10-Q 1 nbcb-2015630x10q.htm FORM 10-Q 10-Q


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 
FORM 10–Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2015
Commission file number:
001-35915

 
 
 
FIRST NBC BANK HOLDING COMPANY
 
(Exact name of registrant as specified in its charter)
 
 
Louisiana
 
14-1985604
 
 
(State of incorporation
or organization)
 
(I.R.S. Employer
Identification Number)
 
 
 
 
 
 
 
210 Baronne Street, New Orleans, Louisiana
 
70112
 
 
(Address of principal executive offices)
 
(Zip code)
 
 
 
 
 
 
 
Registrant’s telephone number, including area code: (504) 566-8000
 
  
 
Indicate by check mark whether the registrant: (i) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (ii) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
¨
  
Accelerated filer
x
Non-accelerated filer
¨ (Do not check if a smaller reporting company)
  
Smaller reporting company
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No   x
As of July 31, 2015, the registrant had 19,021,969 shares of common stock, par value $1.00 per share, outstanding.
 

1



FIRST NBC BANK HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, 2015
 
December 31, 2014
Assets
 
 
 
Cash and due from banks
$
55,926

 
$
32,484

Short-term investments
92,097

 
18,404

Investment in short-term receivables
250,575

 
237,135

Investment securities available for sale, at fair value
245,860

 
247,647

Investment securities held to maturity
84,804

 
89,076

Mortgage loans held for sale
4,945

 
1,622

Loans, net of allowance for loan losses of $50,351 and $42,336, respectively
2,882,962

 
2,731,928

Bank premises and equipment, net
57,065

 
52,881

Accrued interest receivable
12,655

 
11,451

Goodwill and other intangible assets
7,827

 
7,831

Investment in real estate properties
51,531

 
12,771

Investment in tax credit entities
174,265

 
140,913

Cash surrender value of bank-owned life insurance
47,994

 
47,289

Other real estate
4,459

 
5,549

Deferred tax asset
111,643

 
83,461

Other assets
41,895

 
30,175

Total assets
$
4,126,503

 
$
3,750,617

Liabilities and equity
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
390,001

 
$
364,534

Interest-bearing
3,006,744

 
2,756,316

Total deposits
3,396,745

 
3,120,850

Repurchase agreements
117,840

 
117,991

Long-term borrowings
103,392

 
40,000

Accrued interest payable
8,098

 
6,650

Other liabilities
30,508

 
28,752

Total liabilities
3,656,583

 
3,314,243

Shareholders’ equity:
 
 
 
Preferred stock
 
 
 
Convertible preferred stock Series C – no par value; 1,680,219 shares authorized; No shares outstanding at June 30, 2015 and 364,983 shares issued and outstanding at December 31, 2014

 
4,471

Preferred stock Series D – no par value; 37,935 shares authorized, issued and outstanding at June 30, 2015 and December 31, 2014
37,935

 
37,935

Common stock- par value $1 per share; 100,000,000 shares authorized; 19,021,721 shares issued and outstanding at June 30, 2015 and 18,576,488 shares issued and outstanding at December 31, 2014
19,022

 
18,576

Additional paid-in capital
241,437

 
239,528

Accumulated earnings
188,669

 
155,599

Accumulated other comprehensive loss, net
(17,145
)
 
(19,737
)
Total shareholders’ equity
469,918

 
436,372

Noncontrolling interest
2

 
2

Total equity
469,920

 
436,374

Total liabilities and equity
$
4,126,503

 
$
3,750,617

See accompanying notes.

2



FIRST NBC BANK HOLDING COMPANY
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 
For the Three Months Ended
June 30,
 
For the Six Months Ended 
 June 30,
(In thousands)
2015
 
2014
 
2015
 
2014
Interest income:
 
 
 
 
 
 
 
Loans, including fees
$
34,685

 
$
33,397

 
$
69,933

 
$
64,496

Investment securities
2,215

 
2,378

 
4,319

 
4,730

Investment in short-term receivables
1,514

 
1,391

 
3,204

 
3,086

Short-term investments
94

 
27

 
158

 
42

 
38,508

 
37,193

 
77,614

 
72,354

Interest expense:
 
 
 
 
 
 
 
Deposits
10,662

 
9,994

 
20,906

 
19,653

Borrowings and securities sold under repurchase agreements
1,740

 
649

 
2,980

 
1,303

 
12,402

 
10,643

 
23,886

 
20,956

Net interest income
26,106

 
26,550

 
53,728

 
51,398

Provision for loan losses
5,600

 
3,000

 
8,600

 
6,000

Net interest income after provision for loan losses
20,506

 
23,550

 
45,128

 
45,398

Noninterest income:
 
 
 
 
 
 
 
Service charges on deposit accounts
585

 
498

 
1,144

 
1,057

Investment securities gain (loss), net

 
56

 
(50
)
 
56

Gain (loss) on assets sold, net
(32
)
 
64

 
11

 
139

Gain on sale of loans, net
101

 
70

 
116

 
70

Cash surrender value income on bank-owned life insurance
353

 
237

 
705

 
396

Income from sales of state tax credits
668

 
728

 
1,187

 
1,761

Community Development Entity fees earned
133

 
196

 
256

 
875

ATM fee income
523

 
505

 
1,024

 
978

Other
1,226

 
579

 
1,674

 
960

 
3,557

 
2,933

 
6,067

 
6,292

Noninterest expense:
 
 
 
 
 
 
 
Salaries and employee benefits
7,689

 
5,942

 
14,596

 
11,339

Occupancy and equipment expenses
3,009

 
2,684

 
5,937

 
5,268

Professional fees
1,701

 
1,511

 
3,842

 
3,410

Taxes, licenses and FDIC assessments
1,693

 
1,343

 
2,932

 
2,542

Impairment of investment in tax credit entities
2,647

 
3,377

 
7,499

 
6,204

Write-down of foreclosed assets
42

 
20

 
100

 
186

Data processing
1,581

 
1,141

 
3,003

 
2,239

Advertising and marketing
673

 
556

 
1,691

 
1,134

Other
4,064

 
1,994

 
6,003

 
3,583

 
23,099

 
18,568

 
45,603

 
35,905

Income before income taxes
964

 
7,915

 
5,592

 
15,785

Income tax benefit
(16,228
)
 
(4,784
)
 
(27,668
)
 
(9,742
)
Net income attributable to Company
17,192

 
12,699

 
33,260

 
25,527

Less preferred stock dividends
(95
)
 
(95
)
 
(190
)
 
(190
)
Less earnings allocated to participating securities
(300
)
 
(243
)
 
(608
)
 
(489
)
Income available to common shareholders
$
16,797

 
$
12,361

 
$
32,462

 
$
24,848

Earnings per common share – basic
$
0.90

 
$
0.67

 
$
1.74

 
$
1.34

Earnings per common share – diluted
$
0.88

 
$
0.65

 
$
1.70

 
$
1.31

See accompanying notes.

3



FIRST NBC BANK HOLDING COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
For the Three Months Ended
June 30,
 
For the Six Months Ended 
 June 30,
(In thousands)
2015
 
2014
 
2015
 
2014
Net income
$
17,192

 
$
12,699

 
$
33,260

 
$
25,527

Other comprehensive income (loss):
 
 
 
 
 
 
 
Fair value of derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
 
Change in fair value of derivative instruments designated as cash flow hedges during the period, before tax
6,463

 
(3,661
)
 
2,690

 
(8,767
)
Less: reclassification adjustment for losses included in net income from terminated cash flow hedge
273

 

 
539

 

Unrealized gains (losses) on cash flow hedges, before tax
6,736

 
(3,661
)
 
3,229

 
(8,767
)
 
 
 
 
 
 
 
 
Unrealized gains (losses) on investment securities:
 
 
 
 
 
 
 
Unrealized gains (losses) on investment securities arising during the period
(3,311
)
 
4,213

 
472

 
9,724

Reclassification adjustment for losses included in net income

 
(56
)
 

 
(56
)
Amortization of unrealized net gain on securities transferred from available for sale to held to maturity
160

 
165

 
288

 
269

Unrealized gains (losses) on investment securities, before tax
(3,151
)
 
4,322

 
760

 
9,937

Other comprehensive income, before taxes
3,585

 
661

 
3,989

 
1,170

Income tax expense related to items of other comprehensive income
1,256

 
232

 
1,397

 
410

Other comprehensive income, net of tax
2,329

 
429

 
2,592

 
760

Comprehensive income
$
19,521

 
$
13,128

 
$
35,852

 
$
26,287

Comprehensive income attributable to preferred shareholders
(95
)
 
(95
)
 
(190
)
 
(190
)
Comprehensive income attributable to participating securities
(300
)
 
(243
)
 
(608
)
 
(489
)
Comprehensive income available to common shareholders
$
19,126

 
$
12,790

 
$
35,054

 
$
25,608

See accompanying notes.

4



FIRST NBC BANK HOLDING COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In thousands)
Preferred
Stock Series C
 
Preferred
Stock Series D
 
Common
Stock
 
Additional
Paid-In
Capital
 
Accumulated
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Total
Shareholders’
Equity
 
Non-Controlling
Interest
 
Total Equity
Balance, December 31, 2013(1)
$
4,471

 
$
37,935

 
$
18,514

 
$
237,063

 
$
100,389

 
$
(16,515
)
 
$
381,857

 
$
2

 
$
381,859

Net income

 

 

 

 
25,527

 

 
25,527

 

 
25,527

Other comprehensive income

 

 

 

 

 
760

 
760

 

 
760

Share-based compensation

 

 

 
625

 

 

 
625

 

 
625

Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock option and director plans

 

 
40

 
553

 

 

 
593

 

 
593

Net tax benefit related to stock option plans

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 
(190
)
 

 
(190
)
 

 
(190
)
Balance, June 30, 2014
$
4,471

 
$
37,935

 
$
18,554

 
$
238,241

 
$
125,726

 
$
(15,755
)
 
$
409,172

 
$
2

 
$
409,174

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2014(1)
$
4,471

 
$
37,935

 
$
18,576

 
$
239,528

 
$
155,599

 
$
(19,737
)
 
$
436,372

 
$
2

 
$
436,374

Net income

 

 

 

 
33,260

 

 
33,260

 

 
33,260

Other comprehensive income

 

 

 

 

 
2,592

 
2,592

 

 
2,592

Share-based compensation

 

 

 
298

 

 

 
298

 

 
298

Restricted stock awards compensation

 

 

 
(1,557
)
 

 

 
(1,557
)
 

 
(1,557
)
Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock option and director plans

 

 
26

 
388

 

 

 
414

 

 
414

Restricted stock awards, net

 

 
55

 
1,763

 

 

 
1,818

 

 
1,818

Net tax benefit related to stock option plans

 

 

 
121

 

 

 
121

 

 
121

Purchase of common shares by ESOP

 

 

 
(3,114
)
 

 

 
(3,114
)
 

 
(3,114
)
Allocation of ESOP shares

 

 

 
(96
)
 

 

 
(96
)
 

 
(96
)
Preferred stock conversion
(4,471
)
 

 
365

 
4,106

 

 

 

 

 

Preferred stock dividends

 

 

 

 
(190
)
 

 
(190
)
 

 
(190
)
Balance, June 30, 2015
$

 
$
37,935

 
$
19,022

 
$
241,437

 
$
188,669

 
$
(17,145
)
 
$
469,918

 
$
2

 
$
469,920

 
(1)
Balances as of December 31, 2013 and December 31, 2014 are audited.
See accompanying notes.

5



FIRST NBC BANK HOLDING COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
For the Six Months Ended June 30,
(In thousands)
2015
 
2014
Operating activities
 
 
 
Net income
$
33,260

 
$
25,527

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Deferred tax benefit
(29,579
)
 
(9,742
)
Impairment of tax credit investments
7,499

 
6,204

Accretion of market value adjustments related to acquisition
(85
)
 
(35
)
Net discount accretion or premium amortization
173

 
25

Loss (gain) on sale of investment securities
50

 
(56
)
Gain on assets sold
(11
)
 
(139
)
Write-down of foreclosed assets
100

 
186

Proceeds from sale of mortgage loans held for sale
19,674

 
34,919

Mortgage loans originated and held for sale
(22,997
)
 
(33,606
)
Gain on sale of loans
(116
)
 
(70
)
Derivative losses on terminated interest rate hedge
539

 

Provision for loan losses
8,600

 
6,000

Depreciation and amortization
1,667

 
1,751

Share-based and other compensation expense
559

 
625

Increase in cash surrender value of bank-owned life insurance
(705
)
 
(396
)
Changes in operating assets and liabilities:
 
 
 
Change in other assets
(10,800
)
 
(5,553
)
Change in accrued interest receivable
(1,204
)
 
(697
)
Change in accrued interest payable
1,448

 
164

Change in other liabilities
2,996

 
(2,752
)
Net cash provided by operating activities
11,068

 
22,355

Investing activities
 
 
 
Purchases of available for sale investment securities

 
(14,484
)
Proceeds from sales of available for sale investment securities

 
4,700

Proceeds from maturities, prepayments, and calls of available for sale investment securities
11,770

 
16,488

Proceeds from sales of held to maturity securities

 
2,650

Proceeds from maturities, prepayments, and calls of held to maturity securities
4,376

 
1,171

Net change in investments in short-term receivables
(13,440
)
 
(5,643
)
Reimbursement of investment in tax credit entities

 
8,000

Purchases of investments in tax credit entities
(6,560
)
 
(8,460
)
Loans originated, net of repayments
(166,599
)
 
(223,456
)
Cash received in acquisition
31,517

 

Purchases of bank premises and equipment
(2,727
)
 
(2,751
)
Proceeds from disposition of real estate owned
1,579

 
2,283

Purchases of investment in real estate properties
(37,613
)
 
 
Purchases of bank-owned life insurance

 
(20,000
)
Net cash used in investing activities
(177,697
)
 
(239,502
)
Financing activities
 
 
 
Net change in repurchase agreements
(151
)
 
30,436

Proceeds from borrowings
60,000

 

Proceeds from ESOP loan
3,392

 

Repayment of borrowings

 
(8,425
)
Purchase of common stock by ESOP
(3,210
)
 

Net increase in deposits
203,509

 
226,541

Proceeds from issuance of common stock
414

 
593

Dividends paid
(190
)
 
(190
)
Net cash provided by financing activities
263,764

 
248,955

Net change in cash, due from banks, and short-term investments
97,135

 
31,808

Cash, due from banks, and short-term investments at beginning of period
50,888

 
31,642

Cash, due from banks, and short-term investments at end of period
$
148,023

 
$
63,450

Supplemental Information for Non-Cash Investing Activities
 
 
 
Consolidation of Low-Income Housing Tax Credit entity
$
(28,879
)
 
$


See accompanying notes.

6



FIRST NBC BANK HOLDING COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying unaudited consolidated financial statements of First NBC Bank Holding Company (Company) have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include information or footnotes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month and six-month periods ended June 30, 2015 are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto, which were filed with the Securities and Exchange Commission as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Nature of Operations
The Company is a bank holding company that offers a broad range of financial services through First NBC Bank, a Louisiana state non-member bank, to businesses, institutions, and individuals in southeastern Louisiana, the Mississippi Gulf Coast, and the Florida panhandle. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States and to prevailing practices within the banking industry.
Correction of Immaterial Errors
The Company identified errors in the accounting for its investments in certain tax credit entities during its quarterly financial statement close process. The errors were corrected in the Company’s consolidated financial statements as of June 30, 2015 and for the three months then ended. The errors did not have a material impact to the consolidated financial statements for any prior periods as previously reported and were not material to the anticipated annual results for the year ended December 31, 2015.

The Company has historically accounted for the investments in tax credits entities using an amortized cost method over the related tax credit compliance period. The Company determined that based on its equity ownership structure in certain of these investments the equity method of accounting should have been applied.  Under the equity method of accounting, the Company records its share of earnings (losses) as a component of noninterest expense and evaluates its investments in tax credit entities for impairment at the end of each reporting period.  During the review of certain of its investments in tax credit entities, the Company also identified a single investment in a tax credit entity, determined to be a variable interest entity (VIE) that was not consolidated as required. The Company was deemed to have a controlling financial interest in the VIE because it had both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.  

The Company utilized the guidance provided in Accounting Standards Codification (ASC) Topic 250 as well as SEC Staff Accounting Bulletins (SAB) No. 99 and No. 108. The guidance required the Company to evaluate and assess the materiality of these errors both qualitatively and quantitatively, and the Company concluded that these errors did not materially misstate previously issued financial statements for any prior periods.  As a result, amendment of the Company’s previously filed Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K are not required. Such changes are reflected in the financial results for the three and six month periods ended June 30, 2015 and are summarized as follows:


7


 
For the Three Months Ended
June 30, 2015
 
For the Three Months Ended
June 30, 2015
 
For the Six Months Ended June 30, 2015
 
For the Six Months Ended June 30, 2015
(In thousands)
Pre-Tax
 
Net of tax
 
Pre-Tax
 
Net of tax
 
 
 
 
 
 
 
 
Low-Income Housing (1)
$
(253
)
 
$
(164
)
 
$
(353
)
 
$
(229
)
Federal Historic Rehabilitation (1)
177

 
115

 
358

 
232

    Total investment in tax credit entities impairment (1)
(76
)
 
(49
)
 
5

 
3

 
 
 
 
 
 
 
 
Low-Income Housing investment VIE consolidation loss (2)
(1,029
)
 
(669
)
 
(1,181
)
 
(768
)
 
 
 
 
 
 
 
 
Net loss impact of error corrections
$
(1,105
)
 
$
(718
)
 
$
(1,176
)
 
$
(765
)
 
 
 
 
 
 
 
 
Earnings Per Share (EPS)-Basic (3)
$
(0.06
)
 
$
(0.04
)
 
$
(0.06
)
 
$
(0.04
)
(1) The amounts above represent the cumulative net impact of the reversal of previously recorded amortization and equity income or loss and impairment that should have been recorded on the Company's consolidated statement of income and balance sheets as of and for the three and six month periods ended June 30, 2015.
(2) See Note 7 for the impact on the Company's consolidated balance sheets as of June 30, 2015.
(3) The amounts above represent the net impact of the cumulative errors in accounting for certain of the Company's investments in tax credit entities on the calculation of EPS for the three and six month periods ended June 30, 2015.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and First NBC Bank, and First NBC Bank’s wholly owned subsidiaries, which include First NBC Community Development, LLC (FNBC CDC) and First NBC Community Development Fund, LLC (FNBC CDE) (collectively referred to as the Bank), and any variable interest entities (VIE) of which the Company is primary beneficiary. Substantially all of the VIEs for which the Company is the primary beneficiary relate to tax credit investments. FNBC CDC is a Community Development Corporation formed to construct, purchase, and renovate affordable residential real estate properties in the New Orleans area. FNBC CDE is a Community Development Entity (CDE) formed to apply for and receive allocations of Federal New Markets Tax Credits (NMTC).
Investments in Tax Credit Entities
As part of its Community Reinvestment Act responsibilities and due to their favorable economics, the Company invests in tax credit-motivated projects. These projects are directed at tax credits issued under Low-Income Housing, Federal Historic Rehabilitation, and Federal New Markets Tax Credits. The Company generates its returns on tax credit motivated projects through the receipt of federal, and if applicable, state tax credits as well as equity returns. The federal tax credits are recorded as an offset to the income tax provision in the year that they are earned under federal income tax law – over 10 to 15 years, beginning in the year in which rental activity commences for Low-Income Housing credits, in the year of the issuance of the certificate of occupancy and the property is placed into service for Federal Historic Rehabilitation credits, and over 7 years for Federal NMTC upon the investment of funds into the CDE. These credits, if not used in the tax return for the year of origination, can be carried forward for 20 years.
The Company invests in Low-Income Housing credits, which the Company invests in a tax credit entity, usually a limited liability company, which owns the real estate. The Company receives a 99.99% nonvoting interest in the entity that must be retained during the compliance period for the credits (15 years). Control of the tax credit entity rests in the .01% interest general partner, who has the power and authority to make decisions that impact economic performance of the project and is required to oversee and manage the project. The Company accounts for its investment in Low-Income Housing credits utilizing the equity method of accounting and evaluates its investment at the end of each reporting period for impairment and any residual returns are expected to be minor.
For Federal Historic Rehabilitation credits, the Company invests in a tax credit entity, usually a limited liability company, which owns the real estate. The Company receives a 99% interest that must be retained during the compliance period for the credits (5 years). In most cases, the Company’s interest in the entity is generally reduced from a 99% interest to a 5% to 25%

8


interest at the end of the compliance period. Control of the tax credit entity rests in the 1% interest general partner, who has the power and authority to make decisions that impact economic performance of the project and is required to oversee and manage the project. The Company accounts for its investment in Federal Historic Rehabilitation credits utilizing the equity method of accounting and evaluates its investment at the end of each reporting period for impairment.
For Federal NMTC, a different structure is required by federal tax law. In order to distribute Federal NMTC, the federal government allocates such credits to CDEs. The Company invests in both CDEs formed by unaffiliated parties and in CDEs formed by the Company. Projects must be commercial or real estate operations and are qualified by their location in low- income areas or by their employment of, or service to, low-income citizens. A CDE, in most cases, creates a special-purpose subsidiary for each project through which the credits are allocated and through which the proceeds from the tax credit investor and a leverage lender, if applicable, flow through to the project, which in turn generate the credit. The credits are calculated at 39% of the total CDE allocation to the project at the rate of 5% for the first three years and 6% for the next four years. Federal tax law requires special terms benefiting the qualified project, which can include below-market interest rates. The Company evaluates its investment for impairment under the equity method of accounting at the end of each reporting period at the time the tax credits are earned on the project over the seven-year compliance period and any residual returns are expected to be minor. When the Company also has a loan to the project (commonly called a leveraged loan), it is reported as a loan in the consolidated balance sheet, as the Company has credit exposure to the project and the loan is repaid at the end of the compliance period (in general, the debt has no principal payments during the compliance period but the Company may require the project to fund a sinking fund over the compliance period to achieve the same risk reduction effect as if principal is being amortized).
When the Company is the tax credit investor in a CDE formed by an unaffiliated party, it has no control of the applicable CDE or the CDE’s special-purpose subsidiary. When a project is funded through FNBC CDE, the Company consolidates its CDE and the specifically formed special-purpose entities since it maintains control over these entities. As part of the activities of FNBC CDE, the Company makes investments in the CDE for purposes of providing equity to the projects sponsored by the FNBC CDE.
The Company has the risk of credit recapture if the project fails during the compliance period for Low-Income Housing and Federal Historic Rehabilitation transactions. For Federal NMTC transactions, the risk of credit recapture exists if investment requirements are not maintained during the compliance period. Such events, although rare, are accounted for when they occur and no such events have occurred to date.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to a significant change in the near term are the allowance for loan losses, income tax provision, fair value adjustments, and share-based compensation.
Concentration of Credit Risk
The Company’s loan portfolio consists of the various types of loans described in Note 5. Real estate or other assets secure most loans. The majority of these loans have been made to individuals and businesses in the Company’s market area of southeastern Louisiana, southern Mississippi, and the Florida panhandle, which are dependent on the area economy for their livelihoods and servicing of their loan obligations. The Company does not have any significant concentrations to any one industry or customer.
The Company maintains deposits in other financial institutions that may, from time to time, exceed the federally insured deposit limits.
Reclassifications
Certain reclassifications have been made to prior period balances to conform to the current period presentation.

9


Recent Accounting Pronouncements
ASU No. 2014-09
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 205): An Amendment of the FASB Accounting Standards Codification, which clarifies the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis for annual reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations.
ASU No. 2014-12
In June 2014, the FASB issued ASU No. 2014-12 Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period, which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is intended to resolve the diverse accounting treatments of these types of awards in practice and is effective for annual and interim periods beginning after December 15, 2015. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations.
ASU No. 2014-13
In August 2014, the FASB issued ASU No. 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity, which will allow an alternative fair value measurement approach for consolidated collateralized financing entities (CFEs) to eliminate a practice issue that results in measuring the fair value of a CFE’s financial assets at a different amount from the fair value of its financial liabilities even when the financial liabilities have recourse to only the financial assets. The approach would permit the parent company of a consolidated CFE to measure the CFE’s financial assets and financial liabilities based on the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The new accounting guidance is for the annual period ending after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted as of the beginning of an annual period. The Company does not expect the new guidance to have a material impact on the Company’s financial condition or results of operations.
ASU No. 2014-15
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which will require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards in connection with preparing financial statements for each annual and interim reporting period. The new accounting guidance is for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations.
ASU No. 2015-02
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. The new accounting guidance is for the annual period beginning after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations.
ASU No. 2015-03
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new accounting guidance is for the annual period beginning after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations.

10


ASU No. 2015-05
In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to clarify a customer’s accounting for fees paid in a cloud computing arrangement. The new accounting guidance is for the annual period beginning after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations.
2. Acquisitions
On January 16, 2015, the Company acquired certain assets and assumed certain liabilities from the Federal Deposit Insurance Corporation ("FDIC"), as receiver for First National Bank of Crestview, a full-service commercial bank headquartered in Crestview, Florida, which was closed and placed into receivership. Under the terms of the agreement, the Company agreed to assume all of the deposit liabilities, and acquire approximately $62.3 million of assets, of the failed bank. The acquired assets included the failed bank's performing loans, substantially all of its investment securities portfolio, and its three banking facilities, with the FDIC retaining the remaining assets. The transaction did not include a loss-share agreement with the FDIC. The Company received an initial settlement amount from the FDIC of $10.1 million.
The acquisition was accounted for under the purchase method of accounting in accordance with ASC Topic 805. Both the purchased assets and liabilities were recorded at the acquisition date preliminary fair values. Identifiable intangible assets, including core deposit intangible assets will be recorded at fair value. The net cash received in the acquisition was included in the investing activities on the Company's consolidated statement of cash flows.
In accordance with ASC Topic 805, estimated fair values are subject to change up to one year after the acquisition date. This allows for adjustments to the initial purchase entries if additional information relative to closing date fair values becomes available. Material adjustments to acquisition date estimated fair values would be recorded in the period in which the acquisition occurred, and as a result, previously reported results are subject to change. Information regarding the amounts recorded in the acquisition may be adjusted as the Company refines its estimates of the fair value of loans acquired, core deposit intangible asset, and the deferred tax assets or liabilities created from the acquisition. Determining the fair value of assets and liabilities, particularly illiquid assets and liabilities, is a complicated process involving significant judgment regarding estimates and assumptions used to calculate estimated fair value. Fair value adjustments based on updated estimates could materially affect the goodwill, if any, recorded on the acquisition. The Company may incur losses on the acquired loans that are materially different from losses the Company originally projected.
The acquired assets and liabilities, as well as the adjustments to record the assets and liabilities at their estimated fair values, are presented in the following table:
(In thousands)
As Acquired
 
Preliminary Fair Value Adjustments
 
As recorded by First NBC Bank
Assets
 
 
 
 
 
Cash and due from banks
$
1,511

 
$

 
$
1,511

Short-term investments
19,971

 

 
19,971

Investment securities-available for sale
9,559

 

 
9,559

Loans(1)
27,647

 

 
27,647

Bank premises
3,120

 

 
3,120

Core deposit intangible(2)

 
188

 
188

Other assets
455

 

 
455

Total Assets
$
62,263

 
$
188

 
$
62,451

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Deposits:
 
 
 
 
 
Non-interest bearing
$
22,680

 
$

 
$
22,680

Interest bearing
49,584

 

 
49,584

Total deposits
72,264

 

 
72,264

Other liabilities
34

 

 
34

Total Liabilities
$
72,298

 
$

 
$
72,298


11



(1) The Company is still evaluating the adjustment of the book value of loans acquired to their estimated fair value based on current interest rates and expected cash flows and, as such, has not recorded a fair value adjustment as of June 30, 2015.
(2) The amount represents the fair value of the core deposit intangible asset created in the acquisition.
3. Earnings Per Share
The following table sets forth the computation of basic net income per common share and diluted net income per common share:
 
For the Three Months Ended
June 30,
 
For the Six Months Ended 
 June 30,
(In thousands, except per share data)
2015
 
2014
 
2015
 
2014
Basic: Income available to common shareholders
$
16,797

 
$
12,361

 
$
32,462

 
$
24,848

Weighted-average common shares outstanding
18,620

 
18,527

 
18,611

 
18,518

Basic earnings per share
$
0.90

 
$
0.67

 
$
1.74

 
$
1.34

Diluted: Income available to common shareholders
$
16,797

 
$
12,361

 
$
32,462

 
$
24,848

Weighted-average common shares outstanding
18,620

 
18,527

 
18,611

 
18,518

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options outstanding
418

 
385

 
401

 
391

Restricted shares outstanding
3

 

 
2

 

Warrants
124

 
116

 
121

 
118

Weighted-average common shares outstanding – assuming dilution
19,165

 
19,028

 
19,135

 
19,027

Diluted earnings per share
$
0.88

 
$
0.65

 
$
1.70

 
$
1.31

4. Investment Securities
The amortized cost and market values of investment securities, with gross unrealized gains and losses, as of June 30, 2015 and December 31, 2014, were as follows (in thousands):
 
June 30, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized Losses
 
Estimated
Market Value
 
 
 
Less Than
One Year
 
Greater Than
One Year
 
Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government agency securities
$
158,002

 
$
723

 
$
(1,177
)
 
$
(2,225
)
 
$
155,323

U.S. Treasury securities
13,017

 

 

 
(314
)
 
12,703

Municipal securities
12,145

 
152

 
(63
)
 

 
12,234

Mortgage-backed securities
58,315

 
539

 
(1,293
)
 
(4
)
 
57,557

Corporate bonds
8,184

 

 
(164
)
 

 
8,020

Other equity securities
23

 

 

 

 
23

 
$
249,686

 
$
1,414

 
$
(2,697
)
 
$
(2,543
)
 
$
245,860

Held to maturity:
 
 
 
 
 
 
 
 
 
Municipal securities
$
39,028

 
$
1,762

 
$
(17
)
 
$

 
$
40,773

Mortgage-backed securities
45,776

 
206

 
(2,382
)
 
(198
)
 
43,402

 
$
84,804

 
$
1,968

 
$
(2,399
)
 
$
(198
)
 
$
84,175


12



 
December 31, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized Losses
 
Estimated
Market Value
 
 
 
Less Than
One Year
 
Greater Than
One Year
 
Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government agency securities
$
161,461

 
$
891

 
$

 
$
(4,825
)
 
$
157,527

U.S. Treasury securities
13,019

 

 

 
(409
)
 
12,610

Municipal securities
12,175

 
107

 
(36
)
 

 
12,246

Mortgage-backed securities
57,025

 
635

 
(137
)
 
(436
)
 
57,087

Corporate bonds
8,263

 

 

 
(86
)
 
8,177

 
$
251,943

 
$
1,633

 
$
(173
)
 
$
(5,756
)
 
$
247,647

Held to maturity:
 
 
 
 
 
 
 
 
 
Municipal securities
$
41,255

 
$
2,182

 
$
(62
)
 
$

 
$
43,375

Mortgage-backed securities
47,821

 
1,098

 
(208
)
 
(1,130
)
 
47,581

 
$
89,076

 
$
3,280

 
$
(270
)
 
$
(1,130
)
 
$
90,956

During 2013, the Company transferred securities with a fair value of $95.4 million from available for sale to held to maturity. Management determined it had both the positive intent and ability to hold these securities until maturity. The reclassified securities consisted of municipal and mortgage-backed securities and were transferred due to movements in interest rates. The securities were reclassified at fair value at the time of transfer and represented a non-cash transaction. Accumulated other comprehensive income (loss) included pre-tax unrealized losses of $5.9 million on these securities at the date of transfer. As of June 30, 2015, $4.9 million of pre-tax unrealized losses on these securities were included in accumulated other comprehensive income. These unrealized losses and offsetting other comprehensive income components are being amortized into net interest income over the remaining life of the related securities as a yield adjustment, resulting in no impact on future net income.
As of June 30, 2015 and December 31, 2014, the Company had 53 and 38 securities, respectively, that were in a loss position. The unrealized losses for each of the 53 securities relate to market interest rate changes. The Company has considered the current market for the securities in a loss position, as well as the severity and duration of the impairments, and expects that the value will recover. As of June 30, 2015, management does not intend to sell these investment securities until the fair value exceeds amortized cost and it is more likely than not the Company will not be required to sell debt securities before the anticipated recovery of the amortized cost basis of the security; thus, the impairment is determined not to be other-than-temporary.
The amortized cost and estimated market values by contractual maturity of investment securities as of June 30, 2015 and December 31, 2014 are shown in the following table (in thousands). Mortgage-backed securities have been allocated based on expected maturities. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. 
 
June 30, 2015
 
December 31, 2014
 
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Market
Value
 
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Market
Value
Available for sale:
 
 
 
 
 
 
 
 
 
 
 
Due in one year or less
2.00
%
 
$
15,829

 
$
16,082

 
1.78
%
 
$
571

 
$
573

Due after one year through five years
2.27

 
77,924

 
77,609

 
2.64

 
51,037

 
51,916

Due after five years through ten years
1.99

 
133,808

 
130,873

 
2.02

 
176,631

 
172,012

Due after ten years
3.36

 
22,125

 
21,296

 
3.34

 
23,704

 
23,146

Total securities
2.20
%
 
$
249,686

 
$
245,860

 
2.27
%
 
$
251,943

 
$
247,647

Held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Due in one year or less
15.02
%
 
$
1,553

 
$
1,481

 
3.88
%
 
$
2,045

 
$
2,003

Due after one year through five years
3.50

 
30,832

 
30,645

 
4.16

 
20,921

 
21,875

Due after five years through ten years
3.90

 
28,144

 
28,792

 
3.39

 
32,618

 
33,898

Due after ten years
3.46

 
24,275

 
23,257

 
3.30

 
33,492

 
33,180

Total securities
3.83
%
 
$
84,804

 
$
84,175

 
3.55
%
 
$
89,076

 
$
90,956


13



Securities with estimated market values of $283.1 million and $279.1 million at June 30, 2015 and December 31, 2014, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase, and long-term borrowings.
5. Loans
Major classifications of loans at June 30, 2015 and December 31, 2014 were as follows (in thousands):
 
June 30, 2015
 
December 31, 2014
Commercial real estate loans:
 
 
 
Construction
$
378,825

 
$
316,492

Mortgage(1)
1,275,521

 
1,252,225

 
1,654,346

 
1,568,717

Consumer real estate loans:
 
 
 
Construction
9,768

 
10,393

Mortgage
146,355

 
131,031

 
156,123

 
141,424

Commercial and industrial loans
1,045,132

 
1,016,414

Loans to individuals, excluding real estate
20,061

 
18,316

Nonaccrual loans
33,176

 
21,228

Other loans
24,475

 
8,165

 
2,933,313

 
2,774,264

Less allowance for loan losses
(50,351
)
 
(42,336
)
Loans, net
$
2,882,962

 
$
2,731,928

(1)
Included in commercial real estate loans, mortgage, are owner-occupied real estate loans of $430.9 million at June 30, 2015 and $419.3 million at December 31, 2014.
A summary of changes in the allowance for loan losses during the three and six months ended June 30, 2015 and June 30, 2014 is as follows (in thousands):
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Balance, beginning of period
$
45,195

 
$
34,465

 
$
42,336

 
$
32,143

Provision charged to operations
5,600

 
3,000

 
8,600

 
6,000

Charge-offs
(698
)
 
(72
)
 
(905
)
 
(769
)
Recoveries
254

 
10

 
320

 
29

Balance, end of period
$
50,351

 
$
37,403

 
$
50,351

 
$
37,403


14



The allowance for loan losses and recorded investment in loans, including loans acquired with deteriorated credit quality, as of the dates indicated are as follows (in thousands):
 
June 30, 2015
 
Construction
 
Commercial
Real Estate
 
Consumer
Real Estate
 
Commercial
and
Industrial
 
Consumer
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
4,030

 
$
14,965

 
$
3,316

 
$
19,814

 
$
211

 
$
42,336

Charge-offs
(12
)
 
(530
)
 
(41
)
 
(272
)
 
(50
)
 
(905
)
Recoveries

 
243

 
2

 
66

 
9

 
320

Provision
1,333

 
2,141

 
257

 
4,868

 
1

 
8,600

Balance, end of period
$
5,351

 
$
16,819

 
$
3,534

 
$
24,476

 
$
171

 
$
50,351

Ending balances:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
1

 
$
4,235

 
$
167

 
$
6,603

 
$

 
$
11,006

Collectively evaluated for impairment
$
5,350

 
$
12,584

 
$
3,367

 
$
17,873

 
$
171

 
$
39,345

Loans receivable:
 
 
 
 
 
 
 
 
 
 
 
Ending balance-total
$
389,552

 
$
1,287,105

 
$
149,273

 
$
1,087,224

 
$
20,159

 
$
2,933,313

Ending balances:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
897

 
$
13,347

 
$
3,195

 
$
17,660

 
$
70

 
$
35,169

Collectively evaluated for impairment
$
388,655

 
$
1,273,758

 
$
146,078

 
$
1,069,564

 
$
20,089

 
$
2,898,144

 
June 30, 2014
 
Construction
 
Commercial
Real Estate
 
Consumer
Real Estate
 
Commercial
and
Industrial
 
Consumer
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
2,790

 
$
13,780

 
$
2,656

 
$
12,677

 
$
240

 
$
32,143

Charge-offs
(4
)
 
(396
)
 
(43
)
 
(254
)
 
(72
)
 
(769
)
Recoveries

 
1

 

 
18

 
10

 
29

Provision
1,276

 
1,278

 
676

 
2,690

 
80

 
6,000

Balance, end of period
$
4,062

 
$
14,663

 
$
3,289

 
$
15,131

 
$
258

 
$
37,403

Ending balances:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
33

 
$
1,772

 
$
964

 
$
2,400

 
$
1

 
$
5,170

Collectively evaluated for impairment
$
4,029

 
$
12,891

 
$
2,325

 
$
12,731

 
$
257

 
$
32,233

Loans receivable:
 
 
 
 
 
 
 
 
 
 
 
Ending balance-total
$
289,382

 
$
1,178,199

 
$
126,368

 
$
961,908

 
$
21,227

 
$
2,577,084

Ending balances:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
303

 
$
12,809

 
$
2,567

 
$
4,438

 
$
3

 
$
20,120

Collectively evaluated for impairment
$
289,079

 
$
1,165,390

 
$
123,801

 
$
957,470

 
$
21,224

 
$
2,556,964


15



Credit quality indicators on the Company’s loan portfolio, including loans acquired with deteriorated credit quality, as of the dates indicated were as follows (in thousands):
 
June 30, 2015
 
Pass and
Pass/Watch
 
Special
Mention
 
Substandard
 
Doubtful
 
Total
Construction
$
375,034

 
$
1

 
$
14,517

 
$

 
$
389,552

Commercial real estate
1,230,472

 
11,828

 
44,805

 

 
1,287,105

Consumer real estate
143,079

 
58

 
6,136

 

 
149,273

Commercial and industrial
988,594

 
6,724

 
76,906

 
15,000

 
1,087,224

Consumer
19,999

 
7

 
153

 

 
20,159

Total loans
$
2,757,178

 
$
18,618

 
$
142,517

 
$
15,000

 
$
2,933,313

 
 
December 31, 2014
 
Pass and
Pass/Watch
 
Special
Mention
 
Substandard
 
Doubtful
 
Total
Construction
$
313,987

 
$
2

 
$
13,688

 
$

 
$
327,677

Commercial real estate
1,215,673

 
1,613

 
47,085

 

 
1,264,371

Consumer real estate
128,507

 
60

 
4,383

 

 
132,950

Commercial and industrial
1,005,829

 

 
24,800

 

 
1,030,629

Consumer
18,247

 
7

 
383

 

 
18,637

Total loans
$
2,682,243

 
$
1,682

 
$
90,339

 
$

 
$
2,774,264

The table above as of June 30, 2015 included $5.3 million of substandard loans which are loans acquired with deteriorated credit quality. As of December 31, 2014, included in the above table were $5.4 million of substandard loans and $1.6 million of special mention loans all of which are loans acquired with deteriorated credit quality.
Included in the table above as of June 30, 2015 was $15.0 million in commercial loans classified as doubtful which were included in the loans identified as individually evaluated for a specific allowance and determined that no allowance was necessary as of June 30, 2015.
The above classifications follow regulatory guidelines and can generally be described as follows:
Pass and pass/watch loans are of satisfactory quality.
Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities, and possible reduction in the collateral values.
Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary.
Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full improbable.

16



Age analysis of past due loans, including loans acquired with deteriorated credit quality, as of the dates indicated were as follows (in thousands):
 
June 30, 2015
 
Greater
Than 30 and
Fewer Than
90 Days Past
Due
 
90 Days and
Greater Past
Due
 
Total Past
Due
 
Current
Loans
 
Total Loans
Real estate loans:
 
 
 
 
 
 
 
 
 
Construction
$
80

 
$
959

 
$
1,039

 
$
388,513

 
$
389,552

Commercial real estate
1,545

 
10,283

 
11,828

 
1,275,277

 
1,287,105

Consumer real estate
1,559

 
2,144

 
3,703

 
145,570

 
149,273

Total real estate loans
3,184

 
13,386

 
16,570

 
1,809,360

 
1,825,930

Other loans:
 
 
 
 
 
 
 
 
 
Commercial and industrial
507

 
4,863

 
5,370

 
1,081,854

 
1,087,224

Consumer
99