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. The following table presents information as of September 30, 2016 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:
Nonrecurring Fair Value Measurements Certain assets may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities measured on a nonrecurring basis: Impaired loans: Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans covered under loss-share agreements were recorded at their fair value upon the acquisition date, and no fair value adjustments were necessary for the nine months ended September 30, 2016 or 2015. Impaired loans not covered under loss-share agreements that were measured or re-measured at fair value had a carrying value of $9,908 and $7,191 at September 30, 2016 and December 31, 2015, respectively, and a specific reserve for these loans of $2,721 and $683 was included in the allowance for loan losses as of such dates. Other real estate owned: OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO covered under loss-share agreements is recorded at its fair value on its acquisition date. OREO not covered under loss-share agreements acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3. The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:
Mortgage servicing rights: Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Mortgage servicing rights were carried at amortized cost at September 30, 2016 and December 31, 2015, and $40 in impairment charges were recognized in earnings for the nine months ended September 30, 2016. There were no impairment charges recognized in earnings for the same time period in 2015. The following table presents information as of September 30, 2016 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis:
Fair Value Option The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them. Net losses of $145 and net gains of $1,023 resulting from fair value changes of these mortgage loans were recorded in income during the nine months ended September 30, 2016 and 2015, respectively. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking income” in the Consolidated Statements of Income. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income. The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of:
Fair Value of Financial Instruments The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or nonrecurring basis were discussed previously. Cash and cash equivalents: Cash and cash equivalents consist of cash and due from banks and interest-bearing balances with banks. The carrying amount reported in the Consolidated Balance Sheets for cash and cash equivalents approximates fair value based on the short-term nature of these assets. Securities held to maturity: Securities held to maturity consist of debt securities such as obligations of U.S. Government agencies, states, and other political subdivisions. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices in active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Loans covered under loss-share agreements: The fair value of loans covered under loss-share agreements is based on the net present value of future cash proceeds expected to be received using discount rates that are derived from current market rates and reflect the level of interest risk in the covered loans. Loans not covered under loss-share agreements: For variable-rate loans not covered under loss-share agreements that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values of fixed-rate loans not covered under loss-share agreements, including mortgages and commercial, agricultural and consumer loans, are estimated using a discounted cash flow analysis based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. FDIC loss-share indemnification asset: The fair value of the FDIC loss-share indemnification asset is based on the net present value of future cash flows expected to be received from the FDIC under the provisions of the loss-share agreements using a discount rate that is based on current market rates for the underlying covered loans. Current market rates are used in light of the uncertainty of the timing and receipt of the loss-share reimbursement from the FDIC. Deposits: The fair values disclosed for demand deposits, both interest-bearing and noninterest-bearing, are, by definition, equal to the amount payable on demand at the reporting date. Such deposits are classified within Level 1 of the fair value hierarchy. The fair values of certificates of deposit and individual retirement accounts are estimated using a discounted cash flow based on currently effective interest rates for similar types of deposits. These deposits are classified within Level 2 of the fair value hierarchy. Short-term borrowings: Short-term borrowings consist of securities sold under agreements to repurchase and short-term FHLB advances. The fair value of these borrowings approximates the carrying value of the amounts reported in the Consolidated Balance Sheets for each respective account given the short-term nature of the liabilities. Federal Home Loan Bank advances: The fair value for Federal Home Loan Bank (“FHLB”) advances is determined by discounting the expected future cash outflows using current market rates for similar borrowings, or Level 2 inputs. Junior subordinated debentures and subordinated notes: The fair value for the Company’s junior subordinated debentures and subordinated notes is determined using quoted market prices for similar instruments traded in active markets. |
Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments (In Thousands) The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. The Company also from time to time enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At September 30, 2016, the Company had notional amounts of $80,065 on interest rate contracts with corporate customers and $80,065 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed-rate loans. In June 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are each accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four-year and five-year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, Renasant Bank will pay a fixed interest rate and will receive a variable interest rate based on the three-month LIBOR plus a pre-determined spread, with quarterly net settlements. In March and April 2012, the Company entered into two interest rate swap agreements effective March 30, 2014 and March 17, 2014, respectively. Under these swap agreements, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The agreements, which both terminate in March 2022, are accounted for as cash flow hedges to reduce the variability in cash flows resulting from changes in interest rates on $32,000 of the Company’s junior subordinated debentures. In connection with its merger with First M&F Corporation (“First M&F”), the Company assumed an interest rate swap designed to convert floating rate interest payments into fixed rate payments. Based on the terms of the agreement, which terminates in March 2018, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The interest rate swap is accounted for as a cash flow hedge to reduce the variability in cash flows resulting from changes in interest rates on $30,000 of the junior subordinated debentures assumed in the merger with First M&F. The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate mortgage loans was $265,911 and $251,676 at September 30, 2016 and December 31, 2015, respectively. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The notional amount of commitments to sell residential mortgage loans to secondary market investors was $353,000 and $293,500 at September 30, 2016 and December 31, 2015, respectively. The following table provides details on the Company’s derivative financial instruments as of the dates presented:
Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented:
For the Company's derivatives designated as cash flow hedges, changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the three and nine months ended September 30, 2016 and 2015. The impact on other comprehensive income for the three and nine months ended September 30, 2016 and 2015, can be seen at Note K, "Other Comprehensive Income." Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the "right of setoff" exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company's derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. The following table presents the Company's gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
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Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income (In Thousands) Changes in the components of other comprehensive income (loss) were as follows for the periods presented:
The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented:
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Net Income Per Common Share |
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Net Income Per Common Share | Net Income Per Common Share (In Thousands, Except Share Data) Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:
Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:
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Mergers and Acquisitions |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers and Acquisitions | Mergers and Acquisitions (In Thousands, Except Share Data) Acquisition of KeyWorth Bank Effective April 1, 2016, the Company completed its acquisition of KeyWorth Bank (“KeyWorth”) in a transaction valued at approximately $58,885. The Company issued 1,680,021 shares of common stock and paid approximately $3,594 to KeyWorth stock option and warrant holders for 100% of the voting equity interest in KeyWorth. At closing, KeyWorth merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. As a result of the KeyWorth acquisition, the Company acquired total assets with an estimated fair value of $415,232, total loans with an estimated fair value of $272,330 and total deposits with an estimated fair value of $348,961, and six banking locations in the Atlanta metropolitan area. The Company is finalizing the fair value of taxes and property and equipment related to the KeyWorth acquisition. The Company recorded approximately $22,643 in intangible assets which consist of goodwill of $20,633 and a core deposit intangible of $2,010. Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes. Acquisition of Heritage Financial Group, Inc. Effective July 1, 2015, the Company completed its acquisition by merger with Heritage Financial Group, Inc. (“Heritage”) in a transaction valued at $295,444. The Company issued 8,635,879 shares of common stock and paid $5,915 to Heritage stock option holders for 100% of the voting equity interest in Heritage. At closing, Heritage merged with and into the Company, with the Company surviving the merger. On the same date, HeritageBank was merged into Renasant Bank. On July 1, 2015, Heritage operated 48 banking, mortgage and investment offices in Alabama, Georgia and Florida. The Company recorded approximately $187,468 in intangible assets which consist of goodwill of $175,212 and a core deposit intangible of $12,256. Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes. The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company's acquisition of Heritage based on their fair values on July 1, 2015.
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. The following table summarizes the fair value of assets acquired and liabilities assumed at acquisition date in connection with the merger with Heritage.
The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the nine months ended September 30, 2016 and 2015 of the Company as though the Heritage merger had been completed as of January 1, 2015. The unaudited estimated pro forma information combines the historical results of Heritage with the Company's historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2015. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.
In connection with the acquisition of Heritage, the Bank assumed two loss-sharing agreements with the FDIC which covered Citizens Bank of Effingham (“Citizens”) and First Southern National Bank (“First Southern”). The claim periods to submit losses to the FDIC for reimbursement ended February 29, 2016 for non-single family Citizens loans and ends February 28, 2021 for single family Citizens loans. The claim periods to submit losses to the FDIC for reimbursement ended August 31, 2016 for non-single family First Southern loans and ends August 31, 2021 for single family First Southern loans. Acquisition of First M&F Corporation On September 1, 2013, the Company completed its acquisition by merger of First M&F, a bank holding company headquartered in Kosciusko, Mississippi, and the parent of Merchants and Farmers Bank, a Mississippi banking corporation. On the same date, Merchants and Farmers Bank was merged into Renasant Bank. On August 31, 2013, First M&F operated 43 banking and insurance locations in Mississippi, Alabama and Tennessee. The Company issued 6,175,576 shares of its common stock for 100% of the voting equity interests in First M&F. The aggregate transaction value, including the dilutive impact of First M&F’s stock based compensation assumed by the Company, was $156,845. The Company recorded approximately $115,159 in intangible assets which consist of goodwill of $90,127 and core deposit intangible of $25,032. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The intangible assets are not deductible for income tax purposes. The Company assumed $30,928 in fixed/floating rate junior subordinated deferrable interest debentures payable to First M&F Statutory Trust I that mature in March 2036. The acquired subordinated debentures require interest to be paid quarterly at a rate of 90-day LIBOR plus 1.33%. The fair value adjustment on the junior subordinated debentures of $12,371 will be amortized on a straight line basis over the remaining life. Acquisition of RBC Bank (USA) Trust Division On August 31, 2011, the Company acquired the Birmingham, Alabama-based trust division of RBC Bank (USA), which served clients in Alabama and Georgia. Under the terms of the transaction, RBC Bank (USA) transferred its approximately $680,000 in assets under management, comprised of personal and institutional clients with over 200 trust, custodial and escrow accounts, to a wholly-owned subsidiary, and the Bank acquired all of the ownership interests in the subsidiary, which was subsequently merged into the Bank. FDIC-Assisted Acquisitions On February 4, 2011, the Bank entered into a purchase and assumption agreement with loss-share agreements with the FDIC to acquire specified assets and assume specified liabilities of American Trust Bank, a Georgia-chartered bank headquartered in Roswell, Georgia (“American Trust”). American Trust operated 3 branches in the northwest region of Georgia. In connection with the acquisition, the Bank entered into loss-share agreements with the FDIC that covered $73,657 of American Trust loans (the “covered ATB loans”). The Bank will share in the losses on the asset pools (including single family residential mortgage loans and commercial loans) covered under the loss-share agreements. Pursuant to the terms of the loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered ATB loans, beginning with the first dollar of loss incurred. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to covered ATB loans. The claim periods to submit losses to the FDIC for reimbursement ended February 5, 2016 for non-single family ATB loans and ends February 28, 2021 for single family ATB loans. On July 23, 2010, the Bank acquired specified assets and assumed specified liabilities of Crescent Bank & Trust Company, a Georgia-chartered bank headquartered in Jasper, Georgia (“Crescent”), from the FDIC, as receiver for Crescent. Crescent operated 11 branches in the northwest region of Georgia. In connection with the acquisition, the Bank entered into loss-share agreements with the FDIC that covered $361,472 of Crescent loans and $50,168 of other real estate owned (the “covered Crescent assets”). The Bank will share in the losses on the asset pools (including single family residential mortgage loans and commercial loans) covered under the loss-share agreements. Pursuant to the terms of the loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered Crescent assets, beginning with the first dollar of loss incurred. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to covered Crescent assets. The claim periods to submit losses to the FDIC for reimbursement ended July 25, 2015 for non-single family Crescent assets and ends July 31, 2020 for single family Crescent assets. |
Regulatory Matters |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters (In Thousands) Renasant Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Renasant Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Renasant Bank must meet specific capital guidelines that involve quantitative measures of Renasant Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Renasant Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications:
The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of September 30,
In July 2013, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act (the “Basel III Rules”) that call for broad and comprehensive revision of regulatory capital standards for U.S. banking organizations. Generally, the new Basel III Rules became effective on January 1, 2015, although parts of the Basel III Rules will be phased in through 2019. The Basel III Rules implemented a new common equity Tier 1 minimum capital requirement (“CET1”), and a higher minimum Tier 1 capital requirement, as reflected in the table above, and adjusted other items affecting the calculation of the numerator of a banking organization’s risk-based capital ratios. The new CET1 capital ratio includes common equity as defined under GAAP and does not include any other type of non-common equity under GAAP. Additionally, the Basel III Rules apply limits to a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a specified amount of CET1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements. Further, the Basel III Rules changed the agencies’ general risk-based capital requirements for determining risk-weighted assets, which affect the calculation of the denominator of a banking organization’s risk-based capital ratios. The Basel III Rules have revised the agencies’ rules for calculating risk-weighted assets to enhance risk sensitivity and to incorporate certain international capital standards of the Basel Committee on Banking Supervision set forth in the standardized approach of the “International Convergence of Capital Measurement and Capital Standards: A Revised Framework”. The calculation of risk-weighted assets in the denominator of the Basel III capital ratios has been adjusted to reflect the higher risk nature of certain types of loans. Specifically, as applicable to the Company and Renasant Bank: — Residential mortgages: Replaced the former 50% risk weight for performing residential first-lien mortgages and a 100% risk-weight for all other mortgages with a risk weight of between 35% and 200% determined by the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income. — Commercial mortgages: Replaced the former 100% risk weight with a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans. — Nonperforming loans: Replaced the former 100% risk weight with a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status. The Final Rules also introduce a new capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk-weighted asset ratios. In addition, the Final Rules provide for a countercyclical capital buffer applicable only to certain covered institutions. It is not expected that the countercyclical capital buffer will be applicable to the Company or Renasant Bank. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and be phased in over a 4-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). |
Investments in Qualified Affordable Housing Projects |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Qualified Affordable Housing Projects | Investments in Qualified Affordable Housing Projects (In Thousands) The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period. At September 30, 2016 and December 31, 2015, the Company’s carrying value of QAHPs was $6,664 and $7,666, respectively. The Company has no remaining funding obligations related to the QAHPs. The investments in QAHPs are being accounted for using the effective yield method. The investments in QAHPs are included in “Other assets” on the Consolidated Balance Sheets. Components of the Company's investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes (In Thousands) The following table is a summary of the Company's temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates indicated.
The Company acquired federal and state net operating losses as part of the Heritage acquisition. The federal net operating loss acquired totaled $18,321, of which $7,124 remained to be utilized as of September 30, 2016, while state net operating losses totaled $17,168, of which $15,062 remained to be utilized as of September 30, 2016. Both the federal and state net operating losses will expire at various dates beginning in 2024. The Company expects to utilize the federal and state net operating losses prior to expiration. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the three and nine months ended September 30, 2016 and 2015 or the year ended December 31, 2015. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) Changes in the carrying amount of goodwill during the nine months ended September 30, 2016 were as follows:
The addition to goodwill from the KeyWorth acquisition represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in the transaction. The Company is finalizing the fair values of taxes and property and equipment related to the KeyWorth acquisition; as such, the recorded balance of goodwill is subject to change. The adjustment to previously recorded goodwill is due to valuation adjustments on property and equipment as well as certain loans acquired from Heritage. There were no adjustments to goodwill during the three months ended September 30, 2016. The following table provides a summary of finite-lived intangible assets as of the dates presented:
Current year amortization expense for finite-lived intangible assets is presented in the table below.
The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2016 and the succeeding four years is summarized as follows:
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Subordinated Notes |
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Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | Subordinated Notes (In Thousands) On August 22, 2016, the Company issued and sold in an underwritten public offering $60,000 aggregate principal amount of its 5.00% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “2026 Notes”) and $40,000 aggregate principal amount of its 5.50% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “2031 Notes”; the 2026 Notes and the 2031 Notes are referred to collectively as the “Notes”), at a public offering price equal to 100% of the aggregate principal amounts of the Notes. The net proceeds from the sale of the Notes to the Company were approximately $98,167, after giving effect to the underwriting discount of 1.50% and expenses of the offering of the Notes. The 2026 Notes will mature on September 1, 2026. Until but excluding September 1, 2021, the Company will pay interest on the 2026 Notes semi-annually in arrears on each March 1 and September 1, commencing March 1, 2017, at a fixed annual interest rate equal to 5.00%. From and including September 1, 2021 to but excluding the maturity date or the date of earlier redemption, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus a spread of 384 basis points, payable quarterly in arrears on each March 1, June 1, September 1 and December 1. Notwithstanding the foregoing, in the event that three-month LIBOR is less than zero, three-month LIBOR shall be deemed to be zero. The Company may, beginning with the interest payment date of September 1, 2021 and on any interest payment date thereafter, redeem the 2026 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The 2031 Notes will mature on September 1, 2031. Until but excluding September 1, 2026, the Company will pay interest on the 2031 Notes semi-annually in arrears on each March 1 and September 1, commencing March 1, 2017, at a fixed annual interest rate equal to 5.50%. From and including September 1, 2026 to but excluding the maturity date or the date of earlier redemption, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus a spread of 407.1 basis points, payable quarterly in arrears on each March 1, June 1, September 1 and December 1. Notwithstanding the foregoing, in the event that three-month LIBOR is less than zero, three-month LIBOR shall be deemed to be zero. The Company may, beginning with the interest payment date of September 1, 2026 and on any interest payment date thereafter, redeem the 2031 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2026 Notes and the 2031 Notes at any time, at the Company’s option, in whole or in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the 2026 Notes or the 2031 Notes, as applicable, for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the 2026 Notes or the 2031 Notes, as applicable, from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus any accrued and unpaid interest to but excluding the redemption date. There is no sinking fund for the benefit of the 2026 Notes or 2031 Notes, and neither the 2026 Notes nor the 2031 Notes are convertible or exchangeable. |
Summary of Significant Accounting Policies (Policies) |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on February 29, 2016. |
Business Combinations | Business Combinations: The Company completed its acquisitions of Heritage Financial Group, Inc. (“Heritage”) and KeyWorth Bank ("KeyWorth") on July 1, 2015 and April 1, 2016, respectively. The acquired institutions' financial condition and results of operations are included in the Company's financial condition and results of operations as of the respective acquisition dates. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Subsequent Events | Subsequent Events: The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements. The Company has determined that no significant events occurred after September 30, 2016 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. |
Impact of Recently-Issued Accounting Standards and Pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements: 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 ("ASU 2016-15"). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. The ASU only impacts the presentation of specific items within the Statement of Cash Flows and is not expected to have a material impact to the Company. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. The FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements and will continue to monitor FASB’s progress on this topic. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 is intended to reduce complexity in accounting standards by simplifying several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The amendments of ASU 2016-09 are effective for interim and annual periods beginning after December 15, 2016. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. The ASU eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held but did not qualify for the equity method of accounting. For public companies, the amendments in ASU 2016-07 are effective for interim and annual periods beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Management is currently evaluating the provisions of ASU 2016-07 to determine the potential impact the new standard will have on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 amends the accounting model and disclosure requirements for leases. The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current GAAP, and operating leases. Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities. The accounting model and disclosure requirements for lessors remains substantially unchanged from current GAAP. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. Management is currently evaluating the impact ASU 2016-02 will have on the Company's financial position and results of operations. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting, in other comprehensive income, the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-01 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. Management is currently evaluating the impact ASU 2016-01 will have on the Company's financial position and results of operations. |
Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and fair value of securities held to maturity | The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
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Amortized cost and fair value of securities available for sale | The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
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Schedule of realized gains | Gross realized gains on sales of securities available for sale for the three and nine months ended September 30, 2016 and 2015 were as follows:
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Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at September 30, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
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Unrealized losses and fair value by investment category | The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented:
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Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at September 30, 2016:
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Cumulative credit related losses recognized in earnings | The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:
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Loans and the Allowance for Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | The following table presents the fair value of loans determined to be impaired at the time of acquisition and determined not to be impaired at the time of acquisition at September 30, 2016:
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Impaired loans | Loans accounted for under FASB Accounting Standards Codification Topic (“ASC”) 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented:
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Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
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Summary of loans | The following is a summary of loans as of the dates presented:
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Past due and nonaccrual loans | The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
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Restructured loans | The following tables illustrate the impact of modifications classified as restructured loans and are segregated by class for the periods presented:
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Changes in restructured loans | Changes in the Company’s restructured loans are set forth in the table below:
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Loan portfolio by risk-rating grades | The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
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Loan portfolio not subject to risk rating | The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
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Loans acquired with deteriorated credit quality | Loans acquired in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:
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Changes in accretable yield of loans acquired with deteriorated credit quality | Changes in the accretable yield of loans acquired with deteriorated credit quality were as follows:
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Rollforward of the allowance for loan losses | The following table provides a roll forward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:
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Investment in loans, net of unearned income on impairment methodology | The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:
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Receivables Acquired with Deteriorated Credit Quality | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
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Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented:
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KeyWorth Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | The following table presents the fair value of loans acquired from KeyWorth as of the April 1, 2016 acquisition date.
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Other Real Estate Owned (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | The following table provides details of the Company’s other real estate owned (“OREO”) covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs, as of the dates presented:
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Changes in OREO covered and not covered under a loss-share agreement | Changes in the Company’s OREO covered and not covered under a loss-share agreement were as follows:
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Components of "Other real estate owned" in the Consolidated Statements of Income | Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
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FDIC Loss-Share Indemnification Asset (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC Loss-Share Indemnification Asset [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the FDIC loss-share indemnification asset | Changes in the FDIC loss-share indemnification asset were as follows:
|
Mortgage Servicing Rights (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Company's MSRs | Changes in the Company’s MSRs were as follows:
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Data and key economic assumptions related to the Company's MSRs | Data and key economic assumptions related to the Company’s MSRs as of September 30, 2016 are as follows:
|
Employee Benefit and Deferred Compensation Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information relating to the defined benefit pension plan and post-retirement health and life plans | The table below presents the changes in the benefit obligation and plan assets from the beginning of the year until final distribution:
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Plan expense for non-contributory benefit pension plan and post-retirement health and life plans | The plan expense for the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows:
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Schedule of other share-based compensation activity | The following table summarizes the changes in stock options as of and for the nine months ended September 30, 2016:
The following table summarizes the changes in restricted stock as of and for the nine months ended September 30, 2016:
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information for the company's operating segments | The following table provides financial information for the Company’s operating segments as of and for the periods presented:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair values of financial assets and liabilities measured on a recurring basis | The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
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Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, during the three and nine months ended September 30, 2016 and 2015, respectively:
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Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis | The following table presents information as of September 30, 2016 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:
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Impaired loans measured at fair value on a nonrecurring basis | The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
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OREO measured at fair value on a nonrecurring basis | The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:
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Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis | The following table presents information as of September 30, 2016 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis:
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Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of:
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Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
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Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | The following table provides details on the Company’s derivative financial instruments as of the dates presented:
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Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income | Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented:
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Schedule of gross derivative positions as recognized in the balance sheet | The following table presents the Company's gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
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Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the components of other comprehensive income (loss) | Changes in the components of other comprehensive income (loss) were as follows for the periods presented:
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Accumulated balances for each component of other comprehensive income (loss), net of tax | The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented:
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Net Income Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted net income per common share | Basic and diluted net income per common share calculations are as follows for the periods presented:
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Diluted net income per common share due to their anti-dilutive effect | Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:
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Mergers and Acquisitions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of business acquisitions | The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company's acquisition of Heritage based on their fair values on July 1, 2015.
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
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Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the fair value of assets acquired and liabilities assumed at acquisition date in connection with the merger with Heritage.
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Business acquisition, pro forma information | The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the nine months ended September 30, 2016 and 2015 of the Company as though the Heritage merger had been completed as of January 1, 2015. The unaudited estimated pro forma information combines the historical results of Heritage with the Company's historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2015. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.
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Regulatory Matters (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of guidelines governing the classification of capital tiers | The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications:
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Schedule of capital and risk-based capital and leverage ratios | The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of September 30,
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Investments in Qualified Affordable Housing Projects (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of qualified affordable housing projects included in income taxes | Components of the Company's investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant components of the Company's deferred tax assets and liabilities | The following table is a summary of the Company's temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates indicated.
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Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in the carrying amount of goodwill | Changes in the carrying amount of goodwill during the nine months ended September 30, 2016 were as follows:
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Summary of finite-lived intangible assets | The following table provides a summary of finite-lived intangible assets as of the dates presented:
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Schedule of current year amortization expense for finite-lived intangible assets | Current year amortization expense for finite-lived intangible assets is presented in the table below.
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Schedule of estimated amortization expense of finite-lived intangible assets | The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2016 and the succeeding four years is summarized as follows:
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Securities - (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | $ 362,319 | $ 458,400 |
Gross Unrealized Gains | 19,649 | 16,662 |
Gross Unrealized Losses | (18) | (1,309) |
Fair Value | 381,950 | 473,753 |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 14,100 | 101,155 |
Gross Unrealized Gains | 58 | 26 |
Gross Unrealized Losses | 0 | (1,214) |
Fair Value | 14,158 | 99,967 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 348,219 | 357,245 |
Gross Unrealized Gains | 19,591 | 16,636 |
Gross Unrealized Losses | (18) | (95) |
Fair Value | $ 367,792 | $ 373,786 |
Securities - (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains on sales of securities available for sale | $ 0 | $ 0 | $ 1,257 | $ 96 |
Gross losses on sales of securities available for sale | 0 | 0 | (71) | 0 |
Gains on sales of securities available for sale, net | $ 0 | $ 0 | $ 1,186 | $ 96 |
Securities - (Details 5) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 671,104 | |
Securities available for sale | 677,638 | $ 646,805 |
Trust preferred securities | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 24,628 | 24,770 |
Securities available for sale | 18,092 | $ 19,469 |
Unrealized Loss | (6,536) | |
XXIII | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 8,337 | |
Securities available for sale | 5,495 | |
Unrealized Loss | $ (2,842) | |
Issuers Currently in Deferral or Default | 17.00% | |
XXIV | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 12,070 | |
Securities available for sale | 9,647 | |
Unrealized Loss | $ (2,423) | |
Issuers Currently in Deferral or Default | 27.00% | |
XXVI | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 4,221 | |
Securities available for sale | 2,950 | |
Unrealized Loss | $ (1,271) | |
Issuers Currently in Deferral or Default | 22.00% |
Securities - (Details 6) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Cumulative credit related losses recognized in earnings | ||
Beginning balance | $ (3,337) | $ (3,337) |
Additions related to credit losses for which OTTI was not previously recognized | 0 | 0 |
Increases in credit loss for which OTTI was previously recognized | 0 | 0 |
Ending balance | $ (3,337) | $ (3,337) |
Loans and the Allowance for Loan Losses - (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Past due and nonaccrual loans | ||||
Total loans, gross | $ 6,107,418 | $ 5,414,625 | ||
Unearned income | (2,185) | (1,163) | ||
Loans, net of unearned income | 6,105,233 | 5,413,462 | ||
Commercial, financial, agricultural | ||||
Past due and nonaccrual loans | ||||
Total loans, gross | 694,126 | 636,837 | ||
Loans, net of unearned income | 694,126 | 636,837 | ||
Lease financing | ||||
Past due and nonaccrual loans | ||||
Total loans, gross | 47,695 | 35,978 | ||
Real estate – construction | ||||
Past due and nonaccrual loans | ||||
Total loans, gross | 487,638 | 357,665 | ||
Loans, net of unearned income | 487,638 | 357,665 | ||
Real estate – 1-4 family mortgage | ||||
Past due and nonaccrual loans | ||||
Total loans, gross | 1,870,644 | 1,735,323 | ||
Loans, net of unearned income | 1,870,644 | 1,735,323 | ||
Real estate – commercial mortgage | ||||
Past due and nonaccrual loans | ||||
Total loans, gross | 2,895,631 | 2,533,729 | ||
Loans, net of unearned income | 2,895,631 | 2,533,729 | ||
Installment loans to individuals | ||||
Past due and nonaccrual loans | ||||
Total loans, gross | 111,684 | 115,093 | ||
Loans, net of unearned income | [1] | 157,194 | 149,908 | |
Accruing Loans | ||||
Past due and nonaccrual loans | ||||
Current Loans | 6,040,945 | 5,352,365 | ||
Unearned income | (2,185) | (1,163) | ||
Loans, net of unearned income | 6,079,046 | 5,384,428 | ||
Accruing Loans | Commercial, financial, agricultural | ||||
Past due and nonaccrual loans | ||||
Current Loans | 689,042 | 634,037 | ||
Total loans, gross | 692,185 | 636,410 | ||
Accruing Loans | Lease financing | ||||
Past due and nonaccrual loans | ||||
Current Loans | 47,353 | 35,978 | ||
Total loans, gross | 47,695 | 35,978 | ||
Accruing Loans | Real estate – construction | ||||
Past due and nonaccrual loans | ||||
Current Loans | 485,096 | 357,420 | ||
Total loans, gross | 487,490 | 357,665 | ||
Accruing Loans | Real estate – 1-4 family mortgage | ||||
Past due and nonaccrual loans | ||||
Current Loans | 1,847,459 | 1,707,230 | ||
Total loans, gross | 1,860,642 | 1,722,883 | ||
Accruing Loans | Real estate – commercial mortgage | ||||
Past due and nonaccrual loans | ||||
Current Loans | 2,863,205 | 2,504,192 | ||
Total loans, gross | 2,881,733 | 2,517,622 | ||
Accruing Loans | Installment loans to individuals | ||||
Past due and nonaccrual loans | ||||
Current Loans | 110,975 | 114,671 | ||
Total loans, gross | 111,486 | 115,033 | ||
Nonaccruing Loans | ||||
Past due and nonaccrual loans | ||||
Current Loans | 13,106 | 21,796 | ||
Unearned income | 0 | 0 | ||
Loans, net of unearned income | 26,187 | 29,034 | ||
Nonaccruing Loans | Commercial, financial, agricultural | ||||
Past due and nonaccrual loans | ||||
Current Loans | 731 | 264 | ||
Total loans, gross | 1,941 | 427 | ||
Nonaccruing Loans | Lease financing | ||||
Past due and nonaccrual loans | ||||
Current Loans | 0 | 0 | ||
Total loans, gross | 0 | 0 | ||
Nonaccruing Loans | Real estate – construction | ||||
Past due and nonaccrual loans | ||||
Current Loans | 0 | 0 | ||
Total loans, gross | 148 | 0 | ||
Nonaccruing Loans | Real estate – 1-4 family mortgage | ||||
Past due and nonaccrual loans | ||||
Current Loans | 5,455 | 8,249 | ||
Total loans, gross | 10,002 | 12,440 | ||
Nonaccruing Loans | Real estate – commercial mortgage | ||||
Past due and nonaccrual loans | ||||
Current Loans | 6,786 | 13,276 | ||
Total loans, gross | 13,898 | 16,107 | ||
Nonaccruing Loans | Installment loans to individuals | ||||
Past due and nonaccrual loans | ||||
Current Loans | 134 | 7 | ||
Total loans, gross | 198 | 60 | ||
30-89 Days Past Due | Accruing Loans | ||||
Past due and nonaccrual loans | ||||
Loans past due | 22,380 | 15,670 | ||
30-89 Days Past Due | Accruing Loans | Commercial, financial, agricultural | ||||
Past due and nonaccrual loans | ||||
Loans past due | 1,657 | 1,296 | ||
30-89 Days Past Due | Accruing Loans | Lease financing | ||||
Past due and nonaccrual loans | ||||
Loans past due | 0 | 0 | ||
30-89 Days Past Due | Accruing Loans | Real estate – construction | ||||
Past due and nonaccrual loans | ||||
Loans past due | 1,835 | 69 | ||
30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage | ||||
Past due and nonaccrual loans | ||||
Loans past due | 8,124 | 9,196 | ||
30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage | ||||
Past due and nonaccrual loans | ||||
Loans past due | 10,345 | 4,849 | ||
30-89 Days Past Due | Accruing Loans | Installment loans to individuals | ||||
Past due and nonaccrual loans | ||||
Loans past due | 419 | 260 | ||
30-89 Days Past Due | Nonaccruing Loans | ||||
Past due and nonaccrual loans | ||||
Loans past due | 1,000 | 1,126 | ||
30-89 Days Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||||
Past due and nonaccrual loans | ||||
Loans past due | 87 | 30 | ||
30-89 Days Past Due | Nonaccruing Loans | Lease financing | ||||
Past due and nonaccrual loans | ||||
Loans past due | 0 | 0 | ||
30-89 Days Past Due | Nonaccruing Loans | Real estate – construction | ||||
Past due and nonaccrual loans | ||||
Loans past due | 0 | 0 | ||
30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||||
Past due and nonaccrual loans | ||||
Loans past due | 860 | 528 | ||
30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage | ||||
Past due and nonaccrual loans | ||||
Loans past due | 53 | 568 | ||
30-89 Days Past Due | Nonaccruing Loans | Installment loans to individuals | ||||
Past due and nonaccrual loans | ||||
Loans past due | 0 | |||
90 Days or More Past Due | Accruing Loans | ||||
Past due and nonaccrual loans | ||||
Loans past due | 15,721 | 16,393 | ||
90 Days or More Past Due | Accruing Loans | Commercial, financial, agricultural | ||||
Past due and nonaccrual loans | ||||
Loans past due | 1,486 | 1,077 | ||
90 Days or More Past Due | Accruing Loans | Lease financing | ||||
Past due and nonaccrual loans | ||||
Loans past due | 342 | 0 | ||
90 Days or More Past Due | Accruing Loans | Real estate – construction | ||||
Past due and nonaccrual loans | ||||
Loans past due | 559 | 176 | ||
90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage | ||||
Past due and nonaccrual loans | ||||
Loans past due | 5,059 | 6,457 | ||
90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage | ||||
Past due and nonaccrual loans | ||||
Loans past due | 8,183 | 8,581 | ||
90 Days or More Past Due | Accruing Loans | Installment loans to individuals | ||||
Past due and nonaccrual loans | ||||
Loans past due | 92 | 102 | ||
90 Days or More Past Due | Nonaccruing Loans | ||||
Past due and nonaccrual loans | ||||
Loans past due | 12,081 | 6,112 | ||
90 Days or More Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||||
Past due and nonaccrual loans | ||||
Loans past due | 1,123 | 133 | ||
90 Days or More Past Due | Nonaccruing Loans | Lease financing | ||||
Past due and nonaccrual loans | ||||
Loans past due | 0 | 0 | ||
90 Days or More Past Due | Nonaccruing Loans | Real estate – construction | ||||
Past due and nonaccrual loans | ||||
Loans past due | 148 | 0 | ||
90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||||
Past due and nonaccrual loans | ||||
Loans past due | 3,687 | 3,663 | ||
90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage | ||||
Past due and nonaccrual loans | ||||
Loans past due | 7,059 | 2,263 | ||
90 Days or More Past Due | Nonaccruing Loans | Installment loans to individuals | ||||
Past due and nonaccrual loans | ||||
Loans past due | $ 64 | $ 53 | ||
|
Loans and the Allowance for Loan Losses - (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Impaired loans | ||
Unpaid Contractual Principal Balance | $ 40,040 | $ 42,470 |
Recorded Investment With Allowance | 34,466 | 36,615 |
Recorded Investment With No Allowance | 357 | 12 |
Total Recorded Investment | 34,823 | 36,627 |
Related Allowance | 8,899 | 7,600 |
Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 371,435 | 430,511 |
Recorded Investment With Allowance | 113,040 | 75,061 |
Recorded Investment With No Allowance | 184,569 | 261,104 |
Total Recorded Investment | 297,609 | 336,165 |
Related Allowance | 3,418 | 1,706 |
Commercial, financial, agricultural | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 2,431 | 1,308 |
Recorded Investment With Allowance | 2,245 | 358 |
Recorded Investment With No Allowance | 135 | 12 |
Total Recorded Investment | 2,380 | 370 |
Related Allowance | 1,004 | 6 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 21,678 | 27,049 |
Recorded Investment With Allowance | 4,729 | 5,197 |
Recorded Investment With No Allowance | 7,765 | 11,292 |
Total Recorded Investment | 12,494 | 16,489 |
Related Allowance | 448 | 353 |
Lease financing | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Lease financing | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Real estate – construction | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 1,042 | 2,710 |
Recorded Investment With Allowance | 820 | 2,698 |
Recorded Investment With No Allowance | 222 | 0 |
Total Recorded Investment | 1,042 | 2,698 |
Related Allowance | 2 | 20 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 2,041 | 2,916 |
Recorded Investment With Allowance | 729 | 0 |
Recorded Investment With No Allowance | 993 | 2,749 |
Total Recorded Investment | 1,722 | 2,749 |
Related Allowance | 0 | |
Real estate – 1-4 family mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 20,208 | 18,193 |
Recorded Investment With Allowance | 18,501 | 16,650 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 18,501 | 16,650 |
Related Allowance | 5,144 | 4,475 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 96,394 | 109,293 |
Recorded Investment With Allowance | 22,308 | 15,702 |
Recorded Investment With No Allowance | 57,924 | 75,947 |
Total Recorded Investment | 80,232 | 91,649 |
Related Allowance | 726 | 256 |
Real estate – commercial mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 16,126 | 20,169 |
Recorded Investment With Allowance | 12,669 | 16,819 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 12,669 | 16,819 |
Related Allowance | 2,635 | 3,099 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 248,508 | 287,821 |
Recorded Investment With Allowance | 84,859 | 53,762 |
Recorded Investment With No Allowance | 116,141 | 168,848 |
Total Recorded Investment | 201,000 | 222,610 |
Related Allowance | 2,243 | 1,096 |
Installment loans to individuals | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 233 | 90 |
Recorded Investment With Allowance | 231 | 90 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 231 | 90 |
Related Allowance | 114 | 0 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 2,814 | 3,432 |
Recorded Investment With Allowance | 415 | 400 |
Recorded Investment With No Allowance | 1,746 | 2,268 |
Total Recorded Investment | 2,161 | 2,668 |
Related Allowance | $ 1 | $ 1 |
Loans and the Allowance for Loan Losses - (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | $ 35,970 | $ 38,375 | $ 36,708 | $ 39,452 |
Interest Income Recognized | 256 | 307 | 681 | 770 |
Receivables Acquired with Deteriorated Credit Quality | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 338,176 | 314,453 | 337,288 | 309,914 |
Interest Income Recognized | 3,983 | 4,882 | 11,826 | 12,399 |
Commercial, financial, agricultural | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 2,387 | 1,286 | 2,233 | 1,325 |
Interest Income Recognized | 28 | 7 | 48 | 21 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 15,317 | 12,379 | 15,768 | 12,298 |
Interest Income Recognized | 252 | 189 | 839 | 497 |
Lease financing | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Lease financing | Receivables Acquired with Deteriorated Credit Quality | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Real estate – construction | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 1,010 | 0 | 819 | 0 |
Interest Income Recognized | 26 | 0 | 28 | 0 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 988 | 651 | 991 | 219 |
Interest Income Recognized | 15 | 43 | 48 | 43 |
Real estate – 1-4 family mortgage | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 18,914 | 16,906 | 19,146 | 17,192 |
Interest Income Recognized | 115 | 99 | 309 | 275 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 92,830 | 78,933 | 93,900 | 76,851 |
Interest Income Recognized | 1,056 | 1,129 | 3,000 | 2,974 |
Real estate – commercial mortgage | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 13,425 | 20,112 | 14,271 | 20,864 |
Interest Income Recognized | 87 | 199 | 294 | 472 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 226,533 | 219,229 | 224,004 | 217,130 |
Interest Income Recognized | 2,635 | 3,487 | 7,859 | 8,779 |
Installment loans to individuals | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 234 | 71 | 239 | 71 |
Interest Income Recognized | 0 | 2 | 2 | 2 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 2,508 | 3,261 | 2,625 | 3,416 |
Interest Income Recognized | $ 25 | $ 34 | $ 80 | $ 106 |
Loans and the Allowance for Loan Losses - (Details 4) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
loan
|
Sep. 30, 2015
USD ($)
loan
|
Sep. 30, 2016
USD ($)
loan
|
Sep. 30, 2015
USD ($)
loan
|
|
Restructured loans | ||||
Number of Loans | loan | 5 | 15 | 20 | 45 |
Pre- Modification Outstanding Recorded Investment | $ 836 | $ 3,507 | $ 2,733 | $ 9,821 |
Post- Modification Outstanding Recorded Investment | $ 777 | $ 3,165 | $ 2,537 | $ 9,284 |
Commercial, financial, agricultural | ||||
Restructured loans | ||||
Number of Loans | loan | 0 | 0 | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Lease financing | ||||
Restructured loans | ||||
Number of Loans | loan | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Real estate – construction | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 0 | 1 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 510 | $ 0 | $ 510 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 510 | $ 0 | $ 510 | $ 0 |
Real estate – 1-4 family mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 4 | 7 | 17 | 32 |
Pre- Modification Outstanding Recorded Investment | $ 326 | $ 545 | $ 1,611 | $ 2,858 |
Post- Modification Outstanding Recorded Investment | $ 267 | $ 520 | $ 1,421 | $ 2,650 |
Real estate – commercial mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 0 | 7 | 2 | 12 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 2,895 | $ 612 | $ 6,896 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 2,578 | $ 606 | $ 6,567 |
Installment loans to individuals | ||||
Restructured loans | ||||
Number of Loans | loan | 0 | 1 | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 67 | $ 0 | $ 67 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 67 | $ 0 | $ 67 |
Loans and the Allowance for Loan Losses - (Details 5) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
loan
| |
Changes in restructured loans [Roll Forward] | |
Totals at January 1, 2016 | loan | 85 |
Additional loans with concessions (loans) | loan | 23 |
Reclassified as nonperforming (loans) | loan | (3) |
Paid in full (loans) | loan | (17) |
Charge-offs (loans) | loan | 0 |
Transfer to other real estate owned (loans) | loan | (1) |
Principal paydowns (loans) | loan | 0 |
Lapse of concession period (loans) | loan | 0 |
TDR reclassified as performing (loans) | loan | 0 |
Totals at September 30, 2016 | loan | 87 |
Changes in recorded investments [Roll Forward] | |
Totals at January 1, 2016 | $ | $ 13,453 |
Additional loans with concessions | $ | 2,926 |
Reclassified as nonperforming | $ | (1,336) |
Paid in full | $ | (3,304) |
Charge-offs | $ | (32) |
Transfer to other real estate owned | $ | (51) |
Principal paydowns | $ | (936) |
Lapse of concession period | $ | 0 |
Reclassified as performing | $ | 0 |
Totals at September 30, 2016 | $ | $ 10,720 |
Loans and the Allowance for Loan Losses - (Details 6) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Loan portfolio by risk-rating grades | ||||
Total | $ 6,105,233 | $ 5,413,462 | ||
Commercial, financial, agricultural | ||||
Loan portfolio by risk-rating grades | ||||
Total | 694,126 | 636,837 | ||
Real estate – construction | ||||
Loan portfolio by risk-rating grades | ||||
Total | 487,638 | 357,665 | ||
Real estate – 1-4 family mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 1,870,644 | 1,735,323 | ||
Real estate – commercial mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 2,895,631 | 2,533,729 | ||
Installment loans to individuals | ||||
Loan portfolio by risk-rating grades | ||||
Total | [1] | 157,194 | 149,908 | |
Internal Noninvestment Grade | ||||
Loan portfolio by risk-rating grades | ||||
Total | 3,611,936 | 3,066,005 | ||
Internal Noninvestment Grade | Commercial, financial, agricultural | ||||
Loan portfolio by risk-rating grades | ||||
Total | 524,972 | 475,417 | ||
Internal Noninvestment Grade | Lease financing | ||||
Loan portfolio by risk-rating grades | ||||
Total | 0 | 0 | ||
Internal Noninvestment Grade | Real estate – construction | ||||
Loan portfolio by risk-rating grades | ||||
Total | 401,842 | 273,881 | ||
Internal Noninvestment Grade | Real estate – 1-4 family mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 313,283 | 300,441 | ||
Internal Noninvestment Grade | Real estate – commercial mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 2,371,630 | 2,016,210 | ||
Internal Noninvestment Grade | Installment loans to individuals | ||||
Loan portfolio by risk-rating grades | ||||
Total | 209 | 56 | ||
Pass | ||||
Loan portfolio by risk-rating grades | ||||
Total | 3,537,428 | 2,982,255 | ||
Pass | Commercial, financial, agricultural | ||||
Loan portfolio by risk-rating grades | ||||
Total | 515,497 | 465,185 | ||
Pass | Lease financing | ||||
Loan portfolio by risk-rating grades | ||||
Total | 0 | 0 | ||
Pass | Real estate – construction | ||||
Loan portfolio by risk-rating grades | ||||
Total | 398,029 | 273,398 | ||
Pass | Real estate – 1-4 family mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 291,311 | 275,269 | ||
Pass | Real estate – commercial mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 2,332,496 | 1,968,352 | ||
Pass | Installment loans to individuals | ||||
Loan portfolio by risk-rating grades | ||||
Total | 95 | 51 | ||
Watch | ||||
Loan portfolio by risk-rating grades | ||||
Total | 45,622 | 45,868 | ||
Watch | Commercial, financial, agricultural | ||||
Loan portfolio by risk-rating grades | ||||
Total | 6,842 | 8,498 | ||
Watch | Lease financing | ||||
Loan portfolio by risk-rating grades | ||||
Total | 0 | 0 | ||
Watch | Real estate – construction | ||||
Loan portfolio by risk-rating grades | ||||
Total | 3,590 | 483 | ||
Watch | Real estate – 1-4 family mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 10,024 | 9,712 | ||
Watch | Real estate – commercial mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 25,166 | 27,175 | ||
Watch | Installment loans to individuals | ||||
Loan portfolio by risk-rating grades | ||||
Total | 0 | 0 | ||
Substandard | ||||
Loan portfolio by risk-rating grades | ||||
Total | 28,886 | 37,882 | ||
Substandard | Commercial, financial, agricultural | ||||
Loan portfolio by risk-rating grades | ||||
Total | 2,633 | 1,734 | ||
Substandard | Lease financing | ||||
Loan portfolio by risk-rating grades | ||||
Total | 0 | 0 | ||
Substandard | Real estate – construction | ||||
Loan portfolio by risk-rating grades | ||||
Total | 223 | 0 | ||
Substandard | Real estate – 1-4 family mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 11,948 | 15,460 | ||
Substandard | Real estate – commercial mortgage | ||||
Loan portfolio by risk-rating grades | ||||
Total | 13,968 | 20,683 | ||
Substandard | Installment loans to individuals | ||||
Loan portfolio by risk-rating grades | ||||
Total | $ 114 | $ 5 | ||
|
Loans and the Allowance for Loan Losses - (Details 7) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Loan portfolio not subject to risk rating | ||||
Total | $ 6,105,233 | $ 5,413,462 | ||
Commercial, financial, agricultural | ||||
Loan portfolio not subject to risk rating | ||||
Total | 694,126 | 636,837 | ||
Real estate – construction | ||||
Loan portfolio not subject to risk rating | ||||
Total | 487,638 | 357,665 | ||
Real estate – 1-4 family mortgage | ||||
Loan portfolio not subject to risk rating | ||||
Total | 1,870,644 | 1,735,323 | ||
Real estate – commercial mortgage | ||||
Loan portfolio not subject to risk rating | ||||
Total | 2,895,631 | 2,533,729 | ||
Installment loans to individuals | ||||
Loan portfolio not subject to risk rating | ||||
Total | [1] | 157,194 | 149,908 | |
Performing and Nonperforming | ||||
Loan portfolio not subject to risk rating | ||||
Total | 2,195,688 | 2,011,292 | ||
Performing and Nonperforming | Commercial, financial, agricultural | ||||
Loan portfolio not subject to risk rating | ||||
Total | 156,660 | 144,931 | ||
Performing and Nonperforming | Lease financing | ||||
Loan portfolio not subject to risk rating | ||||
Total | 45,510 | 34,815 | ||
Performing and Nonperforming | Real estate – construction | ||||
Loan portfolio not subject to risk rating | ||||
Total | 84,074 | 81,035 | ||
Performing and Nonperforming | Real estate – 1-4 family mortgage | ||||
Loan portfolio not subject to risk rating | ||||
Total | 1,477,129 | 1,343,233 | ||
Performing and Nonperforming | Real estate – commercial mortgage | ||||
Loan portfolio not subject to risk rating | ||||
Total | 323,001 | 294,909 | ||
Performing and Nonperforming | Installment loans to individuals | ||||
Loan portfolio not subject to risk rating | ||||
Total | 109,314 | 112,369 | ||
Performing | ||||
Loan portfolio not subject to risk rating | ||||
Total | 2,187,977 | 2,007,361 | ||
Performing | Commercial, financial, agricultural | ||||
Loan portfolio not subject to risk rating | ||||
Total | 155,856 | 144,838 | ||
Performing | Lease financing | ||||
Loan portfolio not subject to risk rating | ||||
Total | 45,168 | 34,815 | ||
Performing | Real estate – construction | ||||
Loan portfolio not subject to risk rating | ||||
Total | 83,537 | 81,035 | ||
Performing | Real estate – 1-4 family mortgage | ||||
Loan portfolio not subject to risk rating | ||||
Total | 1,472,268 | 1,340,356 | ||
Performing | Real estate – commercial mortgage | ||||
Loan portfolio not subject to risk rating | ||||
Total | 321,971 | 294,042 | ||
Performing | Installment loans to individuals | ||||
Loan portfolio not subject to risk rating | ||||
Total | 109,177 | 112,275 | ||
Non- Performing | ||||
Loan portfolio not subject to risk rating | ||||
Total | 7,711 | 3,931 | ||
Non- Performing | Commercial, financial, agricultural | ||||
Loan portfolio not subject to risk rating | ||||
Total | 804 | 93 | ||
Non- Performing | Lease financing | ||||
Loan portfolio not subject to risk rating | ||||
Total | 342 | 0 | ||
Non- Performing | Real estate – construction | ||||
Loan portfolio not subject to risk rating | ||||
Total | 537 | 0 | ||
Non- Performing | Real estate – 1-4 family mortgage | ||||
Loan portfolio not subject to risk rating | ||||
Total | 4,861 | 2,877 | ||
Non- Performing | Real estate – commercial mortgage | ||||
Loan portfolio not subject to risk rating | ||||
Total | 1,030 | 867 | ||
Non- Performing | Installment loans to individuals | ||||
Loan portfolio not subject to risk rating | ||||
Total | $ 137 | $ 94 | ||
|
Loans and the Allowance for Loan Losses - (Details 8) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Loans acquired with deteriorated credit quality | ||
Covered Loans | $ 30,533 | $ 93,142 |
Total | 6,059,309 | 5,371,025 |
Receivables Acquired with Deteriorated Credit Quality | ||
Loans acquired with deteriorated credit quality | ||
Covered Loans | 23,344 | 66,973 |
Not Covered Loans | 274,265 | 269,192 |
Total | 297,609 | 336,165 |
Receivables Acquired with Deteriorated Credit Quality | Commercial Residential Mortgage [Member] | ||
Loans acquired with deteriorated credit quality | ||
Covered Loans | 120 | 33,726 |
Not Covered Loans | 200,880 | 188,884 |
Total | 201,000 | 222,610 |
Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | ||
Loans acquired with deteriorated credit quality | ||
Covered Loans | 14 | 1,759 |
Not Covered Loans | 12,480 | 14,730 |
Total | 12,494 | 16,489 |
Receivables Acquired with Deteriorated Credit Quality | Lease financing | ||
Loans acquired with deteriorated credit quality | ||
Covered Loans | 0 | 0 |
Not Covered Loans | 0 | 0 |
Total | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | ||
Loans acquired with deteriorated credit quality | ||
Covered Loans | 0 | 91 |
Not Covered Loans | 1,722 | 2,658 |
Total | 1,722 | 2,749 |
Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | ||
Loans acquired with deteriorated credit quality | ||
Covered Loans | 23,190 | 31,354 |
Not Covered Loans | 57,042 | 60,295 |
Total | 80,232 | 91,649 |
Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | ||
Loans acquired with deteriorated credit quality | ||
Covered Loans | 20 | 43 |
Not Covered Loans | 2,141 | 2,625 |
Total | $ 2,161 | $ 2,668 |
Loans and the Allowance for Loan Losses - (Details 9) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Apr. 01, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|---|
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||||
Accretable yield | $ (41,041) | $ (47,706) | ||||
Covered Loans | ||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||||
Accretable yield | (634) | (3,590) | ||||
Not Covered Loans | ||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||||
Accretable yield | (40,407) | $ (44,116) | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||||
Contractually-required principal and interest | 420,933 | |||||
Nonaccretable difference | [1] | (82,283) | ||||
Cash flows expected to be collected | 338,650 | |||||
Accretable yield | (41,041) | |||||
Fair value | 297,609 | |||||
Receivables Acquired with Deteriorated Credit Quality | Covered Loans | ||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||||
Contractually-required principal and interest | 27,604 | |||||
Nonaccretable difference | [1] | (3,626) | ||||
Cash flows expected to be collected | 23,978 | |||||
Accretable yield | (634) | |||||
Fair value | 23,344 | |||||
Receivables Acquired with Deteriorated Credit Quality | Not Covered Loans | ||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||||
Contractually-required principal and interest | 393,329 | |||||
Nonaccretable difference | [1] | (78,657) | ||||
Cash flows expected to be collected | 314,672 | |||||
Accretable yield | (40,407) | |||||
Fair value | $ 274,265 | |||||
KeyWorth Bank | Receivables Acquired with Deteriorated Credit Quality | ||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||||
Contractually-required principal and interest | $ 289,495 | |||||
Nonaccretable difference | (3,848) | |||||
Cash flows expected to be collected | 285,647 | |||||
Accretable yield | (13,317) | |||||
Fair value | $ 272,330 | |||||
|
Loans and the Allowance for Loan Losses - (Details 10) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2016 | $ (47,706) |
Additions due to acquisition | (2,311) |
Transfer of balance to Not Covered Loans | 0 |
Reclasses from nonaccretable difference | (2,601) |
Accretion | 9,943 |
Charge-offs | 1,634 |
Balance at September 30, 2016 | (41,041) |
Covered Loans | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2016 | (3,590) |
Additions due to acquisition | 0 |
Transfer of balance to Not Covered Loans | 2,107 |
Reclasses from nonaccretable difference | (905) |
Accretion | 1,726 |
Charge-offs | 28 |
Balance at September 30, 2016 | (634) |
Not Covered Loans | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2016 | (44,116) |
Additions due to acquisition | (2,311) |
Transfer of balance to Not Covered Loans | (2,107) |
Reclasses from nonaccretable difference | (1,696) |
Accretion | 8,217 |
Charge-offs | 1,606 |
Balance at September 30, 2016 | $ (40,407) |
Loans and the Allowance for Loan Losses - (Details 11) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Allowance for loan losses: | |||||||||
Beginning balance | $ 44,098 | $ 41,888 | $ 42,437 | $ 42,289 | |||||
Charge-offs | (1,303) | (956) | (4,070) | (4,657) | |||||
Recoveries | 479 | 369 | 1,677 | 1,419 | |||||
Net (charge-offs) recoveries | (824) | (587) | (2,393) | (3,238) | |||||
Provision for loan losses | 2,676 | 629 | 5,619 | 2,200 | |||||
Benefit attributable to FDIC loss-share agreements | (149) | (280) | (265) | (864) | |||||
Recoveries payable to FDIC | 123 | 401 | 526 | 1,664 | |||||
Provision for loan losses charged to operations | 2,650 | 750 | 5,880 | 3,000 | |||||
Ending balance | 45,924 | 42,051 | 45,924 | 42,051 | |||||
Period-End Amount Allocated to: | |||||||||
Individually evaluated for impairment | $ 8,899 | $ 7,797 | |||||||
Collectively evaluated for impairment | 33,607 | 32,304 | |||||||
Acquired with deteriorated credit quality | 44,098 | 41,888 | 42,437 | 42,289 | 45,924 | 42,051 | |||
Receivables Acquired with Deteriorated Credit Quality | |||||||||
Allowance for loan losses: | |||||||||
Ending balance | 3,418 | 1,950 | 3,418 | 1,950 | |||||
Period-End Amount Allocated to: | |||||||||
Acquired with deteriorated credit quality | 3,418 | 1,950 | 3,418 | 1,950 | 3,418 | 1,950 | |||
Commercial, financial, agricultural | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 4,512 | 3,971 | 4,186 | 3,305 | |||||
Charge-offs | (394) | (143) | (1,099) | (501) | |||||
Recoveries | 85 | 82 | 243 | 221 | |||||
Net (charge-offs) recoveries | (309) | (61) | (856) | (280) | |||||
Provision for loan losses | 1,308 | (307) | 2,174 | 624 | |||||
Benefit attributable to FDIC loss-share agreements | (61) | (10) | (61) | (65) | |||||
Recoveries payable to FDIC | 4 | 20 | 11 | 29 | |||||
Provision for loan losses charged to operations | 1,251 | (297) | 2,124 | 588 | |||||
Ending balance | 5,454 | 3,613 | 5,454 | 3,613 | |||||
Period-End Amount Allocated to: | |||||||||
Individually evaluated for impairment | 1,004 | 214 | |||||||
Collectively evaluated for impairment | 4,002 | 3,014 | |||||||
Acquired with deteriorated credit quality | 4,512 | 3,971 | 4,186 | 3,305 | 5,454 | 3,613 | |||
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | |||||||||
Allowance for loan losses: | |||||||||
Ending balance | 448 | 385 | 448 | 385 | |||||
Period-End Amount Allocated to: | |||||||||
Acquired with deteriorated credit quality | 448 | 385 | 448 | 385 | 448 | 385 | |||
Real estate – construction | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 2,269 | 1,297 | 1,852 | 1,415 | |||||
Charge-offs | 0 | 0 | 0 | (26) | |||||
Recoveries | 4 | 3 | 15 | 16 | |||||
Net (charge-offs) recoveries | 4 | 3 | 15 | (10) | |||||
Provision for loan losses | (52) | 360 | 348 | 254 | |||||
Benefit attributable to FDIC loss-share agreements | 0 | 0 | 0 | 0 | |||||
Recoveries payable to FDIC | 2 | 1 | 8 | 2 | |||||
Provision for loan losses charged to operations | (50) | 361 | 356 | 256 | |||||
Ending balance | 2,223 | 1,661 | 2,223 | 1,661 | |||||
Period-End Amount Allocated to: | |||||||||
Individually evaluated for impairment | 2 | 0 | |||||||
Collectively evaluated for impairment | 2,221 | 1,661 | |||||||
Acquired with deteriorated credit quality | 2,269 | 1,297 | 1,852 | 1,415 | 2,223 | 1,661 | |||
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | |||||||||
Allowance for loan losses: | |||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||
Period-End Amount Allocated to: | |||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | |||
Real estate – 1-4 family mortgage | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 14,219 | 13,792 | 13,908 | 13,549 | |||||
Charge-offs | (242) | (251) | (745) | (1,605) | |||||
Recoveries | 188 | 145 | 753 | 515 | |||||
Net (charge-offs) recoveries | (54) | (106) | 8 | (1,090) | |||||
Provision for loan losses | 1,154 | 165 | 1,333 | 653 | |||||
Benefit attributable to FDIC loss-share agreements | 0 | (39) | (115) | (82) | |||||
Recoveries payable to FDIC | 93 | 99 | 278 | 881 | |||||
Provision for loan losses charged to operations | 1,247 | 225 | 1,496 | 1,452 | |||||
Ending balance | 15,412 | 13,911 | 15,412 | 13,911 | |||||
Period-End Amount Allocated to: | |||||||||
Individually evaluated for impairment | 5,144 | 4,482 | |||||||
Collectively evaluated for impairment | 9,542 | 9,137 | |||||||
Acquired with deteriorated credit quality | 14,219 | 13,792 | 13,908 | 13,549 | 15,412 | 13,911 | |||
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | |||||||||
Allowance for loan losses: | |||||||||
Ending balance | 726 | 292 | 726 | 292 | |||||
Period-End Amount Allocated to: | |||||||||
Acquired with deteriorated credit quality | 726 | 292 | 726 | 292 | 726 | 292 | |||
Real estate – commercial mortgage | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 21,683 | 21,547 | 21,111 | 22,759 | |||||
Charge-offs | (466) | (430) | (1,653) | (2,287) | |||||
Recoveries | 181 | 112 | 582 | 581 | |||||
Net (charge-offs) recoveries | (285) | (318) | (1,071) | (1,706) | |||||
Provision for loan losses | (87) | 53 | 1,067 | 244 | |||||
Benefit attributable to FDIC loss-share agreements | (47) | (231) | (48) | (717) | |||||
Recoveries payable to FDIC | 24 | 277 | 229 | 748 | |||||
Provision for loan losses charged to operations | (110) | 99 | 1,248 | 275 | |||||
Ending balance | 21,288 | 21,328 | 21,288 | 21,328 | |||||
Period-End Amount Allocated to: | |||||||||
Individually evaluated for impairment | 2,635 | 3,101 | |||||||
Collectively evaluated for impairment | 16,410 | 16,955 | |||||||
Acquired with deteriorated credit quality | 21,683 | 21,547 | 21,111 | 22,759 | 21,288 | 21,328 | |||
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | |||||||||
Allowance for loan losses: | |||||||||
Ending balance | 2,243 | 1,272 | 2,243 | 1,272 | |||||
Period-End Amount Allocated to: | |||||||||
Acquired with deteriorated credit quality | 2,243 | 1,272 | 2,243 | 1,272 | 2,243 | 1,272 | |||
Installment and other | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | [1] | 1,415 | 1,281 | 1,380 | 1,261 | ||||
Charge-offs | [1] | (201) | (132) | (573) | (238) | ||||
Recoveries | [1] | 21 | 27 | 84 | 86 | ||||
Net (charge-offs) recoveries | [1] | (180) | (105) | (489) | (152) | ||||
Provision for loan losses | [1] | 353 | 358 | 697 | 425 | ||||
Benefit attributable to FDIC loss-share agreements | [1] | (41) | 0 | (41) | 0 | ||||
Recoveries payable to FDIC | [1] | 0 | 4 | 0 | 4 | ||||
Provision for loan losses charged to operations | [1] | 312 | 362 | 656 | 429 | ||||
Ending balance | [1] | 1,547 | 1,538 | 1,547 | 1,538 | ||||
Period-End Amount Allocated to: | |||||||||
Individually evaluated for impairment | [1] | 114 | 0 | ||||||
Collectively evaluated for impairment | [1] | 1,432 | 1,537 | ||||||
Acquired with deteriorated credit quality | [1] | 1,415 | 1,281 | 1,380 | 1,261 | 1,547 | 1,538 | ||
Installment and other | Receivables Acquired with Deteriorated Credit Quality | |||||||||
Allowance for loan losses: | |||||||||
Ending balance | [1] | 1 | 1 | 1 | 1 | ||||
Period-End Amount Allocated to: | |||||||||
Acquired with deteriorated credit quality | [1] | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | ||
|
Loans and the Allowance for Loan Losses - (Details 12) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Investment in loans, net of unearned income on impairment methodology | |||||
Individually evaluated for impairment | $ 34,823 | $ 36,627 | |||
Collectively evaluated for impairment | 5,772,801 | 5,040,670 | |||
Ending balance | 6,105,233 | 5,413,462 | |||
Commercial, financial, agricultural | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Individually evaluated for impairment | 2,380 | 370 | |||
Collectively evaluated for impairment | 679,252 | 619,978 | |||
Ending balance | 694,126 | 636,837 | |||
Real estate – construction | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Individually evaluated for impairment | 1,042 | 2,698 | |||
Collectively evaluated for impairment | 484,874 | 352,218 | |||
Ending balance | 487,638 | 357,665 | |||
Real estate – 1-4 family mortgage | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Individually evaluated for impairment | 18,501 | 16,650 | |||
Collectively evaluated for impairment | 1,771,911 | 1,627,024 | |||
Ending balance | 1,870,644 | 1,735,323 | |||
Real estate – commercial mortgage | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Individually evaluated for impairment | 12,669 | 16,819 | |||
Collectively evaluated for impairment | 2,681,962 | 2,294,300 | |||
Ending balance | 2,895,631 | 2,533,729 | |||
Installment loans to individuals | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Individually evaluated for impairment | [1] | 231 | 90 | ||
Collectively evaluated for impairment | [1] | 154,802 | 147,150 | ||
Ending balance | [1] | 157,194 | 149,908 | ||
Receivables Acquired with Deteriorated Credit Quality | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Acquired with deteriorated credit quality | 297,609 | 336,165 | |||
Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Acquired with deteriorated credit quality | 12,494 | 16,489 | |||
Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Acquired with deteriorated credit quality | 1,722 | 2,749 | |||
Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Acquired with deteriorated credit quality | 80,232 | 91,649 | |||
Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Acquired with deteriorated credit quality | 201,000 | 222,610 | |||
Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | |||||
Investment in loans, net of unearned income on impairment methodology | |||||
Acquired with deteriorated credit quality | [1] | $ 2,161 | $ 2,668 | ||
|
Loans and the Allowance for Loan Losses - (Details Textual) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016
USD ($)
loan_grade
loan
|
Sep. 30, 2015
USD ($)
loan
|
Dec. 31, 2015
USD ($)
|
|
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Mortgage and commercial loans discontinued past due period (in days) | 90 days | ||
Consumer and other retail loans charged-off past due period (in days) | 120 days | ||
Nonperforming loans charged-off past due period (in days) | 90 days | ||
Number of restructured loans | loan | 0 | 1 | |
Restructured loans discontinued past due period (in days) | 90 days | 90 days | |
Allowance for loan losses attributable to restructured loans | $ 45,924 | $ 42,437 | |
Remaining availability under commitments to lend additional funds on restructured loans | 11 | $ 11 | |
Fair value of loans contractual principal cash flows amount | 82,248 | ||
Fair value of loans contractual interest cash flows | 35 | ||
Fair value of loans contractual interest payments | 1,862 | ||
Fair value of loans contractual purchase discount | $ 39,179 | ||
Watch | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 5 | ||
Maximum | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 9 | ||
Maximum | Pass | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 4 | ||
Maximum | Substandard | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 9 | ||
Minimum | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 1 | ||
Minimum | Pass | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 1 | ||
Minimum | Substandard | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 6 | ||
Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Outstanding balance of restructured loans | $ 35 | ||
Restructured Loans | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Outstanding balance of restructured loans | $ 9,764 | 13,956 | |
Allowance for loan losses attributable to restructured loans | $ 321 | $ 1,343 |
Other Real Estate Owned - (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Covered OREO | $ 926 | $ 2,818 |
Not Covered OREO | 25,402 | 32,584 |
Total other real estate owned, net | 26,328 | 35,402 |
Residential real estate | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Covered OREO | 925 | 529 |
Not Covered OREO | 2,103 | 4,265 |
Total other real estate owned, net | 3,028 | 4,794 |
Commercial real estate | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Covered OREO | 0 | 346 |
Not Covered OREO | 8,412 | 11,041 |
Total other real estate owned, net | 8,412 | 11,387 |
Residential land development | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Covered OREO | 1 | 1 |
Not Covered OREO | 4,139 | 4,595 |
Total other real estate owned, net | 4,140 | 4,596 |
Commercial land development | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Covered OREO | 0 | 1,942 |
Not Covered OREO | 10,748 | 12,683 |
Total other real estate owned, net | $ 10,748 | $ 14,625 |
Other Real Estate Owned - (Details 1) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
| ||||||
Covered OREO | ||||||
Balance at January 1, 2016 | $ 2,818 | |||||
Transfer of balance to not-covered | (2,974) | [1] | ||||
Transfers of loans | 1,750 | |||||
Impairments | (121) | [2] | ||||
Dispositions | (417) | |||||
Other | (130) | |||||
Balance at September 30, 2016 | 926 | |||||
Not Covered OREO | ||||||
Balance at January 1, 2016 | 32,584 | |||||
Transfer of balance to not-covered | 2,974 | [1] | ||||
Transfers of loans | 3,397 | |||||
Impairments | (2,306) | [2] | ||||
Dispositions | (11,058) | |||||
Other | (189) | |||||
Balance at September 30, 2016 | 25,402 | |||||
Total OREO | ||||||
Balance at January 1, 2016 | 35,402 | |||||
Transfer of balance to non-covered | 0 | [1] | ||||
Transfers of loans | 5,147 | |||||
Impairments | (2,427) | [2] | ||||
Dispositions | (11,475) | |||||
Other | (319) | |||||
Balance at September 30, 2016 | $ 26,328 | |||||
|
Other Real Estate Owned - (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Components of other real estate owned in the Consolidated Statements of Income | ||||
Repairs and maintenance | $ 209 | $ 215 | $ 815 | $ 513 |
Property taxes and insurance | 127 | 176 | 745 | 560 |
Impairments | 1,048 | 527 | 2,330 | 1,922 |
Net losses (gains) on OREO sales | 204 | (16) | 435 | (499) |
Rental income | (48) | (41) | (214) | (149) |
Total | $ 1,540 | $ 861 | $ 4,111 | $ 2,347 |
Other Real Estate Owned - (Details Textual) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
| ||||
Other Real Estate Owned (Textual) [Abstract] | ||||
Total impairment charges | $ 121 | [1] | ||
Consolidated Statements of Income | ||||
Other Real Estate Owned (Textual) [Abstract] | ||||
Total impairment charges | 24 | |||
FDIC loss-share indemnification asset | ||||
Other Real Estate Owned (Textual) [Abstract] | ||||
Total impairment charges | $ 97 | |||
|
FDIC Loss-Share Indemnification Asset (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
FDIC Loss-Share Indemnification Asset [Abstract] | |
Eligible losses covered (percent) | 80.00% |
Eligible recoveries covered (percent) | 80.00% |
Changes in FDIC Loss Share Indemnification Asset [Roll Forward] | |
Balance at January 1, 2016 | $ 7,149 |
Acquisition of Heritage (valuation adjustment) | (260) |
Realized losses in excess of initial estimates on: | |
Loans | 265 |
OREO | 97 |
Reimbursable expenses | 0 |
Amortization | (756) |
Reimbursements received from the FDIC | (1,294) |
(Due from)/Due to FDIC | (1,148) |
Balance at September 30, 2016 | $ 4,053 |
Mortgage Servicing Rights - (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Changes in mortgage servicing rights | ||
Balance at January 1, 2016 | $ 29,642,000 | |
Sale of MSRs | (18,477,000) | |
Capitalization | 12,965,000 | |
Amortization | (1,965,000) | |
Impairment | (40,000) | $ 0 |
Balance at September 30, 2016 | $ 22,125,000 |
Mortgage Servicing Rights - (Details 1) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Data and key economic assumptions related to mortgage servicing rights | |
Unpaid principal balance | $ 2,365,770 |
Weighted-average prepayment speed (CPR) | 11.27% |
Estimated impact of a 10% increase | $ (976) |
Estimated impact of a 20% increase | $ (1,880) |
Discount rate | 9.63% |
Estimated impact of a 10% increase | $ (829) |
Estimated impact of a 20% increase | $ (1,602) |
Weighted-average coupon interest rate | 3.88% |
Weighted-average servicing fee (basis points) | 0.2584% |
Weighted-average remaining maturity (in years) | 10 years 1 month 17 days |
Mortgage Servicing Rights - (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Mortgage Servicing Rights (Textual) [Abstract] | ||||||||
Impairment losses on mortgage servicing rights | $ 40,000 | $ 0 | ||||||
Unpaid principle balance of related mortgage loan | $ 1,830,444,000 | |||||||
Sale of MSR proceeds | $ 0 | $ 0 | $ 18,508,000 | $ 0 | $ 0 | $ 0 | ||
Servicing fees | $ 595,000 | $ 1,045,000 | $ 2,212,000 | $ 2,163,000 |
Employee Benefit and Deferred Compensation Plans - (Details) - Pension Benefits - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Change in benefit obligation | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 304 | $ 275 | 912 | $ 820 |
HeritageBank | ||||
Change in benefit obligation | ||||
Benefit obligation at beginning of year | 12,913 | |||
Service cost | 0 | |||
Interest cost | 172 | |||
Actuarial loss (gain) | (481) | |||
Annuity benefits paid | (22) | |||
Settlements (lump sum benefits paid) | (11,510) | |||
Transfer to legacy Renasant defined benefit pension plan | (1,072) | |||
Benefit obligation after final distribution | 0 | 0 | ||
Change in plan assets | ||||
Fair value of plan assets at beginning of year | 12,458 | |||
Actual return on plan assets | 29 | |||
Employer contribution | 142 | |||
Expenses paid from plan trust | (25) | |||
Annuity benefits paid | (22) | |||
Settlements (lump sum benefits paid) | (11,510) | |||
Transfer to legacy Renasant defined benefit pension plan | (1,072) | |||
Fair value of plan assets after final distribution | $ 0 | $ 12,458 |
Employee Benefit and Deferred Compensation Plans - (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Pension Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 304 | 275 | 912 | 820 |
Expected (return) on plan assets | (468) | (510) | (1,404) | (1,531) |
Prior service cost recognized | 0 | 0 | 0 | 0 |
Recognized actuarial gain | 101 | 88 | 303 | 244 |
Settlement/curtailment/termination gains | 0 | 0 | 0 | 0 |
Net periodic benefit cost (return) | (63) | (147) | (189) | (467) |
Pension Benefits | Heritage Financial Group | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 34 | 152 | 172 | 152 |
Expected (return) on plan assets | (23) | (108) | (113) | (108) |
Prior service cost recognized | 0 | 0 | 0 | 0 |
Recognized actuarial gain | 0 | 0 | 0 | 0 |
Settlement/curtailment/termination gains | (780) | 0 | (780) | 0 |
Net periodic benefit cost (return) | (769) | 44 | (721) | 44 |
Other Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | 1 | 5 | 9 | 13 |
Interest cost | 14 | 15 | 43 | 45 |
Expected (return) on plan assets | 0 | 0 | 0 | 0 |
Prior service cost recognized | 0 | 0 | 0 | 0 |
Recognized actuarial gain | 23 | 27 | 57 | 73 |
Settlement/curtailment/termination gains | 0 | 0 | 0 | 0 |
Net periodic benefit cost (return) | $ 38 | $ 47 | $ 109 | $ 131 |
Employee Benefit and Deferred Compensation Plans - (Details 2) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Shares | ||||
Options outstanding at beginning of period (shares) | 621,444 | |||
Granted (shares) | 0 | 0 | 0 | 0 |
Exercised (shares) | (163,802) | |||
Forfeited (shares) | (642) | |||
Options outstanding at end of period (shares) | 457,000 | 457,000 | ||
Weighted Average Exercise Price | ||||
Options outstanding at beginning of period (usd per share) | $ 17.88 | |||
Granted (usd per share) | 0.00 | |||
Exercised (usd per share) | 21.18 | |||
Forfeited (usd per share) | 29.67 | |||
Options outstanding at end of period (usd per share) | $ 16.68 | $ 16.68 |
Employee Benefit and Deferred Compensation Plans - (Details 3) |
9 Months Ended |
---|---|
Sep. 30, 2016
$ / shares
shares
| |
Performance Shares | |
Shares | |
Beginning balance (shares) | shares | 0 |
Awarded (shares) | shares | 61,700 |
Vested (shares) | shares | 0 |
Cancelled (shares) | shares | 0 |
Ending balance (shares) | shares | 61,700 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 0.00 |
Awarded (usd per share) | $ / shares | 31.12 |
Vested (usd per share) | $ / shares | 0.00 |
Cancelled (usd per share) | $ / shares | 0.00 |
Ending balance (usd per share) | $ / shares | $ 31.12 |
Restricted Stock | |
Shares | |
Beginning balance (shares) | shares | 105,438 |
Awarded (shares) | shares | 52,005 |
Vested (shares) | shares | (21,138) |
Cancelled (shares) | shares | (18,960) |
Ending balance (shares) | shares | 117,345 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 31.04 |
Awarded (usd per share) | $ / shares | 31.74 |
Vested (usd per share) | $ / shares | 27.53 |
Cancelled (usd per share) | $ / shares | 32.40 |
Ending balance (usd per share) | $ / shares | $ 31.76 |
Employee Benefit and Deferred Compensation Plans - (Details Textual) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
shares
|
Sep. 30, 2015
USD ($)
shares
|
Sep. 30, 2016
USD ($)
point
shares
|
Sep. 30, 2015
USD ($)
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Retiring age limit, minimum | 55 years | |||
Retiring age limit, maximum | 65 years | |||
Eligible employee years of service (in years) | 15 years | |||
Number of points for eligibility | point | 70 | |||
Minimum eligible age for medicare coverage | 65 years | |||
Life insurance coverage face value | $ | $ 5,000 | |||
Life insurance coverage age (until) | 70 years | |||
Life insurance coverage at retiree expense after age | 70 years | |||
Option expiration period (in years) | 10 years | |||
Award vesting period (in years) | 3 years | |||
Stock options granted (shares) | shares | 0 | 0 | 0 | 0 |
Treasury shares reissued (shares) | shares | 128,912 | |||
Total stock-based compensation expense | $ | $ 848,000 | $ 1,019,000 | $ 2,563,000 | $ 2,739,000 |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award requisite service period (in years) | 1 year |
Segment Reporting (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 |
|
Financial information for the Company's operating segments | |||||
Net interest income (loss) | $ 75,731 | $ 68,612 | $ 222,942 | $ 169,007 | |
Provision for loan losses | 2,650 | 750 | 5,880 | 3,000 | |
Noninterest income (loss) | 38,272 | 32,079 | 107,160 | 76,828 | |
Noninterest expense | 76,468 | 75,979 | 223,541 | 174,380 | |
Income before income taxes | 34,885 | 23,962 | 100,681 | 68,455 | |
Income tax expense (benefit) | 11,706 | 7,742 | 33,386 | 21,601 | |
Net income (loss) | 23,179 | 16,220 | 67,295 | 46,854 | |
Total assets | 8,542,471 | 7,910,963 | 8,542,471 | 7,910,963 | $ 7,926,496 |
Goodwill | 470,534 | 444,268 | 470,534 | 444,268 | 445,871 |
Community Banks | |||||
Financial information for the Company's operating segments | |||||
Goodwill | 467,767 | 467,767 | 443,104 | ||
Insurance | |||||
Financial information for the Company's operating segments | |||||
Goodwill | 2,767 | 2,767 | $ 2,767 | ||
Operating Segments | Community Banks | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 77,064 | 69,404 | 225,449 | 171,125 | |
Provision for loan losses | 2,655 | 749 | 5,893 | 3,008 | |
Noninterest income (loss) | 32,773 | 26,638 | 89,515 | 62,064 | |
Noninterest expense | 71,784 | 71,461 | 209,442 | 161,888 | |
Income before income taxes | 35,398 | 23,832 | 99,629 | 68,293 | |
Income tax expense (benefit) | 12,284 | 8,040 | 33,875 | 22,397 | |
Net income (loss) | 23,114 | 15,792 | 65,754 | 45,896 | |
Total assets | 8,446,403 | 7,829,765 | 8,446,403 | 7,829,765 | |
Goodwill | 467,767 | 441,501 | 467,767 | 441,501 | |
Operating Segments | Insurance | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 85 | 81 | 259 | 228 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income (loss) | 2,454 | 2,434 | 7,734 | 7,012 | |
Noninterest expense | 1,762 | 1,783 | 5,240 | 5,131 | |
Income before income taxes | 777 | 732 | 2,753 | 2,109 | |
Income tax expense (benefit) | 301 | 288 | 1,074 | 827 | |
Net income (loss) | 476 | 444 | 1,679 | 1,282 | |
Total assets | 22,708 | 21,978 | 22,708 | 21,978 | |
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | |
Operating Segments | Wealth Management | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 472 | 418 | 1,349 | 1,260 | |
Provision for loan losses | (5) | 1 | (13) | (8) | |
Noninterest income (loss) | 3,248 | 2,981 | 9,296 | 7,694 | |
Noninterest expense | 2,745 | 2,497 | 8,312 | 6,748 | |
Income before income taxes | 980 | 901 | 2,346 | 2,214 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income (loss) | 980 | 901 | 2,346 | 2,214 | |
Total assets | 51,176 | 43,150 | 51,176 | 43,150 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | (1,890) | (1,291) | (4,115) | (3,606) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income (loss) | (203) | 26 | 615 | 58 | |
Noninterest expense | 177 | 238 | 547 | 613 | |
Income before income taxes | (2,270) | (1,503) | (4,047) | (4,161) | |
Income tax expense (benefit) | (879) | (586) | (1,563) | (1,623) | |
Net income (loss) | (1,391) | (917) | (2,484) | (2,538) | |
Total assets | 22,184 | 16,070 | 22,184 | 16,070 | |
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financial assets: | ||
Securities available for sale | $ 677,638 | $ 646,805 |
Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 18,092 | 19,469 |
Other debt securities | ||
Financial assets: | ||
Securities available for sale | 17,273 | 19,333 |
Other equity securities | ||
Financial assets: | ||
Securities available for sale | 0 | 4,340 |
Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 2,209 | 6,200 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 412,200 | 364,540 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 54,906 | 59,759 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 170,290 | 168,060 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 2,668 | 5,104 |
Level 1 | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Securities available for sale | 659,546 | 627,336 |
Derivative instruments | 12,662 | 7,498 |
Financial liabilities: | ||
Derivative instruments | 12,683 | 7,319 |
Level 3 | ||
Financial assets: | ||
Securities available for sale | 18,092 | 19,469 |
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | ||
Financial assets: | ||
Securities available for sale | 677,638 | 646,805 |
Derivative instruments | 12,662 | 7,498 |
Total financial assets | 880,265 | 879,557 |
Financial liabilities: | ||
Derivative instruments | 12,683 | 7,319 |
Total financial liabilities | 12,683 | 7,319 |
Recurring | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 6,225 | 4,266 |
Recurring | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,784 | 2,544 |
Financial liabilities: | ||
Derivative instruments | 4,784 | 2,544 |
Recurring | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 7,866 | 4,508 |
Financial liabilities: | ||
Derivative instruments | 0 | |
Recurring | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 12 | 446 |
Financial liabilities: | ||
Derivative instruments | 1,674 | 509 |
Recurring | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 189,965 | 225,254 |
Recurring | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 18,092 | 19,469 |
Recurring | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 17,273 | 19,333 |
Recurring | Other equity securities | ||
Financial assets: | ||
Securities available for sale | 0 | 4,340 |
Recurring | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 2,209 | 6,200 |
Recurring | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 412,200 | 364,540 |
Recurring | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 54,906 | 59,759 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 170,290 | 168,060 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 2,668 | 5,104 |
Recurring | Level 1 | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 1 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | |
Recurring | Level 1 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Other equity securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 2 | ||
Financial assets: | ||
Securities available for sale | 659,546 | 627,336 |
Derivative instruments | 12,662 | 7,498 |
Total financial assets | 862,173 | 860,088 |
Financial liabilities: | ||
Derivative instruments | 12,683 | 7,319 |
Total financial liabilities | 12,683 | 7,319 |
Recurring | Level 2 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 6,225 | 4,266 |
Recurring | Level 2 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,784 | 2,544 |
Financial liabilities: | ||
Derivative instruments | 4,784 | 2,544 |
Recurring | Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 7,866 | 4,508 |
Financial liabilities: | ||
Derivative instruments | 0 | |
Recurring | Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 12 | 446 |
Financial liabilities: | ||
Derivative instruments | 1,674 | 509 |
Recurring | Level 2 | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 189,965 | 225,254 |
Recurring | Level 2 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 2 | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 17,273 | 19,333 |
Recurring | Level 2 | Other equity securities | ||
Financial assets: | ||
Securities available for sale | 0 | 4,340 |
Recurring | Level 2 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 2,209 | 6,200 |
Recurring | Level 2 | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 412,200 | 364,540 |
Recurring | Level 2 | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 54,906 | 59,759 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 170,290 | 168,060 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 2,668 | 5,104 |
Recurring | Level 3 | ||
Financial assets: | ||
Securities available for sale | 18,092 | 19,469 |
Derivative instruments | 0 | 0 |
Total financial assets | 18,092 | 19,469 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 3 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | |
Recurring | Level 3 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 18,092 | 19,469 |
Recurring | Level 3 | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Other equity securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - (Details 1) - Trust preferred securities - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||||
Beginning balance | $ 18,179 | $ 19,127 | $ 19,469 | $ 19,756 |
Accretion included in net income | 8 | 8 | 23 | (70) |
Unrealized gains (losses) included in other comprehensive income | (41) | (200) | (168) | 822 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (1,117) |
Issues | 0 | 0 | 0 | 0 |
Settlements | (54) | (45) | (1,232) | (501) |
Transfers into Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 18,092 | $ 18,890 | $ 18,092 | $ 18,890 |
Fair Value Measurements - (Details 2) - Trust preferred securities $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 18,092 |
Valuation Technique | Discounted cash flows |
Significant Unobservable Inputs | Default rate |
Minimum | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Range of Inputs | 0.00% |
Maximum | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Range of Inputs | 100.00% |
Fair Value Measurements - (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 7,187 | $ 6,508 |
OREO | 8,810 | 12,839 |
Mortgage servicing rights | 22,606 | |
Total | 38,603 | 19,347 |
Level 1 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Mortgage servicing rights | 0 | |
Total | 0 | 0 |
Level 2 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Mortgage servicing rights | 0 | |
Total | 0 | 0 |
Level 3 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 7,187 | 6,508 |
OREO | 8,810 | 12,839 |
Mortgage servicing rights | 22,606 | |
Total | $ 38,603 | $ 19,347 |
Fair Value Measurements - (Details 4) - Level 3 - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
OREO covered under loss-share agreements: | ||
Carrying amount prior to remeasurement | $ 84 | $ 0 |
Impairment recognized in results of operations | (9) | 0 |
Increase in FDIC loss-share indemnification asset | (37) | 0 |
Receivable from other guarantor | 0 | 0 |
Fair value | 38 | 0 |
OREO not covered under loss-share agreements: | ||
Carrying amount prior to remeasurement | 10,856 | 14,726 |
Impairment recognized in results of operations | (2,084) | (1,887) |
Fair value | $ 8,772 | $ 12,839 |
Fair Value Measurements - (Details 5) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 7,187 | $ 6,508 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | 7,187 | $ 6,508 |
Level 3 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 7,187 | |
Valuation Technique | Appraised value of collateral less estimated costs to sell | |
Significant Unobservable Inputs | Estimated costs to sell | |
Level 3 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 8,810 | |
Valuation Technique | Appraised value of property less estimated costs to sell | |
Significant Unobservable Inputs | Estimated costs to sell | |
Level 3 | Minimum | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 4.00% | |
Level 3 | Minimum | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 4.00% | |
Level 3 | Maximum | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 10.00% | |
Level 3 | Maximum | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 10.00% |
Fair Value Measurements - (Details 6) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Aggregate Fair Value | |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | |
Mortgage loans held for sale measured at fair value | $ 189,965 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Aggregate Unpaid Principal Balance | |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | |
Mortgage loans held for sale measured at fair value | 183,357 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Difference | |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | |
Mortgage loans held for sale measured at fair value | 6,608 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | $ 0 |
Fair Value Measurements - (Details 7) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financial assets | ||
Securities held to maturity | $ 362,319 | $ 458,400 |
Securities available for sale | 677,638 | 646,805 |
Mortgage loans held for sale | 189,965 | 225,254 |
Acquired and covered by FDIC loss-share agreements (acquired covered loans) | 30,533 | 93,142 |
FDIC loss-share indemnification asset | 4,053 | 7,149 |
Mortgage servicing rights | 22,125 | 29,642 |
Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 217,391 | 211,571 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Acquired and covered by FDIC loss-share agreements (acquired covered loans) | 0 | 0 |
Loans not covered under loss-share agreements, net | 0 | 0 |
FDIC loss-share indemnification asset | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 5,190,976 | 4,723,312 |
Short-term borrowings | 266,943 | 422,279 |
Other long-term borrowings | 158 | 192 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | |
Derivative instruments | 0 | 0 |
Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 381,950 | 473,753 |
Securities available for sale | 659,546 | 627,336 |
Mortgage loans held for sale | 189,965 | 225,254 |
Acquired and covered by FDIC loss-share agreements (acquired covered loans) | 0 | 0 |
Loans not covered under loss-share agreements, net | 0 | 0 |
FDIC loss-share indemnification asset | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 12,662 | 7,498 |
Financial liabilities | ||
Deposits | 1,631,027 | 1,502,202 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 9,363 | 56,101 |
Junior subordinated debentures | 73,301 | 78,095 |
Subordinated notes | 102,500 | |
Derivative instruments | 12,683 | 7,319 |
Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 18,092 | 19,469 |
Mortgage loans held for sale | 0 | 0 |
Acquired and covered by FDIC loss-share agreements (acquired covered loans) | 30,704 | 92,528 |
Loans not covered under loss-share agreements, net | 6,016,370 | 5,208,630 |
FDIC loss-share indemnification asset | 4,053 | 7,149 |
Mortgage servicing rights | 22,606 | 33,283 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | |
Derivative instruments | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 217,391 | 211,571 |
Securities held to maturity | 362,319 | 458,400 |
Securities available for sale | 677,638 | 646,805 |
Mortgage loans held for sale | 189,965 | 225,254 |
Acquired and covered by FDIC loss-share agreements (acquired covered loans) | 30,533 | 93,142 |
Loans not covered under loss-share agreements, net | 6,028,776 | 5,277,883 |
FDIC loss-share indemnification asset | 4,053 | 7,149 |
Mortgage servicing rights | 22,125 | 29,642 |
Derivative instruments | 12,662 | 7,498 |
Financial liabilities | ||
Deposits | 6,817,798 | 6,218,602 |
Short-term borrowings | 266,943 | 422,279 |
Other long-term borrowings | 158 | 192 |
Federal Home Loan Bank advances | 8,807 | 52,930 |
Junior subordinated debentures | 95,506 | 95,095 |
Subordinated notes | 98,167 | |
Derivative instruments | 12,683 | 7,319 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 217,391 | 211,571 |
Securities held to maturity | 381,950 | 473,753 |
Securities available for sale | 677,638 | 646,805 |
Mortgage loans held for sale | 189,965 | 225,254 |
Acquired and covered by FDIC loss-share agreements (acquired covered loans) | 30,704 | 92,528 |
Loans not covered under loss-share agreements, net | 6,016,370 | 5,208,630 |
FDIC loss-share indemnification asset | 4,053 | 7,149 |
Mortgage servicing rights | 22,606 | 33,283 |
Derivative instruments | 12,662 | 7,498 |
Financial liabilities | ||
Deposits | 6,822,003 | 6,225,514 |
Short-term borrowings | 266,943 | 422,279 |
Other long-term borrowings | 158 | 192 |
Federal Home Loan Bank advances | 9,363 | 56,101 |
Junior subordinated debentures | 73,301 | 78,095 |
Subordinated notes | 102,500 | |
Derivative instruments | $ 12,683 | $ 7,319 |
Fair Value Measurements - (Details Textual) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Fair Value Measurements (Textual) [Abstract] | |||
Impaired loans not covered under loss-share agreements | $ 9,908,000 | $ 7,191,000 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | 45,924,000 | 42,437,000 | |
Impairment losses on mortgage servicing rights | 40,000 | $ 0 | |
Changes in fair value, gain (loss) | (145,000) | $ 1,023,000 | |
Impaired Loans, Not Covered | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | $ 2,721,000 | $ 683,000 |
Derivative Instruments - (Details Textual) |
1 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2014
USD ($)
derivative_instrument
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 01, 2013
USD ($)
|
Apr. 30, 2012
USD ($)
derivative_instrument
|
|
Interest rate contracts with corporate customers | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 80,065,000 | ||||
Offsetting interest rate contracts with other financial institutions | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | 80,065,000 | ||||
Interest rate swaps | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Number of instruments held | derivative_instrument | 2 | ||||
Floating rate liability at the bank level, derivative one | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 15,000,000 | ||||
Term of contract (in years) | 4 years | ||||
Floating rate liability at the bank level, derivative two | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 15,000,000 | ||||
Term of contract (in years) | 5 years | ||||
Cash flow hedging | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 32,000,000 | ||||
Number of instruments held | derivative_instrument | 2 | ||||
Cash flow hedging | First M&F | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 30,000,000 | ||||
Commitments to fund fixed-rate residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | 265,911,000 | $ 251,676,000 | |||
Commitments to sell residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 353,000,000 | $ 293,500,000 |
Derivative Instruments - (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative liabilities | $ 6,225 | $ 4,266 |
Not designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative assets | 12,662 | 7,498 |
Derivative liabilities | 6,458 | 3,053 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative assets | 4,784 | 2,544 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative assets | 7,866 | 4,508 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative assets | 12 | 446 |
Other Liabilities | Designated as hedging instruments: | Interest rate swaps | ||
Derivative financial instruments | ||
Derivative liabilities | 6,225 | 4,266 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative liabilities | 4,784 | 2,544 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 0 | 0 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative liabilities | $ 1,674 | $ 509 |
Derivative Instruments - (Details 1) - Not designated as hedging instruments: - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ 5,977 | $ (97) | $ 3,546 | $ 4,172 |
Interest rate contracts | Included in interest income on loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 660 | 576 | 1,786 | 1,677 |
Interest rate lock commitments | Included in gains on sales of mortgage loans held for sale | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 2,297 | 2,326 | 3,359 | 3,783 |
Forward commitments | Included in gains on sales of mortgage loans held for sale | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ 3,020 | $ (2,999) | $ (1,599) | $ (1,288) |
Derivative Instruments - (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 12 | $ 446 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 12 | 446 |
Financial instruments | 12 | 282 |
Financial collateral pledged | 0 | 0 |
Net amounts | 0 | 164 |
Offsetting Derivative Liabilities | ||
Gross amounts recognized | 12,004 | 6,454 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 12,004 | 6,454 |
Financial instruments | 12 | 282 |
Financial collateral pledged | 10,922 | 6,020 |
Net amounts | $ 1,070 | $ 152 |
Other Comprehensive Income - (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income (loss), pre-tax | $ 2,788 | $ 4,349 | $ 5,326 | $ 2,710 |
Total other comprehensive income (loss), tax expense (benefit) | 1,078 | 1,678 | 2,049 | 1,052 |
Other comprehensive income, net of tax | 1,710 | 2,671 | 3,277 | 1,658 |
Securities Available for Sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, pre-tax | 2,258 | 6,029 | 8,573 | 4,066 |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 873 | 2,312 | 3,313 | 1,561 |
Other comprehensive income (loss), before reclassifications, net of tax | 1,385 | 3,717 | 5,260 | 2,505 |
Reclassification from AOCI, pre-tax | 0 | 0 | (1,186) | (96) |
Reclassification from AOCI, tax expense (benefit) | 0 | 0 | (458) | (36) |
Reclassification from AOCI, net of tax | 0 | 0 | (728) | (60) |
Total other comprehensive income (loss), pre-tax | 2,240 | 5,987 | 7,308 | 3,831 |
Total other comprehensive income (loss), tax expense (benefit) | 866 | 2,296 | 2,825 | 1,472 |
Other comprehensive income, net of tax | 1,374 | 3,691 | 4,483 | 2,359 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | (18) | (42) | (79) | (139) |
Reclassification from AOCI, tax expense (benefit) | (7) | (16) | (30) | (53) |
Reclassification from AOCI, net of tax | (11) | (26) | (49) | (86) |
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, pre-tax | 807 | (1,752) | (1,959) | (1,437) |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 312 | (677) | (760) | (556) |
Other comprehensive income (loss), before reclassifications, net of tax | 495 | (1,075) | (1,199) | (881) |
Total other comprehensive income (loss), pre-tax | 807 | (1,752) | (1,959) | (1,437) |
Total other comprehensive income (loss), tax expense (benefit) | 312 | (677) | (760) | (556) |
Other comprehensive income, net of tax | 495 | (1,075) | (1,199) | (881) |
Defined benefit Pension and Post-Retirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | (383) | (383) | ||
Reclassification from AOCI, tax expense (benefit) | (148) | (148) | ||
Reclassification from AOCI, net of tax | (235) | (235) | ||
Total other comprehensive income (loss), pre-tax | (259) | 114 | (23) | 316 |
Total other comprehensive income (loss), tax expense (benefit) | (100) | 59 | (16) | 136 |
Other comprehensive income, net of tax | (159) | 55 | (7) | 180 |
Amortization of net actuarial loss recognized in net periodic pension cost | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | 124 | 114 | 360 | 316 |
Reclassification from AOCI, tax expense (benefit) | 48 | 59 | 132 | 136 |
Reclassification from AOCI, net of tax | $ 76 | $ 55 | $ 228 | $ 180 |
Other Comprehensive Income - (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accumulated balances for component of other comprehensive income, net of tax | ||
Unrealized gains on securities | $ 20,967 | $ 16,500 |
Non-credit related portion of other-than-temporary impairment on securities | (16,719) | (16,735) |
Unrealized losses on derivative instruments | (3,081) | (1,882) |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,425) | (7,418) |
Total accumulated other comprehensive loss | $ (6,258) | $ (9,535) |
Net Income Per Common 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 |
|
Basic | ||||
Net income applicable to common stock | $ 23,179 | $ 16,220 | $ 67,295 | $ 46,854 |
Average common shares outstanding (shares) | 42,091,164 | 40,265,941 | 41,500,407 | 34,521,255 |
Net income per common share - basic (usd per share) | $ 0.55 | $ 0.40 | $ 1.62 | $ 1.36 |
Diluted | ||||
Net income applicable to common stock | $ 23,179 | $ 16,220 | $ 67,295 | $ 46,854 |
Average common shares outstanding (shares) | 42,091,164 | 40,265,941 | 41,500,407 | 34,521,255 |
Effect of dilutive stock-based compensation (shares) | 219,194 | 252,472 | 229,501 | 277,863 |
Average common shares outstanding - diluted (shares) | 42,310,358 | 40,518,413 | 41,729,908 | 34,799,118 |
Net income per common share - diluted (usd per share) | $ 0.55 | $ 0.40 | $ 1.61 | $ 1.35 |
Net Income Per Common Share - (Details 1) - Employee Stock Option - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Number of shares (shares) | 0 | 0 | 0 | 99,852 |
Range of exercise prices, minimum (usd per share) | $ 0 | $ 0 | $ 0 | $ 30.63 |
Range of exercise prices, maximum (usd per share) | $ 0 | $ 0 | $ 0 | $ 30.63 |
Mergers and Acquisitions - (Details Textual) $ in Thousands |
Apr. 01, 2016
USD ($)
branch
shares
|
Jul. 01, 2015
USD ($)
agreement
branch
shares
|
Sep. 01, 2013
USD ($)
branch
shares
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Aug. 31, 2011
USD ($)
trust
|
Feb. 04, 2011
USD ($)
branch
|
Jul. 23, 2010
USD ($)
branch
|
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||||||||
Goodwill resulting from merger | $ 470,534 | $ 445,871 | $ 444,268 | |||||||||
Eligible losses covered (percent) | 80.00% | |||||||||||
Eligible recoveries covered (percent) | 80.00% | |||||||||||
KeyWorth Bank | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Transaction value | $ 58,885 | |||||||||||
Payment to stock option holders | $ 3,594 | |||||||||||
Voting interest acquired (percent) | 100.00% | |||||||||||
Assets acquired | $ 415,232 | |||||||||||
Loans assumed | $ 272,330 | |||||||||||
Number of offices in operation | branch | 6 | |||||||||||
Intangible assets, including goodwill | $ 22,643 | |||||||||||
Goodwill resulting from merger | 20,633 | |||||||||||
Core deposit intangible | [1] | $ 2,010 | ||||||||||
Weighted average useful life (in years) | 10 years | |||||||||||
KeyWorth Bank | Core Deposits | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Deposits | $ 348,961 | |||||||||||
KeyWorth Bank | Common Stock | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Shares issued to common shareholders (shares) | shares | 1,680,021 | |||||||||||
Heritage Financial Group | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Transaction value | $ 295,444 | |||||||||||
Payment to stock option holders | $ 5,915 | |||||||||||
Voting interest acquired (percent) | 100.00% | |||||||||||
Assets acquired | $ 120,232 | |||||||||||
Loans assumed | 314,656 | |||||||||||
Intangible assets, including goodwill | 187,468 | |||||||||||
Goodwill resulting from merger | [1] | 175,212 | ||||||||||
Core deposit intangible | [1] | $ 12,256 | ||||||||||
Number of banking, mortgage, and investment offices | branch | 48 | |||||||||||
Number of loss sharing agreements acquired | agreement | 2 | |||||||||||
Heritage Financial Group | Core Deposits | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Weighted average useful life (in years) | 10 years | |||||||||||
Heritage Financial Group | Common Stock | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Shares issued to common shareholders (shares) | shares | 8,635,879 | |||||||||||
First M&F Merger | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Transaction value | $ 156,845 | |||||||||||
Voting interest acquired (percent) | 100.00% | |||||||||||
Intangible assets, including goodwill | $ 115,159 | |||||||||||
Goodwill resulting from merger | $ 90,127 | |||||||||||
Number of branches in operation | branch | 43 | |||||||||||
First M&F Merger | Junior Subordinated Debt | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Loans assumed | $ 30,928 | |||||||||||
Fair value adjustment | $ 12,371 | |||||||||||
First M&F Merger | Junior Subordinated Debt | Three-month LIBOR | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Basis spread on variable rate (percent) | 1.33% | |||||||||||
First M&F Merger | Core Deposits | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | $ 25,032 | |||||||||||
Weighted average useful life (in years) | 10 years | |||||||||||
First M&F Merger | Common Stock | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Shares issued to common shareholders (shares) | shares | 6,175,576 | |||||||||||
RBC Bank | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Assets under management | $ 680,000 | |||||||||||
Trust transferred under acquisition (trust) | trust | 200 | |||||||||||
American Trust Bank | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Value of loans covered in loss-share agreements with the FDIC | $ 73,657 | |||||||||||
Eligible losses covered (percent) | 80.00% | |||||||||||
Eligible recoveries covered (percent) | 80.00% | |||||||||||
Number of branches in the northwest region of Georgia | branch | 3 | |||||||||||
Crescent Bank & Trust Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Value of loans covered in loss-share agreements with the FDIC | $ 361,472 | |||||||||||
Eligible losses covered (percent) | 80.00% | |||||||||||
Number of branches in the northwest region of Georgia | branch | 11 | |||||||||||
Other real estate owned | $ 50,168 | |||||||||||
|
Mergers and Acquisitions - (Details 2) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 01, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|||
Business Acquisition [Line Items] | ||||||||
Value of stock paid | $ 55,290 | $ 281,530 | ||||||
Deal charges | $ 268 | $ 7,746 | 4,023 | 9,691 | ||||
Goodwill resulting from merger | $ 470,534 | $ 444,268 | $ 470,534 | $ 444,268 | $ 445,871 | |||
Heritage Financial Group | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price per share (usd per share) | $ 32.60 | |||||||
Value of stock paid | $ 281,530 | |||||||
Cash paid for fractional shares | 26 | |||||||
Cash settlement for stock options, net of tax benefit | 5,915 | |||||||
Deal charges | 7,973 | |||||||
Total Purchase Price | 295,444 | |||||||
Stockholders’ equity at acquisition date | 160,652 | |||||||
Total Net Assets Acquired | 120,232 | |||||||
Goodwill resulting from merger | [1] | 175,212 | ||||||
Heritage Financial Group | Deposits | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of liabilities | (3,776) | |||||||
Heritage Financial Group | Other liabilities | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of liabilities | (7,873) | |||||||
Heritage Financial Group | Deferred income taxes | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of liabilities | (8,077) | |||||||
Heritage Financial Group | Securities | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of assets | (1,401) | |||||||
Heritage Financial Group | Mortgage loans held for sale | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of assets | (3,158) | |||||||
Heritage Financial Group | Loans, net of Heritage's allowance for loan losses | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of assets | (16,837) | |||||||
Heritage Financial Group | Fixed assets | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of assets | (6,419) | |||||||
Heritage Financial Group | Intangible assets, net of Heritage's existing core deposit intangible | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of assets | 18,193 | |||||||
Heritage Financial Group | Other real estate owned | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of assets | 1,390 | |||||||
Heritage Financial Group | FDIC loss-share indemnification asset | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of assets | (15,507) | |||||||
Heritage Financial Group | Other assets | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value adjustment of assets | $ 3,045 | |||||||
|
Mergers and Acquisitions - (Details 3) - Heritage Financial Group $ in Thousands |
Jul. 01, 2015
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 38,626 |
Securities | 177,849 |
Premises and equipment | 42,914 |
Other real estate owned | 9,972 |
Intangible assets | 187,468 |
Other assets | 104,737 |
Total assets | 2,019,977 |
Deposits | 1,375,354 |
Borrowings | 314,656 |
Other liabilities | 34,523 |
Total liabilities | 1,724,533 |
Loans, including mortgage loans held for sale, net of unearned income | |
Business Acquisition [Line Items] | |
Loans, including mortgage loans held for sale, net of unearned income | $ 1,458,411 |
Mergers and Acquisitions - (Details 4) - Heritage Financial Group - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Business Acquisition [Line Items] | ||
Interest income | $ 243,299 | $ 225,985 |
Interest expense | 20,357 | 16,680 |
Net interest income | 222,942 | 209,305 |
Provision for loan and lease losses | 5,880 | 3,300 |
Noninterest income | 107,160 | 103,778 |
Noninterest expense | 223,541 | 238,651 |
Income before income taxes | 100,681 | 71,132 |
Income taxes | 33,386 | 22,610 |
Net income | $ 67,295 | $ 48,522 |
Earnings per share: | ||
Basic (usd per share) | $ 1.61 | $ 1.12 |
Diluted (usd per share) | $ 1.60 | $ 1.12 |
Regulatory Matters - (Details) |
Sep. 30, 2016 |
---|---|
Banking and Thrift [Abstract] | |
Tier one leverage capital required to be well capitalized to average assets (percent) | 5.00% |
Tier one leverage capital required for capital adequacy to average assets (percent) | 4.00% |
Tier one leverage capital required to be undercapitalized to average assets (less than) (percent) | 4.00% |
Tier one leverage capital required to be significantly undercapitalized to average assets (less than) (percent) | 3.00% |
Common equity tier one leverage capital required to be well capitalized to average assets (percent) | 6.50% |
Common equity tier one leverage capital required for capital adequacy to average assets (percent) | 4.50% |
Common equity tier one leverage capital required to be undercapitalized to average assets (less than) (percent) | 4.50% |
Common equity tier one leverage capital required to be significantly undercapitalized to average assets (less than) (percent) | 3.00% |
Tier one risk based capital required to be well capitalized to risk weighted assets (percent) | 8.00% |
Tier one risk based capital required for capital adequacy to risk weighted assets (percent) | 6.00% |
Tier one risk based capital required to be undercapitalized to risk weighted assets (less than) (percent) | 6.00% |
Tier one risk based capital required to be significantly undercapitalized to risk weighted assets (less than) (percent) | 4.00% |
Capital required to be well capitalized to risk weighted assets (percent) | 10.00% |
Capital required for capital adequacy to risk weighted assets (percent) | 8.00% |
Capital required to be undercapitalized to risk weighted assets (less than) (percent) | 8.00% |
Capital required to be significantly undercapitalized to risk weighted assets (less than) (percent) | 6.00% |
Tangible capital required to be critically undercapitalized to total assets (less than) (percent) | 2.00% |
Regulatory Matters - (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Renasant Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 757,589 | $ 665,707 |
Tier 1 capital to average assets (leverage) - ratio (percent) | 9.38% | 8.95% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 665,516 | $ 576,360 |
Common equity tier 1 capital to risk-weighted assets - ratio (percent) | 10.16% | 9.92% |
Tier 1 capital to risk-weighted assets - amount | $ 757,589 | $ 665,707 |
Tier 1 capital to risk-weighted assets - ratio (percent) | 11.57% | 11.46% |
Total capital to risk-weighted assets - amount | $ 906,004 | $ 712,737 |
Total capital to risk-weighted assets - ratio (percent) | 13.84% | 12.27% |
Renasant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 731,119 | $ 639,189 |
Tier 1 capital to average assets (leverage) - ratio (percent) | 9.08% | 8.75% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 731,119 | $ 639,189 |
Common equity tier 1 capital to risk-weighted assets - ratio (percent) | 11.19% | 11.02% |
Tier 1 capital to risk-weighted assets - amount | $ 731,119 | $ 639,189 |
Tier 1 capital to risk-weighted assets - ratio (percent) | 11.19% | 11.02% |
Total capital to risk-weighted assets - amount | $ 781,367 | $ 685,565 |
Total capital to risk-weighted assets - ratio (percent) | 11.96% | 11.82% |
Investments in Qualified Affordable Housing Projects (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 |
|
Equity Method Investments and Joint Ventures [Abstract] | |||||
Carrying value of qualified affordable housing project investments | $ 6,664 | $ 6,664 | $ 7,666 | ||
Tax credit amortization | 353 | $ 324 | 1,001 | $ 972 | |
Tax credits and other benefits | (503) | (471) | (1,445) | (1,412) | |
Total | $ (150) | $ (147) | $ (444) | $ (440) |
Income Taxes - (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Deferred tax assets | |||
Allowance for loan losses | $ 21,418 | $ 17,430 | $ 21,178 |
Loans | 24,299 | 26,239 | 27,920 |
Deferred compensation | 12,368 | 17,060 | 17,681 |
Securities | 2,346 | 2,572 | 2,581 |
Net unrealized losses on securities - OCI | 4,016 | 6,065 | 3,717 |
Impairment of assets | 3,877 | 3,271 | 3,108 |
Federal and State net operating loss carryforwards | 3,113 | 3,681 | 5,519 |
Intangibles | 1,012 | 0 | 0 |
Other | 7,958 | 4,927 | 5,287 |
Gross deferred tax assets | 80,407 | 81,245 | 86,991 |
Valuation allowance on state net operating loss carryforwards | 0 | 0 | 0 |
Total deferred tax assets | 80,407 | 81,245 | 86,991 |
Deferred tax liabilities | |||
FDIC loss-share indemnification asset | 1,939 | 1,927 | 2,814 |
Investment in partnerships | 2,001 | 2,507 | 2,461 |
Core deposit intangible | 0 | 3,386 | 4,023 |
Fixed assets | 2,598 | 673 | (20) |
Mortgage servicing rights | 3,589 | 4,032 | 4,580 |
Junior subordinated debt | 4,128 | 4,287 | 4,340 |
Other | 4,294 | 2,364 | 569 |
Total deferred tax liabilities | 18,549 | 19,176 | 18,767 |
Net deferred tax assets | $ 61,858 | $ 62,069 | $ 68,224 |
Income Taxes - (Details Textual) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jul. 01, 2015 |
---|---|---|---|---|
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | $ 0 | $ 0 | $ 0 | |
Heritage Financial Group | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | 0 | $ 0 | $ 0 | |
Federal | Heritage Financial Group | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryfowards | 7,124,000 | $ 18,321,000 | ||
State | Heritage Financial Group | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryfowards | $ 15,062,000 | $ 17,168,000 |
Goodwill and Other Intangible Assets - (Details) - USD ($) |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2016 |
|
Goodwill [Roll Forward] | ||
Balance at January 1, 2016 | $ 445,871,000 | |
Addition to goodwill from KeyWorth acquisition | 20,633,000 | |
Adjustment to previously recorded goodwill | 4,030,000 | |
Balance at September 30, 2016 | $ 470,534,000 | 470,534,000 |
Adjustments to goodwill | 0 | |
Community Banks | ||
Goodwill [Roll Forward] | ||
Balance at January 1, 2016 | 443,104,000 | |
Addition to goodwill from KeyWorth acquisition | 20,633,000 | |
Adjustment to previously recorded goodwill | 4,030,000 | |
Balance at September 30, 2016 | 467,767,000 | 467,767,000 |
Insurance | ||
Goodwill [Roll Forward] | ||
Balance at January 1, 2016 | 2,767,000 | |
Addition to goodwill from KeyWorth acquisition | 0 | |
Adjustment to previously recorded goodwill | 0 | |
Balance at September 30, 2016 | $ 2,767,000 | $ 2,767,000 |
Goodwill and Other Intangible Assets - (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 49,962 | $ 47,952 |
Accumulated Amortization | (24,263) | (19,141) |
Net Carrying Amount | 25,699 | 28,811 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 47,992 | 45,982 |
Accumulated Amortization | (23,595) | (18,572) |
Net Carrying Amount | 24,397 | 27,410 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (668) | (569) |
Net Carrying Amount | $ 1,302 | $ 1,401 |
Goodwill and Other Intangible Assets - (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 1,684 | $ 1,803 | $ 5,123 | $ 4,317 |
Core Deposit Intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | 1,651 | 1,770 | 5,024 | 4,218 |
Customer Relationship Intangible | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 33 | $ 33 | $ 99 | $ 99 |
Goodwill and Other Intangible Assets - (Details 3) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2016 | $ 6,747 |
2017 | 5,853 |
2018 | 5,012 |
2019 | 4,232 |
2020 | 3,344 |
Core Deposit Intangibles | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2016 | 6,616 |
2017 | 5,722 |
2018 | 4,881 |
2019 | 4,101 |
2020 | 3,213 |
Customer Relationship Intangible | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2016 | 131 |
2017 | 131 |
2018 | 131 |
2019 | 131 |
2020 | $ 131 |
Subordinated Notes (Details) - Subordinated Debt |
Aug. 22, 2016
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Par percentage | 100.00% |
Proceeds from sale of notes | $ 98,167,000 |
Discount percentage | 1.50% |
Redemption price percentage | 100.00% |
5.00% Subordinated Notes due 2026 | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 60,000,000 |
Fixed-to-floating rate percentage | 5.00% |
Redemption price percentage | 100.00% |
5.00% Subordinated Notes due 2026 | Three-month LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 3.84% |
5.00% Subordinated Notes due 2026 | Three-month LIBOR | Minimum | |
Debt Instrument [Line Items] | |
Variable rate threshold | 0.00% |
5.50% Subordinated Notes due 2031 | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 40,000,000 |
Fixed-to-floating rate percentage | 5.50% |
Redemption price percentage | 100.00% |
5.50% Subordinated Notes due 2031 | Three-month LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 4.071% |
5.50% Subordinated Notes due 2031 | Three-month LIBOR | Minimum | |
Debt Instrument [Line Items] | |
Variable rate threshold | 0.00% |