x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Georgia | 27-1744232 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
3399 Peachtree Road, NE, Suite 1900 Atlanta, Georgia | 30326 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o | |
Emerging growth company o |
Page | ||
• | the occurrence of any event, change or other circumstances that could give rise to the right of Cadence or us to terminate the definitive merger agreement; |
• | the outcome of any legal proceedings that may be instituted against Cadence or us; |
• | the failure to obtain necessary regulatory approvals for our merger with Cadence (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction), and approval of our shareholders or to satisfy any of the other conditions to the merger on a timely basis or at all; |
• | the possibility that the anticipated benefits of the merger with Cadence are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where we and Cadence and do business; |
• | the possibility that the merger with Cadence may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; |
• | potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the merger with Cadence; |
• | Cadence’s ability to complete the acquisition and integration of the Company and State Bank successfully, and other factors that may affect ours or Cadence’s future results; |
• | negative reactions to our recent acquisitions of each bank's customers, employees and counterparties or difficulties related to the transition of services; |
• | general economic conditions (both generally and in our markets) may be less favorable than expected, which could result in, among other things, a deterioration in credit quality, a reduction in demand for credit and a decline in real estate values; |
• | a general decline in the real estate and lending markets, particularly in our market areas, could negatively affect our financial results; |
• | risk associated with income taxes including the potential for adverse adjustments and the inability to fully realize deferred tax benefits; |
• | increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; |
• | our ability to raise additional capital may be impaired based on conditions in the capital markets; |
• | costs or difficulties related to the integration of the banks we have acquired may be greater than expected; |
• | current or future restrictions or conditions imposed by our regulators on our operations may make it more difficult for us to achieve our goals; |
• | legislative or regulatory changes, including changes in accounting standards and compliance requirements, may adversely affect us; |
• | competitive pressures among depository and other financial institutions may increase significantly; |
• | changes in the interest rate environment may reduce the volumes or values of the loans we make or have acquired; |
• | other financial institutions may be able to develop or acquire products that enable them to compete more successfully than we can; |
• | our ability to attract and retain key personnel can be affected by the increased competition for experienced employees in the banking industry; |
• | adverse changes may occur in the bond and equity markets; |
• | war or terrorist activities may cause deterioration in the economy or cause instability in credit markets; |
• | economic, geopolitical or other factors may prevent the growth we expect in the markets in which we operate; and |
• | we will or may continue to face the risk factors discussed from time to time in the periodic reports we file with the Securities and Exchange Commission ("SEC"). |
June 30, 2018 | December 31, 2017 | ||||||
(unaudited) | (1) | ||||||
Assets | |||||||
Cash and amounts due from depository institutions | $ | 12,974 | $ | 17,438 | |||
Interest-bearing deposits in other financial institutions | 215,360 | 211,142 | |||||
Federal funds sold | 9,957 | 2,297 | |||||
Cash and cash equivalents | 238,291 | 230,877 | |||||
Equity securities | 1,515 | 1,515 | |||||
Debt securities available-for-sale | 835,670 | 872,455 | |||||
Debt securities held-to-maturity (fair value of $16,817 and $33,351, respectively) | 16,742 | 32,852 | |||||
Loans | 3,605,273 | 3,532,193 | |||||
Allowance for loan and lease losses | (33,335 | ) | (28,750 | ) | |||
Loans, net | 3,571,938 | 3,503,443 | |||||
Loans held-for-sale (includes loans at fair value of $39,222 and $25,791, respectively) | 55,096 | 36,211 | |||||
Other real estate owned | 5,012 | 895 | |||||
Premises and equipment, net | 56,965 | 51,794 | |||||
Goodwill | 84,564 | 84,564 | |||||
Other intangibles, net | 9,729 | 11,034 | |||||
SBA servicing rights | 3,989 | 4,069 | |||||
Bank-owned life insurance | 68,231 | 67,313 | |||||
Other assets | 64,587 | 61,560 | |||||
Total assets | $ | 5,012,329 | $ | 4,958,582 | |||
Liabilities and Shareholders' Equity | |||||||
Liabilities: | |||||||
Noninterest-bearing deposits | $ | 1,187,028 | $ | 1,191,106 | |||
Interest-bearing deposits | 3,115,676 | 3,052,029 | |||||
Total deposits | 4,302,704 | 4,243,135 | |||||
Federal funds purchased and securities sold under agreements to repurchase | 13,525 | 25,209 | |||||
Notes payable | 398 | 398 | |||||
Other liabilities | 38,783 | 48,289 | |||||
Total liabilities | 4,355,410 | 4,317,031 | |||||
Shareholders' equity: | |||||||
Preferred stock, $1 par value; 2,000,000 shares authorized, no shares issued and outstanding | — | — | |||||
Common stock, $.01 par value; 100,000,000 shares authorized; 39,121,749 and 38,992,163 shares issued and outstanding, respectively | 391 | 390 | |||||
Additional paid-in capital | 415,698 | 413,583 | |||||
Retained earnings | 250,628 | 230,145 | |||||
Accumulated other comprehensive loss, net of tax | (9,798 | ) | (2,567 | ) | |||
Total shareholders' equity | 656,919 | 641,551 | |||||
Total liabilities and shareholders' equity | $ | 5,012,329 | $ | 4,958,582 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest income: | |||||||||||||||
Loans | $ | 50,416 | $ | 34,872 | $ | 98,860 | $ | 68,932 | |||||||
Loan accretion | 6,595 | 9,228 | 12,541 | 16,905 | |||||||||||
Investment securities | 6,275 | 5,655 | 12,261 | 11,023 | |||||||||||
Deposits with other financial institutions | 402 | 92 | 587 | 184 | |||||||||||
Total interest income | 63,688 | 49,847 | 124,249 | 97,044 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 7,338 | 3,123 | 12,766 | 6,231 | |||||||||||
FHLB borrowings | 206 | 229 | 463 | 341 | |||||||||||
Notes payable | 11 | 9 | 24 | 20 | |||||||||||
Federal funds purchased and repurchase agreements | 3 | 8 | 10 | 16 | |||||||||||
Total interest expense | 7,558 | 3,369 | 13,263 | 6,608 | |||||||||||
Net interest income | 56,130 | 46,478 | 110,986 | 90,436 | |||||||||||
Provision for loan and lease losses | 2,393 | 1,845 | 5,601 | 2,847 | |||||||||||
Net interest income after provision for loan and lease losses | 53,737 | 44,633 | 105,385 | 87,589 | |||||||||||
Noninterest income: | |||||||||||||||
Service charges on deposits | 1,462 | 1,471 | 3,087 | 2,938 | |||||||||||
Mortgage banking income | 3,125 | 3,096 | 6,050 | 5,990 | |||||||||||
SBA income | 1,252 | 1,983 | 2,444 | 3,161 | |||||||||||
Payroll and insurance income | 1,608 | 1,418 | 3,368 | 2,913 | |||||||||||
ATM income | 919 | 864 | 1,789 | 1,696 | |||||||||||
Bank-owned life insurance income | 463 | 465 | 918 | 949 | |||||||||||
Gain on sale of investment securities | 250 | 13 | 250 | 25 | |||||||||||
Other | 1,838 | 1,166 | 3,472 | 2,263 | |||||||||||
Total noninterest income | 10,917 | 10,476 | 21,378 | 19,935 | |||||||||||
Noninterest expense: | |||||||||||||||
Salaries and employee benefits | 24,279 | 21,178 | 50,321 | 42,566 | |||||||||||
Occupancy and equipment | 3,421 | 3,329 | 6,917 | 6,609 | |||||||||||
Data processing | 2,696 | 2,382 | 5,592 | 5,021 | |||||||||||
Legal and professional fees | 967 | 898 | 1,706 | 2,703 | |||||||||||
Merger-related expenses | 2,601 | 372 | 3,865 | 2,607 | |||||||||||
Marketing | 940 | 403 | 1,365 | 1,067 | |||||||||||
Federal deposit insurance premiums and other regulatory fees | 589 | 398 | 1,089 | 795 | |||||||||||
Loan collection costs and OREO activity | (116 | ) | (213 | ) | 50 | (1,255 | ) | ||||||||
Amortization of intangibles | 654 | 697 | 1,305 | 1,393 | |||||||||||
Other | 3,952 | 2,553 | 7,041 | 5,056 | |||||||||||
Total noninterest expense | 39,983 | 31,997 | 79,251 | 66,562 | |||||||||||
Income before income taxes | 24,671 | 23,112 | 47,512 | 40,962 | |||||||||||
Income tax expense | 5,904 | 7,909 | 11,380 | 14,201 | |||||||||||
Net income | $ | 18,767 | $ | 15,203 | $ | 36,132 | $ | 26,761 | |||||||
Basic earnings per share | $ | .48 | $ | .39 | $ | .93 | $ | .69 | |||||||
Diluted earnings per share | $ | .48 | $ | .39 | $ | .92 | $ | .69 | |||||||
Cash dividends declared per common share | $ | .20 | $ | .14 | $ | .40 | $ | .28 | |||||||
Weighted Average Shares Outstanding: | |||||||||||||||
Basic | 38,038,181 | 37,896,125 | 38,035,111 | 37,881,999 | |||||||||||
Diluted | 38,075,106 | 37,942,483 | 38,072,919 | 37,934,187 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 18,767 | $ | 15,203 | $ | 36,132 | $ | 26,761 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Net change in unrealized (losses) gains | (2,184 | ) | 1,110 | (9,064 | ) | 594 | |||||||||
Amortization of net unrealized (gains) losses on securities transferred to held-to-maturity | (3 | ) | 46 | 23 | 44 | ||||||||||
Transfer of unrealized gain from held-to-maturity to available-for-sale | (51 | ) | — | (51 | ) | — | |||||||||
Amounts reclassified for (gains) losses realized and included in earnings | (250 | ) | 417 | (159 | ) | 809 | |||||||||
Other comprehensive (loss) income, before income taxes | (2,488 | ) | 1,573 | (9,251 | ) | 1,447 | |||||||||
Income tax expense | (616 | ) | 585 | (1,997 | ) | 549 | |||||||||
Other comprehensive income (loss), net of income taxes | (1,872 | ) | 988 | (7,254 | ) | 898 | |||||||||
Comprehensive income | $ | 16,895 | $ | 16,191 | $ | 28,878 | $ | 27,659 |
Warrants | Common | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||
Shares | Stock | ||||||||||||||||||||||||
Balance, December 31, 2016 | 133,912 | 38,845,573 | $ | 388 | $ | 409,736 | $ | 205,966 | $ | (2,457 | ) | $ | 613,633 | ||||||||||||
Exercise of stock warrants | (46,000 | ) | 31,939 | 1 | — | — | — | 1 | |||||||||||||||||
Share-based compensation | — | — | — | 1,817 | — | — | 1,817 | ||||||||||||||||||
Restricted stock activity | — | 77,974 | 1 | (128 | ) | (83 | ) | — | (210 | ) | |||||||||||||||
Issuance of common stock | — | 12,486 | — | 335 | — | — | 335 | ||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 898 | 898 | ||||||||||||||||||
Common stock dividends, $.28 per share | — | — | — | — | (10,898 | ) | — | (10,898 | ) | ||||||||||||||||
Net income | — | — | — | — | 26,761 | — | 26,761 | ||||||||||||||||||
Balance, June 30, 2017 | 87,912 | 38,967,972 | $ | 390 | $ | 411,760 | $ | 221,746 | $ | (1,559 | ) | $ | 632,337 | ||||||||||||
Balance, December 31, 2017 | 82,904 | 38,992,163 | $ | 390 | $ | 413,583 | $ | 230,145 | $ | (2,567 | ) | $ | 641,551 | ||||||||||||
Exercise of stock warrants | (30,000 | ) | 20,215 | — | — | — | — | — | |||||||||||||||||
Share-based compensation | — | — | — | 2,116 | — | — | 2,116 | ||||||||||||||||||
Restricted stock activity | — | 109,371 | 1 | (1 | ) | — | — | — | |||||||||||||||||
Adoption of ASU 2016-01 | — | — | — | — | (23 | ) | 23 | — | |||||||||||||||||
Other comprehensive (loss) | — | — | — | — | — | (7,254 | ) | (7,254 | ) | ||||||||||||||||
Common stock dividends, $.40 per share | — | — | — | — | (15,626 | ) | — | (15,626 | ) | ||||||||||||||||
Net income | — | — | — | — | 36,132 | — | 36,132 | ||||||||||||||||||
Balance, June 30, 2018 | 52,904 | 39,121,749 | $ | 391 | $ | 415,698 | $ | 250,628 | $ | (9,798 | ) | $ | 656,919 |
STATE BANK FINANCIAL CORPORATION AND SUBSIDIARY | |||||||
Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
(Dollars in thousands) | |||||||
Six Months Ended | |||||||
June 30 | |||||||
2018 | 2017 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 36,132 | $ | 26,761 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | 4,721 | 5,838 | |||||
Provision for loan and lease losses | 5,601 | 2,847 | |||||
Accretion on acquisitions, net | (12,541 | ) | (16,905 | ) | |||
Gains on sales of other real estate owned | (604 | ) | (1,693 | ) | |||
Writedowns of other real estate owned | 128 | 121 | |||||
Proceeds from sales of mortgage loans held-for-sale | 234,304 | 248,964 | |||||
Proceeds from sales of SBA loans held-for-sale | 20,261 | 27,463 | |||||
Originations of mortgage loans held-for-sale | (242,295 | ) | (237,579 | ) | |||
Originations of SBA loans held-for-sale | (23,834 | ) | (26,097 | ) | |||
Mortgage banking activities | (6,050 | ) | (5,990 | ) | |||
Gains on sales of SBA loans | (1,882 | ) | (2,483 | ) | |||
Net gains on sales of available-for-sale securities | (250 | ) | (25 | ) | |||
Share-based compensation expense | 2,116 | 1,817 | |||||
Changes in fair value of SBA servicing rights | 493 | 246 | |||||
Changes in other assets and other liabilities, net | (9,354 | ) | (593 | ) | |||
Net cash provided by operating activities | 6,946 | 22,692 | |||||
Cash flows from Investing Activities | |||||||
Purchase of investment securities available-for-sale | (57,201 | ) | (161,915 | ) | |||
Proceeds from sales and calls of investment securities available-for-sale | 4,275 | 64,778 | |||||
Proceeds from maturities and paydowns of investment securities available-for-sale | 88,805 | 95,192 | |||||
Proceeds from maturities and paydowns of investment securities held-to-maturity | 6,010 | 9,000 | |||||
Purchase of investment securities held-to-maturity | — | (5,000 | ) | ||||
Loan originations, repayments and resolutions, net | (66,319 | ) | (51,705 | ) | |||
Net purchases of premises and equipment | (7,043 | ) | (926 | ) | |||
Proceeds from sales of other real estate owned | 1,123 | 10,787 | |||||
Net cash paid in excess of assets and liabilities acquired in purchase business combinations | — | (34,316 | ) | ||||
Net cash used in investing activities | (30,350 | ) | (74,105 | ) | |||
Cash Flows from Financing Activities | |||||||
Net (decrease) increase in noninterest-bearing customer deposits | (4,078 | ) | 25,090 | ||||
Net increase (decrease) in interest-bearing customer deposits | 63,647 | (3,563 | ) | ||||
Proceeds from FHLB advances | 694,500 | 840,000 | |||||
Repayments of FHLB advances | (694,500 | ) | (807,014 | ) | |||
Net decrease in federal funds purchased and securities sold under repurchase agreements | (11,684 | ) | (2,417 | ) | |||
Payment of contingent consideration | (1,441 | ) | (1,495 | ) | |||
Exercise of stock warrants | — | 1 | |||||
Restricted stock activity | — | (210 | ) | ||||
Dividends paid to shareholders | (15,626 | ) | (10,898 | ) | |||
Net cash provided by financing activities | 30,818 | 39,494 | |||||
Net increase (decrease) in cash and cash equivalents | 7,414 | (11,919 | ) | ||||
Cash and cash equivalents, beginning | 230,877 | 149,593 | |||||
Cash and cash equivalents, ending | $ | 238,291 | $ | 137,674 | |||
STATE BANK FINANCIAL CORPORATION AND SUBSIDIARY | |||||||
Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
(Dollars in thousands) | |||||||
Six Months Ended | |||||||
June 30 | |||||||
2018 | 2017 | ||||||
Supplemental Disclosure of Noncash Investing and Financing Activities | |||||||
Unrealized (losses) gains on securities and cash flow hedges, net of tax | $ | (7,254 | ) | $ | 898 | ||
Transfer of debt securities held-to-maturity to available-for-sale | 10,066 | — | |||||
Transfers of loans to other real estate owned | 4,764 | 725 |
As Recorded by AloStar Bank of Commerce | Fair Value Adjustments | As Recorded by the Company | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 91,571 | $ | — | $ | 91,571 | |||||
Investment securities available-for-sale | 76,436 | (195 | ) | (a) | 76,241 | ||||||
Loans, net | 728,319 | (9,763 | ) | (b) | 718,556 | ||||||
Core deposit intangible | — | 856 | (c) | 856 | |||||||
Premises and equipment, net | 507 | — | 507 | ||||||||
Other assets | 11,430 | 2,233 | (d) | 13,663 | |||||||
Total assets acquired | $ | 908,263 | $ | (6,869 | ) | $ | 901,394 | ||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 102,653 | $ | — | $ | 102,653 | |||||
Interest-bearing | 603,069 | (121 | ) | (e) | 602,948 | ||||||
Total deposits | 705,722 | (121 | ) | 705,601 | |||||||
Other liabilities | 7,912 | — | 7,912 | ||||||||
Total liabilities assumed | 713,634 | (121 | ) | 713,513 | |||||||
Net identifiable assets acquired over liabilities assumed | $ | 194,629 | $ | (6,748 | ) | $ | 187,881 | ||||
Goodwill | $ | — | $ | 7,088 | $ | 7,088 | |||||
Net assets acquired over liabilities assumed | $ | 194,629 | $ | 340 | $ | 194,969 | |||||
Consideration: | |||||||||||
Cash consideration payable | 194,969 | ||||||||||
Fair value of total consideration transferred | $ | 194,969 |
(a) | Adjustment reflects the loss on certain securities that were sold immediately following the closing that was deemed to be a more accurate representation of fair value. |
(b) | Adjustment reflects the fair value adjustment based on the State Bank's evaluation of the acquired loan portfolio and includes the adjustment to eliminate the recorded allowance for loan and lease losses. |
(c) | Adjustment reflects the fair value adjustment to record the estimated core deposit intangible. |
(d) | Adjustment reflects the fair value adjustment based on State Bank's evaluation of acquired other assets. |
(e) | Adjustment reflects the fair value adjustment based on State Bank's evaluation of acquired deposits. |
Six Months Ended June 30 | |||||||
2018 | 2017 | ||||||
Pro Forma | Pro Forma | ||||||
Net interest income | $ | 110,986 | $ | 111,572 | |||
Net income | 37,670 | 33,851 | |||||
Earnings per share: | |||||||
Basic | $ | .96 | $ | .87 | |||
Diluted | .96 | .87 |
Purchased Credit Impaired Loans | |||
Contractually required principal and interest at acquisition | $ | 108,308 | |
Contractual cash flows not expected to be collected (nonaccretable difference) | (19,093 | ) | |
Expected cash flows at acquisition | 89,215 | ||
Accretable difference | (11,664 | ) | |
Basis in acquired loans at acquisition - estimated fair value | $ | 77,551 |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||||
Debt Securities Available-for-Sale | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
U.S. Government securities | $ | 67,702 | $ | — | $ | 1,023 | $ | 66,679 | $ | 70,203 | $ | — | $ | 644 | $ | 69,559 | ||||||||||||||||
Residential mortgage-backed securities — nonagency | 96,933 | 2,397 | 98 | 99,232 | 115,639 | 3,183 | 112 | 118,710 | ||||||||||||||||||||||||
Residential mortgage-backed securities — agency | 557,940 | 111 | 15,081 | 542,970 | 582,845 | 319 | 7,315 | 575,849 | ||||||||||||||||||||||||
Corporate securities | 126,203 | 1,284 | 698 | 126,789 | 107,115 | 1,299 | 77 | 108,337 | ||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 848,778 | $ | 3,792 | $ | 16,900 | $ | 835,670 | $ | 875,802 | $ | 4,801 | $ | 8,148 | $ | 872,455 |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||||
Debt Securities Held-to-Maturity | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Asset-backed securities | $ | 16,742 | $ | 75 | $ | — | $ | 16,817 | $ | 22,692 | $ | 259 | $ | — | $ | 22,951 | ||||||||||||||||
Corporate securities | — | — | — | — | 10,160 | 240 | — | 10,400 | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 16,742 | $ | 75 | $ | — | $ | 16,817 | $ | 32,852 | $ | 499 | $ | — | $ | 33,351 |
Debt Securities Available-for-Sale | Distribution of Maturities (1) | |||||||||||||||||||
June 30, 2018 | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost: | ||||||||||||||||||||
U.S. Government securities | $ | 18,022 | $ | 49,680 | $ | — | $ | — | $ | 67,702 | ||||||||||
Residential mortgage-backed securities — nonagency | — | — | 306 | 96,627 | 96,933 | |||||||||||||||
Residential mortgage-backed securities — agency | 4,806 | 58,866 | 125,239 | 369,029 | 557,940 | |||||||||||||||
Corporate securities | 38,884 | 55,944 | 31,037 | 338 | 126,203 | |||||||||||||||
Total debt securities available-for-sale | $ | 61,712 | $ | 164,490 | $ | 156,582 | $ | 465,994 | $ | 848,778 | ||||||||||
Fair Value: | ||||||||||||||||||||
U.S. Government securities | $ | 17,867 | $ | 48,812 | $ | — | $ | — | $ | 66,679 | ||||||||||
Residential mortgage-backed securities — nonagency | — | — | 316 | 98,916 | 99,232 | |||||||||||||||
Residential mortgage-backed securities — agency | 4,781 | 57,518 | 121,667 | 359,004 | 542,970 | |||||||||||||||
Corporate securities | 38,934 | 55,339 | 31,804 | 712 | 126,789 | |||||||||||||||
Total debt securities available-for-sale | $ | 61,582 | $ | 161,669 | $ | 153,787 | $ | 458,632 | $ | 835,670 |
Debt Securities Held-to-Maturity | Distribution of Maturities (1) | |||||||||||||||||||
June 30, 2018 | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost: | ||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 7,742 | $ | 9,000 | $ | 16,742 | ||||||||||
Corporate securities | — | — | — | — | — | |||||||||||||||
Total debt securities held-to-maturity | $ | — | $ | — | $ | 7,742 | $ | 9,000 | $ | 16,742 | ||||||||||
Fair Value: | ||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 7,773 | $ | 9,044 | $ | 16,817 | ||||||||||
Corporate securities | — | — | — | — | — | |||||||||||||||
Total debt securities held-to-maturity | $ | — | $ | — | $ | 7,773 | $ | 9,044 | $ | 16,817 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Debt Securities Available-for-Sale | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
U.S. Government securities | $ | 41,350 | $ | 634 | $ | 25,329 | $ | 389 | $ | 66,679 | $ | 1,023 | ||||||||||||
Residential mortgage-backed securities — nonagency | 1,924 | 10 | 4,474 | 88 | 6,398 | 98 | ||||||||||||||||||
Residential mortgage-backed securities — agency | 322,707 | 7,573 | 215,575 | 7,508 | 538,282 | 15,081 | ||||||||||||||||||
Corporate securities | 85,683 | 698 | — | — | 85,683 | 698 | ||||||||||||||||||
Total temporarily impaired securities | $ | 451,664 | $ | 8,915 | $ | 245,378 | $ | 7,985 | $ | 697,042 | $ | 16,900 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
U.S. Government securities | $ | 46,625 | $ | 364 | $ | 20,436 | $ | 280 | $ | 67,061 | $ | 644 | ||||||||||||
Residential mortgage-backed securities — nonagency | 1,403 | 3 | 6,269 | 109 | 7,672 | 112 | ||||||||||||||||||
Residential mortgage-backed securities — agency | 312,617 | 2,548 | 210,862 | 4,767 | 523,479 | 7,315 | ||||||||||||||||||
Corporate securities | 32,495 | 77 | — | — | 32,495 | 77 | ||||||||||||||||||
Total temporarily impaired securities | $ | 393,140 | $ | 2,992 | $ | 237,567 | $ | 5,156 | $ | 630,707 | $ | 8,148 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Debt Securities Held-to-Maturity | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Total temporarily impaired securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
Debt Securities Available-For-Sale | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Proceeds from sales and calls | $ | 4,275 | $ | 21,942 | $ | 4,275 | $ | 64,778 | ||||||||
Gross gains on sales and calls | $ | 250 | $ | 89 | $ | 250 | $ | 118 | ||||||||
Gross losses on sales and calls | — | (76 | ) | — | (93 | ) | ||||||||||
Net realized gains on sales and calls | $ | 250 | $ | 13 | $ | 250 | $ | 25 |
Total Loans | June 30, 2018 | December 31, 2017 | ||||||
Construction, land & land development | $ | 482,134 | $ | 451,993 | ||||
Other commercial real estate | 1,216,306 | 1,255,002 | ||||||
Total commercial real estate | 1,698,440 | 1,706,995 | ||||||
Residential real estate | 327,790 | 333,086 | ||||||
Owner-occupied real estate | 370,572 | 399,370 | ||||||
Commercial, financial & agricultural | 1,105,004 | 973,440 | ||||||
Leases | 36,863 | 52,396 | ||||||
Consumer | 66,604 | 66,906 | ||||||
Total loans | 3,605,273 | 3,532,193 | ||||||
Allowance for loan and lease losses | (33,335 | ) | (28,750 | ) | ||||
Total loans, net | $ | 3,571,938 | $ | 3,503,443 |
Organic Loans | June 30, 2018 | December 31, 2017 | ||||||
Construction, land & land development | $ | 454,625 | $ | 412,540 | ||||
Other commercial real estate | 947,704 | 949,594 | ||||||
Total commercial real estate | 1,402,329 | 1,362,134 | ||||||
Residential real estate | 222,886 | 196,225 | ||||||
Owner-occupied real estate | 270,053 | 260,273 | ||||||
Commercial, financial & agricultural | 666,572 | 430,205 | ||||||
Leases | 36,863 | 52,396 | ||||||
Consumer | 65,019 | 64,610 | ||||||
Total organic loans (1) | 2,663,722 | 2,365,843 | ||||||
Allowance for loan and lease losses | (26,366 | ) | (24,039 | ) | ||||
Total organic loans, net | $ | 2,637,356 | $ | 2,341,804 |
Purchased Non-Credit Impaired Loans | June 30, 2018 | December 31, 2017 | ||||||
Construction, land & land development | $ | 14,282 | $ | 25,908 | ||||
Other commercial real estate | 194,995 | 218,660 | ||||||
Total commercial real estate | 209,277 | 244,568 | ||||||
Residential real estate | 72,817 | 96,529 | ||||||
Owner-occupied real estate | 82,500 | 118,294 | ||||||
Commercial, financial & agricultural | 426,992 | 529,184 | ||||||
Consumer | 1,503 | 2,161 | ||||||
Total purchased non-credit impaired loans (1) | 793,089 | 990,736 | ||||||
Allowance for loan and lease losses | (2,981 | ) | (995 | ) | ||||
Total purchased non-credit impaired loans, net | $ | 790,108 | $ | 989,741 |
Purchased Credit Impaired Loans | June 30, 2018 | December 31, 2017 | ||||||
Construction, land & land development | $ | 13,227 | $ | 13,545 | ||||
Other commercial real estate | 73,607 | 86,748 | ||||||
Total commercial real estate | 86,834 | 100,293 | ||||||
Residential real estate | 32,087 | 40,332 | ||||||
Owner-occupied real estate | 18,019 | 20,803 | ||||||
Commercial, financial & agricultural | 11,440 | 14,051 | ||||||
Consumer | 82 | 135 | ||||||
Total purchased credit impaired loans | 148,462 | 175,614 | ||||||
Allowance for loan and lease losses | (3,988 | ) | (3,716 | ) | ||||
Total purchased credit impaired loans, net | $ | 144,474 | $ | 171,898 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
Purchased Credit Impaired Loans | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Balance, beginning of period | $ | 153,338 | $ | 149,560 | $ | 171,898 | $ | 155,573 | ||||||||
Accretion of fair value discounts | 6,595 | 9,228 | 12,541 | 16,905 | ||||||||||||
Reductions in principal balances resulting from repayments, write-offs and foreclosures | (15,657 | ) | (27,790 | ) | (39,693 | ) | (41,953 | ) | ||||||||
Change in the allowance for loan and lease losses on purchased credit impaired loans | 198 | (161 | ) | (272 | ) | 312 | ||||||||||
Balance, end of period | $ | 144,474 | $ | 130,837 | $ | 144,474 | $ | 130,837 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
Changes in Accretable Discount | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Balance, beginning of period | $ | 57,854 | $ | 63,066 | $ | 57,927 | $ | 69,301 | ||||||||
Accretion | (6,595 | ) | (9,228 | ) | (12,541 | ) | (16,905 | ) | ||||||||
Transfers to accretable discounts and exit events, net | 2,279 | 5,970 | 8,152 | 7,412 | ||||||||||||
Balance, end of period | $ | 53,538 | $ | 59,808 | $ | 53,538 | $ | 59,808 |
Three Months Ended June 30 | ||||||||||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||||||||||
Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | |||||||||||||||||||||||||
Balance, beginning of period | $ | 24,882 | $ | 2,249 | $ | 4,186 | $ | 31,317 | $ | 21,885 | $ | 491 | $ | 4,600 | $ | 26,976 | ||||||||||||||||
Charge-offs | (171 | ) | (285 | ) | (35 | ) | (491 | ) | (536 | ) | (197 | ) | (214 | ) | (947 | ) | ||||||||||||||||
Recoveries | 70 | 46 | — | 116 | 113 | 1 | — | 114 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (101 | ) | (239 | ) | (35 | ) | (375 | ) | (423 | ) | (196 | ) | (214 | ) | (833 | ) | ||||||||||||||||
Provision for loan and lease losses | 1,585 | 971 | (163 | ) | 2,393 | 1,098 | 372 | 375 | 1,845 | |||||||||||||||||||||||
Balance, end of period | $ | 26,366 | $ | 2,981 | $ | 3,988 | $ | 33,335 | $ | 22,560 | $ | 667 | $ | 4,761 | $ | 27,988 | ||||||||||||||||
Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||||||||||
Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | |||||||||||||||||||||||||
Balance, beginning of period | $ | 24,039 | $ | 995 | $ | 3,716 | $ | 28,750 | $ | 21,086 | $ | 439 | $ | 5,073 | $ | 26,598 | ||||||||||||||||
Charge-offs | (835 | ) | (325 | ) | (123 | ) | (1,283 | ) | (1,076 | ) | (245 | ) | (328 | ) | (1,649 | ) | ||||||||||||||||
Recoveries | 203 | 64 | — | 267 | 190 | 2 | — | 192 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (632 | ) | (261 | ) | (123 | ) | (1,016 | ) | (886 | ) | (243 | ) | (328 | ) | (1,457 | ) | ||||||||||||||||
Provision for loan and lease losses | 2,959 | 2,247 | 395 | 5,601 | 2,360 | 471 | 16 | 2,847 | ||||||||||||||||||||||||
Balance, end of period | $ | 26,366 | $ | 2,981 | $ | 3,988 | $ | 33,335 | $ | 22,560 | $ | 667 | $ | 4,761 | $ | 27,988 |
Organic Loans | Commercial Real Estate | Residential Real Estate | Owner-Occupied Real Estate | Commercial, Financial & Agricultural | Leases | Consumer | Total | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||
Beginning balance | $ | 11,932 | $ | 2,894 | $ | 2,281 | $ | 6,230 | $ | 494 | $ | 1,051 | $ | 24,882 | ||||||||||||||
Charge-offs | (9 | ) | (64 | ) | — | (46 | ) | (17 | ) | (35 | ) | (171 | ) | |||||||||||||||
Recoveries | 20 | 7 | — | 25 | 4 | 14 | 70 | |||||||||||||||||||||
Provision | 211 | (425 | ) | 673 | 1,229 | (70 | ) | (33 | ) | 1,585 | ||||||||||||||||||
Ending balance | $ | 12,154 | $ | 2,412 | $ | 2,954 | $ | 7,438 | $ | 411 | $ | 997 | $ | 26,366 | ||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||
Beginning balance | $ | 13,037 | $ | 2,809 | $ | 2,075 | $ | 4,535 | $ | 629 | $ | 954 | $ | 24,039 | ||||||||||||||
Charge-offs | (277 | ) | (212 | ) | — | (159 | ) | (80 | ) | (107 | ) | (835 | ) | |||||||||||||||
Recoveries | 20 | 10 | — | 106 | 33 | 34 | 203 | |||||||||||||||||||||
Provision | (626 | ) | (195 | ) | 879 | 2,956 | (171 | ) | 116 | 2,959 | ||||||||||||||||||
Ending balance | $ | 12,154 | $ | 2,412 | $ | 2,954 | $ | 7,438 | $ | 411 | $ | 997 | $ | 26,366 | ||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2017 | ||||||||||||||||||||||||||||
Beginning balance | $ | 12,112 | $ | 1,666 | $ | 2,108 | $ | 4,514 | $ | 710 | $ | 775 | $ | 21,885 | ||||||||||||||
Charge-offs | (187 | ) | (25 | ) | — | (82 | ) | (135 | ) | (107 | ) | (536 | ) | |||||||||||||||
Recoveries | — | 3 | — | 22 | 68 | 20 | 113 | |||||||||||||||||||||
Provision | 1,412 | 197 | (72 | ) | (791 | ) | 182 | 170 | 1,098 | |||||||||||||||||||
Ending balance | $ | 13,337 | $ | 1,841 | $ | 2,036 | $ | 3,663 | $ | 825 | $ | 858 | $ | 22,560 | ||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
June 30, 2017 | ||||||||||||||||||||||||||||
Beginning balance | $ | 11,767 | $ | 1,786 | $ | 2,239 | $ | 4,093 | $ | 655 | $ | 546 | $ | 21,086 | ||||||||||||||
Charge-offs | (187 | ) | (48 | ) | — | (142 | ) | (499 | ) | (200 | ) | (1,076 | ) | |||||||||||||||
Recoveries | — | 6 | — | 51 | 109 | 24 | 190 | |||||||||||||||||||||
Provision | 1,757 | 97 | (203 | ) | (339 | ) | 560 | 488 | 2,360 | |||||||||||||||||||
Ending balance | $ | 13,337 | $ | 1,841 | $ | 2,036 | $ | 3,663 | $ | 825 | $ | 858 | $ | 22,560 |
Allowance for Loan and Lease Losses | Loans | |||||||||||||||||||||||
Organic Loans | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Allowance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Loans | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | 12,154 | $ | 12,154 | $ | 3,334 | $ | 1,398,995 | $ | 1,402,329 | ||||||||||||
Residential real estate | — | 2,412 | 2,412 | 1,350 | 221,536 | 222,886 | ||||||||||||||||||
Owner-occupied real estate | — | 2,954 | 2,954 | 1,456 | 268,597 | 270,053 | ||||||||||||||||||
Commercial, financial & agricultural | — | 7,438 | 7,438 | 5,039 | 661,533 | 666,572 | ||||||||||||||||||
Leases | — | 411 | 411 | — | 36,863 | 36,863 | ||||||||||||||||||
Consumer | — | 997 | 997 | — | 65,019 | 65,019 | ||||||||||||||||||
Total organic loans | $ | — | $ | 26,366 | $ | 26,366 | $ | 11,179 | $ | 2,652,543 | $ | 2,663,722 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | 13,037 | $ | 13,037 | $ | 3,822 | $ | 1,358,312 | $ | 1,362,134 | ||||||||||||
Residential real estate | — | 2,809 | 2,809 | 49 | 196,176 | 196,225 | ||||||||||||||||||
Owner-occupied real estate | 65 | 2,010 | 2,075 | 808 | 259,465 | 260,273 | ||||||||||||||||||
Commercial, financial & agricultural | 34 | 4,501 | 4,535 | 280 | 429,925 | 430,205 | ||||||||||||||||||
Leases | — | 629 | 629 | — | 52,396 | 52,396 | ||||||||||||||||||
Consumer | — | 954 | 954 | — | 64,610 | 64,610 | ||||||||||||||||||
Total organic loans | $ | 99 | $ | 23,940 | $ | 24,039 | $ | 4,959 | $ | 2,360,884 | $ | 2,365,843 |
Purchased Non-Credit Impaired Loans | Commercial Real Estate | Residential Real Estate | Owner-Occupied Real Estate | Commercial, Financial & Agricultural | Consumer | Total | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Beginning balance | $ | 336 | $ | 524 | $ | 316 | $ | 1,067 | $ | 6 | $ | 2,249 | ||||||||||||
Charge-offs | — | (36 | ) | (249 | ) | — | — | (285 | ) | |||||||||||||||
Recoveries | 2 | 2 | 21 | 20 | 1 | 46 | ||||||||||||||||||
Provision | (46 | ) | (156 | ) | 353 | 823 | (3 | ) | 971 | |||||||||||||||
Ending balance | $ | 292 | $ | 334 | $ | 441 | $ | 1,910 | $ | 4 | $ | 2,981 | ||||||||||||
Six Months Ended | ||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Beginning balance | $ | 230 | $ | 664 | $ | 88 | $ | 8 | $ | 5 | $ | 995 | ||||||||||||
Charge-offs | — | (36 | ) | (249 | ) | (37 | ) | (3 | ) | (325 | ) | |||||||||||||
Recoveries | 7 | 10 | 21 | 24 | 2 | 64 | ||||||||||||||||||
Provision | 55 | (304 | ) | 581 | 1,915 | — | 2,247 | |||||||||||||||||
Ending balance | $ | 292 | $ | 334 | $ | 441 | $ | 1,910 | $ | 4 | $ | 2,981 | ||||||||||||
Three Months Ended | ||||||||||||||||||||||||
June 30, 2017 | ||||||||||||||||||||||||
Beginning balance | $ | 239 | $ | 175 | $ | 76 | $ | — | $ | 1 | $ | 491 | ||||||||||||
Charge-offs | — | — | (80 | ) | (115 | ) | (2 | ) | (197 | ) | ||||||||||||||
Recoveries | — | — | — | — | 1 | 1 | ||||||||||||||||||
Provision | (94 | ) | 167 | 156 | 141 | 2 | 372 | |||||||||||||||||
Ending balance | $ | 145 | $ | 342 | $ | 152 | $ | 26 | $ | 2 | $ | 667 | ||||||||||||
Six Months Ended | ||||||||||||||||||||||||
June 30, 2017 | ||||||||||||||||||||||||
Beginning balance | $ | 88 | $ | 72 | $ | 44 | $ | 235 | $ | — | $ | 439 | ||||||||||||
Charge-offs | — | — | (80 | ) | (160 | ) | (5 | ) | (245 | ) | ||||||||||||||
Recoveries | — | — | — | — | 2 | 2 | ||||||||||||||||||
Provision | 57 | 270 | 188 | (49 | ) | 5 | 471 | |||||||||||||||||
Ending balance | $ | 145 | $ | 342 | $ | 152 | $ | 26 | $ | 2 | $ | 667 |
Allowance for Loan and Lease Losses | Loans | |||||||||||||||||||||||
Purchased Non-Credit Impaired Loans | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Allowance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Loans | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | 292 | $ | 292 | $ | — | $ | 209,277 | $ | 209,277 | ||||||||||||
Residential real estate | — | 334 | 334 | 15 | 72,802 | 72,817 | ||||||||||||||||||
Owner-occupied real estate | 28 | 413 | 441 | 848 | 81,652 | 82,500 | ||||||||||||||||||
Commercial, financial & agricultural | 782 | 1,128 | 1,910 | 55,166 | 371,826 | 426,992 | ||||||||||||||||||
Consumer | — | 4 | 4 | — | 1,503 | 1,503 | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 810 | $ | 2,171 | $ | 2,981 | $ | 56,029 | $ | 737,060 | $ | 793,089 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | 230 | $ | 230 | $ | — | $ | 244,568 | $ | 244,568 | ||||||||||||
Residential real estate | — | 664 | 664 | 19 | 96,510 | 96,529 | ||||||||||||||||||
Owner-occupied real estate | — | 88 | 88 | 3,264 | 115,030 | 118,294 | ||||||||||||||||||
Commercial, financial & agricultural | 8 | — | 8 | 1,491 | 527,693 | 529,184 | ||||||||||||||||||
Consumer | — | 5 | 5 | — | 2,161 | 2,161 | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 8 | $ | 987 | $ | 995 | $ | 4,774 | $ | 985,962 | $ | 990,736 |
Purchased Credit Impaired Loans | Commercial Real Estate | Residential Real Estate | Owner-Occupied Real Estate | Commercial, Financial & Agricultural | Consumer | Total | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Beginning balance | $ | 2,304 | $ | 830 | $ | 825 | $ | 217 | $ | 10 | $ | 4,186 | ||||||||||||
Charge-offs | (1 | ) | (28 | ) | — | — | (6 | ) | (35 | ) | ||||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||
Provision | (131 | ) | (16 | ) | (9 | ) | (3 | ) | (4 | ) | (163 | ) | ||||||||||||
Ending balance | $ | 2,172 | $ | 786 | $ | 816 | $ | 214 | $ | — | $ | 3,988 | ||||||||||||
Six Months Ended | ||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Beginning balance | $ | 1,706 | $ | 1,242 | $ | 718 | $ | 42 | $ | 8 | $ | 3,716 | ||||||||||||
Charge-offs | (34 | ) | (73 | ) | (10 | ) | — | (6 | ) | (123 | ) | |||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||
Provision | 500 | (383 | ) | 108 | 172 | (2 | ) | 395 | ||||||||||||||||
Ending balance | $ | 2,172 | $ | 786 | $ | 816 | $ | 214 | $ | — | $ | 3,988 | ||||||||||||
Three Months Ended | ||||||||||||||||||||||||
June 30, 2017 | ||||||||||||||||||||||||
Beginning balance | $ | 2,073 | $ | 959 | $ | 1,531 | $ | 37 | $ | — | $ | 4,600 | ||||||||||||
Charge-offs | (160 | ) | (38 | ) | — | (15 | ) | (1 | ) | (214 | ) | |||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||
Provision | 218 | 47 | 80 | 15 | 15 | 375 | ||||||||||||||||||
Ending balance | $ | 2,131 | $ | 968 | $ | 1,611 | $ | 37 | $ | 14 | $ | 4,761 | ||||||||||||
Six Months Ended | ||||||||||||||||||||||||
June 30, 2017 | ||||||||||||||||||||||||
Beginning balance | $ | 2,183 | $ | 1,196 | $ | 1,655 | $ | 38 | $ | 1 | $ | 5,073 | ||||||||||||
Charge-offs | (233 | ) | (42 | ) | (36 | ) | (16 | ) | (1 | ) | (328 | ) | ||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||
Provision | 181 | (186 | ) | (8 | ) | 15 | 14 | 16 | ||||||||||||||||
Ending balance | $ | 2,131 | $ | 968 | $ | 1,611 | $ | 37 | $ | 14 | $ | 4,761 |
Allowance for Loan and Lease Losses | Loans | |||||||||||||||||||||||
Purchased Credit Impaired Loans | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Allowance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total Loans | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Commercial real estate | $ | 996 | $ | 1,176 | $ | 2,172 | $ | 74,876 | $ | 11,958 | $ | 86,834 | ||||||||||||
Residential real estate | 68 | 718 | 786 | 2,262 | 29,825 | 32,087 | ||||||||||||||||||
Owner-occupied real estate | 695 | 121 | 816 | 7,646 | 10,373 | 18,019 | ||||||||||||||||||
Commercial, financial & agricultural | 8 | 206 | 214 | 548 | 10,892 | 11,440 | ||||||||||||||||||
Consumer | — | — | — | — | 82 | 82 | ||||||||||||||||||
Total purchased credit impaired loans | $ | 1,767 | $ | 2,221 | $ | 3,988 | $ | 85,332 | $ | 63,130 | $ | 148,462 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Commercial real estate | $ | 1,052 | $ | 654 | $ | 1,706 | $ | 79,085 | $ | 21,208 | $ | 100,293 | ||||||||||||
Residential real estate | 128 | 1,114 | 1,242 | 3,029 | 37,303 | 40,332 | ||||||||||||||||||
Owner-occupied real estate | 586 | 132 | 718 | 9,483 | 11,320 | 20,803 | ||||||||||||||||||
Commercial, financial & agricultural | 32 | 10 | 42 | 2,318 | 11,733 | 14,051 | ||||||||||||||||||
Consumer | — | 8 | 8 | — | 135 | 135 | ||||||||||||||||||
Total purchased credit impaired loans | $ | 1,798 | $ | 1,918 | $ | 3,716 | $ | 93,915 | $ | 81,699 | $ | 175,614 |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Unpaid Principal Balance | Recorded Investment | Related Allowance | |||||||||||||||||||
Impaired Loans (1) | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Construction, land & land development | $ | 75 | $ | 71 | $ | — | $ | 82 | $ | 79 | $ | — | ||||||||||||
Other commercial real estate | 3,291 | 3,289 | — | 4,617 | 3,822 | — | ||||||||||||||||||
Total commercial real estate | 3,366 | 3,360 | — | 4,699 | 3,901 | — | ||||||||||||||||||
Residential real estate | 2,491 | 2,340 | — | 453 | 456 | — | ||||||||||||||||||
Owner-occupied real estate | 1,640 | 1,600 | — | 4,172 | 4,015 | — | ||||||||||||||||||
Commercial, financial & agricultural | 61,145 | 58,974 | — | 2,739 | 1,882 | — | ||||||||||||||||||
Consumer | 39 | 33 | — | 51 | 40 | — | ||||||||||||||||||
Subtotal | 68,681 | 66,307 | — | 12,114 | 10,294 | — | ||||||||||||||||||
With related allowance recorded: | ||||||||||||||||||||||||
Construction, land & land development | — | — | — | 113 | 112 | 56 | ||||||||||||||||||
Other commercial real estate | — | — | — | — | — | — | ||||||||||||||||||
Total commercial real estate | — | — | — | 113 | 112 | 56 | ||||||||||||||||||
Residential real estate | 789 | 741 | 371 | 1,452 | 1,399 | 699 | ||||||||||||||||||
Owner-occupied real estate | 966 | 930 | 69 | 350 | 335 | 125 | ||||||||||||||||||
Commercial, financial & agricultural | 2,949 | 2,858 | 1,465 | 872 | 821 | 318 | ||||||||||||||||||
Consumer | 80 | 76 | 38 | 83 | 81 | 40 | ||||||||||||||||||
Subtotal | 4,784 | 4,605 | 1,943 | 2,870 | 2,748 | 1,238 | ||||||||||||||||||
Total impaired loans | $ | 73,465 | $ | 70,912 | $ | 1,943 | $ | 14,984 | $ | 13,042 | $ | 1,238 |
June 30, 2018 | June 30, 2017 | |||||||||||||||
Impaired Loans | Average Recorded Investment (1) | Interest Income Recognized (2) | Average Recorded Investment (1) | Interest Income Recognized (2) | ||||||||||||
Three Months Ended | ||||||||||||||||
Construction, land & land development | $ | 75 | $ | — | $ | 3,458 | $ | — | ||||||||
Other commercial real estate | 3,312 | 8 | 51 | — | ||||||||||||
Total commercial real estate | 3,387 | 8 | 3,509 | — | ||||||||||||
Residential real estate | 3,873 | — | 1,018 | — | ||||||||||||
Owner-occupied real estate | 2,525 | — | 2,788 | — | ||||||||||||
Commercial, financial & agricultural | 57,434 | 661 | 2,682 | 1 | ||||||||||||
Consumer | 117 | — | 72 | — | ||||||||||||
Total impaired loans | $ | 67,336 | $ | 669 | $ | 10,069 | $ | 1 | ||||||||
Six Months Ended | ||||||||||||||||
Construction, land & land development | $ | 132 | $ | — | $ | 4,297 | $ | — | ||||||||
Other commercial real estate | 3,359 | 16 | 53 | — | ||||||||||||
Total commercial real estate | 3,491 | 16 | 4,350 | — | ||||||||||||
Residential real estate | 4,099 | — | 1,031 | — | ||||||||||||
Owner-occupied real estate | 4,099 | — | 2,824 | — | ||||||||||||
Commercial, financial & agricultural | 41,624 | 1,027 | 2,736 | 1 | ||||||||||||
Consumer | 131 | — | 77 | — | ||||||||||||
Total impaired loans | $ | 53,444 | $ | 1,043 | $ | 11,018 | $ | 1 |
Nonaccrual Loans | June 30, 2018 | December 31, 2017 | ||||||
Construction, land & land development | $ | 71 | $ | 191 | ||||
Other commercial real estate | 2,799 | 3,257 | ||||||
Total commercial real estate | 2,870 | 3,448 | ||||||
Residential real estate | 3,081 | 1,855 | ||||||
Owner-occupied real estate | 2,530 | 4,350 | ||||||
Commercial, financial & agricultural | 22,114 | 2,703 | ||||||
Consumer | 109 | 121 | ||||||
Total nonaccrual loans | $ | 30,704 | $ | 12,477 |
Organic Loans | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | Loans > 90 Days and Accruing | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Construction, land & land development | $ | 138 | $ | 45 | $ | 183 | $ | 454,442 | $ | 454,625 | $ | — | ||||||||||||
Other commercial real estate | 12 | — | 12 | 947,692 | 947,704 | — | ||||||||||||||||||
Total commercial real estate | 150 | 45 | 195 | 1,402,134 | 1,402,329 | — | ||||||||||||||||||
Residential real estate | 1,114 | 269 | 1,383 | 221,503 | 222,886 | — | ||||||||||||||||||
Owner-occupied real estate | 1,591 | 242 | 1,833 | 268,220 | 270,053 | — | ||||||||||||||||||
Commercial, financial & agricultural | 193 | 471 | 664 | 665,908 | 666,572 | — | ||||||||||||||||||
Leases | — | — | — | 36,863 | 36,863 | — | ||||||||||||||||||
Consumer | 117 | 9 | 126 | 64,893 | 65,019 | — | ||||||||||||||||||
Total organic loans | $ | 3,165 | $ | 1,036 | $ | 4,201 | $ | 2,659,521 | $ | 2,663,722 | $ | — | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Construction, land & land development | $ | 487 | $ | 45 | $ | 532 | $ | 412,008 | $ | 412,540 | $ | — | ||||||||||||
Other commercial real estate | — | — | — | 949,594 | 949,594 | — | ||||||||||||||||||
Total commercial real estate | 487 | 45 | 532 | 1,361,602 | 1,362,134 | — | ||||||||||||||||||
Residential real estate | 1,868 | 92 | 1,960 | 194,265 | 196,225 | — | ||||||||||||||||||
Owner-occupied real estate | 474 | 713 | 1,187 | 259,086 | 260,273 | — | ||||||||||||||||||
Commercial, financial & agricultural | 865 | 122 | 987 | 429,218 | 430,205 | — | ||||||||||||||||||
Leases | — | — | — | 52,396 | 52,396 | — | ||||||||||||||||||
Consumer | 67 | 28 | 95 | 64,515 | 64,610 | — | ||||||||||||||||||
Total organic loans | $ | 3,761 | $ | 1,000 | $ | 4,761 | $ | 2,361,082 | $ | 2,365,843 | $ | — |
Purchased Non-Credit Impaired Loans | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | Loans > 90 Days and Accruing | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Construction, land & land development | $ | — | $ | — | $ | — | $ | 14,282 | $ | 14,282 | $ | — | ||||||||||||
Other commercial real estate | — | — | — | 194,995 | 194,995 | — | ||||||||||||||||||
Total commercial real estate | — | — | — | 209,277 | 209,277 | — | ||||||||||||||||||
Residential real estate | 1,449 | 195 | 1,644 | 71,173 | 72,817 | — | ||||||||||||||||||
Owner-occupied real estate | 46 | 144 | 190 | 82,310 | 82,500 | — | ||||||||||||||||||
Commercial, financial & agricultural | 71 | 930 | 1,001 | 425,991 | 426,992 | — | ||||||||||||||||||
Consumer | 29 | 8 | 37 | 1,466 | 1,503 | — | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 1,595 | $ | 1,277 | $ | 2,872 | $ | 790,217 | $ | 793,089 | $ | — | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Construction, land & land development | $ | 35 | $ | — | $ | 35 | $ | 25,873 | $ | 25,908 | $ | — | ||||||||||||
Other commercial real estate | — | 45 | 45 | 218,615 | 218,660 | — | ||||||||||||||||||
Total commercial real estate | 35 | 45 | 80 | 244,488 | 244,568 | — | ||||||||||||||||||
Residential real estate | 537 | 126 | 663 | 95,866 | 96,529 | — | ||||||||||||||||||
Owner-occupied real estate | 283 | 1,590 | 1,873 | 116,421 | 118,294 | — | ||||||||||||||||||
Commercial, financial & agricultural | 640 | 628 | 1,268 | 527,916 | 529,184 | — | ||||||||||||||||||
Consumer | 28 | 13 | 41 | 2,120 | 2,161 | — | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 1,523 | $ | 2,402 | $ | 3,925 | $ | 986,811 | $ | 990,736 | $ | — |
Purchased Credit Impaired Loans | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | |||||||||||||||
June 30, 2018 | ||||||||||||||||||||
Construction, land & land development | $ | 8 | $ | 1,798 | $ | 1,806 | $ | 11,421 | $ | 13,227 | ||||||||||
Other commercial real estate | 298 | 2,364 | 2,662 | 70,945 | 73,607 | |||||||||||||||
Total commercial real estate | 306 | 4,162 | 4,468 | 82,366 | 86,834 | |||||||||||||||
Residential real estate | 962 | 1,206 | 2,168 | 29,919 | 32,087 | |||||||||||||||
Owner-occupied real estate | 187 | 598 | 785 | 17,234 | 18,019 | |||||||||||||||
Commercial, financial & agricultural | — | 1,414 | 1,414 | 10,026 | 11,440 | |||||||||||||||
Consumer | — | — | — | 82 | 82 | |||||||||||||||
Total purchased credit impaired loans | $ | 1,455 | $ | 7,380 | $ | 8,835 | $ | 139,627 | $ | 148,462 | ||||||||||
December 31, 2017 | ||||||||||||||||||||
Construction, land & land development | $ | 1 | $ | 1,881 | $ | 1,882 | $ | 11,663 | $ | 13,545 | ||||||||||
Other commercial real estate | 363 | 3,303 | 3,666 | 83,082 | 86,748 | |||||||||||||||
Total commercial real estate | 364 | 5,184 | 5,548 | 94,745 | 100,293 | |||||||||||||||
Residential real estate | 1,519 | 1,876 | 3,395 | 36,937 | 40,332 | |||||||||||||||
Owner-occupied real estate | 85 | 786 | 871 | 19,932 | 20,803 | |||||||||||||||
Commercial, financial & agricultural | 201 | 224 | 425 | 13,626 | 14,051 | |||||||||||||||
Consumer | — | 15 | 15 | 120 | 135 | |||||||||||||||
Total purchased credit impaired loans | $ | 2,169 | $ | 8,085 | $ | 10,254 | $ | 165,360 | $ | 175,614 |
Organic Loans | Pass | Watch | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Construction, land & land development | $ | 418,587 | $ | 30,238 | $ | 5,755 | $ | 45 | $ | — | $ | 454,625 | ||||||||||||
Other commercial real estate | 904,916 | 37,816 | 2,161 | 2,811 | — | 947,704 | ||||||||||||||||||
Total commercial real estate | 1,323,503 | 68,054 | 7,916 | 2,856 | — | 1,402,329 | ||||||||||||||||||
Residential real estate | 215,547 | 4,180 | 311 | 2,848 | — | 222,886 | ||||||||||||||||||
Owner-occupied real estate | 238,941 | 23,746 | 2,214 | 5,152 | — | 270,053 | ||||||||||||||||||
Commercial, financial & agricultural | 617,246 | 42,647 | 262 | 6,417 | — | 666,572 | ||||||||||||||||||
Leases | 34,481 | 2,382 | — | — | — | 36,863 | ||||||||||||||||||
Consumer | 64,828 | 49 | 61 | 78 | 3 | 65,019 | ||||||||||||||||||
Total organic loans | $ | 2,494,546 | $ | 141,058 | $ | 10,764 | $ | 17,351 | $ | 3 | $ | 2,663,722 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Construction, land & land development | $ | 371,358 | $ | 38,939 | $ | 2,086 | $ | 157 | $ | — | $ | 412,540 | ||||||||||||
Other commercial real estate | 920,168 | 22,229 | 3,365 | 3,832 | — | 949,594 | ||||||||||||||||||
Total commercial real estate | 1,291,526 | 61,168 | 5,451 | 3,989 | — | 1,362,134 | ||||||||||||||||||
Residential real estate | 188,918 | 3,668 | 1,488 | 2,151 | — | 196,225 | ||||||||||||||||||
Owner-occupied real estate | 240,987 | 16,891 | 1,067 | 1,328 | — | 260,273 | ||||||||||||||||||
Commercial, financial & agricultural | 421,114 | 7,870 | 123 | 1,098 | — | 430,205 | ||||||||||||||||||
Leases | 47,908 | 4,488 | — | — | — | 52,396 | ||||||||||||||||||
Consumer | 64,361 | 58 | 81 | 110 | — | 64,610 | ||||||||||||||||||
Total organic loans | $ | 2,254,814 | $ | 94,143 | $ | 8,210 | $ | 8,676 | $ | — | $ | 2,365,843 |
Purchased Non-Credit Impaired Loans | Pass | Watch | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Construction, land & land development | $ | 14,210 | $ | 44 | $ | — | $ | 28 | $ | — | $ | 14,282 | ||||||||||||
Other commercial real estate | 155,344 | 35,540 | 3,584 | 527 | — | 194,995 | ||||||||||||||||||
Total commercial real estate | 169,554 | 35,584 | 3,584 | 555 | — | 209,277 | ||||||||||||||||||
Residential real estate | 69,339 | 1,308 | 294 | 1,802 | 74 | 72,817 | ||||||||||||||||||
Owner-occupied real estate | 72,994 | 6,148 | — | 3,358 | — | 82,500 | ||||||||||||||||||
Commercial, financial & agricultural | 321,831 | 49,628 | 15,760 | 39,773 | — | 426,992 | ||||||||||||||||||
Consumer | 1,432 | 12 | — | 39 | 20 | 1,503 | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 635,150 | $ | 92,680 | $ | 19,638 | $ | 45,527 | $ | 94 | $ | 793,089 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Construction, land & land development | $ | 25,486 | $ | 385 | $ | — | $ | 37 | $ | — | $ | 25,908 | ||||||||||||
Other commercial real estate | 214,916 | 1,341 | 1,825 | 578 | — | 218,660 | ||||||||||||||||||
Total commercial real estate | 240,402 | 1,726 | 1,825 | 615 | — | 244,568 | ||||||||||||||||||
Residential real estate | 92,119 | 2,216 | 791 | 1,369 | 34 | 96,529 | ||||||||||||||||||
Owner-occupied real estate | 110,034 | 3,227 | 1,280 | 3,753 | — | 118,294 | ||||||||||||||||||
Commercial, financial & agricultural | 452,822 | 59,306 | 5,223 | 11,833 | — | 529,184 | ||||||||||||||||||
Consumer | 2,091 | 3 | — | 37 | 30 | 2,161 | ||||||||||||||||||
Total purchased non-credit impaired loans | $ | 897,468 | $ | 66,478 | $ | 9,119 | $ | 17,607 | $ | 64 | $ | 990,736 |
Purchased Credit Impaired Loans | Pass | Watch | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Construction, land & land development | $ | 6,466 | $ | 609 | $ | 915 | $ | 5,237 | $ | — | $ | 13,227 | ||||||||||||
Other commercial real estate | 46,059 | 15,756 | 1,273 | 10,519 | — | 73,607 | ||||||||||||||||||
Total commercial real estate | 52,525 | 16,365 | 2,188 | 15,756 | — | 86,834 | ||||||||||||||||||
Residential real estate | 17,187 | 4,522 | 1,274 | 9,036 | 68 | 32,087 | ||||||||||||||||||
Owner-occupied real estate | 6,356 | 3,759 | 791 | 7,113 | — | 18,019 | ||||||||||||||||||
Commercial, financial & agricultural | 513 | 121 | — | 10,806 | — | 11,440 | ||||||||||||||||||
Consumer | 31 | 24 | 19 | 8 | — | 82 | ||||||||||||||||||
Total purchased credit impaired loans | $ | 76,612 | $ | 24,791 | $ | 4,272 | $ | 42,719 | $ | 68 | $ | 148,462 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Construction, land & land development | $ | 6,677 | $ | 809 | $ | 973 | $ | 5,086 | $ | — | $ | 13,545 | ||||||||||||
Other commercial real estate | 63,210 | 11,998 | 2,361 | 9,179 | — | 86,748 | ||||||||||||||||||
Total commercial real estate | 69,887 | 12,807 | 3,334 | 14,265 | — | 100,293 | ||||||||||||||||||
Residential real estate | 21,706 | 6,419 | 1,590 | 10,504 | 113 | 40,332 | ||||||||||||||||||
Owner-occupied real estate | 7,181 | 4,896 | 818 | 7,908 | — | 20,803 | ||||||||||||||||||
Commercial, financial & agricultural | 2,094 | 211 | 323 | 11,423 | — | 14,051 | ||||||||||||||||||
Consumer | 60 | 28 | 21 | 26 | — | 135 | ||||||||||||||||||
Total purchased credit impaired loans | $ | 100,928 | $ | 24,361 | $ | 6,086 | $ | 44,126 | $ | 113 | $ | 175,614 |
June 30, 2018 | June 30, 2017 | |||||||||||||||||||||
TDR Additions (1) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||
Six Months Ended | ||||||||||||||||||||||
Construction, land & land development | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||
Other commercial real estate | 2 | 2,801 | 2,801 | — | — | — | ||||||||||||||||
Total commercial real estate | 2 | 2,801 | 2,801 | — | — | — | ||||||||||||||||
Commercial & industrial | — | — | — | — | — | — | ||||||||||||||||
Owner-occupied real estate | — | — | — | — | — | — | ||||||||||||||||
Residential real estate | 1 | 2,769 | 2,769 | — | — | — | ||||||||||||||||
Consumer & Other | — | — | — | — | — | — | ||||||||||||||||
Total modifications | 3 | $ | 5,570 | $ | 5,570 | — | $ | — | $ | — |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
SBA Servicing Rights | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Balance, beginning of period | $ | 4,003 | $ | 3,547 | $ | 4,069 | $ | 3,477 | ||||||||
Additions | 213 | 391 | 413 | 597 | ||||||||||||
Fair value adjustments | (227 | ) | (110 | ) | (493 | ) | (246 | ) | ||||||||
Balance, end of period | $ | 3,989 | $ | 3,828 | $ | 3,989 | $ | 3,828 |
SBA Servicing Rights | June 30, 2018 | December 31, 2017 | ||||||||
Fair value | $ | 3,989 | $ | 4,069 | ||||||
Weighted average discount rate | 12.7 | % | 12.9 | % | ||||||
Decline in fair value due to a 100 basis point adverse change | $ | (130 | ) | $ | (140 | ) | ||||
Decline in fair value due to a 200 basis point adverse change | (253 | ) | (272 | ) | ||||||
Prepayment speed | 11.0 | % | 9.1 | % | ||||||
Decline in fair value due to a 10% adverse change | $ | (160 | ) | $ | (141 | ) | ||||
Decline in fair value due to a 20% adverse change | (310 | ) | (275 | ) | ||||||
Weighted average remaining life (years) | 5.9 | 6.7 |
June 30, 2018 | ||||||||||||||||
SBA Loans Serviced | Unpaid Principal Balance | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Net Charge-offs for the Six Months Ended June 30, 2018 | ||||||||||||
Serviced for others | $ | 184,803 | $ | 557 | $ | — | $ | — | ||||||||
Held-for-sale | 15,874 | — | — | — | ||||||||||||
Held-for-investment | 151,343 | 1,677 | 5,714 | 52 | ||||||||||||
Total SBA loans serviced | $ | 352,020 | $ | 2,234 | $ | 5,714 | $ | 52 |
December 31, 2017 | ||||||||||||||||
SBA Loans Serviced | Unpaid Principal Balance | 30 - 89 Days Past Due | 90 Days or Greater Past Due | Net Charge-offs for the Six Months Ended June 30, 2017 | ||||||||||||
Serviced for others | $ | 185,557 | $ | 1,555 | $ | — | $ | — | ||||||||
Held-for-sale | 10,420 | — | — | — | ||||||||||||
Held-for-investment | 153,810 | 2,508 | 6,627 | — | ||||||||||||
Total SBA loans serviced | $ | 349,787 | $ | 4,063 | $ | 6,627 | $ | — |
Derivative Assets (1) | Derivative Liabilities (1) | |||||||||||||||
June 30, 2018 | December 31, 2017 | June 30, 2018 | December 31, 2017 | |||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||
Interest rate swaps and caps | $ | 4,230 | $ | 2,011 | $ | — | $ | 116 | ||||||||
Total | $ | 4,230 | $ | 2,011 | $ | — | $ | 116 | ||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Mortgage derivatives | $ | 1,013 | $ | 616 | $ | 699 | $ | 238 | ||||||||
Total | $ | 1,013 | $ | 616 | $ | 699 | $ | 238 |
Three Months Ended | ||||||||||||||||||||||||
June 30 | ||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||
Interest Income | Interest Expense | Noninterest Income | Interest Income | Interest Expense | Noninterest Income | |||||||||||||||||||
Total amounts of income and expense line items presented in the consolidated statements of income | $ | 63,688 | $ | 7,558 | $ | 10,917 | $ | 49,847 | $ | 3,369 | $ | 10,476 | ||||||||||||
Gain (loss) on fair value hedging relationships in Subtopic 815-20 | ||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||
Hedged items | (588 | ) | — | — | — | — | 425 | |||||||||||||||||
Derivatives designated as hedging instruments | 668 | — | — | — | — | (464 | ) | |||||||||||||||||
Gain (loss) on cash flow hedging relationships in Subtopic 815-20 | ||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive loss into income | — | — | — | — | 430 | — |
Six Months Ended | ||||||||||||||||||||||||
June 30 | ||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||
Interest Income | Interest Expense | Noninterest Income | Interest Income | Interest Expense | Noninterest Income | |||||||||||||||||||
Total amounts of income and expense line items presented in the consolidated statements of income | $ | 124,249 | $ | 13,263 | $ | 21,378 | $ | 97,044 | $ | 6,608 | $ | 19,935 | ||||||||||||
Gain (loss) on fair value hedging relationships in Subtopic 815-20 | ||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||
Hedged items | (2,316 | ) | — | — | — | — | (83 | ) | ||||||||||||||||
Derivatives designated as hedging instruments | 2,527 | — | — | — | — | 32 | ||||||||||||||||||
Gain (loss) on cash flow hedging relationships in Subtopic 815-20 | ||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive loss into income | — | 91 | — | — | 834 | — |
Line Item in the Statement of Financial Condition in Which the Hedged Item Is Included | Carrying Amount of the Hedged Asset | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | ||||||||||||||
June 30, 2018 | December 31, 2017 | June 30, 2018 | December 31, 2017 | |||||||||||||
Loans | $ | 119,559 | $ | 139,391 | $ | (4,145 | ) | $ | (1,892 | ) | ||||||
Total | $ | 119,559 | $ | 139,391 | $ | (4,145 | ) | $ | (1,892 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30 | June 30 | |||||||||||||||||
Interest Rate Products | Location | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Amount of (loss) gain recognized in AOCI on derivatives | OCI | $ | — | $ | 21 | $ | (4 | ) | $ | 80 | ||||||||
Amount of loss reclassified from AOCI into income | Interest expense | — | 430 | 91 | 834 | |||||||||||||
Amount of loss recognized in consolidated statements of comprehensive income | $ | — | $ | (409 | ) | $ | (95 | ) | $ | (754 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30 | June 30 | |||||||||||||||||
Interest Rate Products | Location | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Amount of loss recognized in income on interest rate swaps | Noninterest income | $ | — | $ | (40 | ) | $ | — | $ | (56 | ) | |||||||
Amount of gain (loss) recognized in income on interest rate lock commitments | Noninterest income | 204 | (284 | ) | 542 | 329 | ||||||||||||
Amount of (loss) gain recognized in income on forward commitments | Noninterest income | (534 | ) | 303 | (606 | ) | (682 | ) | ||||||||||
Total (loss) gain recognized in income on derivatives not designated as hedging instruments | $ | (330 | ) | $ | (21 | ) | $ | (64 | ) | $ | (409 | ) |
Gross Amounts Recognized | Gross Amounts Offset on the Statement of Financial Condition | Net Amounts Presented on the Statement of Financial Condition | Gross Amounts Not Offset on the Statement of Financial Condition | Net Amount | ||||||||||||||||||||
Financial Instruments | Collateral Received/Posted (1) | |||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||
Offsetting Assets | ||||||||||||||||||||||||
Interest rate swaps and caps | $ | 4,230 | $ | — | $ | 4,230 | $ | — | $ | (4,230 | ) | $ | — | |||||||||||
Offsetting Liabilities | ||||||||||||||||||||||||
Interest rate swaps and caps | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Repurchase agreements | 13,525 | — | 13,525 | — | (13,525 | ) | — | |||||||||||||||||
Total liabilities | $ | 13,525 | $ | — | $ | 13,525 | $ | — | $ | (13,525 | ) | $ | — | |||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Offsetting Assets | ||||||||||||||||||||||||
Interest rate swaps and caps | $ | 2,011 | $ | — | $ | 2,011 | $ | (116 | ) | $ | (1,895 | ) | $ | — | ||||||||||
Offsetting Liabilities | ||||||||||||||||||||||||
Interest rate swaps and caps | $ | 116 | $ | — | $ | 116 | $ | (116 | ) | $ | — | $ | — | |||||||||||
Repurchase agreements | 25,209 | — | 25,209 | — | (25,209 | ) | — | |||||||||||||||||
Total liabilities | $ | 25,325 | $ | — | $ | 25,325 | $ | (116 | ) | $ | (25,209 | ) | $ | — |
Capital Ratio Requirements | Minimum Requirement | Well-capitalized (1) | ||
Common Equity Tier 1 (CET1) capital ratio | 4.50% | 6.50% | ||
Tier 1 risk-based capital ratio | 6.00% | 8.00% | ||
Total risk-based capital ratio | 8.00% | 10.00% | ||
Tier 1 leverage ratio | 4.00% | 5.00% |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||
Actual | Required | Actual | Required | |||||||||||||||||||
Amount | Ratio | Minimum Amount | Amount | Ratio | Minimum Amount | |||||||||||||||||
Company | ||||||||||||||||||||||
Common Equity Tier 1 (CET1) capital ratio | $ | 569,237 | 12.79 | % | $ | 200,354 | $ | 547,822 | 12.61 | % | $ | 195,433 | ||||||||||
Tier 1 risk-based capital ratio | 569,237 | 12.79 | % | 267,139 | 547,822 | 12.61 | % | 260,578 | ||||||||||||||
Total risk-based capital ratio | 602,572 | 13.53 | % | 356,186 | 576,572 | 13.28 | % | 347,437 | ||||||||||||||
Tier 1 leverage ratio | 569,237 | 11.75 | % | 193,773 | 547,822 | 11.24 | % | 194,924 |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||
Actual | Required | Actual | Required | |||||||||||||||||||||||||||
Amount | Ratio | Minimum Amount | Well Capitalized Amount | Amount | Ratio | Minimum Amount | Well Capitalized Amount | |||||||||||||||||||||||
State Bank | ||||||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) capital ratio | $ | 494,402 | 11.13 | % | $ | 199,943 | $ | 288,807 | $ | 481,135 | 11.10 | % | $ | 194,972 | $ | 281,626 | ||||||||||||||
Tier 1 risk-based capital ratio | 494,402 | 11.13 | % | 266,591 | 355,455 | 481,135 | 11.10 | % | 259,962 | 346,617 | ||||||||||||||||||||
Total risk-based capital ratio | 527,737 | 11.88 | % | 355,455 | 444,318 | 509,885 | 11.77 | % | 346,617 | 433,271 | ||||||||||||||||||||
Tier 1 leverage ratio | 494,402 | 10.21 | % | 193,611 | 242,014 | 481,135 | 9.90 | % | 194,429 | 243,037 |
June 30, 2018 | December 31, 2017 | ||||||
Commitments to extend credit: | |||||||
Fixed | $ | 91,509 | $ | 65,117 | |||
Variable | 944,668 | 914,524 | |||||
Letters of credit: | |||||||
Fixed | 5,759 | 5,978 | |||||
Variable | 6,895 | 11,428 | |||||
Total commitments | $ | 1,048,831 | $ | 997,047 |
June 30, 2018 | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Assets: | ||||||||||||||||
Equity securities - financial services industry | $ | — | $ | 1,515 | $ | — | $ | 1,515 | ||||||||
U.S. Government securities | — | 66,679 | — | 66,679 | ||||||||||||
Residential mortgage-backed securities — nonagency | — | 99,232 | — | 99,232 | ||||||||||||
Residential mortgage-backed securities — agency | — | 542,970 | — | 542,970 | ||||||||||||
Corporate securities | — | 126,789 | — | 126,789 | ||||||||||||
Hedged loans | — | 119,559 | — | 119,559 | ||||||||||||
Mortgage loans held-for-sale | — | 39,222 | — | 39,222 | ||||||||||||
Mortgage derivatives | — | 52 | 961 | 1,013 | ||||||||||||
Interest rate swaps and caps | — | 4,230 | — | 4,230 | ||||||||||||
SBA servicing rights | — | — | 3,989 | 3,989 | ||||||||||||
Total recurring assets at fair value | $ | — | $ | 998,733 | $ | 4,950 | $ | 1,003,683 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps and caps | $ | — | $ | — | $ | — | $ | — | ||||||||
Mortgage derivatives | — | 264 | 435 | 699 | ||||||||||||
Total recurring liabilities at fair value | $ | — | $ | 264 | $ | 435 | $ | 699 |
December 31, 2017 | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Assets: | ||||||||||||||||
Equity securities - financial services industry | $ | — | $ | 1,515 | $ | — | $ | 1,515 | ||||||||
U.S. Government securities | — | 69,559 | — | 69,559 | ||||||||||||
Residential mortgage-backed securities — nonagency | — | 118,710 | — | 118,710 | ||||||||||||
Residential mortgage-backed securities — agency | — | 575,849 | — | 575,849 | ||||||||||||
Corporate securities | — | 108,337 | — | 108,337 | ||||||||||||
Hedged loans | — | 139,391 | — | 139,391 | ||||||||||||
Mortgage loans held for sale | — | 25,791 | — | 25,791 | ||||||||||||
Mortgage derivatives | — | 101 | 515 | 616 | ||||||||||||
Interest rate swaps and caps | — | 2,011 | — | 2,011 | ||||||||||||
SBA servicing rights | — | — | 4,069 | 4,069 | ||||||||||||
Total recurring assets at fair value | $ | — | $ | 1,039,749 | $ | 4,584 | $ | 1,044,333 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps and caps | $ | — | $ | 116 | $ | — | $ | 116 | ||||||||
Mortgage derivatives | — | 38 | 200 | 238 | ||||||||||||
Total recurring liabilities at fair value | $ | — | $ | 154 | $ | 200 | $ | 354 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2018 | 2018 | |||||||||||||||
Mortgage Derivatives | Other Assets | Other Liabilities | Other Assets | Other Liabilities | ||||||||||||
Balance, beginning of period | $ | 916 | $ | 310 | $ | 515 | $ | 200 | ||||||||
Issuances (1) | 430 | 430 | 1,031 | 740 | ||||||||||||
Settlements and closed loans (1) | (385 | ) | (305 | ) | (585 | ) | (505 | ) | ||||||||
Balance, end of period | $ | 961 | $ | 435 | $ | 961 | $ | 435 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2017 | 2017 | |||||||||||||||
Mortgage Derivatives | Other Assets | Other Liabilities | Other Assets | Other Liabilities | ||||||||||||
Balance, beginning of period | $ | 1,096 | $ | 465 | $ | 699 | $ | 445 | ||||||||
Issuances (1) | 362 | 363 | 1,204 | 828 | ||||||||||||
Settlements and closed loans (1) | (568 | ) | (443 | ) | (1,013 | ) | (888 | ) | ||||||||
Balance, end of period | $ | 890 | $ | 385 | $ | 890 | $ | 385 |
Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
June 30, 2018 | |||||||||||||||
Impaired loans | $ | — | $ | — | $ | 68,969 | $ | 68,969 | |||||||
Total nonrecurring assets at fair value | $ | — | $ | — | $ | 68,969 | $ | 68,969 | |||||||
December 31, 2017 | |||||||||||||||
Impaired loans | $ | — | $ | — | $ | 11,804 | $ | 11,804 | |||||||
Total nonrecurring assets at fair value | $ | — | $ | — | $ | 11,804 | $ | 11,804 |
Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
June 30, 2018 | |||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 5,563 | $ | 5,563 | |||||||
December 31, 2017 | |||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 1,204 | $ | 1,204 |
June 30, 2018 | December 31, 2017 | ||||||
Other real estate owned: | |||||||
Other real estate owned at fair value | $ | 5,563 | $ | 1,204 | |||
Estimated selling costs and other adjustments | (551 | ) | (309 | ) | |||
Other real estate owned | $ | 5,012 | $ | 895 |
June 30, 2018 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||
SBA servicing rights | $ | 3,989 | Discounted cash flows | Discount rate | 9% - 23% (13%) | |||||
Prepayment speed | 5% - 13% (11%) | |||||||||
Mortgage derivatives - asset | $ | 961 | Pricing model | Pull-through rate | 85% | |||||
Mortgage derivatives - liability | $ | 435 | Pricing model | Pull-through rate | 85% | |||||
Impaired loans - collateral dependent | $ | 68,969 | Third party appraisal | Management discount for property type and recent market volatility | 0% - 100% (3%) | |||||
Other real estate owned | $ | 5,563 | Third party appraisal | Management discount for property type and recent market volatility | 0% - 50% (5%) |
December 31, 2017 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||
SBA servicing rights | $ | 4,069 | Discounted cash flows | Discount rate | 10% - 22% (13%) | |||||
Prepayment speed | 4% - 13% (9%) | |||||||||
Mortgage derivatives - asset | $ | 515 | Pricing model | Pull-through rate | 84% | |||||
Mortgage derivatives - liability | $ | 200 | Pricing model | Pull-through rate | 84% | |||||
Impaired loans - collateral dependent | $ | 11,804 | Third party appraisal | Management discount for property type and recent market volatility | 0% - 50% (9%) | |||||
Other real estate owned | $ | 1,204 | Third party appraisal | Management discount for property type and recent market volatility | 0% - 33% (12%) |
June 30, 2018 | December 31, 2017 | ||||||||||||||||
Fair Value Hierarchy Level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 238,291 | $ | 238,291 | $ | 230,877 | $ | 230,877 | ||||||||
Equity securities | Level 2 | 1,515 | 1,515 | 1,515 | 1,515 | ||||||||||||
Investment securities available-for-sale | Level 2 | 835,670 | 835,670 | 872,455 | 872,455 | ||||||||||||
Investment securities held-to-maturity | Level 2 & 3 | 16,742 | 16,817 | 32,852 | 33,351 | ||||||||||||
Loans held-for-sale | Level 2 | 55,096 | 56,641 | 36,211 | 37,580 | ||||||||||||
Loans, net | Level 2 & 3 | 3,571,938 | 3,612,910 | 3,503,443 | 3,513,057 | ||||||||||||
Other real estate owned | Level 3 | 5,012 | 5,563 | 895 | 1,204 | ||||||||||||
Interest rate swaps and caps | Level 2 | 4,230 | 4,230 | 2,011 | 2,011 | ||||||||||||
Mortgage derivatives | Levels 2 & 3 | 1,013 | 1,013 | 616 | 616 | ||||||||||||
SBA servicing rights | Level 3 | 3,989 | 3,989 | 4,069 | 4,069 | ||||||||||||
Accrued interest receivable | Level 2 | 15,577 | 15,577 | 14,906 | 14,906 | ||||||||||||
Federal Home Loan Bank stock | Level 3 | 4,452 | 4,452 | 4,651 | 4,651 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits | Level 2 | $ | 4,302,704 | $ | 4,301,233 | $ | 4,243,135 | $ | 4,237,883 | ||||||||
Federal funds purchased and securities sold under agreements to repurchase | Level 2 | 13,525 | 13,525 | 25,209 | 25,209 | ||||||||||||
Notes payable | Level 2 | 398 | 398 | 398 | 398 | ||||||||||||
Interest rate swaps and caps | Level 2 | — | — | 116 | 116 | ||||||||||||
Mortgage derivatives | Levels 2 & 3 | 699 | 699 | 238 | 238 | ||||||||||||
Accrued interest payable | Level 2 | 3,623 | 3,623 | 3,750 | 3,750 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Numerator: | |||||||||||||||
Net income per consolidated statements of income | $ | 18,767 | $ | 15,203 | $ | 36,132 | $ | 26,761 | |||||||
Net income allocated to participating securities | (509 | ) | (413 | ) | (943 | ) | (706 | ) | |||||||
Net income allocated to common stock | $ | 18,258 | $ | 14,790 | $ | 35,189 | $ | 26,055 | |||||||
Basic earnings per share computation: | |||||||||||||||
Net income allocated to common stock | $ | 18,258 | $ | 14,790 | $ | 35,189 | $ | 26,055 | |||||||
Weighted average common shares outstanding, including shares considered participating securities | 39,098,445 | 38,955,513 | 39,053,840 | 38,908,102 | |||||||||||
Less: Average participating securities | (1,060,264 | ) | (1,059,388 | ) | (1,018,729 | ) | (1,026,103 | ) | |||||||
Weighted average shares | 38,038,181 | 37,896,125 | 38,035,111 | 37,881,999 | |||||||||||
Basic earnings per share | $ | .48 | $ | .39 | $ | .93 | $ | .69 | |||||||
Diluted earnings per share computation: | |||||||||||||||
Net income allocated to common stock | $ | 18,258 | $ | 14,790 | $ | 35,189 | $ | 26,055 | |||||||
Weighted average common shares outstanding for basic earnings per share | 38,038,181 | 37,896,125 | 38,035,111 | 37,881,999 | |||||||||||
Weighted average dilutive grants | 36,925 | 46,358 | 37,808 | 52,188 | |||||||||||
Weighted average shares and dilutive potential common shares | 38,075,106 | 37,942,483 | 38,072,919 | 37,934,187 | |||||||||||
Diluted earnings per share | $ | .48 | $ | .39 | $ | .92 | $ | .69 |
Investment Securities Available-for-Sale | Held-to-Maturity Securities Transferred from Available-For-Sale | Cash Flow Hedges (Effective Portion) | Total | |||||||||||||
Three Months Ended | ||||||||||||||||
June 30, 2018 | ||||||||||||||||
Balance, beginning of period | $ | (7,973 | ) | $ | 47 | $ | — | $ | (7,926 | ) | ||||||
Other comprehensive loss before income taxes: | ||||||||||||||||
Net change in unrealized losses | (2,184 | ) | — | — | (2,184 | ) | ||||||||||
Amounts reclassified for net gains realized and included in earnings | (250 | ) | — | — | (250 | ) | ||||||||||
Transfer of unrealized gain from held-to-maturity to available-for-sale | — | (51 | ) | — | (51 | ) | ||||||||||
Amortization of net unrealized losses on securities transferred to held-to-maturity | — | (3 | ) | — | (3 | ) | ||||||||||
Income tax benefit | (616 | ) | — | — | (616 | ) | ||||||||||
Balance, end of period | $ | (9,791 | ) | $ | (7 | ) | $ | — | $ | (9,798 | ) | |||||
June 30, 2017 | ||||||||||||||||
Balance, beginning of period | $ | (1,568 | ) | $ | (177 | ) | $ | (802 | ) | $ | (2,547 | ) | ||||
Other comprehensive income before income taxes: | ||||||||||||||||
Net change in unrealized gains | 1,089 | — | 21 | 1,110 | ||||||||||||
Amounts reclassified for net (gains) losses realized and included in earnings | (13 | ) | — | 430 | 417 | |||||||||||
Amortization of net unrealized losses on securities transferred to-held-to-maturity | — | 46 | — | 46 | ||||||||||||
Income tax expense | 413 | — | 172 | 585 | ||||||||||||
Balance, end of period | $ | (905 | ) | $ | (131 | ) | $ | (523 | ) | $ | (1,559 | ) | ||||
Six Months Ended | ||||||||||||||||
June 30, 2018 | ||||||||||||||||
Balance, beginning of period | $ | (2,523 | ) | $ | 21 | $ | (65 | ) | $ | (2,567 | ) | |||||
Other comprehensive loss before income taxes: | ||||||||||||||||
Net change in unrealized losses | (9,060 | ) | — | (4 | ) | (9,064 | ) | |||||||||
Amounts reclassified for net (gains) losses realized and included in earnings | (250 | ) | — | 91 | (159 | ) | ||||||||||
Transfer of unrealized gain from held-to-maturity to available-for-sale | — | (51 | ) | — | (51 | ) | ||||||||||
Amortization of net unrealized losses on securities transferred to-held-to-maturity | — | 23 | — | 23 | ||||||||||||
Adoption of ASU 2016-01 | 23 | — | — | 23 | ||||||||||||
Income tax (benefit) expense | (2,019 | ) | — | 22 | (1,997 | ) | ||||||||||
Balance, end of period | $ | (9,791 | ) | $ | (7 | ) | $ | — | $ | (9,798 | ) | |||||
Investment Securities Available-for-Sale | Held-to-Maturity Securities Transferred from Available-For-Sale | Cash Flow Hedges (Effective Portion) | Total | |||||||||||||
June 30, 2017 | ||||||||||||||||
Balance, beginning of period | $ | (1,200 | ) | $ | (175 | ) | $ | (1,082 | ) | $ | (2,457 | ) | ||||
Other comprehensive income before income taxes: | ||||||||||||||||
Net change in unrealized gains | 514 | — | 80 | 594 | ||||||||||||
Amounts reclassified for net (gains) losses realized and included in earnings | (25 | ) | — | 834 | 809 | |||||||||||
Amortization of net unrealized losses on securities transferred to-held-to-maturity | — | 44 | — | 44 | ||||||||||||
Income tax expense | 194 | — | 355 | 549 | ||||||||||||
Balance, end of period | $ | (905 | ) | $ | (131 | ) | $ | (523 | ) | $ | (1,559 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
Reclassifications from AOCI into income and affected line items on Consolidated Statements of Income | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Investment securities available-for-sale | ||||||||||||||||
Gain on sale of investment securities | $ | 250 | $ | 13 | $ | 250 | $ | 25 | ||||||||
Income tax expense | (63 | ) | (5 | ) | (63 | ) | (10 | ) | ||||||||
Net income | $ | 187 | $ | 8 | $ | 187 | $ | 15 | ||||||||
Cash flow hedges (effective portion) | ||||||||||||||||
Interest expense on deposits | $ | — | $ | (430 | ) | $ | (91 | ) | $ | (834 | ) | |||||
Income tax benefit | — | 165 | 23 | 320 | ||||||||||||
Net income | $ | — | $ | (265 | ) | $ | (68 | ) | $ | (514 | ) |
• | Net income for the quarter ended June 30, 2018 was $18.8 million, or $.48 per diluted share, compared to net income of $15.2 million, or $.39 per diluted share, for the quarter ended June 30, 2017. |
• | Our net interest income on a taxable equivalent basis was $56.1 million for the quarter ended June 30, 2018, an increase of $9.5 million, or 20.4%, from the quarter ended June 30, 2017. Our interest income increased $13.7 million for the quarter ended June 30, 2018, compared to the quarter ended June 30, 2017, primarily attributable to a $15.4 million increase in loan interest income and a $930,000 increase in interest income on invested funds, partially offset by a $2.6 million decline in accretion income on loans primarily due to lower recovery income. |
• | We continued to benefit from the strong loan growth of the first quarter of 2018. At June 30, 2018, total loans were $3.6 billion, an increase of $73.1 million, or 2.1%, from December 31, 2017. During the quarter ended June 30, 2018, loan balances contracted slightly as decreases in our purchased credit impaired and purchased non-credit impaired loans offset organic loan growth. |
• | The accretable discount on purchased credit impaired loans decreased $4.4 million to $53.5 million at June 30, 2018, compared to $57.9 million at December 31, 2017. We recognized $12.5 million in accretion income on purchased credit impaired loans during the six months ended June 30, 2018, offset by transfers from nonaccretable to accretable discount of $8.2 million. |
• | Asset quality remained sound at June 30, 2018 with annualized net charge-offs of .06% for the six months ended June 30, 2018. |
• | The average cost of funds increased 33 basis points to 71 basis points for the quarter ended June 30, 2018, compared to the same period in 2017, primarily due to an increase in the balance and rate on money market deposits, as well as time deposits acquired from AloStar during 2017. This compares favorably to the 75 basis point increase in the Federal Funds target rate over the same period. |
• | The Company's capital ratios exceeded all regulatory "well capitalized" guidelines, with a Tier 1 leverage ratio of 11.75%, CET1 and Tier 1 risk-based capital ratios of 12.79%, and a Total risk-based capital ratio of 13.53% at June 30, 2018. |
• | During the second quarter of 2018, we declared and paid a cash dividend of $0.20 per common share to our shareholders. |
Table 1 - Financial Highlights Selected Financial Information | |||||||||||||||||||||||||||
2018 | 2017 | Six Months Ended June 30 | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | 2018 | 2017 | ||||||||||||||||||||
SELECTED RESULTS OF OPERATIONS | |||||||||||||||||||||||||||
Interest income on loans | $ | 50,416 | $ | 48,444 | $ | 46,926 | $ | 35,400 | $ | 34,872 | $ | 98,860 | $ | 68,932 | |||||||||||||
Accretion income on loans | 6,595 | 5,946 | 10,671 | 6,520 | 9,228 | 12,541 | 16,905 | ||||||||||||||||||||
Interest income on invested funds | 6,677 | 6,171 | 6,034 | 5,782 | 5,747 | 12,848 | 11,207 | ||||||||||||||||||||
Total interest income | 63,688 | 60,561 | 63,631 | 47,702 | 49,847 | 124,249 | 97,044 | ||||||||||||||||||||
Interest expense | 7,558 | 5,705 | 5,614 | 3,370 | 3,369 | 13,263 | 6,608 | ||||||||||||||||||||
Net interest income | 56,130 | 54,856 | 58,017 | 44,332 | 46,478 | 110,986 | 90,436 | ||||||||||||||||||||
Provision for loan and lease losses (organic & PNCI loans) | 2,556 | 2,650 | 2,050 | 1,300 | 1,470 | 5,206 | 2,831 | ||||||||||||||||||||
Provision for loan and lease losses (purchased credit impaired loans) | (163 | ) | 558 | 798 | (885 | ) | 375 | 395 | 16 | ||||||||||||||||||
Total provision for loan and lease losses | 2,393 | 3,208 | 2,848 | 415 | 1,845 | 5,601 | 2,847 | ||||||||||||||||||||
Total noninterest income | 10,917 | 10,461 | 10,140 | 9,682 | 10,476 | 21,378 | 19,935 | ||||||||||||||||||||
Total noninterest expense | 39,983 | 39,268 | 40,684 | 31,571 | 31,997 | 79,251 | 66,562 | ||||||||||||||||||||
Income before income taxes | 24,671 | 22,841 | 24,625 | 22,028 | 23,112 | 47,512 | 40,962 | ||||||||||||||||||||
Income tax expense | 5,904 | 5,476 | 19,248 | 7,592 | 7,909 | 11,380 | 14,201 | ||||||||||||||||||||
Net income | $ | 18,767 | $ | 17,365 | $ | 5,377 | $ | 14,436 | $ | 15,203 | $ | 36,132 | $ | 26,761 | |||||||||||||
COMMON SHARE DATA | |||||||||||||||||||||||||||
Basic earnings per share | $ | .48 | $ | .45 | $ | .14 | $ | .37 | $ | .39 | $ | .93 | $ | .69 | |||||||||||||
Diluted earnings per share | .48 | .44 | .14 | .37 | .39 | .92 | .69 | ||||||||||||||||||||
Cash dividends declared per share | .20 | .20 | .14 | .14 | .14 | .40 | .28 | ||||||||||||||||||||
Book value per share | 16.79 | 16.58 | 16.45 | 16.48 | 16.23 | 16.79 | 16.23 | ||||||||||||||||||||
Tangible book value per share (1) | 14.38 | 14.15 | 14.00 | 14.01 | 13.94 | 14.38 | 13.94 | ||||||||||||||||||||
Dividend payout ratio | 41.67 | % | 45.45 | % | 100.00 | % | 37.84 | % | 35.90 | % | 43.48 | % | 40.58 | % | |||||||||||||
COMMON SHARES OUTSTANDING | |||||||||||||||||||||||||||
Common stock | 39,121,749 | 39,003,412 | 38,992,163 | 38,991,022 | 38,967,972 | 39,121,749 | 38,967,972 | ||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||
Basic | 38,038,181 | 38,032,007 | 38,009,181 | 37,918,753 | 37,896,125 | 38,035,111 | 37,881,999 | ||||||||||||||||||||
Diluted | 38,075,106 | 38,070,555 | 38,068,619 | 37,963,141 | 37,942,483 | 38,072,919 | 37,934,187 | ||||||||||||||||||||
AVERAGE BALANCE SHEET HIGHLIGHTS | |||||||||||||||||||||||||||
Loans (2) | $ | 3,662,142 | $ | 3,598,543 | $ | 3,603,482 | $ | 2,893,187 | $ | 2,905,415 | $ | 3,631,574 | $ | 2,876,394 | |||||||||||||
Assets | 4,950,453 | 4,860,730 | 4,982,451 | 4,178,731 | 4,200,843 | 4,906,370 | 4,191,691 | ||||||||||||||||||||
Deposits | 4,200,187 | 4,084,844 | 4,248,553 | 3,437,329 | 3,413,831 | 4,142,834 | 3,418,641 | ||||||||||||||||||||
Equity | 650,919 | 642,787 | 645,409 | 638,620 | 627,294 | 646,881 | 622,419 | ||||||||||||||||||||
Tangible equity (1) | 556,403 | 547,620 | 549,564 | 550,002 | 538,153 | 552,041 | 533,146 | ||||||||||||||||||||
Table 1 - Financial Highlights Selected Financial Information | |||||||||||||||||||||||||||
2018 | 2017 | Six Months Ended June 30 | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | 2018 | 2017 | ||||||||||||||||||||
SELECTED ACTUAL BALANCES | |||||||||||||||||||||||||||
Total assets | $ | 5,012,329 | $ | 4,892,297 | $ | 4,958,582 | $ | 5,148,483 | $ | 4,233,977 | $ | 5,012,329 | $ | 4,233,977 | |||||||||||||
Investment securities | 853,927 | 892,770 | 906,822 | 978,630 | 910,899 | 853,927 | 910,899 | ||||||||||||||||||||
Organic loans | 2,663,722 | 2,515,318 | 2,365,843 | 2,304,653 | 2,275,471 | 2,663,722 | 2,275,471 | ||||||||||||||||||||
Purchased non-credit impaired loans | 793,089 | 945,679 | 990,736 | 1,064,477 | 469,931 | 793,089 | 469,931 | ||||||||||||||||||||
Purchased credit impaired loans | 148,462 | 157,524 | 175,614 | 203,660 | 135,598 | 148,462 | 135,598 | ||||||||||||||||||||
Allowance for loan and lease losses | (33,335 | ) | (31,317 | ) | (28,750 | ) | (26,842 | ) | (27,988 | ) | (33,335 | ) | (27,988 | ) | |||||||||||||
Interest-earning assets | 4,739,613 | 4,627,393 | 4,688,665 | 4,867,167 | 3,967,184 | 4,739,613 | 3,967,184 | ||||||||||||||||||||
Total deposits | 4,302,704 | 4,184,432 | 4,243,135 | 4,241,085 | 3,452,692 | 4,302,704 | 3,452,692 | ||||||||||||||||||||
Interest-bearing liabilities | 3,129,599 | 3,119,816 | 3,077,636 | 3,087,284 | 2,548,837 | 3,129,599 | 2,548,837 | ||||||||||||||||||||
Noninterest-bearing liabilities | 1,225,811 | 1,125,827 | 1,239,395 | 1,418,609 | 1,052,803 | 1,225,811 | 1,052,803 | ||||||||||||||||||||
Shareholders' equity | 656,919 | 646,654 | 641,551 | 642,590 | 632,337 | 656,919 | 632,337 | ||||||||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||||||||||
Return on average assets (3) | 1.52 | % | 1.45 | % | .43 | % | 1.37 | % | 1.45 | % | 1.49 | % | 1.29 | % | |||||||||||||
Return on average equity (3) | 11.56 | 10.96 | 3.31 | 8.97 | 9.72 | 11.26 | 8.67 | ||||||||||||||||||||
Cost of funds | .71 | .55 | .52 | .38 | .38 | .63 | .38 | ||||||||||||||||||||
Net interest margin (4) | 4.82 | 4.86 | 4.91 | 4.51 | 4.76 | 4.84 | 4.68 | ||||||||||||||||||||
Interest rate spread (4) | 4.49 | 4.61 | 4.68 | 4.31 | 4.58 | 4.55 | 4.50 | ||||||||||||||||||||
Efficiency ratio (5) | 59.63 | 60.12 | 59.69 | 58.45 | 56.18 | 59.87 | 60.31 | ||||||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||||||||||
Average equity to average assets | 13.15 | % | 13.22 | % | 12.95 | % | 15.28 | % | 14.93 | % | 13.18 | % | 14.85 | % | |||||||||||||
Leverage ratio | 11.75 | 11.69 | 11.24 | 13.37 | 13.23 | 11.75 | 13.23 | ||||||||||||||||||||
CET1 risk-based capital ratio | 12.79 | 12.44 | 12.61 | 12.30 | 15.01 | 12.79 | 15.01 | ||||||||||||||||||||
Tier 1 risk-based capital ratio | 12.79 | 12.44 | 12.61 | 12.30 | 15.01 | 12.79 | 15.01 | ||||||||||||||||||||
Total risk-based capital ratio | 13.53 | 13.14 | 13.28 | 12.91 | 15.79 | 13.53 | 15.79 | ||||||||||||||||||||
ORGANIC ASSET QUALITY RATIOS | |||||||||||||||||||||||||||
Annualized net charge-offs (recoveries) to total average loans | .02 | % | .09 | % | .07 | % | .14 | % | .08 | % | .05 | % | .08 | % | |||||||||||||
Nonperforming loans to total loans | .32 | .39 | .31 | .24 | .06 | .32 | .06 | ||||||||||||||||||||
Nonperforming assets to loans + ORE | .48 | .52 | .31 | .24 | .06 | .48 | .06 | ||||||||||||||||||||
Past due loans to total loans | .16 | .22 | .20 | .12 | .09 | .16 | .09 | ||||||||||||||||||||
Allowance for loan and lease losses to loans | .99 | .99 | 1.02 | .99 | .99 | .99 | .99 |
(1) | Denotes a non-GAAP financial measure. See "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" and Table 2, "Non-GAAP Measures Reconciliation" for further information. |
(2) | Includes quarter-to-date average nonaccrual loans of $18.9 million for second quarter 2018, $12.9 million for first quarter 2018, $11.4 million for fourth quarter 2017, $8.0 million for third quarter 2017 and $9.3 million for second quarter 2017. |
(3) | Net income annualized for the applicable period. |
(4) | Interest income annualized for the applicable period and calculated on a fully tax-equivalent basis using a tax rate of 21% for all periods beginning on or after January 1, 2018 and 35% for all periods prior to January 1, 2018. |
(5) | Noninterest expenses divided by net interest income plus noninterest income. |
Table 2 - Non-GAAP Measures Reconciliation Selected Financial Information | |||||||||||||||||||||||||||
2018 | 2017 | Six Months Ended June 30 | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | 2018 | 2017 | ||||||||||||||||||||
BOOK VALUE PER COMMON SHARE RECONCILIATION | |||||||||||||||||||||||||||
Book value per common share (GAAP) | $ | 16.79 | $ | 16.58 | $ | 16.45 | $ | 16.48 | $ | 16.23 | $ | 16.79 | $ | 16.23 | |||||||||||||
Effect of goodwill and other intangibles | (2.41 | ) | (2.43 | ) | (2.45 | ) | (2.47 | ) | (2.29 | ) | (2.41 | ) | (2.29 | ) | |||||||||||||
Tangible book value per common share | $ | 14.38 | $ | 14.15 | $ | 14.00 | $ | 14.01 | $ | 13.94 | $ | 14.38 | $ | 13.94 | |||||||||||||
AVERAGE TANGIBLE EQUITY RECONCILIATION | |||||||||||||||||||||||||||
Average equity (GAAP) | $ | 650,919 | $ | 642,787 | $ | 645,409 | $ | 638,620 | $ | 627,294 | $ | 646,881 | $ | 622,419 | |||||||||||||
Effect of average goodwill and other intangibles | (94,516 | ) | (95,167 | ) | (95,845 | ) | (88,618 | ) | (89,141 | ) | (94,840 | ) | (89,273 | ) | |||||||||||||
Average tangible equity | $ | 556,403 | $ | 547,620 | $ | 549,564 | $ | 550,002 | $ | 538,153 | $ | 552,041 | $ | 533,146 | |||||||||||||
For the Three Months Ended | |||||||||||||||||||||
June 30, 2018 | June 30, 2017 | ||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing deposits in other financial institutions | $ | 131,506 | $ | 402 | 1.23 | % | $ | 73,862 | $ | 92 | .50 | % | |||||||||
Investment securities | 880,667 | 6,275 | 2.86 | % | 947,300 | 5,655 | 2.39 | % | |||||||||||||
Loans, excluding purchased credit impaired loans (1)(2) | 3,507,613 | 50,422 | 5.77 | % | 2,762,996 | 35,003 | 5.08 | % | |||||||||||||
Purchased credit impaired loans | 154,529 | 6,595 | 17.12 | % | 142,419 | 9,228 | 25.99 | % | |||||||||||||
Total earning assets | 4,674,315 | 63,694 | 5.47 | % | 3,926,577 | 49,978 | 5.11 | % | |||||||||||||
Total nonearning assets | 276,138 | 274,266 | |||||||||||||||||||
Total assets | $ | 4,950,453 | $ | 4,200,843 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing transaction accounts | $ | 627,800 | $ | 248 | .16 | % | $ | 585,343 | $ | 179 | .12 | % | |||||||||
Savings & money market deposits | 1,568,638 | 4,187 | 1.07 | % | 1,380,586 | 2,092 | .61 | % | |||||||||||||
Time deposits | 704,850 | 2,205 | 1.25 | % | 437,475 | 752 | .69 | % | |||||||||||||
Brokered and wholesale time deposits | 149,956 | 698 | 1.87 | % | 38,353 | 100 | 1.05 | % | |||||||||||||
Other borrowings | 55,344 | 220 | 1.59 | % | 119,652 | 246 | .82 | % | |||||||||||||
Total interest-bearing liabilities | 3,106,588 | 7,558 | .98 | % | 2,561,409 | 3,369 | .53 | % | |||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | 1,148,943 | 972,074 | |||||||||||||||||||
Other liabilities | 44,003 | 40,066 | |||||||||||||||||||
Shareholders’ equity | 650,919 | 627,294 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,950,453 | $ | 4,200,843 | |||||||||||||||||
Net interest income | $ | 56,136 | $ | 46,609 | |||||||||||||||||
Net interest spread | 4.49 | % | 4.58 | % | |||||||||||||||||
Net interest margin | 4.82 | % | 4.76 | % | |||||||||||||||||
Cost of funds | .71 | % | .38 | % |
For the Six Months Ended | |||||||||||||||||||||
June 30, 2018 | June 30, 2017 | ||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing deposits in other financial institutions | $ | 112,704 | $ | 587 | 1.05 | % | $ | 79,758 | $ | 184 | .47 | % | |||||||||
Investment securities | 887,140 | 12,261 | 2.79 | % | 954,566 | 11,023 | 2.33 | % | |||||||||||||
Loans, excluding purchased credit impaired loans (1)(2) | 3,470,374 | 98,923 | 5.75 | % | 2,728,190 | 69,203 | 5.12 | % | |||||||||||||
Purchased credit impaired loans | 161,200 | 12,541 | 15.69 | % | 148,204 | 16,905 | 23.00 | % | |||||||||||||
Total earning assets | 4,631,418 | 124,312 | 5.41 | % | 3,910,718 | 97,315 | 5.02 | % | |||||||||||||
Total nonearning assets | 274,952 | 280,973 | |||||||||||||||||||
Total assets | $ | 4,906,370 | $ | 4,191,691 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing transaction accounts | $ | 627,053 | $ | 458 | .15 | % | $ | 593,814 | $ | 363 | .12 | % | |||||||||
Savings & money market deposits | 1,581,609 | 7,167 | .91 | % | 1,384,708 | 4,148 | .60 | % | |||||||||||||
Time deposits | 710,152 | 4,134 | 1.17 | % | 447,089 | 1,568 | .71 | % | |||||||||||||
Brokered and wholesale time deposits | 108,086 | 1,007 | 1.88 | % | 29,190 | 152 | 1.05 | % | |||||||||||||
Other borrowings | 70,482 | 497 | 1.42 | % | 100,604 | 377 | .76 | % | |||||||||||||
Total interest-bearing liabilities | 3,097,382 | 13,263 | .86 | % | 2,555,405 | 6,608 | .52 | % | |||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | 1,115,934 | 963,840 | |||||||||||||||||||
Other liabilities | 46,173 | 50,027 | |||||||||||||||||||
Shareholders’ equity | 646,881 | 622,419 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,906,370 | $ | 4,191,691 | |||||||||||||||||
Net interest income | $ | 111,049 | $ | 90,707 | |||||||||||||||||
Net interest spread | 4.55 | % | 4.50 | % | |||||||||||||||||
Net interest margin | 4.84 | % | 4.68 | % | |||||||||||||||||
Cost of funds | .63 | % | .38 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, 2018 vs. 2017 | June 30, 2018 vs. 2017 | |||||||||||||||||||||||
Change Attributable to | Change Attributable to | |||||||||||||||||||||||
Volume | Rate | Total Increase (Decrease) (1) | Volume | Rate | Total Increase (Decrease) (1) | |||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Loans | $ | 10,280 | $ | 5,139 | $ | 15,419 | $ | 20,427 | $ | 9,293 | $ | 29,720 | ||||||||||||
Loan accretion | 732 | (3,365 | ) | (2,633 | ) | 1,380 | (5,744 | ) | (4,364 | ) | ||||||||||||||
Investment securities | (418 | ) | 1,038 | 620 | (819 | ) | 2,057 | 1,238 | ||||||||||||||||
Interest-bearing deposits in other financial institutions | 108 | 202 | 310 | 100 | 303 | 403 | ||||||||||||||||||
Total interest income | 10,702 | 3,014 | 13,716 | 21,088 | 5,909 | 26,997 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Deposits | 932 | 3,283 | 4,215 | 1,702 | 4,833 | 6,535 | ||||||||||||||||||
Other borrowings | (177 | ) | 151 | (26 | ) | (138 | ) | 258 | 120 | |||||||||||||||
Total interest expense | 755 | 3,434 | 4,189 | 1,564 | 5,091 | 6,655 | ||||||||||||||||||
Net interest income | $ | 9,947 | $ | (420 | ) | $ | 9,527 | $ | 19,524 | $ | 818 | $ | 20,342 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Service charges on deposits | $ | 1,462 | $ | 1,471 | $ | 3,087 | $ | 2,938 | |||||||
Mortgage banking income | 3,125 | 3,096 | 6,050 | 5,990 | |||||||||||
SBA income | 1,252 | 1,983 | 2,444 | 3,161 | |||||||||||
Payroll and insurance income | 1,608 | 1,418 | 3,368 | 2,913 | |||||||||||
ATM income | 919 | 864 | 1,789 | 1,696 | |||||||||||
Bank-owned life insurance income | 463 | 465 | 918 | 949 | |||||||||||
Gain on sale of investment securities | 250 | 13 | 250 | 25 | |||||||||||
Other | 1,838 | 1,166 | 3,472 | 2,263 | |||||||||||
Total noninterest income | $ | 10,917 | $ | 10,476 | $ | 21,378 | $ | 19,935 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Salaries and employee benefits | $ | 24,279 | $ | 21,178 | $ | 50,321 | $ | 42,566 | |||||||
Occupancy and equipment | 3,421 | 3,329 | 6,917 | 6,609 | |||||||||||
Data processing | 2,696 | 2,382 | 5,592 | 5,021 | |||||||||||
Legal and professional fees | 967 | 898 | 1,706 | 2,703 | |||||||||||
Merger-related expenses | 2,601 | 372 | 3,865 | 2,607 | |||||||||||
Marketing | 940 | 403 | 1,365 | 1,067 | |||||||||||
Federal deposit insurance premiums and other regulatory fees | 589 | 398 | 1,089 | 795 | |||||||||||
Loan collection costs and OREO activity | (116 | ) | (213 | ) | 50 | (1,255 | ) | ||||||||
Amortization of intangibles | 654 | 697 | 1,305 | 1,393 | |||||||||||
Other | 3,952 | 2,553 | 7,041 | 5,056 | |||||||||||
Total noninterest expense | $ | 39,983 | $ | 31,997 | $ | 79,251 | $ | 66,562 |
June 30, 2018 | December 31, 2017 | |||||||||||||||
Debt Securities Available-for-Sale | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
U.S. Government securities | $ | 67,702 | $ | 66,679 | $ | 70,203 | $ | 69,559 | ||||||||
Residential mortgage-backed securities — nonagency | 96,933 | 99,232 | 115,639 | 118,710 | ||||||||||||
Residential mortgage-backed securities — agency | 557,940 | 542,970 | 582,845 | 575,849 | ||||||||||||
Corporate securities | 126,203 | 126,789 | 107,115 | 108,337 | ||||||||||||
Total investment securities available-for-sale | $ | 848,778 | $ | 835,670 | $ | 875,802 | $ | 872,455 |
June 30, 2018 | December 31, 2017 | |||||||||||||||
Debt Securities Held-to-Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Asset-backed securities | $ | 16,742 | $ | 16,817 | $ | 22,692 | $ | 22,951 | ||||||||
Corporate securities | — | — | 10,160 | 10,400 | ||||||||||||
Total investment securities available-for-sale | $ | 16,742 | $ | 16,817 | $ | 32,852 | $ | 33,351 |
Debt Securities Available-for-Sale | Distribution of Maturities (1) | |||||||||||||||||||
June 30, 2018 | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost (1): | ||||||||||||||||||||
U.S. Government securities | $ | 18,022 | $ | 49,680 | $ | — | $ | — | $ | 67,702 | ||||||||||
Residential mortgage-backed securities — nonagency | — | — | 306 | 96,627 | 96,933 | |||||||||||||||
Residential mortgage-backed securities — agency | 4,806 | 58,866 | 125,239 | 369,029 | 557,940 | |||||||||||||||
Corporate securities | 38,884 | 55,944 | 31,037 | 338 | 126,203 | |||||||||||||||
Total debt securities | $ | 61,712 | $ | 164,490 | $ | 156,582 | $ | 465,994 | $ | 848,778 | ||||||||||
Fair Value (1): | ||||||||||||||||||||
U.S. Government securities | $ | 17,867 | $ | 48,812 | $ | — | $ | — | $ | 66,679 | ||||||||||
Residential mortgage-backed securities — nonagency | — | — | 316 | 98,916 | 99,232 | |||||||||||||||
Residential mortgage-backed securities — agency | 4,781 | 57,518 | 121,667 | 359,004 | 542,970 | |||||||||||||||
Corporate securities | 38,934 | 55,339 | 31,804 | 712 | 126,789 | |||||||||||||||
Total debt securities | $ | 61,582 | $ | 161,669 | $ | 153,787 | $ | 458,632 | $ | 835,670 | ||||||||||
Weighted average yield (2): | ||||||||||||||||||||
Total debt securities | 2.48 | % | 1.89 | % | 2.50 | % | 3.00 | % | 2.65 | % |
Debt Securities Held-to-Maturity | Distribution of Maturities (1) | |||||||||||||||||||
June 30, 2018 | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost (1): | ||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 7,742 | $ | 9,000 | $ | 16,742 | ||||||||||
Corporate securities | — | — | — | — | — | |||||||||||||||
Total debt securities | $ | — | $ | — | $ | 7,742 | $ | 9,000 | $ | 16,742 | ||||||||||
Fair Value (1): | ||||||||||||||||||||
Asset-backed securities | $ | — | $ | — | $ | 7,773 | $ | 9,044 | $ | 16,817 | ||||||||||
Corporate securities | — | — | — | — | — | |||||||||||||||
Total debt securities | $ | — | $ | — | $ | 7,773 | $ | 9,044 | $ | 16,817 | ||||||||||
Weighted average yield (2): | ||||||||||||||||||||
Total debt securities | — | % | — | % | 4.47 | % | 4.56 | % | 4.52 | % |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||||||||||
Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total Amount | % of Gross Total | Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total Amount | % of Gross Total | |||||||||||||||||||||||||||||
Construction, land & land development | $ | 454,625 | $ | 14,282 | $ | 13,227 | $ | 482,134 | 13.4 | % | $ | 412,540 | $ | 25,908 | $ | 13,545 | $ | 451,993 | 12.8 | % | ||||||||||||||||||
Other commercial real estate | 947,704 | 194,995 | 73,607 | 1,216,306 | 33.7 | % | 949,594 | 218,660 | 86,748 | 1,255,002 | 35.5 | % | ||||||||||||||||||||||||||
Total commercial real estate | 1,402,329 | 209,277 | 86,834 | 1,698,440 | 47.1 | % | 1,362,134 | 244,568 | 100,293 | 1,706,995 | 48.3 | % | ||||||||||||||||||||||||||
Residential real estate | 222,886 | 72,817 | 32,087 | 327,790 | 9.1 | % | 196,225 | 96,529 | 40,332 | 333,086 | 9.4 | % | ||||||||||||||||||||||||||
Owner-occupied real estate | 270,053 | 82,500 | 18,019 | 370,572 | 10.3 | % | 260,273 | 118,294 | 20,803 | 399,370 | 11.3 | % | ||||||||||||||||||||||||||
Commercial, financial & agricultural | 666,572 | 426,992 | 11,440 | 1,105,004 | 30.6 | % | 430,205 | 529,184 | 14,051 | 973,440 | 27.6 | % | ||||||||||||||||||||||||||
Leases | 36,863 | — | — | 36,863 | 1.0 | % | 52,396 | — | — | 52,396 | 1.5 | % | ||||||||||||||||||||||||||
Consumer | 65,019 | 1,503 | 82 | 66,604 | 1.8 | % | 64,610 | 2,161 | 135 | 66,906 | 1.9 | % | ||||||||||||||||||||||||||
Total gross loans receivable, net of deferred fees | 2,663,722 | 793,089 | 148,462 | 3,605,273 | 100.0 | % | 2,365,843 | 990,736 | 175,614 | 3,532,193 | 100.0 | % | ||||||||||||||||||||||||||
Allowance for loan and lease losses | (26,366 | ) | (2,981 | ) | (3,988 | ) | (33,335 | ) | (24,039 | ) | (995 | ) | (3,716 | ) | (28,750 | ) | ||||||||||||||||||||||
Total loans, net | $ | 2,637,356 | $ | 790,108 | $ | 144,474 | $ | 3,571,938 | $ | 2,341,804 | $ | 989,741 | $ | 171,898 | $ | 3,503,443 |
Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||||||||||
Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | Organic Loans | Purchased Non-Credit Impaired Loans | Purchased Credit Impaired Loans | Total | |||||||||||||||||||||||||
Balance, at the beginning of period | $ | 24,039 | $ | 995 | $ | 3,716 | $ | 28,750 | $ | 21,086 | $ | 439 | $ | 5,073 | $ | 26,598 | ||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||||
Construction, land & land development | (9 | ) | — | (33 | ) | (42 | ) | (187 | ) | — | (1 | ) | (188 | ) | ||||||||||||||||||
Other commercial real estate | (268 | ) | — | (1 | ) | (269 | ) | — | — | (232 | ) | (232 | ) | |||||||||||||||||||
Total commercial real estate | (277 | ) | — | (34 | ) | (311 | ) | (187 | ) | — | (233 | ) | (420 | ) | ||||||||||||||||||
Residential real estate | (212 | ) | (36 | ) | (73 | ) | (321 | ) | (48 | ) | — | (42 | ) | (90 | ) | |||||||||||||||||
Owner-occupied real estate | — | (249 | ) | (10 | ) | (259 | ) | — | (80 | ) | (36 | ) | (116 | ) | ||||||||||||||||||
Commercial, financial & agricultural | (159 | ) | (37 | ) | — | (196 | ) | (142 | ) | (160 | ) | (16 | ) | (318 | ) | |||||||||||||||||
Leases | (80 | ) | — | — | (80 | ) | (499 | ) | — | — | (499 | ) | ||||||||||||||||||||
Consumer | (107 | ) | (3 | ) | (6 | ) | (116 | ) | (200 | ) | (5 | ) | (1 | ) | (206 | ) | ||||||||||||||||
Total charge-offs | $ | (835 | ) | $ | (325 | ) | $ | (123 | ) | $ | (1,283 | ) | $ | (1,076 | ) | $ | (245 | ) | $ | (328 | ) | $ | (1,649 | ) | ||||||||
Recoveries: | ||||||||||||||||||||||||||||||||
Construction, land & land development | 16 | 6 | — | 22 | — | — | — | — | ||||||||||||||||||||||||
Other commercial real estate | 4 | 1 | — | 5 | — | — | — | — | ||||||||||||||||||||||||
Total commercial real estate | 20 | 7 | — | 27 | — | — | — | — | ||||||||||||||||||||||||
Residential real estate | 10 | 10 | — | 20 | 6 | — | — | 6 | ||||||||||||||||||||||||
Owner-occupied real estate | — | 21 | — | 21 | — | — | — | — | ||||||||||||||||||||||||
Commercial, financial & agricultural | 106 | 24 | — | 130 | 51 | — | — | 51 | ||||||||||||||||||||||||
Leases | 33 | — | — | 33 | 109 | — | — | 109 | ||||||||||||||||||||||||
Consumer | 34 | 2 | — | 36 | 24 | 2 | — | 26 | ||||||||||||||||||||||||
Total recoveries | $ | 203 | $ | 64 | $ | — | $ | 267 | $ | 190 | $ | 2 | $ | — | $ | 192 | ||||||||||||||||
Net (charge-offs) recoveries | (632 | ) | (261 | ) | (123 | ) | (1,016 | ) | (886 | ) | (243 | ) | (328 | ) | (1,457 | ) | ||||||||||||||||
Provision for loan and lease losses | 2,959 | 2,247 | 395 | 5,601 | 2,360 | 471 | 16 | 2,847 | ||||||||||||||||||||||||
Balance, at end of period | $ | 26,366 | $ | 2,981 | $ | 3,988 | $ | 33,335 | $ | 22,560 | $ | 667 | $ | 4,761 | $ | 27,988 | ||||||||||||||||
Allowance for loan and lease losses to loans | .99 | % | .38 | % | 2.69 | % | .92 | % | .99 | % | .14 | % | 3.51 | % | .97 | % | ||||||||||||||||
Ratio of net charge-offs (recoveries) to average loans outstanding | .05 | % | .06 | % | .15 | % | .06 | % | .08 | % | .09 | % | .45 | % | .10 | % |
June 30, 2018 | December 31, 2017 | |||||||||||||
Amount | % of Loans to Total Loans | Amount | % of Loans to Total Loans | |||||||||||
Organic loans | ||||||||||||||
Construction, land & land development | $ | 4,874 | 12.6 | % | $ | 3,987 | 11.7 | % | ||||||
Other commercial real estate | 7,280 | 26.3 | % | 9,050 | 26.9 | % | ||||||||
Total commercial real estate | 12,154 | 38.9 | % | 13,037 | 38.6 | % | ||||||||
Residential real estate | 2,412 | 6.2 | % | 2,809 | 5.6 | % | ||||||||
Owner-occupied real estate | 2,954 | 7.5 | % | 2,075 | 7.4 | % | ||||||||
Commercial, financial & agricultural | 7,438 | 18.5 | % | 4,535 | 12.2 | % | ||||||||
Leases | 411 | 1.0 | % | 629 | 1.5 | % | ||||||||
Consumer | 997 | 1.8 | % | 954 | 1.8 | % | ||||||||
Total allowance for organic loans | $ | 26,366 | 73.9 | % | $ | 24,039 | 67.1 | % | ||||||
Purchased Non-credit Impaired loans | ||||||||||||||
Construction, land & land development | $ | 115 | 0.4 | % | $ | 133 | 0.7 | % | ||||||
Other commercial real estate | 177 | 5.4 | % | 97 | 6.2 | % | ||||||||
Total commercial real estate | 292 | 5.8 | % | 230 | 6.9 | % | ||||||||
Residential real estate | 334 | 2.0 | % | 664 | 2.7 | % | ||||||||
Owner-occupied real estate | 441 | 2.3 | % | 88 | 3.3 | % | ||||||||
Commercial, financial & agricultural | 1,910 | 11.8 | % | 8 | 15.0 | % | ||||||||
Consumer | 4 | 0.1 | % | 5 | 0.1 | % | ||||||||
Total allowance for purchased non-credit impaired loans | $ | 2,981 | 22.0 | % | $ | 995 | 28.0 | % | ||||||
Purchased Credit Impaired loans | ||||||||||||||
Construction, land & land development | $ | 1,054 | 0.4 | % | $ | 743 | 0.4 | % | ||||||
Other commercial real estate | 1,118 | 2.0 | % | 963 | 2.4 | % | ||||||||
Total commercial real estate | 2,172 | 2.4 | % | 1,706 | 2.8 | % | ||||||||
Residential real estate | 786 | 0.9 | % | 1,242 | 1.1 | % | ||||||||
Owner-occupied real estate | 816 | 0.5 | % | 718 | 0.6 | % | ||||||||
Commercial, financial & agricultural | 214 | 0.3 | % | 42 | 0.4 | % | ||||||||
Consumer | — | — | % | 8 | — | % | ||||||||
Total allowance for purchased credit impaired loans | $ | 3,988 | 4.1 | % | $ | 3,716 | 4.9 | % | ||||||
Total allowance for loan and lease losses | $ | 33,335 | 100.0 | % | $ | 28,750 | 100.0 | % |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||||
Nonperforming Assets | Organic Assets | Purchased Non-Credit Impaired | Purchased Credit Impaired | Total | Organic Assets | Purchased Non-Credit Impaired | Purchased Credit Impaired | Total | ||||||||||||||||||||||||
Nonaccrual loans | $ | 8,119 | $ | 22,585 | $ | — | $ | 30,704 | $ | 6,656 | $ | 5,821 | $ | — | $ | 12,477 | ||||||||||||||||
Accruing TDRs | 490 | 2,760 | — | 3,250 | 566 | — | — | 566 | ||||||||||||||||||||||||
Total nonperforming loans | 8,609 | 25,345 | — | 33,954 | 7,222 | 5,821 | — | 13,043 | ||||||||||||||||||||||||
Other real estate owned | 4,135 | — | 877 | 5,012 | 153 | — | 742 | 895 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 12,744 | $ | 25,345 | $ | 877 | $ | 38,966 | $ | 7,375 | $ | 5,821 | $ | 742 | $ | 13,938 | ||||||||||||||||
Nonperforming loans to total loans | .32 | % | 3.20 | % | — | % | .94 | % | .31 | % | .59 | % | — | % | .37 | % | ||||||||||||||||
Nonperforming assets to total loans and other real estate owned | .48 | % | 3.20 | % | .59 | % | 1.08 | % | .31 | % | .59 | % | .42 | % | .39 | % |
June 30, 2018 | December 31, 2017 | ||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||
Noninterest-bearing demand deposits | $ | 1,187,028 | 27.6 | % | $ | 1,191,106 | 28.1 | % | |||||
Interest-bearing transaction accounts | 674,205 | 15.7 | % | 688,150 | 16.2 | % | |||||||
Savings and money market deposits | 1,587,204 | 36.9 | % | 1,626,238 | 38.3 | % | |||||||
Time deposits | 698,361 | 16.2 | % | 715,133 | 16.9 | % | |||||||
Brokered and wholesale time deposits | 155,906 | 3.6 | % | 22,508 | .5 | % | |||||||
Total deposits | $ | 4,302,704 | 100.0 | % | $ | 4,243,135 | 100.0 | % |
Six Months Ended June 30 | |||||||||||||
2018 | 2017 | ||||||||||||
Average Amount | Average Rate | Average Amount | Average Rate | ||||||||||
Noninterest-bearing demand deposits | $ | 1,115,934 | — | % | $ | 963,840 | — | % | |||||
Interest-bearing transaction accounts | 627,053 | .15 | % | 593,814 | .12 | % | |||||||
Savings and money market deposits | 1,581,609 | .91 | % | 1,384,708 | .60 | % | |||||||
Time deposits | 710,152 | 1.17 | % | 447,089 | .71 | % | |||||||
Brokered and wholesale time deposits | 108,086 | 1.88 | % | 29,190 | 1.05 | % | |||||||
Total deposits | $ | 4,142,834 | $ | 3,418,641 |
Capital Ratio Requirements | Minimum Requirement | Well-capitalized (1) | ||
CET1 capital ratio | 4.50% | 6.50% | ||
Tier 1 risk-based capital ratio | 6.00% | 8.00% | ||
Total risk-based capital ratio | 8.00% | 10.00% | ||
Tier 1 leverage ratio | 4.00% | 5.00% |
June 30, 2018 | December 31, 2017 | ||||
Company | |||||
Tier 1 leverage ratio | 11.75 | % | 11.24 | % | |
CET1 capital ratio | 12.79 | 12.61 | |||
Tier 1 risk-based capital ratio | 12.79 | 12.61 | |||
Total risk-based capital ratio | 13.53 | 13.28 | |||
State Bank | |||||
Tier 1 leverage ratio | 10.21 | % | 9.90 | % | |
CET1 capital ratio | 11.13 | 11.10 | |||
Tier 1 risk-based capital ratio | 11.13 | 11.10 | |||
Total risk-based capital ratio | 11.88 | 11.77 |
Payments Due by Period | ||||||||||||||||||||
June 30, 2018 | Total | Less Than 1 Year | 1 to 3 Years | 3 to 5 Years | More Than 5 Years | |||||||||||||||
Contractual Obligations: | ||||||||||||||||||||
Time deposits, including accrued interest payable | $ | 857,670 | $ | 635,630 | $ | 208,669 | $ | 13,371 | $ | — | ||||||||||
Operating lease obligations | 19,159 | 4,161 | 6,666 | 6,334 | 1,998 | |||||||||||||||
Total contractual obligations | $ | 876,829 | $ | 639,791 | $ | 215,335 | $ | 19,705 | $ | 1,998 |
% Change in Projected Baseline Net Interest Income | ||||||||
Shift in Interest Rates (in basis points) | June 30, 2018 | December 31, 2017 | ||||||
+200 | 11.53 | % | 10.66 | % | ||||
+100 | 5.87 | 5.38 | ||||||
-100 | (6.50 | ) | (7.93 | ) | ||||
-200 | Not meaningful | Not meaningful |
Exhibit No. | Description of Exhibit | |
Agreement and Plan of Merger between State Bank Financial Corporation and Cadence Bancorporation dated May 11, 2018 (incorporated by reference to Exhibit 2.1 to our Form 8-K filed on May 14, 2018)* | ||
Form of Director Restricted Stock Agreement | ||
Rule 13a-14(a) Certification of the Chief Executive Officer | ||
Rule 13a-14(a) Certification of the Chief Financial Officer | ||
Section 1350 Certifications | ||
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in eXtensible Business Reporting Language (XBRL); (i) Consolidated Statements of Financial Condition at June 30, 2018 and December 31, 2017, (ii) Consolidated Statements of Income for the three and six months ended June 30, 2018 and 2017, (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017, (iv) Consolidated Statement of Changes in Shareholders’ Equity for the six months ended June 30, 2018 and 2017, (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 and (vi) Notes to Consolidated Financial Statements. |
STATE BANK FINANCIAL CORPORATION | ||
August 3, 2018 | By: | /s/ J. Thomas Wiley, Jr. |
J. Thomas Wiley, Jr. | ||
Chief Executive Officer (Principal Executive Officer) | ||
August 3, 2018 | By: | /s/ Sheila E. Ray |
Sheila E. Ray | ||
Chief Financial Officer and Chief Operating Officer | ||
(Principal Financial and Accounting Officer) |
Exhibit No. | Description of Exhibit | |
Agreement and Plan of Merger between State Bank Financial Corporation and Cadence Bancorporation dated May 11, 2018 (incorporated by reference to Exhibit 2.1 to our Form 8-K filed on May 14, 2018)* | ||
Form of Director Restricted Stock Agreement | ||
Rule 13a-14(a) Certification of the Chief Executive Officer | ||
Rule 13a-14(a) Certification of the Chief Financial Officer | ||
Section 1350 Certifications | ||
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in eXtensible Business Reporting Language (XBRL); (i) Consolidated Statements of Financial Condition at June 30, 2018 and December 31, 2017, (ii) Consolidated Statements of Income for the three and six months ended June 30, 2018 and 2017, (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017, (iv) Consolidated Statement of Changes in Shareholders’ Equity for the six months ended June 30, 2018 and 2017, (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 and (vi) Notes to Consolidated Financial Statements. |
STATE BANK FINANCIAL CORPORATION 2011 OMNIBUS EQUITY COMPENSATION PLAN GRANTEE: [] NO. OF SHARES: [] GRANT DATE: May 23, 2018 |
1. | The name, address, taxpayer identification number and taxable year of the undersigned are as follows: |
2. | The property with respect to which the election is made is described as follows: [________] shares (the “Shares”) of the Common Stock of State Bank Financial Corporation (the “Company”). |
3. | The date on which the property was transferred is: [Date]. |
4. | The property is subject to the following restrictions: [describe]. |
5. | The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is: $[______]. |
6. | The amount, if any, paid for such property: $[_________]. |
1. | I have reviewed this quarterly report on Form 10-Q of State Bank Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
/s/ J. Thomas Wiley, Jr. | |
J. Thomas Wiley, Jr., Chief Executive Officer | |
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of State Bank Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
/s/ Sheila E. Ray | |
Sheila E. Ray | |
Chief Financial Officer and Chief Operating Officer | |
(Principal Financial and Accounting Officer) |
/s/ J. Thomas Wiley, Jr. | |
J. Thomas Wiley, Jr. | |
Chief Executive Officer | |
(Principal Executive Officer) | |
August 3, 2018 | |
/s/ Sheila E. Ray | |
Sheila E. Ray | |
Chief Financial Officer and Chief Operating Officer | |
(Principal Financial and Accounting Officer) | |
August 3, 2018 |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Aug. 02, 2018 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STATE BANK FINANCIAL CORP | |
Entity Central Index Key | 0001497275 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (shares) | 39,094,511 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Debt securities held-to-maturity - fair value | $ 16,817 | $ 33,351 |
Loans held-for-sale at fair value | $ 39,222 | $ 25,791 |
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 39,121,749 | 38,992,163 |
Common stock, shares outstanding (in shares) | 39,121,749 | 38,992,163 |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Interest income: | ||||
Loans | $ 50,416 | $ 34,872 | $ 98,860 | $ 68,932 |
Loan accretion | 6,595 | 9,228 | 12,541 | 16,905 |
Investment securities | 6,275 | 5,655 | 12,261 | 11,023 |
Deposits with other financial institutions | 402 | 92 | 587 | 184 |
Total interest income | 63,688 | 49,847 | 124,249 | 97,044 |
Interest expense: | ||||
Deposits | 7,338 | 3,123 | 12,766 | 6,231 |
FHLB borrowings | 206 | 229 | 463 | 341 |
Notes payable | 11 | 9 | 24 | 20 |
Federal funds purchased and repurchase agreements | 3 | 8 | 10 | 16 |
Total interest expense | 7,558 | 3,369 | 13,263 | 6,608 |
Net interest income | 56,130 | 46,478 | 110,986 | 90,436 |
Provision for loan and lease losses | 2,393 | 1,845 | 5,601 | 2,847 |
Net interest income after provision for loan and lease losses | 53,737 | 44,633 | 105,385 | 87,589 |
Noninterest income: | ||||
Service charges on deposits | 1,462 | 1,471 | 3,087 | 2,938 |
Mortgage banking income | 3,125 | 3,096 | 6,050 | 5,990 |
SBA income | 1,252 | 1,983 | 2,444 | 3,161 |
Payroll and insurance income | 1,608 | 1,418 | 3,368 | 2,913 |
ATM income | 919 | 864 | 1,789 | 1,696 |
Bank-owned life insurance income | 463 | 465 | 918 | 949 |
Gain on sale of investment securities | 250 | 13 | 250 | 25 |
Other | 1,838 | 1,166 | 3,472 | 2,263 |
Total noninterest income | 10,917 | 10,476 | 21,378 | 19,935 |
Noninterest expense: | ||||
Salaries and employee benefits | 24,279 | 21,178 | 50,321 | 42,566 |
Occupancy and equipment | 3,421 | 3,329 | 6,917 | 6,609 |
Data processing | 2,696 | 2,382 | 5,592 | 5,021 |
Legal and professional fees | 967 | 898 | 1,706 | 2,703 |
Merger-related expenses | 2,601 | 372 | 3,865 | 2,607 |
Marketing | 940 | 403 | 1,365 | 1,067 |
Federal deposit insurance premiums and other regulatory fees | 589 | 398 | 1,089 | 795 |
Loan collection costs and OREO activity | (116) | (213) | 50 | (1,255) |
Amortization of intangibles | 654 | 697 | 1,305 | 1,393 |
Other | 3,952 | 2,553 | 7,041 | 5,056 |
Total noninterest expense | 39,983 | 31,997 | 79,251 | 66,562 |
Income before income taxes | 24,671 | 23,112 | 47,512 | 40,962 |
Income tax expense | 5,904 | 7,909 | 11,380 | 14,201 |
Net income | $ 18,767 | $ 15,203 | $ 36,132 | $ 26,761 |
Basic earnings per share (usd per share) | $ 0.48 | $ 0.39 | $ 0.93 | $ 0.69 |
Diluted earnings per share (usd per share) | 0.48 | 0.39 | 0.92 | 0.69 |
Cash dividends declared per common share (usd per share) | $ 0.2000 | $ 0.14000 | $ 0.4 | $ 0.28 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 38,038,181 | 37,896,125 | 38,035,111 | 37,881,999 |
Diluted (shares) | 38,075,106 | 37,942,483 | 38,072,919 | 37,934,187 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 18,767 | $ 15,203 | $ 36,132 | $ 26,761 |
Other comprehensive income (loss), net of tax: | ||||
Net change in unrealized (losses) gains | (2,184) | 1,110 | (9,064) | 594 |
Amortization of net unrealized (gains) losses on securities transferred to held-to-maturity | (3) | 46 | 23 | 44 |
Transfer of unrealized gain from held-to-maturity to available-for-sale | (51) | 0 | (51) | 0 |
Amounts reclassified for (gains) losses realized and included in earnings | (250) | 417 | (159) | 809 |
Other comprehensive (loss) income, before income taxes | (2,488) | 1,573 | (9,251) | 1,447 |
Income tax expense | (616) | 585 | (1,997) | 549 |
Other comprehensive income (loss), net of income taxes | (1,872) | 988 | (7,254) | 898 |
Comprehensive income | $ 16,895 | $ 16,191 | $ 28,878 | $ 27,659 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Warrants |
Common Stock |
Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
|||
---|---|---|---|---|---|---|---|---|---|
Balance warrants (in shares) at Dec. 31, 2016 | 133,912 | ||||||||
Balance (in shares) at Dec. 31, 2016 | 38,845,573 | ||||||||
Balance, beginning of period at Dec. 31, 2016 | $ 613,633 | $ 388 | $ 409,736 | $ 205,966 | $ (2,457) | ||||
Increase (decrease) in shareholders' equity | |||||||||
Exercise of stock warrants (in shares) | (46,000) | (31,939) | |||||||
Exercise of stock warrants | 1 | $ 1 | |||||||
Share-based compensation | 1,817 | 1,817 | |||||||
Restricted stock activity (in shares) | 77,974 | ||||||||
Restricted stock activity | (210) | $ 1 | (128) | (83) | |||||
Issuance of common stock (in shares) | 12,486 | ||||||||
Issuance of common stock | 335 | $ 0 | 335 | ||||||
Other comprehensive income (loss) | 898 | 898 | |||||||
Common stock dividends | (10,898) | (10,898) | |||||||
Net income | 26,761 | 26,761 | |||||||
Balance warrants (in shares) at Jun. 30, 2017 | 87,912 | ||||||||
Balance (in shares) at Jun. 30, 2017 | 38,967,972 | ||||||||
Balance, end of period at Jun. 30, 2017 | 632,337 | $ 390 | 411,760 | 221,746 | (1,559) | ||||
Balance, beginning of period at Mar. 31, 2017 | (2,547) | ||||||||
Increase (decrease) in shareholders' equity | |||||||||
Net income | 15,203 | ||||||||
Balance warrants (in shares) at Jun. 30, 2017 | 87,912 | ||||||||
Balance (in shares) at Jun. 30, 2017 | 38,967,972 | ||||||||
Balance, end of period at Jun. 30, 2017 | 632,337 | $ 390 | 411,760 | 221,746 | (1,559) | ||||
Increase (decrease) in shareholders' equity | |||||||||
Adoption of ASU 2016-01 | $ 23 | (23) | 23 | ||||||
Balance warrants (in shares) at Dec. 31, 2017 | 82,904 | ||||||||
Balance (in shares) at Dec. 31, 2017 | 38,992,163 | 38,992,163 | |||||||
Balance, beginning of period at Dec. 31, 2017 | $ 641,551 | [1] | $ 390 | 413,583 | 230,145 | (2,567) | |||
Increase (decrease) in shareholders' equity | |||||||||
Exercise of stock warrants (in shares) | (30,000) | (20,215) | |||||||
Exercise of stock warrants | 0 | $ 0 | |||||||
Share-based compensation | 2,116 | 2,116 | |||||||
Restricted stock activity (in shares) | 109,371 | ||||||||
Restricted stock activity | 0 | $ 1 | (1) | 0 | |||||
Other comprehensive income (loss) | (7,254) | (7,254) | |||||||
Common stock dividends | (15,626) | (15,626) | |||||||
Net income | $ 36,132 | 36,132 | |||||||
Balance warrants (in shares) at Jun. 30, 2018 | 52,904 | ||||||||
Balance (in shares) at Jun. 30, 2018 | 39,121,749 | 39,121,749 | |||||||
Balance, end of period at Jun. 30, 2018 | $ 656,919 | $ 391 | 415,698 | 250,628 | (9,798) | ||||
Balance, beginning of period at Mar. 31, 2018 | (7,926) | ||||||||
Increase (decrease) in shareholders' equity | |||||||||
Net income | $ 18,767 | ||||||||
Balance warrants (in shares) at Jun. 30, 2018 | 52,904 | ||||||||
Balance (in shares) at Jun. 30, 2018 | 39,121,749 | 39,121,749 | |||||||
Balance, end of period at Jun. 30, 2018 | $ 656,919 | $ 391 | $ 415,698 | $ 250,628 | $ (9,798) | ||||
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
6 Months Ended | |
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Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share (usd per share) | $ 0.4 | $ 0.28 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Cash Flows from Operating Activities | |||||
Net income | $ 36,132 | $ 26,761 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation, amortization and accretion | 4,721 | 5,838 | |||
Provision for loan and lease losses | 5,601 | 2,847 | |||
Accretion on acquisitions, net | (12,541) | (16,905) | |||
Gains on sales of other real estate owned | (604) | (1,693) | |||
Writedowns of other real estate owned | 128 | 121 | |||
Proceeds from sales of mortgage loans held-for-sale | 234,304 | 248,964 | |||
Proceeds from sales of SBA loans held-for-sale | 20,261 | 27,463 | |||
Originations of mortgage loans held-for-sale | (242,295) | (237,579) | |||
Originations of SBA loans held-for-sale | (23,834) | (26,097) | |||
Mortgage banking activities | (6,050) | (5,990) | |||
Gains on sales of SBA loans | (1,882) | (2,483) | |||
Net gains on sales of available-for-sale securities | (250) | (25) | |||
Share-based compensation expense | 2,116 | 1,817 | |||
Changes in fair value of SBA servicing rights | 493 | 246 | |||
Changes in other assets and other liabilities, net | (9,354) | (593) | |||
Net cash provided by operating activities | 6,946 | 22,692 | |||
Cash flows from Investing Activities | |||||
Purchase of investment securities available-for-sale | (57,201) | (161,915) | |||
Proceeds from sales and calls of investment securities available-for-sale | 4,275 | 64,778 | |||
Proceeds from maturities and paydowns of investment securities available-for-sale | 88,805 | 95,192 | |||
Proceeds from maturities and paydowns of investment securities held-to-maturity | 6,010 | 9,000 | |||
Purchase of investment securities held-to-maturity | 0 | (5,000) | |||
Loan originations, repayments and resolutions, net | (66,319) | (51,705) | |||
Net purchases of premises and equipment | (7,043) | (926) | |||
Proceeds from sales of other real estate owned | 1,123 | 10,787 | |||
Net cash paid in excess of assets and liabilities acquired in purchase business combinations | 0 | (34,316) | |||
Net cash used in investing activities | (30,350) | (74,105) | |||
Cash Flows from Financing Activities | |||||
Net (decrease) increase in noninterest-bearing customer deposits | (4,078) | 25,090 | |||
Net increase (decrease) in interest-bearing customer deposits | 63,647 | (3,563) | |||
Proceeds from FHLB advances | 694,500 | 840,000 | |||
Repayments of FHLB advances | (694,500) | (807,014) | |||
Net decrease in federal funds purchased and securities sold under repurchase agreements | (11,684) | (2,417) | |||
Payment of contingent consideration | (1,441) | (1,495) | |||
Exercise of stock warrants | 0 | 1 | |||
Restricted stock activity | 0 | (210) | |||
Dividends paid to shareholders | (15,626) | (10,898) | |||
Net cash provided by financing activities | 30,818 | 39,494 | |||
Net increase (decrease) in cash and cash equivalents | 7,414 | (11,919) | |||
Cash and cash equivalents, beginning | 230,877 | [1] | 149,593 | ||
Cash and cash equivalents, ending | 238,291 | 137,674 | |||
Supplemental Disclosure of Noncash Investing and Financing Activities | |||||
Unrealized (losses) gains on securities and cash flow hedges, net of tax | (7,254) | 898 | |||
Transfer of debt securities held-to-maturity to available-for-sale | 10,066 | 0 | |||
Transfers of loans to other real estate owned | $ 4,764 | $ 725 | |||
|
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1: BASIS OF PRESENTATION Overview State Bank Financial Corporation (the "Company" or "we") is a bank holding company whose business is primarily conducted through its wholly-owned banking subsidiary, State Bank and Trust Company (the "Bank" or "State Bank"). We operate a full service banking business and offer a broad range of commercial and retail banking products to our customers throughout seven of Georgia's eight largest metropolitan statistical areas, or MSAs. The accompanying unaudited consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited, but reflect all adjustments, consisting of normal and recurring items, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim period presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the period ended June 30, 2018 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto and the report of our independent registered public accounting firm included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Certain amounts have been reclassified to conform to the current period presentation. The reclassifications had no effect on net income or shareholders’ equity as previously reported. Proposed Merger with Cadence Bancorporation On May 11, 2018, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Cadence Bancorporation, a Delaware corporation ("Cadence"). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will merge with and into Cadence, with Cadence continuing as the surviving corporation. Immediately following the completion of the merger, the Bank will merge with and into Cadence’s wholly owned bank subsidiary, Cadence Bank, N.A. (“Cadence Bank”), with Cadence Bank continuing as the surviving bank. Subject to the terms and conditions of the Merger Agreement, if the merger is completed, Company shareholders will receive 1.160 shares of Cadence Class A common stock, par value $0.01 per share, for each share of Company common stock, par value $0.01 per share, they hold immediately prior to the merger, plus cash in lieu of fractional shares. The transaction is expected to close in the fourth quarter of 2018, subject to Company shareholder and regulatory approvals in addition to satisfaction of certain other closing conditions. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | NOTE 2: ADOPTION OF NEW ACCOUNTING STANDARDS AND RECENT ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards ASU 2018-05 — In March 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. The purpose of this ASU is to codify the SEC's guidance issued in Staff Accounting Bulletin 118. The amendments in this update were effective upon issuance. The adoption did not have a material impact on our consolidated financial statements. ASU 2018-04 — In March 2018, FASB issued ASU 2018-04, Investment - Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273. The purpose of this ASU is to codify the SEC's guidance issued in Staff Accounting Bulletin 117. The amendments in this update were effective upon issuance. The adoption did not have a material impact on our consolidated financial statements. ASU 2017-12 — On August 28, 2017, FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships with the economic objectives of those activities, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. The Company adopted the amendments in this ASU effective January 1, 2018. The adoption changed the location of changes in fair value of the hedging instrument and hedged item to interest income for periods subsequent to adoption and enhanced disclosures of derivatives and hedging activities. The Company did not elect to modify the measurement methodology for any fair value hedges existing as of the adoption date and there was no cumulative effect adjustment required upon adoption. See Note 8 for enhanced disclosures. ASU 2018-03 — In February 2018, FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10). This Update clarifies certain aspects of the guidance issued in ASU 2016-01 including (i) that an entity measuring an equity security using the measurement alternative may make an irrevocable election to change its measurement approach to a fair value method under Topic 820 for that security and any identical or similar investments of the same issuer, (ii) that fair value adjustments under the measurement alternative should be as of the date the observable transaction for a similar security occurred, (iii) requiring the remeasurement of the entire value of forward contracts and purchased options when observable transactions occur on the underlying equity securities, (iv) that financial liabilities for which the fair value option is elected should follow the guidance in paragraph 825-10-45-5, (v) that changes in the fair value of financial liabilities for which the fair value option is elected relating to the instrument-specific credit risk should first be measured in the currency of denomination and then both components of the change in fair value should be remeasured into the reporting entity's functional currency using end-of-period spot rates, and (vi) that the prospective transition approach should only be applied for instances in which the measurement alternative is applied. The guidance was effective for interim periods beginning after June 15, 2018 and may be early adopted provided ASU 2016-01 was adopted. The Company adopted the amendments in this ASU effective January 1, 2018. The adoption did not have a material impact on our consolidated financial statements. ASU 2016-01 — In January 2016, FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this ASU (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. The accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company adopted the amendments in this ASU effective January 1, 2018. The adoption of 2016-01 resulted in a reclassification of unrealized loss of $23,000 from accumulated other comprehensive loss to retained earnings. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, ASU 2016-08 Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, ASU 2016-11 Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, ASU 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, ASU 2016-20 Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, and ASU 2017-05 Other Income - Gains and losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) - Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets — In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The new guidance, which does not apply to financial instruments, provides that revenue should be recognized for the transfer of goods or services to customers in an amount equal to the consideration the entity receives or expects to receive in exchange for those goods or services. The guidance also includes expanded disclosure requirements that provide comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted the amendments in this ASU effective January 1, 2018 using the modified retrospective method. Since there was no change to net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not necessary. See below for additional information related to revenue generated from contracts with customers. Revenue Recognition On January 1, 2018 the Company adopted ASC Topic 606, using the modified retrospective method. Disclosures of revenue from contracts with customers for periods beginning after January 1, 2018 are presented under ASC Topic 606 and have not materially changed from the prior year amounts. Consistent with this guidance, noninterest income within the scope of this guidance is recognized as services are transferred to our customers in an amount that reflects the considerations we expect to be entitled to in exchange for those services. The Company's revenue streams that were in scope include service charges on deposits, payroll and insurance income, ATM income and other noninterest income. Services Charges on Deposits - Service charges on deposits primarily consist of monthly maintenance charges, correspondent bank service charges, analysis charges and NSF charges. The fee for NSF charges and certain service charges are fixed and the performance obligation is typically satisfied at the time of the related transaction. The consideration for analysis charges and monthly maintenance charges are variable as the fee can be reduced if the customer meets certain qualifying metrics. The Company's performance obligations are satisfied either at the time of the transaction or over the course of a month. Payroll and insurance income - Payroll and insurance income consists principally of payroll processing fees, property and casualty brokerage and employee benefits brokerage. Payroll processing fees are charged as the services are provided and the Company satisfied its performance obligation simultaneously. Property and casualty includes the brokerage of both personal and commercial coverages. The placement of the policy is completion of the Company's performance obligation and revenue is recognized at that time. The Company's commission is a percentage of the premium. Employee benefits brokerage consists of assisting companies in designing and managing comprehensive employee benefit programs. The services provided by the Company are collectively benefit management services which are considered a bundle of services that are highly interrelated. Each of the underlying services are activities to fulfill the benefit management service and are not distinct and separate performance obligations. Revenue is recognized over the contract term as services are rendered on a monthly basis. Customer payments are usually received on a monthly basis. ATM Income - ATM income represents revenues earned from interchange fees and merchant processing fees. Interchange revenues are earned on debit card transactions conducted with payment networks. ATM fees primarily consist of surcharges assessed to our customers for using a non-Bank ATM or a non-Bank customer using our ATM. Such fees generally are recognized concurrently with the delivery of services on a daily basis. Other - Other noninterest income primarily consists of certain transaction based fees where the performance obligation is satisfied simultaneously with the revenue recognition. Contract Costs - Costs associated with revenue from contracts with customers related primarily to contracts that have a period of one year or less. The Company has elected to expense the associated costs as incurred. Contract Balances - The Company records contract assets when revenue is recognized prior to receipt of consideration from the customer. The Company does not have material contract assets at period-end. The Company records contract liabilities when the consideration is received or due in advance of providing services to customers. The Company typically receives payments for its services during the period or at the time services are provided and does not have material contract liabilities at period-end. Recent Accounting Pronouncements ASU 2017-09 — On May 10, 2017, FASB issued ASU 2017-09, Scope of Modification Accounting. This Update amends the scope of modification accounting for share-based payment arrangements. It provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718, Compensation—Stock Compensation. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions and classification of the awards are the same immediately before and after the modification. The ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures. ASU 2017-08 — In March 2017, FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. The premium on individual callable debt securities shall be amortized to the earliest call date. This guidance does not apply to securities for which prepayments are estimated on a large number of similar loans where prepayments are probable and reasonably estimable. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. This update should be adopted on a modified retrospective basis with a cumulative-effect adjustment to retained earnings on the date of adoption. The guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures. ASU 2017-04 — In January 2017, FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. The Company should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value. The impairment charge is limited to the amount of goodwill allocated to that reporting unit. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. The guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures. ASU 2017-01 — In January 2017, FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The ASU clarifies the definition of a business to assist with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures. ASU 2016-13 — In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU changed the credit loss model on financial instruments measured at amortized cost, available for sale securities and certain purchased financial instruments. Credit losses on financial instruments measured at amortized cost will be determined using a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. Purchased financial assets with more-than-insignificant credit deterioration since origination ("PCD assets") measured at amortized cost will have an allowance for credit losses established at acquisition as part of the purchase price. Subsequent increases or decreases to the allowance for credit losses on PCD assets will be recognized in the income statement. Interest income should be recognized on PCD assets based on the effective interest rate, determined excluding the discount attributed to credit losses at acquisition. Credit losses relating to available-for-sale debt securities will be recognized through an allowance for credit losses. The amount of the credit loss is limited to the amount by which fair value is below amortized cost of the available-for-sale debt security. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted and if early adopted, all provisions must be adopted in the same period. The amendments should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the period adopted. A prospective approach is required for securities with other-than-temporary impairment recognized prior to adoption. The Company is still reviewing the impact of the adoption of this guidance and has established a cross-functional implementation team. The Company expects the allowance for credit losses to increase upon adoption with a corresponding adjustment to retained earnings. The ultimate amount of the increase will depend on the portfolio composition, credit quality, economic conditions and reasonable and supportable forecasts at that time. ASU 2016-02 — In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard requires the recognition of assets and liabilities arising from the lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company expects to elect the package of practical expedients that allows it to not reassess whether any expired or existing contracts represent leases, the lease classification of any expired or existing lease and initial direct costs for any existing or expired leases. The Company expects this standard will have a material impact on its financial statements through gross-up of the balance sheet for lease assets and liabilities. However, no material change to lease expense recognition is expected. |
Acquisitions |
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Acquisitions | NOTE 3: ACQUISITIONS Acquisition of AloStar Bank of Commerce On September 30, 2017, State Bank completed its acquisition of AloStar Bank of Commerce ("AloStar"). State Bank Interim Corp., a wholly-owned subsidiary of State Bank, merged with and into AloStar, immediately followed by the merger of AloStar with and into State Bank. Under the terms of the merger agreement, each share of AloStar common stock was converted into the right to receive $24.26 in cash. Total consideration paid was approximately $195.0 million and the final merger consideration was distributed in October 2017. The merger of AloStar was accounted for under the acquisition method of accounting. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. Goodwill of $7.1 million was generated from the acquisition, all of which is expected to be deductible for income tax purposes. The following table summarizes the assets acquired and liabilities assumed and the consideration payable by the Company at the acquisition date (dollars in thousands):
Explanation of fair value adjustments
The following table presents certain pro forma information as if AloStar had been acquired on January 1, 2017 (dollars in thousands, except per share amounts). These results combine the historical results of AloStar 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. Merger-related costs are not included in the pro forma statements below.
The following is a summary of the purchased credit impaired loans acquired in the AloStar transaction on September 30, 2017 (dollars in thousands):
On September 30, 2017, the fair value of the purchased non-credit impaired loans acquired in the AloStar transaction was $641.0 million. The gross contractual amounts receivable of the purchased non-credit impaired loans at acquisition was $707.0 million, of which $9.3 million was the amount of contractual cash flows not expected to be collected. |
Investment Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | NOTE 4: INVESTMENT SECURITIES The amortized cost and fair value of debt securities classified as available-for-sale are as follows (dollars in thousands):
The amortized cost and fair value of debt securities classified as held-to-maturity are as follows (dollars in thousands):
The amortized cost and estimated fair value of debt securities by contractual maturities are summarized in the tables below (dollars in thousands):
(1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalties. The following tables provide information regarding debt securities with unrealized losses (dollars in thousands):
At June 30, 2018, the Company held 155 debt securities that were in an unrealized loss position. Market changes in interest rates and credit spreads may result in temporary unrealized losses as market prices of securities fluctuate. The Company reviews its investment portfolio on a quarterly basis for indications of other than temporary impairment ("OTTI"). The severity and duration of impairment and the likelihood of potential recovery of impairment is considered along with the intent and ability to hold any impaired security to maturity or recovery of carrying value. More specifically, when analyzing the nonagency portfolio, the Company uses cash flow models that estimate cash flows on security-specific collateral and the transaction structure. Future expected credit losses are determined by using various assumptions, the most significant of which include current default rates, prepayment rates and loss severities. Credit information is available and modeled at the loan level underlying each security during the OTTI analysis; the Company also considers information such as loan to collateral values, FICO scores and geographic considerations, such as home price appreciation or depreciation. These inputs are updated quarterly or as changes occur to ensure that the most current credit and other assumptions are utilized in the analysis. If, based on the analysis, the Company does not expect to recover the entire amortized cost basis of the security, the expected cash flows are discounted at the security's initial effective interest rate to arrive at a present value amount. OTTI credit losses reflect the difference between the present value of cash flows expected to be collected and the amortized cost basis of these securities. At June 30, 2018, there was no intent to sell any of the securities in an unrealized loss position, and it is more likely than not the Company will not be required to sell these securities. Furthermore, the present value of cash flows expected to be collected exceeded the Company's amortized cost basis of the debt securities; therefore, these securities are not deemed to be other than temporarily impaired. During the second quarter of 2018, the Company transferred a $10.1 million corporate security from held-to-maturity to available-for-sale. The issuing corporation is the target of a merger which caused the Company to change its assessment of the issuing corporation's creditworthiness. Subsequently, the Company sold a $4.0 million portion of this debt security's par value. Sales and calls of securities are summarized in the following table for the periods presented (dollars in thousands):
The composition of debt securities reflects the strategy of management to maintain an appropriate level of liquidity while providing a relatively stable source of revenue. The securities portfolio may at times be used to mitigate interest rate risk associated with other areas of the balance sheet while also providing a means for the investment of available funds, providing liquidity and supplying investment securities that are required to be pledged as collateral against specific deposits and for other purposes. Debt securities with an aggregate fair value of $103.9 million and $116.1 million at June 30, 2018 and December 31, 2017, respectively, were pledged to secure public deposits and repurchase agreements. |
Loans |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | NOTE 5: LOANS Loans, in total, are summarized as follows (dollars in thousands):
Organic loans, net of related discounts, are summarized as follows (dollars in thousands):
(1) Includes net deferred loan fees that totaled approximately $10.3 million and $9.3 million at June 30, 2018 and December 31, 2017, respectively. Purchased non-credit impaired loans ("PNCI loans"), net of related discounts, are summarized as follows (dollars in thousands):
(1) Includes net discounts that totaled approximately $7.3 million and $12.7 million at June 30, 2018 and December 31, 2017, respectively. Purchased credit impaired loans ("PCI loans"), net of related discounts, are summarized as follows (dollars in thousands):
Changes in the carrying value of purchased credit impaired loans are presented in the following table for the periods presented (dollars in thousands):
Purchased credit impaired loans are initially recorded at fair value at the acquisition date. The Company re-estimates expected cash flows on purchased credit impaired loans on a quarterly basis. Subsequent decreases in the amount of cash expected to be collected from the borrower results in a provision for loan and lease losses and an increase in the allowance for loan and lease losses. Subsequent increases in the amount of cash expected to be collected from the borrower results first in the reversal of any previously-recorded provision for loan and lease losses and related allowance for loan and lease losses, and then as a prospective increase in the accretable discount on the purchased credit impaired loans. The accretable discount is accreted into interest income over the estimated life of the related loan on a level yield basis. Changes in the value of the accretable discount on purchased credit impaired loans are presented in the following table for the periods presented (dollars in thousands):
The change in the accretable discount is a result of the Company's review and re-estimation of loss assumptions and expected cash flows on purchased credit impaired loans. At June 30, 2018 and December 31, 2017, loans with a carrying value of $3.1 billion were pledged for lines of credit. At June 30, 2018, consumer mortgage loans secured by residential real estate properties totaling $104,000 were in formal foreclosure proceedings. |
Allowance for Loan and Lease Losses (ALLL) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses (ALLL) | NOTE 6: ALLOWANCE FOR LOAN AND LEASE LOSSES (ALLL) The following tables summarize the Company's allowance for loan and lease losses for the periods indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on organic loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of organic loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on purchased non-credit impaired loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of purchased non-credit impaired loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on purchased credit impaired loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of purchased credit impaired loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Impaired loans, segregated by class of loans, are presented in the following table (dollars in thousands):
(1) Includes loans with SBA guaranteed balances of $3.6 million and $5.7 million at June 30, 2018 and December 31, 2017, respectively. The following table presents information related to the average recorded investment and interest income recognized on impaired loans, for the periods presented (dollars in thousands):
(1) The average recorded investment for troubled debt restructurings was $6.9 million and $7.0 million for the three and six months ended June 30, 2018, respectively, and was $3.2 million and $4.1 million for the three and six months ended June 30, 2017, respectively. (2) The interest income recognized on troubled debt restructurings was $67,000 and $131,000 for the three and six months ended June 30, 2018, respectively, and was $0 for both the three and six months ended June 30, 2017. The following table presents the recorded investment in nonaccrual loans by loan class at the dates indicated (dollars in thousands):
The following table presents an analysis of past due organic loans, by class of loans, at the dates indicated (dollars in thousands):
The following table presents an analysis of past due purchased non-credit impaired loans, by class of loans, at the dates indicated (dollars in thousands):
The following table presents an analysis of past due purchased credit impaired loans, by class of loans, at the dates indicated (dollars in thousands):
For each period indicated, a portion of the Company's purchased credit impaired loans were past due, including many that were 90 days or more past due; however, such delinquencies were included in the Company's performance expectations in determining the fair values of purchased credit impaired loans at each acquisition and at subsequent valuation dates. All purchased credit impaired loan cash flows and the timing of such cash flows continue to be estimable and probable of collection and thus accretion income continues to be recognized on these assets. As such, the referenced purchased credit impaired loans are not considered nonperforming assets. Asset Quality Grades: The Company assigns loans into risk categories based on relevant information about the ability of borrowers to pay their debts, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. A loan's risk grade is assigned at inception based upon the strength of the repayment sources and reassessed periodically throughout the year. Loans over certain dollar thresholds identified as having weaknesses are subject to more frequent review. In addition, the Company's internal loan review department provides an ongoing, comprehensive and independent assessment of credit risk within the Company. Loans are graded on a scale of 1 to 9. Pass grades are from 1 to 4. Descriptions of the general characteristics of grades 5 and above are as follows: Watch (Grade 5)—Loans graded Watch are pass credits that have not met performance expectations or that have higher inherent risk characteristics warranting continued supervision and attention. OAEM (Grade 6)—Loans graded OAEM (other assets especially mentioned) have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company's credit position at some future date. OAEM loans are not adversely classified and do not expose the institution to sufficient risk to warrant adverse classification. Substandard (Grade 7)—Loans classified as substandard are inadequately protected by the current sound worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful (Grade 8)—Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loss (Grade 9)—Loans classified as loss are considered uncollectible and have little value to the Company and their continuance as an active relationship is not warranted. The following table presents the risk grades of the organic loan portfolio, by class of loans, at the dates indicated (dollars in thousands):
The following table presents the risk grades of the purchased non-credit impaired loan portfolio, by class of loans, at the dates indicated (dollars in thousands):
Classifications on purchased credit impaired loans are based upon the borrower's ability to pay the current unpaid principal balance without regard to the net carrying value of the loan on the Company's balance sheet. Because the values shown in the table below are based on each loan's estimated cash flows, any expected losses should be covered by a combination of the specific reserves established in the allowance for loan and lease losses on purchased credit impaired loans plus the discounts to the unpaid principal balances reflected in the recorded investment of each loan. The following table presents the risk grades of the purchased credit impaired loan portfolio, by class of loans (dollars in thousands):
Troubled Debt Restructurings (TDRs) Total troubled debt restructurings (TDRs) were $6.9 million at June 30, 2018, with $28,000 in related allowance. At December 31, 2017, TDRs totaled $1.5 million with no related allowance. At June 30, 2018, there was one commitment to extend credit to a borrower with an existing troubled debt restructuring totaling $599,000. At December 31, 2017, there were no commitments to extend credit to borrowers with an existing troubled debt restructuring. Purchased credit impaired loans modified post-acquisition are not removed from their accounting pools and accounted for as TDRs, even if those loans would otherwise be deemed TDRs. The following table provides information on loans that were modified as TDRs during the periods presented (dollars in thousands):
(1) The pre-modification and post-modification recorded investment amount represents the recorded investment on the date of the loan modification. Since the modifications on these loans were either an interest rate concession or payment term extension, not principal reductions, the pre-modification and post-modification recorded investment amount is the same. There were no loans modified as a TDR during the three months ended June 30, 2018 or 2017. During the six months ended June 30, 2018, there was one loan modified as a TDR which subsequently defaulted within twelve months of its modification date with a recorded investment of $848,000. During the six months ended June 30, 2017, there were no TDRs that subsequently defaulted within twelve months of their modification dates. |
SBA Servicing Rights |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA Servicing Rights | NOTE 7: SBA SERVICING RIGHTS All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. During the three and six months ended June 30, 2018, the Company sold SBA loans with unpaid principal balances totaling $9.8 million and $18.4 million, respectively, and recognized $1.0 million and $1.9 million in gains on the loan sales, respectively. During the three and six months ended June 30, 2017, the Company sold SBA loans with unpaid principal balances totaling $16.5 million and $25.0 million, respectively, and recognized $1.6 million and $2.5 million in gains on the loan sales, respectively. The Company retains the related loan servicing rights and receives servicing fees on the sold loans. Both the servicing fees and the gains on sales of loans are recorded in SBA income on the consolidated statements of income. SBA servicing fees totaled $462,000 and $938,000 for the three and six months ended June 30, 2018, respectively. SBA servicing fees totaled $407,000 and $840,000 for the three and six months ended June 30, 2017, respectively. At June 30, 2018 and December 31, 2017, the Company serviced SBA loans for others with unpaid principal balances totaling $184.8 million and $185.6 million, respectively. The table below summarizes the activity in the SBA servicing rights asset for the periods presented (dollars in thousands):
The fair value of the SBA servicing rights asset, key metrics, and the sensitivity of the fair value due to adverse changes in key economic assumptions at the periods presented are as follows (dollars in thousands):
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of the change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the SBA servicing rights is calculated without changing any other input or assumption. In reality, changes in one factor may magnify or counteract the effect of the change. The risk inherent in the SBA servicing rights asset includes prepayments at different rates than anticipated or resolution of loans at dates not consistent with the estimated expected lives. These events would cause the value of the servicing asset to decline at a faster or slower rate than originally anticipated. Information about the SBA loans serviced by the Company at and for the periods presented are as follows (dollars in thousands):
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS & HEDGING ACTIVITIES | NOTE 8: DERIVATIVE INSTRUMENTS & HEDGING ACTIVITIES Interest Rate Swaps and Caps Risk Management Objective of Interest Rate Swaps and Caps The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of certain balance sheet assets and liabilities. In the normal course of business, the Company also uses derivative financial instruments to add stability to interest income or expense and to manage its exposure to movements in interest rates. The Company does not use derivatives for trading or speculative purposes and only enters into transactions that have a qualifying hedging relationship. The Company's hedging strategies involving interest rate derivatives are classified as either Fair Value Hedges or Cash Flow Hedges, depending upon the rate characteristic of the hedged item. Fair Value Hedge: As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value. When effectively hedged, this appreciation or depreciation will generally be offset by fluctuations in the fair value of the derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. Cash Flow Hedge: Cash flows related to floating-rate assets and liabilities will fluctuate with changes in an underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating rate asset or liability will generally be offset by changes in cash flows of the derivative instrument designated as a hedge. This strategy is referred to as a cash flow hedge. Credit and Collateral Risks for Interest Rate Swaps and Caps The Company manages credit exposure on interest rate swap and cap transactions by entering into a bilateral credit support agreement with each counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. Refer to Note 9, Balance Sheet Offsetting, for more information on collateral pledged and received under these agreements. The Company’s agreements with its interest rate swap and cap counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in the Company being declared in default. If the Company were to be declared in default, the counterparty could terminate the derivative positions and the Company and the counterparty would be required to settle their obligations under the agreements. At June 30, 2018, the Company had no derivatives in a net liability position under these agreements. Mortgage Derivatives Risk Management Objective of Mortgage Lending Activities The Company also maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. The risk management program includes the use of forward contracts and other derivatives that are recorded in the financial statements at fair value and are used to offset changes in value of the mortgage inventory due to changes in market interest rates. As a normal part of our operations, we enter into derivative contracts to economically hedge risks associated with overall price risk related to interest rate lock commitments ("IRLCs") and mortgage loans held-for-sale for which the fair value option has been elected. Fair value changes occur as a result of interest rate movements as well as changes in the value of the associated servicing. Derivative instruments used include forward sale commitments and IRLCs. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Company's practice to enter into forward commitments for the future delivery of mortgage loans in order to economically hedge the effect of changes in interest rates resulting from interest rate lock commitments. Credit and Collateral Risks for Mortgage Lending Activities The Company’s underlying risks are primarily related to interest rates and forward sales commitments entered into as part of its mortgage banking activities. Forward sales commitments are contracts for the delayed delivery or net settlement of an underlying instrument, such as a mortgage loan, in which the seller agrees to deliver on a specified future date, either a specified instrument at a specified price or yield or the net cash equivalent of an underlying instrument. These hedges are used to preserve the Company’s position relative to future sales of mortgage loans to third parties in an effort to minimize the volatility of the expected gain on sale from changes in interest rate and the associated pricing changes. Derivative Fair Values The table below presents the fair values of the Company's derivatives at the dates presented (dollars in thousands):
(1) All derivative assets are located in "Other Assets" on the consolidated statements of financial condition and all derivative liabilities are located in "Other Liabilities" on the consolidated statements of financial condition. The tables below presents the effect of fair value and cash flow hedge accounting on the consolidated statements of income for the periods presented (dollars in thousands):
Derivatives Designated as Hedging Instruments Fair Value Hedges The Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps, designated as fair value hedges, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed payments over the life of the agreements without the exchange of the underlying notional amount. The gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in earnings. At June 30, 2018 and December 31, 2017, the Company had 72 and 84 interest rate swaps with an aggregate notional amount of $123.0 million and $141.9 million, designated as fair value hedges associated with the Company's fixed rate loan program. The tables below presents the effect of fair value hedges on the consolidated statements of financial condition for the periods presented (dollars in thousands):
Cash Flow Hedges The Company used interest rate caps as part of its interest rate risk management strategy. Interest rate caps, designated as cash flow hedges, involve the payment of a premium to a counterparty based on the notional size and cap strike rate. The Company's former cash flow hedges were for the purpose of capping interest rates paid on deposits, which protected the Company in a rising rate environment. The caps were purchased during the first quarter of 2013 to hedge the variable cash outflows associated with these liabilities; they originally had a five-year life and notional value of $200.0 million. These caps expired in the first quarter of 2018. Amounts reported in AOCI related to derivatives were reclassified to interest expense as the interest rate cap premium was amortized over the life of the cap. The table below presents the effect of the Company's derivatives in cash flow hedging relationships for the periods presented (dollars in thousands):
Derivatives Not Designated as Hedging Instruments Interest Rate Swaps At June 30, 2018, the Company had no interest rate swaps that were not designated as fair value hedges associated with the Company's fixed rate loan program and recognized no related income statement impact during the three and six months ended June 30, 2018. For the three and six months ended June 30, 2017, there were net losses of $40,000 and $56,000, respectively, recorded in the income statement for the interest rate swaps not designated as hedging instruments. Mortgage Derivatives Mortgage derivative fair value assets and liabilities are recorded in "Other Assets" and "Other Liabilities," respectively, on the consolidated statements of financial condition. At June 30, 2018 and December 31, 2017, the fair value of mortgage derivative assets was $1.0 million and $616,000, respectively, and the fair value of mortgage derivative liabilities was $699,000 and $238,000, respectively. At June 30, 2018 and December 31, 2017, the Company had approximately $52.7 million and $36.3 million, respectively, of interest rate lock commitments, and $82.6 million and $55.8 million, respectively, of forward commitments for the future delivery of residential mortgage loans. The net gain related to interest rate lock commitments for the three months ended June 30, 2018 was $204,000, compared to a loss of $284,000 for the same period in 2017. The net gains related to interest rate lock commitments were $542,000 and $329,000 for the six months ended June 30, 2018 and 2017, respectively. The net loss for forward commitments related to these mortgage loans was $534,000 for the three months ended June 30, 2018, compared to a net gain of $303,000 for the same period in 2017. The net losses for forward commitments were $606,000 and $682,000 for the six months ended June 30, 2018 and 2017, respectively. The table below presents the effect of the Company's derivatives not designated as hedging instruments for the periods presented (dollars in thousands):
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Balance Sheet Offsetting and Repurchase Agreements |
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Offsetting and Repurchase Agreements | NOTE 9: BALANCE SHEET OFFSETTING AND REPURCHASE AGREEMENTS Balance Sheet Offsetting Certain financial instruments, including repurchase agreements and derivatives (interest rate swaps and caps), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The table below presents information about the Company’s financial instruments that are eligible for offset in the consolidated statements of financial condition at the dates presented (dollars in thousands):
(1) The application of collateral cannot reduce the net amount below zero; therefore, excess collateral received/posted is not reflected in this table. All positions are fully collateralized. Repurchase Agreements The Company utilizes securities sold under repurchase agreements to facilitate the needs of its customers. Securities sold under repurchase agreements consist of balances in the transaction accounts of commercial customers swept nightly to an overnight investment account and are collateralized with investment securities having a market value no less than the balance borrowed. The investment securities pledged are subject to market fluctuations as well as prepayments of principal. The Company monitors the risk of the fair value of its pledged collateral falling below the balance of the repurchase agreements on a daily basis and may be required to provide additional collateral. Securities pledged as collateral are maintained with a safekeeping agent. At June 30, 2018 and December 31, 2017, securities sold under repurchase agreements were $13.5 million and $25.2 million, respectively, all of which mature on an overnight and continuous basis. At both June 30, 2018 and December 31, 2017, investment securities pledged for the outstanding repurchase agreements consisted of U.S. government sponsored agency mortgage-backed securities. |
Regulatory Matters |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | NOTE 10: REGULATORY MATTERS Regulatory Capital Requirements Beginning on January 1, 2015, the Company and State Bank became subject to the provisions of the Basel III final rule that governs the regulatory capital calculation, including transitional, or phase-in, provisions. The methods for calculating the risk-based capital ratios will change as the provisions of the Basel III final rule related to the numerator (capital) and denominator (risk-weighted assets) are fully phased in on January 1, 2019. The ongoing methodological changes will result in differences in the reported capital ratios from one reporting period to the next that are independent of applicable changes in the capital base, asset composition, off-balance sheet exposures or risk profile. Beginning on January 1, 2016, the Company and State Bank must maintain a capital conservation buffer to avoid restrictions on capital distributions or discretionary bonus payments. This buffer must consist solely of Common Equity Tier 1 Capital, but the buffer applies to all three measurements (Common Equity Tier 1, Tier 1 capital and total capital) in addition to the minimum risk-based capital requirements. The capital conservation buffer required for 2018 is common equity equal to 1.875% of risk-weighted assets and will increase by .625% per year until reaching 2.5% beginning January 1, 2019. The minimum regulatory capital ratios and ratios to be considered well-capitalized under prompt corrective action provisions at both June 30, 2018 and December 31, 2017 are presented in the table below:
(1) The prompt corrective action provisions are only applicable at the bank level. At June 30, 2018 and December 31, 2017, the Company and State Bank exceeded all regulatory capital adequacy requirements to which they were subject. The Company's regulatory ratios at the dates indicated are presented in the table below (dollars in thousands):
State Bank's regulatory ratios at the dates indicated are presented in the table below (dollars in thousands):
Regulatory Restrictions on Dividends Regulatory policy statements provide that generally bank holding companies should pay dividends only out of current operating earnings and that the level of dividends must be consistent with current and expected capital requirements. Dividends received from State Bank have been the primary source of funds available for the declaration and payment of dividends to the Company's common shareholders. Federal and state banking laws and regulations restrict the amount of dividends banks may distribute without prior regulatory approval. At June 30, 2018, State Bank had no capacity to pay dividends to the Company without prior regulatory approval. At June 30, 2018, the Company had $66.5 million in cash and due from bank accounts, which can be used for additional capital as needed by State Bank, payment of holding company expenses, payment of dividends to shareholders, or for other corporate purposes. |
Commitments and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | NOTE 11: COMMITMENTS AND CONTINGENT LIABILITIES Commitments In order to meet the financing needs of its customers, the Company maintains financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments include commitments to extend credit and standby letters of credit and involve, to varying degrees, elements of credit, interest rate and/or liquidity risk. Such financial instruments are recorded when they are funded and the related fees are generally recognized when collected. Commitments to extend credit are legally binding agreements to lend to customers. Commitments generally have fixed maturity dates or other termination clauses with required fee payments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future liquidity requirements. The amount of collateral required, if deemed necessary upon extension of credit, is determined on a case by case basis by management through credit evaluation of the customer. Standby letters of credit are commitments guaranteeing performance of a customer to a third party. Those guarantees are issued primarily to support public and private borrowing arrangements. In order to minimize its exposure, the Company's credit policies govern the issuance of standby letters of credit. The Company's exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. A summary of the Company's commitments is as follows (dollars in thousands):
The fixed rate loan commitments have maturities ranging from one month to thirteen years. Management takes appropriate actions to mitigate interest rate risk associated with these fixed rate commitments through various measures including, but not limited to, the use of derivative financial instruments. Contingent Liabilities Mortgage loan sales agreements contain covenants that may, in limited circumstances, require the Company to repurchase or indemnify the investors for losses or costs related to the loans the Company has sold. As a result of the potential recourse provisions, the Company maintains a recourse liability for mortgage loans sold to investors. At June 30, 2018, the recourse liability was $296,000. Furthermore, in the normal course of business, the Company is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material effect on the Company's financial statements. |
Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | NOTE 12: FAIR VALUE Overview Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Financial Accounting Standards Board's Accounting Standards Codification Topic 820 ("ASC 820") Fair Value Measurements and Disclosures establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs classified within Level 3 of the hierarchy). Fair Value Hierarchy Level 1 Valuation is based on inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as interest rates, yield curves observable at commonly quoted intervals, and other market-corroborated inputs. Level 3 Valuation is generated from techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company evaluates fair value measurement inputs on an ongoing basis in order to determine if there is a change of sufficient significance to warrant a transfer between levels. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company's valuation process. For the six months ended June 30, 2018 and the year ended December 31, 2017, there were no transfers between levels. Fair Value Option ASC 820 allows companies to report selected financial assets and liabilities at fair value using the fair value option. The changes in fair value are recognized in earnings and the assets and liabilities measured under this methodology are required to be displayed separately on the balance sheet. The Company made the election to record mortgage loans held-for-sale at fair value under the fair value option, which allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to hedge them without the burden of complying with the requirements for hedge accounting. Financial Assets and Financial Liabilities Measured on a Recurring Basis The Company uses the following methods and assumptions in estimating the fair value of its financial assets and financial liabilities on a recurring basis: Investment Securities Available-for-Sale At June 30, 2018, the Company's investment portfolio primarily consisted of U.S. government agency mortgage-backed securities, nonagency mortgage-backed securities, U.S. government securities, municipal securities, asset-backed securities, and corporate securities. Fair Values for U.S. Treasury and equity securities are determined by obtaining quoted prices on nationally recognized securities exchanges utilizing Level 1 inputs. Other securities classified as available-for-sale are reported at fair value utilizing Level 2 inputs. The fair value of other securities classified as available-for-sale are determined using widely accepted valuation techniques including matrix pricing and broker-quote-based applications. Inputs may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other relevant items. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company validates the appropriateness of the valuations provided by the independent pricing service to prices obtained from an additional third party or prices derived using internal models. Hedged Loans Loans involved in fair value hedges are recorded at fair value on a recurring basis. The estimated fair value is determined using Level 2 inputs consistent with the valuation methodology for interest rate swaps discussed below. The Company does not record other loans held for investment at fair value on a recurring basis. Mortgage Loans Held-for-Sale Mortgage loans held-for-sale are recorded at fair value on a recurring basis. The estimated fair value is determined using Level 2 inputs based on observable data such as the existing forward commitment terms or the current market value of similar loans. Interest income is recorded in interest income on the consolidated statements of income and is based on the contractual terms of the loan. None of these loans were 90 days or more past due or on nonaccrual at June 30, 2018. At June 30, 2018, the aggregate fair value of the Company's mortgage loans held-for-sale was $39.2 million and the contractual balance including accrued interest was $38.1 million, with a fair value mark totaling $1.2 million. The Company recognized a gain of $251,000 and a gain of $617,000 for the three and six months ended June 30, 2018, respectively, related to the change in fair value of the mortgage loans held-for-sale, included in "mortgage banking income" on the consolidated statements of income. For the three and six months ended June 30, 2017, the amount recognized related to the change in fair value of the mortgage loans held-for-sale was a loss of $243,000 and a gain of $482,000, respectively. Derivative Financial Instruments Interest Rate Swaps and Caps The Company uses interest rate swaps to provide longer-term fixed rate funding to its customers and interest rate caps to mitigate the interest rate risk on its variable rate liabilities. The majority of these derivatives are traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilizes the exchange price or dealer market price for the particular derivative contract. Therefore, these derivative contracts are classified as Level 2. The Company utilizes an independent third party valuation company to validate the dealer prices. In cases where significant credit valuation adjustments are incorporated into the estimation of fair value, reported amounts are considered to have been derived utilizing Level 3 inputs. The Company evaluates the credit risk of its counterparties as well as that of the Company. The Company has considered factors such as the likelihood of default by the Company and its counterparties, its net exposures, and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. Counterparty exposure is evaluated by netting positions that are subject to master netting arrangements, as well as considering the amount of collateral securing the position. The Company reviews its counterparty exposure on a regular basis, and, when necessary, appropriate business actions are taken to adjust the exposure. The Company also utilizes this approach to estimate its own credit risk on derivative liability positions. To date, the Company has not realized any losses due to a counterparty's inability to pay any net uncollateralized position. Mortgage Derivatives Mortgage derivatives include interest rate lock commitments to originate residential mortgage loans held-for-sale. The Company relies on an internal valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held-for-sale. The model groups the interest rate lock commitments by interest rate and term, applies an estimated pull-through rate based on historical experience, and then multiplies by quoted investor prices which were determined to be reasonably applicable to the loan commitment group based on interest rate, term, and rate lock expiration date of the loan commitment group. While there are Level 2 and 3 inputs used in the valuation model, the Company has determined that the majority of the inputs significant in the valuation of the interest rate lock commitments fall within Level 3 of the fair value hierarchy. Changes in the fair values of these derivatives are included in "mortgage banking income" on the consolidated statements of income. Mortgage derivatives also include forward commitments to sell residential mortgage loans to various investors when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitment to fund loans. The Company also relies on an internal valuation model to estimate the fair value of its forward commitments to sell residential mortgage loans (i.e., an estimate of what the Company would receive or pay to terminate the forward delivery contract based on market prices for similar financial instruments), which includes matching specific terms and maturities of the forward commitments against applicable investor pricing available (Level 2). Changes in the fair values of these derivatives are included in "mortgage banking income" on the consolidated statements of income. SBA Servicing Rights The Company has the rights to service a portfolio of SBA loans. The SBA servicing rights are measured at fair value when loans are sold on a servicing retained basis. The servicing rights are subsequently measured at fair value on a recurring basis utilizing Level 3 inputs. Management uses a model operated and maintained by a third party to calculate the present value of future cash flows using the third party's market-based assumptions. The future cash flows for each asset are based on the asset's unique characteristics and the third party's market-based assumptions for prepayment speeds, default and voluntary prepayments. For non-guaranteed portions of servicing assets, future cash flows are estimated using loan specific assumptions for losses and recoveries. Adjustments to fair value are recorded as a component of "SBA income" on the consolidated statements of income. Please reference Note 7 for the roll-forward of the SBA servicing rights asset at fair value utilizing level 3 inputs. The following tables present financial assets and financial liabilities measured at fair value on a recurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
Changes in the carrying value of mortgage derivatives utilizing Level 3 inputs are presented in the following tables for the periods presented (dollars in thousands):
(1) The change in fair value, recorded as a component of "mortgage banking income" on the consolidated statements of income, was a loss of $80,000 and a gain of $211,000 for the three and six months ended June 30, 2018, respectively. The change in fair value resulted in a loss of $126,000 and a gain of $251,000 for the three and six months ended June 30, 2017, respectively. Financial Assets Measured on a Nonrecurring Basis The Company uses the following methods and assumptions in estimating the fair value of its financial assets on a nonrecurring basis: Impaired Loans Loans, excluding purchased credit impaired loans, are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The fair values of impaired loans are measured on a nonrecurring basis and are based on the underlying collateral value of each loan if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs that are based on observable market data such as an appraisal. Updated appraisals are obtained on at least an annual basis. Level 3 inputs are based on the Company's customized discounting criteria when management determines the fair value of the collateral is further impaired. The following table presents financial assets measured at fair value on a nonrecurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
Impaired loans, excluding purchased credit impaired loans, that are measured for impairment using the fair value of collateral for collateral dependent loans had recorded investments of $70.9 million and $13.0 million with respective valuation allowances of $1.9 million and $1.2 million at June 30, 2018 and December 31, 2017, respectively. Nonfinancial Assets Measured on a Nonrecurring Basis The Company uses the following methods and assumptions in estimating the fair values of its nonfinancial assets on a nonrecurring basis: Other Real Estate Owned Other real estate owned ("OREO") consists of real estate acquired through foreclosure or a deed in lieu of foreclosure in satisfaction of a loan, OREO acquired in a business acquisition, and banking premises no longer used for a specific business purpose. Real estate obtained in satisfaction of a loan is initially recorded at the lower of the principal investment in the loan or the fair value of the collateral less estimated costs to sell at the time of foreclosure with any excess in loan balance charged against the allowance for loan and lease losses. OREO acquired in a business acquisition is recorded at fair value on Day 1 of the acquisition. Banking premises no longer used for a specific business purpose is transferred into OREO at the lower of its carrying value or fair value less estimated costs to sell with any excess in the carrying value charged to noninterest expense. For all fair value estimates of the real estate properties, management considers a number of factors such as appraised values, estimated selling prices, and current market conditions, resulting in a Level 3 classification. Management periodically reviews the carrying value of OREO for impairment and adjusts the values as appropriate through noninterest expense. The following table presents nonfinancial assets measured at fair value on a nonrecurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
The following table is a reconciliation of the fair value measurement of other real estate owned disclosed in accordance with ASC 820 to the amount recorded on the consolidated statement of financial condition at the dates indicated (dollars in thousands):
Unobservable Inputs for Level 3 Fair Value Measurements The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at the dates indicated (dollars in thousands):
Fair Value of Financial Assets and Financial Liabilities The following table includes the estimated fair value of the Company's financial assets and financial liabilities at the dates indicated (dollars in thousands).
The fair value of financial instruments not measured at fair value on a recurring or nonrecurring basis are measured using an exit price notion for periods beginning after January 1, 2018. Prior to January 1, 2018, fair value for such instruments was estimated primarily based on the net present value of future cash flows. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | NOTE 13: EARNINGS PER SHARE The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. As such, earnings per share is calculated using the two-class method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which excludes the participating securities. Diluted earnings per share includes the dilutive effect of additional potential common shares from stock compensation awards and warrants. There were no anti-dilutive securities excluded from the computation of earnings per share in the periods presented. Earnings per share have been computed based on the following weighted average number of common shares outstanding (dollars in thousands, except per share data):
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Accumulated Other Comprehensive Income |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | NOTE 14: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, or AOCI, is reported as a component of shareholders' equity. AOCI can include, among other items, unrealized holding gains and losses on investment securities available-for-sale, unrealized gains and losses on investment securities available-for-sale transferred to held-to-maturity, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Unrealized holding gains and losses on securities transferred to held-to-maturity are amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization/accretion of the net premium/discount created in the transfer. The components of AOCI are reported net of related tax effects. The components of AOCI and changes in those components for the periods presented are as follows (dollars in thousands):
Reclassifications from AOCI into income for the periods presented are as follows (dollars in thousands):
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Acquisitions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the assets acquired and liabilities assumed and the consideration payable by the Company at the acquisition date (dollars in thousands):
Explanation of fair value adjustments
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Business Acquisition, Pro Forma Information | The following table presents certain pro forma information as if AloStar had been acquired on January 1, 2017 (dollars in thousands, except per share amounts). These results combine the historical results of AloStar 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. Merger-related costs are not included in the pro forma statements below.
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Business Acquisition, Purchased Credit Impaired Loans Acquired | The following is a summary of the purchased credit impaired loans acquired in the AloStar transaction on September 30, 2017 (dollars in thousands):
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Investment Securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale | The amortized cost and fair value of debt securities classified as available-for-sale are as follows (dollars in thousands):
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Held-to-maturity Securities | The amortized cost and fair value of debt securities classified as held-to-maturity are as follows (dollars in thousands):
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Contractual Maturities of Available-for-Sale Securities | The amortized cost and estimated fair value of debt securities by contractual maturities are summarized in the tables below (dollars in thousands):
(1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalties. |
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Unrealized Losses on Investment Securities | The following tables provide information regarding debt securities with unrealized losses (dollars in thousands):
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Schedule of Proceeds from Sales and Redemptions of Available for Sale Securities | Sales and calls of securities are summarized in the following table for the periods presented (dollars in thousands):
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans | Loans, in total, are summarized as follows (dollars in thousands):
Organic loans, net of related discounts, are summarized as follows (dollars in thousands):
(1) Includes net deferred loan fees that totaled approximately $10.3 million and $9.3 million at June 30, 2018 and December 31, 2017, respectively. Purchased non-credit impaired loans ("PNCI loans"), net of related discounts, are summarized as follows (dollars in thousands):
(1) Includes net discounts that totaled approximately $7.3 million and $12.7 million at June 30, 2018 and December 31, 2017, respectively. Purchased credit impaired loans ("PCI loans"), net of related discounts, are summarized as follows (dollars in thousands):
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Schedule of Purchased Credit Impaired Loans Rollforward | Changes in the carrying value of purchased credit impaired loans are presented in the following table for the periods presented (dollars in thousands):
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Schedule of Changes in Accretable Discount | Changes in the value of the accretable discount on purchased credit impaired loans are presented in the following table for the periods presented (dollars in thousands):
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Allowance for Loan and Lease Losses (ALLL) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan and Lease Losses | The following tables summarize the Company's allowance for loan and lease losses for the periods indicated (dollars in thousands):
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Schedule of Allowance for Loan and Lease Losses, Organic and Purchased Credit Impaired Loans | Activity in the allowance for loan and lease losses on organic loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of organic loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on purchased non-credit impaired loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of purchased non-credit impaired loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
Activity in the allowance for loan and lease losses on purchased credit impaired loans is detailed as follows by portfolio segment for the periods indicated (dollars in thousands):
The following table presents the balance of purchased credit impaired loans and the allowance for loan and lease losses based on the method of determining the allowance at the dates indicated (dollars in thousands):
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Impaired Loans, Organic and Purchased Non-Credit Impaired | Impaired loans, segregated by class of loans, are presented in the following table (dollars in thousands):
(1) Includes loans with SBA guaranteed balances of $3.6 million and $5.7 million at June 30, 2018 and December 31, 2017, respectively. The following table presents information related to the average recorded investment and interest income recognized on impaired loans, for the periods presented (dollars in thousands):
(1) The average recorded investment for troubled debt restructurings was $6.9 million and $7.0 million for the three and six months ended June 30, 2018, respectively, and was $3.2 million and $4.1 million for the three and six months ended June 30, 2017, respectively. (2) The interest income recognized on troubled debt restructurings was $67,000 and $131,000 for the three and six months ended June 30, 2018, respectively, and was $0 for both the three and six months ended June 30, 2017. |
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Nonaccrual Loans, Organic and Purchased Non-Credit Impaired | The following table presents the recorded investment in nonaccrual loans by loan class at the dates indicated (dollars in thousands):
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Past Due Loans | The following table presents an analysis of past due organic loans, by class of loans, at the dates indicated (dollars in thousands):
The following table presents an analysis of past due purchased non-credit impaired loans, by class of loans, at the dates indicated (dollars in thousands):
The following table presents an analysis of past due purchased credit impaired loans, by class of loans, at the dates indicated (dollars in thousands):
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Risk Grades of Loan Portfolio | The following table presents the risk grades of the organic loan portfolio, by class of loans, at the dates indicated (dollars in thousands):
The following table presents the risk grades of the purchased non-credit impaired loan portfolio, by class of loans, at the dates indicated (dollars in thousands):
The following table presents the risk grades of the purchased credit impaired loan portfolio, by class of loans (dollars in thousands):
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Troubled Debt Restructurings on Financing Receivables | The following table provides information on loans that were modified as TDRs during the periods presented (dollars in thousands):
(1) The pre-modification and post-modification recorded investment amount represents the recorded investment on the date of the loan modification. Since the modifications on these loans were either an interest rate concession or payment term extension, not principal reductions, the pre-modification and post-modification recorded investment amount is the same. |
SBA Servicing Rights (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Servicing Assets at Fair Value | The table below summarizes the activity in the SBA servicing rights asset for the periods presented (dollars in thousands):
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Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value | The fair value of the SBA servicing rights asset, key metrics, and the sensitivity of the fair value due to adverse changes in key economic assumptions at the periods presented are as follows (dollars in thousands):
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Schedule of Servicing Assets Past Due | Information about the SBA loans serviced by the Company at and for the periods presented are as follows (dollars in thousands):
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Derivative Instruments and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair values of the Company's derivatives at the dates presented (dollars in thousands):
(1) All derivative assets are located in "Other Assets" on the consolidated statements of financial condition and all derivative liabilities are located in "Other Liabilities" on the consolidated statements of financial condition. |
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Schedule of effect of fair value and cash flow hedge accounting on the Statements of Income | The tables below presents the effect of fair value and cash flow hedge accounting on the consolidated statements of income for the periods presented (dollars in thousands):
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Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The tables below presents the effect of fair value hedges on the consolidated statements of financial condition for the periods presented (dollars in thousands):
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of the Company's derivatives in cash flow hedging relationships for the periods presented (dollars in thousands):
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The table below presents the effect of the Company's derivatives not designated as hedging instruments for the periods presented (dollars in thousands):
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Balance Sheet Offsetting and Repurchase Agreements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets | The table below presents information about the Company’s financial instruments that are eligible for offset in the consolidated statements of financial condition at the dates presented (dollars in thousands):
(1) The application of collateral cannot reduce the net amount below zero; therefore, excess collateral received/posted is not reflected in this table. All positions are fully collateralized. |
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Offsetting Liabilities | The table below presents information about the Company’s financial instruments that are eligible for offset in the consolidated statements of financial condition at the dates presented (dollars in thousands):
(1) The application of collateral cannot reduce the net amount below zero; therefore, excess collateral received/posted is not reflected in this table. All positions are fully collateralized. |
Regulatory Matters (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The minimum regulatory capital ratios and ratios to be considered well-capitalized under prompt corrective action provisions at both June 30, 2018 and December 31, 2017 are presented in the table below:
(1) The prompt corrective action provisions are only applicable at the bank level. At June 30, 2018 and December 31, 2017, the Company and State Bank exceeded all regulatory capital adequacy requirements to which they were subject. The Company's regulatory ratios at the dates indicated are presented in the table below (dollars in thousands):
State Bank's regulatory ratios at the dates indicated are presented in the table below (dollars in thousands):
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Commitments and Contingent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Commitments | A summary of the Company's commitments is as follows (dollars in thousands):
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Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present financial assets and financial liabilities measured at fair value on a recurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in the carrying value of mortgage derivatives utilizing Level 3 inputs are presented in the following tables for the periods presented (dollars in thousands):
(1) The change in fair value, recorded as a component of "mortgage banking income" on the consolidated statements of income, was a loss of $80,000 and a gain of $211,000 for the three and six months ended June 30, 2018, respectively. The change in fair value resulted in a loss of $126,000 and a gain of $251,000 for the three and six months ended June 30, 2017, respectively. |
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Fair Value Measurements, Financial Assets Measured on a Nonrecurring Basis | The following table presents financial assets measured at fair value on a nonrecurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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Fair Value Measurements Nonfinancial Assets Nonrecurring | The following table presents nonfinancial assets measured at fair value on a nonrecurring basis at the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table is a reconciliation of the fair value measurement of other real estate owned disclosed in accordance with ASC 820 to the amount recorded on the consolidated statement of financial condition at the dates indicated (dollars in thousands):
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Fair Value Measurements Unobservable Inputs | The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at the dates indicated (dollars in thousands):
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Fair Value Measurements, Recurring and Nonrecurring | The following table includes the estimated fair value of the Company's financial assets and financial liabilities at the dates indicated (dollars in thousands).
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Earnings per share have been computed based on the following weighted average number of common shares outstanding (dollars in thousands, except per share data):
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Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The components of AOCI and changes in those components for the periods presented are as follows (dollars in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications from AOCI into income for the periods presented are as follows (dollars in thousands):
|
Basis of Presentation (Details) - $ / shares |
Jun. 30, 2018 |
May 11, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
State Bank Financial Corporation | Cadence | |||
Business Acquisition [Line Items] | |||
Number of shares received by acquiree in business acquisition | 1.160 | ||
Common stock, par value (in dollars per share) | $ 0.01 |
Adoption of New Accounting Standards and Recent Accounting Pronouncements (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of ASU 2016-01 | $ 23 |
Retained Earnings | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of ASU 2016-01 | (23) |
Accumulated Other Comprehensive Income (Loss) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of ASU 2016-01 | $ 23 |
Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Oct. 31, 2017 |
Jun. 30, 2018 |
Dec. 31, 2017 |
[1] | Sep. 29, 2017 |
|||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 84,564 | $ 84,564 | ||||||
AloStar Bank of Commerce | ||||||||
Business Acquisition [Line Items] | ||||||||
Conversion price per share (in dollars per share) | $ 24.26 | |||||||
Total consideration paid | $ 194,969 | $ 195,000 | ||||||
Goodwill | 7,088 | $ 0 | ||||||
Purchased Non-Credit Impaired Loans | AloStar Bank of Commerce | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchased non-credit impaired loans acquired | 641,000 | |||||||
Purchased non-credit impaired loans acquired, contractual balance | 707,000 | |||||||
Purchased non-credit impaired loans acquired, estimated uncollectible | $ 9,300 | |||||||
|
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
1 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Oct. 31, 2017 |
Jun. 30, 2018 |
Dec. 31, 2017 |
[1] | Sep. 29, 2017 |
|||
Liabilities | ||||||||
Goodwill | $ 84,564 | $ 84,564 | ||||||
AloStar Bank of Commerce | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 91,571 | $ 91,571 | ||||||
Investment securities available-for-sale | 76,241 | 76,436 | ||||||
Loans, net | 718,556 | 728,319 | ||||||
Core deposit intangible | 856 | 0 | ||||||
Premises and equipment, net | 507 | 507 | ||||||
Other assets | 13,663 | 11,430 | ||||||
Total assets acquired | 901,394 | 908,263 | ||||||
Liabilities | ||||||||
Noninterest-bearing | 102,653 | 102,653 | ||||||
Interest-bearing | 602,948 | 603,069 | ||||||
Total deposits | 705,601 | 705,722 | ||||||
Other liabilities | 7,912 | 7,912 | ||||||
Total liabilities assumed | 713,513 | 713,634 | ||||||
Net identifiable assets acquired over liabilities assumed | 187,881 | 194,629 | ||||||
Goodwill | 7,088 | 0 | ||||||
Net assets acquired over liabilities assumed | 194,969 | $ 194,629 | ||||||
Assets | ||||||||
Cash and cash equivalents | 0 | |||||||
Investment securities available-for-sale | (195) | |||||||
Loans, net | (9,763) | |||||||
Core deposit intangible | 856 | |||||||
Premises and equipment, net | 0 | |||||||
Other assets | 2,233 | |||||||
Total assets acquired | (6,869) | |||||||
Liabilities | ||||||||
Noninterest-bearing | 0 | |||||||
Interest-bearing | (121) | |||||||
Total deposits | (121) | |||||||
Other liabilities | 0 | |||||||
Total liabilities assumed | (121) | |||||||
Net identifiable assets acquired over liabilities assumed | (6,748) | |||||||
Goodwill | 7,088 | |||||||
Net assets acquired over liabilities assumed | 340 | |||||||
Consideration: | ||||||||
Cash consideration payable | 194,969 | |||||||
Fair value of total consideration transferred | $ 194,969 | $ 195,000 | ||||||
|
Acquisitions - Pro Forma Information (Details) - AloStar Bank of Commerce - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Pro Forma | ||
Net interest income, Pro Forma | $ 110,986 | $ 111,572 |
Net income, Pro Forma | $ 37,670 | $ 33,851 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.96 | $ 0.87 |
Diluted (in dollars per share) | $ 0.96 | $ 0.87 |
Acquisitions - Purchased Credit Impaired Loans Acquired (Details) - AloStar Bank of Commerce $ in Thousands |
Sep. 30, 2017
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Contractually required principal and interest at acquisition | $ 108,308 |
Contractual cash flows not expected to be collected (nonaccretable difference) | (19,093) |
Expected cash flows at acquisition | 89,215 |
Accretable difference | (11,664) |
Basis in acquired loans at acquisition - estimated fair value | $ 77,551 |
Investment Securities - Available-for-Sale Reconciliation (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | $ 848,778 | $ 875,802 | |||
Unrealized Gains | 3,792 | 4,801 | |||
Unrealized Losses | 16,900 | 8,148 | |||
Fair Value | 835,670 | 872,455 | [1] | ||
U.S. Government securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 67,702 | 70,203 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 1,023 | 644 | |||
Fair Value | 66,679 | 69,559 | |||
Residential mortgage-backed securities — nonagency | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 96,933 | 115,639 | |||
Unrealized Gains | 2,397 | 3,183 | |||
Unrealized Losses | 98 | 112 | |||
Fair Value | 99,232 | 118,710 | |||
Residential mortgage-backed securities — agency | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 557,940 | 582,845 | |||
Unrealized Gains | 111 | 319 | |||
Unrealized Losses | 15,081 | 7,315 | |||
Fair Value | 542,970 | 575,849 | |||
Corporate securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 126,203 | 107,115 | |||
Unrealized Gains | 1,284 | 1,299 | |||
Unrealized Losses | 698 | 77 | |||
Fair Value | $ 126,789 | $ 108,337 | |||
|
Investment Securities - Held-to-maturity Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | $ 16,742 | $ 32,852 | [1] | ||
Unrealized Gains | 75 | 499 | |||
Unrealized Losses | 0 | 0 | |||
Debt securities held-to-maturity - fair value | 16,817 | 33,351 | |||
Asset-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 16,742 | 22,692 | |||
Unrealized Gains | 75 | 259 | |||
Unrealized Losses | 0 | 0 | |||
Debt securities held-to-maturity - fair value | 16,817 | 22,951 | |||
Corporate securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 0 | 10,160 | |||
Unrealized Gains | 0 | 240 | |||
Unrealized Losses | 0 | 0 | |||
Debt securities held-to-maturity - fair value | $ 0 | $ 10,400 | |||
|
Investment Securities - Schedule of Contractual Maturities of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Amortized Cost | $ 61,712 | ||||
Due 1-5 Years, Amortized Cost | 164,490 | ||||
Due 5-10 Years, Amortized Cost | 156,582 | ||||
Due After 10 Years, Amortized Cost | 465,994 | ||||
Amortized Cost | 848,778 | $ 875,802 | |||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Fair Value | 61,582 | ||||
Due 1-5 Years, Fair Value | 161,669 | ||||
Due 5-10 Years, Fair Value | 153,787 | ||||
Due After 10 Years, Fair Value | 458,632 | ||||
Fair Value | 835,670 | 872,455 | [1] | ||
U.S. Government securities | |||||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Amortized Cost | 18,022 | ||||
Due 1-5 Years, Amortized Cost | 49,680 | ||||
Due 5-10 Years, Amortized Cost | 0 | ||||
Due After 10 Years, Amortized Cost | 0 | ||||
Amortized Cost | 67,702 | 70,203 | |||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Fair Value | 17,867 | ||||
Due 1-5 Years, Fair Value | 48,812 | ||||
Due 5-10 Years, Fair Value | 0 | ||||
Due After 10 Years, Fair Value | 0 | ||||
Fair Value | 66,679 | 69,559 | |||
Residential mortgage-backed securities — nonagency | |||||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Amortized Cost | 0 | ||||
Due 1-5 Years, Amortized Cost | 0 | ||||
Due 5-10 Years, Amortized Cost | 306 | ||||
Due After 10 Years, Amortized Cost | 96,627 | ||||
Amortized Cost | 96,933 | 115,639 | |||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Fair Value | 0 | ||||
Due 1-5 Years, Fair Value | 0 | ||||
Due 5-10 Years, Fair Value | 316 | ||||
Due After 10 Years, Fair Value | 98,916 | ||||
Fair Value | 99,232 | 118,710 | |||
Residential mortgage-backed securities — agency | |||||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Amortized Cost | 4,806 | ||||
Due 1-5 Years, Amortized Cost | 58,866 | ||||
Due 5-10 Years, Amortized Cost | 125,239 | ||||
Due After 10 Years, Amortized Cost | 369,029 | ||||
Amortized Cost | 557,940 | 582,845 | |||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Fair Value | 4,781 | ||||
Due 1-5 Years, Fair Value | 57,518 | ||||
Due 5-10 Years, Fair Value | 121,667 | ||||
Due After 10 Years, Fair Value | 359,004 | ||||
Fair Value | 542,970 | 575,849 | |||
Corporate securities | |||||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Amortized Cost | 38,884 | ||||
Due 1-5 Years, Amortized Cost | 55,944 | ||||
Due 5-10 Years, Amortized Cost | 31,037 | ||||
Due After 10 Years, Amortized Cost | 338 | ||||
Amortized Cost | 126,203 | 107,115 | |||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Due 1 Year or Less, Fair Value | 38,934 | ||||
Due 1-5 Years, Fair Value | 55,339 | ||||
Due 5-10 Years, Fair Value | 31,804 | ||||
Due After 10 Years, Fair Value | 712 | ||||
Fair Value | $ 126,789 | $ 108,337 | |||
|
Investment Securities - Held-to-maturity Security Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Amortized Cost: | |||||
1 Year or Less | $ 0 | ||||
1-5 Years | 0 | ||||
5-10 Years | 7,742 | ||||
After 10 Years | 9,000 | ||||
Amortized Cost | 16,742 | $ 32,852 | [1] | ||
Fair Value: | |||||
1 Year or Less | 0 | ||||
1-5 Years | 0 | ||||
5-10 Years | 7,773 | ||||
After 10 Years | 9,044 | ||||
Total debt securities held-to-maturity | 16,817 | 33,351 | |||
Asset-backed securities | |||||
Amortized Cost: | |||||
1 Year or Less | 0 | ||||
1-5 Years | 0 | ||||
5-10 Years | 7,742 | ||||
After 10 Years | 9,000 | ||||
Amortized Cost | 16,742 | 22,692 | |||
Fair Value: | |||||
1 Year or Less | 0 | ||||
1-5 Years | 0 | ||||
5-10 Years | 7,773 | ||||
After 10 Years | 9,044 | ||||
Total debt securities held-to-maturity | 16,817 | 22,951 | |||
Corporate securities | |||||
Amortized Cost: | |||||
1 Year or Less | 0 | ||||
1-5 Years | 0 | ||||
5-10 Years | 0 | ||||
After 10 Years | 0 | ||||
Amortized Cost | 0 | 10,160 | |||
Fair Value: | |||||
1 Year or Less | 0 | ||||
1-5 Years | 0 | ||||
5-10 Years | 0 | ||||
After 10 Years | 0 | ||||
Total debt securities held-to-maturity | $ 0 | $ 10,400 | |||
|
Investment Securities - Summary of Gross Unrealized Losses and Fair Value of Investments with Unrealized Losses (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 451,664 | $ 393,140 |
Less than 12 Months, Unrealized Losses | 8,915 | 2,992 |
12 Months or More, Fair Value | 245,378 | 237,567 |
12 Months or More, Unrealized Losses | 7,985 | 5,156 |
Total, Fair Value | 697,042 | 630,707 |
Total, Unrealized Losses | 16,900 | 8,148 |
U.S. Government securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 41,350 | 46,625 |
Less than 12 Months, Unrealized Losses | 634 | 364 |
12 Months or More, Fair Value | 25,329 | 20,436 |
12 Months or More, Unrealized Losses | 389 | 280 |
Total, Fair Value | 66,679 | 67,061 |
Total, Unrealized Losses | 1,023 | 644 |
Residential mortgage-backed securities — nonagency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,924 | 1,403 |
Less than 12 Months, Unrealized Losses | 10 | 3 |
12 Months or More, Fair Value | 4,474 | 6,269 |
12 Months or More, Unrealized Losses | 88 | 109 |
Total, Fair Value | 6,398 | 7,672 |
Total, Unrealized Losses | 98 | 112 |
Residential mortgage-backed securities — agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 322,707 | 312,617 |
Less than 12 Months, Unrealized Losses | 7,573 | 2,548 |
12 Months or More, Fair Value | 215,575 | 210,862 |
12 Months or More, Unrealized Losses | 7,508 | 4,767 |
Total, Fair Value | 538,282 | 523,479 |
Total, Unrealized Losses | 15,081 | 7,315 |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 85,683 | 32,495 |
Less than 12 Months, Unrealized Losses | 698 | 77 |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Total, Fair Value | 85,683 | 32,495 |
Total, Unrealized Losses | $ 698 | $ 77 |
Investment Securities - Held-to-maturity Securities, Continuous Unrealized Loss Position (Details) $ in Thousands |
Jun. 30, 2018
USD ($)
|
---|---|
Schedule of Held-to-maturity Securities [Line Items] | |
Less than 12 months, Fair Value | $ 0 |
Less than 12 months, Unrealized Losses | 0 |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Total, Fair Value | 0 |
Total, Unrealized Losses | 0 |
Asset-backed securities | |
Schedule of Held-to-maturity Securities [Line Items] | |
Less than 12 months, Fair Value | 0 |
Less than 12 months, Unrealized Losses | 0 |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Total, Fair Value | 0 |
Total, Unrealized Losses | $ 0 |
Investment Securities - Narrative (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Jun. 30, 2018
USD ($)
investment_security
|
Dec. 31, 2017
USD ($)
|
|
Investments, Debt and Equity Securities [Abstract] | ||
Number of investments in unrealized loss position (investment securities) | investment_security | 155 | |
Corporate security transferred from held-to-maturity to available-for-sale | $ 10.1 | |
Available-for-sale securities, sold at par value | 4.0 | |
Available-for-sale securities pledged as collateral | $ 103.9 | $ 116.1 |
Investment Securities - Gains and Losses on Investment Securities Available-for-Sale (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales and calls | $ 4,275 | $ 21,942 | $ 4,275 | $ 64,778 |
Gross gains on sales and calls | 250 | 89 | 250 | 118 |
Gross losses on sales and calls | 0 | (76) | 0 | (93) |
Net realized gains on sales and calls | $ 250 | $ 13 | $ 250 | $ 25 |
Loans - Summary (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|---|---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | $ 3,605,273 | $ 3,532,193 | |||||||
Allowance for loan and lease losses | (33,335) | $ (31,317) | (28,750) | [1] | $ (27,988) | $ (26,976) | $ (26,598) | ||
Loans, net | 3,571,938 | 3,503,443 | [1] | ||||||
Total commercial real estate | |||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | 1,698,440 | 1,706,995 | |||||||
Total commercial real estate | Construction, land & land development | |||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | 482,134 | 451,993 | |||||||
Total commercial real estate | Other commercial real estate | |||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | 1,216,306 | 1,255,002 | |||||||
Residential real estate | |||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | 327,790 | 333,086 | |||||||
Owner-occupied real estate | |||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | 370,572 | 399,370 | |||||||
Commercial, financial & agricultural | |||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | 1,105,004 | 973,440 | |||||||
Leases | |||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | 36,863 | 52,396 | |||||||
Consumer | |||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||
Loans | $ 66,604 | $ 66,906 | |||||||
|
Loans - Organic (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|---|---|---|---|
Loans | |||||||||
Loans | $ 3,605,273 | $ 3,532,193 | |||||||
Allowance for loan and lease losses | (33,335) | $ (31,317) | (28,750) | [1] | $ (27,988) | $ (26,976) | $ (26,598) | ||
Loans, net | 3,571,938 | 3,503,443 | [1] | ||||||
Net deferred loan fees | 10,300 | 9,300 | |||||||
Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 1,698,440 | 1,706,995 | |||||||
Total commercial real estate | Construction, land & land development | |||||||||
Loans | |||||||||
Loans | 482,134 | 451,993 | |||||||
Total commercial real estate | Other commercial real estate | |||||||||
Loans | |||||||||
Loans | 1,216,306 | 1,255,002 | |||||||
Residential real estate | |||||||||
Loans | |||||||||
Loans | 327,790 | 333,086 | |||||||
Owner-occupied real estate | |||||||||
Loans | |||||||||
Loans | 370,572 | 399,370 | |||||||
Commercial, financial & agricultural | |||||||||
Loans | |||||||||
Loans | 1,105,004 | 973,440 | |||||||
Leases | |||||||||
Loans | |||||||||
Loans | 36,863 | 52,396 | |||||||
Consumer | |||||||||
Loans | |||||||||
Loans | 66,604 | 66,906 | |||||||
Organic Loans | |||||||||
Loans | |||||||||
Loans | 2,663,722 | 2,365,843 | |||||||
Allowance for loan and lease losses | (26,366) | (24,882) | (24,039) | (22,560) | (21,885) | (21,086) | |||
Loans, net | 2,637,356 | 2,341,804 | |||||||
Organic Loans | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 1,402,329 | 1,362,134 | |||||||
Allowance for loan and lease losses | (12,154) | (11,932) | (13,037) | (13,337) | (12,112) | (11,767) | |||
Organic Loans | Total commercial real estate | Construction, land & land development | |||||||||
Loans | |||||||||
Loans | 454,625 | 412,540 | |||||||
Organic Loans | Total commercial real estate | Other commercial real estate | |||||||||
Loans | |||||||||
Loans | 947,704 | 949,594 | |||||||
Organic Loans | Residential real estate | |||||||||
Loans | |||||||||
Loans | 222,886 | 196,225 | |||||||
Allowance for loan and lease losses | (2,412) | (2,894) | (2,809) | (1,841) | (1,666) | (1,786) | |||
Organic Loans | Owner-occupied real estate | |||||||||
Loans | |||||||||
Loans | 270,053 | 260,273 | |||||||
Allowance for loan and lease losses | (2,954) | (2,281) | (2,075) | (2,036) | (2,108) | (2,239) | |||
Organic Loans | Commercial, financial & agricultural | |||||||||
Loans | |||||||||
Loans | 666,572 | 430,205 | |||||||
Allowance for loan and lease losses | (7,438) | (6,230) | (4,535) | (3,663) | (4,514) | (4,093) | |||
Organic Loans | Leases | |||||||||
Loans | |||||||||
Loans | 36,863 | 52,396 | |||||||
Allowance for loan and lease losses | (411) | (494) | (629) | (825) | (710) | (655) | |||
Organic Loans | Consumer | |||||||||
Loans | |||||||||
Loans | 65,019 | 64,610 | |||||||
Allowance for loan and lease losses | $ (997) | $ (1,051) | $ (954) | $ (858) | $ (775) | $ (546) | |||
|
Loans - Purchased Non-Credit Impaired (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|---|---|---|---|
Loans | |||||||||
Loans | $ 3,605,273 | $ 3,532,193 | |||||||
Allowance for loan and lease losses | (33,335) | $ (31,317) | (28,750) | [1] | $ (27,988) | $ (26,976) | $ (26,598) | ||
Loans, net | 3,571,938 | 3,503,443 | [1] | ||||||
Net discounts | 7,300 | 12,700 | |||||||
Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 1,698,440 | 1,706,995 | |||||||
Residential real estate | |||||||||
Loans | |||||||||
Loans | 327,790 | 333,086 | |||||||
Owner-occupied real estate | |||||||||
Loans | |||||||||
Loans | 370,572 | 399,370 | |||||||
Commercial, financial & agricultural | |||||||||
Loans | |||||||||
Loans | 1,105,004 | 973,440 | |||||||
Consumer | |||||||||
Loans | |||||||||
Loans | 66,604 | 66,906 | |||||||
Construction, land & land development | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 482,134 | 451,993 | |||||||
Other commercial real estate | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 1,216,306 | 1,255,002 | |||||||
Purchased Non-Credit Impaired Loans | |||||||||
Loans | |||||||||
Loans | 793,089 | 990,736 | |||||||
Allowance for loan and lease losses | (2,981) | (2,249) | (995) | (667) | (491) | (439) | |||
Loans, net | 790,108 | 989,741 | |||||||
Purchased Non-Credit Impaired Loans | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 209,277 | 244,568 | |||||||
Allowance for loan and lease losses | (292) | (336) | (230) | (145) | (239) | (88) | |||
Purchased Non-Credit Impaired Loans | Residential real estate | |||||||||
Loans | |||||||||
Loans | 72,817 | 96,529 | |||||||
Allowance for loan and lease losses | (334) | (524) | (664) | (342) | (175) | (72) | |||
Purchased Non-Credit Impaired Loans | Owner-occupied real estate | |||||||||
Loans | |||||||||
Loans | 82,500 | 118,294 | |||||||
Allowance for loan and lease losses | (441) | (316) | (88) | (152) | (76) | (44) | |||
Purchased Non-Credit Impaired Loans | Commercial, financial & agricultural | |||||||||
Loans | |||||||||
Loans | 426,992 | 529,184 | |||||||
Allowance for loan and lease losses | (1,910) | (1,067) | (8) | (26) | 0 | (235) | |||
Purchased Non-Credit Impaired Loans | Consumer | |||||||||
Loans | |||||||||
Loans | 1,503 | 2,161 | |||||||
Allowance for loan and lease losses | (4) | $ (6) | (5) | $ (2) | $ (1) | $ 0 | |||
Purchased Non-Credit Impaired Loans | Construction, land & land development | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 14,282 | 25,908 | |||||||
Purchased Non-Credit Impaired Loans | Other commercial real estate | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | $ 194,995 | $ 218,660 | |||||||
|
Loans - Purchased Credit Impaired (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|---|---|---|---|
Loans | |||||||||
Loans | $ 3,605,273 | $ 3,532,193 | |||||||
Allowance for loan and lease losses | (33,335) | $ (31,317) | (28,750) | [1] | $ (27,988) | $ (26,976) | $ (26,598) | ||
Loans, net | 3,571,938 | 3,503,443 | [1] | ||||||
Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 1,698,440 | 1,706,995 | |||||||
Residential real estate | |||||||||
Loans | |||||||||
Loans | 327,790 | 333,086 | |||||||
Owner-occupied real estate | |||||||||
Loans | |||||||||
Loans | 370,572 | 399,370 | |||||||
Commercial, financial & agricultural | |||||||||
Loans | |||||||||
Loans | 1,105,004 | 973,440 | |||||||
Consumer | |||||||||
Loans | |||||||||
Loans | 66,604 | 66,906 | |||||||
Construction, land & land development | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 482,134 | 451,993 | |||||||
Other commercial real estate | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 1,216,306 | 1,255,002 | |||||||
Purchased Credit Impaired Loans | |||||||||
Loans | |||||||||
Loans | 148,462 | 175,614 | |||||||
Allowance for loan and lease losses | (3,988) | (4,186) | (3,716) | (4,761) | (4,600) | (5,073) | |||
Loans, net | 144,474 | 171,898 | |||||||
Purchased Credit Impaired Loans | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 86,834 | 100,293 | |||||||
Allowance for loan and lease losses | (2,172) | (2,304) | (1,706) | (2,131) | (2,073) | (2,183) | |||
Purchased Credit Impaired Loans | Residential real estate | |||||||||
Loans | |||||||||
Loans | 32,087 | 40,332 | |||||||
Allowance for loan and lease losses | (786) | (830) | (1,242) | (968) | (959) | (1,196) | |||
Purchased Credit Impaired Loans | Owner-occupied real estate | |||||||||
Loans | |||||||||
Loans | 18,019 | 20,803 | |||||||
Allowance for loan and lease losses | (816) | (825) | (718) | (1,611) | (1,531) | (1,655) | |||
Purchased Credit Impaired Loans | Commercial, financial & agricultural | |||||||||
Loans | |||||||||
Loans | 11,440 | 14,051 | |||||||
Allowance for loan and lease losses | (214) | (217) | (42) | (37) | (37) | (38) | |||
Purchased Credit Impaired Loans | Consumer | |||||||||
Loans | |||||||||
Loans | 82 | 135 | |||||||
Allowance for loan and lease losses | 0 | $ (10) | (8) | $ (14) | $ 0 | $ (1) | |||
Purchased Credit Impaired Loans | Construction, land & land development | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | 13,227 | 13,545 | |||||||
Purchased Credit Impaired Loans | Other commercial real estate | Total commercial real estate | |||||||||
Loans | |||||||||
Loans | $ 73,607 | $ 86,748 | |||||||
|
Loans - Changes in Carrying Values of Purchased Credit Impaired Loans (Details) - Purchased Credit Impaired Loans - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Changes in Carrying Value of Purchased Credit Impaired Loans | ||||
Balance, beginning of period | $ 153,338 | $ 149,560 | $ 171,898 | $ 155,573 |
Accretion of fair value discounts | 6,595 | 9,228 | 12,541 | 16,905 |
Reductions in principal balances resulting from repayments, write-offs and foreclosures | (15,657) | (27,790) | (39,693) | (41,953) |
Change in the allowance for loan and lease losses on purchased credit impaired loans | 198 | (161) | (272) | 312 |
Balance, end of period | $ 144,474 | $ 130,837 | $ 144,474 | $ 130,837 |
Loans - Changes in Accretable Discount (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Changes in Accretable Discount | ||||
Balance, beginning of period | $ 57,854 | $ 63,066 | $ 57,927 | $ 69,301 |
Accretion | (6,595) | (9,228) | (12,541) | (16,905) |
Transfers to accretable discounts and exit events, net | 2,279 | 5,970 | 8,152 | 7,412 |
Balance, end of period | $ 53,538 | $ 59,808 | $ 53,538 | $ 59,808 |
Loans - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Receivables [Abstract] | ||
Loans pledged as collateral | $ 3,100,000 | $ 3,100,000 |
Consumer mortgage loans secured by residential real estate in process of foreclosure | $ 104 |
Allowance for Loan and Lease Losses (ALLL) - Allowance for Loan Losses Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | $ 31,317 | $ 26,976 | $ 28,750 | [1] | $ 26,598 | ||
Charge-offs | (491) | (947) | (1,283) | (1,649) | |||
Recoveries | 116 | 114 | 267 | 192 | |||
Net (charge-offs) recoveries | (375) | (833) | (1,016) | (1,457) | |||
Provision for loan and lease losses | 2,393 | 1,845 | 5,601 | 2,847 | |||
Balance, end of period | 33,335 | 27,988 | 33,335 | 27,988 | |||
Organic Loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 24,882 | 21,885 | 24,039 | 21,086 | |||
Charge-offs | (171) | (536) | (835) | (1,076) | |||
Recoveries | 70 | 113 | 203 | 190 | |||
Net (charge-offs) recoveries | (101) | (423) | (632) | (886) | |||
Provision for loan and lease losses | 1,585 | 1,098 | 2,959 | 2,360 | |||
Balance, end of period | 26,366 | 22,560 | 26,366 | 22,560 | |||
Purchased Non-Credit Impaired Loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 2,249 | 491 | 995 | 439 | |||
Charge-offs | (285) | (197) | (325) | (245) | |||
Recoveries | 46 | 1 | 64 | 2 | |||
Net (charge-offs) recoveries | (239) | (196) | (261) | (243) | |||
Provision for loan and lease losses | 971 | 372 | 2,247 | 471 | |||
Balance, end of period | 2,981 | 667 | 2,981 | 667 | |||
Purchased Credit Impaired Loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 4,186 | 4,600 | 3,716 | 5,073 | |||
Charge-offs | (35) | (214) | (123) | (328) | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Net (charge-offs) recoveries | (35) | (214) | (123) | (328) | |||
Provision for loan and lease losses | (163) | 375 | 395 | 16 | |||
Balance, end of period | $ 3,988 | $ 4,761 | $ 3,988 | $ 4,761 | |||
|
Allowance for Loan and Lease Losses (ALLL) - Organic Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | $ 31,317 | $ 26,976 | $ 28,750 | [1] | $ 26,598 | |||
Charge-offs | (491) | (947) | (1,283) | (1,649) | ||||
Recoveries | 116 | 114 | 267 | 192 | ||||
Provision | 2,393 | 1,845 | 5,601 | 2,847 | ||||
Balance, end of period | 33,335 | 27,988 | 33,335 | 27,988 | ||||
Organic Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 24,882 | 21,885 | 24,039 | 21,086 | ||||
Charge-offs | (171) | (536) | (835) | (1,076) | ||||
Recoveries | 70 | 113 | 203 | 190 | ||||
Provision | 1,585 | 1,098 | 2,959 | 2,360 | ||||
Balance, end of period | 26,366 | 22,560 | 26,366 | 22,560 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | $ 99 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 26,366 | 26,366 | 23,940 | |||||
Loans individually evaluated for impairment | 11,179 | 11,179 | 4,959 | |||||
Loans collectively evaluated for impairment | 2,652,543 | 2,652,543 | 2,360,884 | |||||
Total Loans | 2,663,722 | 2,663,722 | 2,365,843 | |||||
Total commercial real estate | Organic Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 11,932 | 12,112 | 13,037 | 11,767 | ||||
Charge-offs | (9) | (187) | (277) | (187) | ||||
Recoveries | 20 | 0 | 20 | 0 | ||||
Provision | 211 | 1,412 | (626) | 1,757 | ||||
Balance, end of period | 12,154 | 13,337 | 12,154 | 13,337 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 12,154 | 12,154 | 13,037 | |||||
Loans individually evaluated for impairment | 3,334 | 3,334 | 3,822 | |||||
Loans collectively evaluated for impairment | 1,398,995 | 1,398,995 | 1,358,312 | |||||
Total Loans | 1,402,329 | 1,402,329 | 1,362,134 | |||||
Residential real estate | Organic Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 2,894 | 1,666 | 2,809 | 1,786 | ||||
Charge-offs | (64) | (25) | (212) | (48) | ||||
Recoveries | 7 | 3 | 10 | 6 | ||||
Provision | (425) | 197 | (195) | 97 | ||||
Balance, end of period | 2,412 | 1,841 | 2,412 | 1,841 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 2,412 | 2,412 | 2,809 | |||||
Loans individually evaluated for impairment | 1,350 | 1,350 | 49 | |||||
Loans collectively evaluated for impairment | 221,536 | 221,536 | 196,176 | |||||
Total Loans | 222,886 | 222,886 | 196,225 | |||||
Owner-occupied real estate | Organic Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 2,281 | 2,108 | 2,075 | 2,239 | ||||
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Provision | 673 | (72) | 879 | (203) | ||||
Balance, end of period | 2,954 | 2,036 | 2,954 | 2,036 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 65 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 2,954 | 2,954 | 2,010 | |||||
Loans individually evaluated for impairment | 1,456 | 1,456 | 808 | |||||
Loans collectively evaluated for impairment | 268,597 | 268,597 | 259,465 | |||||
Total Loans | 270,053 | 270,053 | 260,273 | |||||
Commercial, financial & agricultural | Organic Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 6,230 | 4,514 | 4,535 | 4,093 | ||||
Charge-offs | (46) | (82) | (159) | (142) | ||||
Recoveries | 25 | 22 | 106 | 51 | ||||
Provision | 1,229 | (791) | 2,956 | (339) | ||||
Balance, end of period | 7,438 | 3,663 | 7,438 | 3,663 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 34 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 7,438 | 7,438 | 4,501 | |||||
Loans individually evaluated for impairment | 5,039 | 5,039 | 280 | |||||
Loans collectively evaluated for impairment | 661,533 | 661,533 | 429,925 | |||||
Total Loans | 666,572 | 666,572 | 430,205 | |||||
Leases | Organic Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 494 | 710 | 629 | 655 | ||||
Charge-offs | (17) | (135) | (80) | (499) | ||||
Recoveries | 4 | 68 | 33 | 109 | ||||
Provision | (70) | 182 | (171) | 560 | ||||
Balance, end of period | 411 | 825 | 411 | 825 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 411 | 411 | 629 | |||||
Loans individually evaluated for impairment | 0 | 0 | 0 | |||||
Loans collectively evaluated for impairment | 36,863 | 36,863 | 52,396 | |||||
Total Loans | 36,863 | 36,863 | 52,396 | |||||
Consumer | Organic Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 1,051 | 775 | 954 | 546 | ||||
Charge-offs | (35) | (107) | (107) | (200) | ||||
Recoveries | 14 | 20 | 34 | 24 | ||||
Provision | (33) | 170 | 116 | 488 | ||||
Balance, end of period | 997 | $ 858 | 997 | $ 858 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 997 | 997 | 954 | |||||
Loans individually evaluated for impairment | 0 | 0 | 0 | |||||
Loans collectively evaluated for impairment | 65,019 | 65,019 | 64,610 | |||||
Total Loans | $ 65,019 | $ 65,019 | $ 64,610 | |||||
|
Allowance for Loan and Lease Losses (ALLL) - Purchased Non-Credit Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | $ 31,317 | $ 26,976 | $ 28,750 | [1] | $ 26,598 | |||
Charge-offs | (491) | (947) | (1,283) | (1,649) | ||||
Recoveries | 116 | 114 | 267 | 192 | ||||
Provision | 2,393 | 1,845 | 5,601 | 2,847 | ||||
Balance, end of period | 33,335 | 27,988 | 33,335 | 27,988 | ||||
Purchased Non-Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 2,249 | 491 | 995 | 439 | ||||
Charge-offs | (285) | (197) | (325) | (245) | ||||
Recoveries | 46 | 1 | 64 | 2 | ||||
Provision | 971 | 372 | 2,247 | 471 | ||||
Balance, end of period | 2,981 | 667 | 2,981 | 667 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 810 | 810 | $ 8 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 2,171 | 2,171 | 987 | |||||
Loans individually evaluated for impairment | 56,029 | 56,029 | 4,774 | |||||
Loans collectively evaluated for impairment | 737,060 | 737,060 | 985,962 | |||||
Total Loans | 793,089 | 793,089 | 990,736 | |||||
Commercial real estate | Purchased Non-Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 336 | 239 | 230 | 88 | ||||
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 2 | 0 | 7 | 0 | ||||
Provision | (46) | (94) | 55 | 57 | ||||
Balance, end of period | 292 | 145 | 292 | 145 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 292 | 292 | 230 | |||||
Loans individually evaluated for impairment | 0 | 0 | 0 | |||||
Loans collectively evaluated for impairment | 209,277 | 209,277 | 244,568 | |||||
Total Loans | 209,277 | 209,277 | 244,568 | |||||
Residential real estate | Purchased Non-Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 524 | 175 | 664 | 72 | ||||
Charge-offs | (36) | 0 | (36) | 0 | ||||
Recoveries | 2 | 0 | 10 | 0 | ||||
Provision | (156) | 167 | (304) | 270 | ||||
Balance, end of period | 334 | 342 | 334 | 342 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 334 | 334 | 664 | |||||
Loans individually evaluated for impairment | 15 | 15 | 19 | |||||
Loans collectively evaluated for impairment | 72,802 | 72,802 | 96,510 | |||||
Total Loans | 72,817 | 72,817 | 96,529 | |||||
Owner-occupied real estate | Purchased Non-Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 316 | 76 | 88 | 44 | ||||
Charge-offs | (249) | (80) | (249) | (80) | ||||
Recoveries | 21 | 0 | 21 | 0 | ||||
Provision | 353 | 156 | 581 | 188 | ||||
Balance, end of period | 441 | 152 | 441 | 152 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 28 | 28 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 413 | 413 | 88 | |||||
Loans individually evaluated for impairment | 848 | 848 | 3,264 | |||||
Loans collectively evaluated for impairment | 81,652 | 81,652 | 115,030 | |||||
Total Loans | 82,500 | 82,500 | 118,294 | |||||
Commercial, financial & agricultural | Purchased Non-Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 1,067 | 0 | 8 | 235 | ||||
Charge-offs | 0 | (115) | (37) | (160) | ||||
Recoveries | 20 | 0 | 24 | 0 | ||||
Provision | 823 | 141 | 1,915 | (49) | ||||
Balance, end of period | 1,910 | 26 | 1,910 | 26 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 782 | 782 | 8 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 1,128 | 1,128 | 0 | |||||
Loans individually evaluated for impairment | 55,166 | 55,166 | 1,491 | |||||
Loans collectively evaluated for impairment | 371,826 | 371,826 | 527,693 | |||||
Total Loans | 426,992 | 426,992 | 529,184 | |||||
Consumer | Purchased Non-Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 6 | 1 | 5 | 0 | ||||
Charge-offs | 0 | (2) | (3) | (5) | ||||
Recoveries | 1 | 1 | 2 | 2 | ||||
Provision | (3) | 2 | 0 | 5 | ||||
Balance, end of period | 4 | $ 2 | 4 | $ 2 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 4 | 4 | 5 | |||||
Loans individually evaluated for impairment | 0 | 0 | 0 | |||||
Loans collectively evaluated for impairment | 1,503 | 1,503 | 2,161 | |||||
Total Loans | $ 1,503 | $ 1,503 | $ 2,161 | |||||
|
Allowance for Loan and Lease Losses (ALLL) - Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | $ 31,317 | $ 26,976 | $ 28,750 | [1] | $ 26,598 | |||
Charge-offs | (491) | (947) | (1,283) | (1,649) | ||||
Recoveries | 116 | 114 | 267 | 192 | ||||
Provision for loan and lease losses | 2,393 | 1,845 | 5,601 | 2,847 | ||||
Balance, end of period | 33,335 | 27,988 | 33,335 | 27,988 | ||||
Purchased Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 4,186 | 4,600 | 3,716 | 5,073 | ||||
Charge-offs | (35) | (214) | (123) | (328) | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Provision for loan and lease losses | (163) | 375 | 395 | 16 | ||||
Balance, end of period | 3,988 | 4,761 | 3,988 | 4,761 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 1,767 | 1,767 | $ 1,798 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 2,221 | 2,221 | 1,918 | |||||
Loans individually evaluated for impairment | 85,332 | 85,332 | 93,915 | |||||
Loans collectively evaluated for impairment | 63,130 | 63,130 | 81,699 | |||||
Total Loans | 148,462 | 148,462 | 175,614 | |||||
Total commercial real estate | Purchased Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 2,304 | 2,073 | 1,706 | 2,183 | ||||
Charge-offs | (1) | (160) | (34) | (233) | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Provision for loan and lease losses | (131) | 218 | 500 | 181 | ||||
Balance, end of period | 2,172 | 2,131 | 2,172 | 2,131 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 996 | 996 | 1,052 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 1,176 | 1,176 | 654 | |||||
Loans individually evaluated for impairment | 74,876 | 74,876 | 79,085 | |||||
Loans collectively evaluated for impairment | 11,958 | 11,958 | 21,208 | |||||
Total Loans | 86,834 | 86,834 | 100,293 | |||||
Residential real estate | Purchased Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 830 | 959 | 1,242 | 1,196 | ||||
Charge-offs | (28) | (38) | (73) | (42) | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Provision for loan and lease losses | (16) | 47 | (383) | (186) | ||||
Balance, end of period | 786 | 968 | 786 | 968 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 68 | 68 | 128 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 718 | 718 | 1,114 | |||||
Loans individually evaluated for impairment | 2,262 | 2,262 | 3,029 | |||||
Loans collectively evaluated for impairment | 29,825 | 29,825 | 37,303 | |||||
Total Loans | 32,087 | 32,087 | 40,332 | |||||
Owner-occupied real estate | Purchased Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 825 | 1,531 | 718 | 1,655 | ||||
Charge-offs | 0 | 0 | (10) | (36) | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Provision for loan and lease losses | (9) | 80 | 108 | (8) | ||||
Balance, end of period | 816 | 1,611 | 816 | 1,611 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 695 | 695 | 586 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 121 | 121 | 132 | |||||
Loans individually evaluated for impairment | 7,646 | 7,646 | 9,483 | |||||
Loans collectively evaluated for impairment | 10,373 | 10,373 | 11,320 | |||||
Total Loans | 18,019 | 18,019 | 20,803 | |||||
Commercial, financial & agricultural | Purchased Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 217 | 37 | 42 | 38 | ||||
Charge-offs | 0 | (15) | 0 | (16) | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Provision for loan and lease losses | (3) | 15 | 172 | 15 | ||||
Balance, end of period | 214 | 37 | 214 | 37 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 8 | 8 | 32 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 206 | 206 | 10 | |||||
Loans individually evaluated for impairment | 548 | 548 | 2,318 | |||||
Loans collectively evaluated for impairment | 10,892 | 10,892 | 11,733 | |||||
Total Loans | 11,440 | 11,440 | 14,051 | |||||
Consumer | Purchased Credit Impaired Loans | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance, beginning of period | 10 | 0 | 8 | 1 | ||||
Charge-offs | (6) | (1) | (6) | (1) | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Provision for loan and lease losses | (4) | 15 | (2) | 14 | ||||
Balance, end of period | 0 | $ 14 | 0 | $ 14 | ||||
Allowance attributable to loans, Individually evaluated for impairment | 0 | 0 | 0 | |||||
Allowance attributable to loans, Collectively evaluated for impairment | 0 | 0 | 8 | |||||
Loans individually evaluated for impairment | 0 | 0 | 0 | |||||
Loans collectively evaluated for impairment | 82 | 82 | 135 | |||||
Total Loans | $ 82 | $ 82 | $ 135 | |||||
|
Allowance for Loan and Lease Losses (ALLL) - Organic Impaired Loans (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance with No Related Allowance | $ 68,681,000 | $ 68,681,000 | $ 12,114,000 | ||
Recorded Investment with No Related Allowance | 66,307,000 | 66,307,000 | 10,294,000 | ||
Unpaid Principal Balance with Related Allowance | 4,784,000 | 4,784,000 | 2,870,000 | ||
Recorded Investment with Related Allowance | 4,605,000 | 4,605,000 | 2,748,000 | ||
Impaired financing receivable, related allowance | 1,943,000 | 1,943,000 | 1,238,000 | ||
Unpaid Principal Balance | 73,465,000 | 73,465,000 | 14,984,000 | ||
Recorded Investment | 70,912,000 | 70,912,000 | 13,042,000 | ||
Average Recorded Investment | 67,336,000 | $ 10,069,000 | 53,444,000 | $ 11,018,000 | |
Interest Income Recognized | 669,000 | 1,000 | 1,043,000 | 1,000 | |
Average recorded investment for TDRs | 6,900,000 | 3,200,000 | 7,000,000 | 4,100,000 | |
Interest income recognized on troubled debt restructurings | 67,000 | 0 | 131,000 | 0 | |
Total commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance with No Related Allowance | 3,366,000 | 3,366,000 | 4,699,000 | ||
Recorded Investment with No Related Allowance | 3,360,000 | 3,360,000 | 3,901,000 | ||
Unpaid Principal Balance with Related Allowance | 0 | 0 | 113,000 | ||
Recorded Investment with Related Allowance | 0 | 0 | 112,000 | ||
Impaired financing receivable, related allowance | 0 | 0 | 56,000 | ||
Average Recorded Investment | 3,387,000 | 3,509,000 | 3,491,000 | 4,350,000 | |
Interest Income Recognized | 8,000 | 0 | 16,000 | 0 | |
Residential real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance with No Related Allowance | 2,491,000 | 2,491,000 | 453,000 | ||
Recorded Investment with No Related Allowance | 2,340,000 | 2,340,000 | 456,000 | ||
Unpaid Principal Balance with Related Allowance | 789,000 | 789,000 | 1,452,000 | ||
Recorded Investment with Related Allowance | 741,000 | 741,000 | 1,399,000 | ||
Impaired financing receivable, related allowance | 371,000 | 371,000 | 699,000 | ||
Average Recorded Investment | 3,873,000 | 1,018,000 | 4,099,000 | 1,031,000 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Owner-occupied real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance with No Related Allowance | 1,640,000 | 1,640,000 | 4,172,000 | ||
Recorded Investment with No Related Allowance | 1,600,000 | 1,600,000 | 4,015,000 | ||
Unpaid Principal Balance with Related Allowance | 966,000 | 966,000 | 350,000 | ||
Recorded Investment with Related Allowance | 930,000 | 930,000 | 335,000 | ||
Impaired financing receivable, related allowance | 69,000 | 69,000 | 125,000 | ||
Average Recorded Investment | 2,525,000 | 2,788,000 | 4,099,000 | 2,824,000 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Commercial, financial & agricultural | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance with No Related Allowance | 61,145,000 | 61,145,000 | 2,739,000 | ||
Recorded Investment with No Related Allowance | 58,974,000 | 58,974,000 | 1,882,000 | ||
Unpaid Principal Balance with Related Allowance | 2,949,000 | 2,949,000 | 872,000 | ||
Recorded Investment with Related Allowance | 2,858,000 | 2,858,000 | 821,000 | ||
Impaired financing receivable, related allowance | 1,465,000 | 1,465,000 | 318,000 | ||
Average Recorded Investment | 57,434,000 | 2,682,000 | 41,624,000 | 2,736,000 | |
Interest Income Recognized | 661,000 | 1,000 | 1,027,000 | 1,000 | |
Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance with No Related Allowance | 39,000 | 39,000 | 51,000 | ||
Recorded Investment with No Related Allowance | 33,000 | 33,000 | 40,000 | ||
Unpaid Principal Balance with Related Allowance | 80,000 | 80,000 | 83,000 | ||
Recorded Investment with Related Allowance | 76,000 | 76,000 | 81,000 | ||
Impaired financing receivable, related allowance | 38,000 | 38,000 | 40,000 | ||
Average Recorded Investment | 117,000 | 72,000 | 131,000 | 77,000 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
SBA Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 3,600,000 | 3,600,000 | 5,700,000 | ||
Construction, land & land development | Total commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance with No Related Allowance | 75,000 | 75,000 | 82,000 | ||
Recorded Investment with No Related Allowance | 71,000 | 71,000 | 79,000 | ||
Unpaid Principal Balance with Related Allowance | 0 | 0 | 113,000 | ||
Recorded Investment with Related Allowance | 0 | 0 | 112,000 | ||
Impaired financing receivable, related allowance | 0 | 0 | 56,000 | ||
Average Recorded Investment | 75,000 | 3,458,000 | 132,000 | 4,297,000 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Other commercial real estate | Total commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance with No Related Allowance | 3,291,000 | 3,291,000 | 4,617,000 | ||
Recorded Investment with No Related Allowance | 3,289,000 | 3,289,000 | 3,822,000 | ||
Unpaid Principal Balance with Related Allowance | 0 | 0 | 0 | ||
Recorded Investment with Related Allowance | 0 | 0 | 0 | ||
Impaired financing receivable, related allowance | 0 | 0 | $ 0 | ||
Average Recorded Investment | 3,312,000 | 51,000 | 3,359,000 | 53,000 | |
Interest Income Recognized | $ 8,000 | $ 0 | $ 16,000 | $ 0 |
Allowance for Loan and Lease Losses (ALLL) - Organic Nonaccrual Loans (Details) - Organic and Purchased Non-Credit Impaired Loans - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Nonaccrual Loans | $ 30,704 | $ 12,477 |
Total commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 2,870 | 3,448 |
Total commercial real estate | Construction, land & land development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 71 | 191 |
Total commercial real estate | Other commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 2,799 | 3,257 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 3,081 | 1,855 |
Owner-occupied real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 2,530 | 4,350 |
Commercial, financial & agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 22,114 | 2,703 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Nonaccrual Loans | $ 109 | $ 121 |
Allowance for Loan and Lease Losses (ALLL) - Past Due Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 3,605,273 | $ 3,532,193 | [1] | ||
Organic Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,201 | 4,761 | |||
Current | 2,659,521 | 2,361,082 | |||
Total Loans | 2,663,722 | 2,365,843 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Organic Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 195 | 532 | |||
Current | 1,402,134 | 1,361,602 | |||
Total Loans | 1,402,329 | 1,362,134 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Organic Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 183 | 532 | |||
Current | 454,442 | 412,008 | |||
Total Loans | 454,625 | 412,540 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Organic Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 12 | 0 | |||
Current | 947,692 | 949,594 | |||
Total Loans | 947,704 | 949,594 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Organic Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,383 | 1,960 | |||
Current | 221,503 | 194,265 | |||
Total Loans | 222,886 | 196,225 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Organic Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,833 | 1,187 | |||
Current | 268,220 | 259,086 | |||
Total Loans | 270,053 | 260,273 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Organic Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 664 | 987 | |||
Current | 665,908 | 429,218 | |||
Total Loans | 666,572 | 430,205 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Organic Loans | Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Current | 36,863 | 52,396 | |||
Total Loans | 36,863 | 52,396 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Organic Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 126 | 95 | |||
Current | 64,893 | 64,515 | |||
Total Loans | 65,019 | 64,610 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Non-Credit Impaired Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 2,872 | 3,925 | |||
Current | 790,217 | 986,811 | |||
Total Loans | 793,089 | 990,736 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Non-Credit Impaired Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 80 | |||
Current | 209,277 | 244,488 | |||
Total Loans | 209,277 | 244,568 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Non-Credit Impaired Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 35 | |||
Current | 14,282 | 25,873 | |||
Total Loans | 14,282 | 25,908 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Non-Credit Impaired Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 45 | |||
Current | 194,995 | 218,615 | |||
Total Loans | 194,995 | 218,660 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Non-Credit Impaired Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,644 | 663 | |||
Current | 71,173 | 95,866 | |||
Total Loans | 72,817 | 96,529 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Non-Credit Impaired Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 190 | 1,873 | |||
Current | 82,310 | 116,421 | |||
Total Loans | 82,500 | 118,294 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Non-Credit Impaired Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,001 | 1,268 | |||
Current | 425,991 | 527,916 | |||
Total Loans | 426,992 | 529,184 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Non-Credit Impaired Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 37 | 41 | |||
Current | 1,466 | 2,120 | |||
Total Loans | 1,503 | 2,161 | |||
Loans greater than 90 Days and Accruing | 0 | 0 | |||
Purchased Credit Impaired Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 8,835 | 10,254 | |||
Current | 139,627 | 165,360 | |||
Total Loans | 148,462 | 175,614 | |||
Purchased Credit Impaired Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,468 | 5,548 | |||
Current | 82,366 | 94,745 | |||
Total Loans | 86,834 | 100,293 | |||
Purchased Credit Impaired Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,806 | 1,882 | |||
Current | 11,421 | 11,663 | |||
Total Loans | 13,227 | 13,545 | |||
Purchased Credit Impaired Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 2,662 | 3,666 | |||
Current | 70,945 | 83,082 | |||
Total Loans | 73,607 | 86,748 | |||
Purchased Credit Impaired Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 2,168 | 3,395 | |||
Current | 29,919 | 36,937 | |||
Total Loans | 32,087 | 40,332 | |||
Purchased Credit Impaired Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 785 | 871 | |||
Current | 17,234 | 19,932 | |||
Total Loans | 18,019 | 20,803 | |||
Purchased Credit Impaired Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,414 | 425 | |||
Current | 10,026 | 13,626 | |||
Total Loans | 11,440 | 14,051 | |||
Purchased Credit Impaired Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 15 | |||
Current | 82 | 120 | |||
Total Loans | 82 | 135 | |||
30 - 89 Days Past Due | Organic Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,165 | 3,761 | |||
30 - 89 Days Past Due | Organic Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 150 | 487 | |||
30 - 89 Days Past Due | Organic Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 138 | 487 | |||
30 - 89 Days Past Due | Organic Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 12 | 0 | |||
30 - 89 Days Past Due | Organic Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,114 | 1,868 | |||
30 - 89 Days Past Due | Organic Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,591 | 474 | |||
30 - 89 Days Past Due | Organic Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 193 | 865 | |||
30 - 89 Days Past Due | Organic Loans | Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
30 - 89 Days Past Due | Organic Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 117 | 67 | |||
30 - 89 Days Past Due | Purchased Non-Credit Impaired Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,595 | 1,523 | |||
30 - 89 Days Past Due | Purchased Non-Credit Impaired Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 35 | |||
30 - 89 Days Past Due | Purchased Non-Credit Impaired Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 35 | |||
30 - 89 Days Past Due | Purchased Non-Credit Impaired Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
30 - 89 Days Past Due | Purchased Non-Credit Impaired Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,449 | 537 | |||
30 - 89 Days Past Due | Purchased Non-Credit Impaired Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 46 | 283 | |||
30 - 89 Days Past Due | Purchased Non-Credit Impaired Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 71 | 640 | |||
30 - 89 Days Past Due | Purchased Non-Credit Impaired Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 29 | 28 | |||
30 - 89 Days Past Due | Purchased Credit Impaired Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,455 | 2,169 | |||
30 - 89 Days Past Due | Purchased Credit Impaired Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 306 | 364 | |||
30 - 89 Days Past Due | Purchased Credit Impaired Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 8 | 1 | |||
30 - 89 Days Past Due | Purchased Credit Impaired Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 298 | 363 | |||
30 - 89 Days Past Due | Purchased Credit Impaired Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 962 | 1,519 | |||
30 - 89 Days Past Due | Purchased Credit Impaired Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 187 | 85 | |||
30 - 89 Days Past Due | Purchased Credit Impaired Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 201 | |||
30 - 89 Days Past Due | Purchased Credit Impaired Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
90 Days or Greater Past Due | Organic Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,036 | 1,000 | |||
90 Days or Greater Past Due | Organic Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 45 | 45 | |||
90 Days or Greater Past Due | Organic Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 45 | 45 | |||
90 Days or Greater Past Due | Organic Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
90 Days or Greater Past Due | Organic Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 269 | 92 | |||
90 Days or Greater Past Due | Organic Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 242 | 713 | |||
90 Days or Greater Past Due | Organic Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 471 | 122 | |||
90 Days or Greater Past Due | Organic Loans | Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
90 Days or Greater Past Due | Organic Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 9 | 28 | |||
90 Days or Greater Past Due | Purchased Non-Credit Impaired Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,277 | 2,402 | |||
90 Days or Greater Past Due | Purchased Non-Credit Impaired Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 45 | |||
90 Days or Greater Past Due | Purchased Non-Credit Impaired Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
90 Days or Greater Past Due | Purchased Non-Credit Impaired Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 45 | |||
90 Days or Greater Past Due | Purchased Non-Credit Impaired Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 195 | 126 | |||
90 Days or Greater Past Due | Purchased Non-Credit Impaired Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 144 | 1,590 | |||
90 Days or Greater Past Due | Purchased Non-Credit Impaired Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 930 | 628 | |||
90 Days or Greater Past Due | Purchased Non-Credit Impaired Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 8 | 13 | |||
90 Days or Greater Past Due | Purchased Credit Impaired Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 7,380 | 8,085 | |||
90 Days or Greater Past Due | Purchased Credit Impaired Loans | Total commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,162 | 5,184 | |||
90 Days or Greater Past Due | Purchased Credit Impaired Loans | Total commercial real estate | Construction, land & land development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,798 | 1,881 | |||
90 Days or Greater Past Due | Purchased Credit Impaired Loans | Total commercial real estate | Other commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 2,364 | 3,303 | |||
90 Days or Greater Past Due | Purchased Credit Impaired Loans | Residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,206 | 1,876 | |||
90 Days or Greater Past Due | Purchased Credit Impaired Loans | Owner-occupied real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 598 | 786 | |||
90 Days or Greater Past Due | Purchased Credit Impaired Loans | Commercial, financial & agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,414 | 224 | |||
90 Days or Greater Past Due | Purchased Credit Impaired Loans | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 0 | $ 15 | |||
|
Allowance for Loan and Lease Losses (ALLL) - Credit Quality of Organic Loans (Details) - Organic Loans - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 2,663,722 | $ 2,365,843 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 2,494,546 | 2,254,814 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 141,058 | 94,143 |
OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 10,764 | 8,210 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 17,351 | 8,676 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 3 | 0 |
Total commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 1,402,329 | 1,362,134 |
Total commercial real estate | Construction, land & land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 454,625 | 412,540 |
Total commercial real estate | Other commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 947,704 | 949,594 |
Total commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 1,323,503 | 1,291,526 |
Total commercial real estate | Pass | Construction, land & land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 418,587 | 371,358 |
Total commercial real estate | Pass | Other commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 904,916 | 920,168 |
Total commercial real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 68,054 | 61,168 |
Total commercial real estate | Watch | Construction, land & land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 30,238 | 38,939 |
Total commercial real estate | Watch | Other commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 37,816 | 22,229 |
Total commercial real estate | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 7,916 | 5,451 |
Total commercial real estate | OAEM | Construction, land & land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 5,755 | 2,086 |
Total commercial real estate | OAEM | Other commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 2,161 | 3,365 |
Total commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 2,856 | 3,989 |
Total commercial real estate | Substandard | Construction, land & land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 45 | 157 |
Total commercial real estate | Substandard | Other commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 2,811 | 3,832 |
Total commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Total commercial real estate | Doubtful | Construction, land & land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Total commercial real estate | Doubtful | Other commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 222,886 | 196,225 |
Residential real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 215,547 | 188,918 |
Residential real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 4,180 | 3,668 |
Residential real estate | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 311 | 1,488 |
Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 2,848 | 2,151 |
Residential real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Owner-occupied real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 270,053 | 260,273 |
Owner-occupied real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 238,941 | 240,987 |
Owner-occupied real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 23,746 | 16,891 |
Owner-occupied real estate | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 2,214 | 1,067 |
Owner-occupied real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 5,152 | 1,328 |
Owner-occupied real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Commercial, financial & agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 666,572 | 430,205 |
Commercial, financial & agricultural | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 617,246 | 421,114 |
Commercial, financial & agricultural | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 42,647 | 7,870 |
Commercial, financial & agricultural | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 262 | 123 |
Commercial, financial & agricultural | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 6,417 | 1,098 |
Commercial, financial & agricultural | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 36,863 | 52,396 |
Leases | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 34,481 | 47,908 |
Leases | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 2,382 | 4,488 |
Leases | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Leases | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Leases | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 65,019 | 64,610 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 64,828 | 64,361 |
Consumer | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 49 | 58 |
Consumer | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 61 | 81 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 78 | 110 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 3 | $ 0 |
Allowance for Loan and Lease Losses (ALLL) - Credit Quality of Purchased Non-Credit Impaired Loans (Details) - Purchased Non-Credit Impaired Loans - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable [Line Items] | ||
Loans Receivable | $ 793,089 | $ 990,736 |
Pass | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 635,150 | 897,468 |
Watch | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 92,680 | 66,478 |
OAEM | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 19,638 | 9,119 |
Substandard | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 45,527 | 17,607 |
Doubtful | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 94 | 64 |
Total commercial real estate | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 209,277 | 244,568 |
Total commercial real estate | Pass | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 169,554 | 240,402 |
Total commercial real estate | Watch | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 35,584 | 1,726 |
Total commercial real estate | OAEM | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 3,584 | 1,825 |
Total commercial real estate | Substandard | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 555 | 615 |
Total commercial real estate | Doubtful | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 0 | 0 |
Total commercial real estate | Construction, land & land development | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 14,282 | 25,908 |
Total commercial real estate | Construction, land & land development | Pass | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 14,210 | 25,486 |
Total commercial real estate | Construction, land & land development | Watch | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 44 | 385 |
Total commercial real estate | Construction, land & land development | OAEM | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 0 | 0 |
Total commercial real estate | Construction, land & land development | Substandard | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 28 | 37 |
Total commercial real estate | Construction, land & land development | Doubtful | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 0 | 0 |
Total commercial real estate | Other commercial real estate | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 194,995 | 218,660 |
Total commercial real estate | Other commercial real estate | Pass | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 155,344 | 214,916 |
Total commercial real estate | Other commercial real estate | Watch | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 35,540 | 1,341 |
Total commercial real estate | Other commercial real estate | OAEM | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 3,584 | 1,825 |
Total commercial real estate | Other commercial real estate | Substandard | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 527 | 578 |
Total commercial real estate | Other commercial real estate | Doubtful | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 0 | 0 |
Residential real estate | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 72,817 | 96,529 |
Residential real estate | Pass | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 69,339 | 92,119 |
Residential real estate | Watch | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 1,308 | 2,216 |
Residential real estate | OAEM | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 294 | 791 |
Residential real estate | Substandard | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 1,802 | 1,369 |
Residential real estate | Doubtful | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 74 | 34 |
Owner-occupied real estate | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 82,500 | 118,294 |
Owner-occupied real estate | Pass | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 72,994 | 110,034 |
Owner-occupied real estate | Watch | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 6,148 | 3,227 |
Owner-occupied real estate | OAEM | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 0 | 1,280 |
Owner-occupied real estate | Substandard | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 3,358 | 3,753 |
Owner-occupied real estate | Doubtful | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 0 | 0 |
Commercial, financial & agricultural | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 426,992 | 529,184 |
Commercial, financial & agricultural | Pass | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 321,831 | 452,822 |
Commercial, financial & agricultural | Watch | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 49,628 | 59,306 |
Commercial, financial & agricultural | OAEM | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 15,760 | 5,223 |
Commercial, financial & agricultural | Substandard | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 39,773 | 11,833 |
Commercial, financial & agricultural | Doubtful | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 0 | 0 |
Consumer | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 1,503 | 2,161 |
Consumer | Pass | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 1,432 | 2,091 |
Consumer | Watch | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 12 | 3 |
Consumer | OAEM | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable [Line Items] | ||
Loans Receivable | 39 | 37 |
Consumer | Doubtful | ||
Financing Receivable [Line Items] | ||
Loans Receivable | $ 20 | $ 30 |
Allowance for Loan and Lease Losses (ALLL) - Credit Quality of Purchased Credit Impaired Loans (Details) - Purchased Credit Impaired Loans - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 148,462 | $ 175,614 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 76,612 | 100,928 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 24,791 | 24,361 |
OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 4,272 | 6,086 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 42,719 | 44,126 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 68 | 113 |
Total commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 86,834 | 100,293 |
Total commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 52,525 | 69,887 |
Total commercial real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 16,365 | 12,807 |
Total commercial real estate | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 2,188 | 3,334 |
Total commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 15,756 | 14,265 |
Total commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Total commercial real estate | Construction, land & land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 13,227 | 13,545 |
Total commercial real estate | Construction, land & land development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 6,466 | 6,677 |
Total commercial real estate | Construction, land & land development | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 609 | 809 |
Total commercial real estate | Construction, land & land development | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 915 | 973 |
Total commercial real estate | Construction, land & land development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 5,237 | 5,086 |
Total commercial real estate | Construction, land & land development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Total commercial real estate | Other commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 73,607 | 86,748 |
Total commercial real estate | Other commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 46,059 | 63,210 |
Total commercial real estate | Other commercial real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 15,756 | 11,998 |
Total commercial real estate | Other commercial real estate | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 1,273 | 2,361 |
Total commercial real estate | Other commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 10,519 | 9,179 |
Total commercial real estate | Other commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 32,087 | 40,332 |
Residential real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 17,187 | 21,706 |
Residential real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 4,522 | 6,419 |
Residential real estate | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 1,274 | 1,590 |
Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 9,036 | 10,504 |
Residential real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 68 | 113 |
Owner-occupied real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 18,019 | 20,803 |
Owner-occupied real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 6,356 | 7,181 |
Owner-occupied real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 3,759 | 4,896 |
Owner-occupied real estate | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 791 | 818 |
Owner-occupied real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 7,113 | 7,908 |
Owner-occupied real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Commercial, financial & agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 11,440 | 14,051 |
Commercial, financial & agricultural | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 513 | 2,094 |
Commercial, financial & agricultural | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 121 | 211 |
Commercial, financial & agricultural | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 323 |
Commercial, financial & agricultural | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 10,806 | 11,423 |
Commercial, financial & agricultural | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 82 | 135 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 31 | 60 |
Consumer | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 24 | 28 |
Consumer | OAEM | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 19 | 21 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 8 | 26 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 0 | $ 0 |
Allowance for Loan and Lease Losses (ALLL) - Narrative (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018
USD ($)
contract
commitment
|
Jun. 30, 2017
contract
|
Jun. 30, 2018
USD ($)
loan
commitment
|
Dec. 31, 2017
USD ($)
commitment
|
|
Receivables [Abstract] | ||||
Troubled debt restructuring | $ 6,897,000 | $ 6,897,000 | $ 1,500,000 | |
Allowance for loan losses on troubled debt restructuring | $ 28,000 | $ 28,000 | $ 0 | |
Number of commitments to extend credit to borrowers with TDR | commitment | 1 | 1 | 0 | |
Recorded investment for commitments to extend credit to borrowers with TDR | $ 599,000 | $ 599,000 | ||
Number of TDR's that subsequently defaulted within 12 months | 0 | 0 | 1 | |
Recorded investment for TDR's that subsequently defaulted within 12 months | $ 848,000 |
Allowance for Loan and Lease Losses (ALLL) - Troubled Debt Restructuring (Details) - Organic Loans $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018
USD ($)
contract
|
Jun. 30, 2017
USD ($)
contract
|
|
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 5,570 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 5,570 | $ 0 |
Total commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 2,801 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 2,801 | $ 0 |
Total commercial real estate | Construction, land & land development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Total commercial real estate | Other commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 2,801 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 2,801 | $ 0 |
Commercial & industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Owner-occupied real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 2,769 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 2,769 | $ 0 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
SBA Servicing Rights - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Transfers and Servicing [Abstract] | |||||
SBA loans sold, unpaid principal balance | $ 9,800 | $ 16,500 | $ 18,400 | $ 25,000 | |
SBA loans sold, gains on sales | 1,000 | 1,600 | 1,900 | 2,500 | |
SBA servicing fee income | 462 | $ 407 | 938 | $ 840 | |
SBA loans serviced | $ 184,800 | $ 184,800 | $ 185,600 |
SBA Servicing Rights - Rollforward (Details) - SBA Loans - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Balance, beginning of period | $ 4,003 | $ 3,547 | $ 4,069 | $ 3,477 |
Additions | 213 | 391 | 413 | 597 |
Fair value adjustments | (227) | (110) | (493) | (246) |
Balance, end of period | $ 3,989 | $ 3,828 | $ 3,989 | $ 3,828 |
SBA Servicing Rights - Fair Value Assumptions & Sensitivity Analysis (Details) - SBA Loans - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
Mar. 31, 2018 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Servicing Assets at Fair Value [Line Items] | ||||||
Fair value | $ 3,989 | $ 4,069 | $ 4,003 | $ 3,828 | $ 3,547 | $ 3,477 |
Weighted average discount rate | 12.70% | 12.90% | ||||
Decline in fair value due to a 100 basis point adverse change | $ (130) | $ (140) | ||||
Decline in fair value due to a 200 basis point adverse change | $ (253) | $ (272) | ||||
Prepayment speed | 11.00% | 9.10% | ||||
Decline in fair value due to a 10% adverse change | $ (160) | $ (141) | ||||
Decline in fair value due to a 20% adverse change | $ (310) | $ (275) | ||||
Weighted average remaining life | 5 years 11 months | 6 years 8 months |
SBA Servicing Rights - Past Due (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | $ 352,020 | $ 349,787 | |
Net Charge-offs during the period | 52 | $ 0 | |
Serviced for others | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 184,803 | 185,557 | |
Net Charge-offs during the period | 0 | 0 | |
Held-for-sale | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 15,874 | 10,420 | |
Net Charge-offs during the period | 0 | 0 | |
Held-for-investment | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 151,343 | 153,810 | |
Net Charge-offs during the period | 52 | $ 0 | |
30 - 89 Days Past Due | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 2,234 | 4,063 | |
30 - 89 Days Past Due | Serviced for others | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 557 | 1,555 | |
30 - 89 Days Past Due | Held-for-sale | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 0 | 0 | |
30 - 89 Days Past Due | Held-for-investment | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 1,677 | 2,508 | |
90 Days or Greater Past Due | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 5,714 | 6,627 | |
90 Days or Greater Past Due | Serviced for others | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 0 | 0 | |
90 Days or Greater Past Due | Held-for-sale | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | 0 | 0 | |
90 Days or Greater Past Due | Held-for-investment | |||
Servicing Assets at Fair Value [Line Items] | |||
Total SBA loans serviced | $ 5,714 | $ 6,627 |
Derivative Instruments and Hedging Activities - Narrative (Details) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
derivative
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2013
USD ($)
|
Jun. 30, 2018
USD ($)
derivative
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
derivative
|
|
Derivative [Line Items] | ||||||
Amount of gain (loss) recognized in income | $ (330,000) | $ (21,000) | $ (64,000) | $ (409,000) | ||
Credit Risk Contract | ||||||
Derivative [Line Items] | ||||||
Fair value of derivatives in net liability position | 0 | 0 | ||||
Interest rate swaps and caps | ||||||
Derivative [Line Items] | ||||||
Notional amount | 52,700,000 | 52,700,000 | $ 36,300,000 | |||
Derivative financial instruments, assets | 4,230,000 | 4,230,000 | 2,011,000 | |||
Derivative financial instruments, liabilities | 0 | 0 | 116,000 | |||
Forward Commitments | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 82,600,000 | $ 82,600,000 | $ 55,800,000 | |||
Derivatives designated as hedging instruments | Interest Rate Swaps | ||||||
Derivative [Line Items] | ||||||
Number of interest rate derivatives held | derivative | 72 | 72 | 84 | |||
Notional amount | $ 123,000,000 | $ 123,000,000 | $ 141,900,000 | |||
Derivatives designated as hedging instruments | Interest Rate Caps | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 200,000,000 | |||||
Term of contract | 5 years | |||||
Not Designated as Hedging Instrument | Interest Rate Swaps | ||||||
Derivative [Line Items] | ||||||
Number of interest rate derivatives held | derivative | 0 | 0 | ||||
Noninterest Income | Interest Rate Swaps | ||||||
Derivative [Line Items] | ||||||
Amount of gain (loss) recognized in income | $ 0 | (40,000) | $ 0 | (56,000) | ||
Noninterest Income | Interest rate swaps and caps | ||||||
Derivative [Line Items] | ||||||
Amount of gain (loss) recognized in income | 204,000 | (284,000) | 542,000 | 329,000 | ||
Noninterest Income | Forward Commitments | ||||||
Derivative [Line Items] | ||||||
Amount of gain (loss) recognized in income | (534,000) | $ 303,000 | (606,000) | $ (682,000) | ||
Other Assets | Derivatives designated as hedging instruments | ||||||
Derivative [Line Items] | ||||||
Derivative financial instruments, assets | 4,230,000 | 4,230,000 | 2,011,000 | |||
Other Assets | Derivatives designated as hedging instruments | Interest rate swaps and caps | ||||||
Derivative [Line Items] | ||||||
Derivative financial instruments, assets | 4,230,000 | 4,230,000 | 2,011,000 | |||
Other Assets | Not Designated as Hedging Instrument | ||||||
Derivative [Line Items] | ||||||
Derivative financial instruments, assets | 1,013,000 | 1,013,000 | 616,000 | |||
Other Assets | Not Designated as Hedging Instrument | Mortgage Derivatives | ||||||
Derivative [Line Items] | ||||||
Derivative financial instruments, assets | 1,000,000 | 1,000,000 | 616,000 | |||
Other Liabilities | Derivatives designated as hedging instruments | ||||||
Derivative [Line Items] | ||||||
Derivative financial instruments, liabilities | 0 | 0 | 116,000 | |||
Other Liabilities | Derivatives designated as hedging instruments | Interest rate swaps and caps | ||||||
Derivative [Line Items] | ||||||
Derivative financial instruments, liabilities | 0 | 0 | 116,000 | |||
Other Liabilities | Not Designated as Hedging Instrument | ||||||
Derivative [Line Items] | ||||||
Derivative financial instruments, liabilities | 699,000 | 699,000 | 238,000 | |||
Other Liabilities | Not Designated as Hedging Instrument | Mortgage Derivatives | ||||||
Derivative [Line Items] | ||||||
Derivative financial instruments, liabilities | $ 699,000 | $ 699,000 | $ 238,000 |
Derivative Instruments and Hedging Activities - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivatives designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 4,230 | $ 2,011 |
Derivatives designated as hedging instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives Liabilities | 0 | 116 |
Not Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,013 | 616 |
Not Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives Liabilities | 699 | 238 |
Interest rate swaps and caps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4,230 | 2,011 |
Derivatives Liabilities | 0 | 116 |
Interest rate swaps and caps | Derivatives designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4,230 | 2,011 |
Interest rate swaps and caps | Derivatives designated as hedging instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives Liabilities | 0 | 116 |
Mortgage derivatives | Not Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,000 | 616 |
Mortgage derivatives | Not Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives Liabilities | $ 699 | $ 238 |
Derivative Instruments and Hedging Activities - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income | $ 63,688 | $ 49,847 | $ 124,249 | $ 97,044 |
Interest Expense | 7,558 | 3,369 | 13,263 | 6,608 |
Noninterest Income | 10,917 | 10,476 | 21,378 | 19,935 |
Interest Rate Swaps | Interest Income | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedging relationships in Subtopic 815-20 - Hedged items | (588) | 0 | (2,316) | 0 |
Gain (loss) on fair value hedging relationships in Subtopic 815-20 | 668 | 0 | 2,527 | 0 |
Interest Rate Swaps | Interest Expense | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedging relationships in Subtopic 815-20 - Hedged items | 0 | 0 | 0 | 0 |
Gain (loss) on fair value hedging relationships in Subtopic 815-20 | 0 | 0 | 0 | 0 |
Interest Rate Swaps | Noninterest Income | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedging relationships in Subtopic 815-20 - Hedged items | 0 | 425 | 0 | (83) |
Gain (loss) on fair value hedging relationships in Subtopic 815-20 | 0 | (464) | 0 | 32 |
Interest Rate Caps | Interest Income | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on cash flow hedging relationships in Subtopic 815-20 | 0 | 0 | 0 | 0 |
Interest Rate Caps | Interest Expense | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on cash flow hedging relationships in Subtopic 815-20 | 0 | 430 | 91 | 834 |
Interest Rate Caps | Noninterest Income | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on cash flow hedging relationships in Subtopic 815-20 | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities - Fair Value Hedges (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of the Hedged Asset | $ 119,559 | $ 139,391 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | (4,145) | (1,892) |
Loans | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of the Hedged Asset | 119,559 | 139,391 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ (4,145) | $ (1,892) |
Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) - Interest Rate Caps - Cash Flow Hedging - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Derivatives designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivatives (effective portion) | $ 0 | $ (409) | $ (95) | $ (754) |
OCI | Derivatives designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivatives (effective portion) | 0 | 21 | (4) | 80 |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of loss reclassified from AOCI into income | 0 | (430) | (91) | (834) |
Interest Expense | Derivatives designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of loss reclassified from AOCI into income | $ 0 | $ 430 | $ 91 | $ 834 |
Derivative Instruments and Hedging Activities - Interest Rate Products Not Designated as Hedges (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income | $ (330,000) | $ (21,000) | $ (64,000) | $ (409,000) |
Noninterest Income | Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income | 0 | (40,000) | 0 | (56,000) |
Noninterest Income | Interest Rate Lock Commitments | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income | 204,000 | (284,000) | 542,000 | 329,000 |
Noninterest Income | Forward Commitments | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income | $ (534,000) | $ 303,000 | $ (606,000) | $ (682,000) |
Balance Sheet Offsetting and Repurchase Agreements - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Repurchase agreements | ||
Gross Amounts Recognized | $ 13,525 | $ 25,209 |
Gross Amounts Offset on the Statement of Financial Condition | 0 | 0 |
Net Amounts Presented on the Statement of Financial Condition | 13,525 | 25,209 |
Gross Amounts Not Offset on the Statement of Financial Condition | 0 | 0 |
Collateral Received/Posted | (13,525) | (25,209) |
Net Amount | 0 | 0 |
Total liabilities | ||
Gross Amounts Recognized | 13,525 | 25,325 |
Gross Amounts Offset on the Statement of Financial Condition | 0 | 0 |
Net Amounts Presented on the Statement of Financial Condition | 13,525 | 25,325 |
Gross Amounts Not Offset on the Statement of Financial Condition | 0 | (116) |
Collateral Received/Posted | (13,525) | (25,209) |
Net Amount | 0 | 0 |
Interest rate swaps and caps | ||
Offsetting Assets | ||
Gross Amounts Recognized | 4,230 | 2,011 |
Gross Amounts Offset on the Statement of Financial Condition | 0 | 0 |
Net Amounts Presented on the Statement of Financial Condition | 4,230 | 2,011 |
Financial Instruments | 0 | (116) |
Collateral Received/Posted | (4,230) | (1,895) |
Net Amount | 0 | 0 |
Offsetting Liabilities | ||
Gross Amounts Recognized | 0 | 116 |
Gross Amounts Offset on the Statement of Financial Condition | 0 | 0 |
Net Amounts Presented on the Statement of Financial Condition | 0 | 116 |
Financial Instruments | 0 | (116) |
Collateral Received/Posted | 0 | 0 |
Net Amount | $ 0 | $ 0 |
Balance Sheet Offsetting and Repurchase Agreements - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Offsetting [Abstract] | ||
Securities sold under repurchase agreements | $ 13,525 | $ 25,209 |
Regulatory Matters - Minimum Required Regulatory Ratios (Details) |
Jun. 30, 2018 |
---|---|
Common Equity Tier 1 (CET1) capital ratio | |
Minimum Requirement | 4.50% |
Well-capitalized | 6.50% |
Tier 1 risk-based capital ratio | |
Minimum Requirement | 6.00% |
Well-capitalized | 8.00% |
Total risk-based capital ratio | |
Minimum Requirement | 8.00% |
Well-capitalized | 10.00% |
Tier 1 leverage ratio | |
Minimum Requirement | 4.00% |
Well-capitalized | 5.00% |
Regulatory Matters - Regulatory Ratios Consolidated (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Common Equity Tier 1 (CET1) capital ratio | ||
Actual Amount | $ 569,237 | $ 547,822 |
Actual Ratio | 12.79% | 12.61% |
Required Minimum Amount | $ 200,354 | $ 195,433 |
Tier 1 risk-based capital ratio | ||
Actual Amount | $ 569,237 | $ 547,822 |
Actual Ratio | 12.79% | 12.61% |
Required Minimum Amount | $ 267,139 | $ 260,578 |
Total risk-based capital ratio | ||
Actual Amount | $ 602,572 | $ 576,572 |
Actual Ratio | 13.53% | 13.28% |
Required Minimum Amount | $ 356,186 | $ 347,437 |
Tier 1 leverage ratio | ||
Actual Amount | $ 569,237 | $ 547,822 |
Actual Ratio | 11.75% | 11.24% |
Required Minimum Amount | $ 193,773 | $ 194,924 |
Regulatory Matters - Regulatory Ratios Subsidiaries (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Common Equity Tier 1 (CET1) capital ratio | ||
Actual Amount | $ 569,237 | $ 547,822 |
Actual Ratio | 12.79% | 12.61% |
Required Minimum Amount | $ 200,354 | $ 195,433 |
Tier 1 risk-based capital ratio | ||
Actual Amount | $ 569,237 | $ 547,822 |
Actual Ratio | 12.79% | 12.61% |
Required Minimum Amount | $ 267,139 | $ 260,578 |
Total risk-based capital ratio | ||
Actual Amount | $ 602,572 | $ 576,572 |
Actual Ratio | 13.53% | 13.28% |
Required Minimum Amount | $ 356,186 | $ 347,437 |
Tier 1 leverage ratio | ||
Actual Amount | $ 569,237 | $ 547,822 |
Actual Ratio | 11.75% | 11.24% |
Required Minimum Amount | $ 193,773 | $ 194,924 |
State Bank | ||
Common Equity Tier 1 (CET1) capital ratio | ||
Actual Amount | $ 494,402 | $ 481,135 |
Actual Ratio | 11.13% | 11.10% |
Required Minimum Amount | $ 199,943 | $ 194,972 |
Required Well Capitalized Amount | 288,807 | 281,626 |
Tier 1 risk-based capital ratio | ||
Actual Amount | $ 494,402 | $ 481,135 |
Actual Ratio | 11.13% | 11.10% |
Required Minimum Amount | $ 266,591 | $ 259,962 |
Required Well Capitalized Amount | 355,455 | 346,617 |
Total risk-based capital ratio | ||
Actual Amount | $ 527,737 | $ 509,885 |
Actual Ratio | 11.88% | 11.77% |
Required Minimum Amount | $ 355,455 | $ 346,617 |
Required Well Capitalized Amount | 444,318 | 433,271 |
Tier 1 leverage ratio | ||
Actual Amount | $ 494,402 | $ 481,135 |
Actual Ratio | 10.21% | 9.90% |
Required Minimum Amount | $ 193,611 | $ 194,429 |
Required Well Capitalized Amount | $ 242,014 | $ 243,037 |
Regulatory Matters - Narrative (Details) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
[1] | ||
---|---|---|---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Cash and amounts due from depository institutions | $ 12,974,000 | $ 17,438,000 | |||
State Bank | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capacity to pay dividends without prior regulatory approval | 0 | ||||
State Bank Financial Corporation | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Cash and amounts due from depository institutions | $ 66,500,000 | ||||
|
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Commitments [Line Items] | ||
Commitments | $ 1,048,831 | $ 997,047 |
Minimum | ||
Commitments [Line Items] | ||
Fixed rate loan commitments maturity (term) | 1 month | |
Maximum | ||
Commitments [Line Items] | ||
Fixed rate loan commitments maturity (term) | 13 years | |
Fixed | Commitments to extend credit | ||
Commitments [Line Items] | ||
Commitments | $ 91,509 | 65,117 |
Fixed | Letters of credit | ||
Commitments [Line Items] | ||
Commitments | 5,759 | 5,978 |
Variable | Commitments to extend credit | ||
Commitments [Line Items] | ||
Commitments | 944,668 | 914,524 |
Variable | Letters of credit | ||
Commitments [Line Items] | ||
Commitments | 6,895 | $ 11,428 |
Obligation to repurchase or indemnify loans sold | ||
Commitments [Line Items] | ||
Recourse liability | $ 296 |
Fair Value - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of mortgages held-for-sale | $ 39,200 | $ 39,200 | |||
Impaired loans, recorded investments | 73,465 | 73,465 | $ 14,984 | ||
Impaired loans, valuation allowances | 1,943 | 1,943 | 1,238 | ||
Mortgage loans held-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contractual balance including accrued interest | 38,100 | 38,100 | |||
Gain (loss) on change in fair value | 1,200 | ||||
Mortgage banking income | Mortgage loans held-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Gain (loss) on change in fair value | 251 | $ (243) | 617 | $ 482 | |
Collateral Dependent | Assets measured on a nonrecurring basis | Organic and Purchased Non-Credit Impaired Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans, recorded investments | 70,900 | 70,900 | 13,000 | ||
Impaired loans, valuation allowances | $ 1,900 | $ 1,900 | $ 1,200 |
Fair Value - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets: | ||
Fair value of mortgages held-for-sale | $ 39,200 | |
Measured on recurring basis | ||
Assets: | ||
Fair value of mortgages held-for-sale | 39,222 | $ 25,791 |
SBA servicing rights | 3,989 | 4,069 |
Total recurring assets at fair value | 1,003,683 | 1,044,333 |
Liabilities: | ||
Total recurring liabilities at fair value | 699 | 354 |
Measured on recurring basis | Equity securities - financial services industry | ||
Assets: | ||
Investment securities available-for-sale | 1,515 | 1,515 |
Measured on recurring basis | U.S. Government securities | ||
Assets: | ||
Investment securities available-for-sale | 66,679 | 69,559 |
Measured on recurring basis | Residential mortgage-backed securities — nonagency | ||
Assets: | ||
Investment securities available-for-sale | 99,232 | 118,710 |
Measured on recurring basis | Residential mortgage-backed securities — agency | ||
Assets: | ||
Investment securities available-for-sale | 542,970 | 575,849 |
Measured on recurring basis | Corporate securities | ||
Assets: | ||
Investment securities available-for-sale | 126,789 | 108,337 |
Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | ||
Assets: | ||
Fair value of mortgages held-for-sale | 0 | 0 |
SBA servicing rights | 0 | 0 |
Total recurring assets at fair value | 0 | 0 |
Liabilities: | ||
Total recurring liabilities at fair value | 0 | 0 |
Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | Equity securities - financial services industry | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | U.S. Government securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | Residential mortgage-backed securities — nonagency | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | Residential mortgage-backed securities — agency | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | Corporate securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Fair value of mortgages held-for-sale | 39,222 | 25,791 |
SBA servicing rights | 0 | 0 |
Total recurring assets at fair value | 998,733 | 1,039,749 |
Liabilities: | ||
Total recurring liabilities at fair value | 264 | 154 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Equity securities - financial services industry | ||
Assets: | ||
Investment securities available-for-sale | 1,515 | 1,515 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Government securities | ||
Assets: | ||
Investment securities available-for-sale | 66,679 | 69,559 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities — nonagency | ||
Assets: | ||
Investment securities available-for-sale | 99,232 | 118,710 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities — agency | ||
Assets: | ||
Investment securities available-for-sale | 542,970 | 575,849 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Corporate securities | ||
Assets: | ||
Investment securities available-for-sale | 126,789 | 108,337 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Fair value of mortgages held-for-sale | 0 | 0 |
SBA servicing rights | 3,989 | 4,069 |
Total recurring assets at fair value | 4,950 | 4,584 |
Liabilities: | ||
Total recurring liabilities at fair value | 435 | 200 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Equity securities - financial services industry | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | U.S. Government securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities — nonagency | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities — agency | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Corporate securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Hedged loans | Measured on recurring basis | ||
Assets: | ||
Derivative assets | 119,559 | 139,391 |
Hedged loans | Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | ||
Assets: | ||
Derivative assets | 0 | 0 |
Hedged loans | Measured on recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative assets | 119,559 | 139,391 |
Hedged loans | Measured on recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative assets | 0 | 0 |
Mortgage Derivatives | Measured on recurring basis | ||
Assets: | ||
Derivative assets | 1,013 | 616 |
Liabilities: | ||
Derivatives liabilities | 699 | 238 |
Mortgage Derivatives | Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivatives liabilities | 0 | 0 |
Mortgage Derivatives | Measured on recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative assets | 52 | 101 |
Liabilities: | ||
Derivatives liabilities | 264 | 38 |
Mortgage Derivatives | Measured on recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative assets | 961 | 515 |
Liabilities: | ||
Derivatives liabilities | 435 | 200 |
Interest rate swaps and caps | Measured on recurring basis | ||
Assets: | ||
Derivative assets | 4,230 | 2,011 |
Liabilities: | ||
Derivatives liabilities | 0 | 116 |
Interest rate swaps and caps | Measured on recurring basis | Quoted Market Prices in Active Markets (Level 1) | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivatives liabilities | 0 | 0 |
Interest rate swaps and caps | Measured on recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative assets | 4,230 | 2,011 |
Liabilities: | ||
Derivatives liabilities | 0 | 116 |
Interest rate swaps and caps | Measured on recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivatives liabilities | $ 0 | $ 0 |
Fair Value - Mortgage Derivatives Reconciliation (Details) - Mortgage Derivatives - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Other Assets | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | $ 916 | $ 1,096 | $ 515 | $ 699 |
Issuances | 430 | 362 | 1,031 | 1,204 |
Settlements and closed loans | (385) | (568) | (585) | (1,013) |
Balance, end of period | 961 | 890 | 961 | 890 |
Other Liabilities | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | 310 | 465 | 200 | 445 |
Issuances | 430 | 363 | 740 | 828 |
Settlements and closed loans | (305) | (443) | (505) | (888) |
Balance, end of period | 435 | 385 | 435 | 385 |
Mortgage banking income | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Gain on change in fair value | $ (80) | $ (126) | $ 211 | $ 251 |
Fair Value - Financial Assets Measured on a Nonrecurring Basis (Details) - Organic and Purchased Non-Credit Impaired Loans - Assets measured on a nonrecurring basis - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 68,969 | $ 11,804 |
Total nonrecurring assets at fair value | 68,969 | 11,804 |
Quoted Market Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Total nonrecurring assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Total nonrecurring assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 68,969 | 11,804 |
Total nonrecurring assets at fair value | $ 68,969 | $ 11,804 |
Fair Value - Nonfinancial Assets Measured on a Nonrecurring Basis (Details) - Assets measured on a nonrecurring basis - Other real estate owned - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 5,563 | $ 1,204 |
Quoted Market Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 5,563 | $ 1,204 |
Fair Value - Reconciliation of Other Real Estate Owned (Details) - Other real estate owned - Assets measured on a nonrecurring basis - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned at fair value | $ 5,563 | $ 1,204 |
Estimated selling costs and other adjustments | (551) | (309) |
Other real estate owned | $ 5,012 | $ 895 |
Fair Value - Unobservable Inputs (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
SBA servicing rights | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 9.00% | 10.00% |
Prepayment speed | 5.00% | 4.00% |
SBA servicing rights | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 23.00% | 22.00% |
Prepayment speed | 13.00% | 13.00% |
SBA servicing rights | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 13.00% | 13.00% |
Prepayment speed | 11.00% | 9.00% |
Mortgage derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Pull-through rate | 85.00% | 84.00% |
Other real estate owned | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Management discount for property type and recent market volatility | 0.00% | 0.00% |
Other real estate owned | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Management discount for property type and recent market volatility | 50.00% | 33.00% |
Other real estate owned | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Management discount for property type and recent market volatility | 5.00% | 12.00% |
Measured on recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
SBA servicing rights | $ 3,989 | $ 4,069 |
Mortgage derivatives - asset | 1,003,683 | 1,044,333 |
Measured on recurring basis | SBA servicing rights | Discounted cash flows | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
SBA servicing rights | 3,989 | 4,069 |
Measured on recurring basis | Mortgage derivatives | Pricing model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage derivatives - asset | 961 | 515 |
Measured on a nonrecurring basis | Other real estate owned | Third party appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 5,563 | $ 1,204 |
Impaired loans - collateral dependent | Minimum | Collateral dependent | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Management discount for property type and recent market volatility | 0.00% | 0.00% |
Impaired loans - collateral dependent | Maximum | Collateral dependent | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Management discount for property type and recent market volatility | 100.00% | 50.00% |
Impaired loans - collateral dependent | Weighted Average | Collateral dependent | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Management discount for property type and recent market volatility | 3.00% | 9.00% |
Impaired loans - collateral dependent | Measured on a nonrecurring basis | Third party appraisal | Collateral dependent | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans - collateral dependent | $ 68,969 | $ 11,804 |
Mortgage derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Pull-through rate | 85.00% | 84.00% |
Mortgage derivatives | Measured on recurring basis | Pricing model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage derivatives - liability | $ 435 | $ 200 |
Fair Value - Estimated Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Assets: | |||||
Investment securities available-for-sale | $ 835,670 | $ 872,455 | [1] | ||
Investment securities held-to-maturity | 16,817 | 33,351 | |||
Loans held-for-sale | 39,200 | ||||
Carrying Amount | Level 1 | |||||
Assets: | |||||
Cash and cash equivalents | 238,291 | 230,877 | |||
Carrying Amount | Level 2 | |||||
Assets: | |||||
Equity securities | 1,515 | 1,515 | |||
Investment securities available-for-sale | 835,670 | 872,455 | |||
Loans held-for-sale | 55,096 | 36,211 | |||
Derivative financial instruments | 4,230 | 2,011 | |||
Accrued interest receivable | 15,577 | 14,906 | |||
Liabilities: | |||||
Deposits | 4,302,704 | 4,243,135 | |||
Federal funds purchased and securities sold under agreements to repurchase | 13,525 | 25,209 | |||
Notes payable | 398 | 398 | |||
Interest rate swaps and caps | 0 | 116 | |||
Accrued interest payable | 3,623 | 3,750 | |||
Carrying Amount | Level 2 & 3 | |||||
Assets: | |||||
Investment securities held-to-maturity | 16,742 | 32,852 | |||
Loans, net | 3,571,938 | 3,503,443 | |||
Derivative financial instruments | 1,013 | 616 | |||
Liabilities: | |||||
Interest rate swaps and caps | 699 | 238 | |||
Carrying Amount | Level 3 | |||||
Assets: | |||||
Other real estate owned | 5,012 | 895 | |||
SBA servicing rights | 3,989 | 4,069 | |||
Federal Home Loan Bank stock | 4,452 | 4,651 | |||
Estimated Fair Value | Level 1 | |||||
Assets: | |||||
Cash and cash equivalents | 238,291 | 230,877 | |||
Estimated Fair Value | Level 2 | |||||
Assets: | |||||
Equity securities | 1,515 | 1,515 | |||
Investment securities available-for-sale | 835,670 | 872,455 | |||
Loans held-for-sale | 56,641 | 37,580 | |||
Derivative financial instruments | 4,230 | 2,011 | |||
Accrued interest receivable | 15,577 | 14,906 | |||
Liabilities: | |||||
Deposits | 4,301,233 | 4,237,883 | |||
Federal funds purchased and securities sold under agreements to repurchase | 13,525 | 25,209 | |||
Notes payable | 398 | 398 | |||
Interest rate swaps and caps | 0 | 116 | |||
Accrued interest payable | 3,623 | 3,750 | |||
Estimated Fair Value | Level 2 & 3 | |||||
Assets: | |||||
Investment securities held-to-maturity | 16,817 | 33,351 | |||
Loans, net | 3,612,910 | 3,513,057 | |||
Derivative financial instruments | 1,013 | 616 | |||
Liabilities: | |||||
Interest rate swaps and caps | 699 | 238 | |||
Estimated Fair Value | Level 3 | |||||
Assets: | |||||
Other real estate owned | 5,563 | 1,204 | |||
SBA servicing rights | 3,989 | 4,069 | |||
Federal Home Loan Bank stock | $ 4,452 | $ 4,651 | |||
|
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | ||
Numerator: | ||||
Net income per consolidated statements of income | $ 18,767 | $ 15,203 | $ 36,132 | $ 26,761 |
Net income allocated to participating securities | (509) | (413) | (943) | (706) |
Net income allocated to common stock | 18,258 | 14,790 | 35,189 | 26,055 |
Basic earnings per share computation: | ||||
Net income allocated to common stock | $ 18,258 | $ 14,790 | $ 35,189 | $ 26,055 |
Weighted average common shares outstanding, including shares considered participating securities (in shares) | 39,098,445 | 38,955,513 | 39,053,840 | 38,908,102 |
Less: Average participating securities (in shares) | (1,060,264) | (1,059,388) | (1,018,729) | (1,026,103) |
Weighted average shares (in shares) | 38,038,181 | 37,896,125 | 38,035,111 | 37,881,999 |
Basic earnings per share (usd per share) | $ 0.48 | $ 0.39 | $ 0.93 | $ 0.69 |
Diluted earnings per share computation: | ||||
Net income allocated to common stock | $ 18,258 | $ 14,790 | $ 35,189 | $ 26,055 |
Weighted average shares (in shares) | 38,038,181 | 37,896,125 | 38,035,111 | 37,881,999 |
Weighted average dilutive grants (in shares) | 36,925 | 46,358 | 37,808 | 52,188 |
Weighted average shares and dilutive potential common shares (in shares) | 38,075,106 | 37,942,483 | 38,072,919 | 37,934,187 |
Diluted earnings per share (usd per share) | $ 0.48 | $ 0.39 | $ 0.92 | $ 0.69 |
Accumulated Other Comprehensive Income - Components of AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||||
Balance, beginning of period | $ 641,551 | [1] | $ 613,633 | |||||
Other comprehensive income (loss) before income taxes: | ||||||||
Net change in unrealized losses | $ (2,184) | $ 1,110 | (9,064) | 594 | ||||
Amounts reclassified for net gains realized and included in earnings | (250) | 417 | (159) | 809 | ||||
Transfer of unrealized gain from held-to-maturity to available-for-sale | (51) | 0 | (51) | 0 | ||||
Amortization of net unrealized losses on securities transferred to held-to-maturity | (3) | 46 | 23 | 44 | ||||
Adoption of ASU 2016-01 | $ 23 | |||||||
Income tax benefit | (616) | 585 | (1,997) | 549 | ||||
Balance, end of period | 656,919 | 632,337 | 656,919 | 632,337 | ||||
Investment Securities Available-for-Sale | ||||||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||||
Balance, beginning of period | (7,973) | (1,568) | (2,523) | (1,200) | ||||
Other comprehensive income (loss) before income taxes: | ||||||||
Net change in unrealized losses | (2,184) | 1,089 | (9,060) | 514 | ||||
Amounts reclassified for net gains realized and included in earnings | (250) | (13) | (250) | (25) | ||||
Transfer of unrealized gain from held-to-maturity to available-for-sale | 0 | 0 | ||||||
Amortization of net unrealized losses on securities transferred to held-to-maturity | 0 | 0 | 0 | 0 | ||||
Adoption of ASU 2016-01 | 23 | |||||||
Income tax benefit | (616) | 413 | (2,019) | 194 | ||||
Balance, end of period | (9,791) | (905) | (9,791) | (905) | ||||
Held-to-Maturity Securities Transferred from Available-For-Sale | ||||||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||||
Balance, beginning of period | 47 | (177) | 21 | (175) | ||||
Other comprehensive income (loss) before income taxes: | ||||||||
Net change in unrealized losses | 0 | 0 | 0 | 0 | ||||
Amounts reclassified for net gains realized and included in earnings | 0 | 0 | 0 | 0 | ||||
Transfer of unrealized gain from held-to-maturity to available-for-sale | (51) | (51) | ||||||
Amortization of net unrealized losses on securities transferred to held-to-maturity | (3) | 46 | 23 | 44 | ||||
Adoption of ASU 2016-01 | 0 | |||||||
Income tax benefit | 0 | 0 | 0 | 0 | ||||
Balance, end of period | (7) | (131) | (7) | (131) | ||||
Cash Flow Hedges (Effective Portion) | ||||||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||||
Balance, beginning of period | 0 | (802) | (65) | (1,082) | ||||
Other comprehensive income (loss) before income taxes: | ||||||||
Net change in unrealized losses | 0 | 21 | (4) | 80 | ||||
Amounts reclassified for net gains realized and included in earnings | 0 | 430 | 91 | 834 | ||||
Transfer of unrealized gain from held-to-maturity to available-for-sale | 0 | 0 | ||||||
Amortization of net unrealized losses on securities transferred to held-to-maturity | 0 | 0 | 0 | 0 | ||||
Adoption of ASU 2016-01 | 0 | |||||||
Income tax benefit | 0 | 172 | 22 | 355 | ||||
Balance, end of period | 0 | (523) | 0 | (523) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||||
Balance, beginning of period | (7,926) | (2,547) | (2,567) | (2,457) | ||||
Other comprehensive income (loss) before income taxes: | ||||||||
Adoption of ASU 2016-01 | $ 23 | |||||||
Balance, end of period | $ (9,798) | $ (1,559) | $ (9,798) | $ (1,559) | ||||
|
Accumulated Other Comprehensive Income - Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense on deposits | $ (7,558) | $ (3,369) | $ (13,263) | $ (6,608) |
Income tax (expense) benefit | (5,904) | (7,909) | (11,380) | (14,201) |
Investment securities available-for-sale | Reclassifications from AOCI into income and affected line items on Consolidated Statements of Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on sale of investment securities | 250 | 13 | 250 | 25 |
Income tax (expense) benefit | (63) | (5) | (63) | (10) |
Net income | 187 | 8 | 187 | 15 |
Cash flow hedges (effective portion) | Reclassifications from AOCI into income and affected line items on Consolidated Statements of Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense on deposits | 0 | (430) | (91) | (834) |
Income tax (expense) benefit | 0 | 165 | 23 | 320 |
Net income | $ 0 | $ (265) | $ (68) | $ (514) |
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