ý | 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 |
VIRGINIA | 54-1598552 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
Large accelerated filer | x | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | (Do not check if a smaller reporting company) | |
Smaller reporting company | ¨ | ||
Emerging growth company | ¨ |
Yes ¨ No x |
ITEM | PAGE | ||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 6. | |||
2017 Form 10-K | – | Annual Report on Form 10-K for the year ended December 31, 2017 |
AFS | – | Available for sale |
ALCO | – | Asset Liability Committee |
ALL | – | Allowance for loan losses |
ASC | – | Accounting Standards Codification |
ASU | – | Accounting Standards Update |
ATM | – | Automated teller machine |
the Bank | – | Union Bank & Trust |
BOLI | – | Bank-owned life insurance |
bps | – | Basis points |
CECL | – | Current expected credit losses |
the Company | – | Union Bankshares Corporation and its subsidiaries |
DHFB | – | Dixon, Hubard, Feinour, & Brown, Inc. |
Dodd-Frank Act | – | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 |
EPS | – | Earnings per share |
Exchange Act | – | Securities Exchange Act of 1934 |
FASB | – | Financial Accounting Standards Board |
FDIC | – | Federal Deposit Insurance Corporation |
Federal Reserve | – | Board of Governors of the Federal Reserve System |
Federal Reserve Bank | – | Federal Reserve Bank of Richmond |
FHLB | – | Federal Home Loan Bank of Atlanta |
U.S. GAAP or GAAP | – | Accounting principles generally accepted in the United States |
HELOC | – | Home equity line of credit |
HTM | – | Held to maturity |
IDC | – | Interactive Data Corporation |
LIBOR | – | London Interbank Offered Rate |
NPA | – | Nonperforming assets |
OCI | – | Other comprehensive income |
OREO | – | Other real estate owned |
OTTI | – | Other than temporary impairment |
PCI | – | Purchased credit impaired |
ROA | – | Return on average assets |
ROE | – | Return on average common equity |
ROTCE | – | Return on average tangible common equity |
SEC | – | Securities and Exchange Commission |
Tax Act | – | Tax Cuts and Jobs Act |
TDR | – | Troubled debt restructuring |
UMG | – | Union Mortgage Group, Inc. |
Xenith | – | Xenith Bankshares, Inc. |
March 31, 2018 | December 31, 2017 | ||||||
(Unaudited) | (Audited) | ||||||
ASSETS | |||||||
Cash and cash equivalents: | |||||||
Cash and due from banks | $ | 137,761 | $ | 117,586 | |||
Interest-bearing deposits in other banks | 196,456 | 81,291 | |||||
Federal funds sold | 8,246 | 496 | |||||
Total cash and cash equivalents | 342,463 | 199,373 | |||||
Securities available for sale, at fair value | 1,253,179 | 974,222 | |||||
Securities held to maturity, at carrying value | 198,733 | 199,639 | |||||
Restricted stock, at cost | 105,261 | 75,283 | |||||
Loans held for sale, at fair value | 27,727 | 40,662 | |||||
Loans held for investment, net of deferred fees and costs | 9,805,723 | 7,141,552 | |||||
Less allowance for loan losses | 40,629 | 38,208 | |||||
Net loans held for investment | 9,765,094 | 7,103,344 | |||||
Premises and equipment, net | 163,076 | 119,981 | |||||
Other real estate owned, net of valuation allowance | 10,099 | 6,636 | |||||
Goodwill | 724,106 | 298,528 | |||||
Amortizable intangibles, net | 50,092 | 14,803 | |||||
Bank owned life insurance | 258,381 | 182,854 | |||||
Other assets | 251,081 | 99,854 | |||||
Total assets | $ | 13,149,292 | $ | 9,315,179 | |||
LIABILITIES | |||||||
Noninterest-bearing demand deposits | $ | 2,057,425 | $ | 1,502,208 | |||
Interest-bearing deposits | 7,620,530 | 5,489,510 | |||||
Total deposits | 9,677,955 | 6,991,718 | |||||
Securities sold under agreements to repurchase | 31,593 | 49,152 | |||||
Other short-term borrowings | 1,022,000 | 745,000 | |||||
Long-term borrowings | 481,433 | 425,262 | |||||
Other liabilities | 105,234 | 57,718 | |||||
Total liabilities | 11,318,215 | 8,268,850 | |||||
Commitments and contingencies (Note 7) | |||||||
STOCKHOLDERS' EQUITY | |||||||
Common stock, $1.33 par value, shares authorized 100,000,000; issued and outstanding, 65,895,421 shares and 43,743,318 shares, respectively. | 87,091 | 57,744 | |||||
Additional paid-in capital | 1,373,997 | 610,001 | |||||
Retained earnings | 382,299 | 379,468 | |||||
Accumulated other comprehensive income | (12,310 | ) | (884 | ) | |||
Total stockholders' equity | 1,831,077 | 1,046,329 | |||||
Total liabilities and stockholders' equity | $ | 13,149,292 | $ | 9,315,179 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
Interest and dividend income: | |||||||
Interest and fees on loans | $ | 112,927 | $ | 68,084 | |||
Interest on deposits in other banks | 647 | 71 | |||||
Interest and dividends on securities: | |||||||
Taxable | 7,072 | 4,923 | |||||
Nontaxable | 4,008 | 3,562 | |||||
Total interest and dividend income | 124,654 | 76,640 | |||||
Interest expense: | |||||||
Interest on deposits | 11,212 | 5,077 | |||||
Interest on short-term borrowings | 4,249 | 950 | |||||
Interest on long-term borrowings | 5,446 | 4,046 | |||||
Total interest expense | 20,907 | 10,073 | |||||
Net interest income | 103,747 | 66,567 | |||||
Provision for credit losses | 3,500 | 2,122 | |||||
Net interest income after provision for credit losses | 100,247 | 64,445 | |||||
Noninterest income: | |||||||
Service charges on deposit accounts | 5,894 | 4,516 | |||||
Other service charges and fees | 1,233 | 1,139 | |||||
Interchange fees, net | 4,489 | 3,582 | |||||
Fiduciary and asset management fees | 3,056 | 2,794 | |||||
Mortgage banking income, net | 2,041 | 2,025 | |||||
Gains on securities transactions, net | 213 | 481 | |||||
Bank owned life insurance income | 1,667 | 2,125 | |||||
Loan-related interest rate swap fees | 718 | 1,180 | |||||
Other operating income | 2,998 | 997 | |||||
Total noninterest income | 22,309 | 18,839 | |||||
Noninterest expenses: | |||||||
Salaries and benefits | 42,329 | 32,168 | |||||
Occupancy expenses | 6,310 | 4,903 | |||||
Furniture and equipment expenses | 3,033 | 2,603 | |||||
Printing, postage, and supplies | 1,073 | 1,150 | |||||
Communications expense | 1,097 | 910 | |||||
Technology and data processing | 4,649 | 3,900 | |||||
Professional services | 2,597 | 1,658 | |||||
Marketing and advertising expense | 1,443 | 1,740 | |||||
FDIC assessment premiums and other insurance | 2,185 | 706 | |||||
Other taxes | 2,886 | 2,022 | |||||
Loan-related expenses | 1,471 | 1,329 | |||||
OREO and credit-related expenses | 1,532 | 541 | |||||
Amortization of intangible assets | 3,181 | 1,637 | |||||
Training and other personnel costs | 1,027 | 969 | |||||
Merger-related costs | 27,712 | — | |||||
Other expenses | 1,483 | 1,159 | |||||
Total noninterest expenses | 104,008 | 57,395 | |||||
Income before income taxes | 18,548 | 25,889 | |||||
Income tax expense | 1,909 | 6,765 | |||||
Net income | $ | 16,639 | $ | 19,124 | |||
Basic earnings per common share | $ | 0.25 | $ | 0.44 | |||
Diluted earnings per common share | $ | 0.25 | $ | 0.44 | |||
Dividends declared per common share | $ | 0.21 | $ | 0.20 | |||
Basic weighted average number of common shares outstanding | 65,554,630 | 43,654,498 | |||||
Diluted weighted average number of common shares outstanding | 65,636,262 | 43,725,923 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Net income | $ | 16,639 | $ | 19,124 | |||
Other comprehensive income (loss): | |||||||
Cash flow hedges: | |||||||
Change in fair value of cash flow hedges | 1,964 | (31 | ) | ||||
Reclassification adjustment for losses (gains) included in net income (net of tax, $66 and $97 for the three months ended March 31, 2018 and 2017, respectively) | 249 | 180 | |||||
AFS securities: | |||||||
Unrealized holding gains (losses) arising during period (net of tax, $3,506 and $1,958 for the three months ended March 31, 2018 and 2017, respectively) | (13,191 | ) | 3,637 | ||||
Reclassification adjustment for losses (gains) included in net income (net of tax, $45 and $168 for the three months ended March 31, 2018 and 2017, respectively) | (168 | ) | (313 | ) | |||
HTM securities: | |||||||
Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax, $80 and $99 for the three months ended March 31, 2018 and 2017, respectively) | (299 | ) | (184 | ) | |||
Bank owned life insurance: | |||||||
Reclassification adjustment for losses included in net income | 19 | 109 | |||||
Other comprehensive income (loss) | (11,426 | ) | 3,398 | ||||
Comprehensive income | $ | 5,213 | $ | 22,522 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||
Balance - December 31, 2016 | $ | 57,506 | $ | 605,397 | $ | 341,938 | $ | (3,809 | ) | $ | 1,001,032 | ||||||||
Net income - 2017 | 19,124 | 19,124 | |||||||||||||||||
Other comprehensive income (net of taxes of $1,788) | 3,398 | 3,398 | |||||||||||||||||
Dividends on common stock ($0.20 per share) | (8,727 | ) | (8,727 | ) | |||||||||||||||
Issuance of common stock under Equity Compensation Plans (29,008 shares) | 39 | 489 | 528 | ||||||||||||||||
Issuance of common stock for services rendered (4,856 shares) | 6 | 170 | 176 | ||||||||||||||||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans (58,679 shares) | 78 | (1,126 | ) | (1,048 | ) | ||||||||||||||
Stock-based compensation expense | 1,148 | 1,148 | |||||||||||||||||
Balance - March 31, 2017 | $ | 57,629 | $ | 606,078 | $ | 352,335 | $ | (411 | ) | $ | 1,015,631 | ||||||||
Balance - December 31, 2017 | $ | 57,744 | $ | 610,001 | $ | 379,468 | $ | (884 | ) | $ | 1,046,329 | ||||||||
Net income - 2018 | 16,639 | 16,639 | |||||||||||||||||
Other comprehensive income (net of taxes of $3,565) | (11,426 | ) | (11,426 | ) | |||||||||||||||
Issuance of common stock in regard to acquisition (21,922,077 shares)(1) | 29,156 | 765,653 | 794,809 | ||||||||||||||||
Dividends on common stock ($0.21 per share) | (13,808 | ) | (13,808 | ) | |||||||||||||||
Issuance of common stock under Equity Compensation Plans (68,495 shares) | 91 | 836 | 927 | ||||||||||||||||
Issuance of common stock for services rendered (4,914 shares) | 7 | 177 | 184 | ||||||||||||||||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans (69,562 shares) | 93 | (2,363 | ) | (2,270 | ) | ||||||||||||||
Cancellation of warrants | (1,530 | ) | (1,530 | ) | |||||||||||||||
Stock-based compensation expense | 1,223 | 1,223 | |||||||||||||||||
Balance - March 31, 2018 | $ | 87,091 | $ | 1,373,997 | $ | 382,299 | $ | (12,310 | ) | $ | 1,831,077 |
2018 | 2017 | ||||||
Operating activities: | |||||||
Net income | $ | 16,639 | $ | 19,124 | |||
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities: | |||||||
Depreciation of premises and equipment | 3,480 | 2,645 | |||||
Writedown of OREO | 759 | 238 | |||||
Amortization, net | 3,776 | 3,396 | |||||
Amortization (accretion) related to acquisition, net | (2,691 | ) | 144 | ||||
Provision for credit losses | 3,500 | 2,122 | |||||
Gains on securities transactions, net | (213 | ) | (481 | ) | |||
BOLI income | (1,667 | ) | (2,125 | ) | |||
Decrease (increase) in loans held for sale, net | 12,935 | 16,511 | |||||
Gains on sales of other real estate owned, net | (21 | ) | (36 | ) | |||
Losses (gains) on sales of premises, net | (153 | ) | 26 | ||||
Stock-based compensation expenses | 1,223 | 1,148 | |||||
Issuance of common stock for services | 184 | 176 | |||||
Net decrease (increase) in other assets | (18,216 | ) | 2,241 | ||||
Net increase in other liabilities | 16,228 | 5,347 | |||||
Net cash and cash equivalents provided by (used in) operating activities | 35,763 | 50,476 | |||||
Investing activities: | |||||||
Purchases of securities available for sale and restricted stock | (154,512 | ) | (53,782 | ) | |||
Purchases of securities held to maturity | — | (4,878 | ) | ||||
Proceeds from sales of securities available for sale and restricted stock | 115,850 | 21,306 | |||||
Proceeds from maturities, calls and paydowns of securities available for sale | 33,909 | 26,167 | |||||
Proceeds from maturities, calls and paydowns of securities held to maturity | — | 1,001 | |||||
Net increase in loans held for investment | (201,369 | ) | (246,258 | ) | |||
Net increase in premises and equipment | (902 | ) | (3,156 | ) | |||
Proceeds from sales of other real estate owned | 1,157 | 206 | |||||
Cash paid in acquisition | (6,170 | ) | — | ||||
Cash acquired in acquisitions | 174,218 | — | |||||
Net cash and cash equivalents provided by (used in) investing activities | (37,819 | ) | (259,394 | ) | |||
Financing activities: | |||||||
Net increase in noninterest-bearing deposits | 43,846 | 97,174 | |||||
Net increase in interest-bearing deposits | 93,540 | 137,532 | |||||
Net increase (decrease) in short-term borrowings | 24,441 | (9,694 | ) | ||||
Cash paid for contingent consideration | — | (2,265 | ) | ||||
Cash dividends paid - common stock | (13,808 | ) | (8,727 | ) | |||
Cancellation of warrants | (1,530 | ) | — | ||||
Issuance of common stock | 927 | 528 | |||||
Vesting of restricted stock, net of shares held for taxes | (2,270 | ) | (1,048 | ) | |||
Net cash and cash equivalents provided by (used in) financing activities | 145,146 | 213,500 | |||||
Increase (decrease) in cash and cash equivalents | 143,090 | 4,582 | |||||
Cash and cash equivalents at beginning of the period | 199,373 | 179,237 | |||||
Cash and cash equivalents at end of the period | $ | 342,463 | $ | 183,819 |
2018 | 2017 | ||||||
Supplemental Disclosure of Cash Flow Information | |||||||
Cash payments for: | |||||||
Interest | $ | 18,011 | $ | 8,141 | |||
Income taxes | — | — | |||||
Supplemental schedule of noncash investing and financing activities | |||||||
Transfers between loans and OREO | (54 | ) | (71 | ) | |||
Issuance of common stock in exchange for net assets in acquisition | 794,809 | — | |||||
Transactions related to acquisitions | |||||||
Assets acquired | 3,249,420 | — | |||||
Liabilities assumed | 2,874,018 | — |
Purchase Price: | ||||||
Fair value of shares of Union common stock issued & warrants converted | $ | 794,809 | ||||
Cash paid for Xenith options | 6,170 | |||||
Total purchase price | $ | 800,979 | ||||
Fair value of assets acquired: | ||||||
Cash and cash equivalents | $ | 174,218 | ||||
Securities available for sale | 295,782 | |||||
Restricted stock, at cost | 27,569 | |||||
Net loans | 2,458,981 | |||||
Premises and equipment | 45,520 | |||||
OREO | 5,412 | |||||
Core deposit intangibles | 38,470 | |||||
Other assets | 203,468 | |||||
Total assets | $ | 3,249,420 | ||||
Fair value of liabilities assumed: | ||||||
Deposits | $ | 2,549,683 | ||||
Other short-term borrowings | 235,000 | |||||
Borrowings | 55,542 | |||||
Other liabilities | 33,793 | |||||
Total liabilities | $ | 2,874,018 | ||||
Net assets acquired | $ | 375,402 | ||||
Preliminary goodwill | $ | 425,577 |
Contractually required principal and interest payments | $ | 97,123 | |
Nonaccretable difference | (16,422 | ) | |
Cash flows expected to be collected | 80,701 | ||
Accretable difference | (12,225 | ) | |
Fair value of loans acquired with a deterioration of credit quality | $ | 68,476 |
Pro forma for the three months ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
(unaudited) | (unaudited) | ||||||
Total revenues (1) | $ | 126,056 | $ | 116,733 | |||
Net income | $ | 38,875 | $ | 25,921 | |||
Earnings per share | $ | 0.59 | $ | 0.40 |
Amortized | Gross Unrealized | Estimated | |||||||||||||
Cost | Gains | (Losses) | Fair Value | ||||||||||||
March 31, 2018 | |||||||||||||||
Obligations of states and political subdivisions | $ | 365,816 | $ | 3,002 | $ | (4,179 | ) | $ | 364,639 | ||||||
Corporate bonds | 122,903 | 1,175 | (938 | ) | 123,140 | ||||||||||
Mortgage-backed securities | 767,366 | 1,807 | (14,761 | ) | 754,412 | ||||||||||
Other securities | 11,120 | — | (132 | ) | 10,988 | ||||||||||
Total available for sale securities | $ | 1,267,205 | $ | 5,984 | $ | (20,010 | ) | $ | 1,253,179 | ||||||
December 31, 2017 | |||||||||||||||
Obligations of states and political subdivisions | $ | 295,546 | $ | 6,842 | $ | (564 | ) | $ | 301,824 | ||||||
Corporate bonds | 113,625 | 1,131 | (876 | ) | 113,880 | ||||||||||
Mortgage-backed securities | 552,431 | 2,596 | (6,169 | ) | 548,858 | ||||||||||
Other securities | 9,737 | — | (77 | ) | 9,660 | ||||||||||
Total available for sale securities | $ | 971,339 | $ | 10,569 | $ | (7,686 | ) | $ | 974,222 |
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
March 31, 2018 | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 150,366 | $ | (3,288 | ) | $ | 16,413 | $ | (891 | ) | $ | 166,779 | $ | (4,179 | ) | ||||||||
Mortgage-backed securities | 531,141 | (10,089 | ) | 139,217 | (4,672 | ) | 670,358 | (14,761 | ) | ||||||||||||||
Corporate bonds and other securities | 21,775 | (156 | ) | 37,591 | (914 | ) | 59,366 | (1,070 | ) | ||||||||||||||
Total available for sale securities | $ | 703,282 | $ | (13,533 | ) | $ | 193,221 | $ | (6,477 | ) | $ | 896,503 | $ | (20,010 | ) | ||||||||
December 31, 2017 | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 25,790 | $ | (132 | ) | $ | 16,934 | $ | (432 | ) | $ | 42,724 | $ | (564 | ) | ||||||||
Mortgage-backed securities | 298,439 | (3,267 | ) | 136,298 | (2,902 | ) | 434,737 | (6,169 | ) | ||||||||||||||
Corporate bonds and other securities | 10,976 | (99 | ) | 44,408 | (854 | ) | 55,384 | (953 | ) | ||||||||||||||
Total available for sale securities | $ | 335,205 | $ | (3,498 | ) | $ | 197,640 | $ | (4,188 | ) | $ | 532,845 | $ | (7,686 | ) |
March 31, 2018 | December 31, 2017 | ||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
Due in one year or less | $ | 30,048 | $ | 30,097 | $ | 25,179 | $ | 25,326 | |||||||
Due after one year through five years | 201,580 | 199,198 | 145,276 | 145,980 | |||||||||||
Due after five years through ten years | 228,924 | 228,561 | 223,210 | 226,251 | |||||||||||
Due after ten years | 806,653 | 795,323 | 577,674 | 576,665 | |||||||||||
Total securities available for sale | $ | 1,267,205 | $ | 1,253,179 | $ | 971,339 | $ | 974,222 |
Carrying | Gross Unrealized | Estimated | |||||||||||||
Value (1) | Gains | (Losses) | Fair Value | ||||||||||||
March 31, 2018 | |||||||||||||||
Obligations of states and political subdivisions | $ | 198,733 | $ | 1,540 | $ | (369 | ) | $ | 199,904 | ||||||
December 31, 2017 | |||||||||||||||
Obligations of states and political subdivisions | $ | 199,639 | $ | 4,014 | $ | (170 | ) | $ | 203,483 |
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
March 31, 2018 | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 57,691 | $ | (302 | ) | $ | 2,629 | $ | (67 | ) | $ | 60,320 | $ | (369 | ) | ||||||||
December 31, 2017 | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 18,896 | $ | (139 | ) | $ | 1,084 | $ | (31 | ) | $ | 19,980 | $ | (170 | ) |
March 31, 2018 | December 31, 2017 | ||||||||||||||
Carrying Value (1) | Estimated Fair Value | Carrying Value (1) | Estimated Fair Value | ||||||||||||
Due in one year or less | $ | 6,764 | $ | 6,780 | $ | 3,221 | $ | 3,230 | |||||||
Due after one year through five years | 48,016 | 48,265 | 44,289 | 44,601 | |||||||||||
Due after five years through ten years | 78,816 | 79,099 | 79,114 | 80,532 | |||||||||||
Due after ten years | 65,137 | 65,760 | 73,015 | 75,120 | |||||||||||
Total securities held to maturity | $ | 198,733 | $ | 199,904 | $ | 199,639 | $ | 203,483 |
Three Months Ended March 31, 2018 | Three Months Ended March 31, 2017 | ||||||
Realized gains (losses): | |||||||
Gross realized gains | $ | 697 | $ | 481 | |||
Gross realized losses | (484 | ) | — | ||||
Net realized gains | $ | 213 | $ | 481 | |||
Proceeds from sales of securities | $ | 115,850 | $ | 21,306 |
March 31, 2018 | December 31, 2017 | ||||||
Construction and Land Development | $ | 1,249,196 | $ | 948,791 | |||
Commercial Real Estate - Owner Occupied | 1,279,155 | 943,933 | |||||
Commercial Real Estate - Non-Owner Occupied | 2,230,463 | 1,713,659 | |||||
Multifamily Real Estate | 547,520 | 357,079 | |||||
Commercial & Industrial | 1,125,733 | 612,023 | |||||
Residential 1-4 Family - Commercial | 714,660 | 612,395 | |||||
Residential 1-4 Family - Mortgage | 604,354 | 485,690 | |||||
Auto | 288,089 | 282,474 | |||||
HELOC | 642,084 | 537,521 | |||||
Consumer | 839,699 | 408,667 | |||||
Other Commercial | 284,770 | 239,320 | |||||
Total loans held for investment, net (1) | $ | 9,805,723 | $ | 7,141,552 |
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days and still Accruing | PCI | Nonaccrual | Current | Total Loans | |||||||||||||||||||||
Construction and Land Development | $ | 403 | $ | 1,291 | $ | 322 | $ | 10,202 | $ | 6,391 | $ | 1,230,587 | $ | 1,249,196 | |||||||||||||
Commercial Real Estate - Owner Occupied | 4,985 | 777 | — | 25,826 | 2,539 | 1,245,028 | 1,279,155 | ||||||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 1,867 | — | — | 19,594 | 2,089 | 2,206,913 | 2,230,463 | ||||||||||||||||||||
Multifamily Real Estate | — | — | — | 3,380 | — | 544,140 | 547,520 | ||||||||||||||||||||
Commercial & Industrial | 2,608 | 1,254 | 200 | 2,890 | 1,969 | 1,116,812 | 1,125,733 | ||||||||||||||||||||
Residential 1-4 Family - Commercial | 3,707 | 960 | 113 | 14,826 | 1,512 | 693,542 | 714,660 | ||||||||||||||||||||
Residential 1-4 Family - Mortgage | 6,210 | 1,397 | 1,148 | 20,517 | 7,929 | 567,153 | 604,354 | ||||||||||||||||||||
Auto | 2,167 | 193 | 170 | 14 | 394 | 285,151 | 288,089 | ||||||||||||||||||||
HELOC | 3,564 | 1,346 | 306 | 1,884 | 2,072 | 632,912 | 642,084 | ||||||||||||||||||||
Consumer and all other(1) | 4,179 | 2,074 | 371 | 3,728 | 243 | 1,113,874 | 1,124,469 | ||||||||||||||||||||
Total loans held for investment | $ | 29,690 | $ | 9,292 | $ | 2,630 | $ | 102,861 | $ | 25,138 | $ | 9,636,112 | $ | 9,805,723 |
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days and still Accruing | PCI | Nonaccrual | Current | Total Loans | |||||||||||||||||||||
Construction and Land Development | $ | 1,248 | $ | 898 | $ | 1,340 | $ | 2,838 | $ | 5,610 | $ | 936,857 | $ | 948,791 | |||||||||||||
Commercial Real Estate - Owner Occupied | 444 | 81 | — | 14,790 | 2,708 | 925,910 | 943,933 | ||||||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 187 | 84 | 194 | 6,610 | 2,992 | 1,703,592 | 1,713,659 | ||||||||||||||||||||
Multifamily Real Estate | — | — | — | 80 | — | 356,999 | 357,079 | ||||||||||||||||||||
Commercial & Industrial | 1,147 | 109 | 214 | 408 | 316 | 609,829 | 612,023 | ||||||||||||||||||||
Residential 1-4 Family - Commercial | 1,682 | 700 | 579 | 9,414 | 1,085 | 598,935 | 612,395 | ||||||||||||||||||||
Residential 1-4 Family - Mortgage | 3,838 | 2,541 | 546 | 3,733 | 6,269 | 468,763 | 485,690 | ||||||||||||||||||||
Auto | 3,541 | 185 | 40 | — | 413 | 278,295 | 282,474 | ||||||||||||||||||||
HELOC | 2,382 | 717 | 217 | 950 | 2,075 | 531,180 | 537,521 | ||||||||||||||||||||
Consumer and all other(1) | 2,404 | 2,052 | 402 | 198 | 275 | 642,656 | 647,987 | ||||||||||||||||||||
Total loans held for investment | $ | 16,873 | $ | 7,367 | $ | 3,532 | $ | 39,021 | $ | 21,743 | $ | 7,053,016 | $ | 7,141,552 |
30-89 Days Past Due | Greater than 90 Days | Current | Total | ||||||||||||
Construction and Land Development | $ | 54 | $ | 1,909 | $ | 8,239 | $ | 10,202 | |||||||
Commercial Real Estate - Owner Occupied | 438 | 4,995 | 20,393 | 25,826 | |||||||||||
Commercial Real Estate - Non-Owner Occupied | 180 | 1,558 | 17,856 | 19,594 | |||||||||||
Multifamily Real Estate | — | — | 3,380 | 3,380 | |||||||||||
Commercial & Industrial | 38 | 120 | 2,732 | 2,890 | |||||||||||
Residential 1-4 Family - Commercial | 383 | 1,454 | 12,989 | 14,826 | |||||||||||
Residential 1-4 Family - Mortgage | 1,673 | 4,076 | 14,768 | 20,517 | |||||||||||
Auto | — | — | 14 | 14 | |||||||||||
HELOC | 83 | 645 | 1,156 | 1,884 | |||||||||||
Consumer and all other(1) | 7 | 220 | 3,501 | 3,728 | |||||||||||
Total | $ | 2,856 | $ | 14,977 | $ | 85,028 | $ | 102,861 |
30-89 Days Past Due | Greater than 90 Days | Current | Total | ||||||||||||
Construction and Land Development | $ | 8 | $ | 57 | $ | 2,773 | $ | 2,838 | |||||||
Commercial Real Estate - Owner Occupied | 381 | 478 | 13,931 | 14,790 | |||||||||||
Commercial Real Estate - Non-Owner Occupied | 188 | 233 | 6,189 | 6,610 | |||||||||||
Multifamily Real Estate | — | — | 80 | 80 | |||||||||||
Commercial & Industrial | — | — | 408 | 408 | |||||||||||
Residential 1-4 Family - Commercial | 433 | 351 | 8,630 | 9,414 | |||||||||||
Residential 1-4 Family - Mortgage | 343 | 626 | 2,764 | 3,733 | |||||||||||
HELOC | 291 | 214 | 445 | 950 | |||||||||||
Consumer and all other(1) | — | — | 198 | 198 | |||||||||||
Total | $ | 1,644 | $ | 1,959 | $ | 35,418 | $ | 39,021 |
March 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||
Loans without a specific allowance | |||||||||||||||||||||||
Construction and Land Development | $ | 11,652 | $ | 11,831 | $ | — | $ | 16,035 | $ | 16,214 | $ | — | |||||||||||
Commercial Real Estate - Owner Occupied | 15,966 | 16,347 | — | 5,427 | 5,527 | — | |||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 7,545 | 7,727 | — | 6,017 | 6,103 | — | |||||||||||||||||
Commercial & Industrial | 2,313 | 2,649 | — | 1,681 | 1,933 | — | |||||||||||||||||
Residential 1-4 Family - Commercial | 5,459 | 6,254 | — | 4,098 | 4,879 | — | |||||||||||||||||
Residential 1-4 Family - Mortgage | 12,910 | 13,238 | — | 9,512 | 9,786 | ||||||||||||||||||
HELOC | 3,497 | 3,788 | — | 2,056 | 2,144 | — | |||||||||||||||||
Consumer and all other(1) | 585 | 753 | — | 567 | 734 | — | |||||||||||||||||
Total impaired loans without a specific allowance | $ | 59,927 | $ | 62,587 | $ | — | $ | 45,393 | $ | 47,320 | $ | — | |||||||||||
Loans with a specific allowance | |||||||||||||||||||||||
Construction and Land Development | $ | 526 | $ | 572 | $ | 78 | $ | 1,536 | $ | 1,573 | $ | 122 | |||||||||||
Commercial Real Estate - Owner Occupied | 820 | 830 | 74 | 1,161 | 1,161 | 94 | |||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 83 | 83 | 1 | — | — | — | |||||||||||||||||
Commercial & Industrial | 2,074 | 2,113 | 60 | 1,295 | 1,319 | 128 | |||||||||||||||||
Residential 1-4 Family - Commercial | 909 | 921 | 30 | 1,062 | 1,068 | 35 | |||||||||||||||||
Residential 1-4 Family - Mortgage | 3,279 | 3,532 | 88 | 1,953 | 2,070 | 36 | |||||||||||||||||
Auto | 740 | 900 | 3 | 413 | 577 | 2 | |||||||||||||||||
HELOC | 936 | 1,053 | 167 | 464 | 535 | 51 | |||||||||||||||||
Consumer and all other(1) | 159 | 298 | 1 | 204 | 309 | 35 | |||||||||||||||||
Total impaired loans with a specific allowance | $ | 9,526 | $ | 10,302 | $ | 502 | $ | 8,088 | $ | 8,612 | $ | 503 | |||||||||||
Total impaired loans | $ | 69,453 | $ | 72,889 | $ | 502 | $ | 53,481 | $ | 55,932 | $ | 503 |
Three Months Ended March 31, 2018 | Three Months Ended March 31, 2017 | ||||||||||||||
Average Investment | Interest Income Recognized | Average Investment | Interest Income Recognized | ||||||||||||
Construction and Land Development | $ | 12,326 | $ | 74 | $ | 17,179 | $ | 139 | |||||||
Commercial Real Estate - Owner Occupied | 17,112 | 160 | 6,793 | 64 | |||||||||||
Commercial Real Estate - Non-Owner Occupied | 7,904 | 61 | 11,540 | 108 | |||||||||||
Commercial & Industrial | 4,933 | 45 | 6,830 | 36 | |||||||||||
Residential 1-4 Family - Commercial | 6,618 | 56 | 5,251 | 43 | |||||||||||
Residential 1-4 Family - Mortgage | 16,529 | 77 | 7,796 | 30 | |||||||||||
Auto | 836 | 5 | 477 | 1 | |||||||||||
HELOC | 4,784 | 32 | 2,366 | 4 | |||||||||||
Consumer and all other(1) | 764 | 7 | 303 | — | |||||||||||
Total impaired loans | $ | 71,806 | $ | 517 | $ | 58,535 | $ | 425 |
March 31, 2018 | December 31, 2017 | ||||||||||||||||||||
No. of Loans | Recorded Investment | Outstanding Commitment | No. of Loans | Recorded Investment | Outstanding Commitment | ||||||||||||||||
Performing | |||||||||||||||||||||
Construction and Land Development | 3 | $ | 1,658 | $ | — | 7 | $ | 2,803 | $ | — | |||||||||||
Commercial Real Estate - Owner Occupied | 8 | 3,010 | — | 5 | 2,221 | — | |||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 2 | 571 | — | 2 | 715 | — | |||||||||||||||
Commercial & Industrial | 4 | 876 | — | 12 | 2,057 | — | |||||||||||||||
Residential 1-4 Family - Commercial | 17 | 1,189 | — | 16 | 1,048 | — | |||||||||||||||
Residential 1-4 Family - Mortgage | 27 | 5,478 | — | 24 | 5,194 | — | |||||||||||||||
HELOC | 1 | 20 | — | 1 | 20 | — | |||||||||||||||
Consumer and all other (1) | 1 | 490 | — | 1 | 495 | — | |||||||||||||||
Total performing | 63 | $ | 13,292 | $ | — | 68 | $ | 14,553 | $ | — | |||||||||||
Nonperforming | |||||||||||||||||||||
Construction and Land Development | 3 | $ | 1,175 | $ | — | 2 | $ | 702 | $ | — | |||||||||||
Commercial Real Estate - Owner Occupied | 2 | 128 | — | 2 | 134 | — | |||||||||||||||
Commercial & Industrial | 10 | 1,116 | — | 2 | 108 | — | |||||||||||||||
Residential 1-4 Family - Commercial | 5 | 535 | — | 5 | 558 | — | |||||||||||||||
Residential 1-4 Family - Mortgage | 7 | 1,249 | — | 7 | 1,264 | — | |||||||||||||||
HELOC | 1 | 60 | — | 1 | 59 | — | |||||||||||||||
Consumer and all other (1) | 1 | 21 | — | 1 | 24 | — | |||||||||||||||
Total nonperforming | 29 | $ | 4,284 | $ | — | 20 | $ | 2,849 | $ | — | |||||||||||
Total performing and nonperforming | 92 | $ | 17,576 | $ | — | 88 | $ | 17,402 | $ | — |
All Restructurings | Restructurings with Payment Default | ||||||||||||||||||||||||||
Three Months Ended March 31, 2018 | Three Months Ended March 31, 2017 | Three Months Ended March 31, 2018 | Three Months Ended March 31, 2017 | ||||||||||||||||||||||||
No. of Loans | Recorded Investment at Period End | No. of Loans | Recorded Investment at Period End | No. of Loans | Recorded Investment at Period End | No. of Loans | Recorded Investment at Period End | ||||||||||||||||||||
Modified to interest only, at a market rate | |||||||||||||||||||||||||||
Commercial & Industrial | — | $ | — | 5 | $ | 661 | — | $ | — | — | $ | — | |||||||||||||||
Total interest only at market rate of interest | — | $ | — | 5 | $ | 661 | — | $ | — | — | $ | — | |||||||||||||||
Term modification, at a market rate | |||||||||||||||||||||||||||
Construction and Land Development | — | $ | — | — | $ | — | 2 | $ | 1,015 | — | $ | — | |||||||||||||||
Commercial Real Estate - Owner Occupied | 3 | 811 | — | — | — | — | — | — | |||||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | — | — | 2 | 1,637 | — | — | — | — | |||||||||||||||||||
Commercial & Industrial | — | — | 2 | 836 | — | — | — | — | |||||||||||||||||||
Residential 1-4 Family - Commercial | 1 | 152 | 1 | 207 | 1 | 60 | — | — | |||||||||||||||||||
Residential 1-4 Family - Mortgage | 1 | 140 | 2 | 173 | — | — | — | — | |||||||||||||||||||
Total loan term extended at a market rate | 5 | $ | 1,103 | 7 | $ | 2,853 | 3 | $ | 1,075 | — | $ | — | |||||||||||||||
Term modification, below market rate | |||||||||||||||||||||||||||
Commercial & Industrial | — | $ | — | 2 | $ | 128 | — | $ | — | — | $ | — | |||||||||||||||
Residential 1-4 Family - Commercial | — | — | 2 | 87 | — | — | — | — | |||||||||||||||||||
Residential 1-4 Family - Mortgage | 2 | 164 | 2 | 778 | — | — | — | — | |||||||||||||||||||
Total loan term extended at a below market rate | 2 | $ | 164 | 6 | $ | 993 | — | $ | — | — | $ | — | |||||||||||||||
Total | 7 | $ | 1,267 | 18 | $ | 4,507 | 3 | $ | 1,075 | — | $ | — |
Allowance for loan losses | |||||||||||||||||||
Balance, beginning of the year | Recoveries credited to allowance | Loans charged off | Provision charged to operations | Balance, end of period | |||||||||||||||
Construction and Land Development | $ | 9,709 | $ | 226 | $ | (6 | ) | $ | 287 | $ | 10,216 | ||||||||
Commercial Real Estate - Owner Occupied | 2,931 | 109 | (125 | ) | 1,057 | 3,972 | |||||||||||||
Commercial Real Estate - Non-Owner Occupied | 7,544 | 4 | (94 | ) | (353 | ) | 7,101 | ||||||||||||
Multifamily Real Estate | 1,092 | 5 | — | 290 | 1,387 | ||||||||||||||
Commercial & Industrial | 4,552 | 186 | (206 | ) | 1,162 | 5,694 | |||||||||||||
Residential 1-4 Family - Commercial | 4,437 | 52 | (10 | ) | (1,787 | ) | 2,692 | ||||||||||||
Residential 1-4 Family - Mortgage | 1,524 | 153 | (100 | ) | 638 | 2,215 | |||||||||||||
Auto | 975 | 88 | (168 | ) | 125 | 1,020 | |||||||||||||
HELOC | 1,360 | 276 | (84 | ) | (81 | ) | 1,471 | ||||||||||||
Consumer and all other(1) | 4,084 | 381 | (1,766 | ) | 2,162 | 4,861 | |||||||||||||
Total | $ | 38,208 | $ | 1,480 | $ | (2,559 | ) | $ | 3,500 | $ | 40,629 |
Loans individually evaluated for impairment | Loans collectively evaluated for impairment | Loans acquired with deteriorated credit quality | Total | ||||||||||||||||||||||||||||
Loans | ALL | Loans | ALL | Loans | ALL | Loans | ALL | ||||||||||||||||||||||||
Construction and Land Development | $ | 12,178 | $ | 78 | $ | 1,226,816 | $ | 10,138 | $ | 10,202 | $ | — | $ | 1,249,196 | $ | 10,216 | |||||||||||||||
Commercial Real Estate - Owner Occupied | 16,786 | 74 | 1,236,543 | 3,898 | 25,826 | — | 1,279,155 | 3,972 | |||||||||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 7,628 | 1 | 2,203,241 | 7,100 | 19,594 | — | 2,230,463 | 7,101 | |||||||||||||||||||||||
Multifamily Real Estate | — | — | 544,140 | 1,387 | 3,380 | — | 547,520 | 1,387 | |||||||||||||||||||||||
Commercial & Industrial | 4,387 | 60 | 1,118,456 | 5,634 | 2,890 | — | 1,125,733 | 5,694 | |||||||||||||||||||||||
Residential 1-4 Family - Commercial | 6,368 | 30 | 693,466 | 2,662 | 14,826 | — | 714,660 | 2,692 | |||||||||||||||||||||||
Residential 1-4 Family - Mortgage | 16,189 | 88 | 567,648 | 2,127 | 20,517 | — | 604,354 | 2,215 | |||||||||||||||||||||||
Auto | 740 | 3 | 287,335 | 1,017 | 14 | — | 288,089 | 1,020 | |||||||||||||||||||||||
HELOC | 4,433 | 167 | 635,767 | 1,304 | 1,884 | — | 642,084 | 1,471 | |||||||||||||||||||||||
Consumer and all other(1) | 744 | 1 | 1,119,997 | 4,860 | 3,728 | — | 1,124,469 | 4,861 | |||||||||||||||||||||||
Total loans held for investment, net | $ | 69,453 | $ | 502 | $ | 9,633,409 | $ | 40,127 | $ | 102,861 | $ | — | $ | 9,805,723 | $ | 40,629 |
Allowance for loan losses | |||||||||||||||||||
Balance, beginning of the year | Recoveries credited to allowance | Loans charged off | Provision charged to operations | Balance, end of period | |||||||||||||||
Construction and Land Development | $ | 10,055 | $ | 37 | $ | (45 | ) | $ | (496 | ) | $ | 9,551 | |||||||
Commercial Real Estate - Owner Occupied | 3,801 | 20 | — | (600 | ) | 3,221 | |||||||||||||
Commercial Real Estate - Non-Owner Occupied | 6,622 | — | — | 640 | 7,262 | ||||||||||||||
Multifamily Real Estate | 1,236 | — | — | 198 | 1,434 | ||||||||||||||
Commercial & Industrial | 4,627 | 139 | (241 | ) | 754 | 5,279 | |||||||||||||
Residential 1-4 Family - Commercial | 3,698 | 91 | (70 | ) | 132 | 3,851 | |||||||||||||
Residential 1-4 Family - Mortgage | 2,701 | 37 | (65 | ) | 95 | 2,768 | |||||||||||||
Auto | 946 | 108 | (248 | ) | 139 | 945 | |||||||||||||
HELOC | 1,328 | 88 | (194 | ) | 47 | 1,269 | |||||||||||||
Consumer and all other(1) | 2,178 | 325 | (770 | ) | 1,101 | 2,834 | |||||||||||||
Total | $ | 37,192 | $ | 845 | $ | (1,633 | ) | $ | 2,010 | $ | 38,414 |
Loans individually evaluated for impairment | Loans collectively evaluated for impairment | Loans acquired with deteriorated credit quality | Total | ||||||||||||||||||||||||||||
Loans | ALL | Loans | ALL | Loans | ALL | Loans | ALL | ||||||||||||||||||||||||
Construction and Land Development | $ | 17,301 | $ | 729 | $ | 750,210 | $ | 8,822 | $ | 2,776 | $ | — | $ | 770,287 | $ | 9,551 | |||||||||||||||
Commercial Real Estate - Owner Occupied | 6,759 | 3 | 845,601 | 3,218 | 18,199 | — | 870,559 | 3,221 | |||||||||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 11,516 | 745 | 1,603,526 | 6,517 | 16,725 | — | 1,631,767 | 7,262 | |||||||||||||||||||||||
Multifamily Real Estate | — | — | 351,711 | 1,434 | 2,058 | — | 353,769 | 1,434 | |||||||||||||||||||||||
Commercial & Industrial | 6,100 | 617 | 569,734 | 4,662 | 733 | — | 576,567 | 5,279 | |||||||||||||||||||||||
Residential 1-4 Family - Commercial | 5,120 | 112 | 563,502 | 3,739 | 11,946 | — | 580,568 | 3,851 | |||||||||||||||||||||||
Residential 1-4 Family - Mortgage | 7,664 | 281 | 465,243 | 2,487 | 3,964 | — | 476,871 | 2,768 | |||||||||||||||||||||||
Auto | 393 | 1 | 271,073 | 944 | — | — | 271,466 | 945 | |||||||||||||||||||||||
HELOC | 2,200 | 20 | 524,507 | 1,249 | 1,156 | — | 527,863 | 1,269 | |||||||||||||||||||||||
Consumer and all other(1) | 302 | 7 | 493,814 | 2,827 | 213 | — | 494,329 | 2,834 | |||||||||||||||||||||||
Total loans held for investment, net | $ | 57,355 | $ | 2,515 | $ | 6,438,921 | $ | 35,899 | $ | 57,770 | $ | — | $ | 6,554,046 | $ | 38,414 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Construction and Land Development | $ | 1,160,775 | $ | 67,489 | $ | 10,730 | $ | — | $ | 1,238,994 | |||||||||
Commercial Real Estate - Owner Occupied | 1,180,445 | 57,927 | 14,957 | — | 1,253,329 | ||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 2,178,842 | 24,579 | 7,448 | — | 2,210,869 | ||||||||||||||
Multifamily Real Estate | 532,643 | 11,497 | — | — | 544,140 | ||||||||||||||
Commercial & Industrial | 1,076,460 | 42,852 | 3,531 | — | 1,122,843 | ||||||||||||||
Residential 1-4 Family - Commercial | 677,693 | 17,688 | 4,453 | — | 699,834 | ||||||||||||||
Residential 1-4 Family - Mortgage | 563,869 | 11,893 | 8,075 | — | 583,837 | ||||||||||||||
Auto | 284,933 | 2,552 | 579 | 11 | 288,075 | ||||||||||||||
HELOC | 620,155 | 16,992 | 3,053 | — | 640,200 | ||||||||||||||
Consumer and all other(1) | 1,115,732 | 4,304 | 697 | 8 | 1,120,741 | ||||||||||||||
Total | $ | 9,391,547 | $ | 257,773 | $ | 53,523 | $ | 19 | $ | 9,702,862 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Construction and Land Development | $ | 869,111 | $ | 62,517 | $ | 14,325 | $ | — | $ | 945,953 | |||||||||
Commercial Real Estate - Owner Occupied | 872,130 | 52,268 | 4,745 | — | 929,143 | ||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 1,681,314 | 19,899 | 5,836 | — | 1,707,049 | ||||||||||||||
Multifamily Real Estate | 349,625 | 7,374 | — | — | 356,999 | ||||||||||||||
Commercial & Industrial | 595,923 | 13,533 | 2,159 | — | 611,615 | ||||||||||||||
Residential 1-4 Family - Commercial | 587,169 | 12,117 | 3,650 | 45 | 602,981 | ||||||||||||||
Residential 1-4 Family - Mortgage | 470,646 | 7,190 | 1,642 | 2,479 | 481,957 | ||||||||||||||
Auto | 278,063 | 4,131 | 119 | 161 | 282,474 | ||||||||||||||
HELOC | 531,358 | 3,867 | 857 | 489 | 536,571 | ||||||||||||||
Consumer and all other(1) | 645,187 | 1,758 | 781 | 63 | 647,789 | ||||||||||||||
Total | $ | 6,880,526 | $ | 184,654 | $ | 34,114 | $ | 3,237 | $ | 7,102,531 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Construction and Land Development | $ | 1,410 | $ | 6,498 | $ | 2,294 | $ | — | $ | 10,202 | |||||||||
Commercial Real Estate - Owner Occupied | 6,788 | 11,261 | 7,777 | — | 25,826 | ||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 3,065 | 10,689 | 5,840 | — | 19,594 | ||||||||||||||
Multifamily Real Estate | — | 81 | 3,299 | — | 3,380 | ||||||||||||||
Commercial & Industrial | 1,707 | 842 | 341 | — | 2,890 | ||||||||||||||
Residential 1-4 Family - Commercial | 5,771 | 5,746 | 3,309 | — | 14,826 | ||||||||||||||
Residential 1-4 Family - Mortgage | 2,712 | 10,142 | 7,455 | 208 | 20,517 | ||||||||||||||
Auto | — | 14 | — | — | 14 | ||||||||||||||
HELOC | 719 | 362 | 592 | 211 | 1,884 | ||||||||||||||
Consumer and all other(1) | 970 | 2,493 | 265 | — | 3,728 | ||||||||||||||
Total | $ | 23,142 | $ | 48,128 | $ | 31,172 | $ | 419 | $ | 102,861 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Construction and Land Development | $ | 1,462 | $ | 1,260 | $ | 116 | $ | — | $ | 2,838 | |||||||||
Commercial Real Estate - Owner Occupied | 4,958 | 7,486 | 2,346 | — | 14,790 | ||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 3,920 | 1,394 | 1,296 | — | 6,610 | ||||||||||||||
Multifamily Real Estate | — | 80 | — | — | 80 | ||||||||||||||
Commercial & Industrial | 85 | 123 | 200 | — | 408 | ||||||||||||||
Residential 1-4 Family - Commercial | 5,234 | 2,877 | 1,303 | — | 9,414 | ||||||||||||||
Residential 1-4 Family - Mortgage | 2,764 | 329 | 71 | 569 | 3,733 | ||||||||||||||
HELOC | 446 | 291 | 94 | 119 | 950 | ||||||||||||||
Consumer and all other(1) | 148 | 41 | 9 | — | 198 | ||||||||||||||
Total | $ | 19,017 | $ | 13,881 | $ | 5,435 | $ | 688 | $ | 39,021 |
For the Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Balance at beginning of period | $ | 14,563 | $ | 19,739 | |||
Additions | 12,225 | — | |||||
Accretion | (2,144 | ) | (1,511 | ) | |||
Reclass of nonaccretable difference due to changes in expected cash flows | (35 | ) | 1,680 | ||||
Other, net (1) | 293 | (908 | ) | ||||
Balance at end of period | $ | 24,902 | $ | 19,000 |
For the remaining nine months of 2018 | $ | 8,787 | |
For the year ending December 31, 2019 | 10,143 | ||
For the year ending December 31, 2020 | 8,291 | ||
For the year ending December 31, 2021 | 6,500 | ||
For the year ending December 31, 2022 | 4,927 | ||
Thereafter | 11,444 | ||
Total estimated amortization expense | $ | 50,092 |
March 31, 2018 | December 31, 2017 | ||||||
Securities sold under agreements to repurchase | $ | 31,593 | $ | 49,152 | |||
Other short-term borrowings (1) | 1,022,000 | 745,000 | |||||
Total short-term borrowings | $ | 1,053,593 | $ | 794,152 | |||
Maximum month-end outstanding balance | $ | 1,207,206 | $ | 794,152 | |||
Average outstanding balance during the period | 1,133,603 | 602,553 | |||||
Average interest rate (during the period) | 1.52 | % | 1.00 | % | |||
Average interest rate at end of period | 1.64 | % | 1.32 | % |
Trust Preferred Capital Securities (1) | Investment (1) | Spread to 3-Month LIBOR | Rate (2) | Maturity | |||||||||||
Trust Preferred Capital Note - Statutory Trust I | $ | 22,500,000 | $ | 696,000 | 2.75 | % | 5.06 | % | 6/17/2034 | ||||||
Trust Preferred Capital Note - Statutory Trust II | 36,000,000 | 1,114,000 | 1.40 | % | 3.71 | % | 6/15/2036 | ||||||||
VFG Limited Liability Trust I Indenture | 20,000,000 | 619,000 | 2.73 | % | 5.04 | % | 3/18/2034 | ||||||||
FNB Statutory Trust II Indenture | 12,000,000 | 372,000 | 3.10 | % | 5.41 | % | 6/26/2033 | ||||||||
Gateway Capital Statutory Trust I | 8,000,000 | 248,000 | 3.10 | % | 5.41 | % | 9/17/2033 | ||||||||
Gateway Capital Statutory Trust II | 7,000,000 | 217,000 | 2.65 | % | 4.96 | % | 6/17/2034 | ||||||||
Gateway Capital Statutory Trust III | 15,000,000 | 464,000 | 1.50 | % | 3.81 | % | 5/30/2036 | ||||||||
Gateway Capital Statutory Trust IV | 25,000,000 | 774,000 | 1.55 | % | 3.86 | % | 7/30/2037 | ||||||||
Total | $ | 145,500,000 | $ | 4,504,000 |
Long-term Type | Spread to 3-Month LIBOR | Interest Rate (1) | Maturity Date | Advance Amount | ||||||||
Adjustable Rate Credit | 0.44 | % | 2.75 | % | 8/23/2022 | $ | 55,000 | |||||
Adjustable Rate Credit | 0.45 | % | 2.76 | % | 11/23/2022 | 65,000 | ||||||
Adjustable Rate Credit | 0.45 | % | 2.76 | % | 11/23/2022 | 10,000 | ||||||
Adjustable Rate Credit | 0.45 | % | 2.76 | % | 11/23/2022 | 10,000 | ||||||
Fixed Rate | — | 3.75 | % | 7/30/2018 | 5,000 | |||||||
Fixed Rate | — | 3.97 | % | 7/30/2018 | 5,000 | |||||||
Fixed Rate Hybrid | — | 0.99 | % | 10/19/2018 | 30,000 | |||||||
Fixed Rate Hybrid | — | 1.58 | % | 5/18/2020 | 20,000 | |||||||
$ | 200,000 | |||||||||||
(1) Interest rates calculated using non-rounded numbers. |
Long-term Type | Spread to 3-Month LIBOR | Interest Rate (1) | Maturity Date | Advance Amount | ||||||||
Adjustable Rate Credit | 0.44 | % | 2.13 | % | 8/23/2022 | $ | 55,000 | |||||
Adjustable Rate Credit | 0.45 | % | 2.15 | % | 11/23/2022 | 65,000 | ||||||
Adjustable Rate Credit | 0.45 | % | 2.15 | % | 11/23/2022 | 10,000 | ||||||
Adjustable Rate Credit | 0.45 | % | 2.15 | % | 11/23/2022 | 10,000 | ||||||
Fixed Rate | — | 3.75 | % | 7/30/2018 | 5,000 | |||||||
Fixed Rate | — | 3.97 | % | 7/30/2018 | 5,000 | |||||||
Fixed Rate Hybrid | — | 0.99 | % | 10/19/2018 | 30,000 | |||||||
Fixed Rate Hybrid | — | 1.58 | % | 5/18/2020 | 20,000 | |||||||
$ | 200,000 | |||||||||||
(1) Interest rates calculated using non-rounded numbers. |
Trust Preferred Capital Notes | Subordinated Debt | FHLB Advances | Fair Value Premium (Discount) (1) | Prepayment Penalty | Total Long-term Borrowings | ||||||||||||||||||
For the remaining nine months of 2018 | $ | — | $ | — | $ | 40,000 | $ | (559 | ) | $ | (1,489 | ) | $ | 37,952 | |||||||||
2019 | — | — | — | (862 | ) | (2,018 | ) | (2,880 | ) | ||||||||||||||
2020 | — | — | 20,000 | (935 | ) | (2,074 | ) | 16,991 | |||||||||||||||
2021 | — | — | — | (1,006 | ) | (2,119 | ) | (3,125 | ) | ||||||||||||||
2022 | — | — | 140,000 | (1,029 | ) | (1,707 | ) | 137,264 | |||||||||||||||
Thereafter | 150,004 | 158,500 | — | (13,273 | ) | — | 295,231 | ||||||||||||||||
Total long-term borrowings | $ | 150,004 | $ | 158,500 | $ | 200,000 | $ | (17,664 | ) | $ | (9,407 | ) | $ | 481,433 |
March 31, 2018 | December 31, 2017 | ||||||
Commitments with off-balance sheet risk: | |||||||
Commitments to extend credit (1) | $ | 2,926,208 | $ | 2,192,812 | |||
Standby letters of credit | 155,826 | 127,435 | |||||
Total commitments with off-balance sheet risk | $ | 3,082,034 | $ | 2,320,247 |
Pledged Assets as of March 31, 2018 | |||||||||||||||||||
Cash | AFS Securities (1) | HTM Securities (1) | Loans (2) | Total | |||||||||||||||
Public deposits | $ | — | $ | 289,698 | $ | 194,042 | $ | — | $ | 483,740 | |||||||||
Repurchase agreements | — | 74,441 | — | — | 74,441 | ||||||||||||||
FHLB advances | — | 754 | — | 2,585,329 | 2,586,083 | ||||||||||||||
Derivatives | 13,316 | 2,590 | — | — | 15,906 | ||||||||||||||
Other purposes | — | 25,461 | — | — | 25,461 | ||||||||||||||
Total pledged assets | $ | 13,316 | $ | 392,944 | $ | 194,042 | $ | 2,585,329 | $ | 3,185,631 |
Pledged Assets as of December 31, 2017 | |||||||||||||||||||
Cash | AFS Securities (1) | HTM Securities (1) | Loans (2) | Total | |||||||||||||||
Public deposits | $ | — | $ | 242,472 | $ | 197,482 | $ | — | $ | 439,954 | |||||||||
Repurchase agreements | — | 77,942 | — | — | 77,942 | ||||||||||||||
FHLB advances | — | 878 | — | 2,390,509 | 2,391,387 | ||||||||||||||
Derivatives | 23,870 | 3,656 | — | — | 27,526 | ||||||||||||||
Other purposes | — | 15,043 | — | — | 15,043 | ||||||||||||||
Total pledged assets | $ | 23,870 | $ | 339,991 | $ | 197,482 | $ | 2,390,509 | $ | 2,951,852 |
March 31, 2018 | December 31, 2017 | ||||||||||||||||||||||||
Derivative (2) | Derivative (2) | ||||||||||||||||||||||||
Notional or Contractual Amount (1) | Assets | Liabilities | Notional or Contractual Amount (1) | Assets | Liabilities | ||||||||||||||||||||
Derivatives designated as accounting hedges: | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Cash flow hedges | $ | 152,500 | $ | — | $ | 5,063 | $ | 152,500 | $ | 49 | $ | 8,005 | |||||||||||||
Fair value hedges | 79,963 | 3,468 | — | 80,973 | 1,598 | 76 | |||||||||||||||||||
Derivatives not designated as accounting hedges: | |||||||||||||||||||||||||
Loan Swaps | |||||||||||||||||||||||||
Pay fixed - receive floating interest rate swaps | 704,424 | 13,368 | 2,641 | 529,736 | — | 1,350 | |||||||||||||||||||
Pay floating - receive fixed interest rate swaps | 704,424 | 2,641 | 13,368 | 529,736 | 1,350 | — | |||||||||||||||||||
Other contracts: | |||||||||||||||||||||||||
Interest rate lock commitments | 47,949 | 828 | — | 34,314 | 559 | — | |||||||||||||||||||
Best efforts forward delivery commitments | 75,011 | — | 22 | 73,777 | 12 | — |
Unrealized Gains (Losses) on AFS Securities | Unrealized Gain for AFS Securities Transferred to HTM | Change in Fair Value of Cash Flow Hedge | Unrealized Gains (Losses) on BOLI | Total | |||||||||||||||
Balance - December 31, 2017 | $ | 1,874 | $ | 2,705 | $ | (4,361 | ) | $ | (1,102 | ) | $ | (884 | ) | ||||||
Other comprehensive income (loss) | (13,191 | ) | — | 1,964 | — | (11,227 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (168 | ) | (299 | ) | 249 | 19 | (199 | ) | |||||||||||
Net current period other comprehensive income (loss) | (13,359 | ) | (299 | ) | 2,213 | 19 | (11,426 | ) | |||||||||||
Balance - March 31, 2018 | $ | (11,485 | ) | $ | 2,406 | $ | (2,148 | ) | $ | (1,083 | ) | $ | (12,310 | ) |
Unrealized Gains (Losses) on AFS Securities | Unrealized Gain for AFS Securities Transferred to HTM | Change in Fair Value of Cash Flow Hedge | Unrealized Gains (Losses) on BOLI | Total | |||||||||||||||
Balance - December 31, 2016 | $ | (542 | ) | $ | 3,377 | $ | (5,179 | ) | $ | (1,465 | ) | $ | (3,809 | ) | |||||
Other comprehensive income (loss) | 3,637 | — | (31 | ) | — | 3,606 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (313 | ) | (184 | ) | 180 | $ | 109 | (208 | ) | ||||||||||
Net current period other comprehensive income (loss) | 3,324 | (184 | ) | 149 | 109 | 3,398 | |||||||||||||
Balance - March 31, 2017 | $ | 2,782 | $ | 3,193 | $ | (5,030 | ) | $ | (1,356 | ) | $ | (411 | ) |
Level 1 | Valuation is based on quoted prices in active markets for identical assets and liabilities. | |
Level 2 | Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets. | |
Level 3 | Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Company’s assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. |
Fair Value Measurements at March 31, 2018 using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||
ASSETS | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | 364,639 | $ | — | $ | 364,639 | |||||||
Corporate and other bonds | — | 123,140 | — | 123,140 | |||||||||||
Mortgage-backed securities | — | 754,412 | — | 754,412 | |||||||||||
Other securities | — | 10,988 | — | 10,988 | |||||||||||
Loans held for sale | — | 27,727 | — | 27,727 | |||||||||||
Derivatives: | |||||||||||||||
Interest rate swap | — | 16,009 | — | 16,009 | |||||||||||
Fair value hedges | — | 3,468 | — | 3,468 | |||||||||||
Interest rate lock commitments | — | — | 828 | 828 | |||||||||||
LIABILITIES | |||||||||||||||
Derivatives: | |||||||||||||||
Interest rate swap | $ | — | $ | 16,009 | $ | — | $ | 16,009 | |||||||
Cash flow hedges | — | 5,063 | — | 5,063 | |||||||||||
Best efforts forward delivery commitments | — | — | 22 | 22 |
Fair Value Measurements at December 31, 2017 using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||
ASSETS | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | 301,824 | $ | — | $ | 301,824 | |||||||
Corporate and other bonds | — | 113,880 | — | 113,880 | |||||||||||
Mortgage-backed securities | — | 548,858 | — | 548,858 | |||||||||||
Other securities | — | 9,660 | — | 9,660 | |||||||||||
Loans held for sale | — | 40,662 | — | 40,662 | |||||||||||
Derivatives: | |||||||||||||||
Interest rate swap | — | 1,350 | — | 1,350 | |||||||||||
Cash flow hedges | — | 49 | — | 49 | |||||||||||
Fair value hedges | — | 1,598 | — | 1,598 | |||||||||||
Interest rate lock commitments | — | — | 559 | 559 | |||||||||||
Best efforts forward delivery commitments | — | — | 12 | 12 | |||||||||||
LIABILITIES | |||||||||||||||
Derivatives: | |||||||||||||||
Interest rate swap | $ | — | $ | 1,350 | $ | — | $ | 1,350 | |||||||
Cash flow hedges | — | 8,005 | — | 8,005 | |||||||||||
Fair value hedges | — | 76 | — | 76 |
Fair Value Measurements at March 31, 2018 using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||
ASSETS | |||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,685 | $ | 2,685 | |||||||
OREO | — | — | 10,099 | 10,099 |
Fair Value Measurements at December 31, 2017 using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||
ASSETS | |||||||||||||||
Impaired loans | $ | — | $ | — | $ | 3,229 | $ | 3,229 | |||||||
OREO | — | — | 6,636 | 6,636 |
Fair Value Measurements at March 31, 2018 using | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Fair Value | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Balance | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 342,463 | $ | 342,463 | $ | — | $ | — | $ | 342,463 | |||||||||
Securities available for sale | 1,253,179 | — | 1,253,179 | — | 1,253,179 | ||||||||||||||
Held to maturity securities | 198,733 | — | 199,904 | — | 199,904 | ||||||||||||||
Restricted stock | 105,261 | — | 105,261 | — | 105,261 | ||||||||||||||
Loans held for sale | 27,727 | — | 27,727 | — | 27,727 | ||||||||||||||
Net loans | 9,765,094 | — | — | 9,668,738 | 9,668,738 | ||||||||||||||
Derivatives: | |||||||||||||||||||
Interest rate swap | 16,009 | — | 16,009 | — | 16,009 | ||||||||||||||
Fair value hedge | 3,468 | — | 3,468 | — | 3,468 | ||||||||||||||
Interest rate lock commitments | 828 | — | — | 828 | 828 | ||||||||||||||
Accrued interest receivable | 35,329 | — | 35,329 | — | 35,329 | ||||||||||||||
BOLI | 258,381 | — | 258,381 | — | 258,381 | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | 9,677,955 | $ | — | $ | 9,698,797 | $ | — | $ | 9,698,797 | |||||||||
Borrowings | 1,535,026 | — | 1,521,524 | — | 1,521,524 | ||||||||||||||
Accrued interest payable | 5,638 | — | 5,638 | — | 5,638 | ||||||||||||||
Derivatives: | |||||||||||||||||||
Interest rate swap | 16,009 | — | 16,009 | — | 16,009 | ||||||||||||||
Cash flow hedges | 5,063 | — | 5,063 | — | 5,063 | ||||||||||||||
Best efforts forward delivery commitments | 22 | — | — | 22 | 22 |
Fair Value Measurements at December 31, 2017 using | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Fair Value | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Balance | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 199,373 | $ | 199,373 | $ | — | $ | — | $ | 199,373 | |||||||||
Securities available for sale | 974,222 | — | 974,222 | — | 974,222 | ||||||||||||||
Held to maturity securities | 199,639 | — | 203,483 | — | 203,483 | ||||||||||||||
Restricted stock | 75,283 | — | 75,283 | — | 75,283 | ||||||||||||||
Loans held for sale | 40,662 | — | 40,662 | — | 40,662 | ||||||||||||||
Net loans | 7,103,344 | — | — | 7,117,593 | 7,117,593 | ||||||||||||||
Derivatives: | |||||||||||||||||||
Interest rate swap | 1,350 | — | 1,350 | — | 1,350 | ||||||||||||||
Cash flow hedges | 49 | — | 49 | — | 49 | ||||||||||||||
Fair value hedges | 1,598 | — | 1,598 | — | 1,598 | ||||||||||||||
Interest rate lock commitments | 559 | — | — | 559 | 559 | ||||||||||||||
Best efforts forward delivery commitments | 12 | — | — | 12 | 12 | ||||||||||||||
Accrued interest receivable | 26,427 | — | 26,427 | — | 26,427 | ||||||||||||||
BOLI | 182,854 | — | 182,854 | — | 182,854 | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | 6,991,718 | $ | — | $ | 6,977,845 | $ | — | $ | 6,977,845 | |||||||||
Borrowings | 1,219,414 | — | 1,198,645 | — | 1,198,645 | ||||||||||||||
Accrued interest payable | 2,538 | — | 2,538 | — | 2,538 | ||||||||||||||
Derivatives: | |||||||||||||||||||
Interest rate swap | 1,350 | — | 1,350 | — | 1,350 | ||||||||||||||
Cash flow hedges | 8,005 | — | 8,005 | — | 8,005 | ||||||||||||||
Fair value hedges | 76 | — | 76 | — | 76 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
Noninterest income: | |||||||
Deposit Service Charges (1): | |||||||
Overdraft fees, net | $ | 4,820 | $ | 3,731 | |||
Maintenance fees & other | 1,074 | 785 | |||||
Other service charges and fees (1) | 1,233 | 1,139 | |||||
Interchange fees, net (1) | 4,489 | 3,582 | |||||
Fiduciary and asset management fees (1): | |||||||
Trust asset management fees | 1,345 | 1,268 | |||||
Registered advisor management fees, net | 720 | 670 | |||||
Brokerage management fees, net | 991 | 856 | |||||
Mortgage banking income, net | 2,041 | 2,025 | |||||
Gains on securities transactions, net | 213 | 481 | |||||
Bank owned life insurance income | 1,667 | 2,125 | |||||
Loan-related interest rate swap fees | 718 | 1,180 | |||||
Other operating income (2) | 2,998 | 997 | |||||
Total noninterest income | $ | 22,309 | $ | 18,839 |
Net Income Available to Common Stockholders (Numerator) | Weighted Average Common Shares (Denominator) | Per Share Amount | ||||||||
Three months ended March 31, 2018 | ||||||||||
Basic | $ | 16,639 | 65,555 | $ | 0.25 | |||||
Effect of dilutive stock awards and warrants | — | 81 | — | |||||||
Diluted | $ | 16,639 | 65,636 | $ | 0.25 | |||||
Three months ended March 31, 2017 | ||||||||||
Basic | $ | 19,124 | 43,654 | $ | 0.44 | |||||
Add: potentially dilutive common shares - stock awards | — | 72 | — | |||||||
Diluted | $ | 19,124 | 43,726 | $ | 0.44 |
Community Bank | Mortgage | Eliminations | Consolidated | ||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||
Net interest income | $ | 103,314 | $ | 433 | $ | — | $ | 103,747 | |||||||
Provision for credit losses | 3,524 | (24 | ) | — | 3,500 | ||||||||||
Net interest income after provision for credit losses | 99,790 | 457 | — | 100,247 | |||||||||||
Noninterest income | 20,157 | 2,278 | (126 | ) | 22,309 | ||||||||||
Noninterest expenses | 101,669 | 2,465 | (126 | ) | 104,008 | ||||||||||
Income before income taxes | 18,278 | 270 | — | 18,548 | |||||||||||
Income tax expense | 1,847 | 62 | — | 1,909 | |||||||||||
Net income | $ | 16,431 | $ | 208 | $ | — | $ | 16,639 | |||||||
Total assets | $ | 13,140,316 | $ | 100,587 | $ | (91,611 | ) | $ | 13,149,292 | ||||||
Three Months Ended March 31, 2017 | |||||||||||||||
Net interest income | $ | 66,234 | $ | 333 | $ | — | $ | 66,567 | |||||||
Provision for credit losses | 2,104 | 18 | — | 2,122 | |||||||||||
Net interest income after provision for credit losses | 64,130 | 315 | — | 64,445 | |||||||||||
Noninterest income | 16,757 | 2,223 | (141 | ) | 18,839 | ||||||||||
Noninterest expenses | 55,014 | 2,522 | (141 | ) | 57,395 | ||||||||||
Income before income taxes | 25,873 | 16 | — | 25,889 | |||||||||||
Income tax expense | 6,753 | 12 | — | 6,765 | |||||||||||
Net income | $ | 19,120 | $ | 4 | $ | — | $ | 19,124 | |||||||
Total assets | $ | 8,660,987 | $ | 76,818 | $ | (67,885 | ) | $ | 8,669,920 | ||||||
• | the possibility that any of the anticipated benefits of the acquisition of Xenith will not be realized or will not be realized within the expected time period, the businesses of the Company and Xenith may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected, the expected revenue synergies and cost savings from the acquisition may not be fully realized or realized within the expected time frame, revenues following the acquisition may be lower than expected, or customer and employee relationships and business operations may be disrupted by the acquisition, |
• | changes in interest rates, |
• | general economic and financial market conditions, |
• | the Company’s ability to manage its growth or implement its growth strategy, |
• | the incremental cost and/or decreased revenues associated with exceeding $10 billion in assets, |
• | levels of unemployment in the Bank’s lending area, |
• | real estate values in the Bank’s lending area, |
• | an insufficient allowance for loan losses, |
• | the quality or composition of the loan or investment portfolios, |
• | concentrations of loans secured by real estate, particularly commercial real estate, |
• | the effectiveness of the Company’s credit processes and management of the Company’s credit risk, |
• | demand for loan products and financial services in the Company’s market area, |
• | the Company’s ability to compete in the market for financial services, |
• | technological risks and developments, and cyber attacks or events, |
• | performance by the Company’s counterparties or vendors, |
• | deposit flows, |
• | the availability of financing and the terms thereof, |
• | the level of prepayments on loans and mortgage-backed securities, |
• | legislative or regulatory changes and requirements, |
• | the impact of the Tax Act, including, but not limited to, the effect of the lower corporate tax rate, including on the valuation of the Company's tax assets and liabilities, |
• | any future refinements to the Company's preliminary analysis of the impact of the Tax Act on the Company, |
• | changes in the effect of the Tax Act due to issuance of interpretive regulatory guidance or enactment of corrective or supplement legislation, |
• | monetary and fiscal policies of the U.S. government including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and |
• | accounting principles and guidelines. |
• | The Company reported net income of $16.6 million and earnings per share of $0.25 for the quarter ended March 31, 2018 compared to net income of $19.1 million and earnings per share of $0.44 for the quarter ended March 31, 2017. |
• | The Company's net operating earnings(1), which excluded after-tax merger-related costs of $22.2 million, were $38.9 million and operating earnings per share(1) were $0.59 for the quarter ended March 31, 2018. |
• | ROA was 0.52% for the first quarter of 2018 compared to 0.92% for the first quarter of 2017; operating ROA(1) was 1.21% for the first quarter of 2018. |
• | ROE was 3.70% for the first quarter of 2018 compared to 7.68% for the first quarter of 2017; operating ROE(1) was 8.64% for the first quarter of 2018. |
• | ROTCE(1) was 6.43% for the first quarter of 2018 compared to 11.20% for the first quarter of 2017; operating ROTCE(1) was 15.03% for the first quarter of 2018. |
• | The Company's community bank segment reported net income of $16.4 million, or $0.25 per share, for the first quarter of 2018 compared to $19.1 million, or $0.44 per share, for the first quarter of 2017. Net operating earnings(1) for the community bank segment were $38.7 million, or $0.59 per share, for the first quarter of 2018. |
• | The Company's mortgage segment reported net income of $208,000 for the first quarter of 2018 compared to $4,000 for the first quarter of 2017. |
• | Loans held for investment, net of deferred fees and costs, were $9.8 billion at March 31, 2018, an increase of $2.7 billion, or 37.3%, from December 31, 2017. On a pro forma basis, including Xenith loans, loans held for investment grew $205.2 million, or 8.7% (annualized), from January 1, 2018. |
• | Total deposits were $9.7 billion at March 31, 2018, an increase of $2.7 billion, or 38.4%, from December 31, 2017. On a pro forma basis, including Xenith deposits, deposits grew $136.6 million, or 5.8% (annualized) from January 1, 2018. |
For the Three Months Ended March 31, | |||||||||||||
2018 | 2017 | Change | |||||||||||
(Dollars in thousands) | |||||||||||||
Average interest-earning assets | $ | 11,475,099 | $ | 7,660,937 | $ | 3,814,162 | |||||||
Interest income | $ | 124,654 | $ | 76,640 | $ | 48,014 | |||||||
Interest income (FTE) (1) | $ | 126,217 | $ | 79,180 | $ | 47,037 | |||||||
Yield on interest-earning assets | 4.41 | % | 4.05 | % | 36 | bps | |||||||
Yield on interest-earning assets (FTE) (1) | 4.46 | % | 4.19 | % | 27 | bps | |||||||
Average interest-bearing liabilities | $ | 9,104,584 | $ | 5,999,960 | $ | 3,104,624 | |||||||
Interest expense | $ | 20,907 | $ | 10,073 | $ | 10,834 | |||||||
Cost of interest-bearing liabilities | 0.93 | % | 0.68 | % | 25 | bps | |||||||
Cost of funds | 0.74 | % | 0.53 | % | 21 | bps | |||||||
Net interest income | $ | 103,747 | $ | 66,567 | $ | 37,180 | |||||||
Net interest income (FTE) (1) | $ | 105,310 | $ | 69,107 | $ | 36,203 | |||||||
Net interest margin | 3.67 | % | 3.52 | % | 15 | bps | |||||||
Net interest margin (FTE) (1) | 3.72 | % | 3.66 | % | 6 | bps |
For the Three Months Ended March 31, | |||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||
Average Balance | Interest Income / Expense (1) | Yield / Rate (1)(2) | Average Balance | Interest Income / Expense (1) | Yield / Rate (1)(2) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,020,691 | $ | 7,072 | 2.81 | % | $ | 746,359 | $ | 4,923 | 2.68 | % | |||||||||
Tax-exempt | 546,578 | 5,073 | 3.76 | % | 461,409 | 5,480 | 4.82 | % | |||||||||||||
Total securities | 1,567,269 | 12,145 | 3.14 | % | 1,207,768 | 10,403 | 3.49 | % | |||||||||||||
Loans, net (3) (4) | 9,680,195 | 113,135 | 4.74 | % | 6,383,905 | 68,503 | 4.35 | % | |||||||||||||
Other earning assets | 227,635 | 937 | 1.67 | % | 69,264 | 274 | 4.60 | % | |||||||||||||
Total earning assets | 11,475,099 | $ | 126,217 | 4.46 | % | 7,660,937 | $ | 79,180 | 4.19 | % | |||||||||||
Allowance for loan losses | (39,847 | ) | (37,898 | ) | |||||||||||||||||
Total non-earning assets | 1,584,320 | 842,478 | |||||||||||||||||||
Total assets | $ | 13,019,572 | $ | 8,465,517 | |||||||||||||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Transaction and money market accounts | $ | 4,759,523 | $ | 5,555 | 0.47 | % | $ | 3,205,692 | $ | 1,969 | 0.25 | % | |||||||||
Regular savings | 644,440 | 212 | 0.13 | % | 596,559 | 191 | 0.13 | % | |||||||||||||
Time deposits (5) | 2,085,930 | 5,445 | 1.06 | % | 1,211,064 | 2,917 | 0.98 | % | |||||||||||||
Total interest-bearing deposits | 7,489,893 | 11,212 | 0.61 | % | 5,013,315 | 5,077 | 0.41 | % | |||||||||||||
Other borrowings (6) | 1,614,691 | 9,695 | 2.44 | % | 986,645 | 4,996 | 2.05 | % | |||||||||||||
Total interest-bearing liabilities | 9,104,584 | $ | 20,907 | 0.93 | % | 5,999,960 | $ | 10,073 | 0.68 | % | |||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Demand deposits | 1,973,804 | 1,393,966 | |||||||||||||||||||
Other liabilities | 116,596 | 61,273 | |||||||||||||||||||
Total liabilities | 11,194,984 | 7,455,199 | |||||||||||||||||||
Stockholders' equity | 1,824,588 | 1,010,318 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 13,019,572 | $ | 8,465,517 | |||||||||||||||||
Net interest income | $ | 105,310 | $ | 69,107 | |||||||||||||||||
Interest rate spread | 3.53 | % | 3.51 | % | |||||||||||||||||
Cost of funds | 0.74 | % | 0.53 | % | |||||||||||||||||
Net interest margin (6) | 3.72 | % | 3.66 | % |
Three Months Ended March 31, 2018 vs. March 31, 2017 Increase (Decrease) Due to Change in: | |||||||||||
Volume | Rate | Total | |||||||||
Earning Assets: | |||||||||||
Securities: | |||||||||||
Taxable | $ | 1,890 | $ | 259 | $ | 2,149 | |||||
Tax-exempt | 910 | (1,317 | ) | (407 | ) | ||||||
Total securities | 2,800 | (1,058 | ) | 1,742 | |||||||
Loans, net (1) | 38,060 | 6,572 | 44,632 | ||||||||
Other earning assets | 651 | 12 | 663 | ||||||||
Total earning assets | $ | 41,511 | $ | 5,526 | $ | 47,037 | |||||
Interest-Bearing Liabilities: | |||||||||||
Interest-bearing deposits: | |||||||||||
Transaction and money market accounts | $ | 1,255 | $ | 2,331 | $ | 3,586 | |||||
Regular savings | 16 | 5 | 21 | ||||||||
Time Deposits (2) | 2,265 | 263 | 2,528 | ||||||||
Total interest-bearing deposits | 3,536 | 2,599 | 6,135 | ||||||||
Other borrowings (3) | 3,637 | 1,062 | 4,699 | ||||||||
Total interest-bearing liabilities | 7,173 | 3,661 | 10,834 | ||||||||
Change in net interest income | $ | 34,338 | $ | 1,865 | $ | 36,203 |
Loan Accretion | Deposit Accretion | Borrowings Accretion (Amortization) | Total | ||||||||||||
For the quarter ended March 31, 2017 | $ | 1,445 | $ | — | $ | 48 | $ | 1,493 | |||||||
For the quarter ended March 31, 2018 | 4,846 | 832 | (98 | ) | 5,580 | ||||||||||
For the remaining nine months of 2018 | 10,083 | 1,722 | (408 | ) | 11,397 | ||||||||||
For the years ending: | |||||||||||||||
2019 | 11,145 | 1,170 | (660 | ) | 11,655 | ||||||||||
2020 | 8,635 | 284 | (734 | ) | 8,185 | ||||||||||
2021 | 6,776 | 108 | (805 | ) | 6,079 | ||||||||||
2022 | 4,830 | 21 | (827 | ) | 4,024 | ||||||||||
2023 | 3,052 | — | (850 | ) | 2,202 | ||||||||||
Thereafter | 12,020 | — | (11,633 | ) | 387 |
For the Three Months Ended | ||||||||||||||
March 31, | Change | |||||||||||||
2018 | 2017 | $ | % | |||||||||||
(Dollars in thousands) | ||||||||||||||
Noninterest income: | ||||||||||||||
Service charges on deposit accounts | $ | 5,894 | $ | 4,516 | $ | 1,378 | 30.5 | % | ||||||
Other service charges and fees | 1,233 | 1,139 | 94 | 8.3 | % | |||||||||
Interchange fees, net | 4,489 | 3,582 | 907 | 25.3 | % | |||||||||
Fiduciary and asset management fees | 3,056 | 2,794 | 262 | 9.4 | % | |||||||||
Mortgage banking income, net | 2,041 | 2,025 | 16 | 0.8 | % | |||||||||
Gains on securities transactions, net | 213 | 481 | (268 | ) | (55.7 | )% | ||||||||
Bank owned life insurance income | 1,667 | 2,125 | (458 | ) | (21.6 | )% | ||||||||
Loan-related interest rate swap fees | 718 | 1,180 | (462 | ) | (39.2 | )% | ||||||||
Other operating income | 2,998 | 997 | 2,001 | 200.7 | % | |||||||||
Total noninterest income | $ | 22,309 | $ | 18,839 | $ | 3,470 | 18.4 | % | ||||||
Community bank segment | $ | 20,157 | $ | 16,757 | $ | 3,400 | 20.3 | % | ||||||
Mortgage segment | 2,278 | 2,223 | 55 | 2.5 | % | |||||||||
Intercompany eliminations | (126 | ) | (141 | ) | 15 | 10.6 | % | |||||||
Total noninterest income | $ | 22,309 | $ | 18,839 | $ | 3,470 | 18.4 | % |
For the Three Months Ended | ||||||||||||||
March 31, | Change | |||||||||||||
2018 | 2017 | $ | % | |||||||||||
(Dollars in thousands) | ||||||||||||||
Noninterest expense: | ||||||||||||||
Salaries and benefits | $ | 42,329 | $ | 32,168 | $ | 10,161 | 31.6 | % | ||||||
Occupancy expenses | 6,310 | 4,903 | 1,407 | 28.7 | % | |||||||||
Furniture and equipment expenses | 3,033 | 2,603 | 430 | 16.5 | % | |||||||||
Printing, postage, and supplies | 1,073 | 1,150 | (77 | ) | (6.7 | )% | ||||||||
Communications expense | 1,097 | 910 | 187 | 20.5 | % | |||||||||
Technology and data processing | 4,649 | 3,900 | 749 | 19.2 | % | |||||||||
Professional services | 2,597 | 1,658 | 939 | 56.6 | % | |||||||||
Marketing and advertising expense | 1,443 | 1,740 | (297 | ) | (17.1 | )% | ||||||||
FDIC assessment premiums and other insurance | 2,185 | 706 | 1,479 | 209.5 | % | |||||||||
Other taxes | 2,886 | 2,022 | 864 | 42.7 | % | |||||||||
Loan-related expenses | 1,471 | 1,329 | 142 | 10.7 | % | |||||||||
OREO and credit-related expenses | 1,532 | 541 | 991 | 183.2 | % | |||||||||
Amortization of intangible assets | 3,181 | 1,637 | 1,544 | 94.3 | % | |||||||||
Training and other personnel costs | 1,027 | 969 | 58 | 6.0 | % | |||||||||
Merger-related costs | 27,712 | — | 27,712 | NM | ||||||||||
Other expenses | 1,483 | 1,159 | 324 | 28.0 | % | |||||||||
Total noninterest expense | $ | 104,008 | $ | 57,395 | $ | 46,613 | 81.2 | % | ||||||
Community bank segment | $ | 101,669 | $ | 55,014 | $ | 46,655 | 84.8 | % | ||||||
Mortgage segment | 2,465 | 2,522 | (57 | ) | (2.3 | )% | ||||||||
Intercompany eliminations | (126 | ) | (141 | ) | 15 | 10.6 | % | |||||||
Total noninterest expense | $ | 104,008 | $ | 57,395 | $ | 46,613 | 81.2 | % |
March 31, 2018 | December 31, 2017 | ||||||
Available for Sale: | |||||||
Obligations of states and political subdivisions | $ | 364,639 | $ | 301,824 | |||
Corporate and other bonds | 123,140 | 113,880 | |||||
Mortgage-backed securities | 754,412 | 548,858 | |||||
Other securities | 10,988 | 9,660 | |||||
Total securities available for sale, at fair value | 1,253,179 | 974,222 | |||||
Held to Maturity: | |||||||
Obligations of states and political subdivisions, at carrying value | 198,733 | 199,639 | |||||
Restricted Stock: | |||||||
Federal Reserve Bank stock | 42,016 | 27,558 | |||||
FHLB stock | 63,245 | 47,725 | |||||
Total restricted stock, at cost | 105,261 | 75,283 | |||||
Total investments | $ | 1,557,173 | $ | 1,249,144 |
1 Year or Less | 1 - 5 Years | 5 - 10 Years | Over 10 Years | Total | |||||||||||||||
Mortgage backed securities: | |||||||||||||||||||
Amortized cost | $ | 947 | $ | 168,249 | $ | 103,656 | $ | 494,514 | $ | 767,366 | |||||||||
Fair value | 948 | 165,272 | 101,311 | 486,881 | 754,412 | ||||||||||||||
Weighted average yield (1) | 1.99 | % | 2.25 | % | 2.27 | % | 2.72 | % | 2.56 | % | |||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||
Amortized cost | 19,508 | 32,831 | 58,242 | 255,235 | 365,816 | ||||||||||||||
Fair value | 19,689 | 33,426 | 59,189 | 252,335 | 364,639 | ||||||||||||||
Weighted average yield (1) | 4.61 | % | 4.01 | % | 3.87 | % | 3.31 | % | 3.53 | % | |||||||||
Corporate bonds and other securities: | |||||||||||||||||||
Amortized cost | 9,593 | 500 | 67,026 | 56,904 | 134,023 | ||||||||||||||
Fair value | 9,460 | 500 | 68,061 | 56,107 | 134,128 | ||||||||||||||
Weighted average yield (1) | 0.67 | % | 0.33 | % | 4.58 | % | 2.85 | % | 3.55 | % | |||||||||
Total securities available for sale: | |||||||||||||||||||
Amortized cost | 30,048 | 201,580 | 228,924 | 806,653 | 1,267,205 | ||||||||||||||
Fair value | 30,097 | 199,198 | 228,561 | 795,323 | 1,253,179 | ||||||||||||||
Weighted average yield (1) | 3.27 | % | 2.54 | % | 3.35 | % | 2.92 | % | 2.94 | % |
1 Year or Less | 1 - 5 Years | 5 - 10 Years | Over 10 Years | Total | |||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||
Carrying Value | $ | 6,764 | $ | 48,016 | $ | 78,816 | $ | 65,137 | $ | 198,733 | |||||||||
Fair value | 6,780 | 48,265 | 79,099 | 65,760 | 199,904 | ||||||||||||||
Weighted average yield (1) | 2.52 | % | 2.39 | % | 2.82 | % | 3.35 | % | 2.88 | % |
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||||||||||||||||||||||
Construction and Land Development | $ | 1,249,196 | 12.7 | % | $ | 948,791 | 13.3 | % | $ | 841,738 | 12.2 | % | $ | 799,938 | 11.8 | % | $ | 770,287 | 11.8 | % | ||||||||||||||
Commercial Real Estate - Owner Occupied | 1,279,155 | 13.0 | % | 943,933 | 13.2 | % | 903,523 | 13.1 | % | 888,285 | 13.1 | % | 870,559 | 13.3 | % | |||||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 2,230,463 | 22.7 | % | 1,713,659 | 24.0 | % | 1,748,039 | 25.3 | % | 1,698,329 | 25.1 | % | 1,631,767 | 24.9 | % | |||||||||||||||||||
Multifamily Real Estate | 547,520 | 5.6 | % | 357,079 | 5.0 | % | 368,686 | 5.4 | % | 367,257 | 5.4 | % | 353,769 | 5.4 | % | |||||||||||||||||||
Commercial & Industrial | 1,125,733 | 11.5 | % | 612,023 | 8.6 | % | 554,522 | 8.0 | % | 568,602 | 8.4 | % | 576,567 | 8.8 | % | |||||||||||||||||||
Residential 1-4 Family - Commercial | 714,660 | 7.3 | % | 612,395 | 8.6 | % | 602,937 | 8.7 | % | 589,398 | 8.7 | % | 580,568 | 8.8 | % | |||||||||||||||||||
Residential 1-4 Family - Mortgage | 604,354 | 6.2 | % | 485,690 | 6.8 | % | 480,175 | 7.0 | % | 477,121 | 7.1 | % | 476,871 | 7.3 | % | |||||||||||||||||||
Auto | 288,089 | 3.0 | % | 282,474 | 4.0 | % | 276,572 | 4.0 | % | 274,162 | 4.0 | % | 271,466 | 4.1 | % | |||||||||||||||||||
HELOC | 642,084 | 6.5 | % | 537,521 | 7.5 | % | 535,446 | 7.8 | % | 535,088 | 7.9 | % | 527,863 | 8.1 | % | |||||||||||||||||||
Consumer and all other (1) | 1,124,469 | 11.5 | % | 647,987 | 9.0 | % | 587,091 | 8.5 | % | 573,310 | 8.5 | % | 494,329 | 7.5 | % | |||||||||||||||||||
Total loans held for investment | $ | 9,805,723 | 100.0 | % | $ | 7,141,552 | 100.0 | % | $ | 6,898,729 | 100.0 | % | $ | 6,771,490 | 100.0 | % | $ | 6,554,046 | 100.0 | % |
Variable Rate | Fixed Rate | ||||||||||||||||||||||||||||||
Total Maturities | Less than 1 year | Total | 1-5 years | More than 5 years | Total | 1-5 years | More than 5 years | ||||||||||||||||||||||||
Construction and Land Development | $ | 1,249,196 | $ | 593,479 | $ | 408,019 | $ | 352,509 | $ | 55,510 | $ | 247,698 | $ | 184,785 | $ | 62,913 | |||||||||||||||
Commercial Real Estate - Owner Occupied | 1,279,155 | 134,128 | 336,386 | 83,099 | 253,287 | 808,641 | 591,553 | 217,088 | |||||||||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | 2,230,463 | 268,678 | 656,020 | 237,721 | 418,299 | 1,305,765 | 939,950 | 365,815 | |||||||||||||||||||||||
Multifamily Real Estate | 547,520 | 79,958 | 154,771 | 62,079 | 92,692 | 312,791 | 261,682 | 51,109 | |||||||||||||||||||||||
Commercial & Industrial | 1,125,733 | 379,320 | 387,069 | 334,536 | 52,533 | 359,344 | 269,392 | 89,952 | |||||||||||||||||||||||
Residential 1-4 Family - Commercial | 714,660 | 95,616 | 97,724 | 13,330 | 84,394 | 521,320 | 428,361 | 92,959 | |||||||||||||||||||||||
Residential 1-4 Family - Mortgage | 604,354 | 13,222 | 327,809 | 6,384 | 321,425 | 263,323 | 24,433 | 238,890 | |||||||||||||||||||||||
Auto | 288,089 | 2,292 | 5 | 5 | — | 285,792 | 142,405 | 143,387 | |||||||||||||||||||||||
HELOC | 642,084 | 52,557 | 587,888 | 98,616 | 489,272 | 1,639 | 78 | 1,561 | |||||||||||||||||||||||
Consumer and all other (1) | 1,124,469 | 65,474 | 171,167 | 16,998 | 154,169 | 887,828 | 250,862 | 636,966 | |||||||||||||||||||||||
Total loans held for investment | $ | 9,805,723 | $ | 1,684,724 | $ | 3,126,858 | $ | 1,205,277 | $ | 1,921,581 | $ | 4,994,141 | $ | 3,093,501 | $ | 1,900,640 |
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
Nonaccrual loans, excluding PCI loans | $ | 25,138 | $ | 21,743 | $ | 20,122 | $ | 24,574 | $ | 22,338 | |||||||||
Foreclosed properties | 8,079 | 5,253 | 6,449 | 6,828 | 6,951 | ||||||||||||||
Former Bank premises | 2,020 | 1,383 | 2,315 | 2,654 | 2,654 | ||||||||||||||
Total NPAs | 35,237 | 28,379 | 28,886 | 34,056 | 31,943 | ||||||||||||||
Loans past due 90 days and accruing interest | 2,630 | 3,532 | 4,532 | 3,625 | 2,323 | ||||||||||||||
Total NPAs and loans past due 90 days and accruing interest | $ | 37,867 | $ | 31,911 | $ | 33,418 | $ | 37,681 | $ | 34,266 | |||||||||
Performing TDRs | $ | 13,292 | $ | 14,553 | $ | 16,519 | $ | 14,947 | $ | 14,325 | |||||||||
PCI loans | 102,861 | 39,021 | 51,041 | 56,167 | 57,770 | ||||||||||||||
Balances | |||||||||||||||||||
Allowance for loan losses | $ | 40,629 | $ | 38,208 | $ | 37,162 | $ | 38,214 | $ | 38,414 | |||||||||
Average loans, net of deferred fees and costs | 9,680,195 | 6,701,101 | 6,822,498 | 6,628,011 | 6,383,905 | ||||||||||||||
Loans, net of deferred fees and costs | 9,805,723 | 7,141,552 | 6,898,729 | 6,771,490 | 6,554,046 | ||||||||||||||
Ratios | |||||||||||||||||||
NPAs to total loans | 0.36 | % | 0.40 | % | 0.42 | % | 0.50 | % | 0.49 | % | |||||||||
NPAs & loans 90 days past due to total loans | 0.39 | % | 0.45 | % | 0.48 | % | 0.56 | % | 0.52 | % | |||||||||
NPAs to total loans & OREO | 0.36 | % | 0.40 | % | 0.42 | % | 0.50 | % | 0.49 | % | |||||||||
NPAs & loans 90 days past due to total loans & OREO | 0.39 | % | 0.45 | % | 0.48 | % | 0.56 | % | 0.52 | % | |||||||||
ALL to nonaccrual loans | 161.62 | % | 175.73 | % | 184.68 | % | 155.51 | % | 171.97 | % | |||||||||
ALL to nonaccrual loans & loans 90 days past due | 146.32 | % | 151.17 | % | 150.73 | % | 135.52 | % | 155.77 | % |
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
Beginning Balance | $ | 21,743 | $ | 20,122 | $ | 24,574 | $ | 22,338 | $ | 9,973 | |||||||||
Net customer payments | (1,455 | ) | (768 | ) | (4,642 | ) | (1,498 | ) | (1,068 | ) | |||||||||
Additions | 5,451 | 4,335 | 4,114 | 5,979 | 13,557 | ||||||||||||||
Charge-offs | (403 | ) | (1,305 | ) | (3,376 | ) | (2,004 | ) | (97 | ) | |||||||||
Loans returning to accruing status | (182 | ) | (448 | ) | — | (134 | ) | (27 | ) | ||||||||||
Transfers to OREO | (16 | ) | (193 | ) | (548 | ) | (107 | ) | — | ||||||||||
Ending Balance | $ | 25,138 | $ | 21,743 | $ | 20,122 | $ | 24,574 | $ | 22,338 |
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
Construction and Land Development | $ | 6,391 | $ | 5,610 | $ | 5,671 | $ | 5,659 | $ | 6,545 | |||||||||
Commercial Real Estate - Owner Occupied | 2,539 | 2,708 | 2,205 | 1,279 | 1,298 | ||||||||||||||
Commercial Real Estate - Non-owner Occupied | 2,089 | 2,992 | 2,701 | 4,765 | 2,798 | ||||||||||||||
Commercial & Industrial | 1,969 | 316 | 1,252 | 4,281 | 3,245 | ||||||||||||||
Residential 1-4 Family (1) | 9,441 | 7,354 | 6,163 | 6,128 | 5,856 | ||||||||||||||
Auto | 394 | 413 | 174 | 270 | 393 | ||||||||||||||
HELOC | 2,072 | 2,075 | 1,791 | 2,059 | 1,902 | ||||||||||||||
Consumer and all other | 243 | 275 | 165 | 133 | 301 | ||||||||||||||
Total | $ | 25,138 | $ | 21,743 | $ | 20,122 | $ | 24,574 | $ | 22,338 |
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
Beginning Balance | $ | 6,636 | $ | 8,764 | $ | 9,482 | $ | 9,605 | $ | 10,084 | |||||||||
Additions of foreclosed property | 44 | 325 | 621 | 132 | — | ||||||||||||||
Acquisitions of foreclosed property | 4,204 | — | — | — | — | ||||||||||||||
Acquisitions of former bank premises | 1,208 | — | — | — | — | ||||||||||||||
Valuation adjustments | (759 | ) | (1,046 | ) | (588 | ) | (19 | ) | (238 | ) | |||||||||
Proceeds from sales | (1,255 | ) | (1,419 | ) | (648 | ) | (272 | ) | (277 | ) | |||||||||
Gains (losses) from sales | 21 | 12 | (103 | ) | 36 | 36 | |||||||||||||
Ending Balance | $ | 10,099 | $ | 6,636 | $ | 8,764 | $ | 9,482 | $ | 9,605 |
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
Land | $ | 2,649 | $ | 2,755 | $ | 2,755 | $ | 3,205 | $ | 3,328 | |||||||||
Land Development | 3,624 | 1,045 | 1,993 | 2,050 | 2,111 | ||||||||||||||
Residential Real Estate | 1,171 | 1,314 | 1,562 | 1,399 | 1,338 | ||||||||||||||
Commercial Real Estate | 635 | 139 | 139 | 174 | 174 | ||||||||||||||
Former Bank Premises (1) | 2,020 | 1,383 | 2,315 | 2,654 | 2,654 | ||||||||||||||
Total | $ | 10,099 | $ | 6,636 | $ | 8,764 | $ | 9,482 | $ | 9,605 |
March 31, 2018 | December 30, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
Balance, beginning of period | $ | 38,208 | $ | 37,162 | $ | 38,214 | $ | 38,414 | $ | 37,192 | |||||||||
Loans charged-off: | |||||||||||||||||||
Commercial | 206 | 1,036 | 684 | 316 | 241 | ||||||||||||||
Real estate | 419 | 468 | 3,049 | 1,595 | 374 | ||||||||||||||
Consumer | 1,934 | 1,857 | 1,256 | 1,416 | 1,018 | ||||||||||||||
Total loans charged-off | 2,559 | 3,361 | 4,989 | 3,327 | 1,633 | ||||||||||||||
Recoveries: | |||||||||||||||||||
Commercial | 186 | 32 | 189 | 123 | 139 | ||||||||||||||
Real estate | 825 | 279 | 272 | 306 | 273 | ||||||||||||||
Consumer | 469 | 385 | 426 | 398 | 433 | ||||||||||||||
Total recoveries | 1,480 | 696 | 887 | 827 | 845 | ||||||||||||||
Net charge-offs | 1,079 | 2,665 | 4,102 | 2,500 | 788 | ||||||||||||||
Provision for loan losses | 3,500 | 3,711 | 3,050 | 2,300 | 2,010 | ||||||||||||||
Balance, end of period | $ | 40,629 | $ | 38,208 | $ | 37,162 | $ | 38,214 | $ | 38,414 | |||||||||
ALL to loans | 0.41 | % | 0.54 | % | 0.54 | % | 0.56 | % | 0.59 | % | |||||||||
Net charge-offs to average loans | 0.05 | % | 0.15 | % | 0.24 | % | 0.15 | % | 0.05 | % | |||||||||
Provision to average loans | 0.15 | % | 0.21 | % | 0.18 | % | 0.14 | % | 0.13 | % |
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||||||||||||||||||||||
$ | % (1) | $ | % (1) | $ | % (1) | $ | % (1) | $ | % (1) | |||||||||||||||||||||||||
Commercial | $ | 5,694 | 11.5 | % | $ | 4,552 | 8.6 | % | $ | 5,363 | 8.0 | % | $ | 5,614 | 8.4 | % | $ | 5,279 | 8.8 | % | ||||||||||||||
Real estate | 29,054 | 74.1 | % | 28,597 | 78.4 | % | 27,518 | 79.5 | % | 28,450 | 79.1 | % | 29,356 | 79.6 | % | |||||||||||||||||||
Consumer | 5,881 | 14.4 | % | 5,059 | 13.0 | % | 4,281 | 12.5 | % | 4,150 | 12.5 | % | 3,779 | 11.6 | % | |||||||||||||||||||
Total | $ | 40,629 | 100.0 | % | $ | 38,208 | 100.0 | % | $ | 37,162 | 100.0 | % | $ | 38,214 | 100.0 | % | $ | 38,414 | 100.0 | % |
March 31, 2018 | December 31, 2017 | ||||||||||||
Deposits: | Amount | % of total deposits | Amount | % of total deposits | |||||||||
Noninterest bearing | $ | 2,057,425 | 21.2 | % | $ | 1,502,208 | 21.5 | % | |||||
NOW accounts | 2,185,562 | 22.6 | % | 1,929,416 | 27.6 | % | |||||||
Money market accounts | 2,692,662 | 27.8 | % | 1,685,174 | 24.1 | % | |||||||
Savings accounts | 654,931 | 6.8 | % | 546,274 | 7.8 | % | |||||||
Time deposits of $100,000 and over | 819,056 | 8.5 | % | 624,112 | 8.9 | % | |||||||
Other time deposits | 1,268,319 | 13.1 | % | 704,534 | 10.1 | % | |||||||
Total Deposits | $ | 9,677,955 | 100.0 | % | $ | 6,991,718 | 100.0 | % |
Amount | |||
Within 3 Months | $ | 382,729 | |
3 - 12 Months | 769,543 | ||
Over 12 Months | 935,103 | ||
Total | $ | 2,087,375 |
March 31, 2018 | December 31, 2017 | March 31, 2017 | |||||||||
Common equity Tier 1 capital | $ | 1,007,662 | $ | 737,204 | $ | 708,985 | |||||
Tier 1 capital | 1,136,939 | 826,979 | 799,485 | ||||||||
Tier 2 capital | 198,861 | 186,809 | 187,295 | ||||||||
Total risk-based capital | 1,335,800 | 1,013,788 | 986,780 | ||||||||
Risk-weighted assets | 11,156,746 | 8,157,174 | 7,420,280 | ||||||||
Capital ratios: | |||||||||||
Common equity Tier 1 capital ratio | 9.03 | % | 9.04 | % | 9.55 | % | |||||
Tier 1 capital ratio | 10.19 | % | 10.14 | % | 10.77 | % | |||||
Total capital ratio | 11.97 | % | 12.43 | % | 13.30 | % | |||||
Leverage ratio (Tier 1 capital to average assets) | 9.32 | % | 9.42 | % | 9.79 | % | |||||
Capital conservation buffer ratio (1) | 3.97 | % | 4.14 | % | 4.77 | % | |||||
Common equity to total assets | 13.93 | % | 11.23 | % | 11.71 | % | |||||
Tangible common equity to tangible assets (2) | 8.54 | % | 8.14 | % | 8.36 | % |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Interest Income (FTE) | |||||||
Interest Income (GAAP) | $ | 124,654 | $ | 76,640 | |||
FTE adjustment | 1,563 | 2,540 | |||||
Interest Income FTE (non-GAAP) | $ | 126,217 | $ | 79,180 | |||
Average earning assets | $ | 11,475,099 | $ | 7,660,937 | |||
Yield on interest-earning assets (GAAP) | 4.41 | % | 4.05 | % | |||
Yield on interest-earning assets (FTE) (non-GAAP) | 4.46 | % | 4.19 | % | |||
Net Interest Income (FTE) | |||||||
Net Interest Income (GAAP) | $ | 103,747 | $ | 66,567 | |||
FTE adjustment | 1,563 | 2,540 | |||||
Net Interest Income FTE (non-GAAP) | 105,310 | 69,107 | |||||
Average earning assets | $ | 11,475,099 | $ | 7,660,937 | |||
Net interest margin (GAAP) | 3.67 | % | 3.52 | % | |||
Net interest margin (FTE) (non-GAAP) | 3.72 | % | 3.66 | % | |||
Tangible Assets | |||||||
Ending Assets (GAAP) | $ | 13,149,292 | $ | 8,669,920 | |||
Less: Ending goodwill | 724,106 | 298,191 | |||||
Less: Ending amortizable intangibles | 50,092 | 18,965 | |||||
Ending tangible assets (non-GAAP) | $ | 12,375,094 | $ | 8,352,764 | |||
Tangible Common Equity | |||||||
Ending Equity (GAAP) | $ | 1,831,077 | $ | 1,015,631 | |||
Less: Ending goodwill | 724,106 | 298,191 | |||||
Less: Ending amortizable intangibles | 50,092 | 18,965 | |||||
Ending tangible common equity (non-GAAP) | $ | 1,056,879 | $ | 698,475 | |||
Average equity (GAAP) | $ | 1,824,588 | $ | 1,010,318 | |||
Less: Average goodwill | 724,106 | 298,191 | |||||
Less: Average amortizable intangibles | 51,658 | 19,743 | |||||
Average tangible common equity (non-GAAP) | $ | 1,048,824 | $ | 692,384 | |||
ROE (GAAP) | 3.70 | % | 7.68 | % | |||
ROTCE (non-GAAP) | 6.43 | % | 11.20 | % | |||
Common equity to assets (GAAP) | 13.93 | % | 11.71 | % | |||
Tangible common equity to tangible assets (non-GAAP) | 8.54 | % | 8.36 | % | |||
Book value per share (GAAP) | $ | 27.87 | $ | 23.44 | |||
Tangible book value per share (non-GAAP) | $ | 16.14 | $ | 16.12 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Operating Measures | |||||||
Net income (GAAP) | $ | 16,639 | $ | 19,124 | |||
Merger-related costs, net of tax | 22,236 | — | |||||
Net operating earnings (non-GAAP) | $ | 38,875 | $ | 19,124 | |||
Weighted average common shares outstanding, diluted | 65,636,262 | 43,725,923 | |||||
Earnings per common share, diluted (GAAP) | $ | 0.25 | $ | 0.44 | |||
Operating earnings per common share, diluted (non-GAAP) | $ | 0.59 | $ | 0.44 | |||
Average assets (GAAP) | $ | 13,019,572 | $ | 8,465,517 | |||
ROA (GAAP) | 0.52 | % | 0.92 | % | |||
Operating ROA (non-GAAP) | 1.21 | % | 0.92 | % | |||
Average common equity (GAAP) | $ | 1,824,588 | $ | 1,010,318 | |||
ROE (GAAP) | 3.70 | % | 7.68 | % | |||
Operating ROE (non-GAAP) | 8.64 | % | 7.68 | % | |||
Average tangible common equity (non-GAAP) | $ | 1,048,824 | $ | 692,384 | |||
ROTCE (non-GAAP) | 6.43 | % | 11.20 | % | |||
Operating ROTCE (non-GAAP) | 15.03 | % | 11.20 | % | |||
Noninterest expense (GAAP) | $ | 104,008 | $ | 57,395 | |||
Less: Merger-related costs | 27,712 | — | |||||
Operating noninterest expense (non-GAAP) | $ | 76,296 | $ | 57,395 | |||
Net interest income (GAAP) | $ | 103,747 | $ | 66,567 | |||
Net interest income (FTE) (non-GAAP) | 105,310 | 69,107 | |||||
Noninterest income (GAAP) | 22,309 | 18,839 | |||||
Efficiency ratio (GAAP) | 82.51 | % | 67.20 | % | |||
Efficiency ratio (FTE) (non-GAAP) | 81.50 | % | 65.26 | % | |||
Operating efficiency ratio (FTE) (non-GAAP) | 59.79 | % | 65.26 | % | |||
Community Bank Segment Operating Measures | |||||||
Community bank segment net income (GAAP) | $ | 16,431 | $ | 19,120 | |||
Merger-related costs, net of tax | 22,236 | — | |||||
Community bank segment net operating earnings (non-GAAP) | $ | 38,667 | $ | 19,120 | |||
Weighted average common shares outstanding, diluted | 65,636,262 | 43,725,923 | |||||
Earnings per common share, diluted (GAAP) | $ | 0.25 | $ | 0.44 | |||
Operating earnings per common share, diluted (non-GAAP) | $ | 0.59 | $ | 0.44 | |||
Community bank segment noninterest expense (GAAP) | $ | 101,669 | $ | 55,014 | |||
Less: Merger-related costs | 27,712 | — | |||||
Community bank segment operating noninterest expense (non-GAAP) | $ | 73,957 | $ | 55,014 |
Change In Net Interest Income March 31, | |||||||||||
2018 | 2017 | ||||||||||
% | $ | % | $ | ||||||||
Change in Yield Curve: | |||||||||||
+300 basis points | 3.70 | 16,666 | 14.68 | 44,658 | |||||||
+200 basis points | 2.90 | 13,055 | 10.05 | 30,566 | |||||||
+100 basis points | 1.71 | 7,678 | 5.21 | 15,861 | |||||||
Most likely rate scenario | — | — | — | — | |||||||
-100 basis points | (3.13 | ) | (14,108 | ) | (5.95 | ) | (18,094 | ) | |||
-200 basis points | (7.05 | ) | (31,730 | ) | (10.18 | ) | (30,968 | ) |
Change In Economic Value of Equity March 31, | |||||||||||
2018 | 2017 | ||||||||||
% | $ | % | $ | ||||||||
Change in Yield Curve: | |||||||||||
+300 basis points | 0.60 | 14,841 | 3.39 | 49,683 | |||||||
+200 basis points | 1.01 | 24,884 | 2.97 | 43,563 | |||||||
+100 basis points | 1.02 | 25,083 | 1.98 | 28,998 | |||||||
Most likely rate scenario | — | — | — | — | |||||||
-100 basis points | (3.46 | ) | (85,255 | ) | (4.29 | ) | (62,850 | ) | |||
-200 basis points | (9.59 | ) | (236,131 | ) | (11.31 | ) | (165,668 | ) |
Exhibit No. | Description | |
2.01 | ||
3.01 | ||
3.02 | ||
10.33 | ||
10.34 | ||
10.35 | ||
10.36 | ||
15.01 | ||
31.01 | ||
31.02 | ||
32.01 | ||
101.00 | Interactive data files formatted in eXtensible Business Reporting Language for the quarter ended March 31, 2018 pursuant to Rule 405 of Regulation S-T (1): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income (unaudited), (iii) the Consolidated Statements of Comprehensive Income (unaudited), (iv) the Consolidated Statements of Changes in Stockholders’ Equity (unaudited), (v) the Consolidated Statements of Cash Flows (unaudited) and (vi) the Notes to Consolidated Financial Statements (unaudited). |
Union Bankshares Corporation | ||
(Registrant) | ||
Date: May 9, 2018 | By: | /s/ John C. Asbury |
John C. Asbury, | ||
President and Chief Executive Officer | ||
(principal executive officer) | ||
Date: May 9, 2018 | By: | /s/ Robert M. Gorman |
Robert M. Gorman, | ||
Executive Vice President and Chief Financial Officer | ||
(principal financial and accounting officer) |
/s/ John C. Asbury | |
John C. Asbury, | |
President and Chief Executive Officer |
/s/ Robert M. Gorman | |
Robert M. Gorman, | |
Executive Vice President and Chief Financial Officer |
/s/ John C. Asbury | |
John C. Asbury, President and Chief Executive Officer | |
May 9, 2018 | |
/s/ Robert M. Gorman | |
Robert M. Gorman, Executive Vice President and Chief Financial Officer | |
May 9, 2018 |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
May 02, 2018 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Union Bankshares Corp | |
Entity Central Index Key | 0000883948 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 65,909,642 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 1.33 | $ 1.33 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 65,895,421 | 43,743,318 |
Common stock, shares outstanding (in shares) | 65,895,421 | 43,743,318 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||
Tax expense (benefit) related to reclassification adjustment for losses included in net income | $ (66) | $ (97) |
Tax expense (benefit) related to unrealized holding (losses) gains arising during period | (3,506) | 1,958 |
Tax expense (benefit) related to (gains) losses on the sale of securities | 45 | 168 |
Tax expense (benefit) related to (gains) losses for AFS securities transferred to HTM | $ 80 | $ 99 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Other comprehensive income (loss), tax | $ (3,565) | $ 1,788 |
Issuance of common stock, acquisition, shares | 21,922,077 | |
Dividends on common stock, per share (in usd per share) | $ 0.21 | $ 0.20 |
Issuance of common stock under Equity Compensation Plan , shares | 68,495 | 29,008 |
Issuance of common stock for services rendered, shares | 4,914 | 4,856 |
Vesting of restricted stock under Equity Compensation Plans, shares | 69,562 | 58,679 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
||||
Operating activities: | |||||
Net income | $ 16,639 | $ 19,124 | |||
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities: | |||||
Depreciation of premises and equipment | 3,480 | 2,645 | |||
Writedown of OREO | 759 | 238 | |||
Amortization, net | 3,776 | 3,396 | |||
Amortization (accretion) related to acquisition, net | (2,691) | 144 | |||
Provision for credit losses | 3,500 | 2,122 | |||
Gains on securities transactions, net | (213) | (481) | |||
BOLI income | (1,667) | (2,125) | |||
Decrease (increase) in loans held for sale, net | 12,935 | 16,511 | |||
Gains on sales of other real estate owned, net | (21) | (36) | |||
Losses (gains) on sales of premises, net | (153) | 26 | |||
Stock-based compensation expenses | 1,223 | 1,148 | |||
Issuance of common stock for services | 184 | 176 | |||
Net decrease (increase) in other assets | (18,216) | 2,241 | |||
Net increase in other liabilities | 16,228 | 5,347 | |||
Net cash and cash equivalents provided by (used in) operating activities | 35,763 | 50,476 | |||
Investing activities: | |||||
Purchases of securities available for sale and restricted stock | (154,512) | (53,782) | |||
Purchases of securities held to maturity | 0 | (4,878) | |||
Proceeds from sales of securities available for sale and restricted stock | 115,850 | 21,306 | |||
Proceeds from maturities, calls and paydowns of securities available for sale | 33,909 | 26,167 | |||
Proceeds from maturities, calls and paydowns of securities held to maturity | 0 | 1,001 | |||
Net increase in loans held for investment | (201,369) | (246,258) | |||
Net increase in premises and equipment | (902) | (3,156) | |||
Proceeds from sales of other real estate owned | 1,157 | 206 | |||
Cash paid in acquisition | (6,170) | 0 | |||
Cash acquired in acquisitions | 174,218 | 0 | |||
Net cash and cash equivalents provided by (used in) investing activities | (37,819) | (259,394) | |||
Financing activities: | |||||
Net increase in noninterest-bearing deposits | 43,846 | 97,174 | |||
Net increase in interest-bearing deposits | 93,540 | 137,532 | |||
Net increase (decrease) in short-term borrowings | 24,441 | (9,694) | |||
Cash paid for contingent consideration | 0 | (2,265) | |||
Cash dividends paid - common stock | (13,808) | (8,727) | |||
Cancellation of warrants | (1,530) | 0 | |||
Issuance of common stock | 927 | 528 | |||
Vesting of restricted stock, net of shares held for taxes | (2,270) | (1,048) | |||
Net cash and cash equivalents provided by (used in) financing activities | 145,146 | 213,500 | |||
Increase (decrease) in cash and cash equivalents | 143,090 | 4,582 | |||
Cash and cash equivalents at beginning of the period | 199,373 | 179,237 | |||
Cash and cash equivalents at end of the period | 342,463 | 183,819 | |||
Cash payments for: | |||||
Interest | 18,011 | 8,141 | |||
Income taxes | 0 | 0 | |||
Supplemental schedule of noncash investing and financing activities | |||||
Transfers between loans and OREO | (54) | (71) | |||
Issuance of common stock in exchange for net assets in acquisition | 794,809 | [1] | 0 | ||
Transactions related to acquisitions | |||||
Assets acquired | 3,249,420 | 0 | |||
Liabilities assumed | $ 2,874,018 | $ 0 | |||
|
ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements; however, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2017 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. Business Combinations On January 1, 2018, the Company completed the acquisition of Xenith, a bank holding company based in Richmond, Virginia, for a purchase price of approximately $801.0 million. Under the terms of the merger agreement, Xenith’s common stockholders received 0.9354 shares of the Company’s common stock in exchange for each share of Xenith’s common stock, resulting in the Company issuing 21,922,077 shares of the Company's common stock. In addition, the Company paid $6.2 million in exchange for Xenith's outstanding options. In connection with the acquisition, the Company recorded $425.6 million in goodwill and $38.5 million of amortizable assets, which relate to core deposit intangibles. The goodwill is not expected to be deductible for tax purposes. The Company currently estimates that these intangibles assets will be amortized over 10 years using sum-of-years digits. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition. Affordable Housing Entities The Company invests in private investment funds that make equity investments in multifamily affordable housing properties that provide affordable housing tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. For the three months ended March 31, 2018 and March 31, 2017, the Company recognized amortization of $235,000 and $223,000, respectively, and tax credits of $283,000 and $309,000, respectively, associated with these investments within “Income tax expense” on the Company’s Consolidated Statements of Income. The carrying value of the Company’s investments in these qualified affordable housing projects was $11.6 million and $11.0 million as of March 31, 2018 and December 31, 2017, respectively. At March 31, 2018 and December 31, 2017, the Company's recorded liability totaled $8.3 million and $7.3 million, respectively, for the related unfunded commitments, which are expected to be paid from 2018 to 2019. Adoption of New Accounting Standards On January 1, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606” and all subsequent amendments to the ASU (“Topic 606”). This ASU revised guidance for the recognition, measurement, and disclosure of revenue from contracts with customers. The guidance, as amended, is applicable to all entities and replaces a significant portion of existing industry and transaction-specific revenue recognition rules with a more principles-based recognition model. Most revenue associated with financial instruments, including interest income, loan origination fees, and credit card fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives, and sales of financial instruments are similarly excluded from the scope. The Company adopted this ASU using the modified retrospective approach, which requires a cumulative effect adjustment to retained earnings as of the beginning of the reporting period in which the entity first applies the new guidance. The adoption of ASU No. 2016-09 did not have a material impact on the Company’s consolidated financial results but did result in expanded disclosures related to noninterest income and enhanced qualitative disclosures on the revenues within the scope of the new guidance. Refer to Note 11 “Revenue" for further discussion on the Company's accounting policies for revenue sources within the scope of ASC 606. On January 1, 2018, the Company adopted ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU requires an entity to, among other things: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. The ASU provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The ASU also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The adoption of ASU 2016-01 did not have a material impact on the Company’s consolidated financial statements and resulted in enhancements to the financial instrument disclosures. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU requires lessees to put most leases on their balance sheets, but recognize expenses in the income statement in a manner similar to today’s accounting. The guidance also eliminates the real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, and lease executory costs for all entities. For lessors, this ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently working to identify the complete lease population, including potential embedded leases. The adoption of this standard is expected to result in additional assets and liabilities, as the Company will be required to recognize operating leases on the Consolidated Balance Sheet. Other implementation matters to be addressed include, but are not limited to, the determination of effects on the financial and capital ratios and the quantification of the impacts that this accounting guidance will have on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU updates the existing guidance to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The CECL model will replace the Company's current accounting for PCI and impaired loans. The guidance also amends the AFS debt securities OTTI model. The amendment is effective for fiscal years beginning after December 15, 2019. The Company is currently assessing the requirements and necessary changes to the existing credit loss estimation methods and identifying a complete set of data requirements and sources. The Company is currently evaluating the impact ASU No. 2016-13 will have on its consolidated financial statements. This guidance may result in material changes in the Company's accounting for credit losses on financial instruments. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This ASU relates to any entity that elects to apply hedge accounting in accordance with current GAAP. The amendment simplifies the application of the hedge accounting guidance and improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The targeted improvements in ASU No. 2017-12 will allow the Company a one-time transfer of certain debt securities from HTM to AFS. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The Company plans to early adopt this standard in the second quarter of 2018 using the modified retrospective approach. As part of this adoption, the Company plans to make the one time election to transfer eligible HTM securities to the AFS category in order to optimize the investment portfolio management for capital and risk management considerations. The Company plans to transfer HTM securities with a carrying amount of approximately $200 million, which will result in an impact to accumulated other comprehensive income. The consolidated financial statements for the quarter ended June 30, 2018, will also include a cumulative effect adjustment to the opening balance of retained earnings to reflect the application of the new guidance related to the fair value hedges. The Company is in the process of developing the required disclosures, which will be included in its second quarter 2018 Quarterly Report on Form 10-Q. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act and requires certain disclosures about the stranded tax effects. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The Company plans to adopt this guidance in 2018 via the retrospective approach applying the effect of the change to the date of the enacted Tax Act, which was December 22, 2017. The Company has concluded the adoption of ASU No. 2018-02 will not have a material impact on its consolidated financial statements. |
ACQUISITIONS |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS On January 1, 2018, the Company completed its acquisition of Xenith, a bank holding company based in Richmond, Virginia. Xenith's common stockholders received 0.9354 shares of the Company's common stock in exchange for each share of Xenith's common stock, resulting in the Company issuing 21,922,077 shares of the Company's common stock at a fair value of $794.8 million. In addition, the Company paid $6.2 million in exchange for Xenith's outstanding stock options. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition, in accordance with ASC 350, Intangibles-Goodwill and Other. The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):
The acquired loans were recorded at fair value at the acquisition date without carryover of Xenith’s previously established allowance for loan losses. The fair value of the loans was determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and leases and then applying a market-based discount rate to those cash flows. In this regard, the acquired loans were segregated into pools based on loan type and credit risk. Loan type was determined based on collateral type, purpose, and lien position. Credit risk characteristics included risk rating groups (pass rated loans and adversely classified loans), and past due status. For valuation purposes, these pools were further disaggregated by maturity, pricing characteristics (e.g., fixed-rate, adjustable-rate) and re-payment structure (e.g., interest only, fully amortizing, balloon). If new information is obtained about facts and circumstances about expected cash flows that existed as of the acquisition date, management will adjust fair values in accordance with accounting for business combinations. The acquired loans were divided into loans with evidence of credit quality deterioration which are accounted for under ASC 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality, (acquired impaired) and loans that do not meet these criteria, which are accounted for under ASC 310-20, Receivables - Nonrefundable Fees and Other Costs, (acquired performing). The fair values of the acquired performing loans were $2.4 billion and the fair values of the acquired impaired loans were $68.5 million. The gross contractually required principal and interest payments receivable for acquired performing loans was $2.7 billion. The best estimate of contractual cash flows not expected to be collected related to the acquired performing loans is $22.2 million. The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands):
The following table presents certain pro forma information as if Xenith had been acquired on January 1, 2017. These results combine the historical results of Xenith in the Company's Consolidated Statements of Income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2017. In particular, no adjustments have been made to eliminate the amount of Xenith’s provision for credit losses that would not have been necessary had the acquired loans been recorded at fair value as of January 1, 2017. Pro forma adjustments below include the net impact of accretion for 2017 and the elimination of merger-related costs for 2018. The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands):
(1) Includes net interest income and noninterest income. Merger-related costs associated with the acquisition of Xenith were $27.7 million for the three months ended March 31, 2018; no merger-related costs were incurred for the three months ended March 31, 2017. Such costs include legal and accounting fees, lease and contract termination expenses, system conversion, and employee severances, which have been expensed as incurred. |
SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | SECURITIES Available for Sale The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available for sale as of March 31, 2018 and December 31, 2017 are summarized as follows (dollars in thousands):
The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Company’s available for sale securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of March 31, 2018 and December 31, 2017. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
As of March 31, 2018, there were $193.2 million, or 74 issues, of individual available for sale securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $6.5 million. As of December 31, 2017, there were $197.6 million, or 71 issues, of individual securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $4.2 million. The Company has determined that these securities are temporarily impaired at March 31, 2018 and December 31, 2017 for the reasons set out below: Mortgage-backed securities. This category’s unrealized losses are primarily the result of interest rate fluctuations. Because the decline in market value is attributable to changes in interest rates and not credit quality, the Company does not intend to sell the investments, and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired. Also, the majority of the Company’s mortgage-backed securities are agency-backed securities, which have a government guarantee. Obligations of state and political subdivisions. This category’s unrealized losses are primarily the result of interest rate fluctuations and also a certain few ratings downgrades brought about by the impact of the credit crisis on states and political subdivisions. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the cost basis of each investment. Because the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. Corporate bonds. The Company’s unrealized losses in corporate debt securities are related to both interest rate fluctuations and ratings downgrades for a limited number of securities. The majority of the securities remain investment grade and the Company’s analysis did not indicate the existence of a credit loss. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the cost basis of each investment. Because the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. The following table presents the amortized cost and estimated fair value of available for sale securities as of March 31, 2018 and December 31, 2017, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
For information regarding the estimated fair value of available for sale securities which were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of March 31, 2018 and December 31, 2017, see Note 7 “Commitments and Contingencies.” Held to Maturity The Company reports securities held to maturity on the Consolidated Balance Sheets at carrying value. Carrying value is amortized cost which includes any unamortized unrealized gains and losses recognized in accumulated other comprehensive income prior to reclassifying the securities from securities available for sale to securities held to maturity. Investment securities transferred into the held to maturity category from the available for sale category are recorded at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income and in the carrying value of the securities held to maturity. Such unrealized gains or losses are accreted over the remaining life of the security with no impact on future net income. The carrying value, gross unrealized gains and losses, and estimated fair values of securities held to maturity as of March 31, 2018 and December 31, 2017 are summarized as follows (dollars in thousands):
(1) The carrying value includes $3.2 million as of March 31, 2018 and $3.6 million as of December 31, 2017 of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion. The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Company’s held to maturity securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of March 31, 2018 and December 31, 2017. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
As of March 31, 2018, there was $2.6 million, or four issues, of individual held to maturity securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $67,000. As of December 31, 2017, there was $1.1 million, or two issues, of individual held to maturity securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $31,000. These securities are municipal bonds with minimal credit exposure. For this reason, the Company has determined that these securities in a loss position were temporarily impaired as of March 31, 2018 and December 31, 2017. Because the Company does not intend to sell these investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. The following table presents the amortized cost and estimated fair value of held to maturity securities as of March 31, 2018 and December 31, 2017, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(1) The carrying value includes $3.2 million as of March 31, 2018 and $3.6 million as of December 31, 2017 of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion. For information regarding the estimated fair value of held to maturity securities which were pledged to secure public deposits as permitted or required by law as of March 31, 2018 and December 31, 2017, see Note 7 “Commitments and Contingencies.” Restricted Stock, at cost Due to restrictions placed upon the Bank’s common stock investment in the Federal Reserve Bank and FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not subject to the investment security classifications and are included as a separate line item on the Company’s Consolidated Balance Sheets. At March 31, 2018 and December 31, 2017, the FHLB required the Bank to maintain stock in an amount equal to 4.25% of outstanding borrowings and a specific percentage of the Bank’s total assets. The Federal Reserve Bank required the Bank to maintain stock with a par value equal to 6% of the Bank's outstanding capital at both March 31, 2018 and December 31, 2017. Restricted equity securities consist of Federal Reserve Bank stock in the amount of $42.0 million and $27.6 million for March 31, 2018 and December 31, 2017 and FHLB stock in the amount of $63.2 million and $47.7 million as of March 31, 2018 and December 31, 2017, respectively. Other-Than-Temporary-Impairment During each quarter, the Company conducts an assessment of the securities portfolio for OTTI consideration. The assessment considers factors such as external credit ratings, delinquency coverage ratios, market price, management’s judgment, expectations of future performance, and relevant industry research and analysis. An impairment is other-than-temporary if any of the following conditions exist: the entity intends to sell the security; it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis; or the entity does not expect to recover the security’s entire amortized cost basis (even if the entity does not intend to sell). If a credit loss exists, but an entity does not intend to sell the impaired debt security and is not more likely than not to be required to sell before recovery, the impairment is other-than-temporary and should be separated into a credit portion to be recognized in earnings and the remaining amount relating to all other factors recognized as other comprehensive loss. Based on the assessment for the three months ended March 31, 2018, and in accordance with accounting guidance, no OTTI was recognized. Realized Gains and Losses The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three months ended March 31, 2018 and 2017 (dollars in thousands).
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LOANS AND ALLOWANCE FOR LOAN LOSSES |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR LOAN LOSSES | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans are stated at their face amount, net of deferred fees and costs, and consist of the following at March 31, 2018 and December 31, 2017 (dollars in thousands):
(1) Loans, as presented, are net of deferred fees and costs totaling $2.7 million and $1.3 million as of March 31, 2018 and December 31, 2017, respectively. The following table shows the aging of the Company’s loan portfolio, by segment, at March 31, 2018 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the aging of the Company’s loan portfolio, by segment, at December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the PCI loan portfolios, by segment and their delinquency status, at March 31, 2018 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the PCI loan portfolios, by segment and their delinquency status, at December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The Company measures the amount of impairment by evaluating loans either in their collective homogeneous pools or individually. The following table shows the Company’s impaired loans, excluding PCI loans, by segment at March 31, 2018 and December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following tables show the average recorded investment and interest income recognized for the Company’s impaired loans, excluding PCI loans, by segment for the three months ended March 31, 2018 and 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The Company considers TDRs to be impaired loans. A modification of a loan’s terms constitutes a TDR if the creditor grants a concession that it would not otherwise consider to the borrower for economic or legal reasons related to the borrower’s financial difficulties. All loans that are considered to be TDRs are evaluated for impairment in accordance with the Company’s allowance for loan loss methodology and are included in the preceding impaired loan tables. For the three months ended March 31, 2018, the recorded investment in TDRs prior to modifications was not materially impacted by the modification. The following table provides a summary, by segment, of TDRs that continue to accrue interest under the terms of the restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of March 31, 2018 and December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The Company considers a default of a TDR to occur when the borrower is 90 days past due following the restructure or a foreclosure and repossession of the applicable collateral occurs. The following table shows, by segment and modification type, TDRs that occurred during the three months ended March 31, 2018 and 2017 and TDRs that were identified by the Company as going into default during the period shown that were restructured in the prior twelve-month period (dollars in thousands):
The following table shows the allowance for loan loss activity, balances for allowance for loan losses, and loan balances based on impairment methodology by segment for the three months ended and as of March 31, 2018. The table below includes the provision for loan losses. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes.
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the allowance for loan loss activity, balances for allowance for loan losses, and loan balances based on impairment methodology by segment for the three months ended and as of March 31, 2017. In addition, a $112,000 provision was recognized during the three months ended March 31, 2017 for unfunded loan commitments for which the reserves are recorded as a component of “Other Liabilities” on the Company’s Consolidated Balance Sheets. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes.
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The Company uses a risk rating system and past due status as the primary credit quality indicators for the loan categories. The risk rating system on a scale of 0 through 9 is used to determine risk level as used in the calculation of the allowance for loan losses; on those loans without a risk rating, the Company uses past due status to determine risk level. The risk levels, as described below, do not necessarily follow the regulatory definitions of risk levels with the same name. A general description of the characteristics of the risk levels follows: Pass is determined by the following criteria: •Risk rated 0 loans have little or no risk and are with General Obligation Municipal Borrowers; •Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents; •Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; •Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; •Risk rated 4 loans are satisfactory loans with borrowers not as strong as risk rated 3 loans and may exhibit a greater degree of financial risk based on the type of business supporting the loan; or •Loans that are not risk rated but that are 0 to 29 days past due. Special Mention is determined by the following criteria: •Risk rated 5 loans are watch loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrower’s ability to repay; •Risk rated 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Company’s credit position; or •Loans that are not risk rated but that are 30 to 89 days past due. Substandard is determined by the following criteria: •Risk rated 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged; these have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected; or •Loans that are not risk rated but that are 90 to 149 days past due. Doubtful is determined by the following criteria: •Risk rated 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; •Risk rated 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as bankable assets is not warranted; or •Loans that are not risk rated but that are over 149 days past due. The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of March 31, 2018 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the recorded investment in only PCI loans by segment with their related risk level as of March 31, 2018 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. Loans acquired are originally recorded at fair value, with certain loans being identified as impaired at the date of purchase. The fair values were determined based on the credit quality of the portfolio, expected future cash flows, and timing of those expected future cash flows. The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality, for the periods presented (dollars in thousands):
(1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the quarter. The carrying value of the Company’s PCI loan portfolio, accounted for under ASC 310-30, totaled $102.9 million at March 31, 2018 and $39.0 million at December 31, 2017. The outstanding balance of the Company’s PCI loan portfolio totaled $124.5 million at March 31, 2018 and $47.9 million at December 31, 2017. The carrying value of the Company’s acquired performing loan portfolio, accounted for under ASC 310-20, Receivables – Nonrefundable Fees and Other Costs, totaled $2.9 billion at March 31, 2018 and $892.4 million at December 31, 2017; the remaining discount on these loans totaled $44.8 million at March 31, 2018 and $13.7 million at December 31, 2017. |
INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from 4 to 14 years, using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from 5 to 10 years, using a straight-line method. On January 1, 2018, the Company completed its acquisition of Xenith and acquired core deposit intangibles of $38.5 million and recorded goodwill in the amount of $425.6 million. See Note 2 "Acquisitions" for additional information. In accordance with ASC 350, Intangibles-Goodwill and Other, the Company reviews the carrying value of indefinite lived intangible assets at least annually or more frequently if certain impairment indicators exist. The Company performed its annual impairment testing in the second quarter of 2017 and determined that there was no impairment to its goodwill or intangible assets. Amortization expense of intangibles for the three months ended March 31, 2018 and 2017 totaled $3.2 million and $1.6 million, respectively. As of March 31, 2018, the estimated remaining amortization expense of intangibles is as follows (dollars in thousands):
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BORROWINGS |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BORROWINGS | BORROWINGS Short-term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Total short-term borrowings consist primarily of advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Also included in total short-term borrowings are securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Total short-term borrowings consist of the following as of March 31, 2018 and December 31, 2017 (dollars in thousands):
(1) As of March 31, 2018 and December 31, 2017, all other short-term borrowings were FHLB advances. The Bank maintains federal funds lines with several correspondent banks; the remaining available balance was $227.0 million at both March 31, 2018 and December 31, 2017. The Company maintains an alternate line of credit at a correspondent bank; the available balance was $25.0 million at both March 31, 2018 and December 31, 2017. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and is considered to be in compliance with these covenants. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $3.9 billion and $2.7 billion at March 31, 2018 and December 31, 2017, respectively. Long-term Borrowings In connection with several previous bank acquisitions, the Company issued and acquired trust preferred capital notes of $58.5 million and $32.0 million, respectively. In connection with the acquisition of Xenith on January 1, 2018, the Company acquired trust preferred capital notes totaling $55.0 million with a fair value discount of $9.9 million. The remaining fair value discount on all acquired trust preferred capital notes was $16.2 million at March 31, 2018. The trust preferred capital notes currently qualify for Tier 1 capital of the Company for regulatory purposes.
(1) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company's junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company's investment in the trusts is reported in "Other Assets" on the Consolidated Balance Sheets. (2) Rate as of March 31, 2018. During the fourth quarter of 2016, the Company issued $150.0 million of fixed-to-floating rate subordinated notes with an initial fixed interest rate of 5.00% through December 15, 2021. The interest rate then changes to a floating rate of LIBOR plus 3.175% through its maturity date on December 15, 2026. In connection with the acquisition of Xenith on January 1, 2018, the Company acquired $8.5 million of subordinated notes with a fair value premium of $259,000, which was $233,000 at March 31, 2018. The acquired subordinated notes have a fixed interest rate of 6.75% and a maturity date of June 30, 2025. At March 31, 2018 and December 31, 2017, the carrying value of all subordinated notes was $158.5 million and $150.0 million, respectively, with a remaining issuance discount of $1.7 million and $1.8 million, respectively. The subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. On August 23, 2012, the Company modified its fixed rate FHLB advances to floating rate advances, which resulted in reducing the Company’s FHLB borrowing costs. In connection with this modification, the Company incurred a prepayment penalty of $19.6 million on the original advances, which is included as a component of long-term borrowings on the Company’s Consolidated Balance Sheets. In accordance with ASC 470-50, Modifications and Extinguishments, the Company is amortizing this prepayment penalty over the term of the modified advances using the effective rate method. The amortization expense is included as a component of interest expense on long-term borrowings on the Company’s Consolidated Statements of Income. Amortization expense for the three months ended March 31, 2018 and 2017 was $481,000 and $470,000, respectively. In connection with an acquisition in 2014, the Company assumed $70.0 million in long-term borrowings with the FHLB of which there is $10.0 million remaining at March 31, 2018 that had a remaining fair value premium of $74,000. As of March 31, 2018, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
As of December 31, 2017, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
For information on the carrying value of loans and securities pledged as collateral on FHLB advances as of March 31, 2018 and December 31, 2017, refer to Note 7 "Commitments and Contingencies". As of March 31, 2018, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
(1) Includes discount on issued subordinated notes. |
COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation Matters In the ordinary course of its operations, the Company and its subsidiaries are parties to various legal proceedings. Based on the information presently available, and after consultation with legal counsel, management believes that the ultimate outcome in such proceedings, in the aggregate, will not have a material adverse effect on the business, financial condition, or results of operations of the Company. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized on the Company’s Consolidated Balance Sheets. The contractual amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not require collateral or other security to support off-balance sheet financial instruments with credit risk. The Company considers credit losses related to off-balance sheet commitments by undergoing a similar process in evaluating losses for loans that are carried on the balance sheet. The Company considers historical loss rates, current economic conditions, risk ratings, and past due status among other factors in the consideration of whether credit losses are inherent in the Company’s off-balance sheet commitments to extend credit. The Company also records an indemnification reserve that includes balances relating to mortgage loans previously sold based on historical statistics and loss rates. As of March 31, 2018 and December 31, 2017, the Company's reserves for off-balance sheet credit risk and indemnification were $1.6 million and $795,000, respectively, and are reported as a component of "Other Liabilities" on the Company's Consolidated Balance Sheets. Commitments to extend credit are agreements to lend to customers as long as there are no violations of any conditions established in the contracts. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of customers to third parties. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The following table presents the balances of commitments and contingencies (dollars in thousands):
(1) Includes unfunded overdraft protection. The Company must maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. For the final weekly reporting period in the period ended March 31, 2018, the aggregate amount of daily average required reserves was approximately $162.6 million and was satisfied by vault cash holdings and deposits maintained with the Federal Reserve Bank. As of March 31, 2018, the Company had approximately $51.9 million in deposits in other financial institutions, of which $13.3 million served as collateral for cash flow and loan swap derivatives. The Company had approximately $36.4 million in deposits in other financial institutions that were uninsured at March 31, 2018. At least annually, the Company’s management evaluates the loss risk of its uninsured deposits in financial counterparties. For asset/liability management purposes, the Company uses interest rate swap agreements to hedge various exposures or to modify the interest rate characteristics of various balance sheet accounts. See Note 8 “Derivatives” for additional information. As part of the Company's liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at March 31, 2018 and December 31, 2017 (dollars in thousands):
(1) Balance represents market value. (2) Balance represents book value.
(1) Balance represents market value. (2) Balance represents book value. |
DERIVATIVES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES The Company is exposed to economic risks arising from its business operations and uses derivatives primarily to manage risk associated with changing interest rates, and to assist customers with their risk management objectives. The Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The remaining are classified as free-standing derivatives consisting of customer accommodation loan swaps and interest rate lock commitments that do not qualify for hedge accounting. Cash Flow Hedges The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows related to forecasted transactions on variable rate borrowings, such as trust preferred capital notes, FHLB borrowings, and prime commercial loans. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging a notional amount, equal to the principal amount of the borrowings, for fixed-rate interest based on benchmarked interest rates. The original terms and conditions of the interest rate swaps vary and range in length with a maximum hedging time through November 2022. Amounts receivable or payable are recognized as accrued under the terms of the agreements. All swaps entered into with counterparties met the Company’s credit standards, and the agreements contain collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contracts is not significant. The Company assesses the effectiveness of each hedging relationship on a periodic basis using statistical regression analysis. The Company also measures the ineffectiveness of each hedging relationship using the change in variable cash flows method which compares the cumulative changes in cash flows of the hedging instrument relative to cumulative changes in the hedged item’s cash flows. In accordance with ASC 815, Derivatives and Hedging, the effective portions of the derivatives’ unrealized gains or losses are recorded as a component of other comprehensive income. Based on the Company’s assessment, its cash flow hedges are highly effective, but to the extent that any ineffectiveness exists in the hedge relationships, the amounts would be recorded in interest income or interest expense on the Company’s Consolidated Statements of Income. On June 13, 2016, the Company terminated three interest rate swaps designated as cash flow hedges prior to their respective maturity dates. The unrealized gain of $1.3 million within Accumulated Other Comprehensive Income will be reclassified into earnings over a three year period, the term of the hedged item, using the effective interest method. The estimated net amount of gains expected to be reclassified into earnings by March 31, 2019 is $405,000. Fair Value Hedge Derivatives are designated as fair value hedges when they are used to manage exposure to changes in the fair value of certain financial assets and liabilities, referred to as the hedged items, which fluctuate in value as a result of movements in interest rates. During the normal course of business, the Company enters into interest rate swaps to convert certain long-term fixed-rate loans to floating rates to hedge the Company’s exposure to interest rate risk. The Company pays a fixed interest rate to the counterparty and receives a floating rate from the same counterparty calculated on the aggregate notional amount. At March 31, 2018 and December 31, 2017, the aggregate notional amount of the related hedged items totaled $80.0 million and $81.0 million, respectively, and the fair value of the related hedged items was an unrealized loss of $3.1 million and $1.2 million, respectively. The Company applies hedge accounting in accordance with ASC 815, Derivatives and Hedging, and the fair value hedge and the underlying hedged item, attributable to the risk being hedged, are recorded at fair value with unrealized gains and losses being recorded on the Company’s Consolidated Statements of Income. Statistical regression analysis is used to assess hedge effectiveness, both at inception of the hedging relationship and on an ongoing basis. The regression analysis involves regressing the periodic change in fair value of the hedging instrument against the periodic changes in fair value of the asset being hedged due to changes in the hedged risk. The Company’s fair value hedges continue to be highly effective and had no material impact on the Consolidated Statements of Income, but if any ineffectiveness exists, portions of the unrealized gains or losses would be recorded in interest income or interest expense on the Company’s Consolidated Statements of Income. Loan Swaps During the normal course of business, the Company enters into interest rate swap loan relationships (“loan swaps”) with borrowers to meet their financing needs. Upon entering into the loan swaps, the Company enters into offsetting positions with a third party in order to minimize interest rate risk. These back-to-back loan swaps qualify as financial derivatives with fair values as reported in “Other Assets” and “Other Liabilities” on the Company’s Consolidated Balance Sheets. Interest Rate Lock Commitments During the normal course of business, the Company enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). Rate lock commitments on mortgage loans that are intended to be sold in the secondary market are considered to be derivatives. The period of time between issuance of a loan commitment, closing, and sale of the loan generally ranges from 30 to 120 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. The correlation between the rate lock commitments and the best efforts contracts is high due to their similarity. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments and best efforts contracts by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close. The fair value of the rate lock commitments is reported as a component of “Other Assets” on the Company’s Consolidated Balance Sheets; the fair value of the Company’s best efforts forward delivery commitments is recorded as a component of “Other Liabilities” on the Company’s Consolidated Balance Sheets. Any impact to income is recorded in current period earnings as a component of “Mortgage banking income, net” on the Company’s Consolidated Statements of Income. The following table summarizes key elements of the Company’s derivative instruments as of March 31, 2018 and December 31, 2017, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands):
(1) Notional amounts are not recorded on the balance sheet and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. For information regarding collateral pledged on derivative instruments, see Note 7 “Commitments and Contingencies.” |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2018 is summarized as follows, net of tax (dollars in thousands):
The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2017 is summarized as follows, net of tax (dollars in thousands):
Reclassifications of unrealized gains (losses) on available for sale securities are reported on the Company’s Consolidated Statements of Income as “Gains on securities transactions, net” with the corresponding income tax effect being reflected as a component of income tax expense. The Company reported gains of $213,000 and $481,000 for the three months ended March 31, 2018 and 2017, respectively, related to the sale of securities. The tax effects of these transactions during the three months ended March 31, 2018 and 2017 were $45,000 and $168,000, respectively, which amounts were included as a component of income tax expense. During the second quarter of 2015, the Company transferred securities, which it intends and has the ability to hold until maturity, with a fair value of $201.8 million on the date of transfer, from securities available for sale to securities held to maturity. The securities included net pre-tax unrealized gains of $8.1 million at the date of transfer. Reclassifications of the unrealized gains on transferred securities are reported over time as accretion within interest income on the Company's Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. The Company recorded accretion of $379,000 and $283,000 for the three months ended March 31, 2018 and 2017, respectively. The tax effect of these transactions during the three months ended March 31, 2018 and 2017 were $80,000 and $99,000, respectively, which were included as a component of income tax expense. Reclassifications of the change in fair value of cash flow hedges are reported in interest income and interest expense on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. The Company reported net interest expense of $315,000 and $277,000 for the three months ended March 31, 2018 and 2017, respectively. The tax effects of these transactions during the three months ended March 31, 2018 and 2017 were $66,000 and $97,000, respectively, which were included as a component of income tax expense. Reclassifications of unrealized losses on BOLI are reported in salaries and benefits expense on the Company's Consolidated Statements of Income. The Company reported expenses of $19,000 and $109,000 for the three months ended March 31, 2018 and 2017, respectively. |
FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company follows ASC 820, Fair Value Measurements and Disclosures, to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. This codification clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows:
The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Derivative instruments As discussed in Note 8 “Derivatives”, the Company records derivative instruments at fair value on a recurring basis. The Company utilizes derivative instruments as part of the management of interest rate risk to modify the re-pricing characteristics of certain portions of the Company’s interest-bearing assets and liabilities. The Company has contracted with a third party vendor to provide valuations for derivatives using standard valuation techniques and therefore classifies such valuations as Level 2. Third party valuations are validated by the Company using Bloomberg Valuation Service’s derivative pricing functions. The Company has considered counterparty credit risk in the valuation of its derivative assets and has considered its own credit risk in the valuation of its derivative liabilities. During the ordinary course of business, the Company enters into interest rate lock commitments related to the origination of mortgage loans held for sale, as well as best effort forward delivery commitments to mitigate interest rate risk; these instruments are recorded at estimated fair value based on the value of the underlying loan, which in turn is based on quoted prices for similar loans in the secondary market. This value, however, is adjusted by a pull-through rate, which considers the likelihood that the loan in a lock position will ultimately close. The pull-through rate is derived from the Company’s internal data and is adjusted using significant management judgment. The pull-through rate is largely dependent on the loan processing stage that a loan is currently in and the change in prevailing interest rates from the time of the rate lock. As such, interest rate lock commitments are classified as Level 3. An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments, while a decrease in the pull-through rate will result in a negative fair value adjustment. The Company’s weighted average pull-through rate was approximately 80% as of March 31, 2018 and December 31, 2017. The interest rate lock commitments are recorded as a component of “Other Assets” on the Company’s Consolidated Balance Sheets. Securities available for sale Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity, then the security would fall to the lowest level of the hierarchy (Level 3). The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of March 31, 2018 and December 31, 2017. The carrying value of restricted Federal Reserve Bank and FHLB stock approximates fair value based on the redemption provisions of each entity and is therefore excluded from the following table. Loans held for sale Loans held for sale are carried at fair value. These loans currently consist of residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). Gains and losses on the sale of loans are recorded within the mortgage segment and are reported on a separate line item on the Company’s Consolidated Statements of Income. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017 (dollars in thousands):
Certain assets are measured at fair value on a nonrecurring basis in accordance with U.S. GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements. Impaired loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreements will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is solely from the underlying value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the Company’s collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data. When evaluating the fair value, management may discount the appraisal further if, based on their understanding of the market conditions, it is determined the collateral is further impaired below the appraised value (Level 3). At March 31, 2018 and December 31, 2017, the Level 3 weighted average adjustments related to impaired loans were 1.3% and 3.0%, respectively. The value of business equipment is based upon an outside appraisal, of one year or less, if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Collateral dependent impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Company’s Consolidated Statements of Income. Other real estate owned OREO is evaluated for impairment at least quarterly by the Bank’s Special Asset Loan Committee and any necessary write downs to fair values are recorded as impairment and included as a component of noninterest expense. Fair values of OREO are carried at fair value less selling costs. Fair value is based upon independent market prices, appraised values of the collateral, or management’s estimation of the value of the collateral. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the foreclosed asset as Level 3 valuation. At March 31, 2018 and December 31, 2017, the Level 3 weighted average adjustments related to OREO were approximately 18.8% and 22.5%, respectively. Total valuation expenses related to OREO properties for the three months ended March 31, 2018 and 2017 totaled $759,000 and $238,000, respectively. The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at March 31, 2018 and December 31, 2017 (dollars in thousands):
ASC 825, Financial Instruments, requires disclosure about fair value of financial instruments for interim periods and excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Cash and cash equivalents For those short-term instruments, the carrying amount is a reasonable estimate of fair value. Held to Maturity Securities The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of March 31, 2018 and December 31, 2017. Loans With the adoption of ASU No. 2016-01 during the first quarter of 2018, the fair value of loans at March 31, 2018 were estimated using an exit price, representing the amount that would be expected to be received if the Company sold the loans. At December 31, 2017, the fair value of performing loans were estimated by discounting expected future cash flows using a yield curve that is constructed by adding a loan spread to a market yield curve. Loan spreads are based on spreads currently observed in the market for loans of similar type and structure. Fair value for impaired loans and their respective level within the fair value hierarchy are described in the previous disclosure related to fair value measurements of assets that are measured on a nonrecurring basis. Bank-owned life insurance The carrying value of BOLI approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. Deposits The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. With the adoption of ASU No. 2016-01 during the first quarter of 2018, the fair value of certificates of deposits at March 31, 2018 were valued using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period. At December 31, 2017, the fair value of certificates of deposit was estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. Borrowings The carrying value of the Company’s repurchase agreements is a reasonable estimate of fair value. With the adoption of ASU No. 2016-01 during the first quarter of 2018, subordinated debt and trust preferred cash flows at March 31, 2018 are forecasted at the stated coupon rate and discounted back to the measurement date using the prevailing market rate. The prevailing market rate is based on implied market yields for recently issued debt with similar durations by institutions of similar size. Other borrowings, including subordinated debt and trust preferred at December 31, 2017 are discounted using the current yield curve for the same type of borrowing. For borrowings with embedded optionality, a third party source is used to value the instrument. The Company validates all third party valuations for borrowings with optionality using Bloomberg Valuation Service’s derivative pricing functions. Accrued interest The carrying amounts of accrued interest approximate fair value. The carrying values and estimated fair values of the Company’s financial instruments at March 31, 2018 and December 31, 2017 are as follows (dollars in thousands):
The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. Borrowers with fixed rate obligations, however, are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
REVENUE |
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REVENUE | REVENUE On January 1, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606” (“Topic 606” or the “Standard”), and all subsequent amendments to the ASU. Using Topic 606 guidelines and other authoritative guidance, the Company concluded that the Standard applies to noninterest income excluding out of scope revenue such as mortgage banking income, gains on securities transactions, and trading revenue (i.e., derivatives). Additionally, the reporting Standard only applies to the community bank segment. Public entities are required to disclose (1) revenue disaggregated into categories that show how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors; (2) contract balances; (3) a description of when performance obligations are satisfied and (4) significant judgments made in evaluating when a customer obtains control of promised goods or services for performance obligations satisfied at a point in time. The majority of the Company’s noninterest income comes from short term contracts associated with fees for services provided on deposit accounts, credit cards, and wealth management accounts and is being accounted for in accordance with Topic 606. Typically the duration of a contract does not extend beyond the services performed; therefore the Company concluded that discussion regarding contract balances is immaterial. Additionally, due to the short duration of most customer contracts the revenue from which constitutes noninterest income, the Company will not need to make many judgments that would affect the amount and timing of revenue. The Company’s performance obligations on revenue from interchange fees and deposit accounts are generally satisfied immediately, when the transaction occurs or by month-end. Performance obligations on revenue from fiduciary and asset management fees are generally satisfied monthly or quarterly. For a majority of fee income on deposit accounts the Company is a principal controlling the promised good or service before transferring it to the customer. However, for income related to most wealth management income, the Company is an agent responsible for arranging for the provision of goods and services by another party. Noninterest income disaggregated by major source, for the three months ended March 31, 2018 and 2017, consisted of the following (dollars in thousands):
(1) Income within scope of ASC 606. (2) Income within the scope of ASC 606 of $707,000 and $561,000 for the three months ended, March 31, 2018 and 2017, respectively. The remaining balancing is outside the scope of ASC 606. |
EARNINGS PER SHARE |
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EARNINGS PER SHARE | EARNINGS PER SHARE Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards and warrants. The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three months ended March 31, 2018 and 2017 (dollars in thousands except per share data):
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SEGMENT REPORTING DISCLOSURES |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT REPORTING DISCLOSURES | SEGMENT REPORTING DISCLOSURES The Company has two reportable segments: a traditional full service community bank segment and a mortgage loan origination business segment. The community bank segment includes one subsidiary bank, the Bank, which provides loan, deposit, investment, and trust services to retail and commercial customers throughout its 150 retail locations throughout Virginia and in portions of Maryland and North Carolina as of March 31, 2018. The mortgage segment includes UMG, which provides a variety of mortgage loan products principally in Virginia, North Carolina, Maryland, and the Washington D.C. metro area. These loans are originated and sold primarily in the secondary market through purchase commitments from investors, which serves to mitigate the Company’s exposure to interest rate risk. Profit and loss is measured by net income after taxes including realized gains and losses on the Company’s investment portfolio. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Inter-segment transactions are recorded at cost and eliminated as part of the consolidation process. Both of the Company’s reportable segments are service-based. The mortgage segment's business is a primarily fee-based business, while the community bank segment is driven principally by net interest income. The community bank segment provides a distribution and referral network through its customers for the mortgage loan origination business. The mortgage segment offers a more limited referral network for the bank segment. The community bank segment provides the mortgage segment with the short-term funds needed to originate mortgage loans through a warehouse line of credit and charges the mortgage banking segment interest. The interest rate on the warehouse line of credit for the three months ended March 31, 2018 and 2017 was the three month LIBOR rate plus 0.15% with no floor. These transactions are eliminated in the consolidation process. A management fee for operations and administrative support services is charged to all subsidiaries and eliminated in the consolidated totals. Information about reportable segments and reconciliation of such information to the consolidated financial statements for the three months ended March 31, 2018 and 2017 is as follows (dollars in thousands): UNION BANKSHARES CORPORATION AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION
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SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 1, 2018, the Bank completed its acquisition of DHFB, a Roanoke, Virginia based investment advisory firm with approximately $600 million in assets under management and advisement. DHFB will operate as a subsidiary of the Bank. On April 12, 2018, the Bank announced its subsidiary ODCM entered into an agreement to acquire Outfitter Advisors, Inc., a McLean, Virginia based registered investment advisory firm with approximately $400 million in assets under management and advisement. |
ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Business Combinations | Business Combinations On January 1, 2018, the Company completed the acquisition of Xenith, a bank holding company based in Richmond, Virginia, for a purchase price of approximately $801.0 million. Under the terms of the merger agreement, Xenith’s common stockholders received 0.9354 shares of the Company’s common stock in exchange for each share of Xenith’s common stock, resulting in the Company issuing 21,922,077 shares of the Company's common stock. In addition, the Company paid $6.2 million in exchange for Xenith's outstanding options. In connection with the acquisition, the Company recorded $425.6 million in goodwill and $38.5 million of amortizable assets, which relate to core deposit intangibles. The goodwill is not expected to be deductible for tax purposes. The Company currently estimates that these intangibles assets will be amortized over 10 years using sum-of-years digits. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition. |
Affordable Housing Entities | Affordable Housing Entities The Company invests in private investment funds that make equity investments in multifamily affordable housing properties that provide affordable housing tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | Adoption of New Accounting Standards On January 1, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606” and all subsequent amendments to the ASU (“Topic 606”). This ASU revised guidance for the recognition, measurement, and disclosure of revenue from contracts with customers. The guidance, as amended, is applicable to all entities and replaces a significant portion of existing industry and transaction-specific revenue recognition rules with a more principles-based recognition model. Most revenue associated with financial instruments, including interest income, loan origination fees, and credit card fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives, and sales of financial instruments are similarly excluded from the scope. The Company adopted this ASU using the modified retrospective approach, which requires a cumulative effect adjustment to retained earnings as of the beginning of the reporting period in which the entity first applies the new guidance. The adoption of ASU No. 2016-09 did not have a material impact on the Company’s consolidated financial results but did result in expanded disclosures related to noninterest income and enhanced qualitative disclosures on the revenues within the scope of the new guidance. Refer to Note 11 “Revenue" for further discussion on the Company's accounting policies for revenue sources within the scope of ASC 606. On January 1, 2018, the Company adopted ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU requires an entity to, among other things: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. The ASU provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The ASU also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The adoption of ASU 2016-01 did not have a material impact on the Company’s consolidated financial statements and resulted in enhancements to the financial instrument disclosures. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU requires lessees to put most leases on their balance sheets, but recognize expenses in the income statement in a manner similar to today’s accounting. The guidance also eliminates the real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, and lease executory costs for all entities. For lessors, this ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently working to identify the complete lease population, including potential embedded leases. The adoption of this standard is expected to result in additional assets and liabilities, as the Company will be required to recognize operating leases on the Consolidated Balance Sheet. Other implementation matters to be addressed include, but are not limited to, the determination of effects on the financial and capital ratios and the quantification of the impacts that this accounting guidance will have on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU updates the existing guidance to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The CECL model will replace the Company's current accounting for PCI and impaired loans. The guidance also amends the AFS debt securities OTTI model. The amendment is effective for fiscal years beginning after December 15, 2019. The Company is currently assessing the requirements and necessary changes to the existing credit loss estimation methods and identifying a complete set of data requirements and sources. The Company is currently evaluating the impact ASU No. 2016-13 will have on its consolidated financial statements. This guidance may result in material changes in the Company's accounting for credit losses on financial instruments. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This ASU relates to any entity that elects to apply hedge accounting in accordance with current GAAP. The amendment simplifies the application of the hedge accounting guidance and improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The targeted improvements in ASU No. 2017-12 will allow the Company a one-time transfer of certain debt securities from HTM to AFS. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The Company plans to early adopt this standard in the second quarter of 2018 using the modified retrospective approach. As part of this adoption, the Company plans to make the one time election to transfer eligible HTM securities to the AFS category in order to optimize the investment portfolio management for capital and risk management considerations. The Company plans to transfer HTM securities with a carrying amount of approximately $200 million, which will result in an impact to accumulated other comprehensive income. The consolidated financial statements for the quarter ended June 30, 2018, will also include a cumulative effect adjustment to the opening balance of retained earnings to reflect the application of the new guidance related to the fair value hedges. The Company is in the process of developing the required disclosures, which will be included in its second quarter 2018 Quarterly Report on Form 10-Q. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act and requires certain disclosures about the stranded tax effects. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The Company plans to adopt this guidance in 2018 via the retrospective approach applying the effect of the change to the date of the enacted Tax Act, which was December 22, 2017. The Company has concluded the adoption of ASU No. 2018-02 will not have a material impact on its consolidated financial statements. |
ACQUISITIONS (Tables) |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):
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Outstanding Principal Balance And Carrying Amount of Acquired Impaired Loans | The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands):
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Business Acquisition, Pro Forma Information | The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands):
(1) Includes net interest income and noninterest income. |
SECURITIES (Tables) |
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Schedule of Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Realized Gain and Losses on the Sale of Securities | The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three months ended March 31, 2018 and 2017 (dollars in thousands).
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Available-for-sale Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available for sale as of March 31, 2018 and December 31, 2017 are summarized as follows (dollars in thousands):
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Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Company’s available for sale securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of March 31, 2018 and December 31, 2017. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
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Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of available for sale securities as of March 31, 2018 and December 31, 2017, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule of Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of held to maturity securities as of March 31, 2018 and December 31, 2017, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(1) The carrying value includes $3.2 million as of March 31, 2018 and $3.6 million as of December 31, 2017 of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion. |
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Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities | The carrying value, gross unrealized gains and losses, and estimated fair values of securities held to maturity as of March 31, 2018 and December 31, 2017 are summarized as follows (dollars in thousands):
(1) The carrying value includes $3.2 million as of March 31, 2018 and $3.6 million as of December 31, 2017 of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion. |
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Gross Unrealized Losses and Fair Value of Securities | The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Company’s held to maturity securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of March 31, 2018 and December 31, 2017. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
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LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Stated at Face Amount, Net of Unearned Income | Loans are stated at their face amount, net of deferred fees and costs, and consist of the following at March 31, 2018 and December 31, 2017 (dollars in thousands):
(1) Loans, as presented, are net of deferred fees and costs totaling $2.7 million and $1.3 million as of March 31, 2018 and December 31, 2017, respectively. |
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Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Company’s loan portfolio, by segment, at March 31, 2018 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the aging of the Company’s loan portfolio, by segment, at December 31, 2017 (dollars in thousands):
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Impaired Loans by Class | The Company measures the amount of impairment by evaluating loans either in their collective homogeneous pools or individually. The following table shows the Company’s impaired loans, excluding PCI loans, by segment at March 31, 2018 and December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following tables show the average recorded investment and interest income recognized for the Company’s impaired loans, excluding PCI loans, by segment for the three months ended March 31, 2018 and 2017 (dollars in thousands):
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Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement | The following table provides a summary, by segment, of TDRs that continue to accrue interest under the terms of the restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of March 31, 2018 and December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. |
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Schedule of TDR by Class and Modification Type | The following table shows, by segment and modification type, TDRs that occurred during the three months ended March 31, 2018 and 2017 and TDRs that were identified by the Company as going into default during the period shown that were restructured in the prior twelve-month period (dollars in thousands):
The following table shows, by segment and modification type, TDRs that occurred during the three months ended March 31, 2018 and 2017 and TDRs that were identified by the Company as going into default during the period shown that were restructured in the prior twelve-month period (dollars in thousands): |
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Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology | The following table shows the allowance for loan loss activity, balances for allowance for loan losses, and loan balances based on impairment methodology by segment for the three months ended and as of March 31, 2018. The table below includes the provision for loan losses. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes.
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the allowance for loan loss activity, balances for allowance for loan losses, and loan balances based on impairment methodology by segment for the three months ended and as of March 31, 2017. In addition, a $112,000 provision was recognized during the three months ended March 31, 2017 for unfunded loan commitments for which the reserves are recorded as a component of “Other Liabilities” on the Company’s Consolidated Balance Sheets. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes.
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. |
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Loans Receivables Related Risk Rating | The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of March 31, 2018 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. |
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Schedule of Acquired Loan Portfolio and Accretable Yield | The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality, for the periods presented (dollars in thousands):
(1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the quarter. |
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Purchased Impaired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Aging of the Loan Portfolio by Class | The following table shows the PCI loan portfolios, by segment and their delinquency status, at March 31, 2018 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the PCI loan portfolios, by segment and their delinquency status, at December 31, 2017 (dollars in thousands):
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Loans Receivables Related Risk Rating | The following table shows the recorded investment in only PCI loans by segment with their related risk level as of March 31, 2018 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2017 (dollars in thousands):
(1)Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. |
INTANGIBLE ASSETS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Estimated Remaining Amortization Expense of Core Deposit and Other Intangible Assets | As of March 31, 2018, the estimated remaining amortization expense of intangibles is as follows (dollars in thousands):
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BORROWINGS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Total short-term borrowings consist of the following as of March 31, 2018 and December 31, 2017 (dollars in thousands):
(1) As of March 31, 2018 and December 31, 2017, all other short-term borrowings were FHLB advances. |
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Trust Preferred Capital Notes Qualify for Tier 1 Capital | he trust preferred capital notes currently qualify for Tier 1 capital of the Company for regulatory purposes.
(1) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company's junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company's investment in the trusts is reported in "Other Assets" on the Consolidated Balance Sheets. (2) Rate as of March 31, 2018. |
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Advances from the FHLB | As of March 31, 2018, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
As of December 31, 2017, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
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Contractual Maturities of Long-Term Debt | As of March 31, 2018, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
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COMMITMENTS AND CONTINGENCIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of Commitments and Contingencies | The following table presents the balances of commitments and contingencies (dollars in thousands):
(1) Includes unfunded overdraft protection. |
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Schedule of Pledged Assets Not Separately Reported on Statement of Financial Position | As part of the Company's liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at March 31, 2018 and December 31, 2017 (dollars in thousands):
(1) Balance represents market value. (2) Balance represents book value.
(1) Balance represents market value. (2) Balance represents book value. |
DERIVATIVES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Derivatives | The following table summarizes key elements of the Company’s derivative instruments as of March 31, 2018 and December 31, 2017, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands):
(1) Notional amounts are not recorded on the balance sheet and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income | The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2018 is summarized as follows, net of tax (dollars in thousands):
The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2017 is summarized as follows, net of tax (dollars in thousands):
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FAIR VALUE MEASUREMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017 (dollars in thousands):
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Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at March 31, 2018 and December 31, 2017 (dollars in thousands):
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Carrying Values and Estimated Fair Values of the Company's Financial Instruments | The carrying values and estimated fair values of the Company’s financial instruments at March 31, 2018 and December 31, 2017 are as follows (dollars in thousands):
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REVENUE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Noninterest income disaggregated by major source, for the three months ended March 31, 2018 and 2017, consisted of the following (dollars in thousands):
(1) Income within scope of ASC 606. (2) Income within the scope of ASC 606 of $707,000 and $561,000 for the three months ended, March 31, 2018 and 2017, respectively. The remaining balancing is outside the scope of ASC 606. |
EARNINGS PER SHARE (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the Denominators of the Basic and Diluted EPS Computations | The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three months ended March 31, 2018 and 2017 (dollars in thousands except per share data):
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SEGMENT REPORTING DISCLOSURES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information About Reportable Segments and Reconciliation | Information about reportable segments and reconciliation of such information to the consolidated financial statements for the three months ended March 31, 2018 and 2017 is as follows (dollars in thousands): UNION BANKSHARES CORPORATION AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION
|
ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Jan. 01, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Business Acquisition [Line Items] | |||||
Cash paid in acquisition | $ 6,170 | $ 0 | |||
Goodwill | 724,106 | $ 298,528 | |||
Affordable Housing Projects [Abstract] | |||||
Affordable housing projects, recognized amortization | 235 | 223 | |||
Affordable housing projects, tax credits | 283 | $ 309 | |||
Affordable housing projects, investment amount | 11,600 | 11,000 | |||
Affordable housing projects, liability | $ 8,300 | $ 7,300 | |||
Xenith | |||||
Business Acquisition [Line Items] | |||||
Fair value of total consideration transferred | $ 800,979 | ||||
Number of shares equivalent to each share of acquired entity | 0.9354 | ||||
Number of common shares issued | 21,922,077 | ||||
Cash paid in acquisition | $ 6,170 | ||||
Goodwill | 425,577 | ||||
Acquired amortizable intangible assets | $ 38,470 | ||||
Acquired amortizable assets, useful life | 10 years | ||||
Customer Relationships | Xenith | |||||
Business Acquisition [Line Items] | |||||
Acquired amortizable intangible assets | $ 38,500 | ||||
Accounting Standards Update 2017-12 | Forecast | |||||
Business Acquisition [Line Items] | |||||
Held-to-maturity securities, transferred security, at carrying value | $ 200,000 |
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jan. 01, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Business Acquisition [Line Items] | |||
Cash paid in acquisition | $ 6,170 | $ 0 | |
Merger-related costs | $ 27,712 | $ 0 | |
Xenith | |||
Business Acquisition [Line Items] | |||
Number of shares equivalent to each share of acquired entity | 0.9354 | ||
Number of common shares issued | 21,922,077 | ||
Consideration transferred, fair value | $ 794,809 | ||
Cash paid in acquisition | 6,170 | ||
Performing | Xenith | |||
Business Acquisition [Line Items] | |||
Acquired performing loans, fair value | 2,400,000 | ||
Contractually required principal and interest payments | 2,700,000 | ||
Contractual cash flows not expected to be collected | 22,200 | ||
Nonperforming | Xenith | |||
Business Acquisition [Line Items] | |||
Fair value of loans acquired with a deterioration of credit quality | 68,476 | ||
Contractually required principal and interest payments | $ 97,123 |
ACQUISITIONS - Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jan. 01, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Business Acquisition [Line Items] | ||||
Cash paid for Xenith options | $ 6,170 | $ 0 | ||
Fair value of liabilities assumed: | ||||
Goodwill | $ 724,106 | $ 298,528 | ||
Xenith | ||||
Business Acquisition [Line Items] | ||||
Fair value of shares of Union common stock issued & warrants converted | $ 794,809 | |||
Cash paid for Xenith options | 6,170 | |||
Total purchase price | 800,979 | |||
Fair value of assets acquired: | ||||
Cash and cash equivalents | 174,218 | |||
Securities available for sale | 295,782 | |||
Restricted stock, at cost | 27,569 | |||
Net loans | 2,458,981 | |||
Premises and equipment | 45,520 | |||
OREO | 5,412 | |||
Core deposit intangibles | 38,470 | |||
Other assets | 203,468 | |||
Total assets | 3,249,420 | |||
Fair value of liabilities assumed: | ||||
Deposits | 2,549,683 | |||
Other short-term borrowings | 235,000 | |||
Borrowings | 55,542 | |||
Other liabilities | 33,793 | |||
Total liabilities | 2,874,018 | |||
Net assets acquired | 375,402 | |||
Goodwill | $ 425,577 |
ACQUISITIONS - Acquired Loans Receivable (Details) - Nonperforming - Xenith $ in Thousands |
Jan. 01, 2018
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Contractually required principal and interest payments | $ 97,123 |
Nonaccretable difference | (16,422) |
Cash flows expected to be collected | 80,701 |
Accretable difference | (12,225) |
Fair value of loans acquired with a deterioration of credit quality | $ 68,476 |
ACQUISITIONS - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Business Combinations [Abstract] | ||
Total revenues | $ 126,056 | $ 116,733 |
Net income | $ 38,875 | $ 25,921 |
Earnings per share (in dollars per share) | $ 0.59 | $ 0.40 |
SECURITIES (Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,267,205 | $ 971,339 |
Gross Unrealized Gains | 5,984 | 10,569 |
Gross Unrealized (Losses) | (20,010) | (7,686) |
Estimated Fair Value | 1,253,179 | 974,222 |
Obligations of States and Political Subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 365,816 | 295,546 |
Gross Unrealized Gains | 3,002 | 6,842 |
Gross Unrealized (Losses) | (4,179) | (564) |
Estimated Fair Value | 364,639 | 301,824 |
Corporate and Other Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 122,903 | 113,625 |
Gross Unrealized Gains | 1,175 | 1,131 |
Gross Unrealized (Losses) | (938) | (876) |
Estimated Fair Value | 123,140 | 113,880 |
Mortgage-Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 767,366 | 552,431 |
Gross Unrealized Gains | 1,807 | 2,596 |
Gross Unrealized (Losses) | (14,761) | (6,169) |
Estimated Fair Value | 754,412 | 548,858 |
Other Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,120 | 9,737 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (132) | (77) |
Estimated Fair Value | $ 10,988 | $ 9,660 |
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of gross unrealized losses and fair value of investments [Line Items] | ||
Less than 12 months, Fair Value | $ 703,282 | $ 335,205 |
Less than 12 months, Unrealized Losses | (13,533) | (3,498) |
More than 12 Months, Fair Value | 193,221 | 197,640 |
More than 12 months, Unrealized Losses | (6,477) | (4,188) |
Total, Fair Value | 896,503 | 532,845 |
Total, Unrealized Losses | (20,010) | (7,686) |
Obligations of States and Political Subdivisions | ||
Schedule of gross unrealized losses and fair value of investments [Line Items] | ||
Less than 12 months, Fair Value | 150,366 | 25,790 |
Less than 12 months, Unrealized Losses | (3,288) | (132) |
More than 12 Months, Fair Value | 16,413 | 16,934 |
More than 12 months, Unrealized Losses | (891) | (432) |
Total, Fair Value | 166,779 | 42,724 |
Total, Unrealized Losses | (4,179) | (564) |
Mortgage-Backed Securities | ||
Schedule of gross unrealized losses and fair value of investments [Line Items] | ||
Less than 12 months, Fair Value | 531,141 | 298,439 |
Less than 12 months, Unrealized Losses | (10,089) | (3,267) |
More than 12 Months, Fair Value | 139,217 | 136,298 |
More than 12 months, Unrealized Losses | (4,672) | (2,902) |
Total, Fair Value | 670,358 | 434,737 |
Total, Unrealized Losses | (14,761) | (6,169) |
Corporate Bonds and Other Securities | ||
Schedule of gross unrealized losses and fair value of investments [Line Items] | ||
Less than 12 months, Fair Value | 21,775 | 10,976 |
Less than 12 months, Unrealized Losses | (156) | (99) |
More than 12 Months, Fair Value | 37,591 | 44,408 |
More than 12 months, Unrealized Losses | (914) | (854) |
Total, Fair Value | 59,366 | 55,384 |
Total, Unrealized Losses | $ (1,070) | $ (953) |
SECURITIES (Narrative) (Details) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018
USD ($)
security
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2017
USD ($)
security
|
|
Schedule of Investments [Line Items] | |||
Individual Available-for-sale securities that had been in a continuous loss position for more than 12 months, amount | $ 193,221,000 | $ 197,640,000 | |
Available-for-sale securities that had been in a continuous loss position for more than 12 months, unrealized loss | 6,477,000 | 4,188,000 | |
Held to maturity securities unrealized gains before tax | 3,200,000 | $ 8,100,000 | 3,600,000 |
Individual held-to-maturity securities in continuous loss position for more than 12 months | $ 2,600,000 | $ 1,100,000 | |
Number of held-to-maturity securities in unrealized loss positions | security | 4 | 2 | |
Held-to-maturity securities, continuous unrealized loss position, more than 12 months | $ 67,000 | $ 31,000 | |
Federal Home Loan Bank requires Bank to maintain percentage of stock equal to outstanding borrowings | 4.25% | 4.25% | |
Percentage of Federal Reserve Bank of Richmond reserve | 6.00% | 6.00% | |
Restricted equity securities consist of Federal Reserve Bank stock | $ 42,000,000 | $ 27,600,000 | |
Federal Home Loan Bank stock | 63,200,000 | $ 47,700,000 | |
Credit-related OTTI | $ 0 | ||
Available-for-sale Securities | |||
Schedule of Investments [Line Items] | |||
Number of available-for-sale securities that had been in a continuous loss position | security | 74 | 71 |
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 30,048 | $ 25,179 |
Due after one year through five years | 201,580 | 145,276 |
Due after five years through ten years | 228,924 | 223,210 |
Due after ten years | 806,653 | 577,674 |
Total securities available for sale | 1,267,205 | 971,339 |
Estimated Fair Value | ||
Due in one year or less | 30,097 | 25,326 |
Due after one year through five years | 199,198 | 145,980 |
Due after five years through ten years | 228,561 | 226,251 |
Due after ten years | 795,323 | 576,665 |
Total securities available for sale | 1,253,179 | 974,222 |
Carrying Value | ||
Due in one year or less | 6,764 | 3,221 |
Due after one year through five years | 48,016 | 44,289 |
Due after five years through ten years | 78,816 | 79,114 |
Due after ten years | 65,137 | 73,015 |
Total securities held to maturity | 198,733 | 199,639 |
Estimated Fair Value | ||
Due in one year or less | 6,780 | 3,230 |
Due after one year through five years | 48,265 | 44,601 |
Due after five years through ten years | 79,099 | 80,532 |
Due after ten years | 65,760 | 75,120 |
Total securities held to maturity | $ 199,904 | $ 203,483 |
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Jun. 30, 2015 |
Dec. 31, 2017 |
|
Schedule of Held-to-maturity Securities [Line Items] | |||
Total securities held to maturity | $ 198,733 | $ 199,639 | |
Estimated Fair Value | 199,904 | 203,483 | |
Held to maturity securities unrealized gains before tax | 3,200 | $ 8,100 | 3,600 |
Obligations of States and Political Subdivisions | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Total securities held to maturity | 198,733 | 199,639 | |
Gross Unrealized Gains | 1,540 | 4,014 | |
Gross Unrealized (Losses) | (369) | (170) | |
Estimated Fair Value | $ 199,904 | $ 203,483 |
SECURITIES (Gross Unrealized Losses and Fair Value of Securities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
More than 12 months, Fair Value | $ 2,600 | $ 1,100 |
More than 12 months, Unrealized Losses | (67) | (31) |
Obligations of States and Political Subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 57,691 | 18,896 |
Less than 12 months, Unrealized Losses | (302) | (139) |
More than 12 months, Fair Value | 2,629 | 1,084 |
More than 12 months, Unrealized Losses | (67) | (31) |
Total, Fair Value | 60,320 | 19,980 |
Total, Unrealized Losses | $ (369) | $ (170) |
SECURITIES (Gross Realized Gains and Losses on the Sale of Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Realized gains (losses): | ||
Gross realized gains | $ 697 | $ 481 |
Gross realized losses | (484) | 0 |
Net realized gains | 213 | 481 |
Proceeds from sales of securities | $ 115,850 | $ 21,306 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Stated at Face Amount, Net of Deferred Fees and Costs) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
---|---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | $ 9,805,723 | $ 7,141,552 | $ 6,554,046 |
Loans receivable, deferred fees and costs | 2,700 | 1,300 | |
Construction and Land Development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 1,249,196 | 948,791 | 770,287 |
Commercial Real Estate - Owner Occupied | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 1,279,155 | 943,933 | 870,559 |
Commercial Real Estate - Non-Owner Occupied | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 2,230,463 | 1,713,659 | 1,631,767 |
Multifamily Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 547,520 | 357,079 | 353,769 |
Commercial & Industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 1,125,733 | 612,023 | 576,567 |
Residential 1-4 Family - Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 714,660 | 612,395 | 580,568 |
Residential 1-4 Family - Mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 604,354 | 485,690 | 476,871 |
Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 288,089 | 282,474 | 271,466 |
HELOC | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 642,084 | 537,521 | $ 527,863 |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 839,699 | 408,667 | |
Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | $ 284,770 | $ 239,320 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Aging of the Loan Portfolio by Segment) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | $ 2,630 | $ 3,532 | |
Total Loans | 9,805,723 | 7,141,552 | $ 6,554,046 |
Nonaccrual | 25,138 | 21,743 | |
Current | 9,636,112 | 7,053,016 | |
Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 102,861 | 39,021 | 57,770 |
Current | 85,028 | 35,418 | |
30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 29,690 | 16,873 | |
60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 9,292 | 7,367 | |
Construction and Land Development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 322 | 1,340 | |
Total Loans | 1,249,196 | 948,791 | 770,287 |
Nonaccrual | 6,391 | 5,610 | |
Current | 1,230,587 | 936,857 | |
Construction and Land Development | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 10,202 | 2,838 | 2,776 |
Current | 8,239 | 2,773 | |
Construction and Land Development | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 403 | 1,248 | |
Construction and Land Development | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,291 | 898 | |
Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 0 | 0 | |
Total Loans | 1,279,155 | 943,933 | 870,559 |
Nonaccrual | 2,539 | 2,708 | |
Current | 1,245,028 | 925,910 | |
Commercial Real Estate - Owner Occupied | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 25,826 | 14,790 | 18,199 |
Current | 20,393 | 13,931 | |
Commercial Real Estate - Owner Occupied | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 4,985 | 444 | |
Commercial Real Estate - Owner Occupied | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 777 | 81 | |
Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 0 | 194 | |
Total Loans | 2,230,463 | 1,713,659 | 1,631,767 |
Nonaccrual | 2,089 | 2,992 | |
Current | 2,206,913 | 1,703,592 | |
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 19,594 | 6,610 | 16,725 |
Current | 17,856 | 6,189 | |
Commercial Real Estate - Non-Owner Occupied | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,867 | 187 | |
Commercial Real Estate - Non-Owner Occupied | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 84 | |
Multifamily Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 0 | 0 | |
Total Loans | 547,520 | 357,079 | 353,769 |
Nonaccrual | 0 | 0 | |
Current | 544,140 | 356,999 | |
Multifamily Real Estate | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 3,380 | 80 | 2,058 |
Current | 3,380 | 80 | |
Multifamily Real Estate | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Multifamily Real Estate | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Commercial & Industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 200 | 214 | |
Total Loans | 1,125,733 | 612,023 | 576,567 |
Nonaccrual | 1,969 | 316 | |
Current | 1,116,812 | 609,829 | |
Commercial & Industrial | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 2,890 | 408 | 733 |
Current | 2,732 | 408 | |
Commercial & Industrial | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,608 | 1,147 | |
Commercial & Industrial | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,254 | 109 | |
Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 113 | 579 | |
Total Loans | 714,660 | 612,395 | 580,568 |
Nonaccrual | 1,512 | 1,085 | |
Current | 693,542 | 598,935 | |
Residential 1-4 Family - Commercial | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 14,826 | 9,414 | 11,946 |
Current | 12,989 | 8,630 | |
Residential 1-4 Family - Commercial | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 3,707 | 1,682 | |
Residential 1-4 Family - Commercial | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 960 | 700 | |
Residential 1-4 Family - Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 1,148 | 546 | |
Total Loans | 604,354 | 485,690 | 476,871 |
Nonaccrual | 7,929 | 6,269 | |
Current | 567,153 | 468,763 | |
Residential 1-4 Family - Mortgage | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 20,517 | 3,733 | 3,964 |
Current | 14,768 | 2,764 | |
Residential 1-4 Family - Mortgage | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 6,210 | 3,838 | |
Residential 1-4 Family - Mortgage | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,397 | 2,541 | |
Auto | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 170 | 40 | |
Total Loans | 288,089 | 282,474 | 271,466 |
Nonaccrual | 394 | 413 | |
Current | 285,151 | 278,295 | |
Auto | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 14 | 0 | 0 |
Current | 14 | ||
Auto | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,167 | 3,541 | |
Auto | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 193 | 185 | |
HELOC | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 306 | 217 | |
Total Loans | 642,084 | 537,521 | 527,863 |
Nonaccrual | 2,072 | 2,075 | |
Current | 632,912 | 531,180 | |
HELOC | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 1,884 | 950 | 1,156 |
Current | 1,156 | 445 | |
HELOC | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 3,564 | 2,382 | |
HELOC | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,346 | 717 | |
Consumer and all other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days and still Accruing | 371 | 402 | |
Total Loans | 1,124,469 | 647,987 | 494,329 |
Nonaccrual | 243 | 275 | |
Current | 1,113,874 | 642,656 | |
Consumer and all other | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 3,728 | 198 | $ 213 |
Current | 3,501 | 198 | |
Consumer and all other | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 4,179 | 2,404 | |
Consumer and all other | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 2,074 | $ 2,052 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (PCI Loan Portfolios by Segment and Delinquency Status) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 9,636,112 | $ 7,053,016 | |
Total Loans | 9,805,723 | 7,141,552 | $ 6,554,046 |
Construction and Land Development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,230,587 | 936,857 | |
Total Loans | 1,249,196 | 948,791 | 770,287 |
Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,245,028 | 925,910 | |
Total Loans | 1,279,155 | 943,933 | 870,559 |
Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 2,206,913 | 1,703,592 | |
Total Loans | 2,230,463 | 1,713,659 | 1,631,767 |
Multifamily Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 544,140 | 356,999 | |
Total Loans | 547,520 | 357,079 | 353,769 |
Commercial & Industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,116,812 | 609,829 | |
Total Loans | 1,125,733 | 612,023 | 576,567 |
Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 693,542 | 598,935 | |
Total Loans | 714,660 | 612,395 | 580,568 |
Residential 1-4 Family - Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 567,153 | 468,763 | |
Total Loans | 604,354 | 485,690 | 476,871 |
Auto | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 285,151 | 278,295 | |
Total Loans | 288,089 | 282,474 | 271,466 |
HELOC | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 632,912 | 531,180 | |
Total Loans | 642,084 | 537,521 | 527,863 |
Consumer and all other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,113,874 | 642,656 | |
Total Loans | 1,124,469 | 647,987 | 494,329 |
Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 85,028 | 35,418 | |
Total Loans | 102,861 | 39,021 | 57,770 |
Purchased Impaired | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,856 | 1,644 | |
Purchased Impaired | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 14,977 | 1,959 | |
Purchased Impaired | Construction and Land Development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 8,239 | 2,773 | |
Total Loans | 10,202 | 2,838 | 2,776 |
Purchased Impaired | Construction and Land Development | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 54 | 8 | |
Purchased Impaired | Construction and Land Development | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,909 | 57 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 20,393 | 13,931 | |
Total Loans | 25,826 | 14,790 | 18,199 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 438 | 381 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 4,995 | 478 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 17,856 | 6,189 | |
Total Loans | 19,594 | 6,610 | 16,725 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 180 | 188 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,558 | 233 | |
Purchased Impaired | Multifamily Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 3,380 | 80 | |
Total Loans | 3,380 | 80 | 2,058 |
Purchased Impaired | Multifamily Real Estate | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Purchased Impaired | Multifamily Real Estate | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Purchased Impaired | Commercial & Industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 2,732 | 408 | |
Total Loans | 2,890 | 408 | 733 |
Purchased Impaired | Commercial & Industrial | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 38 | 0 | |
Purchased Impaired | Commercial & Industrial | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 120 | 0 | |
Purchased Impaired | Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 12,989 | 8,630 | |
Total Loans | 14,826 | 9,414 | 11,946 |
Purchased Impaired | Residential 1-4 Family - Commercial | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 383 | 433 | |
Purchased Impaired | Residential 1-4 Family - Commercial | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,454 | 351 | |
Purchased Impaired | Residential 1-4 Family - Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 14,768 | 2,764 | |
Total Loans | 20,517 | 3,733 | 3,964 |
Purchased Impaired | Residential 1-4 Family - Mortgage | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,673 | 343 | |
Purchased Impaired | Residential 1-4 Family - Mortgage | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 4,076 | 626 | |
Purchased Impaired | Auto | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 14 | ||
Total Loans | 14 | 0 | 0 |
Purchased Impaired | Auto | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | ||
Purchased Impaired | Auto | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | ||
Purchased Impaired | HELOC | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,156 | 445 | |
Total Loans | 1,884 | 950 | 1,156 |
Purchased Impaired | HELOC | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 83 | 291 | |
Purchased Impaired | HELOC | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 645 | 214 | |
Purchased Impaired | Consumer and all other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 3,501 | 198 | |
Total Loans | 3,728 | 198 | $ 213 |
Purchased Impaired | Consumer and all other | 30 To 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 7 | 0 | |
Purchased Impaired | Consumer and all other | Greater than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 220 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Loans Individually Evaluated for Impairment by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Recorded Investment | |||
Loans without a specific allowance | $ 59,927 | $ 45,393 | |
Loans with a specific allowance | 9,526 | 8,088 | |
Total impaired loans | 69,453 | 53,481 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 62,587 | 47,320 | |
Loans with a specific allowance | 10,302 | 8,612 | |
Total impaired loans | 72,889 | 55,932 | |
Related Allowance | 502 | 503 | |
Average Investment | 71,806 | $ 58,535 | |
Interest Income Recognized | 517 | 425 | |
Construction and Land Development | |||
Recorded Investment | |||
Loans without a specific allowance | 11,652 | 16,035 | |
Loans with a specific allowance | 526 | 1,536 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 11,831 | 16,214 | |
Loans with a specific allowance | 572 | 1,573 | |
Related Allowance | 78 | 122 | |
Average Investment | 12,326 | 17,179 | |
Interest Income Recognized | 74 | 139 | |
Commercial Real Estate - Owner Occupied | |||
Recorded Investment | |||
Loans without a specific allowance | 15,966 | 5,427 | |
Loans with a specific allowance | 820 | 1,161 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 16,347 | 5,527 | |
Loans with a specific allowance | 830 | 1,161 | |
Related Allowance | 74 | 94 | |
Average Investment | 17,112 | 6,793 | |
Interest Income Recognized | 160 | 64 | |
Commercial Real Estate - Non-Owner Occupied | |||
Recorded Investment | |||
Loans without a specific allowance | 7,545 | 6,017 | |
Loans with a specific allowance | 83 | 0 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 7,727 | 6,103 | |
Loans with a specific allowance | 83 | 0 | |
Related Allowance | 1 | 0 | |
Average Investment | 7,904 | 11,540 | |
Interest Income Recognized | 61 | 108 | |
Commercial & Industrial | |||
Recorded Investment | |||
Loans without a specific allowance | 2,313 | 1,681 | |
Loans with a specific allowance | 2,074 | 1,295 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 2,649 | 1,933 | |
Loans with a specific allowance | 2,113 | 1,319 | |
Related Allowance | 60 | 128 | |
Average Investment | 4,933 | 6,830 | |
Interest Income Recognized | 45 | 36 | |
Residential 1-4 Family - Commercial | |||
Recorded Investment | |||
Loans without a specific allowance | 5,459 | 4,098 | |
Loans with a specific allowance | 909 | 1,062 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 6,254 | 4,879 | |
Loans with a specific allowance | 921 | 1,068 | |
Related Allowance | 30 | 35 | |
Average Investment | 6,618 | 5,251 | |
Interest Income Recognized | 56 | 43 | |
Residential 1-4 Family - Mortgage | |||
Recorded Investment | |||
Loans without a specific allowance | 12,910 | 9,512 | |
Loans with a specific allowance | 3,279 | 1,953 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 13,238 | 9,786 | |
Loans with a specific allowance | 3,532 | 2,070 | |
Related Allowance | 88 | 36 | |
Average Investment | 16,529 | 7,796 | |
Interest Income Recognized | 77 | 30 | |
Auto | |||
Recorded Investment | |||
Loans with a specific allowance | 740 | 413 | |
Unpaid Principal Balance | |||
Loans with a specific allowance | 900 | 577 | |
Related Allowance | 3 | 2 | |
Average Investment | 836 | 477 | |
Interest Income Recognized | 5 | 1 | |
HELOC | |||
Recorded Investment | |||
Loans without a specific allowance | 3,497 | 2,056 | |
Loans with a specific allowance | 936 | 464 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 3,788 | 2,144 | |
Loans with a specific allowance | 1,053 | 535 | |
Related Allowance | 167 | 51 | |
Average Investment | 4,784 | 2,366 | |
Interest Income Recognized | 32 | 4 | |
Consumer and all other | |||
Recorded Investment | |||
Loans without a specific allowance | 585 | 567 | |
Loans with a specific allowance | 159 | 204 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 753 | 734 | |
Loans with a specific allowance | 298 | 309 | |
Related Allowance | 1 | $ 35 | |
Average Investment | 764 | 303 | |
Interest Income Recognized | $ 7 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement) (Details) $ in Thousands |
Mar. 31, 2018
USD ($)
loan
|
Dec. 31, 2017
USD ($)
loan
|
---|---|---|
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 92 | 88 |
Recorded Investment | $ 17,576 | $ 17,402 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 63 | 68 |
Recorded Investment | $ 13,292 | $ 14,553 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 7 |
Recorded Investment | $ 1,658 | $ 2,803 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 8 | 5 |
Recorded Investment | $ 3,010 | $ 2,221 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment | $ 571 | $ 715 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 12 |
Recorded Investment | $ 876 | $ 2,057 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 17 | 16 |
Recorded Investment | $ 1,189 | $ 1,048 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 27 | 24 |
Recorded Investment | $ 5,478 | $ 5,194 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | HELOC | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 20 | $ 20 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Consumer and all other | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 490 | $ 495 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 29 | 20 |
Recorded Investment | $ 4,284 | $ 2,849 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 2 |
Recorded Investment | $ 1,175 | $ 702 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment | $ 128 | $ 134 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 10 | 2 |
Recorded Investment | $ 1,116 | $ 108 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 5 | 5 |
Recorded Investment | $ 535 | $ 558 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 7 | 7 |
Recorded Investment | $ 1,249 | $ 1,264 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | HELOC | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 60 | $ 59 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Consumer and all other | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 21 | $ 24 |
Outstanding Commitment | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Financing Receivable, Modifications [Line Items] | |||
Period for restructured loan to be considered default | 90 days | ||
Provision for unfunded commitments | $ 112 | ||
Total loans held for investment, net | $ 9,805,723 | 6,554,046 | $ 7,141,552 |
Acquired Performing Loan Portfolio | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans held for investment, net | 2,900,000 | 892,400 | |
Remaining discount on acquired loans | 44,800 | 13,700 | |
Purchased Impaired | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans held for investment, net | 102,861 | $ 57,770 | 39,021 |
Purchased impaired loans (gross) | $ 124,500 | $ 47,900 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of TDR by Class and Modification Type) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018
USD ($)
loan
|
Mar. 31, 2017
USD ($)
loan
|
|
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 7 | 18 |
Recorded Investment at Period End | $ | $ 1,267 | $ 4,507 |
Modified to interest only, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 5 |
Recorded Investment at Period End | $ | $ 0 | $ 661 |
Modified to interest only, at a market rate | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 5 |
Recorded Investment at Period End | $ | $ 0 | $ 661 |
Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 5 | 7 |
Recorded Investment at Period End | $ | $ 1,103 | $ 2,853 |
Term modification, at a market rate | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Term modification, at a market rate | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 0 |
Recorded Investment at Period End | $ | $ 811 | $ 0 |
Term modification, at a market rate | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 2 |
Recorded Investment at Period End | $ | $ 0 | $ 836 |
Term modification, at a market rate | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 2 |
Recorded Investment at Period End | $ | $ 0 | $ 1,637 |
Term modification, at a market rate | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment at Period End | $ | $ 152 | $ 207 |
Term modification, at a market rate | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 2 |
Recorded Investment at Period End | $ | $ 140 | $ 173 |
Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 6 |
Recorded Investment at Period End | $ | $ 164 | $ 993 |
Term modification, below market rate | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 2 |
Recorded Investment at Period End | $ | $ 0 | $ 128 |
Term modification, below market rate | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 2 |
Recorded Investment at Period End | $ | $ 0 | $ 87 |
Term modification, below market rate | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment at Period End | $ | $ 164 | $ 778 |
Restructurings With Payment Default | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 0 |
Recorded Investment at Period End | $ | $ 1,075 | $ 0 |
Restructurings With Payment Default | Modified to interest only, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Modified to interest only, at a market rate | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 0 |
Recorded Investment at Period End | $ | $ 1,075 | $ 0 |
Restructurings With Payment Default | Term modification, at a market rate | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 0 |
Recorded Investment at Period End | $ | $ 1,015 | $ 0 |
Restructurings With Payment Default | Term modification, at a market rate | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Term modification, at a market rate | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Term modification, at a market rate | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Term modification, at a market rate | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 0 |
Recorded Investment at Period End | $ | $ 60 | $ 0 |
Restructurings With Payment Default | Term modification, at a market rate | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Term modification, below market rate | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Term modification, below market rate | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Restructurings With Payment Default | Term modification, below market rate | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
|
Allowance for loan losses | |||||
Balance, beginning of the year | $ 38,208 | $ 37,192 | |||
Recoveries credited to allowance | 1,480 | 845 | |||
Loans charged off | (2,559) | (1,633) | |||
Provision charged to operations | 3,500 | 2,010 | |||
Balance, end of period | 40,629 | 38,414 | |||
Total Loans | |||||
Loans individually evaluated for impairment | $ 69,453 | $ 57,355 | |||
ALL individually evaluated for impairment | 502 | 2,515 | |||
Loans collectively evaluated for impairment | 9,633,409 | 6,438,921 | |||
ALL collectively evaluated for impairment | 40,127 | 35,899 | |||
Total Loans | 9,805,723 | $ 7,141,552 | 6,554,046 | ||
Total ALL | 38,208 | 37,192 | 40,629 | 38,208 | 38,414 |
Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 102,861 | 39,021 | 57,770 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Construction and Land Development | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 9,709 | 10,055 | |||
Recoveries credited to allowance | 226 | 37 | |||
Loans charged off | (6) | (45) | |||
Provision charged to operations | 287 | (496) | |||
Balance, end of period | 10,216 | 9,551 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 12,178 | 17,301 | |||
ALL individually evaluated for impairment | 78 | 729 | |||
Loans collectively evaluated for impairment | 1,226,816 | 750,210 | |||
ALL collectively evaluated for impairment | 10,138 | 8,822 | |||
Total Loans | 1,249,196 | 948,791 | 770,287 | ||
Total ALL | 9,709 | 10,055 | 10,216 | 9,709 | 9,551 |
Construction and Land Development | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 10,202 | 2,838 | 2,776 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Commercial Real Estate - Owner Occupied | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 2,931 | 3,801 | |||
Recoveries credited to allowance | 109 | 20 | |||
Loans charged off | (125) | 0 | |||
Provision charged to operations | 1,057 | (600) | |||
Balance, end of period | 3,972 | 3,221 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 16,786 | 6,759 | |||
ALL individually evaluated for impairment | 74 | 3 | |||
Loans collectively evaluated for impairment | 1,236,543 | 845,601 | |||
ALL collectively evaluated for impairment | 3,898 | 3,218 | |||
Total Loans | 1,279,155 | 943,933 | 870,559 | ||
Total ALL | 2,931 | 3,801 | 3,972 | 2,931 | 3,221 |
Commercial Real Estate - Owner Occupied | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 25,826 | 14,790 | 18,199 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Commercial Real Estate - Non-Owner Occupied | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 7,544 | 6,622 | |||
Recoveries credited to allowance | 4 | 0 | |||
Loans charged off | (94) | 0 | |||
Provision charged to operations | (353) | 640 | |||
Balance, end of period | 7,101 | 7,262 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 7,628 | 11,516 | |||
ALL individually evaluated for impairment | 1 | 745 | |||
Loans collectively evaluated for impairment | 2,203,241 | 1,603,526 | |||
ALL collectively evaluated for impairment | 7,100 | 6,517 | |||
Total Loans | 2,230,463 | 1,713,659 | 1,631,767 | ||
Total ALL | 7,544 | 6,622 | 7,101 | 7,544 | 7,262 |
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 19,594 | 6,610 | 16,725 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Multifamily Real Estate | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 1,092 | 1,236 | |||
Recoveries credited to allowance | 5 | 0 | |||
Loans charged off | 0 | 0 | |||
Provision charged to operations | 290 | 198 | |||
Balance, end of period | 1,387 | 1,434 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
ALL individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 544,140 | 351,711 | |||
ALL collectively evaluated for impairment | 1,387 | 1,434 | |||
Total Loans | 547,520 | 357,079 | 353,769 | ||
Total ALL | 1,092 | 1,236 | 1,387 | 1,092 | 1,434 |
Multifamily Real Estate | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 3,380 | 80 | 2,058 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Commercial & Industrial | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 4,552 | 4,627 | |||
Recoveries credited to allowance | 186 | 139 | |||
Loans charged off | (206) | (241) | |||
Provision charged to operations | 1,162 | 754 | |||
Balance, end of period | 5,694 | 5,279 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 4,387 | 6,100 | |||
ALL individually evaluated for impairment | 60 | 617 | |||
Loans collectively evaluated for impairment | 1,118,456 | 569,734 | |||
ALL collectively evaluated for impairment | 5,634 | 4,662 | |||
Total Loans | 1,125,733 | 612,023 | 576,567 | ||
Total ALL | 4,552 | 4,627 | 5,694 | 4,552 | 5,279 |
Commercial & Industrial | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 2,890 | 408 | 733 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Residential 1-4 Family - Commercial | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 4,437 | 3,698 | |||
Recoveries credited to allowance | 52 | 91 | |||
Loans charged off | (10) | (70) | |||
Provision charged to operations | (1,787) | 132 | |||
Balance, end of period | 2,692 | 3,851 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 6,368 | 5,120 | |||
ALL individually evaluated for impairment | 30 | 112 | |||
Loans collectively evaluated for impairment | 693,466 | 563,502 | |||
ALL collectively evaluated for impairment | 2,662 | 3,739 | |||
Total Loans | 714,660 | 612,395 | 580,568 | ||
Total ALL | 4,437 | 3,698 | 2,692 | 4,437 | 3,851 |
Residential 1-4 Family - Commercial | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 14,826 | 9,414 | 11,946 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Residential 1-4 Family - Mortgage | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 1,524 | 2,701 | |||
Recoveries credited to allowance | 153 | 37 | |||
Loans charged off | (100) | (65) | |||
Provision charged to operations | 638 | 95 | |||
Balance, end of period | 2,215 | 2,768 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 16,189 | 7,664 | |||
ALL individually evaluated for impairment | 88 | 281 | |||
Loans collectively evaluated for impairment | 567,648 | 465,243 | |||
ALL collectively evaluated for impairment | 2,127 | 2,487 | |||
Total Loans | 604,354 | 485,690 | 476,871 | ||
Total ALL | 1,524 | 2,701 | 2,215 | 1,524 | 2,768 |
Residential 1-4 Family - Mortgage | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 20,517 | 3,733 | 3,964 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Auto | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 975 | 946 | |||
Recoveries credited to allowance | 88 | 108 | |||
Loans charged off | (168) | (248) | |||
Provision charged to operations | 125 | 139 | |||
Balance, end of period | 1,020 | 945 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 740 | 393 | |||
ALL individually evaluated for impairment | 3 | 1 | |||
Loans collectively evaluated for impairment | 287,335 | 271,073 | |||
ALL collectively evaluated for impairment | 1,017 | 944 | |||
Total Loans | 288,089 | 282,474 | 271,466 | ||
Total ALL | 975 | 946 | 1,020 | 975 | 945 |
Auto | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 14 | 0 | 0 | ||
Total ALL | 0 | 0 | 0 | 0 | |
HELOC | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 1,360 | 1,328 | |||
Recoveries credited to allowance | 276 | 88 | |||
Loans charged off | (84) | (194) | |||
Provision charged to operations | (81) | 47 | |||
Balance, end of period | 1,471 | 1,269 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 4,433 | 2,200 | |||
ALL individually evaluated for impairment | 167 | 20 | |||
Loans collectively evaluated for impairment | 635,767 | 524,507 | |||
ALL collectively evaluated for impairment | 1,304 | 1,249 | |||
Total Loans | 642,084 | 537,521 | 527,863 | ||
Total ALL | 1,360 | 1,328 | 1,471 | 1,360 | 1,269 |
HELOC | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 1,884 | 950 | 1,156 | ||
Total ALL | 0 | 0 | 0 | 0 | |
Consumer and all other | |||||
Allowance for loan losses | |||||
Balance, beginning of the year | 4,084 | 2,178 | |||
Recoveries credited to allowance | 381 | 325 | |||
Loans charged off | (1,766) | (770) | |||
Provision charged to operations | 2,162 | 1,101 | |||
Balance, end of period | 4,861 | 2,834 | |||
Total Loans | |||||
Loans individually evaluated for impairment | 744 | 302 | |||
ALL individually evaluated for impairment | 1 | 7 | |||
Loans collectively evaluated for impairment | 1,119,997 | 493,814 | |||
ALL collectively evaluated for impairment | 4,860 | 2,827 | |||
Total Loans | 1,124,469 | 647,987 | 494,329 | ||
Total ALL | 4,084 | 2,178 | 4,861 | 4,084 | 2,834 |
Consumer and all other | Purchased Impaired | |||||
Allowance for loan losses | |||||
Balance, end of period | 0 | 0 | |||
Total Loans | |||||
Total Loans | 3,728 | $ 198 | 213 | ||
Total ALL | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating Excluding Purchased Impaired Loans) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 9,805,723 | $ 7,141,552 | $ 6,554,046 |
Construction and Land Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,249,196 | 948,791 | 770,287 |
Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,279,155 | 943,933 | 870,559 |
Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 2,230,463 | 1,713,659 | 1,631,767 |
Multifamily Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 547,520 | 357,079 | 353,769 |
Commercial & Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,125,733 | 612,023 | 576,567 |
Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 714,660 | 612,395 | 580,568 |
Residential 1-4 Family - Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 604,354 | 485,690 | 476,871 |
Auto | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 288,089 | 282,474 | 271,466 |
HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 642,084 | 537,521 | 527,863 |
Consumer and all other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,124,469 | 647,987 | $ 494,329 |
Excluding Purchased Impaired | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 9,702,862 | 7,102,531 | |
Excluding Purchased Impaired | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 9,391,547 | 6,880,526 | |
Excluding Purchased Impaired | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 257,773 | 184,654 | |
Excluding Purchased Impaired | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 53,523 | 34,114 | |
Excluding Purchased Impaired | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 19 | 3,237 | |
Excluding Purchased Impaired | Construction and Land Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,238,994 | 945,953 | |
Excluding Purchased Impaired | Construction and Land Development | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,160,775 | 869,111 | |
Excluding Purchased Impaired | Construction and Land Development | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 67,489 | 62,517 | |
Excluding Purchased Impaired | Construction and Land Development | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 10,730 | 14,325 | |
Excluding Purchased Impaired | Construction and Land Development | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,253,329 | 929,143 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,180,445 | 872,130 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 57,927 | 52,268 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 14,957 | 4,745 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 2,210,869 | 1,707,049 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 2,178,842 | 1,681,314 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 24,579 | 19,899 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 7,448 | 5,836 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Excluding Purchased Impaired | Multifamily Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 544,140 | 356,999 | |
Excluding Purchased Impaired | Multifamily Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 532,643 | 349,625 | |
Excluding Purchased Impaired | Multifamily Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 11,497 | 7,374 | |
Excluding Purchased Impaired | Multifamily Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Excluding Purchased Impaired | Multifamily Real Estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Excluding Purchased Impaired | Commercial & Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,122,843 | 611,615 | |
Excluding Purchased Impaired | Commercial & Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,076,460 | 595,923 | |
Excluding Purchased Impaired | Commercial & Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 42,852 | 13,533 | |
Excluding Purchased Impaired | Commercial & Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 3,531 | 2,159 | |
Excluding Purchased Impaired | Commercial & Industrial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 699,834 | 602,981 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 677,693 | 587,169 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 17,688 | 12,117 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 4,453 | 3,650 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 45 | |
Excluding Purchased Impaired | Residential 1-4 Family - Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 583,837 | 481,957 | |
Excluding Purchased Impaired | Residential 1-4 Family - Mortgage | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 563,869 | 470,646 | |
Excluding Purchased Impaired | Residential 1-4 Family - Mortgage | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 11,893 | 7,190 | |
Excluding Purchased Impaired | Residential 1-4 Family - Mortgage | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 8,075 | 1,642 | |
Excluding Purchased Impaired | Residential 1-4 Family - Mortgage | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 2,479 | |
Excluding Purchased Impaired | Auto | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 288,075 | 282,474 | |
Excluding Purchased Impaired | Auto | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 284,933 | 278,063 | |
Excluding Purchased Impaired | Auto | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 2,552 | 4,131 | |
Excluding Purchased Impaired | Auto | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 579 | 119 | |
Excluding Purchased Impaired | Auto | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 11 | 161 | |
Excluding Purchased Impaired | HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 640,200 | 536,571 | |
Excluding Purchased Impaired | HELOC | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 620,155 | 531,358 | |
Excluding Purchased Impaired | HELOC | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 16,992 | 3,867 | |
Excluding Purchased Impaired | HELOC | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 3,053 | 857 | |
Excluding Purchased Impaired | HELOC | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 489 | |
Excluding Purchased Impaired | Consumer and all other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,120,741 | 647,789 | |
Excluding Purchased Impaired | Consumer and all other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,115,732 | 645,187 | |
Excluding Purchased Impaired | Consumer and all other | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 4,304 | 1,758 | |
Excluding Purchased Impaired | Consumer and all other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 697 | 781 | |
Excluding Purchased Impaired | Consumer and all other | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 8 | $ 63 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating Including Purchased Impaired Loans) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | $ 9,805,723 | $ 7,141,552 | $ 6,554,046 |
Construction and Land Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 1,249,196 | 948,791 | 770,287 |
Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 1,279,155 | 943,933 | 870,559 |
Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 2,230,463 | 1,713,659 | 1,631,767 |
Multifamily Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 547,520 | 357,079 | 353,769 |
Commercial & Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 1,125,733 | 612,023 | 576,567 |
Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 714,660 | 612,395 | 580,568 |
Residential 1-4 Family - Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 604,354 | 485,690 | 476,871 |
Auto | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 288,089 | 282,474 | 271,466 |
HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 642,084 | 537,521 | 527,863 |
Consumer and all other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 1,124,469 | 647,987 | 494,329 |
Purchased Impaired | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 102,861 | 39,021 | 57,770 |
Purchased Impaired | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 23,142 | 19,017 | |
Purchased Impaired | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 48,128 | 13,881 | |
Purchased Impaired | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 31,172 | 5,435 | |
Purchased Impaired | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 419 | 688 | |
Purchased Impaired | Construction and Land Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 10,202 | 2,838 | 2,776 |
Purchased Impaired | Construction and Land Development | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 1,410 | 1,462 | |
Purchased Impaired | Construction and Land Development | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 6,498 | 1,260 | |
Purchased Impaired | Construction and Land Development | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 2,294 | 116 | |
Purchased Impaired | Construction and Land Development | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | 0 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 25,826 | 14,790 | 18,199 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 6,788 | 4,958 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 11,261 | 7,486 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 7,777 | 2,346 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | 0 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 19,594 | 6,610 | 16,725 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 3,065 | 3,920 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 10,689 | 1,394 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 5,840 | 1,296 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | 0 | |
Purchased Impaired | Multifamily Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 3,380 | 80 | 2,058 |
Purchased Impaired | Multifamily Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | 0 | |
Purchased Impaired | Multifamily Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 81 | 80 | |
Purchased Impaired | Multifamily Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 3,299 | 0 | |
Purchased Impaired | Multifamily Real Estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | 0 | |
Purchased Impaired | Commercial & Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 2,890 | 408 | 733 |
Purchased Impaired | Commercial & Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 1,707 | 85 | |
Purchased Impaired | Commercial & Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 842 | 123 | |
Purchased Impaired | Commercial & Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 341 | 200 | |
Purchased Impaired | Commercial & Industrial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | 0 | |
Purchased Impaired | Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 14,826 | 9,414 | 11,946 |
Purchased Impaired | Residential 1-4 Family - Commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 5,771 | 5,234 | |
Purchased Impaired | Residential 1-4 Family - Commercial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 5,746 | 2,877 | |
Purchased Impaired | Residential 1-4 Family - Commercial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 3,309 | 1,303 | |
Purchased Impaired | Residential 1-4 Family - Commercial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | 0 | |
Purchased Impaired | Residential 1-4 Family - Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 20,517 | 3,733 | 3,964 |
Purchased Impaired | Residential 1-4 Family - Mortgage | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 2,712 | 2,764 | |
Purchased Impaired | Residential 1-4 Family - Mortgage | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 10,142 | 329 | |
Purchased Impaired | Residential 1-4 Family - Mortgage | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 7,455 | 71 | |
Purchased Impaired | Residential 1-4 Family - Mortgage | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 208 | 569 | |
Purchased Impaired | Auto | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 14 | 0 | 0 |
Purchased Impaired | Auto | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | ||
Purchased Impaired | Auto | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 14 | ||
Purchased Impaired | Auto | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | ||
Purchased Impaired | Auto | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 0 | ||
Purchased Impaired | HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 1,884 | 950 | 1,156 |
Purchased Impaired | HELOC | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 719 | 446 | |
Purchased Impaired | HELOC | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 362 | 291 | |
Purchased Impaired | HELOC | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 592 | 94 | |
Purchased Impaired | HELOC | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 211 | 119 | |
Purchased Impaired | Consumer and all other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 3,728 | 198 | $ 213 |
Purchased Impaired | Consumer and all other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 970 | 148 | |
Purchased Impaired | Consumer and all other | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 2,493 | 41 | |
Purchased Impaired | Consumer and all other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 265 | 9 | |
Purchased Impaired | Consumer and all other | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment, net of deferred fees and costs | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Acquired Loan Portfolio and Accretable Yield) (Details) - Purchased Impaired - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Accretable Yield | ||
Balance at beginning of period | $ 14,563 | $ 19,739 |
Additions | 12,225 | 0 |
Accretion | (2,144) | (1,511) |
Reclass of nonaccretable difference due to changes in expected cash flows | (35) | 1,680 |
Other, net | 293 | (908) |
Balance at end of period | $ 24,902 | $ 19,000 |
INTANGIBLE ASSETS (Narrative) (Details) - USD ($) |
3 Months Ended | ||||
---|---|---|---|---|---|
Jan. 01, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 724,106,000 | $ 298,528,000 | |||
Impairment charges | $ 0 | ||||
Intangible assets, amortization expense | 3,181,000 | $ 1,637,000 | |||
Xenith | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period | 10 years | ||||
Acquired amortizable intangible assets | $ 38,470,000 | ||||
Goodwill | $ 425,577,000 | ||||
Core Deposits and Other Intangible Assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization expense | $ 3,200,000 | $ 1,600,000 | |||
Core Deposits and Other Intangible Assets | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period | 4 years | ||||
Core Deposits and Other Intangible Assets | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period | 14 years | ||||
Other amortizable intangibles | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period | 5 years | ||||
Other amortizable intangibles | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period | 10 years |
INTANGIBLE ASSETS (Estimated Remaining Amortization Expense of Intangibles) (Details) $ in Thousands |
Mar. 31, 2018
USD ($)
|
---|---|
Estimated Remaining Amortization of Intangibles | |
For the remaining nine months of 2018 | $ 8,787 |
For the year ending December 31, 2019 | 10,143 |
For the year ending December 31, 2020 | 8,291 |
For the year ending December 31, 2021 | 6,500 |
For the year ending December 31, 2022 | 4,927 |
Thereafter | 11,444 |
Net Carrying Value | $ 50,092 |
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Debt Disclosure [Abstract] | ||
Securities sold under agreements to repurchase | $ 31,593 | $ 49,152 |
Other short-term borrowings | 1,022,000 | 745,000 |
Total short-term borrowings | 1,053,593 | 794,152 |
Maximum month-end outstanding balance | 1,207,206 | 794,152 |
Average outstanding balance during the period | $ 1,133,603 | $ 602,553 |
Average interest rate (during the period) | 1.52% | 1.00% |
Average interest rate at end of period | 1.64% | 1.32% |
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jan. 01, 2018 |
Jan. 01, 2014 |
Aug. 23, 2012 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Subordinated Borrowing [Line Items] | |||||||
Remaining available balance for the federal funds lines | $ 227,000 | $ 227,000 | |||||
Remaining available balance of alternate line of credit | 25,000 | 25,000 | |||||
Maximum collateral dependent line of credit with the FHLB | 3,900,000 | 2,700,000 | |||||
Subordinated debt | 158,500 | 150,000 | $ 150,000 | ||||
Prepayment penalty | $ 19,600 | ||||||
Prepayment penalty amortization expense | 481 | $ 470 | |||||
Trust Preferred Capital Notes | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | 145,500 | ||||||
Remaining fair value discount on acquired notes | 16,200 | ||||||
Subordinated Debt | |||||||
Subordinated Borrowing [Line Items] | |||||||
Remaining fair value discount on acquired notes | $ 1,700 | $ 1,800 | |||||
Fixed interest rate on debt instrument | 5.00% | ||||||
Subordinated Debt | LIBOR | |||||||
Subordinated Borrowing [Line Items] | |||||||
Spread on LIBOR | 3.175% | ||||||
Acquisitions, Prior To 2006 | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | $ 58,500 | ||||||
StellarOne | |||||||
Subordinated Borrowing [Line Items] | |||||||
Long-term FHLB borrowings | $ 70,000 | 10,000 | |||||
Remaining fair value premium on acquired FHLB advances | 74 | ||||||
StellarOne | Trust Preferred Capital Notes | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | $ 32,000 | ||||||
Xenith | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | $ 55,000 | ||||||
Subordinated debt | 8,500 | ||||||
Xenith | Trust Preferred Capital Notes | |||||||
Subordinated Borrowing [Line Items] | |||||||
Remaining fair value discount on acquired notes | 9,900 | ||||||
Xenith | Subordinated Debt | |||||||
Subordinated Borrowing [Line Items] | |||||||
Remaining fair value discount on acquired notes | $ 259 | $ 233 | |||||
Fixed interest rate on debt instrument | 6.75% |
BORROWINGS (Trust Preferred Capital Notes Qualify for Tier 1 Capital) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||
Investment | $ 251,081 | $ 99,854 |
Trust Preferred Capital Notes | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | 145,500 | |
Investment | 4,504 | |
Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | 22,500 | |
Investment | $ 696 | |
Rate (2) | 5.06% | |
Maturity | Jun. 17, 2034 | |
Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.75% | |
Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 36,000 | |
Investment | $ 1,114 | |
Rate (2) | 3.71% | |
Maturity | Jun. 15, 2036 | |
Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.40% | |
VFG Limited Liability Trust I Indenture | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 20,000 | |
Investment | $ 619 | |
Rate (2) | 5.04% | |
Maturity | Mar. 18, 2034 | |
VFG Limited Liability Trust I Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.73% | |
FNB Statutory Trust II Indenture | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 12,000 | |
Investment | $ 372 | |
Rate (2) | 5.41% | |
Maturity | Jun. 26, 2033 | |
FNB Statutory Trust II Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 3.10% | |
Gateway Capital Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 8,000 | |
Investment | $ 248 | |
Rate (2) | 5.41% | |
Maturity | Sep. 17, 2033 | |
Gateway Capital Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 3.10% | |
Gateway Capital Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 7,000 | |
Investment | $ 217 | |
Rate (2) | 4.96% | |
Maturity | Jun. 17, 2034 | |
Gateway Capital Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.65% | |
Gateway Capital Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 15,000 | |
Investment | $ 464 | |
Rate (2) | 3.81% | |
Maturity | May 30, 2036 | |
Gateway Capital Statutory Trust III | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.50% | |
Gateway Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 25,000 | |
Investment | $ 774 | |
Rate (2) | 3.86% | |
Maturity | Jul. 30, 2037 | |
Gateway Capital Statutory Trust IV | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.55% |
BORROWINGS (Advances from the FHLB) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Federal Home Loan Bank, Advances [Line Items] | ||
Advance Amount | $ 200,000 | $ 200,000 |
Adjustable Rate Credit One | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 2.75% | 2.13% |
Maturity Date | Aug. 23, 2022 | Aug. 23, 2022 |
Advance Amount | $ 55,000 | $ 55,000 |
Adjustable Rate Credit One | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | 0.44% | 0.44% |
Adjustable Rate Credit Two | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 2.76% | 2.15% |
Maturity Date | Nov. 23, 2022 | Nov. 23, 2022 |
Advance Amount | $ 65,000 | $ 65,000 |
Adjustable Rate Credit Two | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | 0.45% | 0.45% |
Adjustable Rate Credit Three | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 2.76% | 2.15% |
Maturity Date | Nov. 23, 2022 | Nov. 23, 2022 |
Advance Amount | $ 10,000 | $ 10,000 |
Adjustable Rate Credit Three | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | 0.45% | 0.45% |
Adjustable Rate Credit Four | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 2.76% | 2.15% |
Maturity Date | Nov. 23, 2022 | Nov. 23, 2022 |
Advance Amount | $ 10,000 | $ 10,000 |
Adjustable Rate Credit Four | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | 0.45% | 0.45% |
Fixed Rate One | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 3.75% | 3.75% |
Maturity Date | Jul. 30, 2018 | Jul. 30, 2018 |
Advance Amount | $ 5,000 | $ 5,000 |
Fixed Rate Two | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 3.97% | 3.97% |
Maturity Date | Jul. 30, 2018 | Jul. 30, 2018 |
Advance Amount | $ 5,000 | $ 5,000 |
Fixed Rate Hybrid One | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 0.99% | 0.99% |
Maturity Date | Oct. 19, 2018 | Oct. 19, 2018 |
Advance Amount | $ 30,000 | $ 30,000 |
Fixed Rate Hybrid Two | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.58% | 1.58% |
Maturity Date | May 18, 2020 | May 18, 2020 |
Advance Amount | $ 20,000 | $ 20,000 |
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value Premium (Discount) (1) | ||
For the remaining nine months of 2018 | $ (559) | |
2019 | (862) | |
2020 | (935) | |
2021 | (1,006) | |
2022 | (1,029) | |
Thereafter | (13,273) | |
Total long-term borrowings | (17,664) | |
Prepayment Penalty | ||
For the remaining nine months of 2018 | (1,489) | |
2019 | (2,018) | |
2020 | (2,074) | |
2021 | (2,119) | |
2022 | (1,707) | |
Thereafter | 0 | |
Total long-term borrowings | (9,407) | |
Total Long-term Borrowings | ||
For the remaining nine months of 2018 | 37,952 | |
2019 | (2,880) | |
2020 | 16,991 | |
2021 | (3,125) | |
2022 | 137,264 | |
Thereafter | 295,231 | |
Total long-term borrowings | 481,433 | $ 425,262 |
Trust Preferred Capital Notes | ||
Total Long-term Borrowings, Gross | ||
Thereafter | 150,004 | |
Total long-term borrowings | 150,004 | |
Subordinated Debt | ||
Total Long-term Borrowings | ||
Thereafter | 158,500 | |
Total long-term borrowings | 158,500 | |
FHLB Advances | ||
Total Long-term Borrowings, Gross | ||
For the remaining nine months of 2018 | 40,000 | |
2018 | 0 | |
2019 | 20,000 | |
2020 | 0 | |
2022 | 140,000 | |
Thereafter | 0 | |
Total long-term borrowings | $ 200,000 |
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Commitments [Line Items] | ||
Daily average required reserves | $ 162,600 | |
Deposits with other financial institutions | 51,900 | |
Uninsured deposits with other financial institutions | 36,400 | |
Cash Flow Hedges | ||
Other Commitments [Line Items] | ||
Deposits with other financial institutions serves as collateral | 13,300 | |
Reserve for Off-balance Sheet Activities | ||
Other Commitments [Line Items] | ||
Off-balance sheet credit risks, amount, liability | $ 1,600 | $ 795 |
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 3,082,034 | $ 2,320,247 |
Commitments to Extend Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 2,926,208 | 2,192,812 |
Standby Letters of Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 155,826 | $ 127,435 |
COMMITMENTS AND CONTINGENCIES (Schedule of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | $ 13,316 | $ 23,870 |
Loans | 2,585,329 | 2,390,509 |
Total pledged assets | 3,185,631 | 2,951,852 |
AFS Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 392,944 | 339,991 |
HTM Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 194,042 | 197,482 |
Public deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 483,740 | 439,954 |
Public deposits | AFS Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 289,698 | 242,472 |
Public deposits | HTM Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 194,042 | 197,482 |
Repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 74,441 | 77,942 |
Repurchase agreements | AFS Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 74,441 | 77,942 |
Repurchase agreements | HTM Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
FHLB advances | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 2,585,329 | 2,390,509 |
Total pledged assets | 2,586,083 | 2,391,387 |
FHLB advances | AFS Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 754 | 878 |
FHLB advances | HTM Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Derivatives | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 13,316 | 23,870 |
Loans | 0 | 0 |
Total pledged assets | 15,906 | 27,526 |
Derivatives | AFS Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 2,590 | 3,656 |
Derivatives | HTM Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Other purposes | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 25,461 | 15,043 |
Other purposes | AFS Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 25,461 | 15,043 |
Other purposes | HTM Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | $ 0 | $ 0 |
DERIVATIVES (Narrative) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 13, 2016
USD ($)
derivative_instrument
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Minimum | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate lock commitments period | 30 days | ||
Maximum | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate lock commitments period | 120 days | ||
Cash Flow Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swaps terminated | derivative_instrument | 3 | ||
Unrealized gain within accumulated other comprehensive income, to be reclassified into earnings | $ 1,300 | ||
Reclassification of gain (loss) from accumulated other comprehensive income to earnings, estimate of time to transfer | 3 years | ||
Estimated net amount of gains expected to be reclassified into earnings within the next twelve months | $ 405 | ||
Fair Value Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 80,000 | $ 81,000 | |
Fair value of aggregate notional amount of the hedged items, unrealized loss | $ (3,108) | $ (1,200) |
DERIVATIVES (Summary of the Derivatives) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Interest Rate Lock Commitments | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative Assets | $ 828 | $ 559 |
Designated as Accounting Hedges | Cash Flow Hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 152,500 | 152,500 |
Derivative Assets | 0 | 49 |
Derivative Liabilities | 5,063 | 8,005 |
Designated as Accounting Hedges | Fair Value Hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 79,963 | 80,973 |
Derivative Assets | 3,468 | 1,598 |
Derivative Liabilities | 0 | 76 |
Not Designated as Accounting Hedges | Interest Rate Lock Commitments | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 47,949 | 34,314 |
Derivative Assets | 828 | 559 |
Derivative Liabilities | 0 | 0 |
Not Designated as Accounting Hedges | Best efforts forward delivery commitments | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 75,011 | 73,777 |
Derivative Assets | 0 | 12 |
Derivative Liabilities | 22 | 0 |
Not Designated as Accounting Hedges | Pay Fixed - Receive Floating Interest Rate Swaps | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 704,424 | 529,736 |
Derivative Assets | 13,368 | 0 |
Derivative Liabilities | 2,641 | 1,350 |
Not Designated as Accounting Hedges | Pay Floating - Receive Fixed Interest Rate Swaps | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 704,424 | 529,736 |
Derivative Assets | 2,641 | 1,350 |
Derivative Liabilities | $ 13,368 | $ 0 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | $ 1,046,329 | $ 1,001,032 |
Other comprehensive income (loss) | (11,227) | 3,606 |
Amounts reclassified from accumulated other comprehensive income | (199) | (208) |
Net current period other comprehensive income (loss) | (11,426) | 3,398 |
Ending balance | 1,831,077 | 1,015,631 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (884) | (3,809) |
Net current period other comprehensive income (loss) | (11,426) | 3,398 |
Ending balance | (12,310) | (411) |
Unrealized Gains (Losses) on AFS Securities | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | 1,874 | (542) |
Other comprehensive income (loss) | (13,191) | 3,637 |
Amounts reclassified from accumulated other comprehensive income | (168) | (313) |
Net current period other comprehensive income (loss) | (13,359) | 3,324 |
Ending balance | (11,485) | 2,782 |
Unrealized Gain for AFS Securities Transferred to HTM | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | 2,705 | 3,377 |
Other comprehensive income (loss) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | (299) | (184) |
Net current period other comprehensive income (loss) | (299) | (184) |
Ending balance | 2,406 | 3,193 |
Change in Fair Value of Cash Flow Hedge | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (4,361) | (5,179) |
Other comprehensive income (loss) | 1,964 | (31) |
Amounts reclassified from accumulated other comprehensive income | 249 | 180 |
Net current period other comprehensive income (loss) | 2,213 | 149 |
Ending balance | (2,148) | (5,030) |
Unrealized Gains (Losses) on BOLI | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (1,102) | (1,465) |
Other comprehensive income (loss) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 19 | 109 |
Net current period other comprehensive income (loss) | 19 | 109 |
Ending balance | $ (1,083) | $ (1,356) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jun. 30, 2015 |
Dec. 31, 2017 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gains on securities transactions, net | $ 213 | $ 481 | ||
Tax expense (benefit) related to (gains) losses on the sale of securities | 45 | 168 | ||
Transfer from securities available for sale to securities held to maturity | $ 201,800 | |||
Held to maturity securities unrealized gains before tax | 3,200 | $ 8,100 | $ 3,600 | |
Accretion expense | 379 | 283 | ||
Tax expense (benefit) related to (gains) losses for AFS securities transferred to HTM | 80 | 99 | ||
Tax expense (benefit) related to (gains) losses on the cash flow hedges | (66) | (97) | ||
Reclassification adjustment for gains (losses) included in net income | (199) | (208) | ||
Cash Flow Hedges | Interest Expense, Net | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax | 315 | 277 | ||
Unrealized Gains (Losses) on BOLI | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for gains (losses) included in net income | $ 19 | $ 109 |
FAIR VALUE MEASUREMENTS (Narrative) (Details) participant in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018
USD ($)
participant
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2017 |
|
Fair Value Disclosures [Abstract] | |||
Weighted average pull through rate | 80.00% | 80.00% | |
Minimum number of market participants (more than) | participant | 4 | ||
Level 3 Fair value measurements weighted average related to impaired loans | 1.30% | 3.00% | |
Level 3 fair value measurements weighted average related to other real estate owned | 18.80% | 22.50% | |
Total valuation expenses related to OREO properties | $ | $ 759 | $ 238 |
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
ASSETS | ||
Securities available for sale | $ 1,253,179 | $ 974,222 |
Loans held for sale | 27,727 | 40,662 |
Cash flow hedges | 49 | |
Fair value hedges | 3,468 | 1,598 |
Best efforts forward delivery commitments | 12 | |
LIABILITIES | ||
Interest rate swap | 16,009 | 1,350 |
Cash flow hedges | 5,063 | 8,005 |
Fair value hedges | 76 | |
Best efforts forward delivery commitments | 22 | |
Obligations of States and Political Subdivisions | ||
ASSETS | ||
Securities available for sale | 364,639 | 301,824 |
Corporate and Other Bonds | ||
ASSETS | ||
Securities available for sale | 123,140 | 113,880 |
Mortgage-Backed Securities | ||
ASSETS | ||
Securities available for sale | 754,412 | 548,858 |
Other Securities | ||
ASSETS | ||
Securities available for sale | 10,988 | 9,660 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Best efforts forward delivery commitments | 0 | |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | |
Best efforts forward delivery commitments | 0 | |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale | 1,253,179 | 974,222 |
Loans held for sale | 27,727 | 40,662 |
Cash flow hedges | 49 | |
Fair value hedges | 3,468 | 1,598 |
Best efforts forward delivery commitments | 0 | |
LIABILITIES | ||
Interest rate swap | 16,009 | 1,350 |
Cash flow hedges | 5,063 | 8,005 |
Fair value hedges | 76 | |
Best efforts forward delivery commitments | 0 | |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Best efforts forward delivery commitments | 12 | |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | |
Best efforts forward delivery commitments | 22 | |
Recurring | ||
ASSETS | ||
Loans held for sale | 27,727 | 40,662 |
Interest rate derivative | 16,009 | 1,350 |
Cash flow hedges | 49 | |
Fair value hedges | 3,468 | 1,598 |
Best efforts forward delivery commitments | 12 | |
LIABILITIES | ||
Interest rate swap | 16,009 | 1,350 |
Cash flow hedges | 5,063 | 8,005 |
Fair value hedges | 76 | |
Best efforts forward delivery commitments | 22 | |
Recurring | Interest Rate Lock Commitments | ||
ASSETS | ||
Interest rate derivative | 828 | 559 |
Recurring | Obligations of States and Political Subdivisions | ||
ASSETS | ||
Securities available for sale | 364,639 | 301,824 |
Recurring | Corporate and Other Bonds | ||
ASSETS | ||
Securities available for sale | 123,140 | 113,880 |
Recurring | Mortgage-Backed Securities | ||
ASSETS | ||
Securities available for sale | 754,412 | 548,858 |
Recurring | Other Securities | ||
ASSETS | ||
Securities available for sale | 10,988 | 9,660 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Loans held for sale | 0 | 0 |
Interest rate derivative | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Best efforts forward delivery commitments | 0 | |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | |
Best efforts forward delivery commitments | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Interest Rate Lock Commitments | ||
ASSETS | ||
Interest rate derivative | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Obligations of States and Political Subdivisions | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate and Other Bonds | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Mortgage-Backed Securities | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Other Securities | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Loans held for sale | 27,727 | 40,662 |
Interest rate derivative | 16,009 | 1,350 |
Cash flow hedges | 49 | |
Fair value hedges | 3,468 | 1,598 |
Best efforts forward delivery commitments | 0 | |
LIABILITIES | ||
Interest rate swap | 16,009 | 1,350 |
Cash flow hedges | 5,063 | 8,005 |
Fair value hedges | 76 | |
Best efforts forward delivery commitments | 0 | |
Recurring | Significant Other Observable Inputs Level 2 | Interest Rate Lock Commitments | ||
ASSETS | ||
Interest rate derivative | 0 | 0 |
Recurring | Significant Other Observable Inputs Level 2 | Obligations of States and Political Subdivisions | ||
ASSETS | ||
Securities available for sale | 364,639 | 301,824 |
Recurring | Significant Other Observable Inputs Level 2 | Corporate and Other Bonds | ||
ASSETS | ||
Securities available for sale | 123,140 | 113,880 |
Recurring | Significant Other Observable Inputs Level 2 | Mortgage-Backed Securities | ||
ASSETS | ||
Securities available for sale | 754,412 | 548,858 |
Recurring | Significant Other Observable Inputs Level 2 | Other Securities | ||
ASSETS | ||
Securities available for sale | 10,988 | 9,660 |
Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Loans held for sale | 0 | 0 |
Interest rate derivative | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Best efforts forward delivery commitments | 12 | |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | |
Best efforts forward delivery commitments | 22 | |
Recurring | Significant Unobservable Inputs Level 3 | Interest Rate Lock Commitments | ||
ASSETS | ||
Interest rate derivative | 828 | 559 |
Recurring | Significant Unobservable Inputs Level 3 | Obligations of States and Political Subdivisions | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs Level 3 | Corporate and Other Bonds | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs Level 3 | Mortgage-Backed Securities | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs Level 3 | Other Securities | ||
ASSETS | ||
Securities available for sale | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
ASSETS | ||
OREO | $ 10,099 | $ 6,636 |
Nonrecurring | ||
ASSETS | ||
Impaired loans | 2,685 | 3,229 |
OREO | 10,099 | 6,636 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Nonrecurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Impaired loans | 2,685 | 3,229 |
OREO | $ 10,099 | $ 6,636 |
FAIR VALUE MEASUREMENTS (Carrying Values and Estimated Fair Values of the Company's Financial Instruments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
ASSETS | ||
Cash and cash equivalents | $ 342,463 | $ 199,373 |
Securities available for sale, at fair value | 1,253,179 | 974,222 |
Held to maturity securities | 199,904 | 203,483 |
Restricted stock | 105,261 | 75,283 |
Loans held for sale | 27,727 | 40,662 |
Net loans | 9,668,738 | 7,117,593 |
Derivatives: | ||
Cash flow hedges | 49 | |
Fair value hedges | 3,468 | 1,598 |
Best efforts forward delivery commitments | 12 | |
Accrued interest receivable | 35,329 | 26,427 |
Bank owned life insurance | 258,381 | 182,854 |
LIABILITIES | ||
Deposits | 9,698,797 | 6,977,845 |
Borrowings | 1,521,524 | 1,198,645 |
Accrued interest payable | 5,638 | 2,538 |
Derivatives: | ||
Interest rate swap | 16,009 | 1,350 |
Cash flow hedges | 5,063 | 8,005 |
Best efforts forward delivery commitments | 22 | |
Fair value hedges | 76 | |
Interest Rate Swap | ||
Derivatives: | ||
Interest rate derivative | 16,009 | 1,350 |
Interest Rate Lock Commitments | ||
Derivatives: | ||
Interest rate lock commitments | 828 | 559 |
Carrying Value | ||
ASSETS | ||
Cash and cash equivalents | 342,463 | 199,373 |
Securities available for sale, at fair value | 1,253,179 | 974,222 |
Held to maturity securities | 198,733 | 199,639 |
Restricted stock | 105,261 | 75,283 |
Loans held for sale | 27,727 | 40,662 |
Net loans | 9,765,094 | 7,103,344 |
Derivatives: | ||
Cash flow hedges | 49 | |
Fair value hedges | 3,468 | 1,598 |
Best efforts forward delivery commitments | 12 | |
Accrued interest receivable | 35,329 | 26,427 |
Bank owned life insurance | 258,381 | 182,854 |
LIABILITIES | ||
Deposits | 9,677,955 | 6,991,718 |
Borrowings | 1,535,026 | 1,219,414 |
Accrued interest payable | 5,638 | 2,538 |
Derivatives: | ||
Interest rate swap | 16,009 | 1,350 |
Cash flow hedges | 5,063 | 8,005 |
Best efforts forward delivery commitments | 22 | |
Fair value hedges | 76 | |
Carrying Value | Interest Rate Swap | ||
Derivatives: | ||
Interest rate derivative | 16,009 | 1,350 |
Carrying Value | Interest Rate Lock Commitments | ||
Derivatives: | ||
Interest rate lock commitments | 828 | 559 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Cash and cash equivalents | 342,463 | 199,373 |
Securities available for sale, at fair value | 0 | 0 |
Held to maturity securities | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Best efforts forward delivery commitments | 0 | |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Best efforts forward delivery commitments | 0 | |
Fair value hedges | 0 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | Interest Rate Swap | ||
Derivatives: | ||
Interest rate derivative | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Interest Rate Lock Commitments | ||
Derivatives: | ||
Interest rate lock commitments | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 1,253,179 | 974,222 |
Held to maturity securities | 199,904 | 203,483 |
Restricted stock | 105,261 | 75,283 |
Loans held for sale | 27,727 | 40,662 |
Net loans | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 49 | |
Fair value hedges | 3,468 | 1,598 |
Best efforts forward delivery commitments | 0 | |
Accrued interest receivable | 35,329 | 26,427 |
Bank owned life insurance | 258,381 | 182,854 |
LIABILITIES | ||
Deposits | 9,698,797 | 6,977,845 |
Borrowings | 1,521,524 | 1,198,645 |
Accrued interest payable | 5,638 | 2,538 |
Derivatives: | ||
Interest rate swap | 16,009 | 1,350 |
Cash flow hedges | 5,063 | 8,005 |
Best efforts forward delivery commitments | 0 | |
Fair value hedges | 76 | |
Significant Other Observable Inputs Level 2 | Interest Rate Swap | ||
Derivatives: | ||
Interest rate derivative | 16,009 | 1,350 |
Significant Other Observable Inputs Level 2 | Interest Rate Lock Commitments | ||
Derivatives: | ||
Interest rate lock commitments | 0 | 0 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
Held to maturity securities | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 9,668,738 | 7,117,593 |
Derivatives: | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Best efforts forward delivery commitments | 12 | |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Best efforts forward delivery commitments | 22 | |
Fair value hedges | 0 | |
Significant Unobservable Inputs Level 3 | Interest Rate Swap | ||
Derivatives: | ||
Interest rate derivative | 0 | 0 |
Significant Unobservable Inputs Level 3 | Interest Rate Lock Commitments | ||
Derivatives: | ||
Interest rate lock commitments | $ 828 | $ 559 |
REVENUE (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Disaggregation of Revenue | ||
Other service charges and fees | $ 1,233 | $ 1,139 |
Interchange fees, net | 4,489 | 3,582 |
Mortgage banking income, net | 2,041 | 2,025 |
Gains on securities transactions, net | 213 | 481 |
Bank owned life insurance income | 1,667 | 2,125 |
Loan-related interest rate swap fees | 718 | 1,180 |
Other operating income | 2,998 | 997 |
Total noninterest income | 22,309 | 18,839 |
Noninterest Income In Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Other service charges and fees | 1,233 | 1,139 |
Interchange fees, net | 4,489 | 3,582 |
Other operating income | 707 | 561 |
Deposit Service Charges | Noninterest Income In Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Overdraft fees, net | 4,820 | 3,731 |
Maintenance fees & other | 1,074 | 785 |
Fiduciary and Asset Management Fees | Noninterest Income In Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Trust asset management fees | 1,345 | 1,268 |
Registered advisor management fees, net | 720 | 670 |
Brokerage management fees, net | $ 991 | $ 856 |
EARNINGS PER SHARE (Reconciliation of the Denominators of the Basic and Diluted EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Earnings Per Share [Abstract] | ||
Basic EPS, Net Income Available to Common Stockholders (Numerator) | $ 16,639 | $ 19,124 |
Basic EPS, Weighted Average Shares (Denominator) | 65,554,630 | 43,654,498 |
Basic EPS, Per Share Amount (in usd per share) | $ 0.25 | $ 0.44 |
Effect of dilutive stock awards, Weighted Average Shares (Denominator) | 81,000 | 72,000 |
Diluted EPS, Net Income Available to Common Stockholders (Numerator) | $ 16,639 | $ 19,124 |
Diluted EPS, Weighted Average Common Shares | 65,636,262 | 43,725,923 |
Diluted EPS, Per Share Amount (in usd per share) | $ 0.25 | $ 0.44 |
SEGMENT REPORTING DISCLOSURES (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018
segment
bank
store
|
Mar. 31, 2017 |
|
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 2 | |
Number of subsidiary bank | bank | 1 | |
Number of retail locations | store | 150 | |
Warehouse Line of Credit | LIBOR | ||
Segment Reporting Information [Line Items] | ||
Spread on LIBOR | 0.15% | 0.15% |
Mortgage banking segment interest - floor | 0.00% | 0.00% |
SEGMENT REPORTING DISCLOSURES (Information About Reportable Segments and Reconciliation) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | |||
Net interest income | $ 103,747 | $ 66,567 | |
Provision for credit losses | 3,500 | 2,122 | |
Net interest income after provision for credit losses | 100,247 | 64,445 | |
Noninterest income | 22,309 | 18,839 | |
Noninterest expenses | 104,008 | 57,395 | |
Income before income taxes | 18,548 | 25,889 | |
Income tax expense | 1,909 | 6,765 | |
Net income | 16,639 | 19,124 | |
Total assets | 13,149,292 | 8,669,920 | $ 9,315,179 |
Operating Segments | Community Bank | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 103,314 | 66,234 | |
Provision for credit losses | 3,524 | 2,104 | |
Net interest income after provision for credit losses | 99,790 | 64,130 | |
Noninterest income | 20,157 | 16,757 | |
Noninterest expenses | 101,669 | 55,014 | |
Income before income taxes | 18,278 | 25,873 | |
Income tax expense | 1,847 | 6,753 | |
Net income | 16,431 | 19,120 | |
Total assets | 13,140,316 | 8,660,987 | |
Operating Segments | Mortgage | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 433 | 333 | |
Provision for credit losses | (24) | 18 | |
Net interest income after provision for credit losses | 457 | 315 | |
Noninterest income | 2,278 | 2,223 | |
Noninterest expenses | 2,465 | 2,522 | |
Income before income taxes | 270 | 16 | |
Income tax expense | 62 | 12 | |
Net income | 208 | 4 | |
Total assets | 100,587 | 76,818 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Net interest income after provision for credit losses | 0 | 0 | |
Noninterest income | (126) | (141) | |
Noninterest expenses | (126) | (141) | |
Income before income taxes | 0 | 0 | |
Income tax expense | 0 | 0 | |
Net income | 0 | 0 | |
Total assets | $ (91,611) | $ (67,885) |
SUBSEQUENT EVENTS (Narrative) (Details) - Subsequent Event - USD ($) $ in Millions |
Apr. 12, 2018 |
Apr. 01, 2018 |
---|---|---|
DHFB | ||
Subsequent Event [Line Items] | ||
Carrying value of assets managed | $ 600 | |
Old Dominion Capital Management, Inc. | ||
Subsequent Event [Line Items] | ||
Carrying value of assets managed | $ 400 |
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