Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Consolidated Balance Sheets | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
(Unaudited) | |||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing balances with banks | |||||||||||
Cash and cash equivalents | |||||||||||
Securities available for sale, at fair value | |||||||||||
Loans held for sale, at fair value | |||||||||||
Loans, net of unearned income: | |||||||||||
Non purchased loans and leases | |||||||||||
Purchased loans | |||||||||||
Total loans, net of unearned income | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Loans, net | |||||||||||
Premises and equipment, net | |||||||||||
Other real estate owned: | |||||||||||
Non purchased | |||||||||||
Purchased | |||||||||||
Total other real estate owned, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Bank-owned life insurance | |||||||||||
Mortgage servicing rights | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and shareholders’ equity | |||||||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Noninterest-bearing | $ | $ | |||||||||
Interest-bearing | |||||||||||
Total deposits | |||||||||||
Short-term borrowings | |||||||||||
Long-term debt | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost – | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income, net of taxes | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||||||||||
Securities | |||||||||||||||||||||||
Taxable | |||||||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses on loans | |||||||||||||||||||||||
Net interest income after provision for credit losses on loans | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||
Fees and commissions | |||||||||||||||||||||||
Insurance commissions | |||||||||||||||||||||||
Wealth management revenue | |||||||||||||||||||||||
Mortgage banking income | |||||||||||||||||||||||
Net gain (loss) on sales of securities | ( | ||||||||||||||||||||||
BOLI income | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries and employee benefits | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Net occupancy and equipment | |||||||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Advertising and public relations | |||||||||||||||||||||||
Intangible amortization | |||||||||||||||||||||||
Communications | |||||||||||||||||||||||
Extinguishment of debt | |||||||||||||||||||||||
Merger and conversion related expenses | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total noninterest expense | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Cash dividends per common share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Unrealized holding gains on securities | |||||||||||||||||||||||
Reclassification adjustment for (losses) gains realized in net income | ( | ( | ( | ||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Unrealized holding losses on derivative instruments | ( | ( | ( | ( | |||||||||||||||||||
Total derivative instruments | ( | ( | ( | ( | |||||||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cumulative effect adjustment due to the adoption of | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase of shares in connection with stock repurchase program | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase of shares in connection with stock repurchase program | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Provision for credit losses on loans | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Deferred income tax (benefit) expense | ( | ||||||||||
Funding of mortgage loans held for sale | ( | ( | |||||||||
Proceeds from sales of mortgage loans held for sale | |||||||||||
Gains on sales of mortgage loans held for sale | ( | ( | |||||||||
Valuation adjustment to mortgage servicing rights | |||||||||||
Gains on sales of securities | ( | ( | |||||||||
Penalty on prepayment of debt | |||||||||||
Loss (gains) on sales of premises and equipment | ( | ||||||||||
Stock-based compensation expense | |||||||||||
Net change in other loans held for sale | |||||||||||
Increase in other assets | ( | ( | |||||||||
Increase (decrease) in other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Purchases of securities available for sale | ( | ( | |||||||||
Proceeds from sales of securities available for sale | |||||||||||
Proceeds from call/maturities of securities available for sale | |||||||||||
Net (increase) decrease in loans | ( | ||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Proceeds from sales of premises and equipment | |||||||||||
Net change in FHLB stock | ( | ||||||||||
Proceeds from sales of other assets | |||||||||||
Other, net | |||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
Financing activities | |||||||||||
Net increase in noninterest-bearing deposits | |||||||||||
Net increase (decrease) in interest-bearing deposits | ( | ||||||||||
Net decrease in short-term borrowings | ( | ( | |||||||||
Repayment of long-term debt | ( | ( | |||||||||
Cash paid for dividends | ( | ( | |||||||||
Repurchase of shares in connection with stock repurchase program | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Noncash transactions: | |||||||||||
Transfers of loans to other real estate owned | $ | $ | |||||||||
Financed sales of other real estate owned | $ | $ | |||||||||
Transfers of other loans held for sale to loans held for investment | $ | $ | |||||||||
Recognition of operating right-of-use assets | $ | $ | |||||||||
Recognition of operating lease liabilities | $ | $ |
December 31, 2019 (as reported) | Impact of ASU 2016-13 Adoption | January 1, 2020 (adjusted) | |||||||||
Assets: | |||||||||||
Allowance for credit losses | $ | ( | $ | ( | $ | ( | |||||
Deferred tax assets, net | $ | $ | $ | ||||||||
Remaining purchase discount on loans | $ | ( | $ | $ | ( | ||||||
Liabilities: | |||||||||||
Reserve for unfunded commitments | $ | $ | $ | ||||||||
Shareholders’ equity: | |||||||||||
Retained earnings | $ | $ | ( | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||
Trust preferred securities | ( | ||||||||||||||||||||||||||||
Other debt securities | ( | ||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | ( | ||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | ( | ||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | ( | ||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ||||||||||||||||||||||
Trust preferred securities | ( | ||||||||||||||||||||||
Other debt securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
Carrying Value | Net Proceeds | Gain/(Loss) | |||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | ( | |||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | |||||||||||||||||
$ | $ | $ | |||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | ( | |||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | |||||||||||||||||
$ | $ | $ |
Carrying Value | Net Proceeds | Gain/(Loss) | |||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | ( | |||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | ( | ||||||||||||||||
Government agency collateralized mortgage obligations | ( | ||||||||||||||||
$ | $ | $ | ( | ||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | ||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | ( | ||||||||||||||||
Government agency collateralized mortgage obligations | ( | ||||||||||||||||
$ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Gross gains on sales of securities available for sale | $ | $ | $ | $ | |||||||||||||||||||
Gross losses on sales of securities available for sale | ( | ( | ( | ( | |||||||||||||||||||
Gains (losses) on sales of securities available for sale, net | $ | $ | ( | $ | $ |
Available for Sale | ||||||||||||||
Amortized Cost | Fair Value | |||||||||||||
Due within one year | $ | $ | ||||||||||||
Due after one year through five years | ||||||||||||||
Due after five years through ten years | ||||||||||||||
Due after ten years | ||||||||||||||
Residential mortgage backed securities: | ||||||||||||||
Government agency mortgage backed securities | ||||||||||||||
Government agency collateralized mortgage obligations | ||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||
Government agency mortgage backed securities | ||||||||||||||
Government agency collateralized mortgage obligations | ||||||||||||||
Other debt securities | ||||||||||||||
$ | $ |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
June 30, 2020 | December 31, 2019 | ||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||
Lease financing | |||||||||||
Real estate – construction: | |||||||||||
Residential | |||||||||||
Commercial | |||||||||||
Total real estate – construction | |||||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | |||||||||||
Home equity | |||||||||||
Rental/investment | |||||||||||
Land development | |||||||||||
Total real estate – 1-4 family mortgage | |||||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | |||||||||||
Non-owner occupied | |||||||||||
Land development | |||||||||||
Total real estate – commercial mortgage | |||||||||||
Installment loans to individuals | |||||||||||
Gross loans | |||||||||||
Unearned income | ( | ( | |||||||||
Loans, net of unearned income | $ | $ | |||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | ( | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | $ | $ | $ | $ | $ | $ | $ | $ |
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 | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | ( | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Total loans, net | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | |||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | |||||||||||||||||
Rental/investment | |||||||||||||||||
Total real estate – 1-4 family mortgage | |||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | |||||||||||||||||
Land development | |||||||||||||||||
Total real estate – commercial mortgage | |||||||||||||||||
Installment loans to individuals | |||||||||||||||||
Total | $ | $ | |||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||
Total | $ | $ |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | |||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | |||||||||||||||||
Rental/investment | |||||||||||||||||
Total real estate – 1-4 family mortgage | |||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | |||||||||||||||||
Land development | |||||||||||||||||
Total real estate – commercial mortgage | |||||||||||||||||
Installment loans to individuals | |||||||||||||||||
Total | $ | $ | |||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||
Total | $ | $ |
Number of Loans | Recorded Investment | ||||||||||
Totals at January 1, 2020 | $ | ||||||||||
Additional advances or loans with concessions | |||||||||||
Reclassified as performing restructured loan | |||||||||||
Reductions due to: | |||||||||||
Reclassified as nonperforming | ( | ( | |||||||||
Principal paydowns | ( | ||||||||||
Totals at June 30, 2020 | $ |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Real Estate - Construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Primary | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Home Equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Rental/Investment | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Land Development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Owner-Occupied | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Non-Owner Occupied | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Land Development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Installment loans to individuals | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total loans subject to risk rating | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Lease Financing Receivables | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Real Estate - Construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Primary | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Home Equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Rental/Investment | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Land Development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Owner-Occupied | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Non-Owner Occupied | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Land Development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Installment loans to individuals | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Total loans not subject to risk rating | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans |
Pass | Watch | Substandard | Total | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Performing | Non- Performing | Total | |||||||||||||||
December 31, 2019 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | ||||||||||||||
Lease financing | |||||||||||||||||
Real estate – construction | |||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||
Installment loans to individuals | |||||||||||||||||
Total | $ | $ | $ |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2019 | June 30, 2019 | |||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | ||||||||||||||||
Lease financing | ||||||||||||||||||||
Real estate – construction | ||||||||||||||||||||
Real estate – 1-4 family mortgage | ||||||||||||||||||||
Real estate – commercial mortgage | ||||||||||||||||||||
Installment loans to individuals | ||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||
Real estate – construction: | |||||||||||
Residential | |||||||||||
Commercial | |||||||||||
Total real estate – construction | |||||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | |||||||||||
Home equity | |||||||||||
Rental/investment | |||||||||||
Land development | |||||||||||
Total real estate – 1-4 family mortgage | |||||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | |||||||||||
Non-owner occupied | |||||||||||
Land development | |||||||||||
Total real estate – commercial mortgage | |||||||||||
Installment loans to individuals | |||||||||||
Loans, net of unearned income | $ | $ |
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 | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | $ | $ | $ | $ | $ | $ | $ | $ |
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 | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans, net | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | |||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | $ | $ | |||||||||||||||
Home equity | |||||||||||||||||
Total real estate – 1-4 family mortgage | |||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | |||||||||||||||||
Non-owner occupied | |||||||||||||||||
Total real estate – commercial mortgage | |||||||||||||||||
Installment loans to individuals | |||||||||||||||||
Total | |||||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||
Total | $ | $ |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | |||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | |||||||||||||||||
Home equity | |||||||||||||||||
Total real estate – 1-4 family mortgage | |||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | |||||||||||||||||
Non-owner occupied | |||||||||||||||||
Total real estate – commercial mortgage | |||||||||||||||||
Installment loans to individuals | |||||||||||||||||
Total | |||||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||
Total | $ | $ |
Number of Loans | Recorded Investment | ||||||||||
Totals at January 1, 2020 | $ | ||||||||||
Additional advances or loans with concessions | |||||||||||
Reductions due to: | |||||||||||
Reclassified to nonperforming loans | ( | ( | |||||||||
Paid in full | ( | ( | |||||||||
Charge-offs | ( | ( | |||||||||
Principal paydowns | ( | ||||||||||
Totals at June 30, 2020 | $ |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Real Estate - Construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Primary | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Home Equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Rental/Investment | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Land Development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Owner-Occupied | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Non-Owner Occupied | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Land Development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total loans subject to risk rating | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||
Substandard |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Real Estate - Construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Primary | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Home Equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Rental/Investment | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Land Development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Owner-Occupied | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Non-Owner Occupied | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Land Development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Installment loans to individuals | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Total loans not subject to risk rating | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Performing Loans | |||||||||||||||||||||||||||||
Non-Performing Loans |
Pass | Watch | Substandard | Total | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Performing | Non- Performing | Total | |||||||||||||||
December 31, 2019 | |||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | ||||||||||||||
Real estate – construction | |||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||
Installment loans to individuals | |||||||||||||||||
Total | $ | $ | $ |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2019 | ||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2019 | ||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Total Purchased Credit Deteriorated Loans | |||||
December 31, 2019 | |||||
Commercial, financial, agricultural | $ | ||||
Real estate – construction | |||||
Real estate – 1-4 family mortgage | |||||
Real estate – commercial mortgage | |||||
Installment loans to individuals | |||||
Total | $ |
June 30, 2020 | December 31, 2019 | ||||||||||
Commercial, financial, agricultural | $ | $ | |||||||||
Lease financing | |||||||||||
Real estate – construction: | |||||||||||
Residential | |||||||||||
Commercial | |||||||||||
Total real estate – construction | |||||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | |||||||||||
Home equity | |||||||||||
Rental/investment | |||||||||||
Land development | |||||||||||
Total real estate – 1-4 family mortgage | |||||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | |||||||||||
Non-owner occupied | |||||||||||
Land development | |||||||||||
Total real estate – commercial mortgage | |||||||||||
Installment loans to individuals | |||||||||||
Gross loans | |||||||||||
Unearned income | ( | ( | |||||||||
Loans, net of unearned income | |||||||||||
Allowance for credit losses on loans | ( | ( | |||||||||
Net loans | $ | $ |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Impact of the adoption of ASC 326 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Period-End Amount Allocated to: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Collectively evaluated | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Collectively evaluated | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Nonaccruing loans with no allowance for credit losses | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Provision for credit losses on loans | ( | ||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Provision for credit losses on loans | ( | ||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Period-End Amount Allocated to: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Purchased with deteriorated credit quality | |||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Purchased with deteriorated credit quality | |||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | |||||
Allowance for credit losses on unfunded loan commitments: | |||||
Beginning balance | $ | ||||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | |||||
Ending balance | $ | ||||
Six Months Ended June 30, 2020 | |||||
Allowance for credit losses on unfunded loan commitments: | |||||
Beginning balance | $ | ||||
Impact of the adoption of | |||||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | |||||
Ending balance | $ |
Purchased OREO | Non Purchased OREO | Total OREO | |||||||||||||||
June 30, 2020 | |||||||||||||||||
Residential real estate | $ | $ | $ | ||||||||||||||
Commercial real estate | |||||||||||||||||
Residential land development | |||||||||||||||||
Commercial land development | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
December 31, 2019 | |||||||||||||||||
Residential real estate | $ | $ | $ | ||||||||||||||
Commercial real estate | |||||||||||||||||
Residential land development | |||||||||||||||||
Commercial land development | |||||||||||||||||
Total | $ | $ | $ |
Purchased OREO | Non Purchased OREO | Total OREO | |||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | ||||||||||||||
Transfers of loans | |||||||||||||||||
Impairments | ( | ( | ( | ||||||||||||||
Dispositions | ( | ( | ( | ||||||||||||||
Balance at June 30, 2020 | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Repairs and maintenance | $ | $ | $ | $ | |||||||||||||||||||
Property taxes and insurance | |||||||||||||||||||||||
Impairments | |||||||||||||||||||||||
Net (gains) losses on OREO sales | ( | ( | ( | ||||||||||||||||||||
Rental income | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ |
Community Banks | Insurance | Total | |||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | ||||||||||||||
Addition to goodwill from acquisition | |||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
June 30, 2020 | |||||||||||||||||
Core deposit intangibles | $ | $ | ( | $ | |||||||||||||
Customer relationship intangible | ( | ||||||||||||||||
Total finite-lived intangible assets | $ | $ | ( | $ | |||||||||||||
December 31, 2019 | |||||||||||||||||
Core deposit intangibles | $ | $ | ( | $ | |||||||||||||
Customer relationship intangible | ( | ||||||||||||||||
Total finite-lived intangible assets | $ | $ | ( | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Amortization expense for: | |||||||||||||||||||||||
Core deposit intangibles | $ | $ | $ | $ | |||||||||||||||||||
Customer relationship intangible | |||||||||||||||||||||||
Total intangible amortization | $ | $ | $ | $ |
Core Deposit Intangibles | Customer Relationship Intangible | Total | |||||||||||||||
2020 | $ | $ | $ | ||||||||||||||
2021 | |||||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
Balance at January 1, 2020 | $ | ||||
Capitalization | |||||
Amortization | ( | ||||
Valuation adjustment | ( | ||||
Balance at June 30, 2020 | $ |
June 30, 2020 | December 31, 2019 | |||||||||||||
Unpaid principal balance | $ | $ | ||||||||||||
Weighted-average prepayment speed (CPR) | % | % | ||||||||||||
Estimated impact of a 10% increase | $ | ( | $ | ( | ||||||||||
Estimated impact of a 20% increase | ( | ( | ||||||||||||
Discount rate | % | % | ||||||||||||
Estimated impact of a 10% increase | $ | ( | $ | ( | ||||||||||
Estimated impact of a 20% increase | ( | ( | ||||||||||||
Weighted-average coupon interest rate | % | % | ||||||||||||
Weighted-average servicing fee (basis points) | ||||||||||||||
Weighted-average remaining maturity (in years) |
Pension Benefits | Other Benefits | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Recognized actuarial loss (gain) | ( | ||||||||||||||||||||||
Net periodic (return) benefit cost | $ | ( | $ | $ | ( | $ |
Pension Benefits | Other Benefits | ||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Recognized actuarial loss (gain) | ( | ( | |||||||||||||||||||||
Net periodic (return) benefit cost | $ | ( | $ | $ | ( | $ |
Shares | Weighted Average Exercise Price | |||||||||||||
Options outstanding at beginning of period | $ | |||||||||||||
Granted | ||||||||||||||
Exercised | ||||||||||||||
Forfeited | ||||||||||||||
Options outstanding at end of period | $ |
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 | $ | $ | ||||||||||||||||||||||||
Awarded | ||||||||||||||||||||||||||
Vested | ( | |||||||||||||||||||||||||
Cancelled | ( | ( | ||||||||||||||||||||||||
Nonvested at end of period | $ | $ |
Fair Value | |||||||||||||||||
Balance Sheet Location | June 30, 2020 | December 31, 2019 | |||||||||||||||
Derivative assets: | |||||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Other Assets | $ | $ | ||||||||||||||
Interest rate lock commitments | Other Assets | ||||||||||||||||
Forward commitments | Other Assets | ||||||||||||||||
Totals | $ | $ | |||||||||||||||
Derivative liabilities: | |||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swaps | Other Liabilities | $ | $ | ||||||||||||||
Totals | $ | $ | |||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Other Liabilities | $ | $ | ||||||||||||||
Interest rate lock commitments | Other Liabilities | ||||||||||||||||
Forward commitments | Other Liabilities | ||||||||||||||||
Totals | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Included in interest income on loans | $ | $ | $ | $ | |||||||||||||||||||
Interest rate lock commitments: | |||||||||||||||||||||||
Included in mortgage banking income | |||||||||||||||||||||||
Forward commitments | |||||||||||||||||||||||
Included in mortgage banking income | ( | ( | ( | ||||||||||||||||||||
Total | $ | $ | $ | $ |
Offsetting Derivative Assets | Offsetting Derivative Liabilities | ||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||
Gross amounts recognized | $ | $ | $ | $ | |||||||||||||||||||
Gross amounts offset in the Consolidated Balance Sheets | |||||||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | |||||||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets | |||||||||||||||||||||||
Financial instruments | |||||||||||||||||||||||
Financial collateral pledged | |||||||||||||||||||||||
Net amounts | $ | $ | $ | $ |
June 30, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Deferred tax assets | |||||||||||
Allowance for credit losses | $ | $ | |||||||||
Loans | |||||||||||
Deferred compensation | |||||||||||
Impairment of assets | |||||||||||
Net operating loss carryforwards | |||||||||||
Lease liabilities under operating leases | |||||||||||
Other | |||||||||||
Total deferred tax assets | |||||||||||
Deferred tax liabilities | |||||||||||
Net unrealized gains on securities | |||||||||||
Investment in partnerships | |||||||||||
Fixed assets | |||||||||||
Mortgage servicing rights | |||||||||||
Junior subordinated debt | |||||||||||
Lease right-of-use asset | |||||||||||
Other | |||||||||||
Total deferred tax liabilities | |||||||||||
Net deferred tax assets | $ | $ |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Trust preferred securities | $ | $ | $ | $ | |||||||||||||||||||
Other available for sale securities | |||||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Derivative instruments | |||||||||||||||||||||||
Mortgage loans held for sale in loans held for sale | |||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative instruments: | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Trust preferred securities | $ | $ | $ | $ | |||||||||||||||||||
Other available for sale securities | |||||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Derivative instruments | |||||||||||||||||||||||
Mortgage loans held for sale in loans held for sale | |||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative instruments | $ | $ | $ | $ |
2020 | 2019 | ||||||||||
Three Months Ended June 30, 2020 | Trust preferred securities | Trust preferred securities | |||||||||
Three Months Ended June 30, | |||||||||||
Balance at beginning of period | $ | $ | |||||||||
Accretion included in net income | |||||||||||
Unrealized losses included in other comprehensive income | ( | ||||||||||
Settlements | ( | ( | |||||||||
Balance at end of period | $ | $ | |||||||||
Six Months Ended June 30, | |||||||||||
Balance at beginning of period | $ | $ | |||||||||
Accretion included in net income | |||||||||||
Unrealized losses included in other comprehensive income | ( | ( | |||||||||
Settlements | ( | ( | |||||||||
Balance at end of period | $ | $ |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | |||||||||||||||||||
Trust preferred securities | $ | Discounted cash flows | Default rate |
June 30, 2020 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||
Impaired loans | $ | $ | $ | $ | |||||||||||||||||||
OREO | |||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2019 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||
Impaired loans | $ | $ | $ | $ | |||||||||||||||||||
OREO | |||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||
Carrying amount prior to remeasurement | $ | $ | |||||||||
Impairment recognized in results of operations | ( | ( | |||||||||
Fair value | $ | $ |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | |||||||||||||||||||
Impaired loans | $ | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | ||||||||||||||||||||
OREO | Appraised value of property less estimated costs to sell | Estimated costs to sell |
Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | |||||||||||||||
June 30, 2020 | |||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | $ | $ | ||||||||||||||
December 31, 2019 | |||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | $ | $ | ||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
As of June 30, 2020 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Derivative instruments | |||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||||||||||||
Junior subordinated debentures | |||||||||||||||||||||||||||||
Subordinated notes | |||||||||||||||||||||||||||||
Derivative instruments |
Fair Value | |||||||||||||||||||||||||||||
As of December 31, 2019 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Derivative instruments | |||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||||||||||||
Junior subordinated debentures | |||||||||||||||||||||||||||||
Subordinated notes | |||||||||||||||||||||||||||||
Derivative instruments |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding gains on securities | $ | $ | $ | ||||||||||||||
Reclassification adjustment for gains realized in net income | ( | ( | ( | ||||||||||||||
Total securities available for sale | |||||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | ( | ( | ( | ||||||||||||||
Total derivative instruments | ( | ( | ( | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||||||||
Total other comprehensive income | $ | $ | $ | ||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding gains on securities | $ | $ | $ | ||||||||||||||
Reclassification adjustment for losses realized in net income | |||||||||||||||||
Total securities available for sale | |||||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | ( | ( | ( | ||||||||||||||
Total derivative instruments | ( | ( | ( | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||||||||
Total other comprehensive income | $ | $ | $ |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding gains on securities | $ | $ | $ | ||||||||||||||
Reclassification adjustment for gains realized in net income | ( | ( | ( | ||||||||||||||
Total securities available for sale | |||||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | ( | ( | ( | ||||||||||||||
Total derivative instruments | ( | ( | ( | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||||||||
Total other comprehensive income | $ | $ | $ | ||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | $ | $ | ||||||||||||||
Reclassification adjustment for gains realized in net income | ( | ( | ( | ||||||||||||||
Total securities available for sale | |||||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | ( | ( | ( | ||||||||||||||
Total derivative instruments | ( | ( | ( | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||||||||
Total other comprehensive income | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||
Unrealized gains on securities | $ | $ | |||||||||
Non-credit related portion of previously recorded other-than-temporary impairment on securities | ( | ( | |||||||||
Unrealized losses on derivative instruments | ( | ( | |||||||||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | ( | ( | |||||||||
Total accumulated other comprehensive income | $ | $ |
Three Months Ended | |||||||||||
June 30, | |||||||||||
2020 | 2019 | ||||||||||
Basic | |||||||||||
Net income applicable to common stock | $ | $ | |||||||||
Average common shares outstanding | |||||||||||
Net income per common share - basic | $ | $ | |||||||||
Diluted | |||||||||||
Net income applicable to common stock | $ | $ | |||||||||
Average common shares outstanding | |||||||||||
Effect of dilutive stock-based compensation | |||||||||||
Average common shares outstanding - diluted | |||||||||||
Net income per common share - diluted | $ | $ |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2020 | 2019 | ||||||||||
Basic | |||||||||||
Net income applicable to common stock | $ | $ | |||||||||
Average common shares outstanding | |||||||||||
Net income per common share - basic | $ | $ | |||||||||
Diluted | |||||||||||
Net income applicable to common stock | $ | $ | |||||||||
Average common shares outstanding | |||||||||||
Effect of dilutive stock-based compensation | |||||||||||
Average common shares outstanding - diluted | |||||||||||
Net income per common share - diluted | $ | $ |
Three Months Ended | |||||||||||
June 30, | |||||||||||
2020 | 2019 | ||||||||||
Number of shares | |||||||||||
Exercise prices (for stock option awards) |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2020 | 2019 | ||||||||||
Number of shares | |||||||||||
Exercise prices (for stock option awards) |
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 | |||||||||||||||||||||||
Adequately capitalized | |||||||||||||||||||||||
Undercapitalized | Less than | Less than | Less than | Less than | |||||||||||||||||||
Significantly undercapitalized | Less than | Less than | Less than | Less than | |||||||||||||||||||
Critically undercapitalized | Tangible Equity / Total Assets less than |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Renasant Corporation | |||||||||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | % | $ | % | |||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | % | % | |||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | % | % | |||||||||||||||||||||
Total Capital to Risk-Weighted Assets | % | % | |||||||||||||||||||||
Renasant Bank | |||||||||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | % | $ | % | |||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | % | % | |||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | % | % | |||||||||||||||||||||
Total Capital to Risk-Weighted Assets | % | % |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Provision for loan losses | |||||||||||||||||||||||||||||
Noninterest income | ( | ||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Provision for loan losses | |||||||||||||||||||||||||||||
Noninterest income | ( | ||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Goodwill | $ | $ | $ |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Provision for credit losses on loans | |||||||||||||||||||||||||||||
Noninterest income (loss) | ( | ||||||||||||||||||||||||||||
Noninterest expense (benefit) | |||||||||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Provision for credit losses on loans | |||||||||||||||||||||||||||||
Noninterest income | ( | ||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | ||||||||||||||||||||
U.S. Treasury securities | $ | 7,639 | 0.59 | % | $ | 499 | 0.04 | % | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | 2,530 | 0.19 | 2,531 | 0.20 | |||||||||||||||||||
Obligations of states and political subdivisions | 272,971 | 20.94 | 223,131 | 17.29 | |||||||||||||||||||
Mortgage-backed securities | 951,805 | 73.02 | 998,101 | 77.33 | |||||||||||||||||||
Trust preferred securities | 7,679 | 0.59 | 9,986 | 0.77 | |||||||||||||||||||
Other debt securities | 60,870 | 4.67 | 56,365 | 4.37 | |||||||||||||||||||
$ | 1,303,494 | 100.00 | % | $ | 1,290,613 | 100.00 | % |
June 30, 2020 | |||||||||||||||||||||||
Non Purchased | Purchased | Total Loans | Percentage of Total Loans | ||||||||||||||||||||
Commercial, financial, agricultural (1) | $ | 2,416,243 | $ | 225,355 | $ | 2,641,598 | 24.02 | % | |||||||||||||||
Lease financing, net of unearned income | 80,779 | — | 80,779 | 0.73 | |||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | 291,983 | 3,948 | 295,931 | 2.69 | |||||||||||||||||||
Commercial | 464,889 | 30,288 | 495,177 | 4.50 | |||||||||||||||||||
Total real estate – construction | 756,872 | 34,236 | 791,108 | 7.19 | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 1,476,196 | 280,057 | 1,756,253 | 15.97 | |||||||||||||||||||
Home equity | 440,774 | 102,694 | 543,468 | 4.94 | |||||||||||||||||||
Rental/investment | 277,647 | 41,156 | 318,803 | 2.90 | |||||||||||||||||||
Land development | 148,370 | 21,619 | 169,989 | 1.55 | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 2,342,987 | 445,526 | 2,788,513 | 25.36 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | 1,270,197 | 390,477 | 1,660,674 | 15.10 | |||||||||||||||||||
Non-owner occupied | 2,011,744 | 582,569 | 2,594,313 | 23.59 | |||||||||||||||||||
Land development | 118,777 | 36,989 | 155,766 | 1.42 | |||||||||||||||||||
Total real estate – commercial mortgage | 3,400,718 | 1,010,035 | 4,410,753 | 40.11 | |||||||||||||||||||
Installment loans to individuals | 208,502 | 76,051 | 284,553 | 2.59 | |||||||||||||||||||
Total loans, net of unearned income | $ | 9,206,101 | $ | 1,791,203 | $ | 10,997,304 | 100.00 | % |
December 31, 2019 | |||||||||||||||||||||||
Non Purchased | Purchased | Total Loans | Percentage of Total Loans | ||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,052,353 | $ | 315,619 | $ | 1,367,972 | 14.12 | % | |||||||||||||||
Lease financing, net of unearned income | 81,875 | — | 81,875 | 0.84 | |||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | 272,643 | 16,407 | 289,050 | 2.98 | |||||||||||||||||||
Commercial | 502,258 | 35,175 | 537,433 | 5.55 | |||||||||||||||||||
Total real estate – construction | 774,901 | 51,582 | 826,483 | 8.53 | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 1,449,219 | 332,729 | 1,781,948 | 18.39 | |||||||||||||||||||
Home equity | 456,265 | 117,275 | 573,540 | 5.92 | |||||||||||||||||||
Rental/investment | 291,931 | 43,169 | 335,100 | 3.46 | |||||||||||||||||||
Land development | 152,711 | 23,314 | 176,025 | 1.82 | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 2,350,126 | 516,487 | 2,866,613 | 29.59 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | 1,209,204 | 428,077 | 1,637,281 | 16.90 | |||||||||||||||||||
Non-owner occupied | 1,803,587 | 647,308 | 2,450,895 | 25.29 | |||||||||||||||||||
Land development | 116,085 | 40,004 | 156,089 | 1.61 | |||||||||||||||||||
Total real estate – commercial mortgage | 3,128,876 | 1,115,389 | 4,244,265 | 43.80 | |||||||||||||||||||
Installment loans to individuals | 199,843 | 102,587 | 302,430 | 3.12 | |||||||||||||||||||
Total loans, net of unearned income | $ | 7,587,974 | $ | 2,101,664 | $ | 9,689,638 | 100.00 | % |
June 30, 2020 | December 31, 2019 | ||||||||||
Balance | Balance | ||||||||||
Security repurchase agreements | $ | 11,810 | $ | 9,091 | |||||||
Short-term borrowings from the FHLB | 330,000 | 480,000 | |||||||||
$ | 341,810 | $ | 489,091 |
June 30, 2020 | December 31, 2019 | ||||||||||
Balance | Balance | ||||||||||
Long-term FHLB advances | $ | 152,250 | $ | 152,337 | |||||||
Junior subordinated debentures | 110,505 | 110,215 | |||||||||
Subordinated notes | 113,925 | 113,955 | |||||||||
$ | 376,680 | $ | 376,507 |
Three Months Ended | |||||||||||
June 30, 2020 | |||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | |||||||||
MSR valuation adjustment | $ | 4,951 | $ | 4,047 | $ | 0.07 | |||||
COVID-19 related expenses | 6,257 | 5,113 | 0.09 | ||||||||
Six Months Ended | |||||||||||
June 30, 2020 | |||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | |||||||||
MSR valuation adjustment | $ | 14,522 | $ | 11,835 | $ | 0.21 | |||||
COVID-19 related expenses | 9,160 | 7,465 | 0.13 | ||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||||||||
Non purchased | $ | 7,872,371 | $ | 81,836 | 4.18 | % | $ | 6,622,202 | $ | 83,922 | 5.08 | % | |||||||||||||||||||||||
Purchased | 1,877,698 | 26,005 | 5.57 | 2,421,586 | 38,783 | 6.42 | |||||||||||||||||||||||||||||
Paycheck Protection Program | 866,078 | 5,886 | 2.73 | — | — | — | |||||||||||||||||||||||||||||
Total loans held for investment | 10,616,147 | 113,727 | 4.31 | 9,043,788 | 122,705 | 5.44 | |||||||||||||||||||||||||||||
Loans held for sale | 340,582 | 2,976 | 3.51 | 353,103 | 5,191 | 5.90 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable(1) | 1,031,740 | 6,386 | 2.49 | 1,084,736 | 7,699 | 2.85 | |||||||||||||||||||||||||||||
Tax-exempt | 263,799 | 2,346 | 3.58 | 177,535 | 1,860 | 4.20 | |||||||||||||||||||||||||||||
Interest-bearing balances with banks | 524,376 | 195 | 0.15 | 283,330 | 1,830 | 2.59 | |||||||||||||||||||||||||||||
Total interest-earning assets | 12,776,644 | 125,630 | 3.95 | 10,942,492 | 139,285 | 5.11 | |||||||||||||||||||||||||||||
Cash and due from banks | 214,079 | 178,606 | |||||||||||||||||||||||||||||||||
Intangible assets | 974,237 | 974,628 | |||||||||||||||||||||||||||||||||
Other assets | 741,067 | 668,943 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,706,027 | $ | 12,764,669 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand(2) | $ | 5,151,713 | $ | 5,524 | 0.43 | % | $ | 4,737,780 | $ | 10,495 | 0.89 | % | |||||||||||||||||||||||
Savings deposits | 747,173 | 173 | 0.09 | 644,540 | 329 | 0.20 | |||||||||||||||||||||||||||||
Time deposits | 2,034,149 | 8,174 | 1.62 | 2,368,666 | 10,167 | 1.72 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 7,933,035 | 13,871 | 0.70 | 7,750,986 | 20,991 | 1.09 | |||||||||||||||||||||||||||||
Borrowed funds | 1,000,789 | 4,302 | 1.73 | 354,234 | 4,071 | 4.61 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 8,933,824 | 18,173 | 0.82 | 8,105,220 | 25,062 | 1.24 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,439,634 | 2,395,899 | |||||||||||||||||||||||||||||||||
Other liabilities | 231,477 | 161,457 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,101,092 | 2,102,093 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,706,027 | $ | 12,764,669 | |||||||||||||||||||||||||||||||
Net interest income/net interest margin | $ | 107,457 | 3.38 | % | $ | 114,223 | 4.19 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||||||||
Non purchased | $ | 7,763,516 | $ | 170,390 | 4.41 | % | $ | 6,538,998 | $ | 165,106 | 5.09 | % | |||||||||||||||||||||||
Purchased | 1,955,161 | 56,192 | 5.78 | 2,512,753 | 78,968 | 6.34 | |||||||||||||||||||||||||||||
Paycheck Protection Program | 433,039 | 5,886 | 2.73 | — | — | — | |||||||||||||||||||||||||||||
Total loans held for investment | 10,151,716 | 232,468 | 4.61 | 9,051,751 | 244,074 | 5.44 | |||||||||||||||||||||||||||||
Loans held for sale | 338,706 | 5,964 | 3.54 | 349,205 | 11,028 | 6.37 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable(1) | 1,049,507 | 13,675 | 2.62 | 1,073,422 | 15,591 | 2.93 | |||||||||||||||||||||||||||||
Tax-exempt | 244,700 | 4,404 | 3.62 | 184,350 | 3,882 | 4.25 | |||||||||||||||||||||||||||||
Interest-bearing balances with banks | 408,432 | 1,006 | 0.50 | 260,251 | 3,288 | 2.55 | |||||||||||||||||||||||||||||
Total interest-earning assets | 12,193,061 | 257,517 | 4.25 | 10,918,979 | 277,863 | 5.13 | |||||||||||||||||||||||||||||
Cash and due from banks | 200,198 | 185,198 | |||||||||||||||||||||||||||||||||
Intangible assets | 975,085 | 975,718 | |||||||||||||||||||||||||||||||||
Other assets | 720,945 | 668,002 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,089,289 | $ | 12,747,897 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand(2) | $ | 5,045,735 | $ | 14,777 | 0.59 | % | $ | 4,763,837 | $ | 20,569 | 0.87 | % | |||||||||||||||||||||||
Savings deposits | 714,177 | 426 | 0.12 | 637,644 | 621 | 0.20 | |||||||||||||||||||||||||||||
Time deposits | 2,075,412 | 17,163 | 1.66 | 2,373,823 | 19,573 | 1.66 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 7,835,324 | 32,366 | 0.83 | 7,775,304 | 40,763 | 1.06 | |||||||||||||||||||||||||||||
Borrowed funds | 915,054 | 9,378 | 2.06 | 358,662 | 8,246 | 4.64 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 8,750,378 | 41,744 | 0.96 | 8,133,966 | 49,009 | 1.22 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,013,298 | 2,369,300 | |||||||||||||||||||||||||||||||||
Other liabilities | 222,495 | 160,798 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,103,118 | 2,083,833 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,089,289 | $ | 12,747,897 | |||||||||||||||||||||||||||||||
Net interest income/net interest margin | $ | 215,773 | 3.56 | % | $ | 228,854 | 4.23 | % |
Three Months Ended June 30, 2020 Compared to the Three Months Ended June 30, 2019 | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Loans held for investment: | |||||||||||||||||
Non purchased | $ | 14,237 | $ | (16,323) | $ | (2,086) | |||||||||||
Purchased | (8,028) | (4,750) | (12,778) | ||||||||||||||
Paycheck Protection Program | 5,886 | — | 5,886 | ||||||||||||||
Loans held for sale | (299) | (1,916) | (2,215) | ||||||||||||||
Securities: | |||||||||||||||||
Taxable | (367) | (946) | (1,313) | ||||||||||||||
Tax-exempt | 794 | (308) | 486 | ||||||||||||||
Interest-bearing balances with banks | 856 | (2,491) | (1,635) | ||||||||||||||
Total interest-earning assets | 13,079 | (26,734) | (13,655) | ||||||||||||||
Interest expense: | |||||||||||||||||
Interest-bearing demand deposits | 842 | (5,813) | (4,971) | ||||||||||||||
Savings deposits | 46 | (202) | (156) | ||||||||||||||
Time deposits | (1,390) | (603) | (1,993) | ||||||||||||||
Borrowed funds | 3,953 | (3,722) | 231 | ||||||||||||||
Total interest-bearing liabilities | 3,451 | (10,340) | (6,889) | ||||||||||||||
Change in net interest income | $ | 9,628 | $ | (16,394) | $ | (6,766) | |||||||||||
Six months ended June 30, 2020 Compared to the Six Months Ended June 30, 2019 | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Loans held for investment: | |||||||||||||||||
Non purchased | $ | 28,463 | $ | (23,179) | $ | 5,284 | |||||||||||
Purchased | (16,307) | (6,469) | (22,776) | ||||||||||||||
Paycheck Protection Program | 5,886 | — | 5,886 | ||||||||||||||
Loans held for sale | (675) | (4,389) | (5,064) | ||||||||||||||
Securities: | |||||||||||||||||
Taxable | (334) | (1,582) | (1,916) | ||||||||||||||
Tax-exempt | 1,150 | (628) | 522 | ||||||||||||||
Interest-bearing balances with banks | 1,249 | (3,531) | (2,282) | ||||||||||||||
Total interest-earning assets | 19,432 | (39,778) | (20,346) | ||||||||||||||
Interest expense: | |||||||||||||||||
Interest-bearing demand deposits | 1,163 | (6,955) | (5,792) | ||||||||||||||
Savings deposits | 69 | (264) | (195) | ||||||||||||||
Time deposits | (2,414) | 4 | (2,410) | ||||||||||||||
Borrowed funds | 7,579 | (6,447) | 1,132 | ||||||||||||||
Total interest-bearing liabilities | 6,397 | (13,662) | (7,265) | ||||||||||||||
Change in net interest income | $ | 13,035 | $ | (26,116) | $ | (13,081) |
Percentage of Total Average Earning Assets | Yield | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Loans held for investment excl. PPP | 76.31 | % | 82.65 | % | 4.45 | % | 5.44 | % | |||||||||||||||
Paycheck Protection Program | 6.78 | — | 2.73 | — | |||||||||||||||||||
Loans held for sale | 2.67 | 3.23 | 3.51 | 5.90 | |||||||||||||||||||
Securities | 10.14 | 11.54 | 2.71 | 3.04 | |||||||||||||||||||
Other | 4.10 | 2.58 | 0.15 | 2.59 | |||||||||||||||||||
Total earning assets | 100.00 | % | 100.00 | % | 3.95 | % | 5.11 | % |
Percentage of Total Average Earning Assets | Yield | ||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Loans held for investment excl. PPP | 79.71 | % | 82.90 | % | 4.69 | % | 5.44 | % | |||||||||||||||
Paycheck Protection Program | 3.55 | — | 2.73 | — | |||||||||||||||||||
Loans held for sale | 2.78 | 3.20 | 3.54 | 6.37 | |||||||||||||||||||
Securities | 10.61 | 11.52 | 2.81 | 3.12 | |||||||||||||||||||
Interest-bearing balances with banks | 3.35 | 2.38 | 0.50 | 2.55 | |||||||||||||||||||
Total earning assets | 100.00 | % | 100.00 | % | 4.25 | % | 5.13 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Taxable equivalent interest income on loans | $ | 116,703 | $ | 127,896 | $ | 238,432 | $ | 255,102 | |||||||||||||||
Average loans, including loans held for sale | 10,956,729 | 9,396,891 | 10,490,422 | 9,400,956 | |||||||||||||||||||
Loan yield | 4.28 | % | 5.46 | % | 3.04 | % | 5.47 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net interest income collected on problem loans | $ | 384 | $ | 2,173 | $ | 602 | $ | 2,985 | |||||||||||||||
Accretable yield recognized on purchased loans(1) | 4,700 | 7,513 | 10,169 | 15,056 | |||||||||||||||||||
Total impact to interest income on loans | $ | 5,084 | $ | 9,686 | $ | 10,771 | $ | 18,041 | |||||||||||||||
Impact to loan yield | 0.19 | % | 0.41 | % | 0.21 | % | 0.39 | % | |||||||||||||||
Impact to net interest margin | 0.16 | % | 0.36 | % | 0.18 | % | 0.33 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Noninterest-bearing demand | 27.80 | % | 22.82 | % | — | % | — | % | |||||||||||||||
Interest-bearing demand | 41.64 | 45.12 | 0.43 | 0.89 | |||||||||||||||||||
Savings | 6.04 | 6.14 | 0.09 | 0.20 | |||||||||||||||||||
Time deposits | 16.44 | 22.56 | 1.62 | 1.72 | |||||||||||||||||||
Short term borrowings | 5.04 | 0.85 | 0.75 | 2.38 | |||||||||||||||||||
Long-term Federal Home Loan Bank advances | 1.23 | 0.06 | 0.84 | 3.24 | |||||||||||||||||||
Subordinated notes | 0.92 | 1.40 | 5.60 | 6.07 | |||||||||||||||||||
Other borrowed funds | 0.89 | 1.05 | 4.52 | 4.59 | |||||||||||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.59 | % | 0.96 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Noninterest-bearing demand | 25.62 | % | 22.56 | % | — | % | — | % | |||||||||||||||
Interest-bearing demand | 42.89 | 45.36 | 0.59 | 0.87 | |||||||||||||||||||
Savings | 6.07 | 6.07 | 0.12 | 0.20 | |||||||||||||||||||
Time deposits | 17.64 | 22.60 | 1.66 | 1.66 | |||||||||||||||||||
Short-term borrowings | 4.58 | 0.91 | 1.04 | 2.52 | |||||||||||||||||||
Long-term Federal Home Loan Bank advances | 1.29 | 0.06 | 1.13 | 3.26 | |||||||||||||||||||
Subordinated notes | 0.97 | 1.39 | 5.60 | 6.10 | |||||||||||||||||||
Other long term borrowings | 0.94 | 1.05 | 4.69 | 4.59 | |||||||||||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.71 | % | 0.94 | % |
Noninterest Income to Average Assets | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
1.75% | 1.32% | 1.45% | 1.23% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Gain on sales of loans, net | $ | 46,560 | $ | 12,901 | $ | 68,342 | $ | 20,789 | |||||||||||||||
Fees, net | 5,309 | 2,945 | 8,228 | 4,638 | |||||||||||||||||||
Mortgage servicing (loss) income, net | (1,428) | 774 | (1,023) | 1,594 | |||||||||||||||||||
MSR valuation adjustment | (4,951) | — | (14,522) | — | |||||||||||||||||||
Mortgage banking income, net | $ | 45,490 | $ | 16,620 | $ | 61,025 | $ | 27,021 |
Noninterest Expense to Average Assets | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
3.24% | 2.93% | 3.33% | 2.88% |
Efficiency Ratio | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Efficiency ratio (GAAP) | 68.92 | % | 59.73 | % | 73.49 | % | 59.38 | % | |||||||||||||||
Adjusted efficiency ratio (Non-GAAP)(1) | 60.89 | % | 58.30 | % | 64.56 | % | 57.97 | % |
June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||||||||||||||||
Commercial, financial, agricultural | $ | 30,685 | 24.02 | % | $ | 10,658 | 14.12 | % | $ | 9,534 | 14.40 | % | ||||||||||||||
Lease financing | 1,812 | 0.73 | % | 910 | 0.84 | % | 665 | 0.65 | % | |||||||||||||||||
Real estate – construction | 12,538 | 7.19 | % | 5,029 | 8.53 | % | 5,302 | 8.15 | % | |||||||||||||||||
Real estate – 1-4 family mortgage | 29,401 | 25.36 | % | 9,814 | 29.59 | % | 9,616 | 30.47 | % | |||||||||||||||||
Real estate – commercial mortgage | 60,061 | 40.11 | % | 24,990 | 43.80 | % | 24,302 | 44.93 | % | |||||||||||||||||
Installment loans to individuals | 10,890 | 2.59 | % | 761 | 3.12 | % | 640 | 1.40 | % | |||||||||||||||||
Total | $ | 145,387 | 100.00 | % | $ | 52,162 | 100.00 | % | $ | 50,059 | 100.00 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Balance at beginning of period | $ | 120,185 | $ | 49,835 | $ | 52,162 | $ | 49,026 | |||||||||||||||
Impact of the adoption of ASC 326 | — | — | 42,484 | — | |||||||||||||||||||
Charge-offs | |||||||||||||||||||||||
Commercial, financial, agricultural | 1,156 | 694 | 1,549 | 952 | |||||||||||||||||||
Lease financing | — | — | — | — | |||||||||||||||||||
Real estate – construction | 532 | — | 532 | — | |||||||||||||||||||
Real estate – 1-4 family mortgage | 142 | 378 | 363 | 875 | |||||||||||||||||||
Real estate – commercial mortgage | — | 167 | 2,047 | 729 | |||||||||||||||||||
Installment loans to individuals | 1,736 | 212 | 4,424 | 432 | |||||||||||||||||||
Total charge-offs | 3,566 | 1,451 | 8,915 | 2,988 | |||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Commercial, financial, agricultural | 108 | 241 | 298 | 615 | |||||||||||||||||||
Lease financing | 5 | 2 | 10 | 2 | |||||||||||||||||||
Real estate – construction | — | — | — | 7 | |||||||||||||||||||
Real estate – 1-4 family mortgage | 48 | 115 | 136 | 312 | |||||||||||||||||||
Real estate – commercial mortgage | 41 | 366 | 1,740 | 611 | |||||||||||||||||||
Installment loans to individuals | 1,666 | 51 | 4,222 | 74 | |||||||||||||||||||
Total recoveries | 1,868 | 775 | 6,406 | 1,621 | |||||||||||||||||||
Net charge-offs | 1,698 | 676 | 2,509 | 1,367 | |||||||||||||||||||
Provision for credit losses on loans | 26,900 | 900 | 53,250 | 2,400 | |||||||||||||||||||
Balance at end of period | $ | 145,387 | $ | 50,059 | $ | 145,387 | $ | 50,059 | |||||||||||||||
Net charge-offs (annualized) to average loans | 0.06 | % | 0.03 | % | 0.05 | % | 0.03 | % | |||||||||||||||
Allowance for credit losses on loans to: | |||||||||||||||||||||||
Total loans | 1.32 | % | 0.55 | % | |||||||||||||||||||
Total loans excluding PPP loans | 1.50 | % | — | ||||||||||||||||||||
Nonperforming loans | 329.65 | % | 149.97 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | $ | 532 | $ | — | $ | 532 | $ | (7) | |||||||||||||||
Total real estate – construction | 532 | — | 532 | (7) | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 109 | 184 | 260 | 432 | |||||||||||||||||||
Home equity | (11) | (31) | (22) | 98 | |||||||||||||||||||
Rental/investment | — | 155 | 28 | 153 | |||||||||||||||||||
Land development | (4) | (45) | (39) | (120) | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 94 | 263 | 227 | 563 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | (29) | (192) | 1,414 | 44 | |||||||||||||||||||
Non-owner occupied | (12) | (5) | (1,130) | 123 | |||||||||||||||||||
Land development | — | (2) | 23 | (49) | |||||||||||||||||||
Total real estate – commercial mortgage | (41) | (199) | 307 | 118 | |||||||||||||||||||
Total net charge-offs of loans secured by real estate | $ | 585 | $ | 64 | $ | 1,066 | $ | 674 |
Three Months Ended June 30, 2020 | |||||
Allowance for credit losses on unfunded loan commitments: | |||||
Beginning balance | $ | 14,735 | |||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | 2,600 | ||||
Ending balance | $ | 17,335 | |||
Six Months Ended June 30, 2020 | |||||
Allowance for credit losses on unfunded loan commitments: | |||||
Beginning balance | $ | 946 | |||
Impact of the adoption of ASC 326 | 10,389 | ||||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | 6,000 | ||||
Ending balance | $ | 17,335 |
Non Purchased | Purchased | Total | |||||||||||||||
June 30, 2020 | |||||||||||||||||
Nonaccruing loans | $ | 16,591 | $ | 21,361 | $ | 37,952 | |||||||||||
Accruing loans past due 90 days or more | 3,993 | 2,158 | 6,151 | ||||||||||||||
Total nonperforming loans | 20,584 | 23,519 | 44,103 | ||||||||||||||
Other real estate owned | 4,694 | 4,431 | 9,125 | ||||||||||||||
Total nonperforming assets | $ | 25,278 | $ | 27,950 | $ | 53,228 | |||||||||||
Nonperforming loans to total loans | 0.40 | % | |||||||||||||||
Nonperforming assets to total assets | 0.36 | % | |||||||||||||||
December 31, 2019 | |||||||||||||||||
Nonaccruing loans | $ | 21,509 | $ | 7,038 | $ | 28,547 | |||||||||||
Accruing loans past due 90 days or more | 3,458 | 4,317 | 7,775 | ||||||||||||||
Total nonperforming loans | 24,967 | 11,355 | 36,322 | ||||||||||||||
Other real estate owned | 2,762 | 5,248 | 8,010 | ||||||||||||||
Total nonperforming assets | $ | 27,729 | $ | 16,603 | $ | 44,332 | |||||||||||
Nonperforming loans to total loans | 0.37 | % | |||||||||||||||
Nonperforming assets to total assets | 0.33 | % |
June 30, 2020 | December 31, 2019 | June 30, 2019 | |||||||||||||||
Commercial, financial, agricultural | $ | 10,526 | $ | 8,458 | $ | 7,437 | |||||||||||
Lease financing | 151 | 226 | 70 | ||||||||||||||
Real estate – construction: | |||||||||||||||||
Residential | — | — | — | ||||||||||||||
Commercial | — | — | — | ||||||||||||||
Total real estate – construction | — | — | — | ||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 17,077 | 14,270 | 10,988 | ||||||||||||||
Home equity | 2,219 | 2,328 | 2,033 | ||||||||||||||
Rental/investment | 1,596 | 1,958 | 1,547 | ||||||||||||||
Land development | 426 | 367 | 496 | ||||||||||||||
Total real estate – 1-4 family mortgage | 21,318 | 18,923 | 15,064 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 8,695 | 4,526 | 6,254 | ||||||||||||||
Non-owner occupied | 2,126 | 2,459 | 3,483 | ||||||||||||||
Land development | 609 | 1,109 | 483 | ||||||||||||||
Total real estate – commercial mortgage | 11,430 | 8,094 | 10,220 | ||||||||||||||
Installment loans to individuals | 678 | 621 | 589 | ||||||||||||||
Total nonperforming loans | $ | 44,103 | $ | 36,322 | $ | 33,380 |
June 30, 2020 | December 31, 2019 | June 30, 2019 | |||||||||||||||
Commercial, financial, agricultural | $ | 3,286 | $ | 523 | $ | 2,669 | |||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 8,680 | 6,987 | 7,020 | ||||||||||||||
Home equity | 374 | 213 | 332 | ||||||||||||||
Rental/investment | 696 | 596 | 1,833 | ||||||||||||||
Total real estate – 1-4 family mortgage | 9,750 | 7,796 | 9,185 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 3,679 | 3,096 | 3,121 | ||||||||||||||
Non-owner occupied | 1,077 | 503 | 534 | ||||||||||||||
Land development | 189 | 36 | — | ||||||||||||||
Total real estate – commercial mortgage | 4,945 | 3,635 | 3,655 | ||||||||||||||
Installment loans to individuals | 97 | — | — | ||||||||||||||
Total restructured loans in compliance with modified terms | $ | 18,078 | $ | 11,954 | $ | 15,509 |
2020 | 2019 | ||||||||||
Balance at January 1, | $ | 11,954 | $ | 12,820 | |||||||
Additional advances or loans with concessions | 9,105 | 3,321 | |||||||||
Reclassified as performing restructured loan | 188 | 1,502 | |||||||||
Reductions due to: | |||||||||||
Reclassified as nonperforming | (2,539) | (1,211) | |||||||||
Paid in full | (422) | (542) | |||||||||
Charge-offs | (3) | — | |||||||||
Paydowns | (205) | (381) | |||||||||
Balance at June 30, | $ | 18,078 | $ | 15,509 |
June 30, 2020 | December 31, 2019 | June 30, 2019 | |||||||||||||||
Nonaccruing loans | $ | 37,952 | $ | 28,547 | $ | 21,518 | |||||||||||
Accruing loans past due 90 days or more | 6,151 | 7,775 | 11,862 | ||||||||||||||
Total nonperforming loans | 44,103 | 36,322 | 33,380 | ||||||||||||||
Restructured loans in compliance with modified terms | 18,078 | 11,954 | 15,509 | ||||||||||||||
Total nonperforming and restructured loans | $ | 62,181 | $ | 48,276 | $ | 48,889 | |||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2019 | |||||||||||||||
Residential real estate | $ | 901 | $ | 1,305 | $ | 5,179 | |||||||||||
Commercial real estate | 2,514 | 3,654 | 1,604 | ||||||||||||||
Residential land development | 3,040 | 899 | 1,023 | ||||||||||||||
Commercial land development | 2,670 | 2,152 | 927 | ||||||||||||||
Total other real estate owned | $ | 9,125 | $ | 8,010 | $ | 8,733 |
2020 | 2019 | ||||||||||
Balance at January 1, | $ | 8,010 | $ | 11,040 | |||||||
Transfers of loans | 4,259 | 1,796 | |||||||||
Impairments | (827) | (868) | |||||||||
Dispositions | (2,317) | (3,235) | |||||||||
Balance at June 30, | $ | 9,125 | $ | 8,733 |
Percentage Change In: | ||||||||||||||||||||
Immediate Change in Rates of (in basis points): | Economic Value Equity (EVE) | Earning at Risk (Net Interest Income) | ||||||||||||||||||
Static | 1-12 Months | 13-24 Months | ||||||||||||||||||
+400 | 42.45% | 14.15% | 26.50% | |||||||||||||||||
+300 | 33.95% | 10.67% | 20.05% | |||||||||||||||||
+200 | 22.91% | 7.00% | 13.37% | |||||||||||||||||
+100 | 12.55% | 3.12% | 6.51% | |||||||||||||||||
-100 | (13.57)% | (6.14)% | (9.53)% |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Noninterest-bearing demand | 25.62 | % | 22.56 | % | — | % | — | % | |||||||||||||||
Interest-bearing demand | 42.89 | 45.36 | 0.59 | 0.87 | |||||||||||||||||||
Savings | 6.07 | 6.07 | 0.12 | 0.20 | |||||||||||||||||||
Time deposits | 17.64 | 22.60 | 1.66 | 1.66 | |||||||||||||||||||
Short-term borrowings | 4.58 | 0.91 | 1.04 | 2.52 | |||||||||||||||||||
Long-term Federal Home Loan Bank advances | 1.29 | 0.06 | 1.13 | 3.26 | |||||||||||||||||||
Subordinated notes | 0.97 | 1.39 | 5.60 | 6.10 | |||||||||||||||||||
Other borrowed funds | 0.94 | 1.05 | 4.69 | 4.59 | |||||||||||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.71 | % | 0.94 | % |
June 30, 2020 | December 31, 2019 | ||||||||||
Loan commitments | $ | 2,534,315 | $ | 2,324,262 | |||||||
Standby letters of credit | 94,000 | 94,824 |
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 Capital Conservation Buffer) | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||
Renasant Corporation: | |||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,146,354 | 10.69 | % | $ | 696,751 | 6.50 | % | $ | 750,347 | 7.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 1,253,267 | 11.69 | % | 857,540 | 8.00 | % | 911,136 | 8.50 | % | ||||||||||||||||||||||||||
Total risk-based capital ratio | 1,470,733 | 13.72 | % | 1,071,924 | 10.00 | % | 1,125,521 | 10.50 | % | ||||||||||||||||||||||||||
Leverage capital ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 1,253,267 | 9.12 | % | 687,402 | 5.00 | % | 549,922 | 4.00 | % | ||||||||||||||||||||||||||
Renasant Bank: | |||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,320,611 | 12.33 | % | $ | 696,205 | 6.50 | % | $ | 749,759 | 7.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 1,320,611 | 12.33 | % | 856,868 | 8.00 | % | 910,422 | 8.50 | % | ||||||||||||||||||||||||||
Total risk-based capital ratio | 1,424,377 | 13.30 | % | 1,071,085 | 10.00 | % | 1,124,639 | 10.50 | % | ||||||||||||||||||||||||||
Leverage capital ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 1,320,611 | 9.62 | % | 686,486 | 5.00 | % | 549,189 | 4.00 | % | ||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Renasant Corporation: | |||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,156,828 | 11.12 | % | $ | 676,106 | 6.50 | % | $ | 728,114 | 7.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 1,262,588 | 12.14 | % | 832,131 | 8.00 | % | 884,139 | 8.50 | % | ||||||||||||||||||||||||||
Total risk-based capital ratio | 1,432,949 | 13.78 | % | 1,040,163 | 10.00 | % | 1,092,171 | 10.50 | % | ||||||||||||||||||||||||||
Leverage capital ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 1,262,588 | 10.37 | % | 608,668 | 5.00 | % | 486,934 | 4.00 | % | ||||||||||||||||||||||||||
Renasant Bank: | |||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,331,809 | 12.81 | % | $ | 675,581 | 6.50 | % | $ | 727,548 | 7.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 1,331,809 | 12.81 | % | 831,484 | 8.00 | % | 883,452 | 8.50 | % | ||||||||||||||||||||||||||
Total risk-based capital ratio | 1,388,553 | 13.36 | % | 1,039,355 | 10.00 | % | 1,091,323 | 10.50 | % | ||||||||||||||||||||||||||
Leverage capital ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 1,331,809 | 10.95 | % | 607,907 | 5.00 | % | 486,326 | 4.00 | % |
Efficiency Ratio | ||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Interest income (fully tax equivalent basis) | $ | 125,630 | $ | 139,285 | $ | 257,517 | $ | 277,863 | ||||||||||||||||||
Interest expense | 18,173 | 25,062 | 41,744 | 49,009 | ||||||||||||||||||||||
Net interest income (fully tax equivalent basis) | 107,457 | 114,223 | 215,773 | 228,854 | ||||||||||||||||||||||
Total noninterest income | 64,170 | 41,960 | 101,740 | 77,845 | ||||||||||||||||||||||
Net gains (losses) on sales of securities | 31 | (8) | 31 | 5 | ||||||||||||||||||||||
MSR valuation adjustment | (4,951) | — | (14,522) | — | ||||||||||||||||||||||
Adjusted noninterest income | 69,090 | 41,968 | 116,231 | 77,840 | ||||||||||||||||||||||
Total noninterest expense | 118,285 | 93,290 | 233,326 | 182,122 | ||||||||||||||||||||||
Intangible amortization | 1,834 | 2,053 | 3,729 | 4,163 | ||||||||||||||||||||||
Merger and conversion related expenses | — | 179 | — | 179 | ||||||||||||||||||||||
Extinguishment of debt | 90 | — | 90 | — | ||||||||||||||||||||||
COVID-19 related expenses | 6,257 | — | 9,160 | |||||||||||||||||||||||
Provision for unfunded commitments | 2,600 | — | 6,000 | — | ||||||||||||||||||||||
Adjusted noninterest expense | 107,504 | 91,058 | 214,347 | 177,780 | ||||||||||||||||||||||
Efficiency Ratio (GAAP) | 68.92 | % | 59.73 | % | 73.49 | % | 59.38 | % | ||||||||||||||||||
Adjusted Efficiency Ratio (non-GAAP) | 60.89 | % | 58.30 | % | 64.56 | % | 57.97 | % |
Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs(2) | |||||||||||||||||||||||
April 1, 2020 to April 30, 2020 | — | $ | — | — | $ | 5,464 | ||||||||||||||||||||
May 1, 2020 to May 31, 2020 | 6,152 | 24.98 | — | 5,464 | ||||||||||||||||||||||
June 1, 2020 to June 30, 2020 | 460 | 24.82 | — | 5,464 | ||||||||||||||||||||||
Total | 6,612 | $ | 24.97 | — |
Exhibit Number | Description | |||||||
(3)(i) | ||||||||
(3)(ii) | ||||||||
(10)(i) | ||||||||
(10)(ii) | ||||||||
(31)(i) | ||||||||
(31)(ii) | ||||||||
(32)(i) | ||||||||
(32)(ii) | ||||||||
(101) | The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 were formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity and (v) Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements (Unaudited). | |||||||
(104) | The cover page of Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline XBRL (included in Exhibit 101). |
RENASANT CORPORATION | ||||||||
(Registrant) | ||||||||
Date: | August 5, 2020 | /s/ C. Mitchell Waycaster | ||||||
C. Mitchell Waycaster | ||||||||
President and | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: | August 5, 2020 | /s/ Kevin D. Chapman | ||||||
Kevin D. Chapman | ||||||||
Executive Vice President and | ||||||||
Chief Operating Officer | ||||||||
(Principal Financial Officer) |
Date: | August 5, 2020 | /s/ C. Mitchell Waycaster | ||||||
C. Mitchell Waycaster | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | August 5, 2020 | /s/ Kevin D. Chapman | ||||||
Kevin D. Chapman | ||||||||
Executive Vice President and | ||||||||
Chief Operating Officer | ||||||||
(Principal Financial Officer) |
Date: | August 5, 2020 | /s/ C. Mitchell Waycaster | ||||||
C. Mitchell Waycaster | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | August 5, 2020 | /s/ Kevin D. Chapman | ||||||
Kevin D. Chapman | ||||||||
Executive Vice President and | ||||||||
Chief Operating Officer | ||||||||
(Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
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) | 59,296,725 | 59,296,725 |
Common stock, shares outstanding (shares) | 56,181,962 | 56,855,002 |
Treasury stock (in shares) | 3,114,763 | 2,441,723 |
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Interest income | ||||
Loans | $ 115,672 | $ 127,011 | $ 236,277 | $ 253,312 |
Securities | ||||
Taxable | 6,418 | 7,730 | 13,720 | 15,655 |
Tax-exempt | 1,670 | 1,291 | 3,124 | 2,700 |
Other | 195 | 1,830 | 1,007 | 3,289 |
Total interest income | 123,955 | 137,862 | 254,128 | 274,956 |
Interest expense | ||||
Deposits | 13,871 | 20,991 | 32,366 | 40,763 |
Borrowings | 4,302 | 4,071 | 9,378 | 8,246 |
Total interest expense | 18,173 | 25,062 | 41,744 | 49,009 |
Net interest income | 105,782 | 112,800 | 212,384 | 225,947 |
Provision for credit losses on loans | 26,900 | 900 | 53,250 | 2,400 |
Net interest income after provision for credit losses on loans | 78,882 | 111,900 | 159,134 | 223,547 |
Noninterest income | ||||
Service charges on deposit accounts | 6,832 | 8,605 | 15,902 | 17,707 |
Fees and commissions | 2,971 | 7,047 | 6,025 | 13,518 |
Insurance commissions | 2,125 | 2,190 | 4,116 | 4,306 |
Wealth management revenue | 3,824 | 3,601 | 7,826 | 6,925 |
Mortgage banking income | 45,490 | 16,620 | 61,025 | 27,021 |
Net gain (loss) on sales of securities | 31 | (8) | 31 | 5 |
BOLI income | 1,329 | 1,340 | 2,492 | 2,748 |
Other | 1,568 | 2,565 | 4,323 | 5,615 |
Total noninterest income | 64,170 | 41,960 | 101,740 | 77,845 |
Noninterest expense | ||||
Salaries and employee benefits | 79,361 | 60,325 | 152,550 | 117,675 |
Data processing | 5,047 | 4,698 | 10,053 | 9,604 |
Net occupancy and equipment | 13,511 | 11,544 | 27,631 | 23,379 |
Other real estate owned | 620 | 252 | 1,038 | 1,256 |
Professional fees | 2,517 | 2,431 | 5,159 | 4,885 |
Advertising and public relations | 2,920 | 2,648 | 6,320 | 5,515 |
Intangible amortization | 1,834 | 2,053 | 3,729 | 4,163 |
Communications | 2,181 | 2,348 | 4,379 | 4,243 |
Extinguishment of debt | 90 | 0 | 90 | 0 |
Merger and conversion related expenses | 0 | 179 | 0 | 179 |
Other | 10,204 | 6,812 | 22,377 | 11,223 |
Noninterest expense | 118,285 | 93,290 | 233,326 | 182,122 |
Income (loss) before income taxes | 24,767 | 60,570 | 27,548 | 119,270 |
Income taxes | 4,637 | 13,945 | 5,410 | 27,535 |
Net income (loss) | $ 20,130 | $ 46,625 | $ 22,138 | $ 91,735 |
Basic earnings per share (usd per share) | $ 0.36 | $ 0.80 | $ 0.39 | $ 1.57 |
Diluted earnings per share (usd per share) | 0.36 | 0.80 | 0.39 | 1.56 |
Cash dividends per common share (usd per share) | $ 0.22 | $ 0.22 | $ 0.44 | $ 0.43 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (Unaudited) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends per common share (usd per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.44 | $ 0.43 |
Summary of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (In Thousands) Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc. (“Renasant Insurance”) and Park Place Capital Corporation. The Company offers a diversified range of financial, wealth management and insurance services to its retail and commercial customers through its subsidiaries and full-service offices located throughout north and central Mississippi, Tennessee, Georgia, 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 notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on February 27, 2020. 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, and such differences may be material. Impact of Recently-Issued Accounting Standards and Pronouncements: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which updated Accounting Standards Codification Topic (“ASC”) 326, Financial Instruments - Credit Losses (“ASC 326”). ASU 2016-13 significantly changed 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. 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 includes loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. Additionally, ASU 2016-13 amended the accounting for credit losses on available for sale securities and purchased financial assets with credit deterioration (“PCD”). In the remainder of these Notes to Consolidated Financial Statements, unless the context clearly provides otherwise, references to “CECL” or to “ASC 326” shall mean the accounting standards and principles set forth in ASC 326 after giving effect to ASU 2016-13 and the clarifications thereto discussed in the next paragraph. Over the course of 2019, FASB issued a number of updates clarifying various matters arising under ASU 2016-13, including the following: (1) ASU 2018-19 was issued to clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20; instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases (“ASC 842”); (2) ASU 2019-04 provides entities alternatives for measurement of accrued interest receivable, clarifies the steps entities should take when recording the transfer of loans or debt securities between measurement classifications or categories and clarifies that entities should include expected recoveries on financial assets; (3) ASU 2019-05 was issued to provide entities that have certain instruments within the scope of Subtopic 320-20 with an option to irrevocably elect the fair value option in Subtopic 825-10; and (4) ASU 2019-11 was issued to address stakeholders’ specific issues relating to expected recoveries on PCD assets and transition and disclosure relief related to troubled debt restructured loans and accrued interest, respectively. Early adoption is permitted. became effective on January 1, 2020 for publicly-traded companies like the Company, and the Company elected not to take advantage of federal legislation enacted in March 2020 allowing it to postpone the adoption of CECL. To implement CECL, entities are required to apply a one-time cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, as disclosed in the table below.
The Company used the prospective transition approach for PCD loans that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). As permitted under ASC 326, the Company did not reassess whether PCI assets meet the criteria of PCD assets as of the date of adoption. As shown in the table above, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $5,469 to the allowance for credit losses. The remaining noncredit discount will be accreted into interest income. The prospective transition approach was also used for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remained the same before and after the effective date of the adoption of CECL. Additionally, the Company has elected to exclude accrued interest receivable from the amortized cost of loans. As of June 30, 2020, the Company has accrued interest receivable for loans of $50,983, which is recorded in other assets on the Consolidated Balance Sheets. In January 2017, FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”), which amends and simplifies current goodwill impairment testing by eliminating certain testing under the earlier provisions. Under the new guidance, an entity performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements. In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which is intended to improve the disclosures on fair value measurements by eliminating, amending and adding certain disclosure requirements. These changes are intended to reduce costs for preparers while providing more useful information for financial statement users. ASU 2018-13 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements. In March 2019, FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”),which is intended to clarify potential implementation questions related to ASC 842. This includes clarification on the determination of fair value of underlying assets by lessors that are not manufacturers or dealers, cash flow presentation of sales-type and direct financing leases and transition disclosures related to accounting changes and error corrections. ASU 2019-01 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements. In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 842): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met that reference LIBOR or another reference rate expected to be discontinued. As the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect only from March 12, 2020 through December 31, 2022. The Company has established a LIBOR Transition Committee and is currently evaluating the impact of adopting ASU 2020-04 on the Company's financial statements.
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Securities |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities (In Thousands, Except Number of Securities) The amortized cost, fair value and allowance for credit losses of securities available for sale were as follows as of the dates presented:
Securities sold were as follows for the periods presented:
Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2020 and 2019 were as follows:
At June 30, 2020 and December 31, 2019, securities with a carrying value of $485,221 and $416,849, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $37,551 and $27,754 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2020 and December 31, 2019, respectively. The amortized cost and fair value of securities at June 30, 2020 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 for which an allowance for credit losses has not been recorded as of the dates presented:
The Company evaluates its investment portfolio for impairment related to credit losses 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. 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 security is impaired and it is written down to fair value with all losses recognized in earnings. The Company does not intend to sell any securities in an unrealized loss position that it holds, 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 longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As a result, no allowance for credit losses for securities was needed at June 30, 2020. There was no other-than-temporary impairment recorded during the six months ended June 30, 2019 (determined in accordance with the accounting standards in effect prior to the Company's adoption of CECL).
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Non Purchased Loans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 3, all references to “loans” mean non purchased loans excluding loans held for sale. The following is a summary of non purchased loans and leases 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 status 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 Company recognized $37 in interest income on nonaccrual loans during the first six months of 2020. The following table provides an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates 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 tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
With respect to loans that were restructured during the six months ended June 30, 2020 and June 30, 2019, none have subsequently defaulted, and remain outstanding, as of the date of this report. 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 three restructured loans in the amount of $352 contractually 90 days past due or more and still accruing at June 30, 2020 and one restructured loan in the amount of $37 contractually 90 days past due or more and still accruing at June 30, 2019. The outstanding balance of restructured loans on nonaccrual status was $2,306 and $3,288 at June 30, 2020 and June 30, 2019, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for credit losses on loans attributable to restructured loans was $299 and $30 at June 30, 2020 and June 30, 2019, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2020 and $1 at June 30, 2019. In response to the current economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the first quarter of 2020 that provides temporary payment relief to both consumer and commercial customers. Any customer that is current on loan payments, taxes and insurance can qualify for an initial 90-day deferral of principal and interest payments. A second 90-day deferral has been made available to borrowers that remain current on taxes and insurance and also satisfy underwriting standards established by the Company that analyze the ability of the borrower to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the borrower, its industry and the markets in which it operates. The Company’s loan deferral program complies with the guidance set forth in the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and related guidance from the FDIC and other banking regulators. As of June 30, 2020, the Company had approximately 3,500 loans with total balances of approximately $1,579,000 on deferral. In accordance with the applicable guidance, none of these loans were considered “restructured loans.” Credit Quality For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration and 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 within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Pass” grade is reserved for loans with a risk rating between 1 and 4A, and the “Pass-Watch” grade (those with a risk rating of 4B and 4E) 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 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to the related loan balances. During the first quarter of 2020, the Company proactively downgraded to “Pass-Watch” certain “Pass” rated loans greater than $1,000 in industries the Company believes pose a greater risk in the current pandemic environment (i.e. hotel/motel, restaurant and entertainment industries). Note 5, "Allowance for Credit Losses," provides additional information about the Company's heightened monitoring efforts. The following table presents the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL. The Company has included these disclosures to address the applicable prior period. A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above and is applicable to these tables. The following tables present the Company’s loan portfolio by internal risk-rating grades as of the date presented:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL that are no longer applicable or required. The Company has included these disclosures to address the applicable prior periods. Impaired Loans Loans formerly accounted for under FASB 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 date presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
(In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean purchased loans excluding loans held for sale. The following is a summary of purchased loans as of the dates presented:
Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 3, “Non Purchased Loans.” The Company recognized $283 in interest income on nonaccrual loans during the first six months of 2020. The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 3, “Non Purchased Loans.” The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
With respect to loans that were restructured during the six months ended June 30, 2020 and June 30, 2019, none have subsequently defaulted, and remain outstanding, as of the date of this report. There were three restructured loans in the amount of $207 contractually 90 days past due or more and still accruing at June 30, 2020 and one restructured loan in the amount of $167 contractually 90 days past due or more and still accruing at June 30, 2019. The outstanding balance of restructured loans on nonaccrual status was $7,851 and $1,276 at June 30, 2020 and June 30, 2019, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for credit losses on loans attributable to restructured loans was $302 and $79 at June 30, 2020 and June 30, 2019, respectively. The Company had $242 and $3 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2020 and June 30, 2019, respectively. As discussed in Note 3, “Non Purchased Loans,” the Company has implemented a loan deferral program in response to the COVID-19 pandemic. As of June 30, 2020, the Company had approximately 1,700 loans with total balances of approximately $515,000 on deferral. Under the applicable guidance, none of these loans were considered “restructured loans.” Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating by origination date:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL. The Company has included these disclosures to address the applicable prior period. A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans,” and is applicable to these tables. The following table presents the Company’s loan portfolio by internal risk-rating grades as of the date presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the date presented:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL that are no longer applicable or required. The Company has included these disclosures to address the applicable prior periods. Impaired Loans The Company’s former policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 3, “Non Purchased Loans.” Loans formerly accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
Loans formerly accounted for under ASC 310-30, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-30 and which are impaired loans for the period presented:
Loans Purchased with Deteriorated Credit Quality Loans purchased 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 date presented:
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Purchased Loans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 3, all references to “loans” mean non purchased loans excluding loans held for sale. The following is a summary of non purchased loans and leases 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 status 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 Company recognized $37 in interest income on nonaccrual loans during the first six months of 2020. The following table provides an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates 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 tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
With respect to loans that were restructured during the six months ended June 30, 2020 and June 30, 2019, none have subsequently defaulted, and remain outstanding, as of the date of this report. 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 three restructured loans in the amount of $352 contractually 90 days past due or more and still accruing at June 30, 2020 and one restructured loan in the amount of $37 contractually 90 days past due or more and still accruing at June 30, 2019. The outstanding balance of restructured loans on nonaccrual status was $2,306 and $3,288 at June 30, 2020 and June 30, 2019, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for credit losses on loans attributable to restructured loans was $299 and $30 at June 30, 2020 and June 30, 2019, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2020 and $1 at June 30, 2019. In response to the current economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the first quarter of 2020 that provides temporary payment relief to both consumer and commercial customers. Any customer that is current on loan payments, taxes and insurance can qualify for an initial 90-day deferral of principal and interest payments. A second 90-day deferral has been made available to borrowers that remain current on taxes and insurance and also satisfy underwriting standards established by the Company that analyze the ability of the borrower to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the borrower, its industry and the markets in which it operates. The Company’s loan deferral program complies with the guidance set forth in the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and related guidance from the FDIC and other banking regulators. As of June 30, 2020, the Company had approximately 3,500 loans with total balances of approximately $1,579,000 on deferral. In accordance with the applicable guidance, none of these loans were considered “restructured loans.” Credit Quality For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration and 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 within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Pass” grade is reserved for loans with a risk rating between 1 and 4A, and the “Pass-Watch” grade (those with a risk rating of 4B and 4E) 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 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to the related loan balances. During the first quarter of 2020, the Company proactively downgraded to “Pass-Watch” certain “Pass” rated loans greater than $1,000 in industries the Company believes pose a greater risk in the current pandemic environment (i.e. hotel/motel, restaurant and entertainment industries). Note 5, "Allowance for Credit Losses," provides additional information about the Company's heightened monitoring efforts. The following table presents the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL. The Company has included these disclosures to address the applicable prior period. A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above and is applicable to these tables. The following tables present the Company’s loan portfolio by internal risk-rating grades as of the date presented:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL that are no longer applicable or required. The Company has included these disclosures to address the applicable prior periods. Impaired Loans Loans formerly accounted for under FASB 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 date presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
(In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean purchased loans excluding loans held for sale. The following is a summary of purchased loans as of the dates presented:
Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 3, “Non Purchased Loans.” The Company recognized $283 in interest income on nonaccrual loans during the first six months of 2020. The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 3, “Non Purchased Loans.” The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
With respect to loans that were restructured during the six months ended June 30, 2020 and June 30, 2019, none have subsequently defaulted, and remain outstanding, as of the date of this report. There were three restructured loans in the amount of $207 contractually 90 days past due or more and still accruing at June 30, 2020 and one restructured loan in the amount of $167 contractually 90 days past due or more and still accruing at June 30, 2019. The outstanding balance of restructured loans on nonaccrual status was $7,851 and $1,276 at June 30, 2020 and June 30, 2019, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for credit losses on loans attributable to restructured loans was $302 and $79 at June 30, 2020 and June 30, 2019, respectively. The Company had $242 and $3 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2020 and June 30, 2019, respectively. As discussed in Note 3, “Non Purchased Loans,” the Company has implemented a loan deferral program in response to the COVID-19 pandemic. As of June 30, 2020, the Company had approximately 1,700 loans with total balances of approximately $515,000 on deferral. Under the applicable guidance, none of these loans were considered “restructured loans.” Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating by origination date:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL. The Company has included these disclosures to address the applicable prior period. A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans,” and is applicable to these tables. The following table presents the Company’s loan portfolio by internal risk-rating grades as of the date presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the date presented:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL that are no longer applicable or required. The Company has included these disclosures to address the applicable prior periods. Impaired Loans The Company’s former policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 3, “Non Purchased Loans.” Loans formerly accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
Loans formerly accounted for under ASC 310-30, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-30 and which are impaired loans for the period presented:
Loans Purchased with Deteriorated Credit Quality Loans purchased 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 date presented:
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Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses (In Thousands) The following is a summary of total non purchased and purchased loans as of the dates presented:
Allowance for Credit Losses on Loans The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio and is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. Management evaluates the adequacy of the allowance for credit losses on a quarterly basis. Expected credit loss inherent in non-cancellable off-balance-sheet credit exposures is accounted for as a separate liability in the Consolidated Balance Sheets. The allowance for credit losses for loans held for investment, as reported in the Company’s Consolidated Balance Sheets, is adjusted by a provision for credit losses, which is reported in earnings, and reduced by net charge-offs. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The credit loss estimation process involves procedures to appropriately consider the unique characteristics of the Company’s loan portfolio segments. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in the Company’s process for the estimation of expected credit losses. Credit quality monitoring procedures and indicators can include an 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 the Company’s risk rating system, regulatory guidance and economic conditions, such as the unemployment rate and GDP growth in the markets in which the Company operates, as well as trends in the market values of underlying collateral securing loans, all as determined based on input from management, loan review staff and other sources. This evaluation is complex and inherently subjective, as it requires estimates by management that are inherently uncertain and therefore susceptible to significant revision as more information becomes available. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and provision for credit losses in those future periods. The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses has two basic components: first, a collective or pooled component for estimating expected credit losses for pools of loans that share similar risk characteristics; and second, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. Loans Evaluated on a Collective (Pool) Basis The allowance for credit losses for loans that share similar risk characteristics with other loans is calculated on a collective or pool basis, where such loans are segregated into loan portfolio segments based upon similarity of credit risk. The Company’s primary loan portfolio segments are as follows: Commercial, Financial, and Agricultural (“Commercial”) - Commercial loans are customarily granted to established local business customers in the Company’s market area on a collateralized basis to meet their credit needs. Maturities are typically short term in nature and are commensurate with the secondary source of repayment that serves as the Company’s collateral. Although commercial loans may be collateralized by equipment or other business assets, the repayment of this type of loan depends primarily on the creditworthiness and projected cash flow of the borrower (and any guarantors). Thus, the chief considerations when assessing the risk of a commercial loan are the local business borrower’s ability to sell its products/services, thereby generating sufficient operating revenue to repay the Company under the agreed upon terms and conditions, and the general business conditions of the local economy or other market that the business serves. Real Estate - Construction - The Company’s construction loan portfolio consists of loans for the construction of single family residential properties, multi-family properties and commercial projects. Maturities for construction loans generally range from 9 to 12 months for residential properties and from 24 to 36 months for non-residential and multi-family properties. The source of repayment of a construction loan comes from the sale or lease of newly-constructed property, although often construction loans are repaid with the proceeds of a commercial real estate loan that the Company makes to the owner or lessor of the newly-constructed property. Real Estate - 1-4 Family Mortgage - This segment of the Company’s loan portfolio includes loans secured by first or second liens on residential real estate in which the property is the principal residence of the borrower, as well as loans secured by residential real estate in which the property is rented to tenants or is not the principal residence of the borrower; loans for the preparation of residential real property prior to construction are also included in this segment. Finally, this segment includes home equity loans or lines of credit and term loans secured by first and second mortgages on the residences of borrowers who elect to use the accumulated equity in their homes for purchases, refinances, home improvements, education and other personal expenditures. The Company attempts to minimize the risk associated with residential real estate loans by scrutinizing the financial condition of the borrower; typically, the maximum loan-to-value ratio is also limited. Real Estate - Commercial Mortgage - Included in this portfolio segment (referred to collectively as “commercial real estate loans”) are “owner-occupied” loans in which the owner develops a property with the intention of locating its business there. Payments on these loans are dependent on the successful development and management of the business as well as the borrower’s ability to generate sufficient operating revenue to repay the loan. In some instances, in addition to the mortgage on the underlying real estate of the business, the commercial real estate loans are secured by other non-real estate collateral, such as equipment or other assets used in the business. In addition to owner-occupied commercial real estate loans, the Company offers loans in which the owner develops a property where the source of repayment of the loan will come from the sale or lease of the developed property, for example, retail shopping centers, hotels, storage facilities, etc. These loans are referred to as “non-owner occupied” commercial real estate loans. The Company also offers commercial real estate loans to developers of commercial properties for purposes of site acquisition and preparation and other development prior to actual construction (referred to as “commercial land development loans”). Non-owner occupied commercial real estate loans and commercial land development loans are dependent on the successful completion of the project and may be affected by adverse conditions in the real estate market or the economy as a whole. Lease Financing - This segment of the Company’s loan portfolio includes loans granted to provide capital to businesses for commercial equipment needs. These loans are generally granted for periods ranging between and five years at fixed rates of interest. Loss or decline of income by the borrower due to unplanned occurrences represents the primary risk of default to the Company. In the event of default, a shortfall in the value of the collateral may pose a loss in this loan category. The Company obtains a lien against the collateral securing the loan and holds title (if applicable) until the loan is repaid in full. Transportation, manufacturing, healthcare, material handling, printing and construction are the industries that typically obtain lease financing. Installment Loans to Individuals - Installment loans to individuals (or “consumer loans”) are granted to individuals for the purchase of personal goods. Loss or decline of income by the borrower due to unplanned occurrences represents the primary risk of default to the Company. In the event of default, a shortfall in the value of the collateral may pose a loss in this loan category. Before granting a consumer loan, the Company assesses the applicant’s credit history and ability to meet existing and proposed debt obligations. Although the applicant’s creditworthiness is the primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount. The Company obtains a lien against the collateral securing the loan and holds title until the loan is repaid in full. In determining the allowance for credit losses on loans evaluated on a collective basis, the Company categorizes loan pools based on loan type and/or risk rating. The Company uses two CECL models: (1) a loss rate model, based on average historical life-of-loan loss rates, is used for the Real Estate - 1-4 Family Mortgage, Real Estate - Construction and the Installment Loans to Individuals portfolio segments, and (2) for the Commercial, Real Estate - Commercial Mortgage and Lease Financing portfolio segments, the Company uses a probability of default/loss given default model, which calculates an expected loss percentage for each loan pool by considering (a) the probability of default, based on the migration of loans from performing (using risk ratings) to default using life-of-loan analysis periods, and (b) the historical severity of loss, based on the aggregate net lifetime losses incurred per loan pool. The historical loss rates calculated as described above are adjusted, as necessary, for both internal and external qualitative factors where there are differences in the historical loss data of the Company and current or projected future conditions. Internal factors include loss history, changes in credit quality (including movement between risk ratings) and/or credit concentration, the nature and volume of the respective loan portfolio segments, and changes in lending or loan review staffing. External factors include current and reasonable and supportable forecasted economic conditions, the competitive environment and changes in collateral values. These factors are used to adjust the historical loss rates (as described above) to ensure that they reflect management’s expectation of future conditions based on a reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, when necessary, the models immediately revert back to the historical loss rates adjusted for qualitative factors related to current conditions. Loans Evaluated on an Individual Basis For loans that do not share similar risk characteristics with other loans, an individual analysis is performed to determine the expected credit loss. If the respective loan is collateral dependent (that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral), the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of collateral is initially based on external appraisals. Generally, collateral values for loans for which measurement of expected losses is dependent on collateral values are updated every twelve months, either from external third parties or in-house certified appraisers. Third-party appraisals are obtained from a pre-approved list of independent, third-party, local appraisal firms. The fair value of the collateral derived from external appraisal is then adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. Other acceptable methods for determining the expected credit losses for individually evaluated loans (typically used when the loan is not collateral dependent) is a discounted cash flow approach or, if applicable, an observable market price. Once the expected credit loss amount is determined, an allowance equal to such expected credit loss is included in the allowance for credit losses. The Company considers the loans in the Real Estate - Construction, Real Estate - 1-4 Family Mortgage and Real Estate - Commercial Mortgage loan segments disclosed as individually evaluated in the table below as collateral dependent with the type of collateral being real estate. The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the period presented:
Upon adoption of ASC 326 on January 1, 2020, the allowance for credit losses on loans was increased by $42,484. The Company recorded a second quarter provision for credit losses on loans of $26,900 and has recorded $53,250 in total provision for credit losses on loans during the six months ending June 30, 2020. The significant provision recorded during the current quarter and year-to-date period is primarily driven by the current and future economic uncertainty caused by the COVID-19 pandemic, including the current projections of a high national unemployment rate throughout 2020 and into 2021 and forecasted negative GDP growth, and the increased likelihood of a more prolonged economic recovery period than previously expected. The Company also factored into its estimate the potential benefit and risk of the government programs implemented through the CARES Act and the internal loan deferral program being offered to qualified customers. The Company utilized a one year reasonable and supportable forecast range during the current period. The Company continues to monitor loans in certain industries the Company currently believes pose a greater risk in the current environment (i.e. hotel/motel, restaurant, entertainment, and retail trade industries). The Company has concluded that the risk associated with loans in the c-store and transportation industries is no longer elevated as to require heightened monitoring. The Company will continue to monitor the performance of all portfolios, the severity and duration of the pandemic and potential subsequent recovery of the economic environment. The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology prior to the adoption of ASC 326 for the period presented:
(1)Includes lease financing receivables. The following table provides the recorded investment in loans, net of unearned income, based on the Company’s former impairment methodology prior to the adoption of ASC 326.
(1)Includes lease financing receivables. Allowance for Credit Losses on Unfunded Loan Commitments The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “other liabilities” line item on the Consolidated Balance Sheets. Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments.
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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”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented:
Changes in the Company’s purchased and non purchased OREO 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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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) The carrying amounts of goodwill by operating segments for the six months ended June 30, 2020 were as follows:
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, 2020 and the succeeding four years is summarized as follows:
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Mortgage Servicing Rights |
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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”) 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 value. Fair value is determined using an income approach with various assumptions, including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors, and is subject to significant fluctuation as a result of actual prepayment speeds, default rates and losses differing from estimates thereof. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. Impairment is recognized through a valuation allowance in the amount that unamortized cost exceeds fair value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in "Mortgage banking income" on the Consolidated Statements of Income. There were $14,522 of valuation adjustments on MSRs during the six months ended June 30, 2020, primarily arising on account of the difference between actual prepayment speeds and the Company's assumptions with respect to prepayment speeds; no valuation adjustments were recognized during the six months ended June 30, 2019. A continued decline in mortgage interest rates and an increase in actual prepayment speeds may cause additional negative adjustments to the valuation of the Company's MSRs. Changes in the Company’s MSRs were as follows:
Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
The Company recorded servicing fees of $2,990 and $2,481 for the three months ended June 30, 2020 and 2019, respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income. The Company recorded servicing fees of $5,612 and $4,735 for the six months ended June 30, 2020 and 2019, respectively.
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Employee Benefit and Deferred Compensation Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996 and it provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company's group medical plan. Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:
Incentive Compensation Plans The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. There were no stock options granted, nor compensation expense associated with options recorded, during the six months ended June 30, 2020 or 2019. The following table summarizes information about options outstanding, exercised and forfeited as of and for the six months ended June 30, 2020:
The Company also awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees. The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2020:
During the six months ended June 30, 2020, the Company reissued 138,644 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 $2,998 and $2,082 for the three months ended June 30, 2020 and 2019, respectively and $5,748 and $4,719 for the six months ended June 30, 2020 and 2019, respectively.
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Derivative Instruments |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2020, the Company had notional amounts of $261,213 on interest rate contracts with corporate customers and $261,213 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, the Bank pays a fixed interest rate and receives 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 April 2018, the Company entered into an interest rate swap agreement effective June 15, 2018. Under this swap agreement, 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 agreement, which terminates in June 2028, 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 Company’s junior subordinated debentures. In March 2020, the Company entered into a forward interest rate swap contract on floating rate liabilities with a notional amount of $100,000. The interest rate swap contract is accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a ten-year period beginning March 23, 2022 and ending March 23, 2032. Under this contract, the Company pays a fixed interest rate and receives a variable interest rate based on one-month LIBOR with monthly net settlements. In May 2020, the Company entered into a forward interest rate swap contract on floating rate liabilities with a notional amount of $25,000. The interest rate swap contract is accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a three-year period beginning on May 1, 2022 and ending on May 1, 2025. Under this contract, the Company pays a fixed interest rate and receives a variable interest rate based on one-month LIBOR with monthly net settlements. 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 and adjustable-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate and adjustable-rate mortgage loans was $850,919 and $215,751 at June 30, 2020 and December 31, 2019, 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 $828,182 and $414,000 at June 30, 2020 and December 31, 2019, 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 six months ended June 30, 2020 or 2019. The impact on other comprehensive income for the six months ended June 30, 2020 and 2019, respectively, can be seen at Note 13, “Other Comprehensive Income.” Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” 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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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 presented.
For the six months ended June 30, 2020 and 2019, the Company recorded a provision for income taxes totaling $5,410 and $27,535, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. The effective tax rate was 19.64% and 23.09% for the six months ended June 30, 2020 and 2019, respectively. The Company and its subsidiary file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and the state departments of revenue for the years ending December 31, 2015 through December 31, 2018. The Company acquired both federal and state net operating losses as part of its previous acquisitions with varying expiration periods. The federal and state net operating losses acquired in its acquisition of Brand Group Holdings, Inc. (“Brand”) were $81,288 and $55,067, respectively, as of the September 1, 2018 acquisition date, all created in 2018. As part of The Tax Cuts and Jobs Act and corresponding state tax laws, the federal net operating losses and the majority of the state net operating losses created by Brand have an indefinite carryforward period. As of June 30, 2020, there are federal and state net operating losses acquired in the Brand acquisition, without expiration periods of $12,089 and $31,981, respectively. The federal and state net operating losses acquired in the Company’s acquisition of Heritage Financial Group, Inc. (“Heritage”) in 2015 were $18,321 and $16,849, respectively, of which $3,510 and $2,830 remain to be utilized as of June 30, 2020. The net operating losses related to the Heritage acquisition begin to expire in 2029 and are expected to be utilized. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the period ending June 30, 2020.
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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, obligations of states and political subdivisions, mortgage-backed securities and trust preferred 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 in 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 six months ended June 30, 2020. 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, as of the dates presented:
For each of the three and six months ended June 30, 2020 and 2019, respectively, 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 June 30, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis:
Nonrecurring Fair Value Measurements Certain assets and liabilities 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 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 that were measured or re-measured at fair value had a carrying value of $9,563 and $29,606 at June 30, 2020 and December 31, 2019, respectively, and a specific reserve for these loans of $2,084 and $2,258 was included in the allowance for credit 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 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 on the Consolidated Balance Sheets as of the dates presented:
Mortgage servicing rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. 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 June 30, 2020 and December 31, 2019. There were $14,522 of valuation adjustments on MSRs during the six months ended June 30, 2020 and $1,836 of valuation adjustments recognized during the twelve months ended December 31, 2019. The following table presents information as of June 30, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets 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 gains of $9,617 and $3,543 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2020 and 2019, 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 June 30, 2020 and December 31, 2019:
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:
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income (In Thousands) Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:
The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 service-based restricted stock awards fully vested and 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-based compensation awards 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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Regulatory Matters |
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Banking and Thrift, Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters (In Thousands) The Company and the Bank are 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 the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. 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 bank holding companies and 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 the Bank as of the dates presented:
Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions. In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 capital in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress. If the Company’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Company will face restrictions on its ability to pay dividends, repurchase outstanding stock and make certain discretionary bonus payments. The required capital conservation buffer is 2.5% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. As shown in the tables above, as of June 30, 2020, the Company’s CET1 capital was in excess of the capital conservation buffer. In addition, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency’s rules for calculating risk-weighted assets have been revised in recent years to enhance risk sensitivity and to incorporate certain international capital standards of the Basel Committee on Banking Supervision. These revisions affect the calculation of the denominator of a banking organization’s risk-based capital ratios to reflect the higher-risk nature of certain types of loans. For example, residential mortgages are risk-weighted between 35% and 200%, depending on the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include, among others, the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income, while a 150% risk weight applies to both certain high volatility commercial real estate acquisition, development and construction loans as well as non-residential mortgage loans 90 days past due or on nonaccrual status (in both cases, as opposed to the former 100% risk weight). Also, “hybrid” capital items like trust preferred securities no longer enjoy Tier 1 capital treatment, subject to various grandfathering and transition rules. As previously disclosed, the Company adopted CECL as of January 1, 2020. The Company has elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay.
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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: •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 include 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. 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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Summary of Significant Accounting Policies (Policies) |
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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 notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on February 27, 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, and such differences may be material. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of recently-issued accounting standards and pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which updated Accounting Standards Codification Topic (“ASC”) 326, Financial Instruments - Credit Losses (“ASC 326”). ASU 2016-13 significantly changed 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. 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 includes loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. Additionally, ASU 2016-13 amended the accounting for credit losses on available for sale securities and purchased financial assets with credit deterioration (“PCD”). In the remainder of these Notes to Consolidated Financial Statements, unless the context clearly provides otherwise, references to “CECL” or to “ASC 326” shall mean the accounting standards and principles set forth in ASC 326 after giving effect to ASU 2016-13 and the clarifications thereto discussed in the next paragraph. Over the course of 2019, FASB issued a number of updates clarifying various matters arising under ASU 2016-13, including the following: (1) ASU 2018-19 was issued to clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20; instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases (“ASC 842”); (2) ASU 2019-04 provides entities alternatives for measurement of accrued interest receivable, clarifies the steps entities should take when recording the transfer of loans or debt securities between measurement classifications or categories and clarifies that entities should include expected recoveries on financial assets; (3) ASU 2019-05 was issued to provide entities that have certain instruments within the scope of Subtopic 320-20 with an option to irrevocably elect the fair value option in Subtopic 825-10; and (4) ASU 2019-11 was issued to address stakeholders’ specific issues relating to expected recoveries on PCD assets and transition and disclosure relief related to troubled debt restructured loans and accrued interest, respectively. Early adoption is permitted. became effective on January 1, 2020 for publicly-traded companies like the Company, and the Company elected not to take advantage of federal legislation enacted in March 2020 allowing it to postpone the adoption of CECL. To implement CECL, entities are required to apply a one-time cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, as disclosed in the table below.
The Company used the prospective transition approach for PCD loans that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). As permitted under ASC 326, the Company did not reassess whether PCI assets meet the criteria of PCD assets as of the date of adoption. As shown in the table above, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $5,469 to the allowance for credit losses. The remaining noncredit discount will be accreted into interest income. The prospective transition approach was also used for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remained the same before and after the effective date of the adoption of CECL. Additionally, the Company has elected to exclude accrued interest receivable from the amortized cost of loans. As of June 30, 2020, the Company has accrued interest receivable for loans of $50,983, which is recorded in other assets on the Consolidated Balance Sheets. In January 2017, FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”), which amends and simplifies current goodwill impairment testing by eliminating certain testing under the earlier provisions. Under the new guidance, an entity performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements. In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which is intended to improve the disclosures on fair value measurements by eliminating, amending and adding certain disclosure requirements. These changes are intended to reduce costs for preparers while providing more useful information for financial statement users. ASU 2018-13 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements. In March 2019, FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”),which is intended to clarify potential implementation questions related to ASC 842. This includes clarification on the determination of fair value of underlying assets by lessors that are not manufacturers or dealers, cash flow presentation of sales-type and direct financing leases and transition disclosures related to accounting changes and error corrections. ASU 2019-01 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements. In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 842): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met that reference LIBOR or another reference rate expected to be discontinued. As the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect only from March 12, 2020 through December 31, 2022. The Company has established a LIBOR Transition Committee and is currently evaluating the impact of adopting ASU 2020-04 on the Company's financial statements.
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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
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became effective on January 1, 2020 for publicly-traded companies like the Company, and the Company elected not to take advantage of federal legislation enacted in March 2020 allowing it to postpone the adoption of CECL. To implement CECL, entities are required to apply a one-time cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, as disclosed in the table below.
Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and fair value of securities available for sale | The amortized cost, fair value and allowance for credit losses of securities available for sale were as follows as of the dates presented:
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Schedule of realized gain (loss) | Securities sold were as follows for the periods presented:
Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2020 and 2019 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 June 30, 2020 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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Gross unrealized losses and fair value by investment category | The following table presents the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
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Non Purchased Loans (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of non-purchased loans and leases | The following is a summary of non purchased loans and leases as of the dates presented:
The following is a summary of purchased loans as of the dates presented:
The following is a summary of total non purchased and purchased loans as of the dates presented:
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Aging of past due and nonaccrual loans | The following table provides an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
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Impact of modifications classified as restructured loans | The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
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Changes in restructured loans | Changes in the Company’s restructured loans are set forth in the table below:
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 year of origination and internal risk-rating grades as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating by origination date:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL. The Company has included these disclosures to address the applicable prior period. A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans,” and is applicable to these tables. The following table presents the Company’s loan portfolio by internal risk-rating grades as of the date presented:
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Loan portfolio not subject to risk rating | The following tables present the Company’s loan portfolio by internal risk-rating grades as of the date presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the date presented:
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Impaired loans | Loans formerly accounted for under FASB 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 date presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
Loans formerly accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
Loans formerly accounted for under ASC 310-30, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
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Purchased Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of purchased loans | The following is a summary of non purchased loans and leases as of the dates presented:
The following is a summary of purchased loans as of the dates presented:
The following is a summary of total non purchased and purchased loans as of the dates presented:
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Aging of past due and nonaccrual loans | The following table provides an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
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Impact of modifications classified as restructured loans | The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
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Changes in restructured loans | Changes in the Company’s restructured loans are set forth in the table below:
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 year of origination and internal risk-rating grades as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating by origination date:
The following disclosures are presented under GAAP in effect prior to the adoption of CECL. The Company has included these disclosures to address the applicable prior period. A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans,” and is applicable to these tables. The following table presents the Company’s loan portfolio by internal risk-rating grades as of the date presented:
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Loan portfolio not subject to risk rating | The following tables present the Company’s loan portfolio by internal risk-rating grades as of the date presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the date presented:
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Impaired loans | Loans formerly accounted for under FASB 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 date presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
Loans formerly accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
Loans formerly accounted for under ASC 310-30, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date 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 formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-30 and which are impaired loans for the period presented:
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Loans acquired with deteriorated credit quality | Loans purchased 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 date presented:
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Allowance for Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of total non purchased and purchased loans | The following is a summary of non purchased loans and leases as of the dates presented:
The following is a summary of purchased loans as of the dates presented:
The following is a summary of total non purchased and purchased loans as of the dates presented:
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Roll forward of the allowance for loan losses | The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the period presented:
The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology prior to the adoption of ASC 326 for the period presented:
(1)Includes lease financing receivables.
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Investment in loans, net of unearned income on impairment methodology |
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Unfunded Loan Commitments, Allowance for Credit Losses |
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Other Real Estate Owned (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented:
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Changes in purchased and non purchased OREO | Changes in the Company’s purchased and non purchased OREO were as follows:
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Components of OREO 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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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amounts of goodwill by operating segments | The carrying amounts of goodwill by operating segments for the six months ended June 30, 2020 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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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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Estimated amortization expense of finite-lived intangible assets | The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2020 and the succeeding four years is summarized as follows:
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Mortgage Servicing Rights (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 are as follows as of the dates presented:
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Employee Benefit and Deferred Compensation Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plan expense for non-contributory benefit pension plan and post-retirement health and life plans | Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:
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Summary of the changes in stock options and restricted stock | The following table summarizes information about options outstanding, exercised and forfeited as of and for the six months ended June 30, 2020:
The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2020:
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Derivative Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Gross and net derivative positions, including pledged collateral | 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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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 presented.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value 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, 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 recurring basis | The following table presents information as of June 30, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis:
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Assets 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 on 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 June 30, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets 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 June 30, 2020 and December 31, 2019:
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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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Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the components of other comprehensive income | Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:
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Accumulated balances for each component of other comprehensive income, net of tax | The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:
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Net Income Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Schedule of antidilutive securities | Stock-based compensation awards 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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Regulatory Matters (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift, Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guidelines governing the classification of capital tiers | Those guidelines specify capital tiers, which include the following classifications:
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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 the Bank as of the dates presented:
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
|
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2019 |
Jun. 30, 2020 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Remaining purchase discount on loans | $ 50,958 | ||
Interest receivable | $ 50,983 | ||
Accounting standards update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Remaining purchase discount on loans | $ (5,469) |
Securities - Securities Sold (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | $ 8,742 | $ 2,009 | $ 8,742 | $ 12,607 |
Net Proceeds | 8,773 | 2,001 | 8,773 | 12,612 |
Gain/(Loss) | 31 | (8) | 31 | 5 |
Obligations of states and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 2,696 | 320 | 2,696 | 10,688 |
Net Proceeds | 2,561 | 319 | 2,561 | 10,703 |
Gain/(Loss) | (135) | (1) | (135) | 15 |
Residential mortgage backed securities: | Government agency mortgage backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 6,046 | 1,400 | 6,046 | 1,630 |
Net Proceeds | 6,212 | 1,396 | 6,212 | 1,623 |
Gain/(Loss) | $ 166 | (4) | $ 166 | (7) |
Residential mortgage backed securities: | Government agency collateralized mortgage obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 289 | 289 | ||
Net Proceeds | 286 | 286 | ||
Gain/(Loss) | $ (3) | $ (3) |
Securities - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Secure government, public and trust deposits | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities pledged as collateral | $ 485,221 | $ 416,849 |
Short-term borrowings | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities pledged as collateral | $ 37,551 | $ 27,754 |
Securities - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains on sales of securities available for sale | $ 166 | $ 1 | $ 166 | $ 46 |
Gross losses on sales of securities available for sale | (135) | (9) | (135) | (41) |
Gains (losses) on sales of securities available for sale, net | $ 31 | $ (8) | $ 31 | $ 5 |
Non Purchased Loans - Changes in Restructured Loans (Details) - Non purchased loans and leases $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
loan
| |
Changes in restructured loans [Roll Forward] | |
Total, beginning balance (loans) | loan | 46 |
Additional advances or loans with concessions (loans) | loan | 26 |
Reclassified as performing restructured loans (loans) | loan | 2 |
Reductions due to: | |
Reclassified as nonperforming | loan | (1) |
Principal paydowns (loans) | loan | 0 |
Total, ending balance (loans) | loan | 73 |
Recorded Investment | |
Total, beginning balance | $ | $ 4,679 |
Additional advances or loans with concessions | $ | 6,951 |
Reclassified as performing restructured loan | $ | 188 |
Reductions due to: | |
Restructured Loans Reclassified as Non-performing | $ | (90) |
Principal paydowns | $ | (104) |
Total, ending balance | $ | $ 11,624 |
Purchased Loans - Changes in Restructured Loans (Details) - Purchased loans $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
loan
| |
Number of Loans | |
Total, beginning balance (loans) | loan | 54 |
Additional advances or loans with concessions (loans) | loan | 7 |
Reclassified to nonperforming loans (loans) | loan | (12) |
Paid in full (loans) | loan | (2) |
Charge-offs (loans) | loan | (1) |
Principal paydowns (loans) | loan | 0 |
Total, ending balance (loans) | loan | 46 |
Recorded Investment | |
Total, beginning balance | $ | $ 7,275 |
Additional advances or loans with concessions | $ | 2,154 |
Reclassified to nonperforming loans | $ | (2,449) |
Paid in full | $ | (422) |
Charge-offs | $ | (3) |
Principal paydowns | $ | (101) |
Total, ending balance | $ | $ 6,454 |
Allowance for Credit Losses - Unfunded Loan Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Allowance for loan losses: | |||
Beginning balance | $ 14,735 | $ 946 | |
Accounting standards update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | 2,600 | 6,000 | |
Ending balance | $ 17,335 | 17,335 | $ 946 |
Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for loan losses: | |||
Beginning balance | $ 10,389 | ||
Ending balance | $ 10,389 |
Other Real Estate Owned - Changes in Purchased and Non-Purchased OREO (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Purchased OREO | |
Balance at January 1, 2020 | $ 5,248 |
Transfers of loans | 791 |
Impairments | (588) |
Dispositions | (1,020) |
Balance at June 30, 2020 | 4,431 |
Non Purchased OREO | |
Balance at January 1, 2020 | 2,762 |
Transfers of loans | 3,468 |
Impairments | (239) |
Dispositions | (1,297) |
Balance at June 30, 2020 | 4,694 |
Total OREO | |
Balance at January 1, 2020 | 8,010 |
Transfers of loans | 4,259 |
Impairments | (827) |
Dispositions | (2,317) |
Balance at June 30, 2020 | $ 9,125 |
Other Real Estate Owned - Components of OREO in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Components of other real estate owned in the Consolidated Statements of Income | ||||
Repairs and maintenance | $ 85 | $ 116 | $ 170 | $ 211 |
Property taxes and insurance | 16 | 19 | 149 | 126 |
Impairments | 630 | 140 | 827 | 868 |
Net (gains) losses on OREO sales | (101) | (19) | (89) | 60 |
Rental income | (10) | (4) | (19) | (9) |
Total | $ 620 | $ 252 | $ 1,038 | $ 1,256 |
Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Operating Segments (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at January 1, 2020 | $ 939,683 |
Addition to goodwill from acquisition | 0 |
Balance at June 30, 2020 | 939,683 |
Community Banks | |
Goodwill [Roll Forward] | |
Balance at January 1, 2020 | 936,916 |
Addition to goodwill from acquisition | 0 |
Balance at June 30, 2020 | 936,916 |
Insurance | |
Goodwill [Roll Forward] | |
Balance at January 1, 2020 | 2,767 |
Addition to goodwill from acquisition | 0 |
Balance at June 30, 2020 | $ 2,767 |
Goodwill and Other Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 84,962 | $ 84,962 |
Accumulated Amortization | (51,431) | (47,702) |
Net Carrying Amount | 33,531 | 37,260 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 82,492 | 82,492 |
Accumulated Amortization | (50,238) | (46,599) |
Net Carrying Amount | 32,254 | 35,893 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 2,470 | 2,470 |
Accumulated Amortization | (1,193) | (1,103) |
Net Carrying Amount | $ 1,277 | $ 1,367 |
Goodwill and Other Intangible Assets - Current Year Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 1,834 | $ 2,053 | $ 3,729 | $ 4,163 |
Core deposit intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | 1,789 | 2,020 | 3,639 | 4,097 |
Customer relationship intangible | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 45 | $ 33 | $ 90 | $ 66 |
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Finite-Lived Intangible Assets (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 7,120 |
2021 | 6,041 |
2022 | 5,121 |
2023 | 4,225 |
2024 | 3,679 |
Core Deposit Intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
2020 | 6,939 |
2021 | 5,860 |
2022 | 4,940 |
2023 | 4,044 |
2024 | 3,498 |
Customer relationship intangible | |
Finite-Lived Intangible Assets [Line Items] | |
2020 | 181 |
2021 | 181 |
2022 | 181 |
2023 | 181 |
2024 | $ 181 |
Mortgage Servicing Rights - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | |||||
Impairment losses on mortgage servicing rights | $ 14,522,000 | $ 0 | $ 1,836,000 | ||
Bank Servicing | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 2,990,000 | $ 2,481,000 | $ 5,612,000 | $ 4,735,000 |
Mortgage Servicing Rights - Changes in the Company's MSRs (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Changes in mortgage servicing rights | |
Balance at January 1, 2020 | $ 53,208 |
Capitalization | 19,425 |
Amortization | (6,637) |
Valuation adjustment | (14,522) |
Balance at June 30, 2020 | $ 51,474 |
Mortgage Servicing Rights - Data and Key Economic Assumptions Related to the Company's MRSs (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Data and key economic assumptions related to mortgage servicing rights | ||
Unpaid principal balance | $ 5,942,477 | $ 4,871,155 |
Weighted-average prepayment speed (CPR) | 14.67% | 11.48% |
Estimated impact of a 10% increase | $ (1,793) | $ (2,469) |
Estimated impact of a 20% increase | $ (3,464) | $ (4,774) |
Discount rate | 9.88% | 9.69% |
Estimated impact of a 10% increase | $ (4,685) | $ (2,027) |
Estimated impact of a 20% increase | $ (6,176) | $ (3,908) |
Weighted-average coupon interest rate | 3.85% | 4.04% |
Weighted-average servicing fee (basis points) | 29.71% | 29.20% |
Weighted-average remaining maturity (in years) | 5 years 3 months 14 days | 6 years 4 months 6 days |
Employee Benefit and Deferred Compensation Plans - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Retirement Benefits [Abstract] | ||||
Stock options granted (in shares) | 0 | 0 | ||
Treasury shares reissued (in shares) | 138,644 | |||
Total stock-based compensation expense | $ 2,998 | $ 2,082 | $ 5,748 | $ 4,719 |
Employee Benefit and Deferred Compensation Plans - Plan Expense for Non-Contributory Benefit Pension Plan and Post-Retirement Health and Life Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Pension Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 250 | 315 | 492 | 588 |
Expected return on plan assets | (413) | (362) | (826) | (725) |
Recognized actuarial loss (gain) | 96 | 135 | 175 | 221 |
Net periodic (return) benefit cost | (67) | 88 | (159) | 84 |
Other Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | 1 | 1 | 3 | 3 |
Interest cost | 2 | 8 | 7 | 16 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized actuarial loss (gain) | (27) | 3 | (45) | (11) |
Net periodic (return) benefit cost | $ (24) | $ 12 | $ (35) | $ 8 |
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Stock Options (Details) - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Shares | ||
Options outstanding at beginning of period (shares) | 29,250 | |
Granted (shares) | 0 | 0 |
Exercised (shares) | 0 | |
Forfeited (shares) | 0 | |
Options outstanding at end of period (shares) | 29,250 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period (usd per share) | $ 15.86 | |
Granted (usd per share) | 0 | |
Exercised (usd per share) | 0 | |
Forfeited (usd per share) | 0 | |
Options outstanding at end of period (usd per share) | $ 15.86 |
Derivative Instruments - Gains (Losses) On Derivative Financial Instruments (Details) - Not designated as hedging instruments: - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ 14,768 | $ 1,744 | $ 21,855 | $ 4,913 |
Interest rate contracts | Included in interest income on loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 523 | 989 | 1,259 | 2,035 |
Interest rate lock commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 2,924 | 2,176 | 24,745 | 3,398 |
Forward commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ 11,321 | $ (1,421) | $ (4,149) | $ (520) |
Derivative Instruments - Gross and Net Derivative Positions, Including Pledged Collateral (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 2 | $ 61 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 2 | 61 |
Financial instruments | 2 | 61 |
Financial collateral pledged | 0 | 0 |
Net amounts | 0 | 0 |
Offsetting Derivative Liabilities | ||
Gross amounts recognized | 27,463 | 9,974 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 27,463 | 9,974 |
Financial instruments | 2 | 61 |
Financial collateral pledged | 19,385 | 8,698 |
Net amounts | $ 8,076 | $ 1,215 |
Income Taxes - Significant Components of The Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deferred tax assets | ||
Allowance for credit losses | $ 39,448 | $ 14,304 |
Loans | 11,336 | 10,284 |
Deferred compensation | 10,390 | 12,050 |
Impairment of assets | 1,353 | 1,108 |
Net operating loss carryforwards | 4,785 | 9,387 |
Lease liabilities under operating leases | 22,357 | 22,686 |
Other | 1,782 | 934 |
Total deferred tax assets | 91,451 | 70,753 |
Deferred tax liabilities | ||
Net unrealized gains on securities | 5,507 | 190 |
Investment in partnerships | 807 | 967 |
Fixed assets | 2,951 | 2,952 |
Mortgage servicing rights | 13,027 | 13,472 |
Junior subordinated debt | 2,260 | 2,304 |
Lease right-of-use asset | 21,354 | 21,727 |
Other | 1,615 | 1,859 |
Total deferred tax liabilities | 47,521 | 43,471 |
Net deferred tax assets | $ 43,930 | $ 27,282 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Sep. 01, 2018 |
Dec. 31, 2015 |
|
Operating Loss Carryforwards [Line Items] | ||||||
Income taxes | $ 4,637 | $ 13,945 | $ 5,410 | $ 27,535 | ||
Effective income tax rate | 19.64% | 23.09% | ||||
Domestic tax authority | Brand | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating loss carryforwards | 12,089 | $ 12,089 | $ 81,288 | |||
Domestic tax authority | Heritage financial group | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating loss carryforwards | 3,510 | 3,510 | $ 18,321 | |||
State and local jurisdiction | Brand | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating loss carryforwards | 31,981 | 31,981 | $ 55,067 | |||
State and local jurisdiction | Heritage financial group | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating loss carryforwards | $ 2,830 | $ 2,830 | $ 16,849 |
Fair Value Measurements - Reconciliation for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||||
Ending balance | $ 7,679 | $ 10,386 | $ 7,679 | $ 10,386 |
Trust preferred securities | ||||
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||||
Beginning balance | 8,604 | 10,246 | 9,986 | 10,633 |
Accretion included in net income | 9 | 9 | 18 | 18 |
Unrealized losses included in other comprehensive income | (903) | 154 | (2,222) | (133) |
Settlements | $ (31) | $ (23) | $ (103) | $ (132) |
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Trust preferred securities $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 7,679 |
Measurement input, price volatility | 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 |
Measurement input, price volatility | 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 | 1 |
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, measurements, nonrecurring - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 7,479 | $ 27,348 |
OREO | 1,550 | 2,820 |
Mortgage servicing rights | 51,474 | 53,208 |
Total financial assets | 60,503 | 83,376 |
Level 1 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Total financial assets | 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 | 0 |
Total financial assets | 0 | 0 |
Level 3 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 7,479 | 27,348 |
OREO | 1,550 | 2,820 |
Mortgage servicing rights | 51,474 | 53,208 |
Total financial assets | $ 60,503 | $ 83,376 |
Fair Value Measurements - Narrative (Details) - USD ($) |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loans not covered under loss-share agreements | $ 9,563,000 | $ 29,606,000 | ||||
Specific reserve included in allowance for loan losses | 145,387,000 | $ 50,059,000 | 52,162,000 | $ 120,185,000 | $ 49,835,000 | $ 49,026,000 |
Impairment losses on mortgage servicing rights | 14,522,000 | 0 | 1,836,000 | |||
Changes in fair value, gain | 9,617,000 | $ 3,543,000 | ||||
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 | $ 2,084,000 | $ 2,258,000 |
Fair Value Measurements - OREO Measured at Fair Value on a Nonrecurring Basis (Details) - Level 3 - Fair Value, measurements, nonrecurring - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
OREO measured at fair value on a nonrecurring basis | ||
Carrying amount prior to remeasurement | $ 2,154 | $ 3,726 |
Impairment recognized in results of operations | (604) | (906) |
Fair value | $ 1,550 | $ 2,820 |
Fair Value Measurements - Summarizes Differences Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measure at Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
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 | $ 339,747 | $ 318,272 |
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 | 320,018 | 308,160 |
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 | $ 19,729 | $ 10,112 |
Other Comprehensive Income - Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Accumulated balances for component of other comprehensive income, net of tax | ||
Unrealized gains on securities | $ 40,837 | $ 21,563 |
Non-credit related portion of previously recorded other-than-temporary impairment on securities | (11,319) | (11,319) |
Unrealized losses on derivative instruments | (6,643) | (2,847) |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (6,536) | (6,633) |
Total accumulated other comprehensive income | $ 16,339 | $ 764 |
Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Basic | ||||||
Net income applicable to common stock | $ 20,130 | $ 2,008 | $ 46,625 | $ 45,110 | $ 22,138 | $ 91,735 |
Average common shares outstanding (shares) | 56,165,452 | 58,461,024 | 56,350,134 | 58,523,007 | ||
Net income per common share - basic (usd per share) | $ 0.36 | $ 0.80 | $ 0.39 | $ 1.57 | ||
Diluted | ||||||
Net income applicable to common stock | $ 20,130 | $ 2,008 | $ 46,625 | $ 45,110 | $ 22,138 | $ 91,735 |
Average common shares outstanding (shares) | 56,165,452 | 58,461,024 | 56,350,134 | 58,523,007 | ||
Effect of dilutive stock-based compensation (shares) | 160,024 | 157,952 | 164,465 | 146,049 | ||
Average common shares outstanding - diluted (shares) | 56,325,476 | 58,618,976 | 56,514,599 | 58,669,056 | ||
Net income per common share - diluted (usd per share) | $ 0.36 | $ 0.80 | $ 0.39 | $ 1.56 |
Net Income Per Common Share - Antidilutive Securities (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Exercise prices (for stock option awards) (usd per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Employee stock option | ||||
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Number of shares (in shares) | 264,183 | 4,524 | 247,093 | 643 |
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